Drake Howard Property is pleased to announce completion of a dilapidations project and new letting at Binns Close, Torrington Avenue, Coventry.
The former occupier of the warehouse had been in the premises for over 30 years and relocated in July. Martyn Howard prepared a schedule of dilapidations for service by solicitors and negotiated payment in lieu of the cost of works with the Tenant’s Surveyor.
The premises before.
During the project of repair and improvements Drake Howard Property marketed the 8,425 sq. ft. warehouse premises and Marie Farrell secured a letting. The new Tenant took a 5 year lease term on full repair and insurance terms at a headline rent 52% greater than the previous income. Representing an asset value increase over £250,000 for a capital input of £22,000 above the dilapidations settlement!
Drake Howard Property acquired the property for the investor, with an adjacent similar property, 3 years ago with the strategy in mind.
The premises after, on handover to the new Tenant.
