The founders of Addington Capital, Martin Roberts and Matt Allen have recruited Stephen Wilson as the new Operations Director of Add Living, Addington’s sister residential lettings and management business.

Stephen joins AddLiving from Touchstone where he was as Associate Director, leading a team across multiple residential sites in London and the South East. Prior to that he was a Portfolio Manager at Touchstone, managing a team of 9 to look after 1,100 residential properties and 15 commercial properties in London. Before joining Touchstone in 2017 Stephen had worked at residential agents Citystyle Living Ltd.

Stephen’s recruitment to AddLiving comes hot on the heels of appointing James Curry from Daniel Watney as a new residential property manager. These new appointments take AddLiving to a team of 10.

AddLiving was set up in 2018 as a management and leasing platform for large PRS sites and portfolios in Greater London, acquired in joint venture. AddLiving has its own website and web-based management and leasing portal.  It is an independent company capable of taking on third party mandates.

Martin Roberts, Director, said, “We are delighted to welcome Stephen to spearhead our residential lettings and management business.  He has a strong track record and experience which will enhance our property management expertise.”

“Addington has a history of both acquiring residential properties with its JV partners or acquiring and converting other use classes into residential property.  We have acquired over 2,100 residential properties in most major towns and cities across the UK since we set up the business.”

Matthew Allen, Director, continued, “Addington is looking to acquire further residential property portfolios with our JV partners, including further PRS schemes. Having our own residential management and lettings platform gives us the control we need to ensure the delivery of successful investment strategies in the residential sector.”

Posted in News on 18th November, 2021

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Addington Capital, the property and investment asset management specialist has let 2,100 sq. ft of office space on the 2^nd floor at the former Elbow Rooms, 64-68 Call Lane in Leeds to North Property Group.  The new tenant has signed a 5-year commitment at £25 per sq. ft. Carter Towler and CBRE acted for the landlord.

Addington has now instructed Cushman & Wakefield to market the investment for sale with a quoting price of £4.00 million (8.00% NIY / £168 CV psf).

Addington acquired the 24,000 sq. ft property out of receivership, in partnership in 2016. It obtained consent for a change of use to offices and refurbished the second and third floors whilst retaining the locally well-known Elbow Rooms branding.

The basement, ground floor and first floor are let to Revolution de Cuba, the popular Cuban tapas cocktail bar. The third floor (4,500 sq. ft) is fully let to Parallax, a fast-growing digital agency headquartered in Leeds.

Philip Symonds, Partner at Addington Capital said, ”Once stripped back, the characterful upper floors enabled us to design and deliver much-in-demand creative and modern office accommodation. Leeds has a growing innovative and enterprising local economy, and we are delighted to have harnessed this demand to attract a vibrant array of tenants.  The property presents a rare freehold mixed-use investment opportunity in the lively heart of Leeds at an attractive price.”

Posted in News on 16th November, 2021

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Addington Capital, the property investment and asset management specialist has let the top ninth floor of 10 Fleet Place, London EC4 to Interpath Advisory, the independent financial advisory business which was formed in 2021 following the sale of KPMG’s UK Restructuring business to H.I.G. Capital.

Interpath is taking 13,913 sq. ft. of office space on a ten-year lease, with an option to break after 5 years. The rental level agreed is confidential. The space will become Interpath’s UK headquarters, and be home to its 250-strong London-based team.

The agents are Ingleby Trice for the landlord and C&W for the tenant.

Interpath joins other blue-chip tenants in the building including Mott MacDonald, the global engineering consultancy and CNBC, recently acquired by Comcast and Verizon Group.

10 Fleet Place is a landmark 185,000 sq. ft office building in prime Mid-Town. Addington Capital is the asset manager for the property on behalf of its Hong Kong-based owners who acquired it in 2015.

The letting follows substantial refurbishment and capex improvements at 10 Fleet Place in the first six months of 2021, including a contemporary CAT A finish, reception upgrade and conversion of the basement area to create male and female changing rooms, including 17 showers and 167 tenant lockers. Planning consent has been achieved to create new secure bike storage facilities, delivering 167 covered bike parking racks including electric charging points, which are all BCO compliant. The works also include new external signage and lighting around key entrance points to the building.

