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The expertise of the Garness Jones commercial property team has seen a prominent city centre office complex in Hull once again become fully occupied, securing a sale to a new investor owner.
Freetown Court, which sits in a highly-visible location in Freetown Way, was reduced to just one tenant shortly after being placed on the market, as two tenants lease terms came to an end and they opted not to renew.
It was a situation which could have scuppered plans for the vendor to achieve a sale, with large areas of the office space potentially unoccupied, and therefore not offering guaranteed rental income and return to any purchaser.
Market insight and knowledge was key
Our team at Garness Jones firstly addressed the uncertainty by negotiating a new 15-year lease with tenants Den-Call Limited, which is based in two of the four office suites.
And, thanks to our insight into the local market, we were able to introduce another local business, which we knew was seeking potential new office space in the city, to the benefits offered at Freetown Court.
They agreed to commit to moving into the building following its successful sale, taking the remaining two suites.
“Here we have supported a business which was having to vacate its current offices to find an ideal new home, a vendor in securing a sale of their property in challenging circumstances, and an investor in buying an office complex which is going to be fully let, offering excellent long-term returns,” said Paul White, director of Garness Jones.
“The vendor had to trust our knowledge and expertise given two of the three tenants opted not to renew their leases shortly after we were instructed to find a buyer, leaving two of four office suites empty.
“We were confident that we could attract new tenants as the office market is strong at present, and it is a quality complex, in a great location, with plenty of parking, which had been well maintained and refurbished.
“The key to getting this end result for all parties was remaining in contact at all times with the seller and the potential buyer, and being completely transparent with all as to what was happening and why.
“Both the vendor and investor were happy with that process and in the end we reached an outcome which suited all.”
Management duties now taken on
The new owner has now instructed Garness Jones to provide dedicated commercial property management services at Freetown Court.
This will include service charge management, professional services including lease and rent management, the overseeing of compliance and maintenance, and managing the day-to-day tenant requirements.
Associate Director Zoe Clarvis said: “We’re delighted to be working for the new owner of Freetown Court to provide effective commercial property management moving forward.
“Our work will be dedicated to ensuring the owner gets maximum benefit from their investment, whilst of course ensuring we support tenants to get the best from the building at all times.”
