Client instructed Douglas Huston to market the property to find a new tenant.  After our initial inspection it was clear that redevelopment of the site would be the best way of utilising the land.  In 2002 planning was granted for a new three storey office and retail building.

Construction commenced in mid 2003 and the building was completed in early 2005. Marketing had been ongoing for the duration of the construction period and upon practical completion of the building we where in detailed negotiations with two parties interested in taking the building.  One of the applicants wanted only the Ground Floor retail space and the other was interested in the whole building.

 

Although the party interested in only the Ground Floor was prepared to pay a substantial premium, it was decided that in terms of management and asset value it would be better to let the building to a sole occupier.

 

With this in mind we agreed terms with Venture Photography www.thisisventure.co.uk on a new 15 year Full Repairing and Insuring Lease, for the whole Building.

 

You can see the finished building as fitted by the tenant below.

 

In summary the client achieved a substantially improved building which after construction was void for only 2 months, and after a short rent free period was income producing.

 

The Tenant secured a highly visible and well located property on the ever vibrant Lisburn Road.

 

Douglas Huston were involved in the project from day one and throughout provided advise on occupier requirements, ideal floor to ceiling heights, build specifications, advised and assisted in selection of the construction partner, monitoring of the construction process.   Carried out a marketing campaign that was completed under budget and inside the planned void period of 6 months.  Securing a Tenant that met the Landlords requirements, ideally being either a small national chain that would suit the Lisburn Road or a larger strong local covenant that would boost the range and diversity of the Lisburn Road.

 

 

The professional and technical advisors that where involved in the project are outlined below.

 

Douglas Huston                                    - Chartered Surveyors

Rush & Co                                           - Architects

Albert Fry Associates Limited               - Engineers

Turley Associates Limited                     - Planning Consultants

 

For further information please contact Gareth J Gibson Head of Commercial Property