The Botony Trading Estate comprised an industrial estate of 18 units, totalling 188,000 sq ft. The Estate was originally constructed in the early 1960s. A number of units were refurbished and or re-clad and re-configured.
The estate was sold when fully let.
At the time of purchase the Estate had been poorly managed and was subject to a number of vacant units. Average rents were approaching £4 per sqft and as a consequence of investment into the individual units rents were increased by over 30%.
The Estate was well located being the principle spine road to the Sainsbury Superstore.
Extensive discussions were held with Sainsbury to relocate them onto the Estate and to construct a new Superstore whilst creating a new covered shopping precinct on the site of the former store, linking to the High Street.
The Long Eaton Industrial Estate was constructed in the 1960s and comprised 9 units totalling 500,000 sq. ft. At the time of purchase the Estate was 50% vacant with remaining leases of a short term on a WALT of under 3 years. Tenants included Laura Ashley, Duresta Furniture and Dimensions Corporate Clothing.
As a consequence of establishing a close and trusting relationship with the dominant occupier Dimensions committed to the occupation of 375,000 sq ft on a 15 year lease term certain. This was achieved solely as a result of numerous meetings with senior management and understanding their company’s needs and requirements. This meant we could work together to accommodate their fazed occupation.
The property comprised a new purpose build Industrial Estate of nine units constructed in the early 2000s. Houndhill was developed as part of the wider Enterprise Zone and attracted some excellent occupiers to include Next Plc into 1m sq ft northern hub distribution centre, Virgin Call Centre, The South Yorkshire Police.
The estate totalled some 200,000 sq ft of accommodation and at the time of purchase only was largely un-let.
As part of the work out the remaining units were let and then sold once fully occupied. On sale the property went to three rounds of bidding to secure the buyer.
The Estate was acquired originally with a JV Banking Partner. The estate formed part of a portfolio owned in partnership with US investors as part of a Portfolio build up strategy.
The Estate totalled some 180,000 sq ft and was occupied by 40 tenants on a site of some 19 acres.
The Estate was developed in a number of stages from the early 1980s to the mid 1990s and afforded a range of unit sizes for starter units, larger warehousing, manufacturing and office accommodation. At the time of purchase average rents were in the order of £2.75 psf and over time as a consequence of estate improvement rents gradually rose to average £4.40 psf.
At the time of sale occupancy was at 95% and rental income had increased to £530,000 pax. The Estate was subsequently sold as part of a work-out on behalf of the Bank.
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.