Quadra, NorthamptonProperty:Modern, multi-let offices
Area:42,000 sq ft
Purchase Price:c. £3.1m
Claymore Role:Acquisition, Co-investment & Asset Management
Image 1 of 1
Acting on behalf of Hong Kong based private equity investors, Claymore acquired this Value-add 42,000 sq multi-let ft office investment in December 2014 for c£3.1m, reflecting a net initial yield of 12.6% pa (£77 psf).
The property is fully air-conditioned, with good car parking and situated in Northampton Business Park, the principal office location in the town. At acquisition, tenants included Balfour Beatty, Perrys Motor Group and Infinis Energy Services.
The business plan envisaged implementing an extensive refurbishment of the common parts, including a new reception and entrance, together with a Grade A refurbishment of c 12,000 sq ft, which was vacant at acquisition. Supply competition of good quality modern space is limited – which is leading to strong tenant interest and rental growth. 4,000 sq ft has been let to Allied Irish Bank, Balfour Beatty’s lease has been extended, and only two suites remain.