Our proactive approach to asset management alongside our operational flexibility provides opportunities to restructure the portfolio as we see appropriate. Our strategy inaction Operational Excellence
Having an agile and flexible business model, adaptable tomarket trends
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We have restructured the portfolio over the year to reduce our retail and leisure exposure further, through a disposal and repositioning of an asset. We now have 53% of the portfolio in industrial, 36% in offices and only 11% in retail and leisure. Bridge Street, Peterborough, a high street retail asset, was sold for £4.0 million in December. The property comprises two retail units, with one let to TK Maxx who are vacating in June 2021 and the other vacant and previously occupied by New Look. The asset was sold to Peterborough City Council who intend to convert the building into a new city library and community hub. The sale price was 30% ahead of the March 2020 valuation. We completed the refurbishment of Stanford Building and enhanced the value by obtaining planning consent to convert the first floor from ancillary retail to office space. The change of use makes the remaining retail space more appealing to potential occupiers who are seeking smaller stores, whilst the first floor office ERV is nearly double the previous retail ERV. We have now been able to reclassify this asset as a West End office, being the predominant value use. Regency Wharf in Birmingham is a two-building leisure scheme located adjacent to the iconic Gas Street Basin in central Birmingham.
Stanford Building Break-out space
We have obtained planning consent for a change of use to offices in respect of the vacant rear building. The building will be fully refurbished this year and will provide self- contained warehouse style space overlooking the canal. The office ERV is nearly double the previous leisure ERV.
RegencyWharf Proposed refurbishment
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