Mayfield have been working closely with the client to set up and manage a service charge budget that will allow the required level of works to be undertaken, in accordance with complex lease agreements.
Through regular interaction, Mayfield are also working with all parties involved to include contractors, project managers and occupiers, thus ensuring a co-ordinated approach and minimum disruption to tenants, who are to remain in-situ.
Options for enhancing the offer within the office park are further being reviewed by Mayfield to include the introduction of a café operator.
The project team have been assembled and works are in the process of being tendered with a view to completing over the next 12 months.
Mayfield are excited at the opportunity to work with the client on an active asset management instruction that presents a range of value add opportunities, which will ensure the building is primed to meet the demands of an ever changing market.
188,000 sq ft
||Circa £ 5,000,000/per annum
||Active Management Instruction
Instructed on a full property management basis, Mayfield are working closely with the client and their professional teams on a £3.5m programme of works to be undertaken at one of Aberdeen’s first office parks, occupied by high profile tenants.
Located in a competitive office market, Seafield House is a multi-let building occupied by some of the oil and gas industries’ key players.
The building is dated, having been constructed in the early 1980’s, with original installations and features now requiring refurbishment. The occupational agreements, due to expire over the course of the next few years are also structured such that cost recoverability is not uniform, hence the service charge has to be meticulously managed.
The challenge therefore is to undertake a programme of works, bringing the building in line with current occupier needs whilst keeping operational costs competitive to ensure future occupational requirements can also be met.
The initial remit is to invest in the building through refurbishment of the common parts, plant and external elements, thereby allowing it to be pitched at the right level in retaining and also attracting the best occupiers, through negotiating leases, re-gears and driving a successful re-letting campaign. The challenge thereafter is to ensure that the building PPM is managed effectively, ensuring maximum recovery of costs but maintaining an economical cost per square foot.