A landmark office building of 40000 sq ft acquired sad and vacant in 2012, refurbished and fully let over the following two years. After conclusion of the initial business plan, the building was refinanced for mid-term hold given it had become a first-class asset with excellent prospects for rental growth.
Then came Brexit – and although rental growth was coming through it was clear that the occupier market was softening whereas the investment market remained strong. Upon review, a decision was taken to quietly market the property and a very satisfactory sale was concluded at £7million. Original cost including refurbishment was £2.7m.