Dot, Dot Dot....
August 2009
“Sometimes being in the commercial property sector is a bit like being a player in a giant game of join the dots. It’s only when everything has been connected that you see the final picture clearly,” says Nick Muncey of consultant surveyors, Januarys.
A project he was involved with in Newmarket Road is a good example.
“We acted for a local developer who was acquiring 212 Newmarket Road. It was let to the RAC and we obtained the site in 2006. Then in 2008 we acted for the developer again and negotiated the purchase of the premises next door at 214 Newmarket Road owned by the RAC.
“A surrender of the lease was a condition of that purchase.
“The next stage was to submit a planning application for a change of use so that the buildings could be offered as retail warehouses.
“Once we had secured the necessary permissions we let the entire building on a twelve year term to Sliderobes Ltd who make mirrored doors for bedroom furniture at an initial annual rent of £45,000.
“In 2006 we were simply instructed to acquire a building, but by staying close to our client, spotting opportunities for them and bringing the two building together we were able to join all the dots perfectly,” concludes Nick.