This multi let office building totalling 130,000 sq ft was purchased by a client at Auction. Being located within an insular and competitive office environment, the asset on purchase had a high void rate of over 60%. On receipt of instructions to manage the asset, the dedicated team of property managers focused on reducing landlord holding costs, including rates mitigation strategies and reduction of the service charge by over £4 per sq ft. In tandem with this the team sought to maintain the overall performance and appeal of the site to potential occupiers through a range of strategies including on site café provision, additional occupier services and creating a more functional and vibrant office environment.
Within 18 months of instruction the site was 100% let to eight occupiers of a high covenant and respected standing. Work has since also been completed by the team to re gear some of the leases through removal of break options to produce a high income producing asset with an extended WAULT. Our management service of this asset continues with the team focusing on value for money and enhanced services for the occupiers on site in the competitive Telford office market.