Guest Blog - Jonathan Roth - The Past Week
- Jen Lemen
- 1 day ago
- 4 min read
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What is this week's guest blog about?
In this week's guest blog, we feature Jonathan Roth's 'The Past Week'.
Who is Jonathan Roth?
A qualified Chartered Surveyor with plenty of great insights into the world of commercial property, and beyond!
In his own words...
'Originally from Belgium, I am now based in London, with seven years of experience working across commercial real estate. I work at Lewis & Partners, a London-based investment agency'.
You can find out more about Jonathan on LinkedIn.
You can read one of Jonathan's recent 'The Past Week' blogs below, and head to his full archive here. We thought the content of this article was particularly relevant to RICS APC candidates on the Commercial Real Estate pathway.
The Past Week - 24 October 2025
Last week, I discussed income as a key theme driving investor demand. This week, I follow up on that theme by sharing a property we’re marketing that offers income.
I also touch on a couple of less obvious investment ideas, secondary offices and leisure, both of which I believe will play a role as the world moves increasingly online. I finish with a note on an AI image tool helping with design and creativity in property.
Lewis & Partners Sale (On the Market)
Property: 175-193 Guildford High Street GU1 3AW
Price: Quoting £10.25m
Size: 36,558 sq ft (3,396 sq m)
Description: Mixed-use parade comprising nine retail units and 23 residential ASTs, producing £963,462 per annum.
The Rationale - At a quoting price of £10.25m, the asset reflects a blended yield of 8.80% (applying a 10% yield to the retail element equates to a capital value of £273 per sq ft on the residential upper parts).
The property offers steady cash flow, limited capex and asset management, and future break-up potential.
Beyond the Deal - Guildford is a strong commuter town, only a 30-minute train journey from Central London, surrounded by countryside. Its affluent population underpins both the retail and residential markets, supporting the income as well as long-term break-up play of the asset.
Fringe Office Locations
Back in November 2022, I wrote about secondary, Grade B offices.
I argued that post-Covid, we shouldn’t underestimate demand for modernised Grade B offices, particularly in a tougher economic climate. Three years on, I’m not sure that argument holds. If employees are commuting in and employers want them back in the office, the space has to be worth the journey.
Specification has become a given; location, less so.
Our recent transaction at 100 Bunhill Row illustrates this. A fringe office location that saw leasing success once offered on a fitted, managed basis. Other areas, such as Camden and Paddington, could show similar patterns. They’re prime London, but not from an office perspective.
That’s reflected both occupationally, through discounted rents and higher vacancy rates, and on the investment side through softer yields and lower capital values. The investment discount reflects the need for significant capex with no guarantee of tenants occupying the space.
What Next for Leisure?
Cinemas, pubs and restaurants are having a difficult time. Business costs are high: energy, business rates, rent, and wages, while consumers are cautious with their spending. Unlike other sectors, leisure operators can’t easily scale online. As we spend more time on our screens, these venues face growing competition for both our attention and wallets.
Despite the challenges, I’m bullish on the sector’s longer-term outlook. The more digital the world becomes, the more we crave real, physical experiences. The winning businesses will be those that create connections, communities and experiences, while finding ways to monetise that. I’ll explore this further in my December piece.
Nano Banana
Last month, Gemini introduced Nano Banana, an AI image generator. The initial hype has cooled, but it’s a tool I still find useful. I recently shared a LinkedIn post where I reimagined an old Cat A office and transformed it into a contemporary workspace.
Beyond the novelty, Nano Banana has several practical use cases:
Testing potential office fit-outs
Exploring additional massing and rooftop terraces
Changing building colours or facade details
Adding landscaping and updating streetscapes
While these tools won’t replace architects or graphic designers anytime soon, they’re becoming powerful, cost-effective tools for testing and visualising early ideas.
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Stay tuned for our next blog post to help build a better you.
N.b. Nothing in this article constitutes legal, professional or financial advice.
