Estates professionals are often asked about or tasked with improving the performance of an estate and adding value. It’s equally important for both private and public sector managers to manage property estate to drive an asset’s value and maximise the return from it.
Key questions to ask about your property assets are: Does the asset support the business objectives? What are the risks associated with the asset? Does the cost, performance and risk outweigh their value? Is it worth investing to mitigate the risks and costs?
The value of a commercial property is primarily driven by cash flow. There are a number of strategies that can be considered when looking to enhance the value of commercial estate. A number of improvements can be made to improve the asset such as, increase the rental income, decrease expenses, change the property’s use, add amenities and increase the rentable floor areas.
TDA provides advice and support on increasing asset values, building life cycles and improving occupancy levels, working with many investors and developers on property and development options.
In Torbay, St Austell Brewery and Venus are redeveloping iconic buildings for restaurant redevelopments. Plus The Fragrance Group have acquired a collection of hotels in prime locations who propose large scale, innovative developments.
The Harbour Light restaurant in Paignton has over 5,000ft of space for development, which St Austell Brewery plan to invest 1 million to create a stunning new bar and dining venue with outside seating looking over the Harbour.
Adam Luck, Director at St Austell Brewery, said: “We are delighted to have secured the long lease of the Harbour Light restaurant on Paignton Harbour. The building has huge potential and we are excited to be working with Torbay to create a new venue in such an amazing position.”
The changes being made by the investors will have a significant impact on the look and feel of the buildings, support the objectives set out in Torbay’s Economic Strategy and Destination Management Plan, and complement other investment across Torbay.
There is a rise in the number of successful private operators bringing investment, development and regeneration into Torbay, which in turn will create more jobs in the tourism sector.
Michael Smith, Venus Managing Director, said: “Although we have traded in South Devon for many decades, it was only recently that we looked into Torbay. The primary factor was the significant amount of business investment in the Bay over the last five years and a general good feeling about the area.”
The Venus Caf venture will bring new life into an old building, currently unused, in a prime site next to a cluster of bars and restaurants at Abbey Sands, Torquay. The stone building was originally used by local boatmen and the Council’s gardener, which is believed to date to back to circa 1840.
TDA has facilitated new leases to St Austell Brewery and Venus. The redevelopments will increase rent values and improve the investment values of the assets of both buildings.
If you would like to find out more about redevelopment or improving your commercial property investment contact Paul Palmer, Head of Assets & Facilities Management, on [email protected]
To view the range of commercial assets on offer from TDA please visit our portfolio at www.rightmove.co.uk