Sixty-eight King William Street is BMP’s first London development which encapsulates much of the company’s unique skill set and approach to development. A former home to a House of Fraser department store that was no longer viable, BMP recognised the opportunity to re-establish the rundown building as a spectacular mixed-use, office-led landmark building offering both hospitality and wellness features to enhance the experience for the office workers and provide a diverse, reinforcing stream of rental income.
Prior to acquisition, one of London’s leading hospitality groups was secured, Corbin & King – owners of the famous The Wolseley restaurant – as well as one of the UK’s most dynamic gym operators, Pure Gym – to ensure a vibrant food and leisure offering that would not only cater to the new generation of workers in the City but also to the wider public and make the building a destination in itself.
With these two anchor tenants in place, Ares Management provided funding through a joint-venture to complete the acquisition. A lease with co-working serviced office provider Spaces was agreed shortly thereafter for the entire office component and will provide a mixed offer of varying workspaces to a wide range of tenants.
Black Mountain Partners is an investor and also the development manager on the project, in which they have now achieved planning approval for its change of use and have undertaken a meticulous and comprehensive refurbishment which will deliver a unique and interactive asset for the City of London. This property has already had multiple unsolicited approaches to acquire what is now a trophy London commercial property.