News: Powell Williams advises on £12.4m mixed use acquisition for George Capital
Office | Retail & Leisure | Martin Hunt | 14 May 2018Powell Williams provided the technical due diligence for George Capital in the acquisition of Princess House, Shrewsbury for £12.4m from Addington Capital.
Key location
Prominently located in the historic centre of Shrewsbury, the 52,500 sq.ft building comprises a number of retail and restaurant units which include JoJo Maman Bebe, Patisserie Valerie, Starbucks and Côte. The upper floor offices are primarily let to government and local council agencies including Shropshire Community Health NHS Trust and the Ministry of Defence for an armed forces careers office.
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.”
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