MIOC

Office:

Manchester International Office Centre

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We acquired MIOC, one of the best known landmark buildings in Manchester, in 2010 for overseas investors.

When we first visited the building we were struck by the atmosphere and size of its communal areas. MIOC was always intended as an office investment but we recognised the benefit of the communal areas. We saw it as an opportunity to reposition the building as offering something more than the average office – somewhere special to work.

We led a complete remodelling of the entrance and reception and promoted other initiatives to encourage a sense of community in the building. As a direct result, occupancy has been maintained at over 90 per cent since acquisition and the investors have benefited from an ever-increasing rent roll.

MIOC totals approximately 100,000 sq ft and is home to more than 40 tenants. The investment was initially acquired for £13.5 million and has delivered a return on equity of over 12 per cent per annum, which is testament to our hands-on approach.

Crossley Park

Industrial

Crossley Park

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We assembled a group of eight investors to buy the largely derelict and vacant Crossley Park in September 2011. This was a time when investment in industrial assets was considered to be a brave move. The building was acquired from administrators for £3.2 million and totalled some 340,000 sq ft.

After a rigorous assessment of the existing buildings, we decided to demolish approximately 40,000 sq ft of buildings and the remainder were remodelled to create 15 sustainable business units, investing £1.6 million into the redevelopment of the estate. We also implemented an innovative marketing campaign, targeting businesses with growth potential. By the end of 2015, all the buildings were fully occupied and, as a result of strategically selecting specific businesses that showed great promise as tenants, we created a thriving business community.

In February 2016, the site was sold for £11 million, a capital increase of more than 129 per cent, with investors also having received an annual return of five per cent per annum.

Albany Building

Mixed use

Albany Building

We acquired Albany for £5 million from administration with some trepidation in 2011. It was a high-profile casualty of the crisis, with the developer, the contractor and one of the funding banks all falling into administration.

The building was reportedly complete; however, it was suffering from severe leaks and unusual building issues, including toilets flushing boiling water. In addition, there were significant management issues caused by nightly lettings to stag parties.

Some £1 million was invested into repairing and refurbishing the building and remodelling the entrance. The nightly-let culture of the building was resolved through a dual process of persuasion and legal action.

As a result, the previously unsellable apartments became hot properties and Albany has become one of the most popular places to live in Liverpool. Buoyed by this success, the semi-basement area was converted into 13 apartments and a retail unit. All the apartments and retail unit, which is a connoisseur cigar shop, were sold by November 2015.

The project took longer than originally expected; however, it achieved higher values than anticipated and, as a result, gave an excellent return to its investors.

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Abito

Mixed use

Abito

The revolutionary Abito studio concept was the brainchild of Till director Les Lang. He originally developed the business in partnership with Ask Developments and led the development of two buildings: one in Manchester city centre and the other in Salford Quays, totalling 256 and 290 studio apartments respectively, as well as office units on the ground floors.

In Spring 2007, Les sold his interest to Ask and moved on to set up the Infinity Real Estate Fund. With the onset of the crisis, this fund bought the company from Ask in 2010 and, since November 2012, Till has handled the investment management of the asset.

Ahead of our time, we acknowledged the change in attitude towards renting in urban centres. We set up a bespoke and dedicated management team, which in retrospect is an early private rental sector prototype. This concept was also used for another of our later projects, Albany.

We have overseen a profitable management regime and the sale of the apartments throughout 2014 and 2015. The buildings remain contemporary and iconic while the studio is a design benchmark, which attracts visiting architects from over the world.

Portfolio headline

From offices, to mixed use and industrial developments, we have a wealth of experience in investment, development, refurbishment, lettings and sales. We tailor our approach to each project depending on the required results and individual qualities of each investment.