Office Agency Disposal - 1 Guildhall Walk, Portsmouth | Hellier Langston

Office Agency Disposal - 1 Guildhall Walk, Portsmouth

For a number of years, Hellier Langston have advised the University of Portsmouth on a wide variety of commercial property matters.

What we did

Guildhall Walk

Given the scarcity of office requirements for Portsmouth, particularly for buildings of this size, Hellier Langston met with the University’s Estates Department at an early stage, well before their planned departure from the property, to discuss a strategy. Due to the potential lack of demand in the property for office use, it was essential that alternative uses were identified and purchasers identified.  Due to Hellier Langston’s extensive contacts and market knowledge, we were aware of a local pharmacist with a requirement for new premises in Guildhall Walk.  The pharmacist’s requirement was immediate, and with this in mind an agreement was reached which allowed the sale to complete but allowing the University to remain in occupation of the upper floors, whilst allowing the purchaser to fit out the ground floor.

What we achieved

The sale equated to approximately £100 per sq. ft. and was completed with such speed that the University had no concerns over the property remaining vacant following their departure and the associated costs involved.  It represents one of the highest profile office disposals in Portsmouth in the last five years.


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Project

As part of the University’s continued expansion and acquisition of larger offices within the city, a number of their facilities had become surplus to requirements including 1 Guildhall Walk, a 7,465 sq. ft. (693.79 sq. m.) five storey office building in Portsmouth City Centre. Hellier Langston were instructed to provide marketing advice to the University with a view to disposing of the offices.

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