Sands Industrial Estate, High Wycombe
Northumberland Estates / Arun Property
This 7-acre estate suffered from the typical symptoms associated with a non-performing asset. The continuing lack of investment and landlord inactivity created tenant uncertainty, poor communication and increasing vacancy. We took time to build positive and successful working relationships with the occupiers.
The refurbishment works included: complete strip-out; retaining frame and structural walls; new roofs; cladding; offices; epoxy floor finishes; services; over-sheeting and cosmetic improvements
Our focus on total income returns transformed this estate from an under-performing ownership, with increased levels of landlord irrecoverable costs, to a high-yielding asset that would appeal to a much wider institutional market.
Sands Industrial Estate in figures:
• Approx asset value at transfer: £50 psf
• Post- asset management: £75 psf
• Vacancy rates reduced: from 46% in Q1 2012 to 11% in Q2 2013
• Energy efficiency and sustainability of the refurbished units was significantly improved