Newington Causeway, Elephant and Castle
VRE purchased the highly prominent 1960s block on behalf of private clients. The ground floor retail unit is trading as a Public House. There are 11 x 3 bed residential units between 1st and 4th floor.
VRE sourced the property, sought investors and managed the acquisition process from advising on values to best bids and ultimately the successful acquisition of the property.
Upon completion VRE took an Asset Management role advising on all matters. Through active asset management we have created significant value undertaking the following:
- Commercial Unit: Re-geared the existing lease for the short term and currently negotiating with a number of high profile high street occupiers.
- Residential Uppers: VRE have project managed the refurbishment of the existing residential units and established a serviced apartment business to maximise income generation.
- Advertising: with our advertising partners, King Media, we successfully gained planning permission for the erection of a mesh advertising banner around the building thus further increasing the income profile of the building.
VRE are currently working with the local authority to agree an extension of the property at roof level providing 2 floors of increased residential space, further increasing the income and and capital values of the property. VRE will oversee these works and manage the on-going serviced apartment business.