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24 April 2024
Market expertise helped increase occupancy of Hull office complex by almost 30% and led to sale for investor owner

The expertise of the Garness Jones commercial property team has breathed new life into a historic Hull office building – increasing occupancy levels to help the owner investor secure a sale.

Anchor House, which is part of The Maltings development in Hull, had dropped to an occupancy level of just over 50% when the owner contacted the Garness Jones team for support.

Now, thanks to investment into the building and the reconfiguration and refurbishment of office space, the complex is 84% full and has attracted a buyer, offering an ‘excellent return’ for the seller.

Occupancy levels key to sale

Paul White, director of Garness Jones, says the deal has resulted from a focused approach in which the space has been adapted to take advantage of a recent upturn in demand for office space in Hull city centre.

“This is an excellent office building on a great site and in a fantastic city centre location, but one which had suffered in recent years, and was further impacted by lockdowns and the increase in home working we have seen in recent years.

“We knew that, with some investment and work to market it properly, it would provide an ideal environment for many businesses, especially as we have seen a real turnaround in demand for quality office space over the past 12 to 18 months. The demand for office space in Hull is strong.

“In terms of our client, who owned the building, being sat nearly half empty was a major issue. They were not getting the return on investment, and in turn that was impacting on the ability to sell.

“We were brought in to breathe new life into the building, to increase the occupancy levels and then take it to market as a more attractive proposition for other investors.

“With the businesses we now have based in Anchor House, on solid lease terms, it has made for a very attractive investment and we are delighted to say a deal has been agreed and completed which has given the former owner an excellent return, and the new owner a great investment.”

Garness Jones instructed to manage property

Amongst those in Anchor House are stock-market listed data, analytics and insights company GlobalData, which now has two floors having expanded its team in Hull, with the city home to its financial department.

Following the sale of the building, Garness Jones’ Commercial Management team will now manage the building on behalf of the new owners, dealing with day to day tenant issues, rents, leases and service charge management.

“For the new owner, knowing the building and offices are being managed locally, by a business which has been involved in current tenancy deals and lettings, and knows the companies in the building well, is a real bonus,” added Mr White.

“The increasing demand for office space in the city centre is really positive for Hull as this is needed alongside the numerous residential developments we have seen to really boost the city centre economy again.

“Businesses are keen to get people back into the office and working alongside one another for the benefits it brings from idea sharing and mentoring to the positive impact being around people has on mental health, rather than working in isolation.

“We are confident that Anchor House will soon be fully let, and that is a great reflection of the work done there, and the current demand for office space in the city.

“Thanks go to Antony Leech of TT&G Partners, Simon Marriott and Oliver Judd of London & Scottish, who appointing us to dispose of the freehold, the vendor’s solicitor Kirsty Morley of Burness Paull and the purchaser’s solicitor Mark Teal at Gosschalks, for their support and work on this deal.”

• Two suites in Anchor House are currently available. Suite D is 1,036 sq ft and is available for immediate occupation. Suite E 3,632 is sq ft and due to be refurbished to a high specification, aligned with the rest of the building.