With the East Midlands commercial property market continuing to progress, not only are we now seeing an increase in the number of parties looking to take space but we are also seeing an increase in the speed with which transactions are being agreed.
The recent letting by Tim Gilbertson of FHP of premises at Town Street in Sandiacre exemplifies this and shows the ongoing progression of the market.
Instructed by a London based property company, this property had stood empty on the market for some time. However, after providing clients with the right advice to refurbish the premises, a letting was agreed and completed simultaneous to completion of the refurbishment works showing the speed with which transactions are now being agreed and how, as has always been the case, perfect presentation is essential.
Tim Gilbertson commented:
“When asked to market this building my first reaction was that it would be well received in the market given the lack of space of a comparative size throughout Nottinghamshire and Derbyshire but only if refurbished.
The building presented extremely poorly and needed not only upgrade and refurbishment but also simplification to provide clear working space and well proportioned and presented offices.
Clearly, whilst there was a substantial cost for the refurbishment works proposed, these were far outweighed by the impact that empty rates had had on the building for standing empty for such a period of time and therefore it was essential to put together a strategy which would see quick occupation and provide not only income but also prevent the further impact of empty rates liability.
I was delighted therefore that our clients followed my refurbishment advice and I could then agree terms and instruct solicitors during the early stage of the refurbishment process with the deal completing simultaneous to completion of the refurbishment.
The deal concluded sees locally based company, Hydroscand Limited moving to larger premises to satisfy their growing order book and a letting to an expanding local company seems apposite given the background of this building.”
Hydroscand’s UK Director, James Richards, commented:
“We are delighted to have completed on the property which shall serve as our distribution centre for our Hydraulic Service Centres across the UK and Ireland as well as offering a first class service to our growing external customer base. Along with our HQ functions, we shall be proud to open a showroom at the site in the coming months to showcase our quality products and extensive hydraulic machinery range.”
