Acquiring buildings with multiple alternative uses has long been a key feature of CPF's strategy. Targeting buildings with multiple alternative uses insulates them from technological obsolescence (i.e. offices that can be adapted to hotel/residential) and makes them less prone to obsolescence (whether structural or physical) i.e. brick warehouse style offices and smaller industrial units (50k -100k sq ft).
60% of the portfolio has alternative uses, i.e. retail could be residential (
old Kent road) or an office could be turned into a hotel as we proved at Westgate in Bath city centre. Most of CPF's London office buildings, are brick built, converted Victorian warehouses with excellent natural light and have been newly refurbished and importantly have already proved their adaptability from something else – for example
Imperial Works, NW5 used to be a Piano factory and is fit for purpose 150 years later..
"Transforming heritage sites into modern offices is a hit with developers and occupiers" by Pearl Gillum (Research Analyst, Savills) discusses this in more detail. Please click here to read the full article on the Savills Blog.
