NG is the Real Deal as it Lets 32,000 Sq Ft Office Space in Q3
16th October 2013
Despite challenging market conditions in the office market across the East Midlands, NG Chartered Surveyors is bucking the trend by letting or selling over 32,000 sq ft of space in the third quarter of 2013.
According to Director Jonathon Seddon, NG has, “been getting deals over the line despite tough conditions in the office market by listening carefully to occupiers requirements and then matching them to the appropriate office stock.”
The first of string of deals came at Chase Park, Colwick where Henry Henson has let a 4,000 sq ft, refurbished two-storey office building to Party Expert Brands Limited. Henry says: “The client was keen to secure a tenant as quickly as possible in order to mitigate the holding costs, so rather than a more traditional approach whereby a tenant receives an initial rent free period before paying a higher rental, we recommended that the property was marketed at a low annual rent from Day One. The rationale being that many businesses are reluctant to tie themselves into long, expensive contracts. This entirely suited Party Brands who were able to upsize and upgrade their accommodation without a substantial increase in their costs.”
At Abbeyfield Court, Lenton just off the A52 Nottingham ring road, NG’s Sunny Landa has let a 5,000 sq ft Grade A Office Suite to the Circle Partnership, which runs the Diagnostics Centre at the Queen’s Medical Centre.
Abbeyfield Court comprises a 33,000 sq ft Grade A headquarters building. Sunny says: “This was a particularly satisfying deal as it came about following a change of emphasis in the marketing, whereby we promoted individual suites within the building given there isn’t a great deal of competing space in this size bracket at the moment.”
Meanwhile, Care Training has taken a 5,400 sq ft office at Priory Court in Nottingham in a deal brokered by NG’s Jonathon Seddon.
Jonathan says: “The distinguishing characteristic of this building is that it has a superb amount of parking relative to its size; a major plus when it is situated just outside of the Workplace Parking Levy Zone. Care Training were looking for highly accessible offices with lots of parking, so it was a perfect fit.
In addition to these deals, NG has been busy letting a further 18,000 sq ft of offices on the motorway corridor at Sherwood Park and in the Lace Market, taking their combined office lettings in Q3 to an impressive 32,400 sq ft.
Jonathon added: “The marketplace for office lettings in the East Midlands remains tough, so we have to be imaginative with every deal we put together. As a single office Practice nothing comes to us by default. We can’t afford to be complacent and so we work extremely hard to land every deal. It’s a highly satisfying job, we are not only representing our clients best interests by filling their empty buildings ,but it’s also rewarding to know that we’re doing our bit to help the ingoing occupiers business flourish and grow.”