Portfolio Snapshot
Whitefriars, Bristol Whitefriars is a 150,000 square foot multi-let office building which was bought by Topland in September 2012. Since purchase the vacant floors and common areas, including an on-site gym and café, have been refurbished. This has resulted in new lettings and occupancy has increased, establishing Whitefriars as a desirable location for occupiers looking for good grade ‘B’ space in a well-run building. Rents have grown strongly at the property and Topland have undertaken a series of renewals/restructures with existing occupiers to drive the cash flow and improve the WAULT. Homer Road, Solihull This 60,000 sq ft building in a prime Solihull town centre location was vacated by National Grid in July 2016. Since then Topland has undertaken a major programme of works to reinstate the building to a headquarters quality specification. Following a multi-million pound refurbishment, the property was let on terms in excess of original forecasts. Capital Tower, Cardiff The tallest office building in Cardiff, this 123,000sqft tower was the headquarters of Admiral Insurance and was bought in the knowledge that they would be vacating, giving rise to the prospect of 75% vacancy. Following acquisition,Topland embarked on a multi-million pound rolling refurbishment programme including office space, new reception, café and breakout area and new high speed lifts, which led to 82,000sqft of new lettings and the creation of a highly successful Business Centre operating on a further 20,000sqft. With the building 98% occupied the property was sold in August 2018. The investment provided Topland with an ungeared IRR of over 30%.
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