Office & Commercial Repositioning
We acquire commercial assets trading below replacement cost and unlock value through refurbishment, re-leasing, or change of use. No speculating on market timing
40–80% Uplift · IRR 18–28%
Established Performance
Disciplined Commercial Property Development
We acquire, reposition, and exit undervalued commercial assets across the UK. Delivering superior risk-adjusted returns for investors and partners who require more than market-average performance
What We Do
Precision Over Volume
We focus on a narrow set of commercial asset classes where our expertise and network create a structural advantage
Hotel Conversions
We convert underperforming hotels and hospitality assets into repositioned commercial or residential-led mixed-use schemes. Our process is systematic, our underwriting is conservative
50–70% Uplift · IRR 20–30%Structured Equity Partnerships
We structure equity partnerships with aligned investors on a deal-by-deal basis. Clear capital stacks, defined sponsor economics, institutional-grade governance.
15–35% Value IncreaseAirspace Development
Unlock rooftop and airspace value on commercial assets in constrained urban markets.
Revenue Share Models AvailableTrack Record
Selected Projects
A consistent record of delivering institutional-grade returns.
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Hotel ConversionCompletedHammersmith Hotel Conversion
Acquisition and conversion of a 120-room underperforming hotel into 48 premium residential apartments and 4 co...
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Office ConversionCompletedCity of London Office Conversion
Grade B office building converted to 62 premium apartments across 8 floors. Sold to institutional investor on ...
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Value EnhancementActiveMetro Building
Teste...
Our Approach
Precision Over Volume.
We do not pursue deal flow for its own sake. Every project must clear a disciplined underwriting threshold before we commit
01
Downside First
Every deal is stress-tested against a downside scenario before we model an upside. Conservative leverage, realistic exit assumptions, multiple value-creation levers required
02
Alignment of Interests
We co-invest alongside our partners on every project. We do not earn carried interest on capital we have not exposed to the same risk as our investors
03
Transparent Reporting
Investors receive regular project updates, financial reporting, and direct access to the deal team. No surprises. No opacity
Latest Insights
News & Commentary
Commercial property analysis from the Elsham Properties team.
The Case for Commercial-to-Residential Conversion in 2024
With office vacancy rates at record highs and housing demand unabated, the opportunity has never been stronger.
Read more →Ready to Review a Live Opportunity?
We work with a small number of investors on each deal. If you are a qualified investor looking for direct commercial property exposure, we welcome a conversation