Pinesgate, Bath

By | Asset Management, Investment, Projects
Europa capital and Ediston sold the two 1980s off buildings in Bath to UK family property group Carlton (North Wales) for £26.5million. Both properties were sold with a current letting to insurance provider Redde until 2025 at £1,583,929 per year. Ediston had promoted proposals for the comprehensive redevelopment of the site in conjunction with the wider regeneration programme being promoted by Bath and North East Somerset Council. PURCHASE Ediston acquired the property in February 2010 for £19m reflecting a net initial yield on purchase of 6.96%. SALE Ediston sold the two properties in 2018 to Carlton (North Wales) for £26.5million. ACHIEVEMENTS The property delivers good secure income for 9 years with RPI uplifts at rent review offering very good stable
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Caledonian House, Aberdeen

By | Asset Management, Investment | No Comments
FINANCIALS Purchase price: £7.75m Total costs: £10.75m (including refurbishment costs) End value: £15m KEY ACHIEVEMENTS Acquired a secondary office investment in a prime location at a competitive price in a strong market. Net Initial Yield on Purchase was 9.25%. Negotiated a 10-year lease extension with the Tenant who required the building to be refurbished to remain in the building. New lease is agreed at a higher rent with fixed uplifts. Conversion of a secondary investment into a prime asset by re-gearing the lease, refurbishing the property and restructuring repairing obligations to create an institutional investment. The lease re-gear and refurbishment delivers a market value improvement of £4.25 million. The office and retail investment was sold to Tesco Pension Fund on
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199 – 204 High Holborn, London

By | Asset Management, Investment
The property offered good secure income with numerous asset management opportunities as the tenant was not in occupation. FINANCIALS 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. KEY ACHIEVEMENTS 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 freehold
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