Portfolio

300 Bath Street, Glasgow

Investment Overview/Strategy

Landmark Grade A office building in Glasgow City Centre extending to 156,853 sq. ft. offering column free floor plates up to 30,000 sq. ft. over 7 floors.

At acquisition, the building was dominated by the occupation of Barclays who had a lease over several floors which provided a substantial ongoing net income position with an opportunity to redevelop/reposition the building at expiry.

The first and second floors were comprehensively refurbished in 2016 with Regus, under their Spaces brand, taking the second floor shortly thereafter.

Action taken since acquisition: Second floor (29,223 sq. ft.) was let to Regus in October 2016 - the first launch in the UK, outside of London, of their ‘Spaces’ concept which provides 300 Bath Street with let ready space.

Agreement was reached in September 2024 to retain the University of Glasgow on a new 5-year lease of the first-floor east suite (9,791 sq. ft.) following break options being exercised on both first and sixth floor leases.

First floor west suite (9,439 sq. ft.) was let to ESR Europe LSPIM in November 2021 for a ten-year term with break option at the end of the 5th year of the term.

Agreement was reached with Eaton (10,262 sq. ft.) to surrender their lease at the end of January 2022 just ahead of their lease expiry in February 2022. This was required to facilitate a letting to Fairhurst on a new 10-year lease subject to a tenant break option at the end of the 5th year at a rent which reflects £20.43 per sq. ft.

Re-branding of the asset from “Tay House” to 300 Bath Street is now complete.

Completion of the comprehensive reconfiguration of the entrance to the building from Bath Street creating a new hosted reception, lounge and event space, wellness facilities including cycle storage, fully equipped gym, showers, updated branding and marketing of the available office space and regular tenant engagement including events and social activities concentrating on staff wellness.

The completed show suite on the 4th floor (east part) provides our refurbished example of space we can demonstrate to potential occupiers which is a combined temporary large event space for 300 Bath Street.

Current and Future asset management initiatives: Leases completed with Securigroup Ltd on 5th floor west wing (9,618 sq. ft.) for a 10-year term at a rental income of £246,023 pa, effective from 21 November 2025 and part ground floor east wing (2,945 sq. ft.) for a 5-year term at rental income of £42,702 pa effective from 19 December 2025 Works for the Securigroup Ltd letting on the ground floor east wing also created a let ready suite of 3,740 sq. ft.

An ongoing focus on energy reduction measures continues. The first phase involved changeover of the garage lighting to LED and sensors, enabling reduced energy consumption. Next steps will address BMS and controls to include ‘4D’ sensor monitors.

Norfolk House, Smallbrook Queensway, Birmingham

Investment Overview/Strategy

Acquired in February 2019, Norfolk House occupies a 0.52-acre island site in the centre of Birmingham close to Birmingham New Street Station and adjacent to the Bullring Shopping Centre. The building is split over six floors with 12 retail units at the ground floor level totalling 26,099 sq. ft. with 92,431 sq. ft. of office accommodation on the ground floor and above. The building offers large column free floor plates adjacent to the city’s main rail terminus at a discount rent compared to the competing brand-new space.

Business plan: The property currently has 18,803 sq. ft. of office premises vacant, we are in legals with GBS the to take new effective FRI lease on the whole of the office premises to bring the property to fully let. Continue to manage lease expiries with existing retail tenants and keep void periods to a minimum. Convert vacant retail unit to additional amenity for office premises for Bike storage and changing facilities and retain existing retail tenants.

Action to Date: Letting secured on Units 3a & 3b to Hungry Panda, a new Chinese food operator, on a five-year lease which includes a break option at the end of year three. A positive result which improves the profile of the retail element of the property.

Existing tenants, Lakbir and Balbier Dhillon have leased Unit 6, currently let as a franchise (Subway Realty Limited), on a new 15-year lease with a mutual break at the end of the year 10. The new rent of £20,000 pa reflects an increase of c.14%.

New letting completed to hairdresser, Joan Ling for a new 5-year lease at £20,000 pa.

