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While the news and forecasts over recent weeks have focused on improvements in the UK economy, we are gradually seeing evidence on the ground that this is the case. While the numbers of start-ups requiring space – whether leased or serviced offices – are noticeably on the up, also of note are the businesses that are taking the confident step to relocate.
One of these such companies is Enterprise Rent-A-Car, the rental car company, known for its UK vs US-speak advertisements and its ‘pick-you-up’ service. The company has entered into a 20-year lease in the centre of Aldershot in Hampshire for its UK and Ireland business support services. Having been based in the town for the last fifteen years, its decision to stay in the location while moving buildings is attributed to the need for expansion, planned, the company says, for the next three years. Enterprise required a larger building that could accommodate its current and future needs better than the previous, older site.
Part of Enterprise’s plan is to take on more space by way of an extra floor in 2015 and the same again in 2016. Such flexible lease terms will no doubt have contributed to the company’s choice of new site, and will be increasingly seen in negotiations between tenant and landlord, particularly outside London itself, as tenants further out may have more bargaining power.
Enterprise is a significant employer in Aldershot and will have taken into account the number of local employees when considering its relocation. For companies with a strong local connection, moving to a new area can cause issues in terms of HR, and by remaining in the town, Enterprise can build further on its local employee base, employed in various roles in its Aldershot business support office.
The new site at Victoria House has undergone a £300,000 refurbishment plan, which, together with flexibility, has proved successful in its attraction of Enterprise as a tenant.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.