Newspaper article The Journal (Newcastle, England)

Refurbishments Wanted as New-Build Comes to Standstill; PROJECT Management Skills Are Increasingly Important in a Dormant Construction Market. North East Property Experts Look at the Future for the Sector

Newspaper article The Journal (Newcastle, England)

Refurbishments Wanted as New-Build Comes to Standstill; PROJECT Management Skills Are Increasingly Important in a Dormant Construction Market. North East Property Experts Look at the Future for the Sector

Article excerpt

AFALL in office development and a downward trend on rents for new Grade A accommodation in Newcastle city centre is putting more pressure on landlords to ensure their premises are up to scratch.

Project management can assist landlords achieving lettings at rents higher than they could currently conceive.

Refurbishment is a key consideration for commercial property landlords to maximise the possibility of achieving new lettings in this competitive market and the swift delivery of a refurbishment project is paramount to ensuring opportunities are not missed.

Refurbishment carries only a small development risk and the combined benefits of rental uplift for better-quality space and an increase in lettable floorspace can make these schemes more valuable to investors.

Multi-let offices are always going to be preferable to single lets as they enable investors to reduce their risk.

There is scope to work with tenants who may either be downsizing or increasing their business and, if one tenant leaves or goes into administration, it doesn''t leave a gaping hole. …

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