Continuing to grow our portfolio of well let regional offices, Hardington acquired Linea House, Fleet. Well let to 5 separate tenants the building was acquired at a NIY in excess of 12%.

Through proactive asset management we have renewed the lease on a logistics building near Florence increasing the rent by 66% and securing a further term on the lease. The Building now provides a cash on cash return well over 15% per annum with no debt.

The property benefits from excellent transport connections, being located within a 30 second walk to both Cannon Street and Bank Stations.

The building, an attractive, Grade II listed, terracotta building providing approximately 13,106 sq ft GIA, of office, retail and bar / restaurant accommodation arranged over Lower Ground, Ground and five upper floors. The upper parts have been acquired with vacant possession and have planning consent for conversion to 20 residential serviced apartments and roof terrace.

The ground floor retail space will now be offered to let and is ideally suited for use as an F & B outlet. The well renowned Harry’s Bar occupies the basement on a long lease through to 2039.

Let to the Dept of Work & Pensions, an undoubted Government covenant, we were able to acquire the buildings for a substantial double digit net initial yield. The asset will form a core part of our income strategy.

Following a review of the rent we achieved a 20.89% increase taking our gross yield on this asset to over 10%.

The building was acquired at a NIY of circa 7.56%