The collaboration between the asset management and development teams helped generate significant value and created a successful and profitable outcome for Wellington House in Leicester. Due to a challenging local office market, only 20% of the space was let, which subsequently led to high void costs, and as a result FI identified that an alternative use would provide a better return on investment.
Whilst the asset management team focused on agreeing severance on the remaining leases, the development team secured permitted development rights and a change of use to residential with plans for further commercially beneficial enhancement to the building.
Following an extensive marketing campaign this highly attractive sales pack led to a sales price of £5.6m, producing a significant uplift in the value.
