Centre Point, London WC1

Centre Pont - exterior
Paramount Club
Paramount Club
Before refurbishment
Centre Pont - before refurbishment
After refurbishment by Targetfollow
Centre Pont - after refurbishment
Centre Point Reception ()

We purchased Centre Point, a freehold multi-let office, retail, leisure, residential and car park investment in 2005. Following our successful completion of extensive refurbishment to approximately 65% of the office accommodation, we reinvigorated and re-launched the Centre Point brand as a landmark building and premier workplace, achieving 100% let status (Property Week Article) for the first time since it was built in the 1960s. Occupiers included major multinational businesses such as William Morris Agency, MacBride Plc, Aramco Saudi Arabia, PetroChina, EA Games as well as the Confederation of British Industry.

A key foundation of our re-launch was the creation of a 'vertical village' through the provision of popular amenities including extensive conference facilities, meeting rooms and serviced offices managed by Targetspace, a Targetfollow subsidiary, as well as the VUpoint Café and break-out area on the 18th floor, reception concierge services and café pod, piazza landscaping and seating and a curated programme of changing exhibitions by up-and-coming artists - all of which created an environment for businesses to flourish. Our crowning achievement was the creation of a 'super club' entertainment and catering facility on the top two floors which we let to Paramount Club.

Our active asset management strategy succeeded in increasing the annual rent roll from £4.4m to £6.4m, while in parallel our development strategy succeeded in gaining stakeholder support for a 180,000 sq ft mixed use extension. Centre Point was subsequently sold as an investment and development opportunity in 2011, achieving 48% above the initial purchase price. Development by the current owner is nearing completion.