23 June 2010
NB Real Estate – part of Capita Symonds - has completed the
disposal of the Mercers’ Company’s entire City of London portfolio
with its seventh deal in just 18 months.
The portfolio, which includes Halton House,
Dauntsey House and 127 Cheapside, is now fully let. The final deal
was the disposal of a fitted out floor at Halton House which saved
The Mercers from the capital expenditure of having to fully
refurbish the floor.
The Mercers’ Company is a historic livery
company in the City incorporated into the London charter in 1394.
Although they no longer control trade, they administer a large
programme of charitable grant making. As a result, all profits and
losses associated with their property portfolio have a bearing on
their charitable giving.
NB Real Estate won The Mercers’ disposal
instruction in December 2008. At the time The Mercers had a number
of secondary buildings which had experienced lengthy void periods.
The Company made it clear that its primary objective was to let the
floors quickly to ensure their portfolio was income producing and
to avoid the losses associated with empty buildings.
Archie Hubble, Surveyor, NB Real Estate, says:
“NB’s value for The Mercers was in our advice on the refurbishment
works (in terms of increasing the letting potential and value of
the vacant floors), the quoted rent levels in a falling market and
our persistence in chasing up prospective tenants. Having initially
been instructed on two floors, we have successfully completed seven
deals over the last 18 months.”
The Mercers’ commented: “NB Real Estate City
Agency team have performed to the highest standards in representing
our interests. On the basis of their successes, I would heartily
recommend their services.”