Investra own this secondary office building in Reading. The tenant was due to vacate and it appeared the prospects of finding another tenant were slim.
Campbell Gordon were appointed to interrogate and report on the office market. It was clear that there would be no viable demand to support the continued use of this property as an office building. Their assessment was documented in a report which was used as part of the planning application process to seek permission for a wholesale residential redevelopment.
Campbell Gordon were able to show that there was no demand for offices in this location which supported the planning application for new build residential apartments. Planning consent was granted for 56 units in March 2017.
Campbell Gordon are recognised as the 'go to' office specialists in Reading. I wanted to understand our options with this asset, ie whether to refurb for continued office use or redevelop into a residential scheme. They gave very valuable market and development advice that aided our assessment and planning strategy and I would certainly use them again if I required similar advice in the future.
Gerald Bishop Investment & Development Manager, Investra
Mabey Group had a number of property assets that were considered non-core following a strategic review, and were therefore surplus to requirement. These included property in Twyford, Walsall, Stratford upon Avon, St Albans and South Wales. The Group owned two properties in South Wales, including a 360,000 sq.ft industrial unit in Chepstow.
Campbell Gordon provided advice and asset management services in relation to the disposal of these properties. This included disposal method, transactional and commercial strategies and appointment of suitable consultants.
Campbell Gordon oversaw the disposal of these assets, including the large industrial unit in Chepstow, delivering returns in excess of the targeted values.
I first used Campbell Gordon to advise on the sale of an office property with development land in Twyford. They provided a great level of service and good quality advice. Following this positive experience I have used their services to advise on a range of projects across the UK, from Liverpool to Wales. If we have a property where we need to get under the skin of its real long term value in investment or development terms, or where we need brokerage advice and services, I know that I can get in touch with Campbell Gordon and they will react quickly and get me the answers I need. I was particularly pleased with the disposal of our large factory site in Chepstow, it was a high value but unusual asset. It required sensitive handling, whilst remaining commercially robust, which Campbell Gordon achieved.
Kate Beauchamp Group Chief Legal Officer
Aviva owned Theale Commercial Estate, a 20 year old industrial estate on the outskirts of Reading. The value of the estate had been falling, this was in part because most of the units were in a poor condition and also because the unexpired terms of the let units were diminishing.
Campbell Gordon were appointed to work with Aviva to maximise the value of the estate. They worked with the tenants to regear the leases and refurbish the units to a high standard.
New leases are now in place with 7 tenants, with 8 units having been refurbished and 5 due to be refurbished. As a result there has been a substantial increase in the value of the estate, enhancing performance for the fund.
We have used Campbell Gordon for many years to help maximise value in our industrial and office holdings in the Thames Valley. They offer a depth of knowledge about the dynamics of local occupier markets and bring tenacity and attention to detail to negotiations. Their advice is pragmatic and tailored to understand the investment management requirements of pension fund clients.
Richard Peacock Assistant Fund Manager, Aviva Investors