Successful acquisition of investment properties for Clients, is not always simply about sourcing a property & managing a completion. Sometimes unforeseen issues arise later which call for innovative solutions & committed management in order to protect & maximise the asset.
Such was the case with the retail investment property in Newbury, sourced & bought for a retained Client in 2014. The investment met all target criteria, including a flagship main tenancy, but Hyatt has needed to apply strong follow-through over a sustained period & no little expertise to maintain & enhance the asset.
The initial purchase negotiation recognised how certain essential repairs were to be dealt with & clarified the forward position on various tenancies in the upper floors. Essential external repairs were agreed & completed, with costs recovered from the tenants under their lease obligations.
Over a period, Bob Hyatt has followed through on a swathe of landlord & tenant actions to regularise & improve the overall tenancy profile. Developments to upper floors have been completed & major improvements in air conditioning facilities achieved, all at minimal cost to the Client.
Further adjustments to the Tenancy profile have been targeted & achieved by this sixth year since purchase. The latest position is that the property is in good physical condition, with substantially improved fixtures & fittings, in full occupation for the medium term & with full repairing & insuring conditions in place.
Ongoing action has included completion of major roofworks on advantageous terms. A re-negotiated tenancy mix & terms has secured the value of the investment.