Property Asset Management - Woking Borough Council, Midas House

Challenge

Vail Williams was appointed by Woking Borough Council to manage nine properties within its commercial investment portfolio, including Midas House, a large, multi-occupied office building in Woking.

The building’s principal occupier, Menzies LLP, had evolving operational requirements and advised the Council of its intention to expand. This represented a significant risk to our client with the potential to result in a tenant void and loss of income.

How we helped

• Acting proactively, Vail Williams engaged early with Menzies LLP to fully understand its growth plans and accommodation needs.
• Working closely with Woking Borough Council and our in-house agency team, we reviewed options to retain the tenant at Midas House.
• We identified an opportunity to reconfigure the tenant’s occupation through a lease surrender and regrant, allowing Menzies LLP to upsize within the building while maintaining flexibility.
• The solution aligned the tenant’s operational requirements with the Council’s income and asset management objectives.

Result

• Proactive asset management and tenant communication, enabled our client to retain Menzies LLP as a core tenant whilst solidifying the relationship between tenant and landlord.
• Not only this, the Council avoided a potentially significant void period and their rental income was safeguarded.
• Long-term income security was secured, demonstrating the value of proactive property management and joined-up agency advice.