Malins Group buys Baileys House in just three days
THE building that houses the Sedero Lounge has a new owner.
Last month, The Malins Group completed their purchase of Baileys House in Central Walk, Wokingham.
The company said that the freehold site’s vacant upper parts will form the basis of a comprehensive redevelopment of the site to residential use and the potential for further retail units.
The Malins Group is an independent and privately-owned property company headed up by Managing Director Lauren Atkins. The company specialises in renovating and rejuvenating unusual and historical buildings and turning them into quality residential properties.
Everything from land acquisition through to interior designs and bespoke finishes is undertaken in-house by the Group.
And the purchase of the building, which is opposite the Waitrose supermarket, has delighted Ms Atkins.
She said: “Our purchase of Baileys House, Wokingham was concluded in three days.
“We were attracted to the strength of the covenant of the ground floor A3 occupier; Loungers Ltd were sold to Lion Capital in a deal worth £137m in December 2016, together with the residential rental levels in the area.
“Market Place, Peach Place and Elms Field are all undergoing extensive regeneration with the aim of improving the town centre spaces and make Wokingham more attractive to business and investment.
“Our proposal is to comprehensively develop and extend, subject to planning, to maximise ground floor retail with new residential units above.
“The Malins Group have many similar mixed-use holdings in Hampshire, Berkshire and Surrey, where strong yields can be achieved.”
And Ms Atkins added that The Malins Group is actively looking for more sites, pledging to pay agent introductory fees, for any successful acquisitions – subject to standard terms of business.