Beating expectations in town centre office market

28th September 2017

Michael Jones Commercial secures long-term success in a traditionally challenging area of the market - town centre office lettings. The commercial team were able to advise on solutions for three office buildings totalling 30,000 sq ft, achieving robust rents and long-term leases.

Case study 1: Ridgeworth House

Ridgeworth House, Worthing

Brief: Instructed to let a fully vacant 4-storey office building totalling 20,000 sq ft. Landlord faced with a significant void period in rent.

Solution: Michael Jones advised the landlord that due to current industry conditions the easiest route to market was to let as individual floors and specifically market the building on its comparable rents to higher office prices in nearby Brighton and Chichester. 

Result: We secured three new tenants (NHS, Bluecrest Healthcare and Bond International Software UK) all within a 12-month period. 10-year leases and rents of £12 per sq ft were achieved to ensure a robust income and investment for the landlord. 

Managing Agent Peter Rawling commented: "I was very impressed with the speed and focus with which the Michael Jones team dealt with everything – I expected it to take two years to have every space let out, yet they achieved it in under twelve months."

Case study 2: Chatsworth House

Chatsworth House, Worthing

Brief: To let three office suites (totalling 3,700 sq ft) within a building notoriously known for being challenging to let.

Solution: To provide an 18-month plan of ongoing refurbishment to include improvements to both entrance hall and the vacant internal office space.

Result: Following the renovation works Recovery & Insolvency Ltd, Oasis Empire Ltd and Chambers Media have all moved in. The office space is now more desirable for future tenants and yielding higher rental growth. 

Chatsworth House Limited commented: "This was a long-term investment and the commercial team at Michael Jones worked diligently to get the best results possible – it was certainly a challenge, but they surpassed our expectations!"

 

Our commercial team are here to adapt to your requirements in response to the current market conditions, enabling long-term success of your property investment. 

So, if you have any questions or would like to talk to us regarding your commercial property investment, please contact one of our team personally using the details below:

 

Steve Berrett     Jon Justice     Mikael Goldsmith  

Steve Berrett

Commercial Director

01903 201 212

SteveBerrett@michaeljones.co.uk

   

Jon Justice

Commercial Assistant Manager

01903 201 212

JonJustice@michaeljones.co.uk

   

Mikael Goldsmith

Commercial Negotiator

01903 201 212

MikaelGoldsmith@michaeljones.co.uk

 

Tags:

Commercial

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