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Acquired in conjunction with Milroy Holdings, this acquisition marks the 7th successive joint-venture with them.
Hogarth House comprises a freehold listed office building within Richmond town centre which was originally constructed as two houses.
The building was run as a serviced office for 2 years whilst a planning application was progressed to convert this Grade II listed building into two 3,500 sq ft townhouses.
- Charming Georgian Building
- Excellent position in premier tier town
- Fully let as serviced offices
- Rents could be reviewed with immediate effect and were under rented
- To enhance the surplus cash flow through improving the serviced office rents
- To enhance value by virtue of a residential consent
- Improve on site management and implement robust protocols
- Poor historical management
- Income was generally very short term
- All income of a short term nature
- Period building
- Planning risk with a residential conversion