1-5 King Street, Reading

1-5 King Street, Reading

This 15,000 sq ft city centre listed office building let to Barclays at £191,500 was acquired for £2.525m in November 2014, yielding 7.16%. Barclays were not in occupation and a release premium of £1.44m was negotiated, equivalent to their unexpired lease rent liability.
Planning consent was secured to convert ground and basement into 2 restaurants and these were let to Honest Burger and New World Trading Company at a total rent of £235,000 per annum. Construction works costing £500,000 were undertaken to create a shell and the property was sold to the adjacent freeholder late 2017 for £3.9m, realising circa £1.8m profit.
The Lanchesters, 162-166 Fulham Palace Road, London W6

The Lanchesters, 162-166 Fulham Palace Road, London W6

This office investment comprising 12,600 sq ft opposite Charing Cross Hospital was bought from receivers at auction for £3.15m in 2011. Planning consent was secured to convert the building into 15 two bedroom flats and various leases restructured to ensure vacant possession. Around £3.25m was spent converting the buildings in two phases and all 14 flats were individually sold for circa £10m between 2014 -2017.
The residual holding comprises a self contained 1,050 sq ft ground floor office unit. This will probably be sold once let, as will the freehold and ground rents.
253-257 Bristol Road, Ashville industrial Estate, Gloucester

253-257 Bristol Road, Ashville industrial Estate, Gloucester

This unoccupied 71,000 sq ft warehouse let to Alldays on a 58 year lease was bought in June 2011 for £3.5m, yielding 6%.
The lease was subsequently restructured to secure the benefit of Co-op’s parent covenant and the investment later sold to the tenant in late 2015 for £4.5m.
D2, Tamian Way, Hounslow Middlesex

D2, Tamian Way, Hounslow Middlesex

This dated warehouse comprising 13,350 sq ft in an established industrial area adjoining Heathrow airport and let to Boker Aeroclean Ltd at £102,000 pa, was acquired at auction for £1.17m in April 2015.
A modest increase was secured at rent review and the property was sold early 2018 for £1.8m.