A love of the eastern City fringe and a passion to improve how things are done in the London office market prompted two property professionals to branch out on their own 10 years ago. But what does it take to continue to make a niche agency successful?
In the Electric Showrooms on Hoxton Square, N1, Chris Antoniou is struggling to make himself heard above the hubbub of the Friday night throng. “I suppose it is ironic and appropriate that we should be in a bar in Shoreditch and not able to do an interview because it is too noisy – it says it all doesn’t it?” he jokes.
The area has undergone a dramatic transformation into an established London office market in recent years and is now a hub of tech and creative-digital occupiers. Antoniou and his partner Stephen Page have been here to see it all – and play their part.
They set up niche advisory firm Anton Page just over a decade ago to focus on the Clerkenwell and Shoreditch market. Their combined knowledge goes back even further, having worked together at Richard Susskind & Co from the mid-1990s before striking out on their own.
Their business now totals seven agents and two graduates and handles a yearly average of 400,000 sq ft of instructions. As London office take-up fell in the second quarter this year, the team nevertheless acted on 27 lettings totalling 80,131 sq ft. This put it in 13th place in Estates Gazette’s London Office Market Analysis, with a 3.3% market share.
The firm has also been involved in more than £90m of investment deals in the past year.
It was a desire to meet the area’s rapid evolution head-on that prompted the duo to set up on their own in 2005. “We were in our mid-30s and at that age it feels as though either you can work for somebody for the rest of your life or take the plunge,” says Antoniou. “We felt we could improve on the way things were being done. We already had good relationships with landlords and a natural love of being in the area.”
Landmark deals such as winning consent in 2007 for Mount Anvil’s £28m scheme to build 70,000 sq ft of offices and 400 flats in Central St, EC1, and securing media agency DigitasLBi’s 50,000 sq ft UK headquarters in the Truman Brewery, E1, in 2009 helped Anton Page navigate the recession unscathed – something Antoniou says cannot be done without a good team around you, which is essential for survival as a small firm.
In today’s uncertain climate, communicating honestly with clients about how it affects business is also key, he says.
“Stephen and I love what we do and have an incredible professional relationship,” he says.
“Trust is important and a mutual need. We also have the strongest team we have ever had. We have a huge amount of experience in a niche market – there is nobody else that can offer 50 years’ experience between two partners in this area but we also have a young team around us.”
So what does he believe is the secret to being a successful niche agent?
“We know every building and we know almost every owner. Conducting 80 to 100 transactions a year, you can pick up any slight chinks in the market and we have probably dealt with 1,000 occupiers that have moved in. As long as you have given them the right service there should be a snowball effect – so that has been very positive,” he says.
“In an area that is changing rapidly it is crucial to keep a close rein on where your pricing of rents and capital values is. If you are not achieving an appropriate price for a building, you are not doing your job properly for your client.”
While other niche firms have sold to bigger players in recent years, Anton Page remains staunchly focused on independence. It is also busy growing into upcoming fringe locations in east London, such as Dalston and Mile End.
“I think we broke away originally because we wanted to be in control. I liken it to looking after your own baby versus babysitting somebody else’s. You just cannot explain how you feel about your own baby.”
Anton Page’s clients
Amsprop Lord Sugar’s privately owned property vehicle
Berkeley Group The FTSE 100 house builder
Boultbee BrooksReal Estate Family-owned commercial and residential specialist led by Clive Boultbee Brooks
City of London Corporation
The Estate Office Shoreditch Family business that has owned and managed much of the land around Shoreditch since the mid 1960s
Grainger The UK’s largest listed specialist residential landlord
Marcol Investor and developer founded by Terence Cole and Mark Steinberg in 1976
Mount Anvil London residential developer
Yianis Group Private property company owned by John Christodoulou
Recent deals
• Sale of 73 Great Eastern Street, EC2, an 8,500 sq ft unrefurbished office building, for £9.5m to owner occupier Pencross Assets. Anton Page acted for vendor Morello.
• Letting of 13,801 sq ft at 32-38 Scrutton Street, EC2, to fashion company Jacques Vert at £55 per sq ft. Anton Page acted for landlord BL & R Bard Trust.
