A property snapped up for a bargain in the falling market by a leading Midland developer is set to be transformed into a much-needed headquarters building.
The building in Studley, Warwickshire will be completely renovated following its acquisition for £2million by Folkes Holdings as part of an ongoing partnership between Folkes Holdings and Trigram Properties.
The Birmingham Road property – previously Needles House – will now undergo an extensive refurbishment creating a total of 20,166 sq ft of the highest quality office space in the area.
Renamed Studley Point, it is one of the area’s most prominent buildings and forms part of a 3.6-acre site, of which 2.2 acres is available for further development.
The property was acquired by the Folkes/ Trigram partnership from Infor, the world’s third largest software company. Originally, it was completed in 1995 as the purpose-built headquarters for leading environmental consultants JBA.
Black Country-based Folkes Holdings is a long established international property development and investment firm with an investment portfolio currently worth in excess of £100 million, including several flagship industrial parks across the West Midlands. Folkes’s property director Andrew Parker said: “We are continually looking to acquire high quality investments and developments where we can use our experience to add value. Studley Point is such a scheme which, after refurbishment, will cater to the needs of those seeking a superior quality office in a desirable semi-rural environment with easy access to the M42 at competitive rental levels. We are also considering various uses and schemes for the additional site.”
Studley Point is one of several multi-million pound developments nationwide being brought forward by Birmingham based Trigram Properties Ltd, a partnership developer and investor specialising in developing and marketing offices.
For Trigram’s co-director Bill Houle, the benefits of investing in a falling market go beyond purchase price, which enabled Studley Point to be secured significantly below its sale price of £3.1million in April 2004.
Mr Houle said: “With our funding partners we were in a strong position to make a counter-cyclical purchase whilst the market is still falling. An advantage of buying during economic downturn is that there is a lack of high quality product on the market.
“We can now offer highly desirable workspace back to the market at very reasonable rents.”