Salisbury House

Built in 1898 and extending to circa 240,000 sq ft, the site was originally built specifically to house companies trading in the gold and diamond industries. After the war, the Salisbury was a popular centre for Financial Services companies and more recently has evolved into an important hub for a new generation of tech and finance related companies.

It is a prime office building which is set to experience further growth with completion of Crossrail.

In a venture with Moorfield Group, the property was acquired in a competitive “on market” situation. Through personal contacts with various parties involved and a reputation for performing, the property was secured.

Whilst the property was income producing on purchase, the vendor had not invested in the property for many years. Appley created a vision to reposition the property through a targeted, design led refurbishment.

A leading London architect practice, Allford Hall Monaghan Morris were commissioned as Executive Architect to assist in creating a Vision document and a high quality design team was assembled. The aim was to create a unique new offering in the City market combining a contemporary specification with a boutique hotel atmosphere and the very best of services previously only available in the serviced office sector. Most importantly treating all tenants as valued customers and really getting to know their businesses and needs.

Over 150,000 sq ft was refurbished and is now home to over 100 tenants and 2000 employees.

Major milestones over the ownership have been:

• Driving Rents rising from £20 per sq ft to over £85 per sq ft
• Re-gearing of a head leasehold interest with the City Corporation
• New Reception hall and Tenant Lounge with meeting rooms capable of separate rental
• High quality front of house staff to assist incoming tenants and offer the best customer service
• 60 lettings and renewals
• Over 150k Sq. ft comprehensively refurbished in over 20 separate contracts
• Planning and conversion of roof space to a new roof top Penthouse and outside space
• Estate Policies to create uniform coloured shopfronts and signage on London Wall
• Increasing rents from £160 to £250 Zone A
• Creation of the Light Centre – a wellbeing facility and gym
• Planning and extension for a large new Pret a Manger
• Provision of roof terraces for tenants
• Regular tenant networking events, and parties and the introduction of a valuable Salisbury Privilege card

The property was originally purchased in a venture with the Moorfield Group and then sold to Lone Star/Hudson with Appley continuing to asset and development manage the building.

The property was originally purchased for circa £50m and sold to Workspace for over £150m.