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WELPUT launches One Chapel Place, W1

The West End of London Property Unit Trust (“WELPUT”/the “Trust”), advised by Grafton Advisors and managed by Schroders, has today launched its most recent completed redevelopment, One Chapel Place, Vere Street, London, W1.

21/09/2012

The West End of London Property Unit Trust (“WELPUT”/the “Trust”), advised by Grafton Advisors and managed by Schroders, has today launched its most recent completed redevelopment, One Chapel Place, Vere Street, London, W1.

Located at the northern end of Bond Street, between the iconic department stores of John Lewis and Selfridges, the 34,000 sq ft building provides 25,500 sq ft of space consisting of the ground floor plus four floors of high specification, bright, open plan office accommodation, a dramatic reception area and a 640 sq ft roof terrace. In addition to the office space there is a 5,000 sq ft restaurant unit and 3,500 sq ft retail/coffee shop unit. The asking rent for the offices will be £77.50 per sq ft but will vary upwards or downwards according to the floor and the general terms.

One Chapel Place is situated in a prime West End location on the north side of Oxford Street, at its western end between Oxford Circus and Marble Arch.This location, offers immediate access to the West End’s core shopping district and Bond Street tube station, which will provide access to Crossrail in due course.

WELPUT originally purchased the freehold interest of One Chapel Place in July 2010 for £22 million. The asset was acquired with imminent vacant possession. This enabled the WELPUT team to fast-track its redevelopment and the Trust to capitalise on the continued demand for high quality West End offices.

Commenting, Nigel Kempner of Grafton Advisors, said:

“One Chapel Place offered a significant opportunity for WELPUT to quickly deploy capital into a prime office development during a time when very little new space is coming to the market. The completed building provides top class modern office accommodation within a very short walk from core Mayfair but at rents which reflect the location.”

John Harding, WELPUT Product Manager, Schroders comments:

“Our strategy for driving future performance is supported by the range of assets that we have at various stages of the investment and redevelopment cycle. We are very pleased with the completed quality of this building and believe this, together with its central location, will help drive the future performance of this asset and WELPUT.”

Cushman & Wakefield and Strutt & Parker are acting as joint leasing agents on the offices.

For further information, please contact:

Estelle Bibby    +44 (0)20 7658 3431                                                                                               Schroders         estelle.bibby@schroders.com

Dido Laurimore/Daniel O’Donnell     +44 (0)20 7831 3113                                                             FTI Consulting

Notes to editors:

For trade press only. To view the latest press releases from Schroders go to: http://ir.schroders.com/media

WELPUT West End of London Property Unit Trust (WELPUT) was established in 2001 as a closed ended property unit trust under the laws of Jersey. The aim of WELPUT is to provide investors with an exposure to the West End office market. The objective is to outperform the market as measured by Investment Property Databank (IPD).

The primary investment focus is office properties in the West End of London. Due to the nature of properties within the West End there will be elements of other uses such as retail and residential. The intention is to focus the portfolio on large multilet buildings. WELPUT is reserved for experienced investors who must be aware of the risks attaching to the investment.

The manager of WELPUT is Schroder Property Managers (Jersey) Limited, one of the largest managers of Jersey Property Unit Trusts, covering various sectors of the UK market.

Grafton Advisors (2006) LLP is the property adviser to WELPUT and is a partnership formed by the former senior management of Benchmark Group PLC who founded WELPUT in 2001 and now a member of the Quintain Group plc.

Schroder Property

Schroders has managed property funds since 1971 and has £10.1 billion (EUR 12.5 billion / US$ 15.8 billion) of gross property assets under management (at 30 June 2012) and has around 100 property staff located in 9 offices across the UK and Europe.

All of the property funds referred to are unauthorised collective investment schemes as defined in the Financial Services and Markets Act 2000. Promotion of these funds is restricted and access to full information about these funds is only available to those exempt from the restriction.

For further information about Schroders’ property business visit www.schroderproperty.com

Schroders

Schroders is a global asset management company with £194.6 billion (€240.4 billion, $305.1 billion) under management as at 30 June 2012. Our clients are major financial institutions including pension funds, banks and insurance companies, local and public authorities, governments, charities, high net worth individuals and retail investors.

Further information about Schroders can be found at www.schroders.com 

Schroder Property Investment Management Limited and Schroder Investment Management Limited are authorised and regulated by the Financial Services Authority.

Issued by Schroder Property Investment Management Limited. Registration no. 1188240 England.

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WELPUT LAUNCHES ONE CHAPEL PLACE, W1 3 pages | 47 kb

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