Multi approach pays dividends

Adopting a multi-disciplinary approach to a retail outlet in Regent Street will pay dividends for one client – and others could benefit from the same idea, says Nick Muncey from Januarys.

 

“On the face of it, 110 Regent Street, a retail outlet in one of Cambridge’s commercial areas, is a fairly straightforward proposition: it’s currently vacant and needs a tenant.

 

“However, with a little professional foresight, the client and Januarys have devised a much stronger proposal which will allow for greater flexibility and increased rental income in the future.

 

“To begin with, Januarys looked at alternative uses for the property and have subsequently submitted an application for both A3 and A5 planning consent. Along with the existing A1, A2 and B1 consents, this opened up a whole new range of possibilities for the client – and a whole new range of tenants.

 

“Januarys also investigated the options with regards to changing the two storeys of office space above the shop into residential accommodation. Thanks to our knowledge of building works and regulations we were able to draw up comprehensive plans for the work as well as a budget and timescale to complete the project.

 

The revised planning designation and accommodation above also meant it became appropriate to renew the lease, which had only two years left to run.

 

“In situations like these, it’s all about maximising the potential of a property. Januarys cover a range of disciplines and we were able to combine our areas of expertise to ensure the client continued to get the best return in the future.”