Client: GW Padley Holdings
Banks Long Lead: William Wall
Brief: The clients owned a 10-acre parcel of undeveloped land. They were keen to construct a scheme that would generate maximum long term income. The property was surrounded by trade counter and motor-trade occupiers in an improving location within close proximity to the new Lincoln Eastern Bypass. Instructed as letting agents alongside Shield Estates, we were tasked with providing advice on the most viable options.
Banks Long solution: We have a wealth of experience and extensive contacts in the trade counter sector so were aware of its continued growth. Such schemes generate notable returns for developers due to the premium rents paid by blue-chip national occupiers. We, therefore, recommended phased speculative construction delivering units of an appropriate size and specification that would appeal to these operators, many of whom were already looking for second branches in the City. We were confident that once key anchor tenants were identified and secured, others would follow.
Result: Phase One comprised a 23,000 sq ft terrace of trade units ranging from 3,045 to 4,617 sq ft. It's fully let with occupiers including Screwfix, Toolstation, Easy Bathrooms, Connection Flooring, Kent Blaxill and Pochin. Rental growth was generated throughout the letting process and these businesses now act as a draw for businesses looking to commit to Phases Two and Three. The developers are actively seeking to roll out the concept across the region.