Acquired in collaboration with a foreign private high net worth individual, this acquisition marks their first commercial property investment in the UK.
The property is multi-let with all tenants expressing a desire to remain within the premises.
BHP is currently undertaking the evaluation of a design led refurbishment for the reception area and parts of the office building, whilst at the same time re-negotiating the commercial terms with the tenants.
Its position and prominence will significantly improve once the £800 million refurbishment of the railway station is complete (Autumn 2013), designating the north side of the railway tracks (Vastern Road) as the principal access to the station.
- Immediately adjacent to the railway station
- All the tenants confirmed an intention to remain in occupation
- Likely rental growth due to the improved pitch as a result of station improvements
- To improve the rental value through limited refurbishment of the common parts
- To re-gear leases with the tenants all of whom have indicated an intention to stay
- Multi-let with varying tenants’ break clauses and expiries
- M&E needed some renewal and recalibration
- Less than ideal car parking provision
- Occupiers vacate at expiry or through effecting their tenants’ break clauses
- Void risk with existing vacant 2F suite
- Delays to completion of the Station improvements road works on Vastern Road impair marketing of the vacant suite
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