This former motor dealership comprises 14,656 sq ft and is situated on the soon-to-be-dualled Hilton Road in Ashford. The purchase of this site completed at the end of August 2019.
Subsequently a four-month refurbishment programme was undertaken to transform the site into a trade counter scheme, including demolishing part of the terrace to improve configuration/prominence, recladding, the addition of glazed trade entrances and internal re-decoration.
We have also secured consent to build a stand-alone 3,000 sq ft trade pod in the front yard, which will be completed in December 2020.
The purchase was de-risked prior to works commencing, with the main terrace fully pre-let to national operators Screwfix, Crown Paints and F1 Autocentres, paying rents of £12.60 – £15/sq ft. Likewise, the pod has been pre-let to Easy Bathrooms at a rent of £16/sq ft.
The site is expected to have a value in the region of £4 million on completion of the pod. Total capital expenditure is expected to be £1 million, delivering a profit on cost of 33%.