Developer acquires 10,000 sq ft premises – major refurb planned

Property developer and asset manager Rotherhill, backed by long-term funding partners DCS 452 and Nowell Spring Group, has bought a detached 10,000 sq ft unit on the Drayton Fields Industrial Estate in Daventry.

The building is on the corner of Whittle Close and includes from two ground level loading doors and its own yard which will be fenced and gated.

Stuart Waite, associate director, said: “We are pleased to have completed the acquisition of this property on what is a well-established industrial estate in a location with very limited supply within this particular size range.

“We will shortly be carrying out a comprehensive refurbishment of the premises to create a best in class facility with a view to securing a long-term tenant or sale of the freehold interest to an owner occupier. We are targeting completion of the refurbishment works by the end of July.”

The property was bought from a private pension fund, conditional upon surrender of their existing tenant’s leasehold interest.

Paul Bagshaw, owner and founder of Rotherhill Developments, said: “This acquisition is exactly the type of opportunity we’re interested in and one where we can add value by investing in a refurbishment programme to modernise the premises.”

He added: “We continue to target existing buildings with strong fundamentals, either with short income or vacant possession, where we can utilise our expertise in building refurbishment to create high quality product at a discount to new build.”