Leading commercial building, project and sustainability consultancy Jones Hargreaves has reported a 73% revenue increase in Q1 compared to the same period last year as the firm continues to grow its team and widen its services.
The national consultancy firm, which has offices in Leeds, Manchester, Cardiff, Bristol and London, has also seen a 60% uplift in client instructions across its regions between January-March 2023 when compared to Q1 2022. Logistics project work has had a particularly buoyant start to the year, with investors re-prioritising assets.
Jones Hargreaves was established in 2009 by Matthew Jones and Peter Hargreaves and have since been joined by partners Matt Williams and Nick Twigg. The firm’s services include building consultancy, sustainability consultancy, MEP and project management.
Earlier this year Jones Hargreaves opened offices in Manchester and Bristol and made a raft of senior hires to meet demand. This followed on from the expansion of its dedicated sustainability team during 2022; with Huw Davies appointed as Head of ESG to lead this arm of the business.
In Leeds, the team have led refurbishments at Park Row House, Victoria Wharf and are working on 3 Embankment for retained client, Adapt Real Estate. Their long term Ironworks project for PfP Igloo is due to achieve Practical Completion during Q2. Last year also saw completion of a new headquarters for XR Games at Roundhouse Business Park.
Matthew Jones, partner at Jones Hargreaves, said: “There’s tenant demand for both logistics and office space, but until recently there has been a shortage of assets. The start of 2023 has seen a resurgence in activity as prices started to flatten and confidence began to recover; prompting a year-on-year uplift in demand for our services.
“We continue to see the commercial property market proving resilient in the face of economic headwinds with a notable uptick in industrial and logistics transactions where market sentiment appears to have solidified following a turbulent period. We have been delighted to provide timely technical due diligence services to assist our clients with multiple national acquisitions.
“It has been a strong and busy start to 2023 for us as we bolster our teams and regions to deliver high quality work. Logistics has performed well and so have sustainability projects across our client portfolios. We will continue to remain close to the market to understand and prepare clients for the inevitable fluctuations in the economy, helping them to make decisions based on solid advice which will ultimately allow them to realise expected values of their commercial properties.”
In London, the team has concluded a large multi-asset technical due diligence package to assist a retained client with a substantial refinancing exercise whilst also responding to similar individual requirements for institutional investors. The team has also completed a number of successful dilapidations settlements across industrial assets with a view to completing landlords works to secure relettings as part of a successful asset management process.
In Manchester, the team has recently completed the 22,000 sq ft Gilbanks Manchester office fit-out as well as the £1m refurbishment of 42 Fountain Street. The £600,000 refurbishment of Unit 2 Centenary Park, on behalf of the Duchy of Lancaster, is also nearing completion
In Cardiff, the team has led the refurbishment of a 28,000 sq ft industrial unit on Rassau Industrial Estate, Ebbw Vale for Mileway Real Estate limited. Jones Hargreaves’ involvement included design, specification and full contract administration duties as well as performing the role of Principal Designer for the project.
In Bristol, the Jones Hargreaves team is currently leading the refurbishment of a circa 36,000 sq ft office in north Bristol, which is being completed to BREEAM Excellent standards. The team has also provided technical due diligence services to a national institutional client in respect of a complex office disposal of over 100,000 sq ft.
Jones Hargreaves’ clients include Columbia Threadneedle, London and Scottish Property, LXi REIT, Abrdn, Duchy of Lancaster and Mileway.
