TRACK RECORD
Along our journey, Maritime Capital has gained much experience through a range of different acquisitions, creations and joint ventures. Transacting over £1.25 billion, a breadth of knowledge and skills sets have been gained over many years of work.
1.
OPERATIONS
BALEDAY LIMTED - ACQUISITION, MANAGEMENT, SALE
Purchased on behalf of a Trust in Gibraltar the assets of a business that operated AGC gambling premises in and around London. The business was acquired for £4.5m plus obligations amounting to a further £3.3m from Administrators (Baker Tilly). This business was sold in November 2011, to Marwyn Group, for a sum to include debt of around c£18m plus interest on an accruing basis.
SCIENCE PARK - BUSINESS RESTRUCTURE
Having been brought on to run the science park and manage the asset, the best part of a year was spent transforming the acquired business into a proper property company. The implementation of management systems, as well as lease restructures and educating existing employees on property knowledge, allowed for accurate data to be gathered. This transformation allowed for lending parties to understand the asset in greater detail, leading to a £20m loan facility being leant.
THE FORBURY HOTEL + CERISE RESTURANT - READING
Previously a 100-year old former county hall, Maritime had the vision and foresight to transform the property into a 24 bedroom and suite Hotel, with an associated 12 flat apartment block to the rear. As well as developing the hotel Maritime owned and operated the hotel for several years. The Forbury Hotel & Cerise restaurant is still undoubtedly the finest address in the town. Designed by award-winning interior designer Nicholas Hollingshead, the 24 bedrooms and suites blend; design, art, lighting and sound to create a space marketed as the UK’s leading town house hotel.
‘The most luxurious hotel stay I have ever stayed in’
Evening Standard May 2005
STORAGE BOX (ALFA) - HERSHAM
Toby was introduced to Alfa Self Storage in the course of landlord / tenant relations. Following discussions between the parties, Toby invested in Alfa, and operated on a joint venture basis responsible for supplying future sites. Toby later on became the operations manager and took over the whole business. Storage Box (Alfa) provided a versatile, cost effective solution to all storage needs, for both residential and business customers. All the storage units were lockable, individual, steel partitioned rooms, which could be rented for as long or short as one needed. Customers had the freedom to access their unit 7 days a week, 365 days. Rent could be arranged by the week or month with no long term commitment.
RAITHWAITE SANDSEND - YORKSHIRE
Having been introduced to the 72 bedroom hotel, via the lending group, Maritime Capital were instructed to evaluate the operating business, create value and provide an exit for the loan facility.
Over the course of a 4 year instruction Maritime took over the day-to-day running of the operation, implemented a complete rebrand and brought in a new marketing strategy to grow and reposition the consumer audience, all of which boosted trading performance. Several planning applications were also achieved, which included a 30 bedroom extension and 5 woodland suites.
More importantly, the hotel stayed open and fully staffed (c120) during & post the COVID pandemic, thanks to a lifeline loan facility provided by Maritime.
2.
PLACEMAKING
BOLTON
A landed Estate inherited through generations of a dynasty, previously left barren and under utilised. Maritime were instructed to provide professional advise on the potential planning schemes available and the profitability of selling of some of the land. An on going instruction which involves weighing up proposed developer options as well as investigate planning laws and uses, in order to maximise value from the site.
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THE OLD VICARAGE PLACE - ST AUSTELL
The Old Vicarage place shopping centre was built in the early 1980s. The western side of the property abuts the RDA’s site, there situated five small lock up shops and the Council run public toilets. Because of the RDA’s scheme, the toilets within The Old Vicarage Place Shopping became vacant. This was seen as an opportunity to redevelop the toilets and to relocate a number of tenants from the neighbouring lock up units to enable the redevelopment of this part of the shopping centre and to create a single retail/activity unit.
Within this unit, an area was created for an internal climbing wall along with retail concessions specialising in outdoor sports equipment such as climbing, walking, cycling, fishing etc. Previously, on the roof of the shopping centre, lay a car park which we proposed to build a new exciting hotel/hostel to accommodate visitors to St Austell and a new indoor and outdoor arts entertainment venue for talks, art exhibitions, music and other performances. Separate to these areas, 8 planning permission was sort for an outdoor market located to the rear of 19-21 Fore Street for the sale of fresh Cornish produce. The remaining common areas at the Old Vicarage Place Shopping Centre were decorated to tie in with the RDA’s exciting new regeneration scheme.
