Background
We assisted our client, a property, investment and development company, in acquiring this industrial property which expanded to circa 50,000 sqft on a site of 4 acres. The site had been occupied by a single tenant with much of the industrial space having been converted to facilitate a call centre.
Case Study
Parkinson Real Estate, after assisting in the acquisition, provided the client with advice in respect of refurbishment of the space and the site including agency advice as to how the site could be split and potential returns that could be achieved. During the refurbishment Parkinson Real Estate began to market the space and continued to provide advice in relation to configuration and fit out and following completion of the works Parkinson Real Estate achieved a single let of the main warehouse facility extending to circa 40,000 sqft and then subsequently achieved lettings on the former administration block adjoining the warehouse, a workshop benefiting yard space just under 0.5 acre and a further self-contained yard extending to just under 1 acre. During the marketing process Parkinson Real Estate management team were brought in to establish a management strategy for the site including implementation of an estate charge for general estate maintenance and common areas, health and safety matters, asset management strategy and property management role.
Parkinson Real Estate’s role included the following service provision:
- Advice in relation to acquisition of the site.
- Strategic advice to the asset following purchase
- Agency advice relating to reconfiguration and likely returns achievable
- Project management role in relation to elements of the building work during reconfiguration
- Full marketing strategy to identify tenants
- Negotiation of terms and completion of lettings
- Implementation of estate charge management
- Implementation of full property management role
- Business rates management during reconfiguration and refurbishment works
- Lease advice and asset management advice during the whole process
Date of Case Study
Commenced 2020 and ongoing asset management instruction as of June 2023
Departments Active Throughout the Instruction
Property agency department, Property management department, Business rates advisory department
If you are seeking agency or property management advice throughout the Lancashire region, please contact Dan Crawshaw or Danny Shepherd on 01942 741800
