- Acquired as part of a portfolio in 2018.
- Tenant went into Administration in Summer 2022.
- Refurbishment project specified, tendered and contractor appointed during Administration process. Project works targeted environmental improvements where possible, improving the EPC substantially from a D to an A rating.
- Total capex works c. £800,000.
- Start on site dovetailed with Lease surrender from the Administrators, eliminating any void period.
- Citivale have also managed the claim in the administration maximising the further recovery for our partner in the claim.
- Opportunistic exit achieved during the refurbishment works so that a sale completed in Summer 2023 immediately upon practical completion of the works, releasing capital in excess of valuation and business plan.
