Nibley Court, Yate
- Client: Halbadier Ltd
- Services Provided:
- Investment Agency • Office Agency • Building Consultancy
The Instruction
Nibley Court is a modern two storey office building totalling 22,519 sq ft which is single-let to Apak Group at a rent of £311,773 per annum.
Alder King’s involvement with Nibley Court dates back to 2012, representing the client on the dilapidations claim following expiry of the original lease to South Gloucestershire Council, then dealing with the subsequent comprehensive refurbishment, re-letting and ultimately the sale of the freehold investment.
Our Approach
Expertise was combined across multiple teams:
Building Consultancy – Following expiry of the original lease to South Gloucestershire Council, our building consultancy team handled the dilapidations claim and comprehensive refurbishment of the building in 2015.
Letting – Following refurbishment, our office agency team successfully re-let the building as a whole to Apak Group, a leading banking software company, on a 15 year lease, subject to a tenant break option in year 10.
Investment Sale – In 2023, our investment team offered the building to the market with the benefit of seven years term certain. A wide marketing campaign was undertaken which maximised exposure via a range of channels and a comprehensive data room of supporting information was created to streamline the marketing process.
Results
Despite a backdrop of growing economic uncertainty and falling property values, we successfully completed the sale of the building in May 2023 to Blueberry & Co for £3.25 million, reflecting a net initial yield of 9%
