Skip links

UNION COURT

 LONDON SW4

Union Court was purchased as a value-add opportunity, funded by Royal London Mutual Insurance Society Limited (RLAM).

The property totals just short of 70,000 sq ft on almost 2 acres adjacent to the A3 between Clapham and Stockwell tube stations.

We installed a Landlords Fibre supply together with other estate improvements and upgrade works. The intention is to provide a first-class environment, in a well-connected location close to central London.

A Planning Application for a new 50,000 sq. ft net office building has recently been made.

110,000
Post Development Sq Ft
1.75
acres

Project Facts

  • Use Class: B1, B2, B8

  • Sector description: Focused on London Zone 1 – 3

  • Annual Capital Commitment: c.£50m

  • Owner: Royal London Asset Manager

  • Purchase Date: August 2017

Business Plan Objectives:

01

Increase income and tenant retention

Salmon implemented “soft” asset management initiatives.

This included better liaison with tenants, improving the property branding and marketing, better estate signage, estate decoration and cleaning standards, improving internet
connectivity by installation of award wining fibre broadband for all tenants, greater community interaction and placemaking.

Progress to date:

Average passing rents have increased from £18 psf at purchase to £25 psf. We have maintained occupancy rates in excess of 95% since purchase.

02

Assess the purchased site to identify the optimum redevelopment opportunity on the site

Progress to date:

Having carried out a thorough review of the site with Salmon’s existing network of experienced professional team and investment agents JLL it was recommended to Royal London Asset Management to demolish an existing 10,000 sq ft industrial unit valued at c £7.4m and create a 46,765 (NIA) office building worth approximately £50m.

03

Act as Development Manager for proposed scheme from scheme design, obtaining planning approval and construction.

Progress to date:

A planning application was submitted to Lambeth Council in July 2019. We anticipate having planning approval early 2020 and starting onsite construction mid-2020.

04

Achieve successful disposal of the site optimising value for investor.

Progress to date:


Awaiting development of office block in order to maximise investor returns.

The Scheme

Union Court is located on Union Road, just south of Clapham Road (A3).

The property is within a 5 minute walk of Stockwell (Victoria Line), Clapham north (Northern Line) and Clapham Town (Overground) stations.