BLOG - Marlow Makeover – Maven’s new £4.8 million property investment
Andrew Whiteley, Investment Director
We have just exchanged contracts on the purchase of a 26,000 ft2 office building in the lovely Thames Valley town of Marlow in Buckinghamshire, as the local office property market shows signs of sustained recovery and interesting opportunities emerge for investors. The building has been vacant for a while and requires a full refurbishment to bring it back to a corporate HQ standard.
Demolition works are due to start next week and will involve stripping the building all the way back to its steel frame. We have also submitted a planning application to Wycombe Borough Council to extend the entrance and reception area, which should give the building an impressive corporate HQ standard appearance. The refurbishment will include installing new windows and external cladding, a replacement of all bathrooms and the addition of shower facilities. We will also be installing a new passenger lift and air conditioning system along with new raised floors, suspended ceilings and lighting systems. And given the increasing focus by businesses on energy efficiency, we intend that the refurbished building will offer the highest achievable energy performance rating for prospective tenants.
There is now a shortage of modern and attractive office space in the Thames Valley market, which has really started to pick up again in the past few months, reflecting the improving UK economy and increasing business confidence. There has been very limited development of new office space since the onset of the financial crisis, and quite a number of vacant office buildings have been converted to residential use since planning laws changed last year, or are earmarked for conversion. As a result there is increasing competition among tenants for suitable office space in certain locations, which is leading to rising rental levels.
We intend to capitalise on this positive market shift for our investors, with this latest commercial property acquisition. Please keep an eye on our blog for updates on progress with the refurbishment project.
Maven has a fast growing property investment and development business which already includes several successful hotel and student accommodation projects around the UK.