C L I E N T
P R O F I L E
Woolgate Exchange
Woolgate Exchange is a prestigious 320,000 sq ft office building located on Basinghall Street, in heart of the City of London. When the property was placed receivership, Menzies’ Simon Underwood and Robert Pick were appointed as joint receivers to manage the complexities associated with the site.
Key challenges
- The building had various health and safety issues that needed to be addressed, along with several upgrades to improve its overall condition and compliance with regulations.
- From a business perspective, the most significant challenge pre receivership was managing the complexities of fluctuating interest rates, which created financial uncertainty and required constant adjustments to the strategy and operations
The actions
- This major commercial development underwent refurbishment, including upgrades to its infrastructure, modernised interior design, and the addition of new amenities. The building also underwent expansions to optimise the space and enhance overall functionality, making it a more attractive option for businesses in search of a modern work environment.
- The building’s price was determined by its rental yield, which is the annual rental income expressed as a percentage of the property’s value or purchase price.
The outcome
- After a complex sales process, the building was sold for £356 million, resulting in a high return to the bank.
- The prominent building is now recognised for its sustainability. It has since been re-designed with eco-friendly features, including green energy sources and landscaped green areas.
In summary
The successful sale of Woolgate Exchange marked the conclusion of a complex but ultimately rewarding receivership process. The building’s transformation not only resolved the initial operational and compliance challenges but also enhanced its long-term commercial appeal through modern refurbishment and sustainability improvements. Menzies’ strategic management and oversight delivered a strong return to the bank, while helping to position Woolgate Exchange as a contemporary, environmentally conscious asset in London’s commercial property market.
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