Depreciation and obsolescence affect performance as occupier’s needs have changed and flexibility of layout and services has become the key issue. Occupiers require a “best in class” office building with a preference for a single occupation. This includes good IT connectivity, VRF air conditioning, LED lighting with PIR controls, modern ceiling finishes, attractive entrance lobby, anti-static carpeting, open plan offices providing flexibility, new w.c.facilities, redecoration throughout and adequate dedicated car parking spaces. Some business parks are modern and well presented. Nevertheless, sustainability issues are a challenge for this sector.
Purchased at auction on behalf of Leicester based property company with a commitment to buying well, spotting opportunities and continuous benchmarking. Acquisition report included checking legal papers, special conditions and compliance with the auction house rules regarding background information required from bidders prior to the auction.
