Swindon’s former Inland Revenue building in Prospect Place is to be modernised and re-let as smaller office units following its purchase by Blandfield Properties, a Cirencester-based property development company owned by Adam Fletcher.

On the market with a guide price of £1.3m, Paxton House will undergo substantial refurbishment this year before being divided into office suites ranging from 1500 to 3000 sq ft.

Blandfield Properties bought the 1980s three-storey office block because of its position at the heart of Swindon’s professional quarter and, despite lying empty for two years, Adam Fletcher is confident it will attract good quality tenants.

“We will treble the existing number of parking spaces and provide new facilities for the disabled including a lift and designated parking, to provide flexible space for businesses wishing to move to Old Town,” said Fletcher who established the company five years ago.

The deal was put together with the help of Julian Hodge Bank, the regional bank that specialises in the property development and commercial insurance markets.

Mark Williams, a relationship manager with the bank, said that Blandfield Properties concentrates on deals that offer excellent added value through planning gain or active asset management.

“The company has an excellent track record, based on its sound contacts among agents and, after successfully concluding a number of projects, is now keen to buy larger lots,” said Williams.

“Paxton House is another example where Blandfield will bring back into productive use a building that has seen better days, creating much-needed flexible and open plan office space in Old Town.”

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