Sale of Berkeley House, Godalming
On behalf of GE Capital Real Estate, Cordatus Partners and Capita Symonds have concluded the sale of the above property at a price of £1.74m, reflecting a 6.2% Initial Yield, and significantly above business plan forecasts.
Following the settlement of the dilapidations claim with the previous tenant, an agreement for lease was signed with the Surrey and Borders Partnership NHS Foundation Trust on the basis of a 20 year lease at a rent of £115,000pa. The property was then comprehensively refurbished and a change of planning use secured from B1 offices to D1, Non Residential Institutions (Clinics and Health Centres), allowing the lease to complete.
Mike Channing, Director of Cordatus, said “This is a classic example of the range of the organisational skills that a good asset manager has to be able to offer their clients – from arranging dilapidations, to marketing of vacant space, to lease negotiations through to concluding documentation with lawyers, followed by appointment of the right professional team to manage the refurbishment and securing planning, to ultimately achieving a successful sale. This was also memorable for the 7am meeting with the prospective tenant to conclude terms at a hospital in Chertsey!”