Mendip Capital, through its collaboration with London and Devonshire Trust has acquired Pinehurst Park Farnborough on behalf of McKay Securities PLC for £3.5m. The 60,000 sq ft office building, set in 2.8 acres of land, is let to IBM (UK) Ltd. A complex transaction with IBM was undertaken on completion of the acquisition, to fully satisfy IBM’s occupational requirements in the building. A longer lease, a reduced rental and the early release of unwanted space within the complex formed the backbone to the agreement with IBM.
The late 1980s property now falls short of most occupational requirements and Mendip Capital, through LDT will work with McKay Securities to seek alternative uses for this well located site.
James Birkett of Mendip Capital comments “Working with occupational tenants is the cornerstone of our business philosophy. Our relationship with IBM spans 30 years and we are delighted that we have understood and met their exacting requirements while, at the same time, providing the required returns to McKay Securities.”
Mendip Capital, in partnership with an offshore private investor, has acquired the freehold interest in Royal London House Finsbury Square in the City.
The 1958 building was brought to the market in October 2011 by Shieldpoint 22. Designed by Harold Bramhill the 10 storey building provides 90,000 sq ft of office space. An extinct planning consent for the building was granted in 2007 to provide 143,000 sq ft of offices and restaurants in a new building. The price agreed was substantially under the asking level of £30m.
The building is partially let largely to charities on short term leases. Mendip Capital is appointed as asset manager and will work with the investor to maximise income while a revised planning application is pursued.
James Birkett of Mendip Capital commented ‘this is the right time in the cycle to be acquiring outdated stock in a prime location. This building will make substantial returns for the investor and provide an exciting restoration project in this important City square’.
Savills advised Shieldpoint 22 and Phillips Roth, Mendip Capital.
The Mercantile Building
53 Bothwell Street
Royal London House
22/25 Finsbury Square
On behalf Of Henderson Global Investors Mendip Capital with London and Devonshire Trust have acquired Mercantile Chambers in the heart of Glasgow's Central Business District. The Schedule A listed building constructed in 1897 is 71,000 sq ft in size over 9 floors. Tenants include Communities and Local Government Agency, J Sainsbury, Pret a Manger and local professional partnerships. There is over 30,000 sqft of vacant offices. Hendersons paid £5.25m.
The business plan includes the refurbishment of the vacant offices, repositioning the building in this prime Glasgow location, and maximising shareholder returns.
The building was bought from the Receiver KPMG advised by Cushman and Wakefield and Philips Roth advised the purchasers.
In partnership with THRE, Mendip Capital has acquired a cluster of four office buildings centred around a courtyard in the centre of Guildford yards from The High Street. In total the portfolio is 21,000 sq ft; 50% of the offices are let as are both retail units on Chertsey Street.
Planning consent on part has already been granted to convert to residential and a full team will be appointed to take this forward. Phillips Roth acted for Mendip Capital and THRE and Allsops for the vendor.
Mendip Skyline with a private overseas investor has acquired the freehold interest in this fully let business park. Set in 3.7 acres of land on the outskirts of a Surrey village 3 minutes from the A3 it provides 38,500 sq ft of high quality offices in four separate buildings. Let to 20 occupiers the park has a small café and 265 car parking spaces.
Mendip Skyline's business plan will be to work closely with all the occupiers to secure their long term occupational needs and provide - onsite the accommodation and facilities they require.