Disposal of surplus office accommodation for EE

The Challenge

Cushman & Wakefield were instructed by, UK Key Client, EE to undertake the marketing of the telecoms giant’s surplus office accommodation at Hatfield. The initial offer was approximately 220,000 sq ft across 3 buildings; 4, 5 & 6.

The Hatfield office market has historically provided a significant challenge in terms of leasing, with an annual take up of circa 40,000 sq ft over the past 5 years.

The other challenge associated with this instruction was the fact that any leasing opportunity would require the superior landlords consent in order to complete a transaction, meaning any transaction would have to be completed at an agreeable market level.

The Solution

Cushman & Wakefield undertook an initial review of the properties and the market and commenced the implementation of the marketing strategy, including signage boards and draft marketing particulars.

It was understood that there may be a couple of requirements in the market which would work well for Trident Place and Cushman & Wakefield set about targeting these as prime occupiers for the park.

The targeting resulted in a number of inspections which, through determination and concerted effort resulted in further interest.

The Results

To date, Cushman & Wakefield have secured 3 sub-lettings totalling 140,000 sq ft, with a further 40,000 sq ft under offer. We have achieved a market rent of £19.50 per sq ft, in line with the EE passing rent, which has resulted in cash savings of circa £25 million for EE to date.

The occupiers secured include Tesco fashion brand, F&F, Pitney Bowes and Cardtronics, all of which have added to the tenant mix at Trident Place, creating the most active multi-tenanted business park in the northern M25 office market over the past 24 months since the initial engagement on the instruction.