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Case Study - Commercial Property - Leasing

Case Study - Commercial Property - Leasing

Published on Wednesday, 01 August 2007

Ref: EK/1/8’07           Eamon Kennedy – Partner Kirkby & Diamond

Objective
The client purchased a vacant office building comprising 31,187 sq ft of office space arranged over four floors within Luton Town Centre. Kirkby and Diamond were appointed as letting agents to find tenants.

Strategy
Kirkby and Diamond to market the property by providing as much exposure throughout the local, regional and national office market.

Implementation
Kirkby and Diamond produced a marketing brochure which was distributed to surveyors and agents within Hertfordshire, Bedfordshire, and Buckinghamshire along with London office agents in order to attract as much interest as possible. Advertising was also undertaken within local business publications in order to attract interest. The property was marketed on the Kirkby and Diamond web site along with the Estates Gazette web site. The aim was to give the property as much exposure as possible in order to attract good levels of interest.

Kirkby and Diamond also carried out their own market investigations identifying companies looking to move premises within the Luton market and contacting them directly to advise of the client premises.This in fact led to one of the larger lettings being achieved.

The Result
Kirkby and Diamond were able to provide comprehensive knowledge of the office market within central Luton, in order to advise the client of the best strategy in order to find tenants. Direct contact with companies that operate within Luton that would consider relocating to the clients building on a new letting agreement.

Kirkby and Diamond were also able to provide additional services such as building surveying reports, disability and discrimination and health and safety advice, along with advice on the level of service charge that would need to be charged to lower the landlord's costs.

The client was satisfied that they could rely on Kirkby and Diamond to deal with all matters relating to the property within one team, rather than dealing with a number of external parties.

The building is now fully let with many prestigious companies in occupation. Leases on the building vary from 5 to 10 years with upward only rent reviews.

With the tenants in place there has been significant interest for the property from investors. The clients do not wish to sell. With the help of Kirkby and Diamond advising the landlord on both agency and landlord and tenants matters, they have potentially doubled the value of their investment within 24 months.