Brockton Everlast bought the vacant building that adjoins their existing holding of Telephone House to gain control over the wider investment. QuoinStone were appointed as asset managers to initiate and manage the refurbishment and leasing.
The property is now fully let to 6 high quality occupiers from the tech, finance and property sectors.
Brockton Everlast bought the income producing investment and appointed QuoinStone as asset managers to oversee refurbishment projects, re-let vacant parts and to manage the estate.
QuoinStone constantly review and implement asset management opportunities to maintain and improve income across the estate.
QuoinStone are mandated to manage the 120,000 sq ft building for the owners at a strategic and asset level.
QuoinStone are investigating options for the building over the mid to long-term in order to enhance the income stream and maximise the value.
The building had been under managed, with 2 floors vacant and in need of full refurbishment.
Numerous tenants had short leases or outstanding renewals/rent reviews and were willing to enter into negotiation for lease extensions.
The long lease of the site was acquired through an option agreement and development agreement with the vendors who own and occupy the adjacent building.
A planning application for a mixed use scheme was submitted to the London Borough of Hackney 9 months after exchange of contracts and a consent was achieved within the statutory 13 week period.
The scheme consists of 9 residential units above 13,000 sq ft of B1 space.
The site was subsequently sold for use as an hotel.
This investment property was acquired from a fund.
The building was actively managed to improve the length of income and to increase the overall rent over a 3 to 5 year period.
The investment offered a good opportunity to buy into the City market with a building showing a strong yield with potential upside available.
The investment sold three years later.
