Strategic Property Asset Management, Newfrith House, Winchester.

Challenge

Vail Williams was appointed by Mutual Associates Ltd, a subsidiary of The Southern Co-Operative Limited, to provide comprehensive portfolio advice, including for an office asset in Winchester.

For over a decade we provided full-service advice from a multi-disciplinary team to protect and enhance our client’s interests, delivering a strong income producing asset until disposal.

How we helped

• Strategic multi-disciplinary advice from initial management and rent collection mandate to eventual disposal.
• Negotiated favourable lease surrender with previous tenant, including dilapidations settlement, which was reinvested back into the asset.
• Once vacant, recommended and project managed £250,000 refurbishment. Delivered high-quality asset to market resulting in both floors being let to local businesses.
• Proactively managed the asset putting in place a service charge, negotiating lease renewals, rent reviews, with annual valuations and periodic reinstatement cost assessments (RCAs) for insurance purposes.

Result

• Strategic advice over a decade protected our client’s interests.
• Met and maintained income objectives, managing CapEx effectively to reinvest in the asset, ensuring best disposal price at an optimum time in the market.
• Considered strategic options for the building when vacant, with planning input on the implications of Article 4 for potential residential conversion.
• Marketed and sold the asset for circa £1.1m to Continuum Ltd.
• Achieved above market and client expectations.