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 repurpose 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 for the first time 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.