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Having previously acted for Redefine International in the letting of Delta 900 to Oxford Brookes University, Keningtons were well placed to advise Swindon Borough Council on the acquisition of the investment when it was brought to the market by Redefines investment agents BCMRE.
Redefine had a 125 year long leasehold interest and granted an occupational lease to Oxford Brookes University in May 2016. It was this long leasehold interest which was being sold.
Jeremy Sutton of Keningtons saw this as an excellent opportunity for Swindon Borough Council who are the freeholders, to buy back in the long leasehold interest and benefit from an enhance rental income return from the asset.
The purchase price reflected a net initial yield of 8.15% after purchaser’s costs.
Keningtons/Coast Index unchanged in January 2017 but the monthly investor report shows the Fund is up 0.06%.
Jeremy Sutton in our Swindon office reports 2016 was a tough year in terms of office take up but there was encouraging activity in the investment market. Disposals of offices for conversion to residential is now impacting on the level of the office stock.
Keningtons were asked to manage three insurance claims at high end flats on Bloomsbury Square.
All flats had a differing severity of damage.
Keningtons were asked to produce a Schedule of Works and gain two comparative costs.
The claim was worth £170,000.00 combined through all three flats.
Keningtons managed all three claims through to completion in collaboration with managing agents.
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