Holloway Iliffe & Mitchell has been instructed to deal with the asset management ofa popular district shopping parade and offices in Woodley, just outside Reading.
The freehold investment of Woodley House, with tenants including Nationwide Building Society, Clarkes Shoes and Costa Coffee was recently acquired reflecting a net initial yield of approximately 10%.
The commercial property consultants will now work with their long-standing client, Weybridge-based The Malins Group, on a strategic review of the property and will take on full management including rent collection and service charge administration, along with rent review and lease renewal work.
Lauren Atkins, managing director of The Malins Group commented: “We were very pleased to acquire Woodley House. The building has a prime position, located opposite Waitrose, within the pedestrianised area. We relied on advice from Holloway Iliffe & Mitchell and they also assisted us in planning our strategy for its future use.”
Holloway Iliffe & Mitchell’s Director,Stuart Mitchell said: “We are delighted that The Malins Group has chosen us again to oversee not only their ongoing general day-to-day management tasks, but also to advise on their wider property strategy.”
“The popularity of the building is evidenced by the fact that it is nearly fully let so our immediate priority will be general management issues. By instructing us, we can remove the complexities from the client that a management instruction can bring. In the longer term, we will seek to maintain the excellent tenant profile and look at asset management opportunities for our client.”
