Long-term thinking helped Maritime revitalise an office building and create an outstanding value for money deal.

When 110 Golden Lane was acquired in 2021 the premises were only partially let, with short-term tenant leases due to expire imminently.  

Spread over six floors and only 50% let, the property needed some investment if it was to attract the calibre of tenant to ensure it thrives and produces a good return.

We approached this as a value for money project and set about negotiating longer leases with current tenants in exchange for lower terms, ultimately reducing void times. 

Other property professionals would have taken a different approach to 110 Golden Lane, opting for expensive Category-A+ fit-outs and attracting short-term tenants with rent-free periods.

This method looks good on paper, but leads to longer void times and reduced income due to a potential ‘revolving door’ of tenants.

Maritime are investing £750,000 in refurbishing the building, spending money prudently on the reception and common areas, as well as modernising the exterior to visually tie together all aspects of the building and create an attractive office proposition.

Today 110 Golden Lane is very different asset to the one we took on. The building is now fully let, with new tenants taking straight 10-year leases attracted by reduced rents and existing occupants expanding their footprint.

This approach ultimately gives us a better return due to reduced void times, with the asset producing £879kpa and RPI increases in the pipeline.

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