The Property comprises a mixed use Retail and Office property comprising five retail units and circa 21,000 sq ft of offices.
Retail units have been re-configured to create more regular units where tenants such as Costa Coffee, Yorkshire Building Society and Santander were secured on long leases. The offices are shortly to benefit from a refurbishment.
This property was acquired as part of a much larger portfolio and has been retained as a long term investment hold. The principle office occupier is part of the National Health Service and previous refurbishment works to include a new lift and replacement air conditioning system had to be arranged out of hours.
An additional complication with the refurbishment was that the offices had to be chemically cleaned overnight as it was an operational Blood Donor Centre before, during and after the works.
A block of 5 multi let office properties built in the late 19th Century, comprising half an island site. The office properties benefited from a light touch refurbishment to include upgraded toilets, common parts and new suspended ceilings and LG7 lighting within the office suites. The listed façade was water jetted and refurbished.
The refurbishment enabled the estate to become fully income producing, showing a running yield of almost 8% on cost whilst planning consent was secured for a Serviced Apartments Scheme of 89 units.
The property was acquired for a sum of £10.35m in a new joint venture with an overseas investor. The property was held long leasehold and negotiating the change of use with the freeholder and City of London Corporation created long and complicated challenges.
The site was subsequently sold for £22m.
1950s office building adjacent to Fenchurch Street main line station comprising 9,000 sq ft acquired on short leases. The Building was refurbished and subsequently sold to an owner occupier.
At the time of purchase the building was substantially vacant.
The refurbishment of the office extended to the inclusion of comfort cooling and new metal suspended ceilings with compliant lighting. All painted finishes were re-plastered, floor coverings replaced, whilst the toilet accommodation was comprehensively refurbished.
The property comprised a 1950s office building which had been substantially refurbished in the early 2000s and occupied by the Home Office. The property was acquired with a UK Institutional Banking Partner for £6m.
As a result of meeting with the tenant it was apparent they required more space and we therefore secured planning permission for two additional floors.
The property sold for £7.7m. The hold period was two years.
Multi let office building of 70,000 sq ft built early 1970s. Property was arranged over 14 floors with a number of vacant suites. The vacant accommodation was subject to refurbishment to include new suspended ceilings, lighting, carpets and kitchen points.
The vacant space was let and the major rent review on 11,000 sq ft was settled. The property acquired circa £5.4m and sold a year later at circa £6.7m.
Tower House was acquired in a joint venture with an institutional banking partner as part of a wider portfolio build-up strategy.
Odyssey Business Park comprised a late 1980s quartet of office buildings totalling 146,000 sq ft, with in excess of 600 car spaces and formerly the HQ of British Airways. The Park was bought with some very short leases and largely vacant. With void costs the yield was under 3% but equated to £95 freehold capital value.
The entire Park was subject to comprehensive refurbishment. The buildings were subject to a Grade A refurbishment to include new air-conditioning, new lifts, ceilings, toilets, LED Lighting etc.
In addition, the Park was re-branded to be best in class. Building One was pre-let to NEC which provided the confidence to undertake the refurbishment of a two further buildings on a speculative basis. As a consequence of the further refurbishment undertaken alongside a comprehensive marketing campaign we secured lettings to major occupiers.
Further initiatives included comprehensive re-landscaping and the introduction of an on-site restaurant.
The Curve was acquired as part of a wider Portfolio. At the time of purchase the property had some 27,750 sq ft vacant and although the building was seven years old had never been occupied.
There was only a small portion of the ground floor of some 3,000 sq ft which was let and occupied by Honda (UK) Ltd.
The building was originally branded as Parallex Business Park.
The building was re-branded to Axis, the vacant space was refurbished, the external areas comprehensively re-landscaped. The building was then re-launched into the market, and in turn fully occupied and subsequently sold as part of a larger portfolio.
