Cloisters, 196 Old Street

HH Property Consultancy Cloisters London Project Case Study

HH Property Consultancy was appointed by Alex Picot Trust in 2023 to ‘fix’ this 42,000 sq ft office building. The offices had been undergoing works to extend and refurbish them; however, the direction did not meet market requirements and was lacking sympathy to the space and potential, resulting in zero occupation and only trading at residual value.

HH Property was able to stand down the incumbent team and start from scratch. We tailored a strategy to redesign and refurbish the entire campus, including a stunning reception and common parts, a magnificent green courtyard and incredible, market led show floors. Together with Alex Picot Trust, we brought together a new design team to transform the building to offer best in class offices.

Capital discipline and cost control was at the centre of the asset management strategy; HH Property ensured capex was tight and void costs were reduced, they looked at planning initiatives, income generation and monitored rates savings throughout. A lettings campaign was executed to meet Old Street and City of London demand and now approximately 60% of the building is occupied at strong rents. The asset transformed from a distressed building to offering best in class offices within two years and continues to offer potential to grow longevity of income.

  • HH Real Estate Project Case Study Cloisters 196 Old Street London
  • HH Real Estate Project Case Study Cloisters 196 Old Street London
  • HH Real Estate Project Case Study Cloisters 196 Old Street London
  • HH Real Estate Project Case Study Cloisters 196 Old Street London
  • HH Real Estate Project Case Study Cloisters 196 Old Street London
  • HH Real Estate Project Case Study Cloisters 196 Old Street London
  • HH Real Estate Project Case Study Cloisters 196 Old Street London
  • HH Real Estate Project Case Study Cloisters 196 Old Street London
  • HH Real Estate Project Case Study Cloisters 196 Old Street London
  • HH Real Estate Project Case Study Cloisters 196 Old Street London
  • HH Real Estate Project Case Study Cloisters 196 Old Street London
  • HH Real Estate Project Case Study Cloisters 196 Old Street London

“Sarah’s contribution to City Cloisters has been highly effective, particularly in navigating a challenging period. Her work has materially supported the asset’s repositioning and its progression towards sustainable lettings performance and long-term income.”

— Alex Picot Trust
HH Property Consultancy Cloisters London Project Case Study Alex Picot Trust

Let’s Work Together

HH Property Consultancy is deliberately focussed to work with clients who own underperforming buildings. Typically, assets will be £15-£50 million and require repositioning to enhance value. Please do get in touch via the form or email sarah@hhpc.co.uk if you have an asset you would like to discuss.

FOUNDER: Sarah Kemp is a chartered Surveyor with 20+ years managing commercial real estate for institutional funds, private capital and family offices.

CAREER: ING Real Estate → Grosvenor Fund Management → TMCT Associates (Asset and Development Management) → Founded HH Property Consultancy 2023

MANAGED ASSETS: >£200m
DEEP EXPERIENCE: leasing, planning, refurbishment, performance optimisation.