|Issue||Maidenhead building stuck with 50% occupancy and tired in terms of both market perception & physical management.|
|Project Manager||Stephen Head|
0118 955 7089
Maidenhead building needing to address its market, occupancy and management
Vantage Asset Management (VAM), acting on behalf of private investors, acquired The Place, a 25,250 sq. ft. (2,345 sq. m) office building in Bridge Avenue, Maidenhead in 2012. Whilst a good quality, well specified property with a number of existing tenants, the building had been stubbornly stuck with 50% occupancy and the building had become tired in terms of both market perception and physical management.
A proactive asset management strategy was put in place involving refurbishment of common parts and enhanced building management including 24/7 security and a manned reception from 7.00am to 7.00pm. A cohesive marketing campaign was implemented with a rebranding of the building emphasising the quality of the accommodation and benefits of Maidenhead town centre as a location, particularly in anticipation of CrossRail. The co-ordinated strategy included the preparation of new marketing collateral, eye-catching boards at the front of the building and an advertising programme targeting regional occupiers, for example, through advertising at Maidenhead Station and through electronic and published media.
By engaging with existing occupiers and outwardly towards new tenants the occupancy rate of the building increased from 50% to 90% within 6 months of Hicks Baker’s being instructed. One of the existing tenants renewed and re-geared their lease, securing their occupation for the longer term and a further 3,000 sq ft was let to an incoming tenant relocating from London. Ongoing marketing continues for the remaining accommodation but this represents a minimal void on an otherwise substantially let building producing good returns for the investor owners. "Hicks Baker brought energy and enthusiasm to the project and using their detailed local and regional knowledge, were instrumental in achieving early lettings which improved the performance of the asset by increasing the occupancy of the building from the 50% to 90% in less than 6 months." VAM Investors quote.Download PDF