NG presses through 10,500 sq ft Colwick deal after extensive refurb programme
28th February 2014
A 10,500 sq ft industrial unit on Colwick Industrial Estate has been let to a manufacturer of pattern books and shade cards, in a deal brokered by NG Chartered Surveyors.
CEM Press, which has been trading for more than 50 years, has moved into part of Ash House after owner Shapeform invested in a significant refurbishment programme, which quadrupled the headline rental.
Shapeform has rejuvenated the building by investing in a new roof; re‐cladding all external walls; improving WC and kitchen facilities; painting all internal walls and ceilings; and installation of all main services into the unit.
Henry Henson of NG who acted for Shapeform on the deal, said: “This is a perfect example of how investing in refurbishment can pay off for a landlord.
“Shapeform purchased the whole site just over 2 years ago, for both their operations and as an investment to find occupiers for the additional vacate space.
“Having refurbished the main office accommodation to the front of the building to create serviced offices, this has now become fully occupied. Their attention then turned to the rear warehouse unit that was currently empty as a result of a short term tenancy.”
The refurbishment resulted in a letting to CEM Press on a new 10-year lease and consequently has improved the investment value for the client’s asset.
Henry adds: “The unit was previously being marketed at 99p per sq ft, as it wasn’t wind or water tight. Now those issues have been addressed through the extensive refurbishment, we’ve managed to achieve a headline rental of £4 per sq ft. It shows that by being a proactive landlord and adapting to market demands, the rewards can be successful.”
Tony Ellis of Shapeform was impressed by NG and in particular Henry’s handling of the letting. He said: “Our new tenants include G&S signs, TJ Construction, Violet Rd Studios, Hoofit Equestrian, AS Hardware and now CEM. We found NG Chartered Surveyors both professional and attentive to our timetable and tenant negotiations and I look forward to working together with them on future developments.”