Property Company MHA has announced three early transactions at the start of 2016 with the sale of 61-67 Old Street for circa £6m, the acquisition of a parade of shops in Welwyn Garden City for circa £5m and the acquisition of Vertu headquarters in Fleet for circa £8m.
Old Street, which was acquired by MHA in 2015, is an 8,704 sq ft freehold property arranged over five floors, with ground and basement occupied by two retail units and the upper levels as offices. Prior to sale MHA submitted a planning application for a 1,344 sq ft roof top extension comprising of two 2 bedroom apartments each with a private roof terrace. Old Street was sold to Atlas property company.
The acquisition in Welwyn Garden City consists of nine retails units providing ground floor retail space with offices above. It has been bought with a 999 year lease and is let to several blue-chip tenants including Ask, HSBC, Cancer Research, Salvation Army and Superdrug Plc. Welwyn Garden City is a new town, founded in 1920 and was the second garden city in England. It is situated approximately 20 miles north of London with direct with trains running to Kings Cross in 20 mins.
Lastly MHA has acquired the virtual freehold for Vertu headquarters in Fleet, Hampshire for circa £8m. The building, which was purposely built for the tenant in 2002, measures 51,924 sq ft including office, research/ development and production space plus 160 parking spaces.
Hossein Abedinzadeh commented: “We’ve hit the ground running in 2016 and the diversity of these deals shows that the market is very good for those who don’t specialise and are prepared to look for value across the board. We’re not wedded to residential or commercial whether in or out of London. We pride ourselves on finding good acquisitions that represent outstanding value.
