Hanover Place, Bromley, UK

Background and Opportunity

• Acquisition from a long term institutional holder of an 87,800 sq ft mixed use building on Bromley High Street in south east London
• Property was 94% let to 6 tenants with 62% of the income from offices on 4 upper floors and 38% of income from high street retail
• Business plan to actively manage the asset, leasing vacancy and managing the property towards a market rent whilst collecting a good income stream

Transaction Progress

• Reversionary rents in part of the office space has been secured at 50% above previous levels
• Reversionary leases and re-gears have been completed with key tenants

Current Status

• Managing the property in accordance with the business plan and generating an equity cash on cash of 11%