The Thackeray Estate has acquired 23-39 Eastcheap, and plans to transform the prominent parade of six mixed-use properties into Grade A office, retail and leisure space, in a project with a gross development value of £35 million. Located in a prime City location, directly behind 20 Fenchurch Street (The Walkie Talkie), 23-39 Eastcheap provides close to 30,000 sq. ft. of commercial and retail space, with the property investment and development company looking to attract aspirational businesses and retail outlets.
Purchased for c.£15 million, the collection of sixVictorian terraced buildings extend to the majority of the parade between Philpot Lane and Root Lane. The buildings comprise six prominent retail units, providing 10,000 sq. ft. of prime commercial space across ground and basement levels. 20,000 sq. ft. of office accommodation is arranged over the four upper floors.
Channelling a similar model to St. Christopher’s Place and Covent Garden, The Thackeray Estate is looking to provide independent retail outlets, boutique cafes, niche restaurants and bars, as well as popular fitness hubs. Refurbished to a high standard, the office space will be designed to attract aspirational firms looking for a well-located base close to good amenities and excellent transport connections.
Commenting on the potential of the Eastcheap project, Founding Director of The Thackeray Estate, Antony Alberti, said:
“We’re delighted to have secured such an amazingly prominent site in the centre of the City, we’re looking to deliver a landmark project that will bring a St. Christopher’s Place style Mini-Village to the City. We plan to completely refurbish the interiors, using a great professional team led by Thackeray.
“We feel that the office space will be perfect for West End businesses looking for premises in landmark City buildings, as well as appealing to a local market of insurance and technology firms, looking for a presence in the heart of London’s business district. Our vision for the commercial space is to attract contemporary and leading edge boutique retailers, restaurants and bars.
“The basement and sections of ground floor units will be marketed to specialist restaurants and fitness businesses, with an emphasis on attracting High Intensity Interval training (HIIT), alternative and traditional gym providers.”
Thackeray will be advised by Strutt and Parker & Nash Bond on the retail and Strutt & Parker and BBG on the office element.
Commenting on the refurbishment plans, Antony added:
“Thackeray has developed a reputation for producing some of the best quality projects in West London, now we’re bringing that specification to the City, providing luxury office space that is on a different level to that currently on the market in the area.”
23-39 Eastcheap benefits from excellent transport connections, within walking distance of Bank Underground station (Central line, Northern line and DLR), Monument Underground station (District and Circle line) and Liverpool Street station (Central, Hammersmith & City and Metropolitan lines) providing trains to Stratford and the east of England.
In 2018, the transport connections to the units on Eastcheap will improve further with the opening of Crossrail. Liverpool Street will provide the prominent connection to Crossrail, which will significantly reduce travel times across London. Commuters will be able to reach Canary Wharf from Liverpool Street in six-minutes, Bond Street in seven-minutes and Heathrow Airport in around 30-minutes.
Charles Thompson, Commercial Director at The Thackeray Estate, commented:
“Already well connected – you can reach Canary Wharf in under 15-minutes and Green Park in under 10-minutes – Crossrail will be the game changer that will allow those based in our offices at Eastcheap to get to meetings in other key areas of London in under 15-minutes from desk to desk.”
Steeped in history, Eastcheap was, in medieval times, the main location of the meat market for the City of London, with the area also beingthe location of the Boar’s Head Inn, referenced in William Shakespeare’s plays Henry IV Part I and Part II. 23-39 Eastcheap is situated within the Eastcheap Conservation Area.
Discussing Thackeray’s growing portfolio, Antony added:
“This significant acquisition allows us to take a big step towards our target of building a £300 million cross-London portfolio. We typically look at properties in good London locations that are undergoing regeneration. This project will allow us to develop a high-quality mixed-use scheme that will make a positive contribution to the City.”