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.
The property comprised four retail units – two fronting the High Street and two facing the Shambles. The block was located in a prime location adjacent to Marks & Spencer. This property formed part of a larger High Street, Retail Portfolio to include: Sunderland, Consett, Wolverhampton, Portsmouth, Maidstone and Folkestone.
The property was part listed and lay within a Conservation Area. Part of the property was structurally unsound and the vacant unit was physically compromised.
The structural damage was investigated and remedied whilst the vacant unit was extended over a fire escape route which was then redirected to the rear of the building.
The vacant unit was let prior to the completion of the works. Once the works and lettings were concluded the property was sold.
Chandlers Ford Retail Park was acquired as part of a much larger National Portfolio in a JV with a UK Bank. The Part comprised a Mecca Bingo Hall, Burger King, Texas Homecare and Netto. The Park was located on the edge of the town centre at the bottom of the High Street and formed part of the in-town retail offer.
We established there was a requirement from Grosvenor Casino and therefore negotiated a surrender of the Netto unit which was 7,700 sq ft. By incorporating the Netto loading bay into the built area we could build a 19,000 sq ft Casino arranged on ground and part first floors. We obtained planning consent for the casino which was pre-let. A further Planning consent was secured for additional unit for Farm Foods.
The Council had significant Highway Improvement proposals which required them acquiring part of the site as the new southern gateway to the town centre. We therefore negotiated a part sale of the park to the Local Authority for a road improvement scheme.
The property was acquired as part of a much wider commercial property portfolio of nineteen individual assets.
The Portfolio was acquired from a UK Fund divesting itself of the smaller more highly intensive management properties.
The property comprises a department store (120,000 sq. ft), 460 space multi storey car park and 17 retail units. The property is held Long leasehold at a peppercorn rent, whilst the department store is held on a fixed rent for approximately 45 years remaining.
In addition to the retail units there was originally 27,000 sq. ft of office over which was occupied by the Secretary of State for Works and Pensions. The Secretary of State vacated the building some 2 years prior to the lease expiry. This time lapse afforded the opportunity to explore alternative uses. Ultimately Planning consent secured for a 127 room student accommodation development, which was pre-let to the end user. Although Sheffield effectively had an over – supply of student accommodation our development catered to the mature student and was semi-serviced which was a product not done in the City at the time.
The Retail tenants include, Brighthouse, Card Factory, Subway, Rymans, Greggs and Sayers. Zone A rents have increased from £55 psf in 2016 to a current level of £70 psf.
The block comprises a block of 3 retail units. It was acquired as part of a Portfolio. At the time of purchase the occupiers were Sports Direct, M&Co and Card Factory.
Sports Direct wanted to expand into the adjacent unit and when terms could not be agreed with the occupier, they vacated the location.
Both of the remaining occupiers renewed their leases.
We secured Planning on an Appeal for a betting shop and the remaining unit was let to BetFred.
The property was acquired as part of wider portfolio and occupied by McDonalds.
At the time of purchase the tenure was leasehold and the freehold interest has subsequently been acquired.
In addition, at the time of acquisition the McDonalds lease had some three years remaining and was some 100% over-rented with a passing rent of £163,000pa.
The occupational lease to McDonalds was re-geared and extended by a further 10 years at £110,000pa.
The property value increased from £1,210,000 to achieve a sale at £1,550,000 as a consequence of the new lease.
44-46 Park Street was acquired as part of a wider Portfolio.
The property comprises 2 retail units in the prime location of Park Street opposite the Saddler Centre.
The property was acquired with one unit vacant and the second on a short occupational lease.
No. 44 Park Street required significant refurbishment to the roof, remedial works to address wet rot and address a damp basement.
Once these works were completed the property was let to Subway.
In additional to the letting to Subway, Lease renewal negotiations with Footlocker were concluded.
The property was acquired as part of a portfolio. The block comprises 6 retail units in prime pitch Park Street (opposite the Saddler Centre) and occupied by Halifax Bank, Card Factory and Holland & Barrett.
To the rear are 3 further retail units. The flat roof to the rear of the block was replaced.
At the time of purchase one of the rear units was vacant but was immediately let to St Giles Hospice. The remaining units were occupied by local traders where leases have been re-geared. The units sit opposite the main bus terminal.
The property produces an income of £253,500 pax.
The Property was acquired as part of a larger package of properties in the Town Centre and acquired on a short term lease but occupied by EE.
The building is located within the Prime Pitch of Park Street.
EE vacated the unit at their lease expiry.
The unit was subsequently refurbished and let to a multiple restaurant operator on a ten year lease.
47 Union Street was acquired from Axa Fund Management as part of a larger transaction.
The unit was acquired with a short-term lease to Thornton’s.
The tenant vacated and the unit has subsequently been re-let.
Broad Street Reading was acquired as part of a Larger Portfolio. The unit is well located on Broad Street opposite the entrance to Broad Street Mall. The building is a Listed retail property and was acquired vacant.
The unit required substantial repair and suffered from extensive Dry–Rot. The refurbishment of this listed building proved highly complicated.
To ensure the Dry Rot guarantee remained in place the windows had to be replaced.
Securing Planning consent to replace the windows was a time consuming and costly exercise.
On completion of the works the unit was let and the Investment subsequently sold.
2 well located retail units at the prime end of New George Street were acquired at an initial yield of circa 10% and were seen as an opportunistic purchase at this pricing.
The property is occupied by 2 multiple household name retailers and produces some £200,000 pax.
