Client: Whitbread - Luton
We are some times asked by clients to structure a marketing campaign that minimises press and market speculation about its property strategy while still maximising receipt from a site sale.
Following an internal reorganisation, Whitbread made the decision to dispose of its 55,000 sq ft headquarters office building located in the heart of Luton, along with a further 1.1 acre car park which had the potential for partial or total redevelopment.
Solution
As part of the marketing campaign, we researched occupiers within the Luton area as well as developers and property companies who were particularly active within this local/regional market. The client was keen to generate as little negative publicity as possible from the site’s closure and we recommended that a targeted marketing approach would not only minimise speculation, but also maximise potential interest as those approached would see the value of being part of a shortlist of interested parties.
The marketing campaign involved one-on-one presentations as well as the creation of a bespoke, password protected website so that plans, documentation on the buildings and a planning assessment report prepared by Gerald Eve could be downloaded. A number of parties expressed serious interest and an informal tender was run.
Result
Belgrave Land successfully acquired both the office building and the extra car parking area, realising £5.27m for Whitbread.
Our agency team were subsequently re-appointed as joint marketing agents for Belgrave Land and agreed a disposal of the office building to Harson Investments. Our client has retained the car parking site and has recently secured planning consent for a mixed residential, retail and hotel development scheme.
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