UK private equity and property fund manager Maven Capital Partners has completed the purchase of a 20,000 sq ft office building in Maidenhead which will soon be the subject of an extensive renovation project.
Located in Vanwall Business Park, the property offers excellent transportation links to the centre of London, which is only around 30 miles away. Furthermore, the site lies in close proximity to both the M40 and M4 motorways, and Heathrow Airport is only a short distance away.
Under the renovation plans, which are expected to cost around £5.5 million to complete, the property will be thoroughly modernised and refurbished to a Grade A standard. Once completed, Maven claims that it will be ideal for companies seeking a corporate headquarters in the booming business district.
Investment director at Maven Andrew Whiteley, who led the latest deal, believes that the property will prove immensely popular with potential occupiers.
He says; “We are delighted to have sourced another high quality opportunity for our investors, as our property investment business continues to build momentum across the UK.
“The Thames Valley market is in rude health, as the UK economy continues its recovery, with a notable shortage of modern office space in the area following a period of very limited development of new office space.
“The increased competition for high quality premises is driving rising rental levels and presenting attractive opportunities for investors with the development and investment expertise – given the increasing focus by businesses on finding a prime location and achieving energy efficiency, this project offers the prospect of a strong investor return.”
The deal marks Maven’s 11th acquisition for its burgeoning UK property business, and the second in the Thames Valley market in the past 18 months. Previously, it acquired the 27,000 sq ft Planar House (now known as “Eclipse”) in Marlow for £4.8 million, which also underwent an extensive modernisation programme.
Under the “back to frame” modernisation plans, Planar House saw substantial external and internal improvements including, but not limited to, the installation of external cladding, floor to ceiling glazing, a passenger lift and a new feature glass reception area. There were also a number of environmental initiatives utilised such as the upgrading of air conditioning amenities and LED lighting, with the upgrade resulting in a Grade A Energy Performance Certificate (EPC) rating.
Should the latest acquisition undergo similar improvements, it stands to reason that the returns for Maven in the highly competitive Thames Valley market will be impressive, particularly given the size and scope of the property. Having deployed approximately £40 million of investor funds in the past three years, it seems that Maven’s fast growing, specialist property investment and development business is going from strength to strength.
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