BURLINGTON GARDENS

Overview
A prime location in Central London just a short walk from prestigious Bond Street, Burlington Gardens is a Mayfair jewel which includes the world famous Cecconi’s restaurant as a tenant.

Investment rationale
Burlington Gardens offered a solid investment opportunity which EPIC was confident would weather the ups-and-downs of typical economic cycles. EPIC identified that passing rents were below market levels for the area and the building would benefit from refurbishment, thereby improving the income stream.

Asset management opportunities
The building was purchased at the end of 2008, just before the Lehman collapse. Confident in the business plan, the original programme was adhered to and EPIC negotiated surrender of leases from the occupational tenants to position the property for a refurbishment.

EPIC appointed renowned architects MoreySmith to lead the redevelopment. The small retail units were absorbed into one large unit to attract a top brand in this first-class retail location. The building reception and office floors were refurbished to an extremely high standard, befitting of the location.

Once the refurbishment was complete the whole retail space was let to Brunello Cuccinelli and the office floors were let individually to some of the UK’s top private equity and hedge funds.

Outcome
The investment was returned to full income-producing status as quickly as possible at a considerably higher market rent. The value has increased substantially since purchase in 2008 and is producing a strong long term income stream, despite the recent financial crisis.

EPIC now holds a prime investment in the heart of Mayfair, which continues to produce a considerable return.