CHURCHILL BUSINESS PARK TO BECOME A DEAL GREENER


August 13, 2014

Office News

FHP have recently concluded the letting of the 3,500ft² former Service Point premises on Churchill Business Park in Colwick.  The premises was being marketed on an assignment or sublease on behalf of Service Point following the company being brought out by John E Wright some 18 months ago. 

The premises has been let to A Deal Greener Limited, a local company relocating from The Lace Market who specialise in providing energy efficiency savings through their green installation services.

Mark Tomlinson of FHP Property Consultants who concluded the letting commented: –

“We were marketing the premises on an assignment or sublease but eventually given A Deal Greener’s requirements for greater security on lease terms going forwards, we agreed a new lease with the head landlord to give the new tenant greater autonomy. 

The unit provided 50% offices and 50% ancillary and storage accommodation, which is a rare split of accommodation.  As it happened it suited A Deal Greener perfectly given their high office requirement but also the need for onsite storage.

We are finding that the cost involved in installing office content within a more traditional industrial unit can be very onerous given the current building regulations and therefore this was a very good option for the tenant despite the rent being higher.

This letting follows the letting of Unit 11 Churchill Park in 2013 and we have also recently agreed a sale of Unit 13 Churchill Business Park which will mean that we no longer have any availability on the site for the first time in a long time.

More generally I can see that void periods on office buildings are decreasing and although Landlord’s still have to be competitive on rents, the outlook is somewhat more rosy given the general lack of good quality supply in the market as a whole.  Activity among prospective tenants has not necessarily increased over the last 2 years but certainly the steady take up of supply is putting landlords in a better position going forwards.” 

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