Praxis, the London-based real estate and property management company, has acquired a major part of the business park at Kings Hill, near West Malling in Kent.
The multi-million-pound deal, which saw Praxis purchase a portfolio of 14 office buildings totalling nearly 500,000 sq ft of office space and home to 35 companies, is thought to be the largest office property deal in Kent for more than a decade.
Praxis believes that some of the offices, originally designed for occupation by a single company and currently vacant, could be redeveloped to offer more flexible space and meet the needs of smaller companies.
Harry Trahair, asset manager at Praxis, said: “We are very confident about the future of offices and are excited by the opportunity to play a part in regenerating Kings Hill as one of the UK’s premier business parks.
“The world of work has changed and many of the office buildings at Kings Hill are open plan in design, and more than 25 years old, while current demand is for smaller units in a variety of sizes. We will be undertaking a substantial refurbishment programme to make them fit for the occupiers of today.
“Businesses are demanding flexible space in well-connected locations with high standards of environmental performance that reinforce their own ESG credentials.
“Across the country, including in Kent, we have seen a flight to quality when it comes to choosing new premises by companies eager to bring staff back into the office. By adapting and upgrading the accommodation at Kings Hill, we will be well placed to meet this demand.”
Since acquiring the portfolio at Kings Hill, Praxis has undertaken a detailed review and developed a plan to future-proof Kings Hill’s commercial property offering, based on the ethos of renewal, repurpose and redevelopment.
Harry added: “Recent years have seen several major businesses depart Kings Hill, driven by changing working patterns post-Covid and a commercial need to reduce their space.
“With leasing take-up at Kings Hill averaging about 20,000 sq ft pa over the last five years, there is a substantial over-provision of office space.
“Due to their age and design, some of the offices will not be commercially viable, and so we will look to repurpose them for housing, retail or even a hotel, resulting in a better overall mix of uses aligned with current demand.
“Playing a positive role in sustaining the long-term success of Kings Hill is a journey Praxis is committed to going on with local councils and the community.”
