Post 34

The Thorntons franchise has taken Unit 22 comprising 91.

4 sq m (980 sq ft) sales area with an additional 56.

1 sq m (600 sq ft) of storage space, on a 15 year lease with 4 months free and 5 yearly rent reviews, at a rent of £22,750 per annum.

Commenting on this latest letting Simon Tothill of CNP says: In light of Thorntons recent billing in ‘Going Shopping 2000*’ as a super league retailer, we are looking forward to a very successful partnership with them at Borough Parade.

King Sturge & Co, Mansfield Elstob Main and Donaldsons acted on behalf of CNP and Prudential, while Signature represented themselves in the negotiations.

Brian Allen, formerly with Cluttons Daniel Smith has joined Nelson Bakewell as an Associate in their Agency & Development Division.

Brian joins Nelson Bakewell’s specialist West End Office Agency Section and will be responsible for the acquisition and disposal of office accommodation on behalf of clients throughout the West End.

Brian has over 10 years of experience having previously worked for Goddard and Smith.

Commenting on his appointment, Tracy Collins, Head of West End Agency said we are delighted to have secured Brian services, his experience will provide us with an added dimension to our growing agency teamBradford City Council has given the green light for Forster Square Development Partnership’s £200 million Broadway shopping centre to be built in the heart of the city.

FSDP’s 48,000 sq m (515,000 sq ft) scheme, which will be located between Well Street, Hall Ings, Market Street and Cheapside on a 6.

4 ha site, will combine retail and leisure on two levels.

The centre will incorporate a large department store anchor and a multiplex cinema along with four large space units, and a further 65 shops.

C&A and Bhs have already confirmed plans to move into the new scheme.

There will be direct access to two multi-storey car parks providing a total of 1,220 spaces.

Commenting on the consent Richard Weatherhead of Caddick Developments said:We are delighted with Bradford City Council’s decision.

We are currently in discussion with the major key anchor tenants and a well known cinema operator.

The Broadway Centre will bring a much needed focus for retailing in Bradford and tenant demand for new modern shop units is very strong.

The Forster Square Development Partnership a joint venture between Caddick Developments and Magellan Estates.

Work is expected to begin on site 2002 with completion due in Summer 2004.

In what is believed to be the largest office premises transaction in the Worthing area for five years, the Columbia office building has been sold by Nissan UK Ltd to London-based property investment company, Dawnay, Day Property Management for £2 million.

The property comprises some 38,895 sq ft (3,613 sq m) with over 140 car parking spaces in landscaped grounds and was constructed in the mid 1970s to a prestige specification as headquarters for Nissan UK.

The sale follows the successful long-term letting of the former Nissan UK warehouse complex of some 250,000 sq ft (23,223 sq m) on the adjoining site.

The office building was offered on a freehold vacant basis.

Nissan UK Ltd was advised by joint sole agents, Lambert Smith Hampton and Robert Large Associates.

The purchasers represented themselves.

Southgate Developments Limited has agreed a joint venture with Welbeck Land Limited to promote the development of a 5.

26 ha (13 acre) site at Newhouse Industrial Estate, Motherwell near junction 6 of the M8 motorway.

Southgate Developments and Welbeck Land propose to develop 14,864 sq m (160,000 sq ft) of industrial and distribution units.

Joint letting agents GVA Grimley and Ryden are seeking occupiers requiring design and build packages.

Neil Johnson commented: We are delighted to be working on this project which is our first joint venture with Southgate Developments Limited, and our first project north of the border.

We believe that this is an ideal location close to Eurocentre Scotland and the new rail freight terminal, and we intend to be flexible, and will be targeting niche distribution and industrial operators requiring units of between 1625.

75 sq m (17,500 sq ft) and 3251.

50 sq m (35,000 sq ft).

Rogers Chapman announces that the following personnel have joined the expanding Investment Department based in company’s West End of London offices.

Both will work on investment sales, acquisitions and development funding.

Michael Morris BEng MA ARICS formerly in the investment department at Conrad Ritblat.

Miles L Strong BSc (Hons) MBA previously an investment specialist at Mason Phillips.

Russell Meadows, director in charge of Rogers Chapman Investment Department, comments: Their joining will enhance the spread of our in vestment capabilities and is another step in the company’s overall growth ambitions in all of our offices .

