Asset Management for an industrial estate, Hertfordshire
Strategic Asset Management
Industrial & Logistics
The Fund acquired a 150,000 sq ft. industrial estate and appointed Rapleys as an external Asset Manager. The units ranged from 7,000 sq ft to 30,000 sq ft.
Rapleys’ role was to drive value and performance of the estate, along with delivering a number of corporate objectives for The Fund.
- The estate had poor identity and branding. Rapleys commissioned a design time to rebrand the scheme by creating a new logo, colour palette, branded tenant directories at each entrance, along with a 10 m wide x 1 m heigh panatrim sign fronting the main road
- Rapleys led a project team to deliver a strategic full refurbishment of a vacant 7,000 sq ft unit, comprising a new roof, windows, improved layout, lighting and overall efficiency, increasing the EPC rating from F to B. The unit was let within 3 months of PC on a new 10 year lease, 3 months rent free at 12.5% above ERV. The letting was a key milestone, being the first significant open market recent deal, to cement and improve the rental tone
- Rapleys aggressively pursued a surrender of a 10,000 sq ft unit (where the tenant had vacated and the lease had 1 year unexpired), led a similar strategic refurbishment programme increasing the EPC rating from D to B. Rapleys agreed heads of terms in advance of PC, completing a new 5 year lease immediately on PC, 3 month’s rent free, at a rent 17% above ERV and 50% above the former passing rent
- 35% of the estate was let to two strong occupiers with leases due to expire within 2 -3 years. Rapleys successfully negotiated lease re-gears with both extending their term, immediately improving the headline rent and aligning it with current rental values – representing increases of circa. 50% and 37%
- Subsequently, Rapleys strategically initiated a number of historic rent reviews and, using recently generated comparable evidence, negotiated increased rental income
- Within two years of instruction, Rapleys:
- Increased the total annual income from the estate by 30%
- Increased the rental tone by 40%
- De-risked key income streams
- Created a strong brand with full occupancy
- Supported The Fund in achieving their sustainability objectives.
Our track record
Stadium Holdings Ltd
1 Olympic Way, Wembley
Neighbourly Matters advice for a 7-storey extension to provide student accommodation
12,000 Stock Condition Surveys – Yorkshire Housing
Appointed by Yorkshire Housing via the Fusion21 Framework to complete 12,000 stock condition surveys over a 3-year period
Kruton No. 2
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Appointed as Employer’s Agent on new build commercial project.
Acquisition for Kwik Fit, Atex Business Park, Stowmarket
Instructed by Kwik Fit as national retained acquisition agents
Affordable housing provisions for a mixed-use scheme, Balham
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Affordable Housing valuation for a mixed use scheme, Garratt Lane, Wandsworth
Development Consultancy advice to support a planning application for a mixed use scheme
London and Regional
Albert Island Redevelopment
Providing Cost Management & Quantity Surveying services on an exemplar industrial intensification project
Aldersbrook Baptist Church
Aldersbrook Baptist Church, Wanstead
Sale of church hall and provision of cost advice regarding development and refurbishment of church.
Ropemaker Properties Limited
Alfa Laval Tower, Brentford
Assessed the financial viability of the scheme for a planning appeal