Drake Howard Property has secured a commercial property investment for a management client which compares extremely favourably to alternative property and investment media, in a market where buyers overwhelm a severe lack of supply.
The workshop and office property is situated on the premier industrial estate in Warwick and is leased to Nationwide Crash Repair Centres Limited. The modern building, originally designed as a main workshop with front two-storey office block and two further workshops, extends to 19,095 sq. ft. (1,775 sq. m.) and has good external yard and parking areas.
1-3 Hawkes Drive, Heathcote has been occupied by the current tenant since construction in 1995. The existing full repairing & insuring lease is for a term expiring March 2023 and guaranteed by the parent company.
The agent beat of intense competition to acquire the property for a figure in excess of £1,500,000 to show an attractive return to the investor of 8.28%, after purchase costs. The property and tenancy now comes into the property portfolio under management at Drake Howard Property Limited to be actively enhanced as an asset.
“This is a great industrial building in a superb position close to the M40 motorway and the business parks of Leamington Spa and Warwick”, said Martyn Howard. “I know the property extremely well having managed it for a previous owner a few years ago and it is like welcoming back an old friend.
The added attraction to the investor is the established use on the premises. Vehicle crash repair sites are not universally liked by local authorities and are difficult properties to find by the principals of these businesses. We are therefore, looking forward to continuing solid and harmonious relationship with Nationwide Crash Repair Centres, the tenant of this building and another under management at Stonebridge Industrial Estate, Coventry”.