Completed a new lease of 44,245 sq. ft. of previously vacant Grade A office space to Global Banking School ("GBS") at Norfolk House, Birmingham. The annual rent amounts to £840,991 (£19.01/ sq. ft.), with a 15-year lease including an option to break after 10 years. This was the 2nd largest office letting completed in Birmingham in 2022.

Completed new lease providing expansion of GBS’s operation into the 4th and 5th floors on co-terminus lease terms as the ground, first and third floors.

Complete letting of 2nd floor (18,803 sq. ft.) to GBS following exit of Accenture which is now in legals.

Cycle and shower amenity space works, located in the lower ground entrance to Norfolk House under construction.

Replacement of one of the goods lifts has been completed.

Hampshire Corporate Park, Chandler's Ford, Eastleigh

Investment Overview/Strategy

Acquired in January 2015. Chilworth House was wholly let to Aviva Health until December 2018. Hampshire House combined lettings with the Royal Bank of Scotland, secured until 2021, and with Aviva, the latter exiting in December 2016.

Business plan: Maintain and improve income on a long-term basis through active management of lease events and improved energy performance ratings of the assets.

Action taken:

Chilworth House

Let on a 10-year lease agreed in 2019 with Aviva for c. 42,612. sq. ft. at a rent of £775,000 pa, (£18.19.per sq. ft.) 15.7% ahead of the previous rent. The tenant exercised their break option and vacated at the end of 2025.

June 2022 a new Energy Performance Certification rating of ‘B’ was obtained, an improvement from the previous ‘C’ rating.

Hampshire House

Lease completed in 2021 with National Westminster Bank Plc to downsize into 5,408 sq. ft. of space on the first floor, Hampshire House at £20 per sq. ft. As part of the agreement, a dilapidations settlement was reached. The proceeds will be used to facilitate the refurbishment of the remaining space on the first floor.

Utilita Energy and Daisy Wholesale Ltd initiated their break options and vacated the 2nd floor in May 2022. Through proactive advance marketing, the entire second floor (21,025 sq. ft.) was let to Lloyd’s Register in 2022 at a rental of £24 per sq. ft., 20.5% ahead of the previous rent per sq. ft. within 1 month of the previous leases to Utilita Energy and Daisy Wholesale Ltd expiring.

Lease completed 2022 to Complete Fertility Ltd of 9,928 sq. ft. on a 15 year lease with a break option in 2032 at a rent of £287,921 pa (£29 per sq. ft.).

Q2 2023 Refurbishment of the remaining 1st floor void unit and common parts complete to provide high quality high office space and building wide amenities for tenant. These include, 12 on site electrical car charges, new male, female, and gender-neutral showers, WC’s and changing facilities, internal secure lockers and bike racks, internal and external space for tenants to meet and relax, high quality reception and new landscaped areas.

August 2023 following completion of the refurbishment a new Energy Performance Certification rating of ‘B’ was obtained, an improvement from the previous ‘C’ rating.

Remaining void of 4,400 sq. ft. was completed Q4 2023 to Silverstream Technologies (UK) Limited on a 10 year lease with a break option at year 5 at a rent of £127,500 pa (£29 per sq. ft.).

Future Asset Management:

Chilworth House

Aviva have served notice to break (November 2025). Dilapidations to be agreed. Currently the vacate space is on the market to let.

Beeston Business Park, Nottingham

Investment Overview/Strategy

Acquired in December 2020, Beeston Business Park is located 4 miles southwest of Nottingham city centre, adjoining Beeston Train Station, offering direct connectivity to London St Pancras International. The Park comprises 215,330 sq. ft. across one multi-let office building, four single let industrial buildings, a vacant development plot and sporting fields on a total site area of 26.53 acres.

Business plan: Retain office element at Waterfront House on a long-term basis providing opportunities to let the void space and enhance rents over time.

The three industrial units let to SMS, single industrial unit let to AW Repairs and a development plot, present a potential sale opportunity subject to bringing in separate power supplies.

