The sale of the final unit, Unit 7, at Henmore Industrial Estate, Ashbourne, signifies the final piece of an 8 year strategic asset management jigsaw successfully completed by Salloway Property Consultants.
Acting on behalf of Derby-based commercial landlord Bestways, Salloway were appointed in 2007 to advise on the refurbishment and disposal of the 11-unit light industrial scheme following the relocation of MasterMover to the Airfield Industrial Estate. The strategy on the face of it was quite straight forward - to sell all of the units, individually or in combinations.
Managing Director of Bestways, John McKirdy, spoke about the achievement:
"The initial idea was to get in and out quickly but we had to re-evaluate the position when the recession came along. Salloway gave some excellent initial advice on how to subdivide the space to meet market demand and what specification of improvements would add value and aid marketing."
"We achieved some great sale results initially but then were advised to hold some of the remaining units and lease them until the finance lending markets improved. Salloway advised on a revised letting strategy and the asset became an incoming generating investment until our recent final sale".
Stephen Salloway, Managing Director at Salloway commented:
"Our involvement in Henmore Trading Estate is a great example of where we had to recalibrate our thinking to achieve the best possible results for our client. We recognised that the market was changing and we needed to reappraise our approach."
"Henmore Industrial Estate was built originally by English Estates, a publicly-funded development company charged with the building small industrial estates where developer appetite was low. It had suffered over time but with careful investment from Bestways the scheme was re-invigorated and has achieved letting at around £5 per sq ft, sales at £75 per sq ft and investment yields at 8.5%."
"We were delighted to work alongside side Bestways and to help them achieve their goal."