Strategic Report Chief Executive’s Review continued
We believe it is important to continue to invest in our assets, to mitigate the impact of depreciation, improve their attractiveness in the marketplace and enhance letting prospects. Our strategy inaction Portfolio Performance
Enhancing asset quality, and providing space that exceeds occupier expectations
1
3
2
At 50 Pembroke Court, Chatham, we comprehensively refurbished the ground floor office suite improving the EPC from a D to a B. The majority of the refurbishment cost was covered by the dilapidations claim from the outgoing occupier. The building provides some of the best space available in the local market and we were pleased to secure the Government on a ten-year lease, subject to a break, at a rent in line with ERV, for a third of the space. We have interest in the remaining space. The common areas at 401 Grafton Gate, Milton Keynes were fully refurbished including LED lighting, break-out space, and new office entrances. The works, combined with installing LED lighting for our occupiers, has improved the EPC from an E to a C. Four lease renewals were agreed securing a 41% increase on the previous passing rent to £0.6 million per annum and maintaining full occupancy of the building.
50 Pembroke Court Chatham
401 Grafton Gate Milton Keynes
28
Powered by FlippingBook