Evans Randall Investors completes £22m Thavies Inn House refinancing

Private equity investor and developer Evans Randall Investors has completed a £22m refinancing of Thavies Inn House, its prime office redevelopment scheme on Holborn Circus, with Schroders Capital.

The refinancing follows the resolution to grant planning consent from the City of London in July 2022 for a new ten storey building on the site, which will deliver 90,000 sq ft of high quality workspace. Detailed designs are now being worked up for the project, which Evans Randall Investors envisages setting a new standard for office accommodation in London’s Midtown.

Situated on the southern side of Holborn Circus between New Fetter Lane and St Andrew Street, and within close proximity to Farringdon Station, it remains a popular location for occupiers, as evidenced by a number of new lettings.

These include new ground floor tenants: the independent café Iris & June, which has chosen Thavies Inn House for its second London outlet, and the London-based professional advisory firm Hansuke Consulting.

In addition, existing occupiers Globe Locums, the specialist healthcare recruitment agency, and Re-Leased, the cloud-based commercial property management company, have extended their leases, with the latter taking on an additional 1,000 sq ft in line with its stated growth ambitions.

Ned Williams, managing director at Evans Randall Investors, said: “We are delighted to have completed this financing with Schroders Capital which puts us now in a strong position to move ahead with our strategy to deliver another best-in-class office scheme in this part of London.

“Our recent leasing success underlines the broad appeal of Midtown as one of London’s most popular office locations and Thavies Inn House’s prime position within it.”

Kristina Foster, fund manager at Schroders Capital, said: “We’re delighted to have been involved in the refinancing of Thavies Inn House which is an exciting redevelopment which will provide high quality, energy efficient office space in London’s Midtown. It has been pleasure working with Evans Randall on this refinancing, which is the fourth transaction in our UK Senior Loan fund”.

Evans Randall Investors was advised by JLL debt advisory team and Allen & Overy on the loan, which has seen Schroders replace Aareal as lender.

By Mark Adair – Correspondent, Bdaily