15
MKS / MAY 2015
PORTFOLIO REVIEW
Properties with valuation surplus
(1)
>20%
Following refurbishment a new lease has been renegotiated for a period of 10 years without
break for a rent above ERV
A number of lettings were being processed at the valuation date at improved rents
A considerable amount of refurbishment has taken place since acquisition in April 2014.
Higher rents are now being achieved
Rents of £32.50/sq ft+ now being achieved
The lease with WDF has been successfully renegotiated for 11 years at an increased rent
without break. No refurbishment has been necessary as part of the renegotiation
8 lease renewals have been negotiated at improved rents
Rents have increased to £20/sq ft and yield shift of 35bps
The 5th floor has recently been refurbished and expected to achieve a rent of around £40/sq ft
London
66 Wilson Street
70.4%
26.7%
24.2%
24.1%
22.3%
21.0%
21.5%
21.2%
London
Castle Lane
Brentford
The Mille
London
Portsoken House
Egham
Runnymede
Crawley
Oakwood Ind Est
Croydon
Corinthian House
London
Swan Court
1: Annual valuation movements (%) after allowing for cap-ex incurred during the period
