Acquisition of an office building in Cardiff let to 118 Ltd.
The tenant’s lease had 1.5 years to expiry and the building required refurbishment. The low rent of c.£15psf was at a significant discount to prime Cardiff buildings and had good prospects for re-letting should the tenant vacate.
The building was priced attractively at a yield of over 10% and the deal was negotiated directly with a well known contact at the vendor (M&G).
Acquisition of 3 industrial warehouses from a company that had entered administration. Total price of £20.5m.
Identified pre-purchase that the Charlton site would be of interest to housebuilders as a residential development opportunity and therefore generate a higher value than the apportioned price at purchase of £10.5m.
Negotiated an early surrender of the property from the tenant in return for an early dilapidations settlement. The ability to obtain vacant possession was legally documented and the site was marketed for sale.