National serviced offices specialist, Forsyth Business Centres, is enjoying a boom in its management contracts division.
The rapid growth of Forsyth – part of Kevin McCabe’s global property specialist, Scarborough Group International Limited, sees the company operating more than 200,000 sq ft of offices across the UK as its management contracts division continues to capitalise on rapid market growth. Forsyth now boasts a national portfolio of serviced offices which it manages on behalf of landlords to make a return on loss-making properties.
The company has secured 12 management contracts at Clarendon Road in Watford, Castle Business Park in Stirling, Maylands Business Park in Hemel Hempstead, Woodland Road in Darlington, Gelderd Point and The Headrow in Leeds, Station Parade in Harrogate, Queen Street in Blackpool, Churchfield Road in Walton on Thames, Crystal Peaks and Norfolk Park Road in Sheffield and Sheffield Road in Chesterfield.
David Harrop, finance director at Forsyth, said: “Forsyth’s spread of management contracts is ongoing and we anticipate making more announcements in the near future. Market circumstances are creating a lot of opportunity for our management contracts division to offer a realistic solution to landlords of properties which may not be making a return on investment due to traditional leasing costs.”
The diversification into management contracts has also allowed Forsyth to move into new locations across the country, including Harrogate and Blackpool – ripe for regeneration and new business opportunities. Forsyth cites caution in the business market as a strong driver of the serviced office sector with more businesses opting for flexible, short-term licensing options on commercial space than committing to fixed-term leases.
David added: “The conventional commercial rented property market is a viable model in strong economic conditions, but lacks the opportunities that many businesses seek when purse strings need to be tightened. We are not just seeing smaller companies turning to flexible leasing options, our management contracts secured property in Stirling has been taken as a base by Asia’s largest information technology firm, Tata Consultancy Services, for the duration of a key contract north of the border.”
For more information on Forsyth’s many Serviced Office Business Centres and to arrange viewings call 01932 834 720
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