The property is located in a quiet central City street which has seen some significant improvement in recent years with the development of an Apex hotel, several office refurbishments and the development of the 290,650 sq. ft. Drapers Gardens, home of Blackrock Investment Management, which is immediately adjacent.
FINANCIALS
| Ediston’s Opportunity Partnership (with Europa) acquired the property for £4.6m | |
| Refurbishment costs: | £120 per sq. ft. |
| Sale price: | £11.33m |
KEY ACHIEVEMENTS
- Secured a beneficial dilapidations settlement at expiry from Lloyds bank at circa £40 per sq. ft.
- Secured planning consent for an increase in floor area by removal of a fire escape and the conversion of the ground floor to retail.
- Completed the extensive refurbishment on budget and within two weeks of the expected completion date in Q1 2013.
- Completed a letting of the Ground floor to Costa Coffee on a 10 year lease.
- Completed a letting of the fourth floor to Agility Trains West Ltd. above ERV.
- Completed a letting of the first floor to Iron FX above ERV.
- Completed lettings of the second, third and fifth floors to Mace Ltd. above ERV.
- Sold the property to a private client of Knight Frank for £11.33m reflecting a net initial yield of 5% and delivering an IRR to the fund 38%.