Attractive retail units, one of which is Grade 1 listed, adjacent to the Market Square which was subject to a temporary tenant occupation at the time of purchase. The rendered facades had to be sensitively refurbished and the scope of works was agreed with the planning authority to insure the integrity of the building was retained.
The unit was subsequently let to Sharpes Bedroom Furniture.
In addition A3 consent has been secured to combine the 2 units as a potential future asset management play.
Retail unit in historic prime pitch of Linthorpe Road purchased with short lease. This was subsequently extended on a 10 year term with a break at the 7th year.
Thereafter the unit was subsequently sold.
Sauchiehall Street Glasgow was acquired as part of a larger Portfolio.
The unit is situated on a Prominent corner with Hope Street and is located close to Marks & Spencer. At the time of purchase the unit was acquired with a temporary tenant in-situ paying a minimal rent.
The property required a massive amount of Asset management.
Shortly after purchase the main drain into the property split and Glasgow Council refused to get involved. That left us as Manager to replace the main drain. The unit then required quite extensive refurbishment.
The demand for this unit was entirely from A3 Restaurant, takeaway or Leisure uses. Glasgow Planners refused the change of use and A3 consent was secured on appeal.
In additional we had to secure Listed Planning consent to the new proposed shop fitting and secure a route with all the other occupiers of our property for the required ventilation route. The unit is now let to a multiple A3 occupier on a 15 year lease term certain at £70,000pa which is quite a return on a purchase price of £270,000.
Lothian Road comprises 3 retail units serving the financial district, local and student residents. The 3 occupiers have all re-geared leases onto 10 year terms at improved rents.
The block currently produces some £125,000 pax and is a long term hold.
Terminus Road Eastbourne was acquired as part of a larger Portfolio.
The property comprises a mixed-use building located adjacent to Debenhams Department store and opposite Marks & Spencer in Eastbourne’s prime retailing pitch of Terminus Road.
The property comprises large retail unit on basement and ground with established Night Club above and a single retail unit arranged on basement and ground. Total income £116,350 pax.
The main unit is let to Blacks Outdoor Retail Group and the lease re-gear has recently been completed.
The building did not have a documented Fire Escape route and after complicated negotiations this issue was also resolved.
Queens Square Crawley was acquired as part of a larger retail portfolio.
The unit is located in a Prime Town Centre location adjacent to Starbucks.
The retail unit was acquired for investment purpose and is occupied by Brighthouse at £105,000 pax.
We are currently exploring re-configuring the unit to create a separate entrance off Queens Square and create residential units above.
The Property comprises a well located parade of 6 retail units of which only 2 were occupied at the time of purchase.
The block is situated under Bromley Library and Theatre and opposite the entrance to The Glades Shopping Centre.
At the time of purchase the contractual income was £192,000 pax and the vendor provided a rental top up.
The block is now fully let to, EE, Greggs, Koroko (UK) Ltd, Wrapchick Cancer Research (UK) Ltd and Fone Planet producing £297,000 pa.
Since purchase EE and Greggs both completed new leases.
Victoria Street Blackpool was acquired within a wider portfolio. At the point of purchase the unit was vacant.
The unit required some limited refurbishment and on completion of these works the unit was let to a local fashion retailer.
On completion of the letting the unit was sold.
The property comprises an unbroken retail block of High Street Retail units arranged on ground floor with first floor storage.
The Property was acquired as part of a larger Portfolio and comprised of 20 units. At the time of purchase 10 units were vacant and the contractual income was circa £305,000 pax. Currently there is contractual income of circa £537,000 pax with the last remaining unit under offer.
To cater to the limited, occupy demand for the town units were re-configured to satisfy as many requirements as possible.
Five single units were combined to occupy a World Buffet Bar Restaurant operator, whilst a number of double units were split into two singles to secure tenants.
We have established there is potential to develop residential accommodation on the second floor and have submitted a planning application for 37 units.
Calverley Road was acquired as part of a wider portfolio of retail units. At the time of purchase the retail unit was let on a temporary basis.
A prominent corner retail unit which will be directly opposite the new entrance to the Royal Victoria Shopping centre once the new extension is completed.
The shop unit was re-configured with the relocation of a staircase at the front of the unit to the rear to provide a better shaped shop.
The shop was then let on a 10 year lease to Grape Tree.
We secured planning permission for two residential units above in what was previously redundant storerooms. On receipt of securing planning the property was sold.
Church Street Enfield was acquired as part of a larger portfolio of five properties all forming part of a wider strategy of developing the theme of a National High Street Retail Portfolio.
The unit is well located with the retail pitch. The upper parts upper floors are used for storage purposes. The first floor for the retail unit and the second floor is used by a lawyer for archive storage.
We have submitted a Planning Application to create 6 residential unit, two, two bedroom and four one bedroom.
The Original retail tenant went into administration and this unit was effectively re-let immediately to a National Charity.
Silver Street Durham was acquired as part of a larger portfolio and was vacant at the point of purchase.
The Retail unit is arranged over Ground, 2 upper floors.
The unit is located close to Prebends Bridge in a location dominated by A3 catering and leisure uses.
The property was subject to both structural repair and internal refurbishment. Following completion of these works the unit was let on a 10 year term.
The unit has subsequently been sold.
A single storey retail unit with A3 planning and was acquired as part of a wider retail portfolio.
The unit is occupied by Pizza Hut and is located in the heart of the conservation area adjacent to the former Regal Cinema in an area dominated by A3 restaurant & Leisure uses being close to the river.
Being single storey we are currently investigating planning to build up to nine residential units over three floors to the rear of the property
Prime High Street retail unit with 1st floor offices. Occupied by Waterstones and Ladbrokes producing £97,000 pax.
