News: Powell Williams advises on £12.4m mixed use acquisition for George Capital

George Capital has purchased Princess House, Shrewsbury for £12.4m from Addington Capital. Powell Williams provided the technical due diligence for the 52,500 sq.ft acquisition, which completed recently.

Princess House Shrewsbury acquisition

Key location
Prominently located in the historic centre of Shrewsbury and comprises retail and restaurant units which include JoJo Maman Bebe, Patisserie Valerie, Starbucks and Côte. The upper floor offices are well let to government and local council agencies including Shropshire Community Health NHS Trust and the Ministry of Defence.

Key advice
As part of our technical due diligence, we identified an anomaly with the potentially substandard EPC rating for one unit under the MEES regulation, which was pro-actively re-assessed and achieved a much improved rating, effectively de-risking it for any future re-letting. We also advised on potential future strategic enhancement of the property.

Martin Hunt, Partner in our Chester office commented:
"We are delighted to have worked with George Capital on another acquisition in this tough market, where well priced properties, with active asset management potential to enhance existing income and value, are hard to find. We look forward to assisting them further on this property and future acquisitions."

For further information regarding this project or our expert advice on acquisitions, contact Martin Hunt.

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