NewFlex delivered immediate revenue for this very difficult building, allowing Max Property Group the time to formulate plans to turn this building into a residential property.
Max Property Group PLC acquired a commercial property portfolio from Morgan Stanley for long-term investment, which included a recently developed office building in Bristol which had been substantially vacant for over 2-years. Located on the periphery of the City Centre, the building was proving to be unappealing to corporate occupiers. Max Property agreed an operating and management agreement with NewFlex to establish and operate a business centre. NewFlex subsequently achieved:
- 100% occupancy after year 1
- Broke-even within 12 months
- Turned a profit in year 2
- Management Contract with Prestbury Investments
- 9,507 sq. ft.
- Management of Block B
- Deal date – October 2010