This modern office building was acquired for private clients and comprises a distinctive 8,000 sq. ft. building set in park surroundings. Itbecame vacant in 20xx, following the departure of a well-established tenant. The office rents in the area were ad traditionally around £18.50 per sq. ft.
After close consultation with local agents and our client, we undertook and project managed the refurbishment of the offices to include the replacement of the old air-conditioning with a modern VFR system, repositioned the ceiling with a new integral system with LED lighting and carried out a refurbishment of the central core, retaining parts of the building capable of being reused within the new scheme.
A central focus was the improve the EPC from an F rating for the building, to broaden the buildings appeal to a wider range of tenants in a difficult market, whilst avoiding the expense of changing many of the expensive elements of the building, such as the windows and exterior fenestration.
The whole refurbishment was undertaken at a cost equating to £40 per sq. ft. With the careful use of lighting and services the EPC is now a C rating.
The building has been let to Uponor Ltd who are an international company, for a term of 10 years without breaks paying a rental in excess of £22.50 sq. ft
These two adjoining period building extend to some 12,500 sq. ft. with a mixed use of Restaurant /Bar on part of the ground floor and basement with 10 office units on the three floors above.
The property was acquired for private clients. The asset management strategy was to refurbish the accommodation to provide good quality space and improved services for the tenants.
CBGA Robson project managed the refurbishment to re-create theoriginal character of the buildings. The walls have been taken back to the brickwork, the original ceilings exposed, which now have the benefit offull VRF air conditioning to provide a modern office environment with full facilities in interesting character space. The works have also involved structural improvements to the buildings to allow for adding further floors to the existing structures
The office units range in size from 700 sq. ft. to 1500 sq. ft. and attract new ’start up’ companies, so care has been taken to make the space easy for companies to move in and out with an expected occupation period of around 3 to 5 years with flexibility to combine units as tenants expand.
This has resulted in achieving full occupancy with the office rents rising from £10 a sq. ft. in 2010 to over £50 per sq. ft. Today, the restaurant is let to The Drunken Monkey producing £160,000 per annum.
Fryern Arcade was constructed in 1967 and comprises a purpose-built Shopping Centre located on the prime retail location within the prosperous town of Chandlers Ford.
It comprises 20 retail units, a two restaurants, a dental surgery and 7 flats.
The retail units benefit from a covered walkway around the central surface car park providing approximately 40 spaces at the front. There is an additional rear car park for 60 cars accessed through a covered archway.
CBGA Robson recently project managed a £500,000 refurbishment of the property to improve the common parts. A second phase has just been completed which involved the reconfiguration of retail units and new lettings to Costa Coffee, WH Smiths and Boots the Chemists.
The current income is £415,000 per annum.
Islington Green / Camden Passage is a prominent island site in the heart of this thriving and popular area of London, surrounded by busy restaurants / cafes and many retail outlets.
Camden passage is a pedestrian passage off of Upper Street renowned for its many antique shops and in recent years, a variety of boutiques have helped create an iconic and diverse community popular with locals and tourists alike.
The property comprises a large Barclays bank, benefitting from first floor offices of over 6,000sq ft, with six other units let to Cluttons, Crepeaffaire,Etc.etc and a mixture of antique and furniture retailers. In addition, there are nine residential flats on the second and third floors.
The current income is £340,000 per annum.
Asset Management initiatives include new retail configuration and lettings, rent reviews and a refurbishment programme to the common parts.
Knight Frank Investment Management (KFIM) has completed the purchase of a Sainsbury’s distribution hub at Hams Hall, Birmingham, on behalf Korean investors, for £102m.
The 700,000 sq ft property was sold by IM Properties which bought it in 2008 for its Christian Vision fund, with Sainsbury’s signing a 25-year lease. It was built in 2002 and was owned by Sainsbury’s before the deal in 2008.
CBGA secured the property for IM Properties in 2008 for £70m, as part of a Sainsbury's sale and leaseback programme.
Related Articles: CoStar, Property Week
CBGA Robson LLP have recently been appointed to manage three buildings for Regus Property Partners.
The properties are located in Marlow, Teddington and Stokenchurch and total c. 80,000 sqft of office space. They form the initial phase of an investment strategy for Regus Property Partners to acquire freehold assets.
CBGA Robson provided advice on the pre-purchase due diligence and will continue to manage the assets in line with the business plan.
CBGA Robson's investment team have completed the sale and leaseback of an HQ office building in the heart of Clerkenwell.
We were instructed by a leading design and branding agency to conduct a discrete sale and leaseback of their freehold headquarters. The 8,200 sq ft office was reconstructed in 1987 and has been their home ever since. The sale and leaseback was transacted in October 2016 in defiance of the UK's decision to leave the EU.
We advised them on the structure of the leaseback to ensure they achieved the optimum balance of capital from the sale and flexibility for the occupational business. Having identified a shortlist of potential purchasers, we conducted an 'off market' sales process and concluded the sale with a purchaser who's investment strategy aligned well with the client's occupation.
We have been instructed by a retained client to acquire a London Office for owner occupation. The criteria for this requirement is as follows:
SIZE: Minimum of 15,000 sq ft – up to c. 30,000 sq ft
TYPE: Grade A / requires refurbishment / buildings that can be converted for office use
LOCATION: Zones 1 & 2
BUDGET: Up to £20m
TIMING: Vacant Possession of 15,000 sq ft required within 12 months
Please send any opportunities to email@example.com or firstname.lastname@example.org and for further information you can contact Chris Adams or James Brick on 0207 495 6838.