Finsburry-Circus

Finsbury Circus House, London

Conversion into a premium property

Even the longest lease contract runs out eventually. At ‘Finsbury Circus House’ in the City of London, the question for Union Investment after the main lessee moved out – around 20 years after it had been acquired – was: keep or sell? Or would it be better to modernise completely?

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.

15 % additional lease area created
38 months project duration
58 % daylight quota through renovation of the glass facade

The solution

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.

The result

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.

"With the repositioning, we were able to provide for the high demand for energy-efficient core properties in one of the best locations in the City of London."

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.

  • Finsbury Circus
  • Finsbury Circus
  • Finsbury Circus
  • Finsbury Circus
  • Finsbury Circus
  • Finsbury Circus
  • Finsbury Circus
  • Finsbury Circus

The following may also be of interest

Nachhaltigkeit

In the spotlight: sustainability

Sustainable real estate investment seeks to ensure long-term value appreciation. As such, it is driven by clear financial criteria, but the benefits for the environment and society are also crucial aspects of sustainability.

Asset Management Broschuere

The asset management brochure

Want to find out more about our asset management activities? Take a look at our brochure and read about the one-to-one support we provide for our tenants and how we maintain the value of our real estate holdings.