News

REFURBISHMENT WORK INCREASES FOR ADEX

December 2008

Howard Sandcliffe Investments (HSi) reports on the increase in refurbishment work from one of its group companies.

HSi the partnership between the Howard Property Group, Cambridge and Sandcliffe Investments, Milton Keynes, was set up two years ago to acquire and invest in companies operating within the building services sector. During that time the partnership has acquired fit-out companies A T Jones of Fareham, Advanced Interiors, Wokingham, Adex Interiors, Hemel Hempstead and more recently specialist roofing company Fenland Roofing in Cambridge. The group generates a turnover of over £40m with profits around £7m.

One of those companies, Adex Interiors, who specialise in internal business space solutions, are finding a general growth in the area of office refurbishment work.

"In the present climate property investment companies tend not to be developing speculatively but are often focusing on the refurbishment of some of their older property stock," says John Latimer, MD at Adex. "As occupiers demand more cost-effective space, property owners are looking to maximise their existing investments. We are finding this to be the case on several major projects at the moment and we are benefitting from this upturn in business."

Earlier in the year the company carried out the £1.5m first phase refurbishment for Watford Community Housing Trust at its new Clarendon Road headquarters. The project involved a complete strip out of all existing space, a full overhaul of services and total refit of four floors of accommodation.

Another project for Atlantic Business Centres, Tunbridge Wells, at a cost of £390,000 and involved the creation of an interior of serviced business offices and main reception area within an existing building that was originally just open space. Electrical systems were modified with partitioning and kitchenettes added to each floor. Conference suites and staff areas were created.

The Howard Group have also used Adex Interiors to refurbish one of its own office buildings in Bedford. Two floors of redundant office space at Howard House have been recently refurbished including the replacement and removal of all block work partitions to create a new open plan office environment.