Turning liabilities into assets

Jeremy Spratley


Turning liabilities into assets

As the UK economy slowly works its way out of recession, Spratley Studios, the award-winning architect in Henley-on-Thames, predicts the current trend for refurbishment over new-build will continue in the commercial sector. And with the recent report on the benefits of refurbishment in commercial buildings endorsed by the British Council for Offices, it seems that others agree. The British Council for Offices report, ‘Workplace Productivity’, establishes the link between well designed office buildings, business performance and ultimately, profit. As the UK economy picks up, the commercial office market needs buildings that meet modern specification and occupiers’ requirements. 


Here, Jeremy Spratley unlocks the potential of outdated buildings. “Whilst most in our industry have predicted a slow emergence for the commercial property market from the downturn, the feedback from our clients is that taking a proactive approach can pay dividends. Today’s requirements have changed considerably since the 70’s, 80’s or even the 90’s, when many of these buildings were designed. Meanwhile, the expectations of occupiers have risen enormously. With the proven link between staff productivity and a conducive working environment, refurbishment appeals to forward-thinking developers as a sound investment.


In recent years our practice has focused on taking outdated buildings, often in significant locations at the gateway to commercial parks and turning them into landmark features. It’s a subject that’s crucial to our clients’ business. Outdated buildings with their outmoded appearance and high running costs are inordinately difficult to lease. Many of these premises are left vacant and the situation simply snowballs to include surrounding office space. With some creative thinking we can turn these liabilities into assets at a fraction of the cost of a new-build project.


A young, innovative design-led practice based in Henley-on-Thames, Spratley Studios’ exposure to the problems faced by their clients has enabled them to unlock the potential of numerous redundant and out-dated buildings. By taking an inventive approach, introducing more modern contemporary features and more net-letting space, coupled with a distinctive brand and the use of economical materials, they have developed design solutions that are at the forefront of their field.


One of the company’s major successes has been the Cedarwood building at Chineham Park, Basingstoke. Rupert Batho, Managing Director of MEPC, who manages the estate, said, “The decision to progress with phased refurbishment of the Cedarwood building, in order to bring it up to date for the modern occupier, has been vindicated with an effective pre-let to a major plc.”


This out-dated 1980’s office building has been uplifted into an exceptional, viable and marketable space on a restricted budget. The success of this project has been to combine detailed design with the commercial needs of business. With the result that the brand has been reinforced for the park owners and the tenant has benefited from an increase in natural light and office accommodation that has a contemporary feel.


But refurbishment also makes sense from an environmental viewpoint. As an environmental issue, refurbishment has been addressed by many industry experts, including the trade body EPIC (Engineered Panels in Construction) who have stated that the refurbishment of existing stock is essential if the UK is to hit its target of a 34% reduction in CO2 by 2020.  But if the carbon saving isn’t enough to draw businesses in, the financial implications just might. Caleb’s recent report predicts a projected total saving of over £40 billion between 2010 and 2022. 


About Jeremy:

 


Jeremy Spratley set up Spratley Studios in January 2003 with a remit to bring London design concepts to Oxfordshire and create opportunities in the area. The growth of the company means that Spratley Studios now has a workforce of 22 and ambitions to continue growth even in these challenging times. Diversity of work has allowed a varied portfolio and has opened up a variety of avenues. Winning their first RIBA award in 2005 they have continued to achieve numerous coveted awards in the years that have followed. Prior to Spratley Studios Jeremy specialised in Commercial Architecture at Skidmore Owings & Merry in knightsbridge. From there he headed up the Commercial sector team at Aedas London finishing as an Associate Partner.