Royal Mail Regional Mail Centre, Breakwater Road, Plymouth Having funded the original development of this purpose built regional mail centre in 1999, Topland Group has recently completed a re-gearing of the original lease resulting in a further term certain of 15 years to Royal Mail Group Ltd. Taking advantage of a strong investment market with investors seeking long term secure income the Group has now sold the property at an initial yield of 5.8% producing an ungeared IRR of 10% p.a. over the 17 years of ownership. Friars Gate, Solihull Friars Gate is a 72,000 sq ft office building. On acquisition it was multi-let with a number of tenants not in occupation and additional voids. Since acquisition Topland has negotiated surrenders on 23,000 sq ft of space on receipt of substantial premiums, undertaken a major refurbishment programme of that space together with works to reception and the common parts. The property is now 100% let and occupied, with new tenants including Bank of Ireland, Caterpillar Financial Services and Thyssen Krupp joining the NHS in the building. In addition Topland has successfully completed the development of a Drive Thru coffee facility within the site let to Costa Ltd on a 15 year term. As a result of this pro-active asset management the WAULT of the investment as a whole has been significantly extended.
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