Bruce Gillingham Pollard buys One Tower Bridge for Redevco
It was announced this month that Redevco have acquired the commercial element of One Tower Bridge. Bruce Gillingham Pollard acted on behalf of Redevco who paid £70m for the benefit of the virtual freehold.
The acquired asset comprises 83,000 sq ft of retail, restaurant and cultural space across 13 units with tenants including The Ivy, Vapiano, Sainsburys and The Bridge Theatre. The scheme was developed by vendors Berkeley Group and occupies a prime location on the south bank of the Thames with views of Tower Bridge, the Tower of London and across to The City of London.
Andrew Vaughan, CEO at Redevco, said: “Redevco is constantly on the lookout for opportunities aligned with changing consumer spending patterns and a growing focus on leisure such as mixed-use and F&B-led investments. London ranks as a leading global destination in this respect and this location, adjacent to Tower Bridge, encapsulates the key elements we are looking for in our experience-led investments. It is situated next to a world-class tourist attraction, which is a magnet for large numbers of visitors. The location also benefits from the footfall from offices and local high-end residential developments in the area.”
Woody Bruce, head of investment at BGP, said “We were delighted to advise Redevco on this trophy purchase. Having been involved with the leasing of the development and with our lease consultancy team highly active within the vicinity, we were uniquely placed to advise on this iconically-located asset.”
For more information on this purchase, please contact Woody Bruce or Jack Barratt.
Law firm Osborne Clarke also advised Redevco on the purchase and JLL acted for the vendor Berkeley Group.
Leading retail & leisure investment agent Andrew McGregor joins as Equity Director
BGP are delighted to welcome Andrew McGregor, formerly Head of Out of Town Retail and Leisure Corporate Markets at Knight Frank, to the team. Andrew joins as Equity Director. With over 20 years’ experience, he is a market leader within the retail and leisure sectors, having transacted over £1billion of leisure assets.
Andrew’s track record includes the sales of Feethams in Darlington for Urban & Civic Plc for £21m, The Parkway in Bury St Edmunds for LaSalle IM for £14m and Broadway Plaza in Birmingham for Aviva for £47m. Andrew has also recently advised on the forward funding of West Central in Bournemouth for LGIM (£51m) and Malmaison in York for Lothbury (£44m).
Andrew will join our investment team which is headed up by Woody Bruce and includes Director Jack Barratt, Associate Director Nick Halley with further hires to be announced in due course. The team have advised on a broad range of sales and purchases of retail and leisure assets across the UK including the £70m purchase of Berkeley Group’s One Tower Bridge for Redevco and £37m purchase of Brixton Market for Hondo, last year.
Andrew McGregor said: “BGP have an outstanding retail and leisure agency business, further enhanced by the acquisition of the Colliers lease consultancy team last year. Most investors, whether buying or selling, want to know if their existing tenants are happy, what tenant demand looks like and what is the correct level of rent. This occupational intelligence both in London and across the UK will be critical in expanding the capital markets business at BGP and most importantly, providing the best advice to our clients”.
Woody Bruce, co-founder and Head of Investment said: “Andrew is a great addition to the investment department and the wider BGP team. He brings with him an exceptional transactional and funding track-record having dealt with high-quality leisure and flex assets for a variety of blue-chip clients. This is an exciting time for the investment team at BGP and Andrew will be key to our continued growth in this sector.”
Andrew can be contacted via email email@example.com or through his direct dial 0203 598 9184.