Ivy House

Ivy Terrace
Eastbourne

Acquired in conjunction with Gorse Lane Properties, the purchase price reflected a very agreeable rate psf.

Partially leased, BHP undertook a rolling refurbishment of the property to ensure the provision of air conditioned offices which provided full DDA facilities - this ensured that the accommodation had no direct competition within the town and as a result, it was let with ease.

Once fully let, the property was refinanced to benefit from the significant surplus cash-flow.

STRENGTHS

  • Situated within the town centre and approximately 100 m from the railway station
  • Provides the only DDA air conditioned accommodation in the town centre
  • Very agreeable entry price

OPPORTUNITIES

  • To enhance the ERV through selective refurbishment
  • To re-gear the leases with existing tenants

WEAKNESSES

  • CAPEX was required
  • Any refurbishment needed to be undertaken around the existing tenants

Threats

  • The potential improvements for the ERV of offices in Eastbourne is always limited
  • Out of town air conditioned space was available
  • Void risk