Leicester-based chartered surveyors and property consultant Phillips Sutton has played an integral role in breathing new life into a 35,000 sq ft out-of-town office estate.
Having been largely unoccupied for several years, the “own front door” 9-unit estate on Meridian Business Park has now been fully let by the city-based firm, and has also now been sold to a London buyer for £5.1m by the Phillips Sutton team.
Acutely aware of the lack of good quality Grade A office space in Leicester, Phillips Sutton advised its client, Pears Property, to acquire the neglected estate, which was 60% vacant and in need of refurbishment.
Following extensive refurbishment works by Pears Property, the estate was re-branded Interchange 21 to reflect its repositioning as an attractive Grade A proposition in a motorway location.
Having let all the units within the space of just 6 months to regional and national tenants including Charles Alexander Distribution, JLG, NHS East Midlands Ambulance Trust, Beamex and Intertek, Phillips Sutton was instructed to dispose of the estate.
The firm quickly found a buyer, who paid £5.1m in a deal completed at the beginning of October,marking a hugely positive turnaround for the estate. The buyer was advised by Knight Frank in Birmingham.
Phillips Sutton Director, SamSutton, said: “We’re delighted to have played such an integral role in reviving what has been a fairly challenging proposition for many years. Interchange 21 is now one of the most desirable office locations in the city.
“Like many cities in the region, Grade A office space is at a premium. We have a wealth of knowledge of the letting and investment market, and we wanted to use our expertise to address the shortage of top quality office space outside the city centre. We’re very pleased to have let the whole estate to a variety of regional and national companies and even more pleased that we found a buyer so swiftly for this exciting new proposition.”
He added: “Interchange 21 has been repositioned, fully let and sold thanks to a comprehensive refurbishment programme by Pears Property. Hopefully this foresight and willingness to invest in older property assets will spark a trend for more Grade A office space to be developed and also encourage growing businesses to look beyond the city centre.”
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