The Eastcheap Buildings, 2–4 & 6–8 Eastcheap, EC3
What started as an instruction to acquire an off-market freehold quickly became an opportunity to reshape the future of the entire asset.
Acting for the City of London Corporation, we first secured the freehold acquisition of 2–4 Eastcheap, consolidating ownership across the estate. We then tested the site’s future potential through a detailed feasibility study before restructuring the ownership of 2-4 and 6-8 Eastcheap into a new institutional 155-year headlease at a 5% gearing. The structure allowed the City to retain the freehold and benefit from a long-term income stream, while creating a best-in-class leasehold investment capable of supporting future refurbishment or change of use.
The newly created investment was successfully sold to Greycoat Real Estate LLP for £24.075 million, another example of how thoughtful structuring can unlock value long before an asset reaches the market.
