Acquisition of vacant office and secondary retail in Central Croydon for £13.8 million. Pre-let upper floors to Travelodge on 25 year term at an annual rent >£500,000. Total capital expenditure on the hotel conversion and refurbishment of offices of c£10 million. ERV on offices on lower floors of c£700,000 after refurbishment. Retail units let up to good covenants at an annual rent of c£1.4 million. Asset management initiatives resulted in a significant increase in the capital value of the property.
