2nd Floor,
Prince Frederick House
35-39 Maddox Street
London, W1S 2PP

Tel: 020 7499 4378
Fax: 020 7499 3478

Newman House, Horley, RH6 7QH

Description

Salmon acquired the freehold of an existing 1980’s office building from British Airways seven days after agreeing purchase terms for £2m. The building had formerly been the operational headquarters of Dan Air. It was in need of significant refurbishment expenditure.

Salmon pre-let the building to Virgin Atlantic Airlines on a 10 year lease at £350,000 per annum. The resultant investment was sold to the Associated Newspapers Pension Fund for nearly £4m. The refurbishment works had to be completed on a fast track basis and the entire building totalling 35,000 ft2 was stripped out and refitted from a shell condition by contractors, Faithdean, inside a period of 3 months just in time to meet Virgin Atlantic’s pressing need for new training and cabin crew facilities.

An adjacent 1 acre undeveloped site acquired at the same time was sold freehold to Virgin for use as additional car parking