The Brief
Client and location: 38 Front Street, Arnold, Nottinghamshire. Managed on behalf of an offshore private trust client based in Jersey
Sector: Property & Asset Management
Service provided: Property & Asset Management: Property Management, Agency & Development: Lettings, Building Consultancy: Tenant Alterations
Challenge: The client required comprehensive services to manage the property, secure a new tenant, and facilitate necessary refurbishment and capital works to ensure the property met the client and tenant’s needs for the longer term.
The approach
Innes England offered a fully integrated approach, combining expertise in Property & Asset Management, Agency & Development, and Building Consultancy services.
● Property & Asset Management: Managed the property over the years, ensuring its upkeep and addressing all management needs, including dealing with vacancy issues.
● Agency & Development: Successfully secured Greggs Plc as the new tenant, agreeing on a 10-year lease with no breaks, commencing in June 2024.
● Building Consultancy: Developed and agreed upon a schedule of landlord’s refurbishment and capital works in collaboration with Greggs’ building surveyor. This schedule detailed all necessary updates and improvements to align with Greggs’ high standards and branding requirements. Once a legal agreement was reached, the Innes England team oversaw the refurbishment and capital works, as Greggs conducted a full fit-out of the store.
The Results
Successful Letting: The property was successfully let to Greggs Plc under a 10-year lease with no breaks, securing a long-term, stable tenant for the offshore private trust.
Enhanced Asset Value and Income Stream: The strategic asset management approach not only secured a long term, stable tenant in Greggs Plc, but also created an opportunity to increase the property’s capital value and rental income stream, ensuring financial growth and stability for the long term.
Refurbishment and Fit-Out: The landlord’s refurbishment and capital works, meticulously planned and executed, facilitated a seamless transition for Greggs to fit out the store to their specifications, resulting in a high-quality retail space.
Seamless Integration of Services: The collaboration between different departments within Innes England provided a holistic service that added value at every stage of the property’s lifecycle.
Conclusion
The case study of 38 Front Street, Arnold, highlights Innes England’s ability to deliver a comprehensive range of property services, seamlessly integrating Building Consultancy, Property & Asset Management, and Agency and Development. Their approach not only resolved the immediate challenge of securing a tenant for a vacant property, but also ensured that the property met modern standards and tenant specifications. This project showcases Innes England’s expertise in managing and enhancing retail properties, providing long-term value to clients and tenants alike.
“Our team was dedicated to providing a hassle-free solution, managing all aspects of the property’s needs from securing a new tenant to overseeing the refurbishment works. We are delighted to have facilitated this successful tenancy with Greggs.”
Gary Woodward, Head of Property & Asset Management