We have a strong track record in the delivery of value enhancing asset management which is based on careful initial stock selection. Our expertise runs through from purchase to successful sale.
Below are a small selection of examples:
Felaw Maltings,
Ipswich
Listed former maltings, located in an attractive riverside location. The asset provided the opportunity to increase rental income and tone by upgrading and letting vacant space.
- Purchase price £6.30m / 9.0% NIY
- Sale Price £8.77m
- IRR 21% ungeared
- Purchased March 2015, sold June 2017
- 21,000 sq ft of vacant space at purchase
- Vacant space let on 10 year term
- Air conditioning installed
- Rent increased from £594,000 pa to £826,000 pa
Clarendon House, Kingston
An office located in a town with limited office supply, resulting from conversion to residential via permitted development. The property offered the opportunity to extend the tenant’s lease and significantly increase its passing rent.
- Purchase price £5.2m / 8.3% NIY
- Sale Price £10.1m
- IRR 31% ungeared
- Purchased March 2015, sold August 2017
- Let to Travel Republic on 7 leases. Average passing rent of £14.67 per sq ft and an average lease term of 2.3 years
- New 10 year lease agree at a rent of £20 per sq ft
Wickes Unit,
Crewe
Originally purchased with a short unexpired term, demand from other retailers meant the tenant was keen to remain in the unit.
- Purchase price £2.7m / 9.5% NIY
- Sale Price £4.0m
- IRR 16% ungeared
- Purchased April 2014, sold December 2018
- New 10 year lease granted to Wickes Building Supplies Ltd at £10.90 psf
Cooper House,
Kingston
An office building purchased with an attractive income return, located in a sought after residential location. Conversion to residential maximised value on exit.
- Purchase price £2.23m / 8.0% NIY
- Sale price £2.59m
- IRR 19.5% ungeared
- Purchased June 2014, sold July 2018
- Following vacation by Kingston University sold for permitted development to residential
Jewson,
Huntington
A large yard, essential for a building trade operation, made this property highly attractive to the tenant and competing operators. The tenant was keen to secure their future occupation.
- Purchase price £1.50m / 8.0% NIY
- Sale Price £2.60m
- IRR 22.0% ungeared
- Purchased June 2014, sold October 2017
- 7 year lease extension agreed, taking term to 10 years
- The rental uplift agreed, set a new record for the Huntingdon market
50 High Street,
Sheffield
The asset was purchased with income from three strong retail covenants, without any value attributable to the upper parts. Given the property’s location, conversion of the upper parts provided a fantastic opportunity to add value.
- Purchase price £5.75m / 7.5% NIY
- Sale price £6.8m
- IRR 13% ungeared
- Purchased March 2015, sold August 2017
- Former department store, let to three retailers with vacant upper parts
- Feasibility study undertaken for alternative use of upper parts (PRS / Student / Hotel) to facilitate sale to developer