Centrix House was a 10,000 sq.ft secondary office building in Newbury town centre which had been vacated by the tenant. Thames Properties wished to maximise the value from the asset. Their options included refurbishment and reletting, redevelopment or sale for residential conversion.
Campbell Gordon advised on the market and the available returns, including in relation to a sale for residential conversion under Permitted Development Rights. They advised on the best method and strategy for the sale, including offering the car park as a separate lot in order to ensure that full value was extracted from all parts of the asset.
During the sale process there were a number of challenging events, which were predicted by Campbell Gordon and through which they provided important guidance and direction. Ultimately Campbell Gordon secured a sale in accordance with their ambitious prediction.
We were really pleased with the service we received from Campbell Gordon. They were spot on with their commercial advice right the way through and they were persistent and committed until we got over the line.
Simon Fruchter Principal, Thames Properties
Aberdeen Asset Management owned this 14,000 sq.ft secondary office in Wokingham. The occupier had decided to vacate and so the Fund instructed Campbell Gordon to assess the office letting prospects and alternative disposal strategies, including residential conversion through Permitted Development.
Campbell Gordon assessed the market and showed that the letting prospects were poor, but that the demand from developers for conversion would be strong. The firm undertook a controlled disposal campaign to the right target audience in order to achieve the very best outcome.
The building was sold to a developer for residential conversion at a price significantly in excess of the benchmarked minimum value required.
I have worked with Campbell Gordon for many years, so I knew they understood this market well. They carried out a number of key tasks for us including an office letting campaign, planning support and ultimately the sale for residential conversion. We were delighted with the outcome and price achieved.
Matthew Cunliffe Fund Manager