Threadneedle

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Threadneedle wanted to increase occupancy, maximise return on their units and improve their tenant line up.

GCL have used their expertise to create a more powerful sales offering for potential occupiers including more attractive base rents and top up rents on turnover, to ensure high occupancy and maximum return on these units.

Letting of Station House for Threadneedle

Station House, a block of properties above and adjacent to the main station in Milton Keynes, comprises of 120,000 ft2 offices and 15,000 ft2 retail space. Owned by Threadneedle, the incumbent agent had only made two poor quality lettings in over 12 months.

Having acquired a unit on behalf of Costa Coffee, on advantageous terms, it was clear that GCL could provide a much better letting service to Threadneedle and they were duly appointed as the letting agents.

GCL undertook a complete revaluation and identified certain key selling points which had been previously overlooked:
• There is a huge captive audience of office workers (MK Central is too distant for convenience)
• Four million potential customers pass through the station annually: but the station doesn’t provide a good shopping or food & beverage offering.
• Travel location correctly marketed are very successful trading locations

GCL use their expertise to create a more powerful sales offering for potential tenants, that included: more attractive base rents and top-up rents based on turnover as well as greater flexibility on space being let. This lead to the landlord benefiting considerably when trade increased, as it invariably did.

GCL recommended installing high-quality tenants that would, in turn attract other tenants into the scheme, ensuring the offices at the site would be easier to let and lead to higher foot-fall throughout the day.

In addition, the scheme needed a high-profile tenant, such as M&S Simply Food. GCL negotiated directly with SSP (who hold the M&S Simply Food franchise) and secured them as tenants within six months. On the back of the M&S deal, further quality tenants were secured, building a good mix of outlet types.

The site is now almost completely let; the final unit is under offer. Threadneedle have surpassed their expectations for base rents with turnover rents forecast to add to these as business continues to improve.