NB Real Estate - part of Capita Symonds - has completed the disposal of the Mercers’ Company’s entire City of London portfolio with its seventh deal in just 18 months.
The portfolio, which includes Halton House, Dauntsey House and 127 Cheapside, is now fully let. The final deal was the disposal of a fitted out floor at Halton House which saved The Mercers from the capital expenditure of having to fully refurbish the floor.
The Mercers’ Company is a historic livery company in the City incorporated into the London charter in 1394. Although they no longer control trade, they administer a large programme of charitable grant making. As a result, all profits and losses associated with their property portfolio have a bearing on their charitable giving.
NB Real Estate won The Mercers disposal instruction in December 2008. At the time The Mercers had a number of secondary buildings which had experienced lengthy void periods. The Company made it clear that its primary objective was to let the floors quickly to ensure their portfolio was income producing and to avoid the losses associated with empty buildings.
Archie Hubble, Surveyor, NB Real Estate, says: “NB’s value for The Mercers was in our advice on the refurbishment works (in terms of increasing the letting potential and value of the vacant floors), the quoted rent levels in a falling market and our persistence in chasing up prospective tenants. Having initially been instructed on two floors, we have successfully completed seven deals over the last 18 months.”
The Mercers commented: “NB Real Estate City Agency team have performed to the highest standards in representing our interests. On the basis of their successes, I would heartily recommend their services.”
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About Capita Symonds
Capita Symonds is one of the UK's largest and most diverse multidisciplinary consultancies operating in the building design, civil engineering, environment, management and transport sectors. With over 4,500 staff in over 60 UK and international offices we offer an unrivalled scope of services and a unique blend of professional and technical skills to schemes of all types and complexities.
In March 2010 the company acquired commercial property management specialists NB Real Estate for £10m on a cash-free, debt-free basis. The deal gives Capita Symonds a unique full service proposition across the real estate lifecycle, bringing front end advisory and acquisition, and ongoing property and estates management expertise, to its existing multidisciplinary project design, development and management capabilities.
For further information, please contact –
Karl Blockwell, Communications Manager, Capita Symonds
Karl.blockwell@capita.co.uk
T: 02920-333777
M: 07825-532737