The building also benefits from great transport links, with Thames Link, St Pauls, Blackfriars, Farringdon and Chancery Lane stations all located within very close walking distance.

Blair Nimmo, chief executive of Interpath Advisory, said: “In hunting for our new UK headquarters, we were looking for a building which could deliver a state-of-the-art, flexible working environment, right in the heart of the City, where collaboration and innovation can flourish. At 10 Fleet Place, we have found exactly that. We look forward to welcoming our people and our clients to our new home later in the Spring.”

David Dalrymple, Partner at Addington Capital said, “We have invested during the pandemic to vastly improve the internal finishes and amenities at 10 Fleet Place and the changes we are making have made the building significantly more attractive to occupiers. Feedback so far has been very positive.

“Our investment appears to be paying off. We are delighted to secure this letting to Interpath and are looking forward to attracting further high calibre tenants to the building.”

Ingleby Trice will continue to market the building at a rental level of around £69.50 psf. Up to 60,000 sq. ft of CAT A office and 2,905 sq. ft of ground floor retail space is currently available to let.

Interpath Advisory currently has four offices located across the UK in Edinburgh, Reading, Aberdeen and Nottingham. In addition to its new premises in London, a further six offices are set to open in Manchester, Leeds, Birmingham, Glasgow, Bristol and Newcastle over the coming months.

Posted in News on 9th November, 2021

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AddLiving the residential lettings and management company has recruited James Curry as Operations Support Co-ordinator, a residential property manager to its team.

James has joined AddLiving to manage a portfolio of 114 units, residential properties primarily in the Walthamstow area of East London, recently acquired by Addington Capital, the sister company of AddLiving, together with one of its JV partners.

James joins from Daniel Watney LLP where he was responsible for the property management of 72 buildings in central London, undertaking inspections, Health & Safety, contractor and staff management, budgets and service charges; having previously held a similar role at Remus Property Management.

AddLiving is a residential lettings and management company, managing portfolios of properties in South and East London, acquired in joint venture. It also manages 152 units in Headingley Park in Leeds, a PRS scheme, where occupancy rates are over 97%.

Matthew Allen, Principal of Addington Capital and director of AddLiving said, “We welcome James to our team. He’s got a great track record and will enhance our property management expertise. Addington is looking to acquire further residential property portfolios with our JV partners and we believe having a quality residential property management offer within our sister company, enables us to create best value from the portfolios we buy for both us and our partners.

Posted in News on 8th October, 2021

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Addington Capital, the property investment and asset management specialist has secured permitted development determination to change its fifth (and last) building at Headingley Park, Leeds from office to residential use.

Stockdale House, Headingley Park, the 43,000 sq. ft office building has received permission under Class O and will be redeveloped to create a new residential building on ground to fifth floor for 70 units which will be targeted at the private rented sector. 62x I bed apartments and 8X 2 bed apartments will be created for rent.

Headingley Park was acquired by Addington in a joint venture in August 2014. The asset manager has redeveloped four of the blocks on the site to PRS, creating 152 residential units to date. Headingley Park is in a beautiful parkland location of about 5.5 acres, easily accessible to Leeds city centre. It has been redeveloped to the highest quality and has attracted strong interest from Leeds’ growing young professional market.

Current occupation rates in the existing four buildings are at 97%.

The PRS scheme is managed by Add Living, the specialist residential management and leasing company, sister to Addington, which has an onsite residents’ services and maintenance team.

David Dalrymple, Partner at Addington Capital said, “Leeds has a population of around 780,000 making it one of the top four cities in the UK. It has a vibrant student and young professional population, but a shortage of suitable quality property to rent. Given current occupation levels, we are expecting demand for the new units at Stockdale House to be high.”

The current commercial tenants have leases expiring in October 2023 giving Addington around 12 months to get the PD conversion completed.

Posted in News on 7th October, 2021

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