Action taken: An assessment and costed design solution has been completed to install separate fiscal power supply to the three units let to SMS and AW Repair. This will enable the tenants to have direct supplies rather than the current single landlord controlled incoming main and is more appropriate for a sale of part.

Following a full review of the mechanical and electrical equipment including the heating and cooling system at Waterfront House and the HV network, the boilers were replaced and recommended energy saving measures implemented achieving significant energy savings for both gas and electricity consumption resulting in a new Energy Performance Certification rating of ‘B’ being obtained, a significant improvement from the previous ‘D’ rating.

Additional monitoring equipment has been installed on the plant and machinery in Waterfront House to ensure the equipment is functioning at its optimal capacity resulting in further efficiencies in both costs and carbon emissions.

Additional action taken includes:

Renewed section of car park surface following completion of the upgrading of the on-site drainage system.
Installation of electric charging points.
Renewed both boilers in Waterfront House along with 3 Transformer and ring main units to achieve better resilience in the main power network.
Currently marketing the GF former GoDaddy accommodation and part FF offices with improved levels of interest and part of the GF space has been let to GTT following minor landlords works.
Installed ‘bug hotels’ and bird boxes along with areas of rewilding which includes creating habitats for moles and numerous other wildlife.
Installed a new bike store with built in maintenance and repair facility.
In legals on a lease renewal with the tenant on Block R and rent review on Block 1F.

Future asset management initiatives:

Refurbishment of Waterfront House main entrance/common areas.
Continue to renew car park surfaces where required.
Replace the chillers serving Waterfront House.
Installation of new fiscal supplies.
Continue to explore a range of initiatives to enhance ESG rating.
Let the balance of available space (33,750 sq. ft.) in Waterfront House to include potential change of use on whole or part.
Review and implement tenant forthcoming lease events to maintain occupancy.

1-4 Llansamlet Retail Park, Nantyffin Rd, Swansea

Investment Overview/Strategy

Acquired in 2014, 1-4 Llansamlet Retail Park (74,425 sq. ft.) consists of 7 units adjacent to a Tesco Extra Supermarket (111,000 sq. ft. plus petrol filling station). Occupiers include Wren Kitchens, Dreams, NCF Living, Halfords, SCS, Tapi and Tim Hortons.

Action taken: Maintaining a high occupancy level. Completed a 10-year lease with Dreams at a headline rental of £19psf for unit 2 (former Carpetright unit). Currently in legals with Halfords with a 5 year lease extension at £18.50/ sq. ft. with no incentives.

Future asset management initiatives: Re-gear leases with existing tenants to improve WAULT and rental tone.

Eagle Court, Birmingham

Investment Overview/Strategy

Acquired in August 2021. Eagle 2 is a multi-let building totalling 62,111 sq. ft. Eagle 3 is 66,195 sq. ft. and Virgin Media occupy approximately 43,988 sq. ft; the top floor of Eagle 3 is currently vacant. The buildings are of contemporary construction (c. 2000), located on a prominent self-contained site 7.5 miles to the southeast of Birmingham city centre adjacent to Birmingham Airport.

Improve income profile through refurbishment and letting the available space within Eagle 2 and 3.

Action taken: Review undertaken as to viability of change of use of Eagle 2 for hotel use. 2nd floor of Eagle 3 is under offer subject to comprehensive landlord works.

Future asset management initiatives: Minimise holding costs on Eagle 2 by relocating existing occupiers. Strip out existing vacant space and market as HQ office for deal led requirement/seek hotel operator as market improves.

Manchester Green, Manchester

Investment Overview/Strategy

Purchased in August 2021 as part of the Squarestone portfolio. The development consists of five high quality office buildings on a premier business park near Manchester International Airport.

The accommodation extends to 107,760 sq. ft. with a passing rent of £1.4m pa a headline rent of £1.5m with an ability to improve on this through the ongoing letting of the vacant space. ERV for the site is £1.9m pa.

