We were delighted to be able to acquire this landmark property with our joint venture partners in October 2013. The property is a well-located, eight storey office building of 85,500 sq ft with 228 car parking spaces and a short walk to St Albans mainline station.
At the time of acquisition there were three tenants and a large amount of vacant floor space. We explored all angles to maximise values and subsequently obtained a change of use permission, employing the new Permitted Development legislation, on a large portion of the property. In addition, we have submitted a planning application for upgrading the remaining office space and re-cladding the entire property.
We take great pride in the efficiency and performance of our team in achieving substantial returns over a limited period of time. The office and residential market in St Albans makes this an excellent hold for our portfolio and our shareholders.
St Albans is affluent and well located for London and for the national motorway network.