Stats
Building Name Centre Point
Location/ Address 101-103 New Oxfords Street, WC1
Architect George Marsh and Richard Seifert
Status Completed in 1966
Contractors Wimpey Construction
Agents – EA Shaw, DTZ
Background & History
Centre Point, the landmark office tower located at the corner of Charing Cross Road and above Tottenham Court Road Station in London’s West End, was fully occupied for the first time in its 40-year history in July 2009 when advertising company Onalytica took 4,450 sq ft on the 29th floor.
The 200,000 sq ft building famously stood empty for nine years after it was completed in 1966 and there were still 12 floors vacant when current owner Targetfollow took over in 2005. A subsequent £14m refurbishment programme has proved highly successful in attracting occupiers.
The iconic Grade II listed 32-floor building was developed speculatively by property tycoon Harry Hyams and designed by George Marsh in partnership with his employer Richard Seifert.
Hyams’ decision not to let the building on a floor by floor basis but to hold out for a single tenant meant that one of London’s most prominent new buildings remained unoccupied for close to a decade. In June 1972, Peter Walker, the Tory Secretary of State for the Environment, was reported to have offered £5m for the building in a bid to break the stalemate.
Eventually Hyams agreed to rent to multiple tenants and the building began to let up from 1975.
In 1987 Hyams’ Oldham Estates sold the building to MEPC, which in turn sold it to Apollo consortium Blackmoor Portfolio as part of the Oldham Estates Portfolio. Current owner Targetfollow bought the building for £86m in 2005.
Shortly afterwards Targetfollow signed Pierre Condou's Paramount Group to operate a luxury restaurant, nightclub and private members club on the top three floors.
The building formed part of a 10-strong portfolio that Targetfollow secured a £454m refinancing against at the end of November 2007 http://www.egi.co.uk/Articles/Article.aspx?liArticleID=662707 .
In September of 2009 it emerged that Centre Point was one of five buildings that Targetfollow had appointed CB Richard Ellis to find an equity partner to own, asset manage and develop. For some time Targetfollow has been mulling plans to build a second tower next to Centre Point.
Interesting facts
Centre Point stood empty for nine years after it was completed in 1966 as its developer Harry Hyams held out for a single tenant.
As such for some the building came to embody the greed of the UK property industry at a time of increasing homelessness.
After squatters moved in the tower was briefly known as "Europe's most expensive dog kennel".
Aspiring members of the exclusive Pierre Condou Paramount Club on the top three floors must be invited and assessed by a panel including English actor and writer Stephen Fry.
In 1995 Centre Point was awarded Grade II listing.
Centre Point was the first major building in London to make use of precast concrete sections, thus reducing the need for scaffolding.
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