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123/129 Portland Road, Hove.
We were instructed by Plumbase (part of the Grafton Group) to provide advice on how they might deal with a large freehold block at 123/129 Portland Road, Hove.
At the time it was occupied by the company as an extensive bathroom showroom at ground floor with regional offices over. However, due to group reorganisation, the premises were to become surplus to requirements.
Despite being located in a secondary retail location, we were able to quickly identify the premises as being potentially suitable for partial occupation as a convenience store.
A confidential and targeted marketing exercise was undertaken and, as we had anticipated, strong interest was quickly confirmed by the leading multiple convenience store operators.
After a period of intensive negotiations, terms were finally agreed with J. Sainsbury for the grant of a new lease on very competitive terms, in addition to which the tenant was to pay to Plumbase a substantial premium.
With the assistance of our associated building consultants, Douglas Moat Practice, a scheme for alteration and conversion was designed and the showroom was then converted in to two units, one of 4,500 sq ft for Sainsbury Local and the other of 2,500 sq ft that initially was to be offered for letting.
However, once Sainsbury Local had taken occupation, Plumbase decided that they would re occupy the second unit and the premises have now been fitted and are trading successfully as a ‘Reflections’ bathroom showroom.
Consideration is now being given to the development of the upper floors which lend themselves to a substantial residential conversion.
Once the entire project has been completed consideration will be given to the possible disposal of the created investment, although this investment may well be retained by the group.