Curt Webster, Investment Director of The 79th Group, provides an update on Seventy Ninth Commercial, 79th’s commercial property division’s latest acquisition and the next steps for the project.
Late last year, we successfully acquired Millennium Park, a 10,000-square-foot commercial property that previously was home to one large company, and as part of our asset transformation strategy, will soon house 59 new offices.
As the Investment Director, I’m thrilled to see our stakeholders getting involved already and I can’t wait to see the project develop.
How uncertainty plays in our favour
Not so long ago at the height of Covid-19, we were all confined to our homes. En masse, companies began to navigate the tricky transition from their regular office life to new office solutions.
Large businesses are looking to shed their oversized offices, often at a heavily discounted price. Seventy Ninth Commercial specialises in acquiring these undervalued assets that have been significantly discounted. We then transform the commercial building into a number of small offices which are beautifully designed and well-equipped to service small and medium-sized businesses — which constitute over 99% of all businesses in the UK.[i]
Work begins on Millennium Park
Our expert ability to find undervalued properties and transform them into profitable enterprises led us to Millennium Park. Located in Birchwood, Warrington, our latest acquisition is situated in an established hub of technology and e-commerce excellence, which is already home to household names of the likes of Toyota, New Balance and Betfred.
Refurbishment is set to begin in the coming months, which will see the offices kitted out with fresh décor, designed by the award-winning architects of Falconer Chester Hall.
Projects such as Millennium Park offer long term and multiple revenue streams. Not only will our venture improve the value of the property over time, but the new space will come fitted with a number of services, from wi-fi to catering.
Our next project
At Seventy Ninth Group, we never stand still. We’ve got our next project already in motion. Having successfully identified a prime commercial opportunity, with a variety of opportunities available, we’re on our way to beginning our next stage of commercial office conversion. Through following our tried-and-tested model of development, I’m proud to watch Seventy Ninth Commercial flourish.
Going from strength to strength in a challenging landscape
In light of our recent developments, I’m confident that our investments are being made in the right place. After such a promising beginning, I cannot wait to see what the rest of this year holds, both for myself, Seventy Ninth Group as a whole, and all our stakeholders.
