Acquisition and management of investment property for Irish client property company, McGriskin Properties Limited.
Gibbs Investment [P R Gibbs & Co Limited] have acted for in excess of ten years for McGriskin Properties Limited during which time we have helped them to put together a portfolio of office, retail, industrial and residential investment properties across the North West of England and in Buckinghamshire close to London. We are retained to assist them with all aspects of the acquisition, valuation, management, lettings and sales in respect of the portfolio.
One such acquisition being Elsinore House on Buckingham Street in the town centre of Aylesbury in Buckinghamshire. Elsinore House consists of retail units to the ground floor with multiple office suites above over two upper floors and a secure car park beneath and to the rear. The leases granted to the tenants provide for a service charge and buildings insurance to be paid by the tenants and for the tenants to keep in repair the premises that they occupy, in effect making the rents received by the landlord net income. In all there are nine office suites and three retail units with, at purchase, a total net rental income of £169,726 per year. The price paid by our client for the vendors entire interest in the property £1,850,000 producing a net initial yield after costs of purchase* of 8.68%. *Costs of purchase assumed to be 5.75% of the purchase price.
We are currently advising McGriskin Properties Limited in respect of disposal of parts of the portfolio.