MaidenheadVIEW ALL OUR TRANSACTIONS
Acquired in joint venture with Milroy Holdings, this purchase marked the 7th successive partnership with BHP.
One of the property’s attractions included a low rent, high initial yield and less than 2 yrs to lease expiry.
The site was underdeveloped and, after some initial asset management relating to the residual leases, a planning application was pursued for a comprehensive redevelopment of the site with a new office building.
BHP know the position intimately having developed the adjacent building, Castle Hill House, which is now occupied by Hanson Quarry Products as their UK Headquarters.
Planning permission was achieved at appeal for 20,000 sq ft of offices. The contract was placed at the end of 2017 and works commenced at the beginning of 2018. The building will be ready for occupation in Q2 2019.
- Premier tier town in Thames Valley
- Little similar stock in the town
- Cross rail timing aligned to any redevelopment of the site
- Under developed site
- To enhance massing upon the site
- Re-gear the existing lease or re-develop the site
- To benefit from a limited development pipeline in the town
- To benefit from rental growth prior to lease expiry in Dec 2014
- Building in need of refurbishment
- Relatively small lot size
- Site will be tight for any construction activity
- Tight site constraints will lead to a difficult construction environment
- Unknown occupier demand in future
- Void risk if speculatively developed