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Thorncroft
Manor, Leatherhead
In November 2004, a group company of LS&E Ltd completed the acquisition
of a substantial commercial property in Leatherhead, Surrey, for a
total consideration of approximately £6million.
Thorncroft Manor, Dorking Road, Leatherhead, consists of a late 18th
Century Grade II Listed Manor House, comprising approximately 16,500sq.
ft., together with a modern glazed extension over three floors of 25,000sq.
ft. of offices. In addition, there are almost 200 car parking spaces
and the entire site area totals approximately 6.9 Acres.
The Property is let to Kellogg Brown & Root Ltd, a wholly owned
subsidiary of Halliburton USA, producing £800,000 per annum exclusive
on a lease expiring in December 2007.
Strategy
The Company intends to submit a planning application for 5,000 sq. ft. of new offices and the application is due for submission by September 2006. There is an option agreement with the tenant for a new 10 year lease, subject to substantial renovation and rebuilding of the office areas.
Finance
Provided by Citigroup and Investec Bank (UK) Ltd.
Combined
& International House, Wheatfield Way, Kingston
In May
2003 a group company of LS&E completed the purchase of two substantial
multi-let properties in Kingston and Teddington for a total consideration
of approximately £20 million.
The two office buildings in Kingston consist of a total area of 90,000 sq.ft. (8,400m²). The retail area of the ground and first floor comprises 55,000 sq.ft. (5,100m²) together with a 360 space car park let to NCP.
The office tenants include London General Holdings Ltd (a subsidiary of Aon Corporation USA).
The retail tenants include a major Argos store, a new supermarket for Lidl (the major German food group) and 99p Stores. The total income is in the order of £1.5 million per annum.
Park House, Station Road, Teddington
This office building comprises approximately 34,000sq.ft. (3,150m2)
of high quality open plan office space together with 112 car parking
spaces. The offices are let to Barclays Bank and Acxiom Ltd.
The total income is approximately £605,000 per annum.
Strategy
The company has initiated an active management programme which currently
has increased the retail area in Kingston, the office area in Teddington
and has returned approximately 50 car parking spaces to the landlord’s
control.
These initiatives have resulted in a substantial increase in the value
of the properties which currently stand in the order of £34 million.
Finance
Provided by Deutsche Postbank AG and Investec Bank (UK) Ltd.
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