The property offered good secure income with numerous asset management opportunities as the tenant was not in occupation.
Purchased for £13.25m
Surrender of lease completed for a significant reverse premium to the Landlord.
Sold with Vacant possession in November 2012.
IRR achieved on sale of 79.5% pa from purchase.
Agreed the outstanding rent review with the freeholder securing a reduction in rent payable under the Headlease.
Secured planning consent for a 138 bed hotel in December 2011.
Concluded a pre-letting to a PLC hotel operator in October 2011. Ultimately not completed.
Agreed a surrender with BT (the tenant), retaining the ground floor retail sub-tenants, in return for a substantial reverse premium.
Agreed a purchase of the freeholdRead More