Maven commits £5.5m investment for Thames Valley office refurbishment
Maven has completed the purchase of a 20,000 ft2 office building in Maidenhead. It is due to undertake a complete £5.5m refurbishment of the property which will result in a Grade A modern corporate HQ for the thriving Thames Valley market, which is seeing increasing demand from blue-chip companies for highly specified office space.
Located in Vanwall Business Park, the site is only around 30 miles from central London, with excellent transport links to the city. It is ideally positioned for motorway and air travel, being in close proximity to the M40 and M4 motorways and Heathrow Airport, and will further benefit from the introduction of Crossrail to Maidenhead in the next few years.
This is the 11th acquisition for Maven’s burgeoning UK property business, and the second office acquisition in the Thames Valley in the past 18 months, following the c. £4.8m purchase and redevelopment of Planar House (now known as ‘Eclipse’) in Marlow in 2014.
The 27,000 ft2, two-storey Planar House has since undergone a multi-million pound 'back to frame' modernisation, including substantial external and internal improvements, including the installation of new external cladding, floor to ceiling glazing, new plant, passenger lift and air conditioning, new LED lighting and a new feature glass reception area. The upgrade has resulted in a Grade A EPC (Energy Performance Certificate) rating.
There is a diminishing supply of modern and attractive office space in the Thames Valley market, which has been enjoying consistent growth since the financial crisis began to ease, reflecting the improving UK economy and increasing business confidence. As a result the market is seeing growing competition among tenants and rising rental rates.
Maven has a fast growing, specialist property investment and development business, with executives based across the UK sourcing attractive property opportunities for investors. During the past three years the team has deployed approximately £40m of investor funds, in transactions including the development of four hotels and three student accommodation projects.
Andrew Whiteley, Investment Director at Maven, who led the deal, said: “We are delighted to have sourced another high quality opportunity for our investors, as our property investment business continues to build momentum across the UK. The Thames Valley market is in rude health, as the UK economy continues its recovery, with a notable shortage of modern office space in the area following a period of very limited development of new office space. The increased competition for high quality premises is driving rising rental levels and presenting attractive opportunities for investors with the development and investment expertise. Given the increasing focus by businesses on finding a prime location and achieving energy efficiency, this project offers the prospect of a strong investor return”.