Property Performance

• Achieved Wired Score Platinum with an installation of a fibre backbone allowing occupiers to plug and play without the requirement for a wayleave.
• Improvement of EPC rating from D to B
• Achieved BREEAM in use ‘excellent’
• 25% reduction in utility consumption following the installation of 4D monitoring, with further savings proposed once Air Handling Unit fans are replaced with more efficient models with a ROI of 2.7 years, saving £80k per annum (works on-going).
• Utility consumption has been reduced like for like by 20%, Leasing transactions currently showing Let/Under offer on 60% (of the vacant 50% space) with further positive discussion on-going, Service charge dropped by 33% since hight of electric crisis, EPC improvement from D to B.

“The partnership between Star Grace Development Limited, Capital Real Estate Partners and Knight Frank is a genuine pleasure. The team is very responsive, provides considered advice and supports our clients in a proactive manner. This allows us to deliver the best results for our client and occupiers.” 

• Over £2.5m of Rateable Value removed from the Rating List
• Successful arguments that End of Trip facilities are non-rateable
• Delayed rating entries on completed buildings via negotiations with local authorities
• More than £1m in savings at Typeworks, Farringdon alone

“We have worked with Knight Frank for several years and their expertise in business rates has been invaluable to helping CLI Dartriver achieve cost savings. Their strategic guidance and clear advice have helped reduce our business rates liability across our portfolio, most notably securing over £1 million in savings at Typeworks, Farringdon.
 
“Their support has also been instrumental on our development projects in and around the City, where their proactive approach and deep understanding of the rating system have consistently delivered positive outcomes - even when dealing with a challenging local authority.

“We would not hesitate to recommend Knight Frank to anyone seeking to reduce their business rates liability.”

• Working closely with occupiers and other stakeholders
• Over time improving each and every asset to ensure the estate continues to be an attractive environment for all who work, live in or visit the area
• Clear environmental and social aims and objectives
• Low vacancy rates
• Sustainable but increasing rents
• Growth in value ahead of peers

• Objectives were to reposition the building and create modern grade A office space for the future 
• Actions included the delivery of an all electric, highly sustainable building, increasing the amount of NIA 
• BREEAM Outstanding and Well Platinum building, increased massing and larger floor plates internally. 

"Knight Frank’s cost consultancy team have been instrumental in the successful delivery of 10 Gresham Street. Their proactive approach, commercial insight, and attention to detail have consistently added value throughout the project lifecycle.

"From early-stage budgeting and procurement strategy to managing complex variations and final account negotiations, the team have demonstrated professionalism and a deep understanding of our objectives. Their collaborative style and clear communication have made them a trusted partner, and we look forward to working with them again on future projects."

• Our Lease Advisory team worked closely with the in house agency team to monitor and provide latest market intelligence and activity
• Negotiated the best possible result to capture rental growth which has occurred in the market whilst considering a 3rd party determination in absence of agreement
• Instructed on behalf of the landlord on the March 2024 rent review 
• Successfully negotiated a rental increase of 10% on behalf of the client  

• Providing technical due diligence input at acquisition stage and further consultancy advice post-acquisition supporting our Knight Frank colleagues
• TDD survey followed by managing further investigations (compliance and structural) and completing LtAs for the two university occupiers
• Involvement is ongoing, and we are currently systematically appraising the fire safety and technical considerations identified at TDD stage whilst progressing the LtA working in collaboration with the wider Knight Frank team
• Developing works packages for installing a loading bay platform lift, providing a voice alarm system, and enhancing the electrical distribution network to bring the life safety installations in line with current British Standards recommendations

• Knight Frank appointed as Management  Consultant in 2020 at design phase to create initial service charge budgets and advise on design layouts from a management perspective  
• Knight Frank retained as Management Consultants throughout the construction phase of the building, liaising with pre-let occupiers with regard to Building Management and Service Charge  
• CSH construction completed in May 2024; 140,000 sq ft over 12 floors with 10 floors pre-let. Knight Frank carried out a full building mobilisation including recruitment of an experienced Building Manager and Building Co-ordinator, tendering all contracts and building services and full lease review and set-up whilst working closely with client, occupiers and contractors during simultaneous tenant fit outs of all 10 floors  
• Knight Frank now manage an almost fully occupied building with a comprehensive service charge budget in place. We have recently achieved a Platinum WiredScore for the building  
• We provide a comprehensive management service at this building including service charge management, contractor and contract management, rent collection, monthly utility recharging, accounting, client reporting, credit control and facilities management  

“We have worked closely with Amy and the Knight Frank management team during our move to CSH and have found Amy and the team to be incredibly helpful and collaborative. The ease of working and the service that they provide has made the move and occupancy of CSH a really positive experience. The building is well managed and we appreciate the positive working relationships that Amy and the team have cultivated. We would highly recommend working with Amy and the Knight Frank team.” 

