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Investment

Commercial investment is a major driver of our business and we have a growing portfolio currently valued at around £100 million invested in a range of properties across all sectors and locations.

We leverage our portfolio to enhance cash flow from rental income and increase capital value through intensive asset management. Our success is down to our grassroots approach where we identify mispriced or underperforming assets, then use our skills to transform these properties to trade back into the market.

We relish the challenge of working our assets and use local managing agents, who know the properties, and regional suppliers. Nurturing relationships with the businesses who occupy our properties is very important to us as we strive to create high quality environments to keep our existing occupiers and attract new ones.

Investment Case Study 1

Lloyds Court/
Sixty Grey Street,
Newcastle upon Tyne

Lloyds Court/Sixty Grey Street, Newcastle upon Tyne image

A prime central Newcastle office investment arranged as two adjacent buildings with predominantly leisure uses on an active ground floor frontage with the potential to undertake a range of asset management initiatives including a major refurbishment of Sixty Grey Street and a new shared garden area to support local biodiversity and amenity space for occupiers.

The objective of this investment was to improve the quality of the space in a prime location to achieve strong occupancy levels and grow rental values. The range of suite sizes and amenity space has attracted local and national occupiers who are looking for flexible working space. Providing the right product for the market has supported strong rental levels.

Lloyds Court/Sixty Grey Street, Newcastle upon Tyne site plan

Maps Data: Google, ©2022 /Bluesky, Map data

47,000 sq ft

£12.5m

2019 purchase price

6.4%

initial yield

£1m refurbishment expenditure

£1m

refurbishment expenditure

£1.05m Estimated Rental Value (ERV) per annum

£1.05m

Estimated Rental Value (ERV) per annum

Investment Case Study 2

Irlam Business Park,
Manchester

Irlam Business Park, Manchester image

Strategically located 11 miles to the west of Manchester City Centre and close to both the M6 and M60 motorways, this property was constructed in 2002 and acquired into the portfolio in 2016.

Providing well specified, modern accommodation with excellent circulation space and parking, our basic strategy has been to work through key lease events to realise further value in the property. We are also in the process of installing a solar scheme on the roof which will support carbon reduction and reduce energy costs for the occupiers. 

Irlam Business Park, Manchester site plan

Maps Data: Google, ©2022 / Getmapping plc, Infoterra Ltd & Bluesky, Maxar Technologies, The Geoinformation Group, Map data ©2022

83,675 sq ft : 4 acres

£4.32m

purchase price

8.6%

initial yield

2 units

2 units

10 metre

eves height

Investment Case Study 3

LUMA, 330
Clapham Road,
London

LUMA, 330 Clapham Road, London image

This property was acquired 100% vacant, on Practical Completion, in conjunction with Wrenbridge Land, from a major Housing Association having been developed by them to fulfil a key section 106 obligation as part of a wider residential masterplan.

Located on London’s South Bank in an area with limited supply we identified the opportunity to add value including fitting out the reception and key areas of the upper floors. The whole office element was let in the midst of the pandemic to Ingeus, a Government-backed training agency, while the space on the lower ground and ground floors was let to a national gym operator.

LUMA, 330 Clapham Road, London logos
LUMA, 330 Clapham Road, London site plan

Maps Data: Google, ©2022 Maxar Technologies, The Geoinformation Group, Map data ©2022

25,000 sq ft

£8.6m

purchase price

£13.4m

sale price

5,685 sq ft gym is housed within this grade A building

5,685

sq ft gym is housed within this grade A building

£42.50 per sq ft headline rent

£42.50

per sq ft headline rent

Investment Case Study 4

The Cloisters
Shopping Centre, Ely

The Cloisters Shopping Centre, Ely image

Acquired in 2005 in JV with a Scottish family office, The Cloisters was originally purchased due to its dominant location within a strong market town based on conservative rents. The Centre has a strong occupational track record and consistent footfall providing a secure and predictable income stream, qualities that have proved resilient during the pandemic.

During our ownership a number of asset management initiatives have been pursued including significant improvements to the common areas to enhance the overall retail experience, rebranding and managing the tenant mix to provide a diverse range of offers for customers.

The Cloisters Shopping Centre, Ely site plan

Maps Data: Google, ©2022 /CNES/Airbus,Getmapping plc, Infoterra Ltd & Bluesky, Maxar Technologies, Map data ©2022

71,000 sq ft

£1.1m

rent per annum

100%

occupied

16 units located opposite Waitrose and the primary city centre car park, Ely has a growing population and high visitor numbers.

16 units

located opposite Waitrose and the primary city centre car park, Ely has a growing population and high visitor numbers.

Investment Case Study 5

West Telferton,
Edinburgh

West Telferton, Edinburgh image

This multi let industrial estate provides a range of units across six terraces and was purchased in two separate transactions over 2017 and 2018. Located in a prime site on the east side of Edinburgh the wider estate has consistently delivered high occupancy levels.

Since purchase we have refurbished a number of the units, created additional secure yardage to support our largest occupier, realising rental from an un-used area of ground and worked through key lease events. Rents have moved from £7 per sq ft to over £10 per sq ft attracting and retaining occupiers from furniture and flooring suppliers to online retailers and car maintenance workshops along with Travis Perkins who occupy 16,000 sq ft.

West Telferton, Edinburgh site plan

Maps Data: Google, ©2022 /CNES/Airbus,Getmapping plc, Infoterra Ltd & Bluesky, Maxar Technologies, The Geoinformation Group, Map data ©2022

56,000 sq ft : 6.7 acres

£6m

purchase price

7.2%

initial yield

70% Our external redecoration programme is 70% complete, due for completion 2022

70%

Our external redecoration programme is 70% complete, due for completion 2022

12 units

12 units

£12

per sq ft rental

Investment Case Study 6

Colchester Retail
Park, Colchester

Colchester Retail Park, Colchester image

An established retail park on the edge of Colchester town centre, arranged as two terraces and anchored by Matalan with a variety of other tenants including GO Outdoors, Starbucks and PureGym. The unit sizes vary from 1,500 sq. ft. to 30,000 sq. ft. and benefits from a strong footfall resulting from the variety of onsite offers. The park has excellent road and public transport access with ample parking.

The objective of this investment is to improve the retail park environment with enhancement works to the common areas, introducing EV charging and working with tenants to ensure a complementary tenant mix and optimal tenant unit configuration. The strong footfall should ensure continued successful trading for the retailers, in turn underpinning rental levels in the future.

Colchester Retail Park, Colchester site plan

Maps Data: Google, ©2022 Getmapping plc, Infoterra Ltd & Bluesky, Maxar Technologies, Map data ©2022

61,000 sq ft : 235 car parking spaces

£13.1m

purchase price in 2022

7.75%

initial yield

£1.05m Estimated Rental Value (ERV) per annum

£1.05m

Estimated Rental Value (ERV) per annum

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