£5.5m
Colchester
Office
Challenge
When Alico took over the management in 2015, the building had 15% occupancy; it was dilapidated and needed substantial monies spent on it.
Solution
We started by refurbishing the first point of contact customers would encounter- the reception. A full overhaul of the reception, led to a large insurance company taking occupation of 10,000 sqft within 2 months. The resulting income was reinvested in to uplifting the communal areas.
Outcome
In 1 year of taking over, the building was at 80% occupancy, income was at the highest levels it had been and the property increased in value by over £3m. We subsequently refinanced, pulling out the equity and recycled these funds in to other projects.
