Speculative approach defies commercial property downturn

The success enjoyed by a Durham-based entrepreneur has proven that there are ways and means to overcome the commercial property downturn.

Jeremy Middleton, owner of property investment firm Middleton Enterprises, took a speculative approach to the downturn, watching for signs of administrations and jumping in to reap the rewards.

Following the administration of the tenant at the 25,000 square foot Bede House, located at Belmont Business Park in Durham City, Middleton invested £300,000 in the premises.

Once the existing tenant filed for administration, the site – which was originally designed for industrial production – lay empty and its landlord was left with a £120,000 bill for business rates.

As the vast majority of the demand from new tenants was for office space rather than industrial space, the £300,000 conversion scheme was carried out.

Now, the premises provide office space for major players including Durham Primary Care Trust and Jordan Valley Semiconductors and Wind Services.

Mr Middleton said, "As a small investment company, Middleton Enterprises has the ability to be innovative and responsive.

"While the commercial property sector is in the doldrums, by combining flexibility, expertise, targeted investments and the right offering, occupiers can be found," he added.

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