The office building at 7 Rushmills, Northampton was renamed Pioneer House when first occupied by Pioneer Computer Group in 1990. The Company name may have changed over the subsequent 28 years, but the Northampton outpost has remained a regional base for operations.
At 9,585 sq. ft., the office investment was discovered 10 years ago by Martyn Howard of Drake Howard Property Limited and purchased for property company client, Forest Team Limited. It has proven to be a real find and the client has enjoyed an unbroken income stream and harmonious relationship with the natives.
“It is sad to see an adventurously designed building go from our pot of properties under management”, said Martyn. “However, every building has its place in an investor’s portfolio and when the time comes to alter course, to improve the balance of investments, an assets value must be traded.”
This particular voyage ended with sale, for a price of £1,350,000, to reflect a yield of 7.50%. A truly pioneering return for a 10 year lease with tenant options to vacate the outpost in two and five year’s time.
Drake Howard Property Limited is scouting for new undiscovered gems across all Midlands territories.