Business plan: Regear and agree new leases on an ongoing basis with existing tenants to increase unexpired lease terms and raise headline rent and let vacant space in building 1.

Action taken: Refurbishment of the reception area in Building 1 and subsequent letting completed to Compass Financial for 4,972 sq. ft. of the second floor at £19.00 per sq. ft. on a 5-year lease 3-year break.

Letting completed to NNR Logistics in Building 4 on a new 10-year lease with a 5-year break for 2,574 sq. ft. at a rent of £18.83/ sq. ft. which is a new headline rent for the estate.

Letting completed to EV Cargo on the last available suite in Building 4 on new a 3-year lease, 18 month break for 1,237 sq. ft. at a rent of £19.28 per sq. ft.

Letting completed to Projuvenate Ltd in suite 1 Building 1 on a new 5-year lease with 3-year break for 3,345 sq. ft. at a rent of £19.50/ sq. ft.

Surrender and regrant of lease completed to Assetz SME Capital Limited for the whole building 3 extending to 14,937 sq. ft., expiring in March 2028.

Letting completed to Bowmer and Kirkland Limited on a new 10-year lease with a 5-year break extending to 6,957 sq. ft. at a rent of £20.00/ sq. ft.

We are currently in legals with various existing tenants to extend their leases as well as new tenants and negotiating terms with potential new tenants for the vacant space in Building 1.

New purpose-built communal gym and café facilities provided and introduced a building / estate manager to assist with community engagement and management of the asset.

Future asset management initiatives: Complete ongoing letting deals. Engage with tenants on an ongoing basis to regear and renew leases and continue to improve rental tone.

Linford Wood Business Park, Milton Keynes

Investment Overview/Strategy

Purchased in May 2022, the property is a freehold 5-building business park comprising of 107,414 sq. ft. 1 single-let and 4 multi-let office buildings. All buildings have an EPC rating of C.

The Park benefits from extensive parking and close proximity to Central Milton Keynes (1.5miles). The site is 3 miles from junction 14 of the M1 motorway. Additionally, Linford Wood Business Park is in the middle of the Oxford/ Cambridge economic growth corridor, the UK Governments vision for maximising population growth, business expansion and economic output.

Business plan: Maintain the high occupancy level and capture reversionary uplift in rents on new lettings and renewals where possible.

The property offers a wide range of occupancy options, enabling consistent churn of lettings for smaller suites on short/flexible lease terms to longer term traditional FRI’s.

Action taken: Consistent lettings for small suites continue.

Outstanding rent review completed within Cygnus from October 2022 agreed at £14.30/sq ft completed.

Following the letting of Scorpio ground floor space to Sencieve a group company, TSC Subsea has taken the remaining 2,863 sq. ft. meaning the ground floor is now fully let.

The remaining space in Libra totalling 8,357 sq. ft. is under offer at a new headline rent of £22.50/ sq. ft.

Initial ESG strategies have been implemented including drop off cycle initiative with Santander and wildflower meadow.

Current and Future asset management initiatives: The five buildings in Linford Wood provide a mix of tenures. The Libra and Cygnus buildings lend themselves to traditional longer term leasing structures of 5-10 years. Long term planned preventative maintenance programming is being developed. The replacement of the M&E system in Libra is now complete. A new 10-year lease with Autotech completed with improvement of rental tone to £21/ sq. ft.

Gemini, Scorpio and Carina buildings are subdivided to sizes which will fit within the planned ‘reflex’ model where we can offer a variety of lease types from immediate entry to larger and longer-term occupancy. Scorpio is fitted to a good standard and some minor decoration works are planned. The Gemini building currently offers small suites, however the plan is to provide hybrid space form this unit moving forward with the opportunity to relocate and the potential for gym/social/recreation space are being considered.

Capitol Park, Leeds

Investment Overview/Strategy

Purchased in August 2021, the property consists of five high quality out of town office buildings in a business park setting located just off the M62, six miles from Leeds city centre. Total accommodation extends to 86,758 sq. ft. with a headline rent of £1.0m pa. The buildings are let to quality occupiers including Evri and Barratt Homes and Harron Homes.