DISCOVERY PARK
Discovery Park in Sandwich, Kent is a global leader for science and enterprise with world class laboratories and exceptional office space. The site has a track record for drug discovery stretching back to the 1950’s and continues to lead the way in R&D from the search for new antibiotics to pioneering research across the life sciences; from developing new therapeutics and diagnostics to unlocking the full potential of immunotherapy and immuno-oncology.
In February 2017, Maritime Capital were appointed Asset Managers of Europes largest Science Park, with Toby being elected CEO and Max heading up the investment team.
Over the course of a 2 year engagement, Maritime Capital operated the day to day running of the asset, in conjunction with creating the master plan for the site. Designing exciting new areas and developing place making schemes; retail parks, vertical farms, drug manufacturing facilities and housing. Within the short period of our strategic asset management the asset went from a capital value of £20m to £75m+. Since 2019 Maritime have been focused on solely developing out the Master plan.
TECH FORT - THE CITADEL
In May 2019, Maritime we instructed to help purchase the historic 70 acre prison site from the MOJ. Initially being offer to the wider market, Maritime managed to position the client as the prefer bidder and negotiation an initial acquisition price substantially below the guide price. Once the purchase prices had been agreed, we mentored the client through the legal process, ultimately resulting in a successful purchase.
Further instructions were give to help develop the master plan, insuring the feasibility of the scheme and potential for profitability. Today the scheme has received some initial planning applications and grant funding to restore the heritage of the site, and to develop it into a world leading business and leisure park.
MARGATE
Dreamland amusement park is the iconic symbol of Margate for the past, present and future. In its heyday the park was the envy of the British tourist industry; it attracted thousands of visitors to enjoy the rides, amusement and activities.
Today the park’s future is still a hot topic of conversation for young and old alike. The exciting future of the site looks set to continue the long and proud tradition of Dreamland being the heart and soul of Margate.
Margate was on course for a 500+ unit residential development along with a mixed-use scheme involving markets, recreational gardens, and shops. Unfortunately the future now lies in the hands of the local council after an on going CPO.
Margate also boasts a characterful old town with quaint streets, boutique shops and a market square. Framed by beautiful skylines, that inspired J.M.W. Turner, and a pristine blue flag beach, Margate offers a tempting proposition for all visitors.
RAITHWAITE VILLAGE
Having taken over the development in 2019, Maritime set about redesigning and improving the inherited (non implemented) planning scheme. Whilst the previous scheme had good bones, the quality, layout and operational feasibility did not work. Working with their professional team, Maritime curated a 198 unit luxury holiday village with a traditional Yorkshire village square at the heart of it.
With sustainability at the forefront, not only were the eco homes to be fully powered from renewable energies, but also included partnerships with sustainable brands such as Neptune Kitchens.
The village was to be fully serviced with an on site maintenance, house keeping and concierge team, to make your holidays that much more relaxing.
The scheme was implemented in 2022 and then sold to a large residential developer in 2023.
3.
DEVELOPMENT
WORKHOTEL - HEMEL HEMPSTEAD
In 2006, Toby designed a new working/living scheme called, ‘Workhotel’, which was describe as UK’s funkiest office brand. It was an uplifting working environment with the service levels, customer experience and flexibility of a top hotel.
Aimed at the customer who wanted a fast, efficient, and yet reliable office space solution presented stylishly, the workhotel had no competitor. From the ashes of the Buncefield explosion had arose arguably the country’s boldest serviced office brand. The workhotel aimed to accommodate customers efficiently and in style.
Its workkitchen complemented workhotel wonderfully and gave guests and local business people alike somewhere to eat, relax and / or discuss business. Not only did it improved the scope of office space in the industrial estate but it also offered Hemel Hempstead something fresh, exciting and an excellent place to eat and buy good food.
8 - 17 HIGHSTREET
This retail parade was purchased in April 2015 for £2.44m, and again was an ‘off market’ acquisition.
Through the vision and foresight of what this investment could be as a development, planning has been granted for a 70 bedroom ‘budget hotel’ scheme with a new A3 retail unit. Using our experience in developments and investments we were able to see the potential in the large service yard and vacant offices in, a prime town centre location.
Further to this and with the aid of our risk-reward analysis, we managed to surrender some of the leases of tenants that had weaker covenants, in order to gain back upper parts and expand the shop units of the stronger covenants. An AFL for the hotel has completed which will bind the operator in for a straight 25 year period.
The development will also be able to occur without effecting all of the already existent income stream. This part of the property was forward funded for a value of £6.6m.
