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Case Studies Friars Bridge Court Now fully let

 
Friars Bridge Court Right 1
Friars Bridge Court Left

Reception Refurbishment

Taking into consideration the importance of first impressions on prospective tenants, Mayfield also engaged the assistance of a design and build contractor and co-ordinated the refurbishment of the reception area in 2012.

The tenants were kept fully appraised of the proposals and the work was carried out in such a manner as to ensure uninterrupted access to the building.

The result was a light and modern entrance accomplished within a very competitive budget and which met with the approval of both the tenants and the client alike.

In September 2013 the final piece of office space in the building was let.

Outcome

By working with all the relevant professionals, driving the process and taking into account occupier need, market conditions and the funds available, Mayfield have been key in the successful re-letting of this property.

Both our client and the lending bank were delighted with the outcome at Friars Bridge Court.

Ultimately it was a team effort that led to the successful conclusion of the project.

Thanks therefore goes to:

-          Letting Agents – Savills and Cushman and Wakefield

-          Project manager – Cadis Building Consultancy

-          Engineers – Bilfinger HSG Facility Management Ltd

-          Reception Refurbishment Contractor - Axis

Name Friars Bridge Court
Location London
Property Type Office
Available Space 44,000 sq ft
Date March 2011
Location Blackfriars Road, London
Description

Mayfield played an integral role in the management of a re-letting campaign for one of our key clients, following expiry of a head lease in March 2011 on a 100,000 sq. ft. office building in Southwark. As a result the building is now fully let.

 

The Challenge

The property was 20 years old and had been let to a single tenant, who in turn had sub-let the entire building to a number of tenants.

The majority of sub-tenants left at the same time as the head lease expired, leaving a vacancy rate of over 50% on grade B office accommodation.

 

Client Brief

The client brief was to re-let the space as quickly as possible, maintaining a flexible approach at competitive rents, whilst working within the remit of a very tight capex budget.

A professional team was quickly assembled to include agents and engineers and a determined re-letting campaign commenced.

 

Re-letting

Potential occupiers could take multiple floors, single floors or part floors.

Rental levels were pitched to be competitive, but the building was not to be undersold.

Incentives were kept as tight as possible and were adaptable to tenants requirements – a tenant could have a rent free (spread where we could achieve this), a capital contribution to fit out, and an upgraded heating and cooling system. If the tenant wanted the landlord to carry out the refurbishment, this was also an option.

Mayfield worked closely with the prospective tenants and their advisors to ensure swift occupation was possible.  Tight deadlines were the norm where tenants had given or had been given notice on their existing space elsewhere.

On a number of projects we even had tenant and landlord contractors working in tandem to achieve delivery of space.