Drake Howard Property Ltd manage a substantial portfolio of client commercial property assets across Coventry, Warwickshire and the wider Midlands region.

Perhaps the key component of a property managers remit is to ensure the asset is occupied by a tenant that is both financially sound and, likely to run a sustainable business. To secure the rental income stream and, properly maintain the premises and Landlord’s plant and fixtures.

The recent letting of retail & office premises in Brook Street, Warwick, is a small property case study to illustrate the importance of a measured approach to marketing and adding value.

The building in Brook Street had been occupied for over 10 years as an estate agent office. However, changes in marketing and selling residential properties has created a shift to online sales and limited benefit of a sales shop window and administrative office space.

The estate agent had not used the upper offices for many years and in the final year of occupation, operated the shop on limited opening hours.

Marketing produced a steady stream of hairdressing, nail bar, health and beauty and other new ventures keen on the central location. Unfortunately, many of these prospective occupiers were not able to satisfy us on financial status or convince us the use was sustainable for the location. Proper market research was distinctly lacking, and applicants were turned away.

An established café operator has ultimately been secured on a 6 years lease. The ground floor to be used as a hot food outlet and, upper floors for a two-bedroomed flat.

Conversion of the upper floors will take limited refurbishment as the use is a return to original design and fit of the space.

Café use and sub-letting income from the residential part will underpin the owners income stream from a town centre property for years to come. Sustainability adding value, where others not invested in the long-term management of the asset may have supported earlier disposal of an empty building.