A Cheshire based property and investment company has notched up an impressive £4m profit from a rapid double office turnover.
Equity Growth Partners (EGP) acquired the adjoining Grade A Bristol office buildings earlier this year from the receivers for £2.35m.
This week EGP announced it had sold on the properties – Cascade One and Cascade Two – to Hawkeye Properties Ltd for £6.54m, producing a nine per cent profit on the investment in just five months.
The 40,000sq ft self-contained office buildings, situated on Bristol’s popular Aztec West business park, are now fully let to the Protection Group International Limited on a 10-year full repairing and insuring lease.
“This was a particularly significant deal for us as a firm as these buildings represented the first large acquisition that we had made for ourselves instead of on behalf of a client,” explained EPG founder Chris Nelson.
“We refurbished the properties and negotiated the surrender of the lease from the existing tenant before securing a new tenant for the entire prestige floorspace.” He said the property market was now expanding and gathering pace and this deal would allow his company to continue to expand its own portfolio.
In February EGP advised Chatteris Developments — a joint venture company between Heeton Holdings and Ryobi Kiso Holdings — with the £25m off-market purchase of the 100-bedroom Enterprise Hotel in Earls Court from Woodley Hotels (Kensington).
“We had been on the lookout for a while for a suitable London hotel property and the Enterprise ticked all the boxes,” said EGP’s founder. “Following refurbishment it will augment Heeton’s existing residential portfolio in London and complement their other hotel operations in Thailand and Singapore.
“Our focus as a business has been on providing excellent service to our clients. This was shown on this deal as we managed to source the opportunity prior to marketing and deliver a complicated share deal for Chatteris,” Nelson added.
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