NMA were instructed as asset managers in Spring 2015 on this grade 2 listed multi-let office development comprising 4 buildings totalling 110,000 sq ft, with a vacancy rate of 20%, significantly above the town’s average. The offices are grade B specification and had been refurbished in the late 1990’s to include suspended ceilings, raised floors, new passenger lifts, new WC’s and carpet tiled floors.
The Ipswich office market is static with most of the demand coming from existing occupiers rather than any new inward relocations. Taking this into account NMA conscientiously spoke to and met with the existing tenants in the building, establishing a good relationship and spending time understanding each company’s requirements.
This tenant liaison initiative resulted in the identification of a series of new requirements from one tenant who over a period of 20 months successfully acquired the majority of the vacant accommodation. The final letting was conditional on retrofitting air conditioning on 3 floors and NMA managed the project managers, and planning consultants in order that listed building consent was obtained. At completion of the last letting, and having committed themselves to 40% of the building, the tenant agreed to regear their existing leases to 10-year terms.
NMA’s asset management initiatives in this building resulted in a significant increase in value and the property was sold in June 2017 for £8.77 million. Felaw Maltings was Kames Capital PUT’s AVCEI Fund best-performing asset.