Hall Redevelopment Update April 2021

We are pleased to report that the redevelopment of Brewers’ Hall is progressing well. The structural steel work for the roof extensions has been completed up to the fifth, and final, floor. At the same time, work has begun to lower the level of what will be the commercial lobby on the ground floor, so that the entrance is at street level and therefore step free. Major steps have also been taken with basement drainage works. Almost all demolition alterations have been completed, so we have growing confidence that there will be no structural surprises which could impact on future plans.

The forecast spend on the project, six months in, remains on budget (£8.5M) with only 12% of the contingency having been drawn upon, significantly less than one might expect during arguably the riskiest part of the project. The value of works earned to date is in line with the contractor’s forecast of £1.54M (24% of the total contract sum).

The Company’s property managers, Daniel Watney, are monitoring the rental market closely as they begin to plan for the marketing of the offices being created by the development. Despite the (COVID induced) relatively subdued activity in the market there has been a notable increase in the number of enquiries and viewings since the Government’s roadmap was announced providing a clear timeline for businesses to work towards. It will, however, take time for this increase in activity to result in a significant change to the number of transactions. A proactive marketing campaign which seeks to develop momentum in the period leading up to completion is being developed.