SANDWICH, KENT
Having run and managed the wider site, a review of the unused land was completed to sort best value potential within the asset. Through our own experience and knowledge of hotel developments, we knew the site was perfect for a budget hotel operator.
Given our own connections with operators, a deal was agreed with Travelodge for an agreement for lease of a new 25 year lease which is subject to fixed CPI review.
Working closely with the council and utilising our knowledge on planning, an application has been approved for a new 75 bedroom hotel with an retail unit underneath.
Again through our own relationships and having an understanding of the strength of this type of product, a forward fund deal was agreed for a price of £6.7m.
4.
RETAIL
THE GROVE - ELTHAM
This asset was a 1960’s concrete jungle, which was run down and an eyesore to the rest of the street. We obtained the property with a 40% vacancy rate, and it also had run down maisonettes on the first floor. Overtime we bought the long leaseholds of the maisonettes to secure vacant possession. In turn the shops were let on very short leases, which could have been seen as problematic, but actually a benefit for our future plans for redevelopment.
Working closely with our architects (DLA) at the time, we created a 129 unit mixed-use scheme; including 3 restaurants, a cafe, convenience store, GP surgery and a pharmacy. This was then sold on to Cathedral Group who implemented the scheme.
BROADSTREET - NEWTON
Due to this property being acquired in a portfolio purchase, we managed to buy this asset below the, ‘at the time’, current market value. Having completed a lengthy due diligence on the mix of retail in the parade and also the surrounding area, we foresaw the potential for a large clothing shop.
With a smart refurbishment of several units, which creating a large single unit, we were able to let the new unit to ‘New Look’ for a 10 year term. As well as providing a good income stream this new covenant also strengthened the overall parades stability.
TUDOR HOUSE- WALSALL
This asset was obtained with vacant possession of the upper parts. Having done a thorough due diligence on the housing market of Walsall, at the time of purchase, we could see good value to be made in the vacant offices.
We refurbished the offices into an 18 flat development which sold very well. This in addition strengthen the retail investment by removing the draining empty rates.
ST MARYS MEWS - TRURO
This asset was purchased in the view of holding as a straight investment. The parade produced a good income stream with very little management or marketing required.
CHURCH ST - COTSWOLD SCHEME
This boutique parade of shops was situated between the high street and the main square, consequently was subject to a large amount of footfall. Toby purchased the property with a 30% vacancy rate. With this main benefit in mind, we could see that by altering the mix of the shops and implementing a new signage and planting scheme, the street could thrive again. Subsequently the street became 80% let and was sold on for a significant profit.
BROADWAY - COTSWOLD SCHEME
This parade had similarities to Stow on the Wold, and subsequently was packaged together to sell in a small portfolio. This created a premium through the character of two smart Cotswold schemes.Again we recognised the large amount of footfall that this asset was subject to, and with a bit of day to day management the investment was re-energised.
BARTHOLOMEW ST - NEWBURY
Given the large service yard and car park that came with this high st retail shop, we could see a development potential waiting to happen.The retail parade was burdened by an unsightly and run down office block on the first floor. In order to stabilise our income from the retail unit, and create more frontage for another retail shop, we knocked down the offices to remove the empty rates, which in turn allowed us to create 15 more car parking spaces to the rear.
We renegotiated a lease with Iceland taking into account the new parking, this created a much stronger investment. In addition planning was granted for a new scheme containing 25,000sq ft of residential and 15,000 sq ft of retail.
5.
CORPORATE
AGC BUSINESS - DISPOSAL
Maritime Capital was asked to aid in the disposal of a c£12m multi site AGC business. Due to our knowledge of the gambling industry as well as legal understanding and business profiling, we were able to manage the many moving parts in the disposal, advising consultants on specific tasks and negotiations, and dealing with the purchaser directly.
6.
FINANCE
NORTH LONDON RESIDENTIAL PORTFOLIO - BANKING ADVISE
The north London family unfortunately fell into a difficult relationships with a high street bank, through the selling of Swap deals. Consequently the c£60m portfolio of London residential properties required a financial restructure with an alternative lender. Through a lengthly due diligence process and an integration of a new analytical management system the portfolio was successfully placed with an alternative lender. We also managed to successfully argue down their Swap debt liability by
75%.
LONDON RESIDENTIAL PORTFOLIO - BANKING & PLANNING ADVICE
Instructed by a private investor to aid in the refinancing process of his residential portfolio; we were tasked with resolving several planning issues as well as introducing a new lending partner. Over the course of several months, the planning issues were resolved along with restructuring the portfolio’s £20m debt with RBS.
