A multi-million pound investment to revamp an old linen mill into new grade A office space, which was completed at the end of last year, is already fully let. The investment was part supported by Danske Bank.
Flax House on Adelaide Street was purchased by Straidorn Properties in late 2016 after the building had been unoccupied for over 30 years. Following a 14 month transformation project, the 30,000 sq ft building is now home to five tenants and 350 staff, including MetaSwitch, MCS Group, Flexera and Made to Engage.
Gareth Booth, Director at Straidorn Properties, said: “It was important for us to maintain as many of the original features of Flax House as possible but also to offer exceptional work space fit for 21st century use. We began the major renovation project to restore the building and added an extension to the rear to accommodate new centralised services. We spent some time creating a 3D walkthrough of how the building would look when completed and straight away two tenants signed up to our vision with 10 year leases off plan.”
“There is still great demand for grade A office space but unfortunately not a lot of inventory. It’s important to be able to identify niche sizes of office space to develop as some of the larger schemes are not realistic for local tenants or developers. We’re always keeping an eye on the market and if an opportunity presents itself, we’ll certainly consider further restoration projects.”
Commenting on Danske Bank’s support, Mr Booth said: “We have a long term relationship with Danske Bank and they provided a seamless transaction that was a good deal for both parties.”
Jonathan Elder, Corporate Banking Manager at Danske Bank, commented: “Gareth and his team identified an opportunity to meet the changing demands of companies looking to expand. Our existing relationship with the owners meant funds were readily available and we’re delighted to have been involved in restoring this building to its former glory.
“Flax House is home to a diverse tenant mix that includes tech focused firms in growth mode. The space has been designed to the highest spec and gives them all the right tools to be able to develop. We have been involved in a number of new grade A office spaces coming to market and it is encouraging to see a pipeline of product currently under construction or due to commence.”