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31 January 2022

Development overlooking the Tower of London could pave the way for a 220,000 sq ft scheme

What Hobart is buying the Mark Lane Estate

Why Potential to deliver a 220,000 sq ft mixed-useredevelopment

What next Hobart can gain vacant possession of the properties in late 2023/early 2024

A pair of office blocks overlooking the Tower of London are close to being sold in a move that could pave the way for a 220,000 sq ft redevelopment, React News can reveal.

Hobart Partners is in advanced negotiations to buy the Mark Lane Estate from DTZ Investors for nearly £90m.

Terms have been agreed on the deal with exchange of contracts expected to be imminent.

The 130,000 sq ft of office and retail space that is currently on the 0.8-acre freehold City site at 47 and 50 Mark Lane is multilet to 25 tenants with a vacant possession block date in late 2023 or early 2024.

At which point Hobart, co-founded by Sas Bhadra and Jeff Harris, will have the option of repositioning the asset for alternative uses, redevelop it, or carry out a lighter-touch refurbishment and extension of c.140,000 sq ft.

A feasibility study has been carried out for a 220,000 sq ft redevelopment scheme (pictured), subject to securing planning consent.

The assets, close to the upmarket Four Seasons hotel at Ten Trinity Square and the proposed Chinese Embassy, currently produce a reversionary rent of just under £40/sq ft.

In 2020, DTZ Investors instructed BNP Paribas Real Estate and Cushman & Wakefield to sell the Mark Lane Estate for a 4.8% yield and a capital value of £775/sq ft.

17 July 2020

Gaming technology firm The Workshop Technologies has taken a pre-let on 15,000 sq ft at Fetter Yard
in London’s Midtown.

Pan-European investment manager Europa Capital and Hobart Partners let the first floor on a 15-year
lease with five- and 10-year break clauses. The 101,000 sq ft property at 86 Fetter Lane is now 47%

Europa and Hobart Partners, which acquired Fetter Yard in December 2016 in a joint venture on
behalf of the value-added Europa Fund V, are refurbishing the property.

“This agreement for lease with an established technology business, which was agreed during the
Covid-19 lockdown, is a major sign of confidence in both the London office market and in this

He added: “We believe there is still occupational demand for attractive and flexible office
accommodation like Fetter Yard, as grade-A office stock is constrained. Workshop Technologies’
decision to base itself at Fetter Yard is a testament to our innovative redesign of the building, as well
as the area’s improving connectivity as a result of the new Elizabeth Line.”

Farebrother and Knight Frank jointly acted for Europa Capital and Hobart Partners.

17 April 2020

Major redevelopment play on the cards for City fringe scheme 

What HB Reavis has bought Quick & Tower House for£63.5m

Why Potential to redevelop the site given the leases are due to expire in December

What next Plans in place for 135,000 sq ft scheme, although Reavis is expected to revisit the proposals

HB Reavis has completed its purchase of Quick & Tower House,a major redevelopment opportunity in Shoreditch.

The developer has paid a joint venture between HobartPartners and Bridges Fund Management around £63.5m for thesite at 67-73 Worship Street and 65 Clifton Street, EC2,reflecting a yield of 2.45% for the freehold assets, or £1,211 persq ft


The 54,000 sq ft two-building development is fully let to fourtenants until December 2020 paying a rent of £1.57m perannum or £30.18 per sq ft. The site has been sold with planningin place for a circa 135,000 sq ft Make-designed office scheme.The plans are for a 12-storey scheme, with nine floors aboveground.

However, HB Reavis may look to stamp its own brand on thedevelopment by working up fresh proposals for the site.

Hobart and Bridges bought Quick & Tower House fromAberdeen Standard Investments in October 2017 for just over£35m with plans to redevelop the buildings. The price reflecteda yield of just north of 4%.

Cushman & Wakeeld advised HB Reavis; BNP Paribas RealEstate acted for Bridges Fund Management and HobartPartners.