Michael Cunningham, Cordatus Director and Andrew Murray, Cordatus Asset Manager have successfully brought to completion the sale of key asset Belvedere House in Basingstoke to AEW for a highly competitive sale price.
This property is a multi-let 120,000 sqft asset, in the principal office location in the town.
On behalf of a work out client, Cordatus managed the asset from May 2010, taking the occupancy rate from 40% to 80% as at a September 2013, retaining the vast majority of tenants on re-geared leases as well as bringing in new occupiers to the building.
They also managed a program of investment in the asset over the period. On completion of the business plan the asset was widely marketed at a price of offers over £5.25m and sold to an institutional investor. The price paid is confidential.
Michael Cunningham has been quoted as saying ”This is an excellent result for our client and a lot of credit goes to Andrew for his efforts on the sale of this property”