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28 August 1998
Countryside’s acquisition of the building was founded on a pre-letting following refurbishment of the 1230 sq.m (13,250 sq.ft) upper ground floor to the Employment Service. Delivery required the surrender of 760 sq.m (8,200 sq.ft) at first floor level from Allied Dunbar who were out of occupation and relocation of Zurich Municipal within the building. Countryside has also now completed the letting of the remaining lower ground floor to Mid-Essex Community and Mental Health NHS Trust for use as a wheelchair assessment centre. The pre-let accommodation was fully refurbished and rents under the new leases were struck at £150 - £156 psm (£14 - 14.50 psf) without significant incentives.
Countryside entered into a conditional contract to purchase the entire building from Municipal Mutual Insurance dependent upon securing the two surrender and two pre-letting transactions and, within the same timescale, exchanged contracts to sell the created investment to clients of Argyll Property Asset Managers.
On completion of the works, the income was approximately £650,000 p.a and the completed scheme was sold off a net initial yield of 10.75%.
ENDS
For further information please contact:
Mark Chatham
Director
Countryside Properties (Commercial) PLC
26-28 Mount Row
London W1Y 5DA.
Telephone: 0171 408 0099
Fax: 0171 408 0772
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Information correct as at 28/08/1998