The retail units at 25-31 James Street achieve premium rents and are, collectively, one of Lothbury Property Trust’s flagship retail assets.
Located in the heart of Covent Garden, close to the underground station and the Piazza, the property commands a prime position on one of the UK’s busiest retail thoroughfares. The site comprises six retail units that deliver premium rental levels, benefitting from extremely high footfall. In the past, our Active development team has reconfigured a number of the units, to increase the lettable space and improve the capital value.
Current tenants include global brands such as Michael Kors, Fossil, The Bodyshop, Dune, MAC and the Cambridge Satchel Company. We continuously review asset management opportunities to drive rental growth and value, by introducing new premium retailers.
The asset has been a strong long-term contributor to the Fund’s performance and was its best-performing asset in 2014. This performance was primarily driven by the team actively achieving a lease surrender and re-letting of one of the retail units to the Cambridge Satchel Company. The asset’s exceptional rental growth during 2014 reflects the strength of this retailing location and the healthy demand from retailers to gain representation there.
The Paragon is just one example of the Core Team’s ability to find regional gems.
The Paragon is a prime 7 storey office building in the heart of Bristol’s central business district. The Fund purchased the asset in March 2014 for £29.5m. We had recommended acquisitions in the regional office sector in our 2014 investment strategy. In particular, Bristol was forecast to be one of the UK’s best-performing regional office markets, with strong rental growth prospects, and accordingly the city was targeted by the Fund for an acquisition of a good quality asset.
This fully let asset has been an excellent acquisition for the team, having achieved a total return of 11.1% for the year ending 31 December 2015. The Fund is also benefiting from the strong covenants provided by the asset’s tenants, which include Ernst & Young and Mercer in the office space and Tesco trading from a street-level retail unit.
Establishing secure income is a key objective for our Core team. The Tesco superstore in Milton, Cambridge, is an excellent example of their work.
Built in 1989 and extended in 2001, our Milton property comprises a purpose-built superstore of 73,000 sq ft, a petrol filling station and parking for 457 cars, arranged on a site of 7.5 acres located just off the A14. The Fund purchased this property for £31.8 m in March 2010 with a letting in place to Tesco until March 2030. The index-linked lease benefits from annual uplifts in line with RPI. Tesco has the option to extend the lease for up to 30 more years from 2030. The property also benefits from excellent potential for alternative use as a retail warehouse park.
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Lothbury Investment Management Limited is the manager of the Lothbury Property Trust (the “Fund”). Lothbury Property Trust is a sub-fund of the Lothbury Global Institutional Funds, which is regulated by the Central Bank of Ireland. The Fund is an alternative investment fund (“AIF”) for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive”). LIM has been appointed and acts as alternative investment fund manager (“AIFM”) in respect of the AIF. For these purposes, LIM is authorised and regulated in the United Kingdom by the Financial Conduct Authority (or any successor body responsible for the regulation of alternative investment fund managers) (the “FCA”) for the purposes of managing unauthorised AIFs. The Fund is also an unregulated collective investment scheme for the purposes of the United Kingdom Financial Services and Markets Act 2000 (the “Act”).
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