Rogers Chapman now has offices in the West End of London, West London at Heathrow, in the Thames Valley at Bracknell and in Dublin.

Central Scotland Business Parks (CSBP) has sold the feuhold interest in Argyll Court, a modern office building on its Castle Business Park in Stirling to Bett Properties Limited represented by Weatherall Green & Smith for £2.

714 million reflecting a net initial yield of 8%.

Argyll Court comprises some 22,228 sq ft (2,065 sq m) of offices; the ground floor of 10,947 sq ft (1,017 sq m) is let to the Scottish Further Education Unit on a lease expiring in 2021 with 5 yearly rent reviews and the first floor of 11,281 sq ft (1,048 sq m) is occupied by Betts.

Castle Business Park, which comprises 12.

1 hectares (30 acres), is one of four state of the art business parks being established by CSBP, a public/private joint venture between Stirling and Clackmannanshire Councils and Teesland Group plc.

With its excellent transport links – being conveniently located adjacent to junction 10 of the M9 motorway linking Stirling to Edinburgh and Glasgow via the M80 – and its strong pool of skilled labour it is the ideal location for businesses.

Over 145,000 sq ft has been constructed on the business park and let to blue chip tenants including the Bank of Bermuda, Highland Distillers Brands UK and the Scottish Environment Protection Agency.

Over the development period rents have risen from around £10 per sq ft to over £13 per sq ft, reflecting the quality of accommodation and the location of the park.

CSBP has recently submitted a planning application for the development of a further phase of the park of three buildings of approximately 20,000 sq ft (1,858 sq m) each.

Construction is expected to start early in 2000.

Ian Townsend of Betts commented: We are of the opinion Castle Business Park provides an appealing office environment with excellent communications links.

The Park has been steadily built up since inception and has now gained critical mass.

Mandy Salmon of Teesland said: Castle Business Park has been a great success.

It has attracted high profile tenants, seen steadily increasing rents and now is attracting significant investment interest.

The site lies adjacent to North Acton Station on the Central Line and currently comprises a variety of industrial and warehouse buildings providing approximately 350,000 sq ft of accommodation, all let on leases determinable within a 12 month period.

The current income is in excess of £800,000 pa.

The whole of the second floor north of Dominions House, Queen Street, Cardiff CF1 4AR has been let to the Legacies Group.

The Bristol office of Gooch Webster, acted on behalf of the landlord, Standard Life Investments.

The Legacies Group was unrepresented.

Comments Craig Mathias of Gooch Webster: This is the first office deal in the building since Standard Life Investments purchased the freehold investment, approximately 12 months ago, and undertook refurbishment of the building.

This letting leaves just under 30,000 sq ft of vacant space remaining, in suites of approximately 1,000 sq ft upwards and at quoting rentals of £7 per sq ft – a highly competitive rent for a city centre location.

Great Portland Estates P.



(GPE), has completed an extensive £550,000 asset enhancement programme at Union Square its 11,148 sq m (120,000 sq ft) shopping centre in Torquay, Devon.

The centre which opened in 1982 was purchased by GPE in 1993 from developer CIN for £12.

5 million.

The refurbishment of the 1980s building was implemented to improve the overall shopping environment for local residents and Torquay’s many tourists, while simultaneously increasing the trading potential of the quality retailers already located at the fully let scheme.

Anderson Design & Marketing undertook the six month programme of improvements which are based on a theme of ‘yatchs anchored at harbour’.

The nautical theme is continued throughout the centre with new blue and white tiling which has replaced the old brown decor.

The redesign focuses on new sweeping white canopies to cover the mall’s previously open thoroughfares, a comprehensive lighting upgrade designed to adjust to seasonal light variations, and a new internally illuminated suspended feature sign at the main Union Street entrance.

At night the external canopies are illuminated creating a dramatic `aqua electric blue wash’.

The provision of stainless steel benches and bins for shoppers A new trolley bay enclosure areaWhite cladding added to the perimeter box canopy around the open mallBuff paving & charcoal block paviors and setts added to external pedestrian areas.

Commenting on the modernisation programme at Union Square, James Roberts, estates manager at GPE said: Union Square has recently benefited from the introduction of several new retailers including JJB Sports and Peacocks.

