Xhas now been added to your account
CONTINUE BROWSINGGO TO MY ACCOUNT
Industrial/Warehouse News
Property consultants FHP who have just been awarded the EGI most active agents in Derby and Derbyshire are able to announce the letting of unit A1 Cranmer Road to Europcar, who are one of Europe’s largest car rental services companies. The letting at West Meadows Industrial Estate is the first letting on the estate since property consultants FHP recommended to the landlord, London & Cambridge Properties to refurbish the vacant units in order to increase their likelihood of attracting tenants.
The refurbished units that are located on Cranmer Road off Pentagon Island have only just been completed and interest in the units has increase by a vast amount. Within a matter of weeks of the work being completed FHP have been able to announce this deal to Europcar as they recently moved from their current premises on Beckett Street. FHP hope to be announcing the completion of other deal on both A2 and A3 Cranmer Road in the not too distant future as terms have been agreed. This will leave only three units left on the increasingly popular trade estate.
George Dunnicliff of FHP property consultants commented:
“This is the type of letting that makes our jobs worthwhile. The Estate is well known and is sat in a prominent position off one of the main arterial routes to Derby so our clients could not understand why they had not been obtaining the levels of interest that the estate deserved.
Our advice all along had been to carry out a high calibre refurbishment to the space to make sure that it presented itself in the best light possible. We were convinced that it was purely the presentation of the space that was putting people off committing to the space. It took some time to convince them that this was the right move to make.
In a time where natural instincts tell you to be cautious and conserve money it was something of a leap of faith for our clients to carry out this work. Thankfully they have listened and the decision seems to have been vindicated with this letting and we are experiencing an upturn in interest at the moment.
Attracting a tenant of the calibre of Europcar should also help us secure further interest in the remaining units as they are bound to lift the whole estate.”
George continued to explain:
“This is a trend we are seeing throughout the market in every sector across the East Midlands. Properties that are brought to the market that present well are letting or being sold. In a market place full of uncertainty and low levels of demand the companies that are moving are looking to get the best possible return for their rent. Over and above this a building that presents badly gives potential tenants the impression that the building has not been looked after in the past and may lead to on-going repair issues and costs in the future for the a new tenant. Low levels of demand mean the market in general is dominated by the tenant so it really is a case of not giving a potential occupier a reason to look at other stock.
In many cases such as at Cranmer Road it is often the case that when you look at the expenditure on the refurbishment upfront it is often a lot less than the holding costs of a building and we can help here as well whilst it is empty. It is just a matter of having faith that the money is being spent in the right way and the right areas.
In some instances the work does not have to be extensive as the appeal of a unit can be transformed as easily as painting the floor and walls, ensuring the space is completely cleaned throughout and all the lighting and heating are working.
In other sectors this is evident on offices such as Pentagon House owned by Loxden Developments where they carried out a first class refurbishment of the space and within a matter of months were able to attract a tenant of the quality of Balfour Beatty and when you think they had their pick of offices throughout much of the East Midlands they were drawn here by a mixture of its location and high presentation.
The way I like to explain it is to think about when you sell your house you would always want it looking its best for potential purchasers and a commercial property should be no different.
If your property has stuck on the market for some time whilst it could be a number of different factors that affect its performance but a lot of the time it will be down to its presentation which not only translates on viewings with potential tenants but also on the marketing material that an agent can use.
If you would like any advice on how to increase the marketability of your property then I would be more than happy to come and meet with you.”