£300,000 Commercial Property Investment Pays Dividends
NEWS RELEASE: ISSUED ON BEHALF OF MIDDLETON ENTERPRISES
Middleton Enterprises run by North East serial entrepreneur Jeremy Middleton, has shown how an innovative and flexible approach can overcome the downturn in the commercial property sector.
Bede House, a flagship building in its portfolio, was left empty after its tenant was hit by the recession and went into administration.
However, Middleton Enterprises has turned the situation around with the revamped premises now home to three companies following a £300,000 investment.
Jordan Valley Semiconductors, Wind Services and Durham Primary Care Trust now occupy Bede House at Belmont Business Park, Durham.
One 3,000 sq ft unit remains but Mr Middleton is confident that an occupier will be found.
The 25,000 sq ft building, designed for industrial production, was left empty and an income stream of just under £300,000 a year was turned into a £120,000 deficit as under Government regulations the landlord was required to pay the business rates.
Market assessment confirmed that optimum demand was for offices rather than industrial space and as a result a £300,000 investment programme was launched to convert the building.
Mr Middleton said: “As a small investment company, Middleton Enterprises has the ability to be innovative and responsive. This approach has been successfully used to turn around the fortunes of Bede House.
“While the commercial property sector is in the doldrums, by combining flexibility, expertise, targeted investments and the right offering, occupiers can be found.”
Mr Middleton, who owns Middleton Enterprises, has commercial property holdings across the North East with the aim of generating revenue while targeting capital growth in the long-term.
Chris Pearson, a partner at Gavin Black & Partners, negotiated the lettings deals on behalf of Middleton Enterprises.
The office which is available for occupation has a rent of £13.50 per square foot, a rateable value of £36,000 and has 13 allocated car parking spaces.
CONTACT: Helen Logan on 01325 363436
Notes to Editors:
Middleton Enterprises Ltd is a private investment company that has made a substantial contribution to the North East’s economy by investing in and providing business advice to entrepreneurial businesses.
During recent years, it has supported nine North East businesses, generally from start-up, usually taking a minority stake and offering strategic advice to support growth.
Jeremy Middleton was one of the founders of HomeServe plc in 1990, which represents the company’s core investment. A FTSE250 support services company, HomeServe has a market capitalisation in excess of £1bn.