The improvements are designed to compliment their presence in the scheme and serve to underline Union Square’s position as Torquay’s principal shopping centre.

Time Computers will occupy the end of terrace building comprising 265 sq m (2,849 sq ft) arranged over ground, first and second floors, on a 15 year FRI lease at a rent of £57,500 per annum.

The shop unit was previously occupied by Sutton Sports at a rent of £46,000 on a 5 year lease expiring November 1999.

Time Computers which sells computer systems with personalised software packages, offering customers a full range of repairs, servicing and software updates, opened its latest branch in mid October, employing seven staff.

Established 15 years ago, Time Computers currently operates 180 UK outlets with 3 additional units overseas.

This latest letting is part of an ongoing expansion programme set to realise 45 new operations this year with further openings for 2000 to be announced.

Healey & Baker represented FISPAM in negotiations, while Time Computers was represented by Molyneux Rose.

Acting on Behalf of Connoisseurs Choice, Nottingham agents Fisher Hargreaves Proctor have successfully completed a surrender of their clients lease and subsequent new letting to MSR News Group at 23 Upper Parliament Street.

The premises are adjacent to the Iron Bed Company and Braggs Bakers and comprise ground floor sales of 425 sq ft with further basement stores of 272 sq ft.

Fisher Hargreaves Proctor successfully negotiated a surrender of their client’s lease on the basis of a new letting to MSR News Group at a rental of £18,000 per annum on a new 14 year lease, incorporating five yearly rent reviews.

Letting agent, Jonathan Emmerson of Fisher Hargreaves Proctor commented:The property is well located on a busy stretch of Upper Parliament Street which resulted in a number of interested parties and offers.

The new tenants, MSR News Group, will be installing a new attractive shop front which will further enhance the aesthetics of this prominent, listed building within Nottingham City Centre.

23 Upper Parliament Street will be MSR’s eighth shop and their sixth in Nottingham City Centre.

Executive Sales Director Mick Garton is excited by this new venture, and commented:This is a prime site location, close to the Victoria Centre and new Warner Village Cinema which opens next year, it strengthens our commitment to Nottingham and I am confident it will be a successThe site will also become the company’s Head Office.

Canada Life Assurance Company has purchased the freehold interest of Ariel House, 74a Charlotte Street, London W1 from Staffordshire County Council Pension Fund for over £9.

7m, reflecting a yield of approximately 6.

7%, and an equivalent yield of 7.


The modern office property comprises 1,986.

28 sq m (21,376 sq ft) of air conditioned space with eight car parking spaces.

The passing rent will be £685,225 pa on expiry of the rent-free periods.

Tenants include Virgin Interactive Entertainment Limited, Emess Plc and Baseball Television INC, which all agreed 10 year leases within the last year.

Michael White of Canada Life commented: The purchase provides the fund with a modern building in an area of Noho where there is increasing demand for open plan space leading to excellent prospects for rental and capital growth.

Mason Philips acted for Canada Life Assurance Company while Staffordshire County Council Pension Fund were represented by Gooch Webster.

In a record rent for Harlow, Essex – Great Portland Estates P.



(GPE) has secured Vision Express at a Zone A rent of £1,076.

50 per sq m (£100 per sq ft) at The Harvey Centre, its 37,161 sq m (400,000 sq ft) shopping centre.

Vision Express Joint Ventures, trading as Vision Express Optical Lab, has taken Unit 33a comprising 160.

2 sq m (1,725 sq ft) on a 15 year lease at a rent of £67,715 per annum.

Vision Express operates 178 outlets in the UK, 76 of which are Joint Venture stores.

The store, which is the eighth new concept branch for Vision Express Joint Ventures, opened on Saturday (6.



The outlet offers sight examinations by qualified opticians and complete spectacles within an hour.

The optician also stocks a variety of designer frames, prescription sunglasses, and contact lens systems and solutions.

Andrew Allen, director of property at Vision Express Joint Ventures says: With the tenant line up at The Harvey Centre providing a major draw, we are confident of capitalising on this excellent business opportunity.

Joint letting agents Dalgleish & Co and Brasier Harris acted on behalf of GPE, while Kitchen La Frenais Morgan represented the tenant.

