Drake Howard Property has had a busy start to 2016 and will need the full attention of Martyn Howard and new surveyor Marie Farrell, who joined the team in January, to service client business.
In December, following completion of purchase of the freehold office investment at Brandon Court, Binley, for a figure in the region of £5m, REI Plc has retained Drake Howard as managing agent.
Brandon Court has tenants in Yazaki, Saint Gobain, Safestyle Windows and Minitab, with Tri-Distribution added immediately preceeding the sale. Joint agents Drake Howard Property and Avison Young letting the last office unit to achieve full occupancy on the estate.
Martyn Howard firmly believes good management over many years cemented the strong mix of tenants and excellent sale return on disposal of the investment. “To see the focus of our strategies come together in the disposal campaign is just great! It is equally rewarding for a purchaser to recognise the value added by our hands-on approach. We have been retained to continue in our role and further improve the asset.”
A few weeks later, at the beginning of February, Quantum Imaging Ltd put pen to paper on a 5 year lease on 4,225 sq. ft. of remodelled ground floor office space at 2020 House Middlemarch. A successful outcome to a near a six figure outlay by owner Phocas Software, not to mention the agents project supervision and marketing endeavours. “What a transformation of this space! It was difficult to convince prospective tenants of the potential, for what was being used as tired workbench/assembly space. However, Quantum were convinced of the vision and new toilets, break-out area, shower room and boardroom rearrangement created a brand new working environment.”
In March, a new client placed properties in Coventry, Northampton and Daventry into our management portfolio. Simultaneously, the tenant of the 10,000 sq. ft. Northampton office building has been signed to a new 10 year lease. The principal tenant in Coventry offices has entered into a new 3 year lease and discussions are on-going with the 22,000 sq. ft. industrial unit occupier.
April saw yet another client join the management fold and marketing campaigns for industrial units at Kineton and in Coventry, kicked into gear. Added to regular income generated from sales & lettings, rent review, rating, survey and dilapidations work, the practice is now faced with wonderful problems of investment in new software and staff to keep pace with growth.