A £4.75 m/£132 psf off-market purchase in early 2020, Nurton acquired both the freehold and a separate long leasehold interest from two parties. The 1960’s, 8 storey, 36,000 sq ft office building with ground floor bar and restaurant has not been sold since it was built. Fully let bar a small suite at the point of acquisition, the number of short leases has prompted plans for a c.£900,000 rolling program of refurbishment to improve the working environment, communal areas and amenity offering. This includes upgrading and enlarging the reception area, including relocating a staircase, replacing the lifts and converting the 8th floor, former caretaker’s flat. Our ambition is to move rents on from £15.00 psf to £22.00 psf. We are targeting a minimum geared IRR of 15% p.a during our 3/4year hold period.