Searle Crescent, Weston-Super-Mare

The challenge was to maximise the return from an existing client portfolio. We achieved this by adding value to the existing asset through refurbishing the unit and regearing the lease.

This retail warehouse asset management initiative is a great example of how we understand our tenants’ needs and use this to benefit them while delivering attractive capital gains and superior returns. Built in 1988, Searle Crescent is a purpose-built, standalone retail warehouse with parking for 76 cars, nestled among several retail parks in the immediate area. Just 1 mile from Weston-Super-Mare and 3 miles from the M5 motorway, the property has excellent road links to nearby towns, cities and the wider transport network.

Our relationship with the tenant revealed that the property would benefit from upgrading and modernisation to ensure that it remained a strong trader within their store portfolio. The landlord contributed £500,000 to this upgrade in return for a longer lease at a higher rent resulting in a significant net capital gain for our client.

Planning consent for the property offers unrestricted open A1 retailing and it is let to the financially secure Next Group covenant at a relatively low rent.

Contact

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Jamie McCombe

Partner

Searle Crescent, Weston-Super-Mare

T +44 (0) 20 7647 7234