Asset Management and Development in Buckinghamshire
Asset Management and Development in Buckinghamshire12/3/2019
Day and Bell are managing agents of a large Co-op supermarket and eight retail / residential investments in Park Parade, Hazlemere. This is located in an affluent area of Buckinghamshire a few miles north of High Wycombe.
The changing face of the world of commerce has seen many changes on local retail centres and Park Parade is no exception. Blockbuster Video has been replaced by a local estate agency and a bakers has become a café. Retail demand has remained strong, due to the nature of the surrounding area and our Lease Advisory team has continued to assist with increasing rental values.
HSBC Bank renewed their lease of their Hazlemere branch and it was something of a surprise when their surveyors contacted us to discuss a possible surrender. Demand was buoyant for retail space and there was competition from a coffee shop chain and takeaways for the premises. Our client decided to proceed with a new letting to Churchill's Fish & Chips. There was a nominal reduction in rental paid by HSBC, but this provided the opportunity to take back the first floor offices for development purposes.
With the close care and attention of a local architect and project manager, planning consent was obtained for the conversion of the ancillary offices to create two new apartments. The development was undertaken last winter and the flats have now been sold for £185,000 for the one bedroom unit and £220,000 for the two bedroom apartment.
The closure of the local bank may not be ideal for the vitality of a local shopping area, although our client has gained an established catering business (12 branches) as a tenant and realised significant gains on the development opportunity.
Day and Bell co-ordinated the professional team and relishes the prospect of seeking new opportunities in the current or a new asset management portfolio.