Watchmoor Park, Riverside Way, Surrey

Established multi-let business park

Scheme synopsis

• Watchmoor Park comprises 250,000 sq ft of office accommodation in seven buildings set in 26 acres.
• A first generation business park in need of upgrading and repositioning.
• A number of buildings were projected to become vacant and require comprehensive refurbishment and re-letting.

Asset management

• Lead a marketing team to promote the Park and let the vacant accommodation.
• Dilapidations to be negotiated on two vacant buildings totalling 87,000 sq ft.
• Lead construction team in the refurbishment of a 37,000 sq ft headquarters office building to Category A specification.
• Refurbish and re-energise the 40,000 sq ft Coliseum Business Centre including the installation of a Cafe.

Key achievements

• Refurbishment of a total of 77,000 sq ft of offices to Cat A standard within budget.
• Letting of headquarters office building to a major covenant.
• Rebranding the Coliseum Business Centre increasing occupancy by 60%.

Units R-W Stephenson Road, Totton, Hampshire

Older industrial unit with large secure yard

Scheme synopsis

• A 1980s industrial unit totalling 84,500 sq ft purchased with vacant possession.
• The unit was in poor repair and in need of refurbishment.
• Opportunity to broaden the user base through planning enhancement.

Asset management

• Obtain a planning consent to divide the unit into two to allow for an identified pre-let of part.
• Undertake a comprehensive refurbishment.
• Instigate a marketing campaign to let the remaining 50,000 sq ft.

Key achievements

• A pre-letting of 34,500 sq ft secured on part.
• A planning consent achieved to divide and broaden user.
• Full refurbishment carried out within budget.
• Letting of 50,000 sq ft at projected rent to a good covenant.

The Merlin, South Marston Business Park, Swindon, Wiltshire

A new purpose built distribution warehouse

Scheme synopsis

• Constructed in 2007 The Merlin comprises a 90,050 sq ft distribution unit.
• The property was let to a Honda-owned supplier on flexible terms and was acquired at a high initial yield as a result.
• The business plan was based on the assumption that the tenant would vacate.

Asset management

• The Tenant operated the break clause. Dilapidations to be negotiated with the outgoing tenant.
• Assemble a marketing team and co-ordinate a comprehensive marketing campaign.

Key achievements

• The validity of the break notice was vigorously disputed and higher dilapidations settlement was negotiated in favour of the landlord as a compromise.
• With a robust agency approach, the property was re-let in a short period at a time of market uncertainty.
• The property was let to an excellent covenant on a 20 year FR&I lease with fixed rental increases.
• An investment of institutional quality was created.

The Honeywell Complex, Stinsford Road, Poole, Dorset

A self contained headquarters office and production complex

Scheme synopsis

• A 100,000 sq ft office, research and production complex comprising five interlinking buildings let to Honeywell Analytics Ltd.
• The property was 80% occupied by the tenant at the time of acquisition.
• The business plan was to restructure the lease of either the whole, or the occupied parts and refurbish and market the remainder.

Asset management

• Regular tenant liaison required to develop a full understanding of the company’s complex on-site operation and to develop close relationships with key personnel.

Key achievements

• Dialogue over several years resulted in a restructuring of the tenant’s occupational lease and improvement in investment value.
• Buying the original debt package at a favourable rate which enhanced profitability of the project.
• Creating an investment of institutional quality.

Carolyn & Phillip House, Dingwall Road, Croydon, Surrey

A multi-let landmark office building and adjoining headquarters building

Scheme synopsis

• Carolyn House is a 16-storey multi-let office building of 96,000 sq ft and the adjoining Philip House a 3-story annexe of 12,500 sq ft in central Croydon.
• Multiple occupation offered a number of Landlord and Tenant opportunities.
• Three entire floors were in need of complete refurbishment.

Asset management

• A number of lease renewals to be negotiated.
• 18,500 sq ft of office accommodation to be refurbished to Cat A specification including the introduction of air conditioning.
• Assemble a marketing team and coordinate a comprehensive marketing campaign; and negotiate resulting lettings.

Key achievements

• Complex refurbishment completed within budget.
• Resourceful marketing campaign led to subsequent letting.
• Identifying optimum exit point and negotiating profitable sale.

145-161 Brompton Road, London SW3

A prime retail and office investment adjacent to Harrods in Knightsbridge

Scheme synopsis

• The property comprises an office, retail, and residential block of 56,600 sq ft in one of London’s best locations.
• The purchaser required both a long term prime investment and one that could satisfy occupational requirements.

Asset management

• Facilitate the occupation of part of the building for the purchaser and advise on both Cat A & Cat B fit outs.
• Co-ordinate the numerous rent reviews within the building.

Key achievements

• Securing the acquisition of a prime investment in a highly competitive market.
• Facilitating owner-occupation in a refurbished floor of offices.
• Rent review settlements exceeded business plan.
• Improving the running yield of the investment.

The Eurotech Centre, London Road, Bracknell, Berkshire

A self contained headquarters office and laboratory complex

Scheme synopsis

• The property consisted of four office and laboratory buildings totalling 80,158 sq ft on a 3.7 acre site.
• The site had potential for high density residential redevelopment.

Asset management

• Negotiate leases to allow possession of the site for redevelopment.
• Assemble and lead a highly experienced planning team to achieve a change of use to residential.
• Continual strategy review of investment and development options to allow for changing market conditions.

Key achievements

• On acquisition leases were negotiated that removed the occupier’s security of tenure and provided the landlord with break options.
• Planning was achieved for a 140- dwelling scheme.
• A complex planning appeal was initiated, that subsequently resulted in consent for a high density scheme for 178 flats.
• A 15 year lease at an increased rent was negotiated and the investment sold into a rising investment market.

Real estate investment
Vantage acts as a strategic property advisor and procurer of investment opportunities in the UK real estate market for overseas investors. Since 2003 the Vantage team has created opportunities in all the commercial sectors, with the emphasis on the office and industrial markets.

Acquisition criteria
Vantage investors have equity available for investment in the UK commercial property market. Acquisitions will be opportunity-led in the £5-£25m lot size range for single assets.
Portfolios in excess of this figure will be considered. Location is the key. Offices should ideally be located in central London/Thames Valley; industrial/distribution should be located on the national motorway network and retail in strong centres nationwide. The focus will be on core-plus, multi-let or single-occupier buildings, strong covenants and minimal risk.

Asset management
Asset management functions are dealt with exclusively in-house. The “hands on” approach is the cornerstone of Vantage’s philosophy. The management team has a track record of developing good relationships with its occupiers over the years and this has led to numerous value enhancing situations.

Joint ventures
Vantage structures joint ventures bringing likeminded investors together. Joint ventures with a value of over £130m have been entered into to date and further partners are being actively sought.

Overseas taxation expertise
Vantage is experienced in offshore tax structuring and has advised over 20 overseas companies (Isle of Man, BVI and Nevis) and four Property Unit Trusts (Guernsey).