Commenting on the appointment, Head of Retail Agency Neil Grice said Will’s task will be to concentrate on Shopping Centre leasing throughout the UK and we are delighted to have secured someone with his depth of experience.

William Moss, formerly with Jones Lang LaSalle has joined Nelson Bakewell as a Divisional Director in their Agency & Development Division.

Will’s experience spans five years with Edward Erdman where he gained experience in Retail Agency in the Midlands and South of the UK and 7 years at Jones Lang LaSalle where he headed High Street Retail Agency and Shopping Centre Leasing in the South of the UK.

Yorkshire Bank has taken the final unit of refurbishment of the former Bhs store at The Bridge, Walsall.

The 131 sq m (1414 sq ft) unit has been let on a 15 year lease at a commencing rent of £90,000 per annum, equating to £86 per sq ft Zone A.

Other retailers within the development will include Kingfisher owned MVC (318 sq m) and Mark One (264 sq m).

The building has been sympathetically restored, having been previously blighted by 1950s cladding.

Mark Robinson, Chartwell Land’s In-Town Development Manager comments With the Local Authority’s planned upgrade of The Bridge to form the town centre’s civic square, this retail position will also improve and in effect become an extension of the prime ParkThe resulting investment will produce a total income of £285,000 and is currently being marketed by Conrad Ritblat for a price of £4.


Dron & Wright, acting for Abbey National, has completed three lettings of small office suites in the Lloyds 1986 Building at 1 Lime Street, London EC3M 7DQ at rents in the region of £409 per sq m (£38 per sq ft).

The three suites comprise 78 sq m (840 sq ft), 66.

89 sq m (720 sq ft) and 39.

02 sq m (420 sq ft) and were taken by Hammond Suddard, Cunningham Ellis & Buckle and Blatt Hammesfahr & Eton respectively.

The suites are held on leases expiring in September 2001.

Commenting on the lettings, Richard Chapman of Dron & Wright said: The passing rent on these rooms were, until quite recently, considerably in excess of the market rent and substantial concessions were commonplace.

However, the recent shortage of small suites in the Lloyds building has resulted in these transactions being concluded at the full passing rent.

BDP Design has won the commission to design the interiors of the £75m Glasgow Science Centre.

This will maintain design coherence throughout the project, while permitting each zone and exhibition to have its own distinct character.

Adherence to the design guidelines will be crucial in ensuring the continuity of the visitor experience and the linking of the three unique buildings.

Martin Cook, managing director of BDP Design said We are delighted to be involved in the design of the final elements of the centre, for what will be a major international landmark attraction.

The max Theatre, the first in Scotland, will seat 350 people and incorporates a bistro, shop, cafe’ and function suite.

The Exhibit building, entered through a long curved glazed mall, houses a theatre, a computer laboratory, information library, and cafe’.

Escalators lead up to three floors of exhibition space, each with a different theme, ambience and style of activity to vary the visitor’s experience.

Also located within the Exhibit building, a 150 seat domed planetarium will present astronomy, laser and other entertainment shows; a laboratory will offer facilities for group activities and demonstrations.

Visitors of all ages will be encouraged to understand the importance of science, using everyday examples of applied science to which they can easily relate.

The Centre also aims to foster greater public awareness of the role science and technology have in day to day life.

The whole Centre will, in fact, be an exhibit in itself – explaining through its form, structure, services and materials how science and technology play a vital role in buildings.

With all funding in place, including £35m from the Millennium Commission and £20m from the European Commission.

, The Glasgow Science Centre is one of the largest Millennium projects of its type in the UK and will form the .

hub of a network of science centres throughout Scotland and beyond.

Manchester has entered a new era thanks to Morrison Merlin’s £lOOm Great Northern retail and leisure development – the largest single development and most important regeneration scheme in the city.

The project is still some way off completion, but it has already dramatically changed the face of the Peter Street, Watson Street and Deansgate triangle; bringing a whole new ambience to the area.

The elegant Bar 38, which opened late September.

has had the greatest impact so far.

Many schemes claim to create cafe society, but few actually do.

Bar 38 on the Great Northern Square, truly does offer a new kind of European atmosphere.

It may be late autumn but customers are still choosing to sit outside with a cappuccino and soak up the winter sunshine.

