Greycoat was founded in 1976 and obtained a public listing in 1978 when it reversed into Chaddesley Investments. Since its inception it has specialised in high quality prime central London office schemes.

The next twelve years were typified by phenomenal growth as Greycoat PLC acquired a significant reputation as a developer of large, technically advanced office buildings in both central London and the United States together with retail schemes in the UK provinces.

There have been SIX DISTINCT PHASES in the company’s history.
The FIRST PHASE involved a well-timed and successfully completed development programme. Early developments like Cutlers Gardens, EC2, Shortlands in Hammersmith and 250 Euston Road NW1 were undertaken with institutions who provided the financial resources and retained a substantial part of the equity. As the company grew, schemes were undertaken in joint ventures where a much larger proportion of the equity was retained – Victoria Plaza, SW1 and the three phases of Finsbury Avenue in the City fall into this category. In the latter part of the 80’s schemes were undertaken solely by Greycoat where all the equity was retained. Embankment Place WC2, 123/151 Buckingham Palace Road SW1 and Britannic House, 1 Finsbury Circus EC2 were such schemes.

In 1983 an office was opened in New York and in 1984 a City of London office complimented the Mayfair headquarters. Both made significant contributions to the development programme and asset growth. During this period Greycoat made substantial corporate acquisitions, City Offices PLC, LawLand PLC and Churchbury Estates PLC, which provided property development and investment stock. The end of the first phase saw the major development schemes completed and successfully let by the end of 1990, however, there were already signs that the property market was about to experience a significant downturn.

Greycoat’s SECOND PHASE ran from the end of 1990 to the end of 1993 and was typified by a market recession and a focus on survival. Ironically the size and success of the trophy buildings let at the top of the market in 1990 and retained as investments were becoming the most over-rented and heavily discounted properties. Greycoat had however stopped its development programme in time and had no development exposure.

Following the recession of the early 1990s the THIRD PHASE was one of consolidation and rebuilding of the company which started in 1994. During this year the Board was substantially reconstructed with Peter Thornton as Chief Executive, Martin Poole as Finance Director and Chris Strickland as Development Director. In essence the focus remained on prime central London offices where five sites (7 Bishopsgate EC2, 1 Great St. Helens EC3, 99 Gresham Street EC2, Bolton Street W1 and Equitable house EC3) were bought for cash and developed into the 1997/1999 cyclical upturn. Non-core properties were sold and the investment portfolio reshaped by the sale of its two largest properties, Embankment Place and Buckingham Palace Road.

In addition 20, 30 and 80 Cannon Street EC4 were all bought as part of the programme of acquiring investments in the core areas of Central London where value could be added.

In 1998 Greycoat ventured into a different type of “development” acquiring, with partners Merrill Lynch and Hermes, the half-let former Nat West Tower in the City – successfully transforming the complex into “Tower 42” a flexi-let office village. In addition to transforming the tower building, Greycoat was the developer for the 20 and 30 Old Broad Street developments which form part of the Tower 42 estate.

The FOURTH PHASE saw the company move from the public to the private sector. In July 1999 the executive directors of Greycoat successfully completed a management buyout of Greycoat PLC financed by Merrill Lynch. The MBO assumed a five year business plan based around the existing £550 million property portfolio incorporating an element of new Central London business.

The last major development commenced by Greycoat in this phase was the imposing Moor House development in London Wall which was co-owned with Hammerson and Henderson. This was completed in October 2004

The FIFTH PHASE commenced in 2003 with the Executive Directors acquiring the company from Merrill Lynch.

The SIXTH PHASE commenced in March 2006 when Greycoat established a new Central London Office Development fund with investors, an affiliate of Government of Singapore Investment Corporation Real Estate, Scottish Widows, ING and Mn Services.

Approx £130m of equity was raised and invested during 2006 in three sites – 101 New Cavendish Street W1, Tower House, Trinity Square EC3, and 30 Crown Place, EC2.

In 2009 Greycoat Real Estate LLP was formed and currently asset manages Devonshire Square, Tower 42 and Crown Place in the City of London and 101 New Cavendish Street in the West End.