Coffey

Reading Office Disposal

The Challenge

Coffey International Ltd had leased a 3,700 sq.ft office suite in County House in central Reading. However following a reorganisation of the firm the space was surplus to requirements. Coffey therefore wished to sub-let or assign the space to another occupier. Unfortunately the market was very subdued which meant the prospects of success were low, furthermore the Landlord was marketing similar space of their own in the same building.

The Solution

Campbell Gordon were appointed as letting agents. They worked with Coffey to agree a strategy that took acount of the market conditions, and spell it out to the market. This included a marketing drive to maximize the building's profile, including listing the property on the Campbell Gordon website. A firm of solicitors, Clifton Ingram, spotted the building online because of its prominent Google listing and entered into confidential off-market negotiations.

The Result

Coffey & Clifton Ingram agreed terms and after further legal negotiations the lease was completed. Coffey substantially reduced their overheads, and Clifton Ingram secured a high quality office on competitive terms.

'This deal was a bit of a slog. Once we had agreed terms with Clifton Ingram, getting Landlord's consent took a very long time. We were worried Clifton Ingram would lose patience and go elsewhere, or even into the Landlord's space. But Campbell Gordon kept the deal on track and did a good job maintaining the relationship with all the parties. I think Campbell Gordon's first class online marketing contributed significantly to being able to get this deal away.'

Charles Duff - Chief Operating Officer EME, Coffey

 

More Commercial Real Estate Agency/Disposal case studies:
Newbury office underletting: Guildgate House
Reading office / industrial sale: Foundation House
Reading, Green Park: Rebranding