The overall success of a development can be split into two phases: the early stage architectural and planning process, and the subsequent agency position arising towards the end of the scheme. The agency position is driven by the limitations of the scheme. If due consideration is not given to market demand, use, specification and layout during the pre-planning stage, this can lead to a commercial component that is not viable.
Our expertise is in managing the process from the outset, to ensure that all aspects of a commercial scheme are considered. We do this by a careful partnership between our asset management and agency divisions, to ensure that ensuing commercial space is sensitive to the overall scheme as well as being aimed towards producing best value. Our involvement in the process can start as early as pre-planning, when you are assessing the development viability of your scheme.
Forty provide a tailored one stop shop for commercial property, either by facilitating an early sale of the developers shell or by managing the development of the commercial space, providing a clear strategy for letting or sale.
Our in-house agency Stephen & Matthews Ltd (www.stephenandmatthews.com) will handle all aspects of the agency process. You will benefit from the resources of an established Central London Agency offering
- Across the board use class advice
- 30 years’ experience
- Chartered surveyors
- Experience in all agency matters including investment advice
- Senior partner assistance throughout the process
- Exposure to national market
- Established senior level contacts with branded and national tenants
We realise that the commercial is often a small element of the overall scheme and we are well aware that the need for a solution to the commercial is offset by the demands of the residential component, which is often the key driver. But we find that the housing industry base their valuation of the commercial on an unrealistic ability to attract a certain tenant or achieve a certain rent. Different uses often require a different specification and commercial considerations.
The combination of an asset management strategy, running alongside the development process, ensures that the later stage agency process runs smoothly. Forty has designed a “Developers Handbook” highlighting the key areas to consider when establishing an approach to the commercial. This document is provided to partners as a working guide in conjunction with asset management advice.