Clearbell completes redevelopment at The Kodak, Kingsway
Clearbell Property Partners III LP (Clearbell), a fund managed by Clearbell Capital LLP, has today announced the completion of the redevelopment and subsequent refinancing of The Kodak, 65 Kingsway in London.
The Grade II listed building was originally built in 1911 for Kodak and was London’s first purpose-built, open-plan office block with an ancillary lab and photographic rooms. The building is comprised of 70,000 sq ft of Grade A office accommodation set over eight stories.
Celebrating many period features in what was Kodak’s original European headquarters, the building benefits from a new reception entrance positioned on Keeley Street and now directly faces the West End’s main shopping and entertainment hub. This will provide tenants with access to end-of-journey facilities such as bike storage and spaces, showers, lockers, low-flow water fixtures and the Smart Space app. Equally, The Kodak provides a communal roof terrace with views across London, perfect for impromptu business meetings and social gatherings. It has been transformed to create a fully electric office in the heart of Covent Garden, delivering a flexible market leading format including Shell & Floor, Cat A and fully fitted (CAT A +) office space. The redevelopment is due to earn a series of ESG accreditations, including BREEAM ‘Excellent’, WELL ‘Gold’, WiredScore ‘Platinum’ and EPC ‘B’. Clearbell was advised by Brotherton Real Estate to secure refinancing from TIPS One, a fund managed by Tristan Capital Partners, of which the strong sustainable offering played an integral part.
Rob Mills, Deputy Managing Partner, Clearbell Capital LLP, said:
“We have already received significant interest from potential tenants, who want to experience all the benefits that The Kodak has to offer – not least because of its strong sustainability offering and prime Covent Garden location. Now more than ever, tenants want to work in spaces that meet the modern work/life lifestyle and that are energy efficient. The Kodak is a prime example of how to transform a Grade II listed building into a modern, industrial style office whilst respecting the rich heritage of the site.”
Dan Pottorff, Head of Debt Investment at Tristan Capital Partners, added:
“The financing of the Kodak property builds on our long-standing relationship with Clearbell. The unique characteristics of this asset including strong ESG credentials, an exceptional quality refurbishment and Covent Garden location illustrates the types of office assets that we believe will remain attractive to tenants and investors as the office market evolves. Consistent with all loans closed by Tristan over the last 18 months, the Kodak loan follows green underwriting principals including economic incentives to finalise ESG certifications.”
Max Wild, Associate, Brotherton Real Estate, added:
“Despite the headwinds facing the office market, there is still plenty of lender appetite willing to finance Grade A sustainable office space in central London. We are grateful to Tristan for not only providing a competitive financing package but also being able to execute quickly and reliably to enable Clearbell to stabilise their asset.”