YAZAKI, who also has UK offices in Derby, Newcastle and Hemel Hempstead, instructed KWB Office Property Specialists to act on its behalf and find new offices of 12,000 sq ft on the East side of Coventry. However, it soon became very apparent that, whilst there were several opportunities to acquire brand new offices in Coventry on a design and build basis, there was a severe shortage of existing good quality office space in this part of the Midlands.
Thinking laterally with regard to this office space requirement, KWB negotiated with the landlord the refurbishment of their client’s existing 8,000 sq ft offices, as well as the construction of 4,000 sq ft of new build. The project, which is due to complete in September 2014, is being managed through a combination of KWB’s office acquisition team, who negotiated the occupational lease and the agreement to lease, and KWB Workplace, which is project managing the office space design, space planning, procurement of furniture and fit-out, and complete move management. Working hand in hand, KWB’s approach optimises the use of the office space, saves their client executive time and generates substantial savings on their occupational costs.
YAZAKI General Manager, Paul Spencer, commented, “The extension to our offices in Coventry has been essential as our business has expanded rapidly with increased volumes of business with key customers, including Jaguar Land Rover, Honda, Aston Martin Lagonda and McLaren. To service our clients and contracts, we have taken on a number of new, highly skilled staff and our ideal location for these employees and the operation has always been the East side of Coventry. We are delighted to have found a solution to our expansion needs and limit the upheaval of an office relocation away from Brandon Court, which has been our home in the Midlands for many years.”
Commenting on the project, John Bryce, Partner of KWB said: “What makes this office relocation different and testing, is the logistics of YAZAKI having to move into temporary office space – or ‘swing space’ – in an adjacent vacant office building, and then move back again once the office space restructuring and refurbishment has been completed.
“The fact that there was no existing office space in Coventry to suit YAZAKI’s requirements highlights the rarity factor of high quality office space in the East Coventry and Binley location. YAZAKI is also another example of the buoyancy of the automotive sector, particularly Jaguar Land Rover, impacting positively upon its supply chain and, in turn, starting to generate office space requirements.
“These markers signal to commercial property developers that they should start seriously considering speculative office developments, otherwise occupiers in this part of the world will be seeking office space elsewhere. Indeed, this is endemic in Warwick and Leamington and is now spreading to certain parts of the M42 corridor, where we are clearly seeing a very real shortage of high quality Grade ‘A’ office space. Office rents are starting to increase and incentives are reducing.”
The landlord for Brandon Court, R W Estates, is represented by Martyn Howard of Drake Howard Property.