Ash Court: What Do You Do When a Property Reaches the End of Its Economic Life? - Case Study

Commercial property specialists NG Chartered Surveyors are close to achieving 100% occupancy at the speculatively-built Ash Court scheme on the Moorgreen Industrial Estate in Nottinghamshire.

Owners of the estate Maplebeck Holdings had a dilemma on their hands: what to do with the original Ash Court buildings, which were the remaining part of the former colliery workshops. Their condition was poor and letting potential had effectively dried up.

NG were asked to provide options as to what to do next. Richard Sutton, Director at NG Chartered Surveyors, has advised Maplebeck for almost 20 years, and was integral in refining the design to complement the existing units at Moorgreen; and to make sure the new scheme catered for pent-up demand.

The firm, which invests as part of a regional private pension fund, went with 11 starter units totalling 11,375 sq ft in individual sizes of 1,000, 1,250 and 1,500 sq ft.

Ash Court reached practical completion at the end of September 2017. NG have been busy working hard to hit a 100% occupancy rate, with the latest two tenants to move in being Aldreds the Bakers and Safe Hands Audio. Just one unit now remains on Ash Court after an innovative marketing campaign by NG director Richard Sutton and his team.

Maplebeck has a long track record in development in Eastwood, which started with the re-development of Chestnut House in 1998; quickly followed by Oak House in 1999, the 37,000 sq ft Plane Unit in 2007, and the 45,000 sq ft Cut Shack in 2014.

In addition to this, the flagship Birch Park units (4×10,000 sq ft) were built speculatively in 2006 with Maplebeck re-entering the market in 2010 – at the height of the economic downturn – when it bucked the trend to build nine 1,000 sq ft starter units now known as Sycamore House.

Richard Sutton, director at NG Chartered Surveyors, said:

“Maplebeck Holdings have proven before that, by being brave, speculative development can and does reap rewards. We’re really proud to have been so integral in this latest project and would urge any growing companies looking for starter units to get in touch with us”.

Another recent new tenant at Ash Court are Transatlantic Line UK. Glyn Windsor of the company, said: “Transatlantic has been established for over 20 years. In the last few years there has been increased demand for our packing, crating and storage services. We have been looking for the last year for suitable premises and Ash Court, with its proximity to the M1, reasonable lease and rental rate, is exactly what we have been looking for.”

Richard added:

“Ash Court has proved extremely popular, but we’re not surprised in the slightest given the quality of the units. We look forward to putting the “full-house” signs up very soon!

Contact Richard Sutton at NG on 01159 588599 or richards@ng-cs.com for more information on our marketing and management services; or follow NG on Twitter @NGChartSurv.

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