Acquired as part of a portfolio in 2021 in the knowledge that the tenant was going to vacate at Lease end in December 2022.
Negotiated settlement with the outgoing tenant to avoid protracted dilapidations discussions allowing the capital to be used for refurbishment.
Prior to Lease end a full refurbishment scheme was specified and tendered to minimise any void.
Refurbishment programme implemented, including a new roof, creating fit for purpose energy efficient industrial/warehouse space with an improved EPC.
Proactive marketing secured a tenant early on in the process resulting in Lease completion immediately on practical completion of the refurbishment works.
Final result is a greatly improved asset, EPC improved to a B, with a significantly improved ERV let in excess of the business plan.
