Addington Capital, the property investment and asset management specialist has secured a new lease with the Royal Marsden NHS Foundation Trust for the second floor of Carew House, Wallington, Greater London. Royal Marsden NHS Foundation Trust occupy 7,949 sq. ft. on a new lease at a rent of £155,000 per annum (£19.50 per sq ft). on the same terms as its previous lease agreed in July 2016. It also has 13 on-site car parking spaces.

Agents for the deal were Bray Fox Smith for the landlord and Matthews & Goodman for the tenant.

The deal follows on from Addington’s letting of 7,900 sq. ft, the entire third floor, in March this year to DWP, the Department of Work and Pensions, for use as a job centre.

Following these lettings, the long leasehold interest (86 years unexpired) of the 48,086 sq. ft building is now to be launched for sale at a price in excess of £8.59 million reflecting an attractive net initial of 8.50% to an incoming investor.

Carew House is now multi let to two tenants with Government/ NHS backed income: The Royal Marsden NHS Foundation Trust (second floor) and The Secretary of State for Communities and Local Government (lower ground, ground, first and third floors).  Addington has refurbished the building in the past five years to create modern office space with 101 car parking spaces. The office is close to Wallington Town Centre, adjacent to the main railway station and 500 m from the main retail centre.

David Dalrymple, Partner at Addington Capital said, “We are delighted to have secured extended lease terms in this building and now have secured undoubted income in the form of these two tenants. Wallington is a sub-market of the ever-popular Croydon, where office rents are expected to grow. Following our refurbishments, we think a building of this quality, producing good income from such a solid tenant base should prove attractive to investors.”

TTG are advising Addington on the sale.

Posted in News on 16th September, 2021

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Addington Capital, the property investment and asset management specialist has secured a significant office letting at 109-117 High Street in Cheltenham, adjacent to the John Lewis store.

Just Go Holidays Ltd is expanding within the building and has agreed to take a new 10-year unbroken lease of 3,700 sq. ft on the second floor, at a rent of £27.50 per sq. ft. In addition, Just Go has restructured its existing 1^st floor lease of just over 7,400 sq. ft., providing 10-year unbroken income at a rent of £25 per sq. ft. In April 2020, the travel company relocated from a traditional office location on the edge of the town centre to be on the high street in the newly redeveloped office space.

Just Go now occupies 11,193 sq. ft of office space in the building over the two floors and has 4 car parking spaces.

Addington originally acquired the former retail block in 2015 with its joint venture partner and has since redeveloped the building. It has converted the redundant upper floors creating modern office space and a new courtyard at first floor level.

The property has three retail units on the ground floor- one of which was let to Tesco who started trading at the beginning of July. The middle unit is currently under-offer to an F & B operator and there are good levels of interest in the last remaining unit, with discussions on-going with several well-known retailers.

David Dalrymple, Partner at Addington Capital said, “We have re-purposed this tired, old building to provide contemporary office and retail space in the centre of the town and it is great news that Just Go is expanding its offices and is prepared to commit to the building on long leases, highlighting the occupational demand for this type of refurbished product. Cheltenham is a thriving regional town and the demand for quality real estate space continues to steadily grow.”

Posted in News on 6th September, 2021

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Addington Capital, the property investment and asset management specialist has moved. The company has taken new offices at 6, Heddon Street, London W1 where it is now fully operational.

Addington Capital was set up in 2010 by Martin Roberts and Matthew Allen as an independent asset management business and has an established platform in the office, retail and residential sectors. It acts an operating partner in a number of joint ventures to create value through active asset management.

The Addington team now numbers 15. The six members of Add Living, Addington’s residential management and leasing sister company, have also moved to the new offices.

Commenting, Martin Roberts, Principal of Addington Capital said, “We have been looking forward to a return to 6 Heddon Street – albeit to a larger suite- where we were based for over 5 years. We have been able to take advantage of the flux in the property markets to negotiate good space at a favourable rent. It’s an exciting location which will suit our young dynamic team.”

Posted in News on 31st August, 2021

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Addington Capital, the property investment and asset management company has revealed its new ‘street art’ mural “Nirvana” at its recently completed One Lampton Road, the new PRS permitted development scheme in Hounslow.

Created and painted in 10 days by the artist WOSKerski (Website: https://www.woskerski.com/), Nirvana brings individuality, extra colour and certainly a talking point to the building’s co-working space, complementing the green wall on the other side of reception.

Tenants in the scheme have given the mural a thumbs up!

One Lampton Road was completed at the beginning of the year with the launch of 118 new high-quality studio, one- and two-bedroom homes available to rent in February. 50 units have now been reserved, with 32 tenants already moved in.

The property is owned and has been developed by Addington Capital and its joint venture partner Europa Capital. The developers have created a quality offering with generously sized apartments, large windows and lots of light.

Martin Roberts, Principal of Addington Capital said, “One Lampton Road is one of two single ownership, professionally managed schemes in Hounslow, and there is an increasing demand for quality but fair priced PRS for the 20 to 40 age range in this location. We are delighted with WOSKerski’s creation of Nirvana, which has been very well received by our residents and creates a talking point and genuine point of interest.”

To watch the mural’s creation, please click here:

https://youtu.be/oSFzTYTckME

Posted in News on 29th June, 2021

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Addington Capital, the property investment and asset management specialist has sold 11 houses to owner occupiers in its town house scheme of 16 houses on Melbourne Street and Lower Brunswick Street near Leeds City Centre, with the remaining five homes under offer – three of these are expected to complete by the end of June.

Addington has redeveloped what was originally an obsolete office building and repurposed into twelve modern freehold 2-bed, 2-bath townhouses (Melbourne) and four 3-bed, 2-bath townhouses (Brunswick), all with garden and parking.

Addington says the houses are attractive to Leeds young professionals and young families who want to live near Leeds City centre, which is only one mile away. Good shopping is less than half a mile away. This Norther Quarter of Leeds has seen significant regeneration in recent years with a number of new shops, bars and restaurants, adding to its vibrancy.

Matthew Allen, Principal at Addington Capital said, “In line with Addington’s re-purposing strategy, we took a tired offices unit and created 16 modern houses, all with outdoor space and terraces at the back, in line with ever-increasing homeowner demand.

“Leeds is one of UK’s fastest growing cities. The City Centre has a population of 758,000 with 27% of the population aged between 20 and 34 and an economy forecast to grow, particularly on the back of financial and business services. It has a vibrant young professional market looking for quality space as they move up the ladder.”

We are delighted in the success of our re-development and that buyers found our scheme attractive.”

Posted in News on 28th June, 2021

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