Client: Tarmac - Knaresborough
Tarmac has a number of administrative offices across the UK, including one in Knaresborough, near Harrogate. The freehold-owned site consists of three office blocks of approximately 3-4,000 sq ft each, plus a small warehouse for file storage purposes.
On relocating part of its administrative function elsewhere in the region, Tarmac appointed our agents to sub-let two of the three offices.
Our solution
Following a refurbishment of one of the office blocks, our agents drew up a target list of local and regional occupiers, and created a modest marketing campaign for the properties. Having initially sub-let the ground floor to a local company, the tenant soon expanded into the entire building.
Tarmac was subsequently approached by a local businessman who sought to acquire the whole site. We negotiated the sale for Tarmac, alongside the leaseback of one of the properties, on identical terms to that which we achieved for our initial sub-letting.
Result
The sale raised £910,000 in capital for Tarmac, and it was able to retain its occupation of the operational office on favourable terms, causing no disruption to the business.
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