Turnaround of a failed business centre network
NewFlex have delivered revenue on a wide variety of buildings, in various locations across the UK for the Close Brothers and continue to enjoy a strong working relationship with them.
Close Brothers established a substantial property fund to acquire provincial and secondary office buildings throughout the UK with a view to appointing managing agents to convert them into business centres and to create a high yielding portfolio. Due to under-performance, managing agents’ contracts were terminated and NewFlex was subsequently instructed across the portfolio.
Following a sale of the portfolio by Close Brothers to Alpha Real Capital, NewFlex was retained by the new owners to work through an investment strategy on a building by building basis. Following transfer of responsibilities to NewFlex and ownership to Alpha Real Capital, a rent contribution over 3-year period increased from zero to a peak of £2M per annum during which period Alpha has successfully pursued a disposal programme where realisation prices have exceeded market value.
- Management Contract with Close Brothers
- Rent contribution over 3-year period increased from zero to a peak of £2M per annum
- 250,000 sq. ft.
- Management of multiple buildings including, Bristol, Coventry, Edinburgh, Leeds, London, Mortlake, Reading
- Deal date – December 2005 onwards
