Activity
Finance Offer of £13.5m Bank funding for new acquisitions.
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Planning Following the success in letting other floors, a revised planning application has been submitted for a new 5th floor designed to provide 4,750sqft of additional high quality air conditioned offices as well as photovoltaic solar roof panels.
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Refurbishment Planning consent secured for conversion of the premises to medical practice and associated works completed. Lease completed for 21 years with three yearly RPI linked reviews.
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Letting Leases completed with Topps Tiles and Maplin Electronics for extended and modernised units.
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Letting Iceland Foods Plc have renewed their lease for ten years with stepped uplifts in rent for the first five years.
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Planning Planning permission has been obtained for a new 5th floor designed to provide thirteen aparthotel units. The property is located in a World Heritage Site.
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Letting A 12,750sqft unit at The Westway Shopping Centre Frome has been to let to MacKays ladies fashion store providing the largest clothing retail unit in the town centre.
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Letting The 2nd floor has been to let to Aegon UK Plc on a ten year lease.
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Letting The 1st floor has been to let to Novia Financial on a ten year lease.
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Refurbishment A new DDA compliant lift has been installed in conjunction with refurbishment and modernisation of the common areas
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Sale Sale of L K Bennett store completed to Royal Liver at £2.85m.
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Letting Agreement To Lease completed with medical practice: Maybrook to convert the building to PCT standards in lieu of the practitioners taking 21 year lease at £400,000pa.
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Letting Agreement To Lease completed with Topps Tiles and Maplin Electronics for extended and modernised units.
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Planning Consent obtained for extension of Unit 1 and car parking fronting the busy Birmingham Road, modernisation and re-cladding of units 1, 2 & 3 and Change of Use to Open A1.
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Refurbishment A modern glass foyer has been added to the building in conjunction with modernisation of the reception area to further enhance the building and maintain it’s position as one of the best ‘in town’ office buildings in Crawley.
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Planning Planning consent has been obtained for an extension to the rear of the building to provide a total office NIA of nearly 27,000sqft, giving an alternative option to the previously obtained mixed use consent.
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Acquisition A good quality office premises in a desirable location with existing planning consent for a mixed use redevelopment. The property was acquired by Maybrook Developments following the Company’s strategy of focusing upon development rather than investment.
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Letting Following an extensive refurbishment of the top floor of this prominent building, it has been let to Plumbase Limited on a 15 year lease. Comfort cooling and a disabled toilet were provided as part of the works and a new glass reception foyer is planned for late 2008.
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Finance A £22.5m 10 year fixed rate facility has completed with GE Capital giving the Company certainty on borrowing costs and funding for further acquisitions.
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Letting Julian Graves Ltd has signed a new lease of unit 8 for a 5 year term from January 2006. King Sturge acted for Maybrook Properties
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| Acquisition 43 London Wall, London, EC2 Grosvenor House, Sunbury, Surrey Stirling House, Old Sarum Park, Salisbury These three office buildings were purchased as part of MJ Gleeson Ltd's disposal of its commercial property investment portfolio. John Miles & Co advised Maybrook whilst Gleeson acted for itself. |
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Disposal Maybrook sold its head leasehold interest in Fleming Close Industrial Estate at Segensworth to clients of CBRE Investors for £2.35 million reflecting a net initial yield of 6.4%. The 1980's 10 unit estate extends to 26,000 sq ft. John Miles & Company acted for Maybrook and CBRE Investors were represented by Young & Butt.
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Letting Following the completion of their refurbishment, the units totalling 23,133 square feet, have been let to Travis Perkins on a 20 year FRI lease from August 2004 at a rent equating to £6.25 per square foot. The Allen Seddon Partnership advised Maybrook. |
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Acquisition This new 133,500 square foot distribution warehouse let to Pirelli UK Tyres was purchased for the sum of £6.7million showing a yield in excess of 7%. The lease provides for fixed annual rental increases of 3% per annum. John Miles & Co. advised Maybrook Properties |
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Acquisition This modern multi-occupied office investment was acquired for £7.415million.
The property is approximately 30,282 square feet. The transaction reflects an initial yield of 7.46%. Lambert Smith Hampton acted for Maybrook. |
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Disposal This multi let mixed use building occupies a prominent position on South Audley Street. Maybrook sold its medium term leasehold interest for £2million, reflecting a net initial yield of 7.6%. Godfrey Vaughan advised Maybrook. |
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| Acquisition LK Bennett store, 112-120 The Promenade, Cheltenham. Originally divided into three units, the new shop has been let to L K Bennett on a new 15 year lease. The freehold was acquired by Maybrook in October 2003 for £1.951 million. N J Gelder FRICS acted for Maybrook Properties. |
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Refurbishment Total refurbishment of two industrial units at Stratford-upon-Avon, involving stripping back to the structural frame and re-cladding with new insulating panels, resurfacing the floors and yard areas, and constructing new offices. |
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