Enterprise House was a 1970s 10-storey office building with a relatively unattractive appearance and many of the leases due for expiry within a short period of time.
It was, however, very well located next to Portsmouth’s central railway station and benefitted from a good parking ratio.
With limited potential for rental growth the works needed to be carefully planned to ensure best value was achieved for both the occupiers and landlord.
Ashville planned and managed works to improve the appearance of the building, particularly to the outside and entrance as well as dealing with several renewals and new lettings on vacant space to improve the rental profile of this asset.
Ashville were then approached by an off-market purchaser at a time that some further vacancy was due to return to the landlord. Although the risk had been minimised and the rental profile improved, it was agreed to sell the building and re-invest the original investment and profits from the sale into a new project.