Case Studies

Below is a selection of recent instructions we have undertaken.  For more information please contact:

Chris Hornung
Head of Valuation and Asset Management
Tel 020 7955 8484
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Business Park Offices - Thorpe Park, Leeds

Appointed Asset Managers and LPA Receivers over 11 modern office buildings at this
prestigious out of town business park, comprising 174,000 sq ft of arcade accommodation.
Our remit is to hold the individual buildings over the medium term whilst we add value through proactive Asset Management initiatives, followed by a piecemeal sale of individual units once values have been optimised.

Since appointment we have achieved the following in approximately six months:-

  • Provided the lender with 24/7 access to “real time” financial information relating to the property including rental income and recoverable and non-recoverable expenditure.
  • Appointed a new design agency to create a new brand for our portfolio as a brand within a brand and launched a new marketing campaign based around the “Grow@ThorpePark” brand.
  • Agreed sales of two vacant units to owner occupiers.
  • Negotiated a surrender with one tenant in respect of a building they had already vacated and simultaneously agreed a sale to one owner occupier.

Town Centre Offices - Reading Bridge, Reading

Appointed as Asset Managers and LPA Receivers over this prominent 115,000 sq ft office building at Reading Bridge, of which, on appointment, approximately half was vacant.

With a current value of circa £12M our remit is to hold the property over the medium term whilst we add value through proactive Asset Management initiatives.

Since appointment, we have achieved the following:-

  • Held meetings with all the tenants to start to establish a good relationship with each – non existent at appointment.
  • Worked with M&E specialists to design a system to provide VRV Comfort Cooling to the vacant unrefurbished floors saving £500,000 over the cost of extending the existing “plenum” system.
  • Instructed in-house Building Surveyors to prepare a detailed tender document for the phased refurbishment of the vacant floors.

 


Regional Offices - Ridgeland House, Hove

Appointed Asset Managers and LPA Receivers with a remit to hold the property over the medium term and add value through Asset Management initiatives.

The property is a 1970’s multi-let office building and at the time of our appointment had fallen into a state of disrepair. The common parts were a particular source of complaint amongst the disgruntled tenants and the principal reason why one of the main tenants had exercised their break clause and in fact all tenants were intending to vacate in less than 12 months.

Since our appointment, we have achieved the following:-

  • Built good relationships with all the tenants, making a particular effort to understand their occupational requirements and aspirations.
  • Demonstrated the business case for refurbishment to the lender and secured funding to carry out the refurbishment of common parts and vacant floor.  Project completed on budget.
  • Persuaded a key tenant occupying 25% of the property to reverse their decision to vacate and to additionally expand onto the refurbished vacant floor
  • Negotiated further lease renewals with all residing tenants.
  • Income from property now increased by 25% and property fully let
     

Regional Offices - Stanton Gate, Romford

Appointed Asset Managers and LPA Receivers with a remit to hold the property over the medium term and add value through a series of asset management initiatives.

The property, situated on the outskirts of Romford town centre, dates from the 1980’s, and comprises 10 self contained office units totalling approximately 17,000 sq ft.

Since appointment, Edward Symmons’ Asset Management and Recovery team have achieved the following:-

  • The basis on which the service charge is apportioned has been changed to a fairer basis as this was deterring prospective tenants from leasing the largest of the vacant office suites.
  • One of the vacant office suites has been refurbished and split into two smaller suites with a newly created shared entrance.
  • All the vacant accommodation has now been let.
  • Despite the general decline in Market Values, the value of this investment has been independently assessed to be maintained.

Mixed Use - Sussex House, Brighton

Appointed Asset Managers and LPA Receivers with a remit to hold the property over the medium term and add value through Asset Management initiatives.

On our appointment, the ground floor of the property was let to Barracuda Inns t/a “The Providence”, which was trading badly and offered a weak financial covenant. Part of the first floor was let to a low quality Children’s Nursery with an even worse covenant. The remaining upper floors comprised vacant, unrefurbished offices and 12 very poor quality studios let on a ‘cash’ basis without formal agreements. The upper parts were also in breach of planning, building control and fire safety regulations.

A detailed asset management strategy was implemented with the objective of enhancing value and marketability of the asset.

Since appointment, we have achieved the following:-

  • Negotiated and completed a surrender of the lease to Barracuda Inns.
  • Negotiated and completed a new 15 year lease to Co-operative Retail in respect of the ground floor which has opened as a “Co-op Metro” convenience store.
  • Obtained vacant possession of the upper parts.
  • Obtained a ruling from the local authority that the nursery premises can be “lost”.
  • Prepared detailed development appraisals based on a variety of alternative uses for the upper floors.

 

 

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