Singer Street, located just off London's Old Street station, was a prime office building, fully let on a long-term lease to Made.com.
The company's £750 million stock market flotation seemed to secure the asset, but within a year, Made.com collapsed, the Covid pandemic struck, and Old Street's status as a tech hub area had begun to fade.
The property faced the very real risk of becoming a long-term liability.
But rather than a knee-jerk reaction, Maritime Capital carefully reassessed the building's fundamentals. We decided that a multi-let strategy was the most viable option.
The first step was a targeted £300,000 investment to transform the reception area into a modern, statement space suitable for multiple businesses.
This capital expenditure was a fraction of what agents had recommended for a full Cat A+ fit-out.
With the building's presence enhanced, Maritime targeted specific sectors with resilience, such as film and television post-production.
Through targeted outreach, Maritime identified Splice, a post-production house. After negotiations, they agreed to take three of the building's six floors on a straight ten-year lease. Maritime provided a landlord contribution towards fit-out costs, but the investment made economic sense.
Much of the contribution funded mechanical and electrical upgrades that would benefit the building regardless of tenant changes. More importantly, Maritime secured a decade of stable income rather than the two- or three-year terms that had become standard in the market.
With Splice in place, Singer Street gained immediate credibility. The building felt occupied and active. The reception area now welcomed staff, clients and occasionally recognisable faces from the entertainment industry. The building had character and life, rather than presenting as a quiet, empty shell awaiting tenants.
A third floor was leased to Victim Support, further strengthening the building's tenant profile.
The challenging lower ground floor was subsequently let to The Light Centre, a wellness and beauty service provider.
Their business model, which uses enclosed treatment rooms, was perfectly suited to the space.
Within six weeks, a 15-year lease was agreed upon with no capital contribution from our client.
Today, Singer Street is almost fully let on long leases to diverse tenants.
Maritime's refusal to follow standard agency advice proved crucial. The recommended strategy of expensive fit-outs and premium rent expectations would likely have left Singer Street vacant for an extended period, burning cash whilst waiting for a market recovery that might never materialise in that specific location.
What could have been a distressed asset was transformed into a stable, income-generating property through data-driven analysis and targeted capital deployment.
The project stands as evidence that intelligent adaptation and creative tenant strategies can deliver really strong outcomes, even in difficult market conditions.