The property provides an opportunity to re-gear and extend existing tenancies with an ability to refurbish and where possible to upgrade buildings and relet to new occupiers on improved rents.

Action taken: Refurbishment and re-letting of Trueman House (10,297 sq ft) completed April 2025 and let on new 10-year lease to Harron Homes Limited at new headline rental level of £24.31/sq. ft).

Licence of car park site completed with Village Hotels at £84,000 per annum.

Pheonix House sold for £2.0m

Tomlinson House sold to an owner occupier for £1.4m

Future asset management initiatives: Agree lease renewal of Raynham House with BDW Trading.

Ashby Park, Ashby De La Zouch

Investment Overview/Strategy

Acquired in March 2017.

The site comprises three detached office buildings in a business park setting. Accommodation extends to a total of 87,872 sq. ft. with a current headline rent of £1,244,793 pa.

Business plan: Retain and improve rental income via lease events and interim re-gears where possible.

Further opportunities to increase rents with the letting of recently vacated space and create new multi-let space in Excelsior House.

Action taken: Common parts of Ceva House comprehensively refurbished.

Comprehensive refurbishment and rebrand of Clinitron House (relaunched as Excelsior House) to deliver high quality refurbished space to the market. The refurbishment has significantly improved the energy efficiency and ESG credentials of the building achieving an EPC rating of A (18).

Ashfield Healthcare Ltd. took 18,942 sq. ft. in Excelsior House to July 2034 at a rental income of £350,427 pa (£18.50/ sq. ft.). Q Collection (UK) Limited took 7,254 sq ft till 2034 at a rental income of 134,199 pa (£18.50 sq ft). The refurbished Excelsior House is now fully let.

Future asset management initiatives: Conclude the rent review at Power House to produce an increase in rent using the new lettings in Excelsior House as the primary evidence.

Agree terms with Ceva for renewal of their forthcoming lease renewal of Ceva House 03 2026 and in tandem explore refurbishment in line with Excelsior House or alternative use options if terms cannot be agreed.

Orbis 1, 2 & 3, Derby

Investment Overview/Strategy

Purchased in May 2022, the property is located in the heart of Pride Park, Derby’s premier business location which consists of, a 180 acre business park occupiers include Rolls Royce, Severn Trent, Derby college along with Derby Arena and Pride Park., The site extends to 7.54 acres, with a low site cover of 33%. The asset is situated within a 5 minute walk of Derby train station. Additionally, the property has a total of 526 car spaces, a ratio of 1: 232 sq. ft. The three buildings have a combined net internal floor area of 122,883 sq. ft. – all of which have an EPC rating of B, therefore offering strong ESG credentials.

Derby is one of the three principal conurbations in the East Midlands region.

Action taken: Engaged with all tenants post purchase on longer term corporate occupational requirements and have moved to more efficient utility recharging regime. Ongoing programme of significant investment in the M&E serving the building.

Future asset management initiatives: Improve physical fabric of asset through ongoing Planned Preventative Maintenance (PPM), pro-actively seek tenant commitment to refurbishment and ongoing upgrading of their space and engage with tenants with a view to securing their long-term occupation.

Lightyear, Glasgow

Investment Overview/Strategy

Acquired in August 2021. Lightyear (73,499 sq. ft.) is multi let to five tenants and a business centre providing smaller suites. Key tenants include Rolls-Royce (15,116 sq. ft.), Loganair (14,330 sq. ft.), Taylor Wimpey (10,696 sq. ft.), Cefetra (11,199 sq. ft.) and Heathrow Airport. The building is of high specification located a 5 minute walk from Glasgow Airport and a 20 minute drive to Glasgow City Centre.

Occupancy increased following several transactions and asset management initiatives.

Action taken:

Completed the lease renewal to Loganair.

Let over 30,000 sq. ft. of vacant accommodation to Rolls-Royce and Heathrow Airport.