Great Northern Square, which is a welcome oasis of cairn amidst the hustle and bustle of city centre Manchester, was opened in May.

It has built in amphitheatre seating, fountains and trees and is proving popular with workers taking a lunchtime break.

Andrew Scott, development manager, said:Even we have been surprised at how quickly this has taken off.

We thought people might take a little while to get to know us, but that’s not the case at all.

The area is already buzzing – during the day and at night.

Things are taking shape around the corner in Deansgate, too.

All ten of the first retail outlets are dose to letting.

Eight are under offer, one has exchanged contracts and one has been reserved by us for a marketing suite.

We are letting at rents roughly double those achieved before our development, said Mr Scott.

Tenants will include a juice bar, delicatessen, hi-fl shop and an estate agent.

The letting of the Screen Wall Cafe at first floor level overlooking the Square is due to be announced soon.

Work has just started on the ground and first floor of the Grade II listed Victorian Great Northern Warehouse to transform it into 70,000 sq ft of retail and leisure space.

Work on the top three floors has been completed providing NCP with a Rolls Royce car park of 514 spaces with the second phase of 720 spaces opening in August 2000.

AMC’s enormous 200,000 sq ft core leisure attraction with 24-screen megaplex cinema is rising out of the ground and AMC will start fitting out in July 2000.

The cinema complex will be connected to the warehouse by an 18,000 sq ft glass atrium.

The completed Great Northern leisure and retail complex is scheduled to open in April 2001.

Rutland Project Management Limited yesterday (10.


99) Topped Out Lakeshore at Bedfont Lakes near Heathrow.

The 24,155 sq m (260,000 sq ft) speculative headquarters office scheme is being developed by Hanover Property Unit Trust for funders and owners MEPC.

Architect Aukett Associates has designed this third phase of Bedfont Lakes Business Park, in three buildings as follows:

At night the signature features will be the stair boxes which will glow through the opaque glass on the outside of each building.

Flexibility is key – and the buildings are being constructed to allow for larger occupiers to link the offices if desired.

Construction manager Exterior International report construction is on schedule and completion of Lakeshore will be staggered between May and August 2000.

Simon Laker, BSc ARICS, formerly with CB Hillier Parker has joined Nelson Bakewell as a Divisional Director in their Property Management Division.

Simon will be forming a new team to provide specialist Asset Management advice to clients within the property management division.

Simon will be working closely with the Agency and Investment teams to deliver asset enhancement and performance, focusing on specific areas such as building redevelopment, refurbishment and lease re-structuring.

In his previous role as an Associate Director within Property Management at CB Hillier Parker, Simon gained over 6 years of extensive experience in institutional portfolio management on UK-wide instructions.

Linking his knowledge and experience with the skills of Nelson Bakewell’s Agency and Investment teams, clients will benefit from a bespoke service tailored to specific Fund’s performance strategies.

David King, Director and Head of Property Management said In response to specific client demand we are now able to offer a full asset management service – a specialised property-by-property service.

We are delighted to have secured Simon’s services to run this new team.

MEPC plc, one of the UK’s largest property groups, has exchanged contracts to sell a 10.

92 ha gross greenfield site known as Kites Croft, Fareham, to Norwich Union Life & Pensions Limited who have formed a joint venture with Easter Development.

Group, for £8m which equates to approximately £988,386 per ha (£400,000 per acre) on a net developable basis.

The site which fronts the A27 approximately 1.

5 miles from junction 9 of the M27, has outlined planning consent for B1, B2 and B8 uses.

MEPC recently obtained consent for a reserved matters application which enables the site to be opened up immediately with the development of a new spine road.

Simon Hoad, Development Manager at MEPC said, Kites Croft is a high quality development opportunity which has attracted a great deal of interest since our acquisition of the site through the purchase of PSIT.

However, developing it out does not meet with our strategy and we have always made it clear that for the right price we would sell.

MEPC were represented by King Sturge & Co.

and Holloway, Iliffe and Mitchell.

Norwich Union represented themselves.

Egan Lawson advised Easter Development Group.

The Lionbrook Property Partnership was launched in 1997 to invest in institutional grade properties in the UK but with an active management bias.

It is structured to allow UK and non-UK investors with different tax backgrounds to invest side by side.

