Another challenge presented by the Administration of Nationwide Crash Repair Centres Group has proven the worth of an agent with commercial property development and agency expertise.

An industrial property known as Units 1-3, 20a Hawkes Drive, Heathcote, Warwick, was it is fair to say, impossible to return to an equivalent or improved income producing investment. The capital input to remodel and refurbish the building and yard was unrealistic in terms of risk. Particularly, with an over-developed site area and timing, coinciding with Covid-19 restrictions.

Consultation between investor and agent determined a course to take advantage of a strong industrial market for freeholds and promote the property for sale as a refurbishment opportunity, or for occupation by unit.

The split of external yard and parking areas required careful design within access constraints in the title. Once a workable solution was formulated, sales of separate units was the chosen route to maximising value.

Disposal of the front unit with its high office content was key to the strategy and a sale to Open Exhibitions, relocating from rented space in Warwick, was negotiated. Once this deal had been secured, disposal of units 2 and 3 to aspirational workshop and warehouse owners, quickly followed.

The aggregate realisation was £1.5m. More than £100,000 above the target agreed with the owner and £300,000 above the best developer proposal. Drake Howard Property has the continued confidence of the Client, and the funds are earmarked for acquisitions to add to the portfolio under management.