Future asset management initiatives:

Drive performance and income from the business centre operation. Launch of first ‘reflex’ flexible space offer now launched in current first floor east wing business centre suite.

Coachworks, Leeds

Investment Overview/Strategy

Acquired in 2013, the Coachworks consists of two high quality, multi-let office buildings located in Leeds City Centre in the heart of the creative quarter. The accommodation extends to 41,122 sq. ft, with key tenants being Canal & River Trust, Abstract Tech Ltd and Virtual College Ltd.

Refurbish the vacant space and reconfigure floor plates to deliver Grade A specification across an attractive range of different size suites and building on and improving the rental profile for the asset.

Regear leases on an ongoing basis and give tenants the opportunity to grow within the buildings. This will further improve unexpired lease terms and rental profile.

Action taken: Extensive refurbishment project undertaken to reposition the property in the market. Phase 1 element covering a total of 20,126 sq. ft. of refurbishment costing £2.2m. The Phase 2 refurbishment of just under 3,000 sq. ft. of office space refurbished along with a brand-new reception at a total cost of £0.5m. This capex has also secured an EPC improvement from C to B.

Completed leases with Canal & River Trust, WorkNest Cyber, Abstract Tech and Worker’s Educational Association.

Letting of ground floor of CW1 (2,960 sq. ft.) to Virtual College Limited completed June 25 – 10 yr term subject to tenant breaks Yr 3 & 7 at headline rent of £88,800 pa.

Future asset management initiatives: Progress capex on remaining available unrefurbished space with a view of reducing voids and pushing the rents on further in this location and setting new headline rents which will be useful for upcoming renewals and rent reviews.

Origin 1 & 2 Crawley

Investment Overview/Strategy

Acquisition of office property for £12.5m, reflecting a net initial yield of 8.4%

The freehold asset is prominently located on an expansive corner site of 1.9acres in Crawley Town Centre, a strong south east commercial centre close to London Gatwick Airport

The property is situated on the High Street, benefitting from an extensive amenity offer at The Broadgate, on the High Street and at Crawley Leisure Park

These two self-contained offices produce £0.8 million per annum of rental income from five separate tenants and total some 45,856 sq. ft. of accommodation.

Origin 1 has an EPC rating of B having recently been re-assessed following refurbishments undertaken by the previous owners. Origin 2 had an EPC rating of C at the time of purchase. This was subsequently re-assessed, and a B rating was secured.

The assets benefit from 214 car parking spaces, reflecting an excellent town centre car parking ratio of 1:219 sq. ft.

Current and future asset management initiatives:

Origin 2 is currently on the market for sale, which has generated strong interest.

A new 10-year lease to Menzies LLP was secured, effective from 14 November 2025, with a rent of £216,095 per annum.

Bear Brook Office Park, Aylesbury

Investment Overview/Strategy

Building 2, Bear Brook Office Park sits within an ‘in town’ Campus setting and provides a high specification HQ building nicknamed “Blue Leanie”. The building was acquired in March 2016 as part of the “Rainbow” portfolio, alongside building 3. The property is situated adjacent to Aylesbury train station with regular service direct to Marylebone Station.

Building 2, previously single let to Scottish Widows, is now multi-let let to six occupiers across seven office suites following Scottish Widows exercising their option to break their lease.

Building 3 was vacated following Lloyds Banking Group (Bank of Scotland) lease expiry in November 2021 and is now sold and is in the process of being converted to provide residential conversion.

Business plan: The strategy for this building is to continue to agree lease renewals, re-gears and rent reviews across the building to increase the unexpired term in addition to leasing the fourth floor suite to bring the building to full occupancy. Continue to in invest in the building ensuring it remains best in class and attracts high quality occupiers and improve the buildings EPC

Action taken since acquisition: Comprehensive refurbishment programme of Building 2 completed with gross capital expenditure of c. £3.3m and property now offers high specification contemporary space. Re-geared leases and let vacant space at increased rents to £17 psf.