Affinity Targets M25 for Asset Repositioning StrategyPosted on 31st March 2016
Affinity Global Real Estate Acquires 17,672 sq ft Commercial Space in Central Chertsey
Affinity Global Real Estate has named Outer London and the M25 as a core target area for its Asset Repositioning strategy. Following this month’s acquisition of Chertsey’s Chilsey House, comprising 17,672 sq ft of offices over two floors, Affinity is active in seeking similar sites. Chilsey House will undergo an 18 month development and repositioning programme which will see the scheme rebranded as The Hub. Then, the property will then be let under new terms, either to a single tenant or up to four smaller tenants with a targeted gross development value of £11m.
Chilsey House’s repositioning programme includes:
- Extensive refurbishment of the existing building
- Construction to the front and rear of the building, increasing floor space to 22,656 sq ft
- Rebranding of the building including changing its name to The Hub
- Production of new marketing materials including a brochure and website
Quality Work Space is in Short Supply
Chilsey House sits in the middle of the M25, M3 and M4 regions and Robert Whitton, Affinity GRE’s Executive Chairman, argues that it presents an ideal candidate for Affinity’s Asset Repositioning strategy.
Whitton, comments: “Over the past few years a great deal of office space has been converted to residential under permitted development legislation. Consequently, in many cities there’s a supply shortage of quality working space.
“Importantly, without quality space to work, you can’t create community. So, we see Asset Repositioning playing an important role in delivering our corporate vision: leaving a positive social and environmental legacy for future generations.”
Sites Sought in Other Major UK Cities
Affinity Global Real Estate is also active in sourcing and repositioning commercial assets in the UK’s other main office markets where demand outstrips supply. These include Bristol, Manchester, Birmingham, Leeds, Sheffield and the M4 corridor.
Chilsey House is located in a quiet but prominent position on the roundabout at the intersection of Staines Road and Chilsey Green Road (A320) within a mile of Chertsey town centre. Junction 11 of the M25 is within 2 miles, which provides immediate access to the M3 and national motorway network. Chertsey train station is within 750m or a 12-minute walk.
For additional information, please contact:
Dominic Hawes: 020 7718 5574
Notes to editors
Founded in 2012 by Robert Whitton, a proven real-estate business leader, Affinity GRE operates across the real estate development value chain, applying tried and tested value-adding strategies in London and the UK’s other metropolitan centres. Affinity GRE also operates in selected European urban centres through its Global Developments subsidiary, targeting areas where demographic pressure demands both impact investing and the specific expertise Affinity can bring to bear.