Client: Orchid Pub Company
Orchid Pubs is a pubco that was created by US private equity firm GI Partners following its acquisition of 290 Spirit pubs from Punch Taverns in June 2006. It needed a new headquarters building in the Hertfordshire area and instructed Gerald Eve to find suitable office premises of 9-10,000 sq ft.
Speed was important in order to establish the new operation as a separate entity from the Spirit Group, based in Slough, Berkshire.
Six properties were short listed and inspected, including Park Mill in St Albans. This tastefully converted working mill by the River Ver totals 8,780 sq ft of self-contained office space and ticked all the boxes for Orchid Pubs. It provided a convenient working base for the pubco’s executives and plenty of character for the new brand.
Gerald Eve’s business space team negotiated a ten-year lease on the property at a rent averaging £19 per sq ft over five years with landlord Forsyth Pension Scheme. Terms were agreed in seven days.
Gerald Eve’s building surveying team undertook a survey of the property, which required careful consideration owing to its age. The mill dates from the 19th century and is grade II listed. Air-conditioning posed particular difficulties, as it was not possible to install fan coil units on the outside wall, which instead had to be incorporated inside the building.
Orchid Pubs was able to move into the top floor while fit-out works were carried out on ground, first and second.
Within six weeks of Gerald Eve receiving the instruction, the client was able to take occupation of Park Mill, successfully fulfilling the requirement for a quick turnaround.
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