It recently admitted the Gulliver Development Property Unit Trust, as another limited partner, creating a combined property investment portfolio currently valued at around £170 million.

Peter Macpherson, Director responsible for business development at Baring, Houston & Saunders, the property advisory arm of the ING Group, said: I am delighted that SFB Vastgoed (Dutch Construction Workers Pension Fund) has decided to invest in Lionbrook.

Their investment demonstrates a substantial commitment to the partnership and shows that Lionbrook is attracting quality international investment.

Dron & Wright, acting on behalf of electronic bond brokers BrokerTec Europe Ltd, has taken a 10 year lease with a five year tenant break option, on 585 sq m (6,300 sq ft) of offices at 38 Finsbury Square, London EC2A 1PX at a rent of £414.

44 per sq m (£38.

Design features include floor to ceiling glazing, full height atria, extensive use of Spanish limestone and timber decking overlooking the lake.

A seven month rent free period was negotiated.

BrokerTec is the first global electronic brokerage for bonds and is expected to transform fixed income trading – one of the last bastions of telephone-based trading – over the next 18 months.

Owned by seven of Wall Street’s biggest fixed-income bond dealers*, BrokerTec was launched earlier this year and is initially focussing on US and European government bonds from its offices in New York and, now, London.

BrokerTec’s new European base, which is located opposite the Broadgate development, is fitted out to a high specification including full air conditioning and raised floors.

Dron & Wright acted for BrokerTec throughout.

The landlords, Great Portland Estates, were represented by Ingleby Trice Kennard.

A shortage of good quality freehold offices ensured a quick sale for Corporate & Legal Administration Services Ltd of Technology House, Harrow to Padwicks Travel for £1.

4 million.

The late eighties building totals 730 sq m (7,856 sq ft.

) and is located at 73-77 Lowlands Road, Harrow, Middlesex close to the town centre and Harrow-on-the-Hill underground.

Christina Banbury of Rogers Chapman commented that demand for the building was very fierce.

We had three parties all willing and able to proceed to a swift conclusion, however Corporate & Legal did not wish to enter into a Dutch auction or a contracts race, and therefore provided an undertaking not to treat with any other party and proceed to a swift and successful conclusion with Padwicks Travel.

Rogers Chapman advised Corporate & Legal Administration Services Limited.

The purchaser was not represented.

Colliers Erdman Lewis (CEL) has made a significant move into the Northern Ireland property market by acquiring a 25% stake in Belfast-based commercial property consultants Colliers Jackson-Stops.

Colliers Jackson-Stops, headed by Bill Kennedy and Jonathan Millar, has been established for almost five years and employs a team of 11.

The company, which will be re-named Colliers Erdman Lewis, has a strong reputation in Northern Ireland’s retail and investment markets and is active across all of the province’s commercial property sectors.

Its current turnover is close to £1 million,The move gives GEL a strong presence in Northern Ireland’s developing commercial property market, where property consultancy is predicted to be a major growth area.

The province’s retail and investment markets are well established and its office and business space sectors are expected to improve, following a period of stagnation.

The Belfast team will be able to capitalise on CEL’s experience in the fields of office and business space consultancy and also property management.

A Russell Francis, Director of Colliers Erdman Lewis who negotiated the deal on behalf of GEL and will sit on the board in Northern Ireland, said:This move gives GEL broader regional expertise to improve our service to clients, while at the same time retaining strong local management.

We are keen to work with the Belfast team, developing their business and expanding into new sectors in the Northern Ireland marketBill Kennedy, Director of Colliers Jackson-Stops, said:As fellow members of Colliers International, we have worked closely with Colliers Erdman Lewis on a number of occasions and we look forward to strengthening this relationship.

Northern Ireland is a strong market with exciting prospects for the future.

Paddington Basin Developments Limited has unveiled designs by two internationally-renowned architects for the three office buildings in phase 1 of its £300 million Paddington Basin scheme, London W2.

Detailed planning applications for the buildings have been submitted to Westminster City Council this month.

The first building, which will provide 25,820 sq m (278,000 sq ft) of offices, is designed by Terry Farrell and Partners, who are also masterplanners for the entire Paddington Basin development.

Two further buildings, totaling 26,370 sq m (283,700 sq ft) and including 1,530 sq m (16,430 sq ft) of retail and restaurants/bars, are designed by the Richard Rogers Partnership.

