Sale of Belvedere House, Basingstoke

By September 15, 2013News

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”