The Wireless Factory (formerly Victory Business Centre) comprises a 10 unit multi-let estate providing 41,000 sqft of “hybrid” accommodation which was acquired in late 2014. Since acquisition, the previously restrictive planning position has been widened to allow full office use across all areas of the estate. As a result of this planning consent, the ground floor of a vacant unit was refurbished to provide a high-quality office “show suite”, which in conjunction with refurbishment works to the vacant units for incoming tenants in a similar specification, building exteriors and hard landscaping has dramatically altered the product on offer.
We have launched 4 vacant units consisting of approx. 14,000 sq.ft between 2016 and 2018. We marketed units 1,3,6 & 8 on a floor by floor basis and have now let them all in excess of £25 psf on 6 separate tenancies. The rental levels achieved are more than double the rent achieved in the previous round of lettings. We also recently obtained vacant possession of unit 2 and have exchanged on the letting of the first floor at a record rent of £28psf.
With a low site coverage and high car parking ratios we have recently obtained planning permission for over 10,000 sq.ft. of additional space. This will be created by building second story extensions over units 1-6, which once completed will increase the NIA of the site by approximately 30%.