Project summary
- The property comprises two office buildings of 29,625 sq. ft (2,752 sqm)
- The tenant's lease had a short unexpired term that impacted on capital value
- To advise Worcester Diocesan Board of Finance Ltd on strategy to maximise capital return from sale of investment
- Key aims were to maximise surrender premium and dilapidations settlement from outgoing tenant and agree best terms with new tenant
Solution
- As property and asset managers, we formulated the strategy
- The tenant's exit and was managed tightly, including agreement of a surrender and dilapidation settlement
- Agreeing a lease with a new tenant of strong covenant and on best market terms
- Sale of the investment at significantly higher value
- Retained as managing agents for the acquiring client
Benefits
- Increased capital value and return to client by 30%
- Minimised vacant property costs
- Presented opportunity to sell at best price for the client
