Barwood Capital Acquires Key Richmond Office Building

Refurbishment Targets a BREEAM Rating of Excellence

Barwood Capital’s Growth Fund IV (“GFIV”) has purchased Eton House, a 32,774 sq ft office building in the heart of Richmond, which it will reposition to outstanding and sustainable office space.

In a move that marks the first office acquisition for GFIV and Barwood’s return to the office sector since 2016, the purchase will see the building undergo a full back-to-frame refurbishment with an additional floor of office accommodation and roof terrace, targeting a BREEAM rating of Excellent.

Eton House became vacant in November 2021 and was acquired from Aviva Life & Pensions UK Ltd for £12.9m, equating to £394 per sq ft.

“The pandemic has accelerated existing themes in the office sector where well specified office space with a keen focus on ESG credentials continues to outperform. Our refurbishment strategy for this asset aims to deliver such space into a supply constrained market.” said Adam Smith, Asset Management Director at Barwood Capital.

Charlie Bishop, Director at Moorevale, the development manager for the scheme, added: “Our refurbishment project will have a big focus on sustainability, delivering a best-in-class building that will offer its customers a range of amenity options.”

Barwood Capital was advised by James Leach at ACRE Capital Real Estate. JLL represented the vendor.