The building was completely rebuilt behind the original façade in the late 1990’s and the various tenants have invested further money in the last year or two undertaking various improvements and refurbishments. and the various tenants have invested further money in the last year or two undertaking various improvements and refurbishments.
The quality of the tenants and the long leases combined with the quality of building represented a very solid offer. The pricing is also very favourable compared to a similar building in say Southampton where the investment yield would be probably around 6% - about 25% more expensive in value terms. All round a good investment for the medium term.
Asset management was concluded in accordance with the business plan – the ground floor was configured to add parking and improve the reception, plus create an attractive suite, let for £30 per sq. ft., a 20% increase in rental value.
By 2021, the rental income from the building had been increased by 25%, and in accordance with the original business plan a sale was concluded, generating an investor profit of 13% per annum – mostly from income.