The two buildings have the potential to be linked.

Separately they gross 14,748 sq m (158,751 sq ft) and 11,621 sq m (125,091 sq ft) respectively.

Nick Roberts, Director of PBDL, said: We have chosen some of the very best architects to create buildings that will firmly establish Paddington Basin as a prime office location.

Knight Frank, agents on the scheme’s office element, are already in talks with potential office occupiers for phase 1.

The developers are about to embark on a £10 million package of infrastructure Improvements to the basin and its surroundings, including waterfront walkways and the draining, cleaning, restoration and re-filling of the basin itself.

easyEverything will occupy Unit 2 comprising 334 sq m (3,600 sq ft) of ground floor space and a further 660 sq m (7,100 sq ft ) on the first floor, at an initial rent of £480,000 per annum on a new 25 year lease.

The shop unit which is situated adjacent to Argos was previously occupied by The Early Learning Centre.

This latest store which opens in January 2000, heralds easyEveryhing’s fifth and largest London operation, offering internet access to 620 screens and associated cafe’ facilities.

Healey & Baker and Dalgleish & Co represented FISPAM in the negotiations, while Matthew Goodman represented the tenant.

The refurbished children’s section at York Library will be officially opened on 14 March.

owners of 3-7 Coney Street, it will be opened by The Right Honorable the Lord Mayor of York,A story teller will be present on the day along with children from Knaves mire Primary School who has been invited as special guests to witness the unveiling of a commemorative plaque – in the shape of a parrot reading a book!The works, which cost more than £5,000, were funded under their social responsibility initiative in which it seeks to invest in areas in which it has developed retail property.

Anamania undertook the work and by using jungle images, has created a real library for children.

Janet Thompson, Senior Librarian, comments: We are delighted with the improvements made to our Children’s Library.

The jungle theme has transformed what was previously a rather dull environment with `grown-up’ wallpaper and decorations into a colorful,We regularly hear appreciative comments from the children and their parents – although one or two grownups are not very keen on our choice of lime green paint!The property advisory arm of the ING Group is pleased to announce 11 promotions across all teams, as it prepares for expansion.

Andrew Beaton (Acquisitions & Development), Sarah Hayward (Acquisitions & Development),Philip Reed (Property Accounts) and Ian Whitlock (Research & Forecasting) have all been promoted to Director.

There have been three promotions to Senior Associate: Elliot Caidwell (Pooled Funds), Giles Calvert-Lee (Separate Accounts), and Ed Saunders (Corporate Real Estate).

The remainder is promoted to Associate: Director of Business Development at B, H&S, Peter Macpherson, commenting on the promotions said: These promotions highlight the continuing commitment to the expansion of the company and our ongoing dedication to providing excellent client service.

Our mission is `To be the leading UK Property Asset Manager’ and this means acknowledging and utilizing the skills and experience within B, H&S to the full.

Ben Ridg well joins Fletcher King from Cluttons, where he was a partner with a background in Investment and Asset Management.

He has been involved in acquisitions and disposal of investments but predominantly oversaw a number of clients’ portfolios ranging across the property field, including office, retail and industrial properties throughout the United Kingdom.

His role within the asset management department was also focused on strategic advice both on an individual and portfolio basis.

Ben Ridgwell’s extensive experience in Asset Management, combined with his wealth of knowledge across the property spectrum, will be a valuable asset to Fletcher King and I am delighted to welcome him to the firm .

The final phases of works at Century Place, one of the South East’s largest office developments, will be completed within the next weeks in time for a Budget Breakfast reception later this month.

Century Place, the £8 million, 4670 sq m (50,000 sq ft) landmark office development at Tunb ridge Wells is over 50% let.

Current tenants include companies such as Lamberts Healthcare, Food and Spice Limited, Wells Security and Forsyth Business Centre.

Teespin Developments Director John Hawkins stated that with 265 car parking spaces and easy access to both the A21 and the town centre we have provided a cost effective,High-tech business environment for both local and inward investing companiesTee spin’s strategy of producing flexible lease terms with the ability to deliver immediate occupation has been a key factor in generating the high levels of interest in the remaining space.

Available space at Century Place starts from 180 sq m (1,900 sq ft) Tee spin is a joint venture company between Tees land Group plc and John Hawkins.

