Bucking Property Trends on Wimsey Way, Alfreton
14th August 2012
A speculative refurbishment project on Wimsey Way, Alfreton, is due to complete later in the summer, generating signs of a renewed confidence in the local commercial property market. Saxondale Properties bought the 10,000 sq ft unit from M7 LLP in a deal brokered by NG Chartered Surveyors this spring.
The refurbishment aims to bring the unit back to life, ready for NG to remarket it for immediate occupation in summer 2012.
Richard Sutton, partner at NG, said: “As a firm, we have worked with Saxondale Properties for over ten years on deals all over the East Midlands. Each project has been of superb quality.
“The major challenge facing the unit was its poor condition. It was an empty shell in need of a lot of work to bring it up to spec for a buyer or tenant. And because of the marketplace at the moment, not many developers are investing in speculative builds.
“But Andrew Butcher and Steve Cuthbert of Saxondale Properties saw its potential and made the purchase as a speculative deal.
“There is a huge cross-section of industries already trading in Alfreton, which means that there is a large pool of potential tenants to market the refurbished unit to. There are also very few, if any, freehold opportunities in the area. So once finished we are expecting a lot of interest from potential tenants, or an owner occupier.”
Steve Cuthbert, of Saxondale Properties, said: “Everything you do as a developer is a brave move – regardless of the market conditions.
“Both Andrew and I have known Richard from NG for a long time. Richard contacted us about Wimsey Way following a number of aborted sales. Taking into account the lack of vacant space in the area we saw it as a rare business opportunity to purchase a freehold property on the estate.
“As an occupier, the main attraction of Wimsey Way is its location – which is adjacent to the A38 and close to the M1. We are anticipating a high level of interest once the project is finished.”
Saxondale Properties is a Nottingham-based property development and investment company. It was set up in 2002 by Andrew Butcher and Steve Cuthbert.