Background

At acquisition Atherstone was let to Warwickshire Borough Council on a single over-riding lease who then sub-let 23 small industrial units to local businesses. In 2023 the Company surrendered the Council’s head lease, taking on direct responsibility for the underlying tenants. As part of the surrender the Company received a significant surrender premium from the Council with these funds then being used to comprehensively refurbish to the site, significantly improving the estate.

Aim/Specification

The refurbishment works carried out across the whole site comprised:

External:

  • A comprehensive recoating of the roof.
  • Replacement of all rooflights.
  • Recoating of the external cladding with new roller shutters, doors and windows installed.
  • Installation of new estate signage.
  • Landscaping of the common areas.
  • Updating the communal lighting
  • Relining of the carpark and additional car park spaces created.

Internal (vacant units only):

  • New toilet and kitchen facilities.
  • Upgrade of the electrics, including new lighting where appropriate.
  • Recoating of the concrete floors.
  • Decoration throughout including internal walls and roofs.

Total costs of works

  • £0.63m

Impact on EPC

  • E to C

Outcome

  • All vacant units which underwent an internal refurbishment are now fully let with rents increased from £5-£6psf to £11psf.
  • Implementing a new estate lease with existing tenants during lease events and moving rents from £5-£6psf to £9+psf on non-refurbished units.

Before:

After: