Phoenix Brewery sells for £11.5m

05.03.13

Property investment fund, Cubemaker, has sold the Phoenix Brewery office building in west London for £11.5m.

The 30,000-sq ft building in Bramley Road W10 has been bought by a private investor at a price reflecting a net initial yield of 6.72%.

It is let to a variety of fashion, media and creative businesses including Donna Ida Jeans, Live Nation, Pink Lining, Charlotte Olympia and Clearpoint Media, and produces a current rental income of £818,138pa.

Originally built as a Victorian warehouse, the building has been home to the legendary Chrysalis Records for more than 20 years. At the time of acquisition by Cubemaker, Chrysalis no longer needed to occupy the whole building and wanted to dispose of the property while taking back a lease on 8,400 sq ft. Having relet space to Chrysalis, the remaining accommodation was comprehensively refurbished and the building was repositioned in the marketplace.

The refurbishment centred on enclosing the building's courtyard and creating a first class, design-led, contemporary reception area which draws on the best of the property's period features and creates a stunning first impression. The office accommodation was given a raw, industrial feel with exposed services and ceilings and painted floors. The building was rebranded back to its original name - The Phoenix Brewery - and attracted a string of media and creative businesses.

Created by Cube Real Estate, Cubemaker is a £100m UK-focused opportunistic property fund which is targeted at producing above average total returns through strategic buying, active asset management and planned exits. 

Cube Real Estate's Jonathan Lawes comments: "The opening of the Westfield shopping centre - which is only five minutes away from this building - has given this part of London a new dynamic feel and has attracted businesses with a connection to creativity, media and retailing. By responding to that trend, Phoenix Brewery has reinvented itself as a creative hub.

"The result of the project is superb modern office space in a unique period building which has appealed precisely to the occupiers at which it was targeted. Since refurbishment, rental income from the asset has more than trebled which is testament to the power of this forensic approach to bringing a building back to life."

Hanover Green advised Cubemaker on the purchase, lettings and sale.

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Further information:

Jonathan Lawes Cube Real Estate 0845 262 5544

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