In July 2022, Riverside Capital raised £20 million from investors into London Portfolio 1 (The Fund). On completion of the fundraise, The Fund acquired 12-13 King Street, London EC2 for £2.5 million and One Pear Tree Street, London EC1 for £13.2 million. The business plan is to carry out an extensive redevelopment of King Street in accordance with the existing planning permission and convert the property into a premium office building in a prime location that will be operated as a high end “club house” style serviced office. The business plan for Pear Tree Street is to build a brand new Grade A office building in accordance with the existing planning consent. The properties will be developed or comprehensively repositioned to achieve a top-quality tenant experience, which will command premium rents as businesses pivot towards high-spec, high-tech and sustainable workplaces in order to attract and retain top talent.
The properties were acquired using equity, and the strategy is to bring in construction finance to enable the development of the properties to take place.