Bell Court, Leapale and Stoke House was acquired as part of a much larger portfolio. The property comprised two detached listed office buildings and modern office property build in 1992 with three residential units and basement car parking. At the time the development was completed rents in Guildford were approaching £30 psf whilst at the time of purchase rents were closer to £18 psf.
Both Leapale and Stoke Houses were subject to lease renewals and light touch refurbishment.
Leapale House was subject to a much wider scope of works to include:
- Comprehensively refurbished or replaced Sash Windows
- Re-Landscaping the central courtyard
- New Entrance Lobbies
- Refurbished Wc’s
- New Lift
- New Carpeting
- New Metal Grid Ceilings
- Inclusion of Comfort Cooling
As a result of these works rents of £26.50 psf were being achieved with minimal Rent-Free incentive.
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.
The Square Heathrow was acquired as part of a Portfolio of four A40/M25 office Properties. The entire portfolio required Asset Management to re-position the assets. At the time of purchase the cost of the void space within the Square eroded the entire income.
The property comprised four lightly refurbished office buildings totalling some 68,200 sq ft.
The Square is approximately a ¼ of a mile from the Junction of the A312 (Hayes Bypass) which in turn is ¼ of a mile from Junction 3a of the M4 motorway.
We were appointed Asset Manager when the Park was some 30% let. Our principal responsibility involved the repositioning of the asset. We were involved in the rebranding and marketing of the property. The estate was subject to a marketing campaign, we approached occupiers in the area.
The buildings were subject to internal refurbishment to include new carpets. We secured a letting to a main contractor to the NHS providing doctors for house calls. One of the principle tenants took additional space. The asset was subsequently sold as part of a portfolio.
The property was acquired as part of the wider Australia Portfolio which was being sold by UBS Phillips & Drew.
The property Comprised two office buildings constructed in 1988 totalling some 34,000 sq ft. The two office buildings were situated within the most attractive of settings, overlooking the Grand Union Canal.
At the time of acquisition conversion to residential use was explored.
The Partners of OXLO were appointed as Asset Managers in 2011. At the time of appointment there was in excess of 50% vacancy. Our remit as Asset Manager was to process a refurbishment of the vacant accommodation and rebrand the image the property portrayed.
The Specification included:
- New suspended ceilings
- LG7 Lighting
- New Carpeting
- New Reception
- New Lift
- Extensive new external landscaping
As a consequence of these initiatives the buildings were leased to 85% occupancy to include a European Government taking the entire Ground floor of Bankside House.
The Mint Leeds was acquired in 2015 with an Institutional Private Equity Partner.
The building is located to the south of Leeds City centre in the Holbeck Area just south of the main line station.
The Mint is a Grade A BREAM excellent Corporate HQ office building of some 120,000 sq ft with 65 secure car parking spaces.
The building was completed in 2009 and occupied by Asda and Dart Group Plc. In 2016 Asda vacated the building and negotiations progressed with Dart Group to occupy the entire Building. As a consequence of the lease re-structure the rental income increased by some 25% from the point of acquisition.
The property was acquired with a private Equity Joint Venture Partner in 2015.
The property comprises two prime office buildings totalling 87,000 sq ft on the premier business park on the Island and were constructed in 2005. One of the buildings Dorey Court was subject to an over-riding lease to a Major Bank. Approximately half the build was sub-let.
We negotiated a surrender of the head lease as the principle tenant had vacated the building which enabled direct negotiations with sub-tenants who became our direct tenants. This in turn led to negotiations with the sub-tenants for longer occupational leases.
The building was then subject to a major refurbishment to include a new air-conditioning system. Being Guernsey there was not a large enough crane on the Island to lift the chillers from the roof or new ones onto the roof. We therefore had to arrange for this to be done by airlifting the chillers into place.
In addition, the entrance lobby, common areas were subject to a major refurbishment, whilst all the WCs were replaced. The office accommodation was also subject to Grade A refurbishment to include new LED lighting, New Ceilings etc. as a result of these proposals to top floor was pre-let to a Global business.
The building is now fully occupied to Global Businesses on long leases all with 10 year + term certain.