The Client
Commercial Landlord – Michelin UK
The Property
A 7,136 sq ft Second Floor Office Suite located in a modern, head-quarter style office park at West Court, Campbell Road, Stoke-on-Trent.
The suite is configured of two largely open plan main offices with several private offices around the perimeter, a central lobby entrance, a boardroom, two meeting rooms, a lift from the ground floor reception and parking.Access is via Campbell Road, adjacent to the A50 and A500 dual carriageways and the property is approximately 2 miles from Junction 15 of the M6 Motorway and 1.5 miles from Stoke-on-Trent Railway Station.
The Brief
Michelin UK gave Mounsey Surveyors agency instruction to let their Second Floor Office Suite at West Court, Campbell Road after we acted for them on a lease renewal.
Michelin were looking for a tenant with a good covenant strength and an excellent reputation. It was important to them to find a tenant that would fit in with the existing tenants on site, Michelin, Ticket Master and Towergate Insurance.
Challenges
Michelin’s main challenge was that letting market conditions at the time were presenting a lack of demand for office space.
The UK was still dealing with the Covid-19 pandemic, which saw non-essential workers move to an indefinite work-from-home model. Inevitably this caused a major decrease in demand for office space, with many businesses uncertain of the how the ongoing pandemic would affect them long-term.
Solutions
- We brought Michelin’s property to market with a sharp focus on not just finding a tenant, but finding the right tenant – despite the uncertainty and challenges within the office market at the time.
- We ensured the particulars received our quality treatment to target the most suitable potential tenants in the office market – taking pride in details such as, the property description, sizes, range of use, property class, business rating and quality imagery.
- We applied our proactive approach to Michelin’s requirements in order to canvas enquiries and carry out viewings thoroughly, taking a solid understanding of exactly what they were looking for in a potential tenant.
Getting this match right between their requirements and the tenants’ requirements was our priority, to ensure a great landlord/tenant relationship. - We found an excellent match in Beswicks Legal, an established law firm with a long-standing reputation of supporting businesses and individuals for over 100 years. Beswicks were looking to relocate to a contemporary, well-connected office space that reflected their ambitious team culture.
- We then negotiated the terms of contract between Michelin and Beswicks.
The Results
- We successfully completed the 7,136 sq ft office letting against unusually challenging market conditions and without compromising on Michelin’s tenant requirements, with only a four-month void period between the previous tenancy and the new tenancy.
- We secured and negotiated tenancy for the reputable firm, Beswicks Legal, who were an excellent match to Michelin’s specific requirements.
- Beswicks Legal were able to relocate from their previous office into the new premises, reflecting a clear brand message to their employees and clients about their culture and ambitions.
Tenant Comments
Beswicks Legal
“This has been a great move for Beswicks Legal. Mounsey Surveyors exceeded our expectations, finding an excellent match at West Court for our property requirements.
The open-plan, contemporary design reflects Beswicks’ team culture, while the improved connectivity further supports recent investment that we have made in technology. It was important for us to find a property that would accommodate our current team and allow for growth.
“Our new offices are easy to find, have plenty of parking for both employees and clients and allows us to accommodate our growth strategy. The feedback from clients has been really positive.”
Ryan Yates, Group Commercial Director, Beswicks Legal
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