The former Laboratory and Office Facility known as Meridian House located at the 120-acre Gadbrook Park, Cheshire, which extends to approximately 24,500 sq.ft. gross (2,276m2 gross) has been acquired from pharmaceutical company Avecia by ABS Bodyshop Services Ltd. for a consideration of £1.3m. Fifield Glyn, who advised in connection with the purchase, were retained as Project Managers in relation to a £750,000 strip-out of the laboratory, mechanical and ventilation systems, and the refurbishment and reinstatement to new offices, resulting in an increase in the net usable area from approximately 15,000 sq.ft. (1,393m2) to 19,000 sq.ft. (1,765m2). On-site parking was also increased from 61 to 78 car spaces.
ABS Bodyshop Services, who act as an intermediary between Vehicle Repair Centres and Car Owners on behalf of Insurers, subsequently instructed Fifield Glyn to act on their behalf in arranging a letting of 6,000 sq.ft. (557m2) of surplus office accommodation. 4TV, the digital television software company, have taken a 3-year Equivalent Full Repairing and Insuring Lease at a rent of £75,000 pa, equating to £12.50 psf (£134m2). Lambert Smith Hampton advised Avecia in connection with the sale.
Richard Smith of Chartered Surveyors Fifield Glyn comments:
“This has been an extremely successful acquisition for ABS Bodyshop Services in that they acquired what was, on the face of it, an extremely specialist property. The building had been fitted out as laboratories although the external fabric was, in essence, a traditionally brick-built two-storey office building. The competitive purchase price meant that there was a substantial budget for refurbishment and with careful planning and strict control over the Specification and the Contract, the Client has successfully acquired their own Headquarter office building that has now been fitted out to provide high quality new offices meeting their precise requirements. There was also the added bonus of increasing the net usable area by 25% and a pre-let of their surplus accommodation prior to Practical Completion!”