Maven raises finance for property refurbishment in the Thames Valley
We are pleased to announce that we have successfully raised £4.8 million for the purchase and comprehensive renovation of Planar House. The deal represents another milestone in Maven’s steady progress into the commercial property sector having completed a number of transactions over the last year, including the development of two hotels and a student accommodation project.
Maven has purchased the 26,100 sq ft office building for £1.75 million and is to spend close to £2 million on its refurbishment. Located in Globe Park in the affluent Thames Valley town of Marlow, Buckinghamshire the two-storey building, which comes with over 100 dedicated car parking spaces, will be fully modernised to Grade A standards. The project will involve substantial internal and external improvements to the building, and will be upgraded to achieve a high energy performance rating.
Situated only 33 miles west of central London, the site is in close proximity to both the M40 and M4, providing excellent transport links to the city. A number of blue-chip companies have premises in the town, including Johnson & Johnson, Lexmark and Laurent Perrier. Peter Jones’ Phones International is also headquartered next to the Property.
The commercial property sector in the Thames Valley has seen significant improvements in recent months, a reflection of the recovery in the UK economy and increasing business confidence. There has been very limited development of new office space since the onset of the financial crisis and as a result there is a shortage of good quality office space in the area, with growing competition among tenants and rising rental rates.
Andrew Whiteley, Investment Director at Maven, said “This is an exciting opportunity for our investors to participate in a commercial property refurbishment at what is projected to be an upturn in the sector. There is a significant shortage of suitable Grade A offices space around Marlow and so the transformation of Planar House into a well specified, attractive and modern workplace will help capitalise on this demand. We will continue to look to grow this side of our business and bring investors a range of attractive property opportunities.”