FIREM SELLS LUTON OFFICES FOR 40 PER CENT OVER VALUATION

FI Real Estate Management (FIREM) has completed the freehold disposal of Regional House in Luton town centre for 40 per cent more than the most recent valuation. The property was part of the Swiftgold Ltd portfolio, managed by FIREM, which was put into LPA receivership in February 2013.

The property consists of four ground floor retail units and three upper floors of offices totalling 16,500 sq ft located on the fringe of the town centre. Tenants include General Motors and a number of restaurants and takeaways.

James Raspin, Asset Manager for FIREM commented, “The property had a number of compliance, service charge and repair issues when we were appointed asset managers. We put in place systems to stabilise the management of the property and also completed two lettings on the ground floor to fully let the retail space. These actions allowed us to generate good interest in the freehold of the property which we sold to a private individual for 40% more than the most recent valuation.”

 

 

For further information please contact Carla Miggins at FI Real Estate Management on 01257 263 010.

Press enquiries to Helen Thomas/MTPR on 07968 039612


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