Client: Major high street bank
Gerald Eve were instructed as LPA receivers in relation to this freehold building in the City of London, which was being operated as a serviced office operation.
Approximately half of the office suites were vacant, the remainder being let on short term lettings and licence agreements. Gerald Eve took on the management of the operation. The priority immediately was to stabilise the income, and seek to generate further rent through more proactive management of the building in order to maximise value.
Gerald Eve also needed to create a detailed record of historic and current income, and expenditure, which had previously gone unmonitored. Furthermore, planning investigations were carried out to clarify the existing use and establish change of use potential for marketing purposes.
These activities greatly assisted due diligence and reinforced the value of the property/business.
Gerald Eve’s investment team sold the building for a figure in excess of expectations.
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