Acquired in Q3 2016, Wellington House comprises a detached 20,000 sq ft office block located on the edge of Uxbridge town centre, a core West London commercial zone. The building provides multi-let accommodation over four storeys and is currently let to two tenants. The building currently provides poorly specified office space and as a result has achieved relatively low rental values of £14 to £18 psf.
After plans to maximise the site for residential use we achieved a prior approval permission to convert the existing building to 43 units, however we have now reverted back to our original business plan to refurbish and extend the building providing quality urban B1 use where we have identified a shortage in the South East. Works have just started on site and have a programme of approximately 15months. The NIA, once the refurbishment and extension are complete, will increase to 27,500, significantly boosting the sites ERV. We are currently under offer to pre-let the 1st floor of 5,100 sq.ft at a rent of £30psf and are in negotiations to let a further 2,250 sq.ft at the same level. Both of these transactions are in excess of our projected ERV.