This office building was acquired in September 2021 and extends to approximately 11,547 sq ft. At the point of acquisition, office rents within the building ranged between £15 and £20 per sq ft, with one floor vacant.
A targeted programme of asset management has since been implemented, including the refurbishment of the vacant floor and common areas, together with the installation of a new lift. As a result, the property is now fully let, with the weighted average unexpired lease term extended to over five years. Rental levels have increased materially to between £25 and £30 per sq ft, representing growth of approximately 45%.
This performance evidences both the reversionary potential identified at acquisition and the successful execution of the business plan.