Holloway Iliffe & Mitchell has been
instructed to deal with the asset management of a popular district shopping
parade and offices in Woodley, just outside Reading.
The freehold investment of Woodley House,
with tenants including Nationwide Building Society, Clarkes Shoes and Costa
Coffee was recently acquired reflecting a net initial yield of approximately 10%.
The commercial property consultants will now work
with their long-standing client, Weybridge-based The Malins Group, on a strategic
review of the property and will take on full management including rent
collection and service charge administration, along with rent review and lease
renewal work.
Lauren Atkins, managing director of The
Malins Group commented: “We were very pleased to acquire Woodley House. The
building has a prime position, located opposite Waitrose, within the
pedestrianised area. We relied on advice from Holloway Iliffe & Mitchell
and they also assisted us in planning our strategy for its future use.”
Holloway Iliffe & Mitchell’s Director, Stuart
Mitchell said: “We are delighted that The Malins Group has chosen us again to
oversee not only their ongoing general day-to-day management tasks, but also to
advise on their wider property strategy.”
“The popularity of the building is evidenced
by the fact that it is nearly fully let so our immediate priority will be
general management issues. By instructing us, we can remove the complexities
from the client that a management instruction can bring. In the longer term, we
will seek to maintain the excellent tenant profile and look at asset management
opportunities for our client. ”
