Winwick Quay LLP advised by Riddelltps acquired Winwick Quay Business Park in February 2008 from the AXA Sun Life Property Fund. In their time of ownership, there had been negligible investment in the Park which comprises Chetham Court, Colville Court and Cameron Court.
Riddelltps identified that this estate although dilapidated and with a high void rate was very well located and offered significant asset management angles that could improve the value of the estate along with securing new lettings to the vacant units.
Riddelltps was retained to cover all aspects of the Parks progress including Day to Day Management, Asset Management and as letting agents.
Since acquisition, over £2m has been spent on:
- Internal refurbishment to all vacant units
- Improvements to landscaping
- New entrance signage and Unit numbering
- External Redecoration to all buildings
- CCTV and Security have been improved by installing extra cameras including number plate recognition cameras on each entrance.
All these works were managed by Riddelltps. To see some of the major changes please download this document.
As a result of Riddelltps’s proactive marketing of the Park, over 170,000sqft of space has been let or re-let since acquisition in 26 separate deals.
On acquisition there were 8 vacant units on Cameron Court & 5 vacant units on Colville Court.
Cameron Court is now fully let and Colville Court has only one vacant unit.
Riddelltps identified the lack of contact between the previous client, its managing agents and the tenants. Riddelltps identified this from the outset as a major problem and has since then had a direct contact with every tenant on the estate on a regular basis. This closer understanding and hands on management has helped tailor various maintenance jobs to tenants requirements. This close relationship also helps when discussing with tenants about their business and space requirements and has led to a number of tenants renewing their leases and most taking more additional space.
We hope that tenants will thrive in our outstanding location and will expand within our Business Park when the need arises, even if they are only part way through their lease. A number of our tenants have done this to date and have expanded their units part way through their leases to facilitate business growth.
Through the intensive hands on asset management by Riddelltps, the park now has over 34% of its income secured for more than 9 years and has over 50% of its income secured over 9 years if break options are ignored. Various headline rent reviews have also been settled by our in house rent review specialist.
Riddelltps also managed a planning process where a planning application was approved in December 09 for a further 70,000 sqft of new B1-B8 uses which will be developed out over both Colville and Cameron Court’s. Furthermore consent was approved to open up the link road which will provide direct access from the Park and Calver Road directly onto the A49. Further details can be seen on the following plans: -
Summary points to date as follows:
- Estate measures over 400,000sqft and comprises 48 units.
- Cameron Court now fully let. (24 units in total)
- Colville Court has one vacant unit. (14 units in total)
- Riddelltps have done lettings or renewals on 26 of the units.
- Total void rate of 8% but only over 2 whole units.
- Nearly all lettings have been let either on or higher than our estimate rental value.
- Tenant quotes …. http://www.winwickquay.com/testimonials/
For further details of our services please see the ‘What We Do’ section fo the website.