St George’s House
WeybridgeVIEW ALL OUR TRANSACTIONS
Acquired off market in a joint venture with Henderson Global Investors, the property comprises 22,000 sqft nia of offices let to a variety of tenants. All of the leases were aligned to expiry in December 2015.
Various business plans were open to BHP from refurbishment of the asset as offices to wholesale redevelopment of the site for a number of alternative uses. In light of significant investor demand, the decision was made to dispose of the asset within a portfolio at a significant level above acquisition cost.
- Excellent position in premier tier town
- Almost fully leased
- All tenants have expressed a desire to remain in occupation
- To re-negotiate lease terms with all tenants
- To improve the ERV through selective upgrade works to the common parts
- To evaluate alternative uses, such as residential re-development
- All occupational leases expire during 2014
- The property is in need of refurbishment works to the common parts
- Imminent lease expiries with all tenants
- Occupier reluctance to agreeing market terms
- The internal layouts are compromised due to the premises being constructed as two buildings