Marquis Court at Kingsway South on Team Valley comprises of 21 individual office units totalling 31,000 sqft.
In the first quarter of 2018, Naylors’ Investment department acquired Marquis Court on an off-market basis, following a long standing involvement with the scheme as letting agents.
Our Client Bronze Investments, was actively looking for investments where there is an opportunity to ‘break up’ and sell a parade of office units, following a successful scheme they had recently completed in Exeter.
Having identified the opportunity at Marquis Court, we successfully negotiated a purchase price of £2.25m on behalf of Bronze Investments and completed the transaction in February 2018.
Thereafter our Building Consultancy team has designed and project managed a six figure refurbishment to upgrade the interior and exterior of the vacant offices, landscaping, signage and parking areas.
By making the individual office units available for purchase with prices from £150,000, the scheme has provided small businesses with the opportunity to purchase their own premises. Whilst this strategy had not been considered by the previous owner, our Office Agency department who are marketing the units for Bronze Investment, has identified healthy demand for the vacant offices as well as existing tenants who wish to purchase their units.
Naylors’ Property Management department are managing Marquis Court and the Professional team are undertaking rent reviews and lease renewals where required.
Fergus Laird, director and head of property investment at Naylors said: “Our purchase of Marquis Court was an off-market transaction but as a firm we have been involved with the scheme since it was built. This is the first time we will be in a position to sell the individual offices, which represents a rare opportunity on Team Valley.
“This instruction perfectly illustrates how we can provide our clients with a full width of professional services from under one roof. The offices have only been on the market for a matter of weeks but we already have four under offer which is fantastic news.”
For more information on this project or to find out how Naylors can help you, please contact Fergus Laird on 0191 232 7030.