During the first quarter of 2018 our London Bridge team, based on Bermondsey Street were appointed to manage the marketing and letting of this well located ground floor office on Archie Street on behalf of two retired business partners. The property had formed the headquarters for the owners' wine wholesale business for a number of years and now following the conclusion of our letting, serves as a healthy income stream for their SIPP (self-invested pension plan) as they enjoy retirement.
The property comprises c.1,400 sqft of accommodation on the ground floor with a further 450 sqft of basement storage accommodation. Knowing that the office lettings market in the immediate area is fairly competitive at present, we advised our clients of the need to offer the property in a manner that was different to all of the other available office instructions in the area. We therefore proposed a 'stepped rent' that offered fixed increases every year for the first 5 years and showed an initial first year's rent that was attractive, this proposal set our clients' property out from the other available offices nearby which allowed for maximum interest to be generated.
Within a short space of time a host of offers were received and collated from a variety of different businesses interested in our offering and we ultimately concluded a letting to a firm of local interior architects.
We're not rigid in our approach to agency and always try and propose different ways to generate maximum interest, change the course of events and ultimately conclude good deals on our clients behalf. If you are a property owner in SE1 and would like some advice on how best to maximise the value of your asset, please get in touch or feel free to pop in to see us at our Bermondsey Street offices.
PROJECT ADDRESS: 3 Archie Street, London SE1 3JT
CLIENT: Private SIPP
TOTAL RENT COLLECTION: £326,000