Drake Howard Property has recently completed the purchase of a freehold commercial building on High March Industrial Estate, Daventry. The property has been acquired with vacant possession from Daventry District Council, on behalf of an ‘in-house’ investor client.

The industrial estate location is ideal for commercial investment purposes. Daventry is a growth area and the property is on the A425 ring road 1 mile from the town centre, 3 miles from the A5 and a further 2 miles from J16 of the M1 motorway, via the A45 trunk road.

The building is to be subdivided, to create a self-contained two-storey office on the front corner of the site and a separate workshop and office premises to the side and rear.

The office building has a net internal area of 2,210 sq. ft. (205 sq. m.) and a dedicated car park for a minimum of 12 cars on the north-west side of the building. The refurbishment will include enlarged UPVC windows to increase light and provide views to the countryside; a remodelled reception office; disabled platform lift to the upper floor; gas fired central heating; new suspended ceilings and LED lighting; perimeter trunking; refitted welfare facilities and; carpet tile floor coverings.

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The workshop has a gross internal area of 7,945 sq. ft. (735 sq. m.), split approximately 55% workshop and stores and 45% offices and/or workbench space. Again, the premises has its own loading yard and car park, on the south-east side of the building, with services on metered supplies. The premises will be refitted to a high specification to include a new electric roller shutter loading door; replacement gas fired hot air heating and; similar fixtures to the office unit.

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Martyn Howard has set about converting the purchase into a solid investment by design of the sub-division and specification of the works. The specification went out for tender a short time ago and contractors and sub-contractors are now on site under our project management. Martyn said, “This is the most exciting and rewarding challenge, to create a valuable asset out of a tired and under-performing commercial building. We are constantly searching for freehold properties for both retained investors and new investor/occupiers. Our client’s will testify to proven project appraisal expertise and tight budgetary control, whether the works are for occupation or investment. As for us, the satisfaction of seeing the transformation from purchase to hand-over of keys, is almost as rewarding as the entries in our agency, project and property management fee columns! ”

This purchase and refit will come in under target at £500,000 (£48.50 per sq. ft. gross, capital value) and the income from lettings of the whole, or in parts, is cautiously anticipated to be £55,000 per annum. A return to the investor close to 10%, after allowances for costs and voids.

Watch this page for the ‘after’ pictures and parties interested in renting the space ahead of the market should get in touch!