Listed retail and office premises in St Albans
Carter Jonas devised a more attractive letting arrangement for a Listed retail and office property in Market Place, St Albans - and found the ideal tenant.
Our client Thornhill Estates Ltd owned the freehold of 23 Market Place, St Albans, which consisted of two retail units and self-contained offices on the first and second floors. The premises needed to be re-let after the previous tenant went into Administration.
The Carter Jonas Team concluded that greater and more certain returns could be achieved by re-letting the property as a whole rather than as two small retail units. The property was Listed, so our Building Surveyor worked with the Local Conservation Officer on a scheme to combine the retail units and the office space. The scheme was agreed, and listed and planning approvals were obtained.
The works specifications were prepared, the contract went to tender, and the most suitable contractor was appointed. While the work was being carried out, Carter Jonas marketed the unit and reviewed those who expressed an interest. Leisure company Champneys was selected as it would make the most use of the space as well as being a quality company. Terms were fully agreed and so everything was ready for Champneys to move in once the refurbishment was completed.