The heightening appeal of commercial property as an efficient investment – particularly with the reduction in tax breaks and hike in stamp duty for residential investors – coupled with continuing low interest rates, continues to fuel interest in freehold disposals says commercial property agent Prop-Search.
Acting on behalf of Essentra plc, Prop-Search has concluded the sale of the property comprising some 43,000 sq ft of accommodation, including over 10,000 sq ft of office, research and development, and light assembly space. The building in Earls Barton on Baron Avenue, has been purchased by a UK based property investment company with the intention of undertaking a substantial refurbishment programme to include a new roof and re-modelling of the office accommodation.
Work has now commenced on the property with the building available for occupation in Spring 2017. Prop-Search has subsequently been retained by the new owners to market the building to the leasehold market and secure a new occupier.
Simon Toseland, Director of Prop-Search and responsible for the transaction said: “Once the proposed works have been completed, the building will offer much needed quality accommodation to the local and regional occupier market and we anticipate strong demand.”
