After a considered site assembly programme, we have converted an ageing industrial estate, adjacent to our existing prime retail warehouse park in Salisbury, to provide 55,000 sq ft of new retail
After a considered site assembly programme, we have converted an ageing industrial estate, adjacent to our existing prime retail warehouse park in Salisbury, to provide 55,000 sq ft of new retail warehouse space split over four units. We started on-site in Q3 2015 and practical completion occurred in Q2 2016.
In line with low risk strategy for the Fund, pre-lets were exchanged on all four new units, with DFS, Harveys, B&M and Oak Furniture Land joining existing tenants Homebase, Argos, Next and Currys.
Clarence Street is Kingston’s prime retail thoroughfare. This scheme involved demolishing the existing unit to create a significantly improved proposition, with an additional 3,900 sq ft of retail space and
Clarence Street is Kingston’s prime retail thoroughfare. This scheme involved demolishing the existing unit to create a significantly improved proposition, with an additional 3,900 sq ft of retail space and a £200,000 uplift in rental income, an increase of over 40%.
We completed the scheme in March 2012 and achieved a “Very Good” BREEAM sustainability rating. Our ability to pre-let the unit to a major retail brand, River Island, confirmed the value of the scheme.
We have put new equity received by the Fund to exceptional use, developing a freehold property in the heart of St. James’s that is unique in the market. The Fund
We have put new equity received by the Fund to exceptional use, developing a freehold property in the heart of St. James’s that is unique in the market.
The Fund purchased 55 St. James’s Street, London, in February 2011 with the aim of redeveloping the site. It represented a rare chance to obtain a freehold on one of the most valuable office streets in the UK, close to Piccadilly and the Ritz Hotel, and in an area predominantly owned by the Crown Estate. After a period obtaining planning consent, we secured vacant possession in Q4 2012, with demolition commencing in Q1 2013. Practical completion occurred in Q3 2015.
This 30,000 sq ft asset, which has a BREEAM sustainability rating of “Excellent”, comprises 23,000 sq ft of Grade A offices, five residential units and a pub/restaurant. The scheme’s completion coincided with a lack of available quality office space in the West End and it has become one of the Fund’s top performers.
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Lothbury Investment Management Limited is the manager of the Lothbury Property Trust ("LPT") and the Lothbury Global Feeder LP ("LGF") (together, the “Funds”). LPT is a sub-fund of the Lothbury Global Institutional Funds, which is regulated by the Central Bank of Ireland. LGF was established as a limited partnership in Jersey under the Limited Partnerships (Jersey) Law 1994 through the filing of a declaration of limited partnership. The Funds are alternative investment funds (“AIFs”) 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 AIFs. For these purposes, LIM is authorised and regulated in the United Kingdom by the Financial Conduct Authority for the purposes of managing unauthorised AIFs (and for various other activities). The Funds are also unregulated collective investment schemes for the purposes of the United Kingdom Financial Services and Markets Act 2000 (the “Act”).
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