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Prime City Centre Multi-let Office Investment This prime City Centre office investment was acquired fully let yet only 40% of it was actually occupied. The majority of the accommodation was in poor condition and unlikely to be assigned or sub-let. Many leases had outstanding rent reviews. Tasks involved the negotiation of the simultaneous surrender and re-letting of two floors to high quality covenants, creating a circa 40% rental uplift. Planning and Listed Building consent was achieved for change of use from B1 to A1/A3 and A2 to A3 at ground floor level improving the value of the ground floor element. Terms for a 25 year lease of the ground floor to a restaurant occupier we agreed. As part of the repositioning of the asset we managed the rolling refurbishment of the office accommodation and entire common parts. The repositioning enhanced the rent roll and showed a capital value uplift of 23%, achieved through surrender and re-letting. The investment profile was enhanced through comprehensive refurbishment and change of use at ground floor level.
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Industrial/Production Warehouse We are appointed to actively asset manage this property. The build is part let to Maxell Europe as a production facility. Our role is to lease vacant space of circa 90,000 sq ft and achieve holding cost savings. The accommodation comprises a mix of production, high bay warehousing and circa 15,000 sq ft of offices. We have achieved empty rates exemptions over all vacant areas as well as office lettings. The warehousing space is suitable for a mix of uses namely, production and assembly, storage and data warehousing. Our role has required us to appoint and manage the leasing agency team, coordinate marketing of the vacant space and negotiate deals with occupiers.
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Industrial/Business Park Scheme Development management of a phased 12 acre industrial/office scheme. This involved the freehold and leasehold disposal of 40,000 sq ft of industrial accommodation. The principal activities involved leasehold design and build (D&B) of 20,000 sq ft distribution unit; the negotiation of a 100,000 sq ft warehouse D&B scheme and a 40,000 sq ft freehold office D&B scheme; negotiation with the local authority on change of use from B2/B8 to C2 use and the coordination of freehold and leasehold marketing strategy with management of the appointed agency teams. This job required sourcing pre-let & pre-sale opportunities along with successful negotiation of D&B projects with major occupiers and the successful management of agency teams.
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Reducing the cost of holding vacant assets through short term leasing The 2008 changes in business rates legislation has increased the cost to property owners of holding vacant assets. We have been actively involved in provided clients with short-term occupiers on storage licences allowing them to gain the benefit of statutory exemption periods. Achieving exemptions not only reduces the landlord’s vacant property holding costs; it allows time to market the asset for lease/sale.
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