TSP Continues Flex Platform Expansion With C£6m Acquisition of 79 Clerkenwell

By Mia Brown
News • Projects
7th August 23
LONDON – August 2023 – TSP, the real estate investor and asset manager, has acquired 79 Clerkenwell Road from La Salle IM, in a £5.75m transaction.

The acquisition, financed by Investec Bank Plc, will contribute to the expansion of TSP’s flex platform, a portfolio of sustainable commercial offices offering flexible workspace to small- and medium-sized business in London.

The 10,000 sq ft building is located in the heart of Clerkenwell, moments away from Farringdon station and the Elizabeth Line. TSP will use its asset management track record and capability to retrofit the 79 Clerkenwell into a highly sustainable office, targeting BREEAM Excellent and EPC A energy rating.

The new office space will feature a host of outstanding amenities including a podcasting studio for occupants who wish to elevate their digital presence. A wellness room with integrated digital capability has also been commissioned. End of journey facilities will include luxury showers, towel service, a dedicated vanity & make up area as well as a repair zone for bikes.

TSP’s flex platform caters to companies who are seeking dedicated space, alongside shared amenities that match that of the serviced office sector but provide higher quality space at a more affordable price point, without the overlay of a serviced office brand.

Zac Goodman, CEO and founder of TSP, said:

“79 Clerkenwell is a fantastic opportunity for TSP to further develop our flex offering. The asset will be operated like a clubhouse, with a house manager and incredible common amenities, providing a unique offer to the marketplace.

As always, we will strive for the best possible sustainability accreditations and ensure that the building is in a better place following our acquisition.

“We continue to believe that our vertical integration of investment and management gives TSP a competitive edge to deliver these award-winning assets and gradually refurbish our way through London’s older stock. Whilst market conditions are challenging, they also bring opportunity and we believe the right product in the right location will continue to thrive in what is Europe’s most diverse and exciting city and we continue to actively seeking opportunities and grow our platform.”

TSP was one the first companies in the real estate sector to achieve B Corp status, with sustainability and social value key in their investment and management strategy. TSP invests in energy inefficient, small to medium sized office buildings in London, bringing deep retrofit expertise to turn them into sustainable workplaces. In its role as a property manager, TSP manages offices in London on behalf of clients including Tailored Living Solutions and Hyundai.

Over recent years TSP has continued to grow its investment activity through its TSP Flex platform and other balance sheet investments. TSP is backed by a growing number of family offices, institutions and investors looking for a hands-on investor with deep asset management capability. Whilst mainly acting as GP, TSP also invests as an LP providing liquidity at all levels of the capital structure.

TSP was advised by Michael Elliot in the transaction.

– ENDS –
Notes to Editors

TSP is a real estate investment business with c£1.5 billion of assets under management, which specialises in commercial real estate in the UK. TSP delivers superior and consistent returns by refurbishing and transforming under-managed assets, combining operational capabilities with a progressive and sustainable investment ethos. TSP is a certified B corporation, one of the first in the UK property sector to achieve this status.

 Concept realisation: Wellness space
Concept realisation: 5th floor workspace and teapoint

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