Conversion into a premium property
Short overview and success analysis
After investigating all the options, Union Investment decided on a comprehensive refurbishment of the property. The building, constructed in the 1980s, was renovated down to the core and converted into a premium property (Grade A), which fulfils the highest standards of sustainability, in a project completed in 2013.
In the process, Union Investment profited from the market cycle of the time, which was suitable for speculative project developments and offered almost ideal conditions for renovations of existing properties in top locations.
As part of the restructuring, a second main entrance facing north with direct access to public transport was created. The measures taken also included lowering of the ground floor level for step-free access and the generation of a more generous height between floors in the foyer. The building services systems were also renovated and relocated and the lighting has been decisively improved through the renovation of the north facade with a high proportion of glass.
With the repositioning, Union Investment was able to provide for the high demand for energy-efficient core properties in one of the best locations in the City of London. The building is fully leased again. In addition, the restructuring has created around 15% more lease area. This includes the top floor with roof terrace and a view over the green park oasis of Finsbury Circus.
Bent Mühlena, Head of Real Estate Project Management
Core renovation in a premium location
Find out more about the restructuring of ‘Finsbury Circus House’ in our image gallery.