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CASE STUDY
From unappealing vacant unit to in-demand and quickly-let suite, generating income figures 7% over the initial valuation.
The client's problem:
❌ Ground floor, rear location, zero aspect unit that had sat vacant for 2.5 years
❌ The real time void period had exceeded the void assumptions on the valuation, with the unit sitting vacant long before the initial refurbishment or the current landlord taking possession
❌ Unit’s size and rating assessment pushed it just out of the ‘small unit’ size bracket – so occupational costs were higher than competing suites elsewhere
❌ Recent refurbishment just created a forgettable white box with a grey carpet – and didn’t generate any interest, even with offers of ‘rent free’ options
White Circle’s approach:
✅ Fully fitted, furnished suite
✅ New modern hard flooring to the entrance area, to create a zoned feel and reduce wear and tear
✅ Reimagined layout with the installation of a glazed meeting room and consideration of flexible working practices – dedicated desks plus breakout/co-working areas and a kitchenette
✅ Review of the M&E provision to ensure power requirements were met
✅ New modern light fittings, to brighten the space
✅ Fitted and loose furniture pieces in natural tones, alongside planting and artwork, to create a space that was aesthetically pleasing as well as functional
The result:
⭐️ The fitted unit was subject to immediate interest and went under offer quickly, with the let completing in August 2024
⭐️ The deal secured £11/sqft more than the original quoting rent for a fitted unit and nearly £10k pa above the ‘white box’ rent
⭐️ The filled void brought life to the building, enabling the client to let the other suites more quickly as there was an atmosphere and community feel on site
⭐️ The valuation no longer contains void rates or void service charge costs
⭐️ An understanding of the value of fitting out a unit – this is especially relevant for units of circa 2,500 sqft or less, as for bigger suites, a corporate occupier is likely to want to put their own style or branding into it
White Circle is a full-service interior design studio with unrivalled creative and commercial know-how, giving you the outcome your business needs.
White Circle Interior Design.
