NewFlex have successfully run this business centre for 10 years and continue to do so to the present day. The client continues to earn strong revenue whilst they continue to look at the longer term plans for the building.
The building was sold by Alpha Real Capital with NewFlex in occupation under an operating and management agreement. Salaft agreed to acquire the building and agreed an extended contract while longer term redevelopment plans were formulated. During the intervening period, Salaft is achieving a net effective rent substantially higher than would be expected under conventional leasing assumptions, and retains the ability to secure vacant possession of the building to implement redevelopment when required.
- Management Contract with Salaft Properties
- 20,500 sq. ft.
- Management of entire building
- Deal date – October 2011