3 July 2009
Braccans GP Ltd, a syndicate of investors assembled by Fenchurch Asset Management, has purchased 2 The Braccans in Bracknell for £2.45m. Julian Hodge Bank is putting £1.7m. into the deal. The building is part occupied and an 18 month rental, rates and service charge guarantee was negotiated with the vendors.
Built in 1995 and refurbished in 2005, 2 The Braccans is a prominent high-quality, air-conditioned16, 100 sq ft office building with excellent car parking.
The property is being managed by Fenchurch Asset Management and MD Mark Fernandez is confident that the building will be returned to full occupancy during 2010. He comments:
"We are able to offer exceptional terms and are already talking to a number of interested parties. Flexible short lease structures that have become the norm in the last 15 years or so have created more opportunities for office market churn to take place. The Thames Valley and Bracknell in particular remains a popular business location. Despite everything the slowdown has thrown at the commercial property market, there is still tenant demand and deals are being done. 2009 is throwing up some buying opportunities which arise only once or twice in a property career. You just have to put together the right investment structure and have access to more equity."
Nigel Baker of Hicks Baker advised Fenchurch throughout the transaction and comments:
"Experienced commercial property investors can see the potential of today's market and are predicting a return to normal conditions by the third quarter of 2010.The purchase of 2,The Braccans is astute and there should be excellent prospects for capital growth."
The building has been fully refurbished and is located in a prominent position on the London Road roundabout. King Sturge acted for the vendor.
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A modern, self contained three storey office building, located within a landscaped development. The first and second floors are currently open plan, but the ground floor benefits from an existing partitioned fit out.
