After just 18 months of ownership, Harbert Management Corporation and XLB Property have let the last remaining space at Alchemy, Welwyn Garden City. Affinity for Business, the commercial arm of utilities company Affinity Water, have taken 8,212 sq ft on the second floor.
When Harbert Management Corporation and XLB Property purchased the property from Blackstone in 2016, the 40,000 sq ft office building had been standing vacant for over 8 years since it was constructed. Intensive asset management by the new owners positioned Alchemy as the town’s premier office building, resulting in lettings to blue chip occupiers including the Environment Agency, Deutsche Telekom, Affinity for Business and civil engineers, Pinnacle.
Originally developed by Bell Hammer in 2007, Alchemy is a striking building in a prominent location close to the town centre, situated amongst a host of blue chip occupiers on Shire Park including Tesco’s headquarters. The final letting marks a profound change in the town’s office market dynamics, where Grade A supply has significantly reduced to just 22,000 sq ft.
Brasier Freeth, Colliers International and Savills advised the landlord, Affinity for Business were unrepresented.