Details

This multi-let office property was purchased with a US JV Partner and formed part of a portfolio build up strategy acquiring multi-let asset management intensive stock with low capital value per square foot.

The building comprised a multi-let office building constructed in late 1960s totalling 94,000 sq ft over 14 floors and occupied by some twenty tenants although 60% of the building was tenanted by three occupiers. The ground floor incorporated a café and the building benefitted from a gym.

Shortly after acquisition we negotiated with the tenant that occupied the 12th to 14th floors to re-gear and at the same time agreed a letting with them for an additional floor. As part of these negotiations we undertook a refurbishment of the landings and common areas and completely re-built the Wc’s into uni-sex super loos.

In addition to these negotiations we re-geared the University of Wales who occupied four floors and undertook further works on their behalf. We also negotiated with the Secretary of State (Inland Revenue) to re-occupy 19,000 sq ft subject to Landlord works which related to improvement to the main entrance, their personal podium entrance and the common parts. As part of the general upgrading of the building the three passenger lifts were replaced. This was done out of hours to minimise occupier disruption.

The building was fully occupied at the point of sale producing some £880,000 pa.