by ciprops | Dec 22, 2015 |
The Beehive, 126 Crawford Street, London W1: his vacant public house was purchased in June 2006 for £1.9 million. Bought as a vacant pub, Planning Consent and Listed Building Consent were obtained to convert the ground floor and basement into a self-contained public house, with three self-contained flats in the upper parts with access from Montagu Row to the rear. The public house was let to a well-known West End restaurateur, Claudio Pulze (his restaurants have included Aubergine, Zafferano, Memories of China and Vinopolis amongst many others). The freehold of the building, to include the investment of the public house and the ground rents from the flats, was pre-sold in January 2007, before the works were completed, for a price of £1.55 million. The flats were sold for a price in excess of £1.8 million and the freehold sale of the building was completed in May...
by ciprops | Dec 22, 2015 |
Heaton House, Fulham Road SW10: The freehold of 216-224 Fulham Road, London SW10 was purchased at the end of 2006 for a price of £3.7 million. The property was multi-let with retailers and restaurants occupying the ground floor, a basement nightclub and residential above that had been sold off on long leases. We recognised this property as an asset management opportunity and we began re-negotiating some of the existing leases and took vacant possession of one of the shops. Whilst working through the management opportunities, we received interest in the freehold and we therefore decided to put it on the market. A sale was subsequently concluded in June 2007 for just under £4.7...
by ciprops | Dec 22, 2015 |
Earls Court Road, London SW5: The long leasehold interest of 180/184 Earls Court Road, London SW5 was purchased in the summer of 2006 for a price of £2.6 million. The property was purchased with vacant possession in part. The property previously comprised a nightclub arranged over ground floor and basement with two occupied shops at ground floor level. Terms were re-negotiated with the retail occupier and a new lease agreed on the two shops. It was decided that a greater rental value would be achieved if the nightclub premises were broken up to form two self-contained units, one at ground floor level and one at basement. Terms were then agreed with Wagamama for the ground floor premises and an independent nightclub operator for the basement. A total rental income of £272,500 per annum was created. The property was subsequently sold for a figure in excess of £4 million to reflect a yield of around...
by ciprops | Dec 22, 2015 |
Sulivan, London SW6: This property was purchased in September 2005 for £3.5m, which reflected £166 per sq ft. The building comprised 21,000 sq ft of showrooms and offices, plus car parking to the rear. The majority of the ground floor was let to Bathstore.com, whilst the upper floors were let to a variety of tenants, with an element of vacant accommodation. All of the leases of the upper floors expired within eighteen months of completion of the purchase. The purchase price reflected a low capital value on a per sq ft basis for both the area and the location, especially as this was a relatively new building. The building offered a strong asset management opportunity, which we seek. Some of the vacant offices were let to new occupiers, and upon the sale of the property limited rent guarantees were given on the remainder of the vacant space. The building was sold in May 2006 for...
by ciprops | Dec 22, 2015 |
Mill Lane, Portslade: This former pub was purchased in 2015 with joint venture partners. Planning consent was achieved to demolish the pub and build 8 new houses, bringing much needed new residential accommodation into the area. All 8 houses were sold within 6 months of...
