Moredun LLP Portfolio

Various locations
Norfolk House - interior
Moredun LLP
£62 million

Repositioning a property through a major facelift, increasing the level of office rentals and re-covering the majority of the cost of the works through service charges.

Our client purchased the former LNC portfolio in 2005. The large single holding Norfolk House, Birmingham has been repositioned through a major facelift. Office rentals have subsequently risen from £10 to £16 per sq ft. The majority of the cost of the works has been re-covered through the service charge. To date 16 properties have been disposed of and there have been no price chips resulting from poor management or arrears issues.

Capital Value by Sector: Industrial 39%, Retail 6%, Offices 24%, Mixed 31%

Tenants: 171

Geographical Spread: Plymouth to Aberdeen

Highest Single Service Charge: £450,000 pa

Rent Collection Rate: 96% within 7 days of the due date

Arrears on rent roll: 2%

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