Based on Grey Street in Newcastle City centre, we operate nationally offering the very best service for our valued clients. Headed by Director Michael Blake, the team assist landlords and investors in managing their assets. We caught up with Michael to learn more.
What type of portfolios do you look after?
We cover a very wide range of property types, predominantly in the north east, but also in other parts of the UK. We act for some large investors with significant property portfolios but also for single asset investors. We pride ourselves on delivering the same high level of service to all. Most of the managed properties are in the retail sector. We look after small shopping centres and have dealings on a dayto-day basis with national multiple retailers. We also deal with properties comprising a single shop let to a local independent trader.
What does a typical day look like for the Commercial Team?
A typical day tends to be when the unexpected happens! Through planned maintenance and close liaison with tenants however, we try to be as proactive as possible, but property management often brings with it sudden surprises. Apart from the day-to-day management of our clients’ properties, we are always looking for opportunities to add value to the asset. This may be by restructuring a lease, or opportunities to extend or redevelop a property, or even dispose of a property in a declining location or in an unpopular sector and reinvesting in a property which will provide the return the client requires. This work will inevitably involve a lot of property inspections, meetings, and sometimes negotiations, as well as liaising with other professionals such as client’s solicitors.
How do you secure the right tenants for your clients?
As well as the usual mix of stringent tenant referencing, we also need to have a strong emphasis on the clients’ requirements. Some clients have specific needs in terms of lease structures and tenant profile, and understanding their needs is crucial to delivering the right tenant. For instance, in shopping centre management, it is imperative to establish and maintain a strong and varied mix of tenants to ensure the continuing trading success of the centre.
What are the biggest changes you’re seeing in the commercial property sector?
The pandemic is well documented as having intensified the structural change which was already happening in the retail and office sectors. However, the changes to the Energy Performance Certificate rules from April 2023 will mean that buildings with a rating of E or F can no longer continue to be let, and there are proposals for the rules to tighten still further in the years to come, which could impact significantly on landlords. We need to act now to improve the Energy Performance of some properties falling into this category.
What other services does the Commercial arm offer?
We handle all facets of commercial real estate, including management, leasing, sales, development, investment, appraisals, rent reviews, and lease extensions. We would be happy to discuss any aspects of commercial property work.
