Following the acquisition of Earlswood Business Park in May 2023, Asper Property Group undertook a comprehensive asset management programme on this multi-let estate.
Asper initially instructed us to act as letting agents on their behalf with respect to the vacant units. Our remit subsequently developed into handling Landlord & Tenant negotiations with respect to Lease Renewals and Rent Reviews.
Approximately six months after purchasing the Estate, Asper instructed us to act as Managing Agents in recognition of our proactive approach and excellent communication with the tenants.
Asper progressed an ambitious plan to enhance the Estate, through an extensive refurbishment programme which included approximately £500,000 of capital expenditure.
As the most active commercial agent in the area with the widest market knowledge, we reviewed the market evidence and agreed the appropriate Rental Values of the units on site post-refurb with Asper.
We steadily worked our way through the Tenancy Schedule via a combination of new lettings and lease regears over the following two and a half years to steadily bring the historically low rents in-line with the market level, roughly doubling the rent roll.
Immediately following the completion of the comprehensive asset management programme we were able to agree an off-market sale to a London-based Property Investment Fund on behalf of Asper.
