UK House, Salisbury

  • Acquisition of 2 separate office building sites and an industrial unit leased to Friends Life in the centre of Salisbury for £12.5m in June 2016.
  • On acquisition, leases were varied to allow the tenant to surrender in Q4 2016, in return for a premium of £7.5m, a net purchase price of £4.9m.
  • The portfolio was multi-faceted and complex. Cubex had to navigate the sale of the assets delicately to balance the varying needs of the freehold and occupier of the site.
  • Sale completed on September 2017 to sell the entire UK House site (excluding the Scots Lane warehouse) to McCarthy & Stone for £8.6m subject to slightly revised deferred payment dates & amounts.
  • Warner House sold in September 2017 to Ameriscot Commercial Limited, a specialist Bournemouth based developer seeking to provide serviced office space.
  • Successful break up of portfolio achieved 15 months ahead of business plan expectation.