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Email: info@redkiteland.com Phone: 0207 486 5777
Email: info@redkiteland.com Phone: 0207 486 5777

Dilapidations of £802,000 agreed on Industrial Property in Eastleigh

In November 2009 we agreed a dilapidations sum of £802,000 from the outgoing tenant ICI on behalf of private equity clients, Tyburn Clough II LP, on a property in their distribution warehouse portfolio. The dilapidations took into account the rates and rent liability to termination date of the lease which was 28th August 2010. On the back of this lease termination and dilapidations position we are currently in contract to lease the property to the NHS on a 15 year term whereby we are increasing the rent roll and spending £575,000 refurbishment costs on the property. Valuation uplift through this asset management will be in the region of £1m.