Penn Commercial celebrated its milestone 15th anniversary in September 2022, having been established by Vanessa Penn in autumn 2007.
In a year when Rihanna was at number one for 10 weeks with Umbrella and Gordon Brown was appointed Prime Minister, Penn Commercial opened its doors – with great optimism – at the height of a global recession.
It is now Suffolk’s leading independent commercial property agency, as voted by EG in its ‘On-Demand Rankings’ of the UK’s top performing agents for 2021.
In spite of all the ups and downs over the years – battling economic downturns, a COVID pandemic and the recent cost of living crisis –Vanessa and the Penn team remain committed to their distinctive, personalised way of marketing commercial property across East Anglia.
Here, Vanessa shares her thoughts on 15 years of starting and growing a business in a very competitive marketplace.
Why did you set up Penn Commercial?
I took redundancy from Erinaceous Plc and decided to strike out on my own, with the experience that I had gained over 20 years with Countrywide Commercial, Douglas Duff etc.
I had long-standing clients locally in Ipswich, who vowed to support me as Penn Commercial.
How have you found building and running your own agency since 2007?
It was challenging setting up the business in the recession years, but gradually the business grew organically. Luckily, I have been tenacious enough to stick at it through the difficult economic periods.
Overall, though, I enjoy being my own boss and the autonomy that it brings and I am proud that the business has grown and we have added to the team.
What have been the greatest challenges?
Managing an ever-changing pipeline of properties as, with commercial agency, there are very much ‘feast’ and ‘famine’ periods.
Also, running your own business, there are a number of facets other than just earning fees, such as HR, finance and IT, that you need to manage and organise.
Over the years, what have been your greatest achievements?
Winning a number of awards as an SME is always a great achievement when you are up against larger firms, with much more resource.
I was also proud to be named as a Finalist in the ‘Business Person of the Year’ category in Archant’s ‘Suffolk Business Awards’ last year. The Penn team have delivered great results consistently over the years and we have won most active agent and dealmaker for Suffolk a number of times.
Looking back, would you have done anything differently?
Not as such because I very much had to establish Penn Commercial in the marketplace and that was really down to my original clients and contacts.
What have you learnt since 2007?
That property is such a cyclical business and you always need to retain optimism, as different markets present varying opportunities and you have to be ready to capitalise on them at the time.
What would you say sets Penn apart from other commercial property agencies?
Most probably, the fact that all fee-earners are hands on day-to-day and we are accessible and approachable.
We provide a great service for our clients, which is reflected in the repeat business that we gain from a lot of them.
What does the future hold for Penn?
Overall, I believe there will continue to be strong demand for high-quality commercial premises across East Anglia in strategic, connected locations.
The potential of major development schemes, such as Sizewell C and ‘Freeport East’, will necessitate a rethink across the region in terms of employment land allocations, especially close to the Port of Felixstowe, and I am confident that we will continue to be busy for many years to come!
What Penn Commercial’s clients say
“I have supported Vanessa since she set up the business on her own, 15 years ago now, and Penn is the only agent that I will use in Ipswich and Suffolk.
“I am very happy with Vanessa and Penn, and they give me the service that I require, in every way. They understand my needs and have reduced voids across the business significantly.
“I wish Vanessa and the team every future success, and I look forward to continuing to work with them to grow our property portfolio and managed estate throughout the region.”
Peter Colby, managing director, Peter Colby Commercials Ltd
“I and all at Edward Le Bas would like to congratulate Vanessa and the team at Penn Commercial for 15 years of dedication and service to their clients and the local property market alike.
“We have worked with Vanessa and Penn for a number of years now. We have benefitted from their professional services in the various lettings at Claydon Business Park, in particular, and I couldn’t recommend the team highly enough!”
Lee Maddox, director, Edward Le Bas Properties Limited
“Congratulations to Penn Commercial on the first 15 years. It’s always a pleasure working with an adviser who listens to what is required and remains focused until it’s been achieved.”
Richard Hall, chief estates director, Yodel
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