Knight Frank were instructed to carry out a valuation of these assets for secured lending purposes. 

We advised Apollo (lender) on the suitability of the assets for loan security and carried out inspections of the assets which helped to formulate opinions of Market Value, Market Rent and Stabilised Value.

Art Capital testimonial (debt advisor): "Just wanted to send a note to thank you and the team for your work on the valuation side of Europe’s largest IOS financing deal.  We were delighted to recommend and work with the Knight Frank valuation team who showed their professionalism and market knowledge throughout.  Thank you personally for coordinating a process across different jurisdictions and with different type of IOS deals, helping get the deal closed in tight timelines.  Thanks again for showing your expertise as a team and we very much looking forward to working with you again." 

Apollo testimonial (lender): "Apollo were looking to provide financing on one of the largest European opportunities this year, in a relatively specialised sector, Industrial Open Storage. We sought the advice of Knight Frank who have had significant experience in providing valuation advice both in the UK and across Europe. 

"We were thoroughly impressed with the level of detail and timely receipt of the reports on these large and complex assets. In particular we were impressed with Ben Whittington's extensive market knowledge and together with Jeremy Tham, they were able to ensure successful delivery of the reports. We highly recommend Knight Frank's Real Estate Finance team for future valuation instructions of both IOS and more conventional market sectors."  

Providing valuation support and data at the following levels: Fund, Entity (interim structure entity e.g. SPV or sub-Fund containing property assets within a Fund), Property, Unit (including vacant Units) and Lease.  

Objectives:

• Reviewing rateable values and rate demands 
• Business Rates Payments 
• Historic Rate Audit 

Actions:

• Submission of Appeals 
• Application and negotiation of void rates 
• Application for refunds 
• Implementation of legitimate strategies to mitigate rates liability on vacant properties 

Outcome: 

• So far we have secured a rebate of just over £250,000 through our Rate Management Audit service for Westfield Shopping Centre.  

DFM/Master planning​

• To provide advice on the layout and set up of common areas, retail café, event spaces, tenant exclusive gym, end of journey facilities and building app. ​

Mobilisation​

• Produced bespoke, branded office tenant handbooks, fit out guides and service charge
  documents for the property in preparation for the occupation phase. Close liaison with client and tenants during lease negotiations to meet future expectations.
• Tendering/setting up of all operational contracts, to ensure a ready to go transition into BAU building operations.

Tenant Fit Out​

• Knight Frank worked with DAC Beachcroft and Unite Students, who are the building’s first tenants, to better understand their requirements and ensure a smooth transition into the building.
• Knight Frank recruited a dedicated management team for the property and worked closely with the client to undertake competitive tenders against bespoke specifications for all the service contracts.

Sustainability Initiatives/Considerations​

• Rooftop photovoltaics which will offset 74 megawatt hours each year.​
• Heating and hot water services are delivered by connection to the Bristol Heat Neatwork, all powered by England's largest water source heat pump.​
• EPC rating A through clean solar energy, low carbon materials and low energy building services to achieve a 40% reduction in C02 emissions.​
• Mobile app for access control to remove plastic cards, also reporting on the building's
  operational energy performance.​
• Low impact cleaning regime.​
• Zero to landfill and extensive recycling facilities

Customer Engagement Initiatives​

• 296 cycle spaces including electric cycle charging
  points. ​
• Contemporary lockers and shower facilities created by specialists Five at Heart.​
• Electrical vehicle charging-points, and portal to manage usage.​
• State of the art gym connected to the building app for end user wellbeing benefits.​
• Local Bristol business café in the atrium, with break time and touch down workspaces.​

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