The company takes on board Tees land’s financial back-up and UK development experience along with the local knowledge of the Kent area brought to the table by John Hawkins.

The developer `Tee spin’ is looking forward to welcoming representatives of businesses and commerce to the building on Friday, March 17 for an informal inside view of the chancellor’s statement which will be delivered the previous afternoon.

It is the will of both parties to make Tee spin a major Kent developer within the next 12 months.

Large companies are failing to take full advantage of the opportunity to work on the phone or at home, according to research published today on how office space is utilized.

A major report on how organizations use office space – was carried out by chartered surveyor with sponsorship from the newly-launched RICS (Royal Institution of Chartered Surveyors) Research Foundation.

It found that only 15% of companies with turnover of over £25m were using new working practices such as hot-disking or home-working.

This compared with up to two-thirds of smaller companies (of less than £3m in turnover), which had adopted the new practices.

Here is a totally new way of working today, says Helen Dias, head of research at People work in their cars, in the street, and in coffee bars, but a lot of organizations particularly larger ones – do not appear to be formalizing this, or converting it into more flexible and efficient space management.

Than introduce alternative working methods, the research revealed.

Management may be reluctant to introduce new working practices, which they may consider could reduce productivity, without there being any evidence of property cost savings, the report comments.

This is despite the fact that our research indicates that organizations using traditional offices gain an average of over 3 square meters per person when they adopt new working practices, says Dias.

Average UK office density – the measure of how much space is allocated to an employee and a key factor in a company’s overall overhead rose slightly to 15.

8 square meters, compared with 16.

6m in 1997,When the last survey was conducted.

Density was particularly high in London and the South East, where property costs are also highest.

However, this increased figure was not achieved by introducing new working practices, Gerald Eve found.

Nearly 80% of those surveyed were using new working practices including hostelling, hot-disking, home-working and the mobile office.

This compared with only 8% in the leisure sector, and an average of 34%.

Organizations are moving slowly towards 24-hour working, the survey showed.

The majority of staff still keep normal office hours, but workspace occupation is 21% between 6pm and 9pm in the evening, andl4% between 9pm and 6am.

We were surprised that 24-hour working is used quite widely and not just in call centres, said Dias.

We expect this trend to continue, as organisations are likely to have to move to a more flexible way of using space in future.

The research forms part of a continuing initiative from Gerald Eve and the RICS to identify trends in the way offices are used.

Stephen Brown, of the RICS said This is the second time that we have carried out this study.

Over time,it will provide an important measure of changing working patterns and how these affect the property market.

Located adjacent to the town centre’s Tesco Extra store on a prime site just off the inner ring road, the retail park is newly constructed by Warner Estate on land mainly used before for motor trading and repair purposes.

The letting represents a second coup by the company: it has already let 1,393 sq m (15,000 sq ft) to Virgin Destinations, the first agreed site for Virgin’s new retail travel and holiday operation.

The MIPIM Award in the Shopping Centre category at a presentation ceremony at MIPIM (The International Property Market), in Cannes on Friday 10 March 2000.

Following an international design competition BDP was appointed by leading Portuguese developer, Sonae Imobiliaria, to design the Vasco da Gama Centre, named after the famous explorerThis is the major commercial development for Expo ’98 which took place on a large disused former docklands site to the east of the city: the intention was not only to stage a major world event, but also to regenerate the area as part of Lisbon’s long-term development strategy.

The centre forms an integral component of the regenerated eastern part of Lisbon and links into Calatrava’s intermodal Estacao OrienteThe retail element comprises three floors totaling 47,500 sqm and sits above three levels of underground parking generating 3000 spaces.

In addition to a Continent hypermarket there are six anchor stores, more than 9500 sqm of boutiques, a ten screen multiplex cinema and other major leisure attractions.

Its highly popular food court which commands panoramic views over the River Tag us also attracts visitors to the area.

The development wilI also provide residential space for the people of Lisbon, with the first of the two elegant 24 storey apartment towers due to complete in the autumn of this year.

The Manchester office of Building Design Partnership is architect responsible for the concept and detailed design of the centre.

Local practice Promontorio Arquitectos carried out the implementation and supervision.

The cost of the total development was in the region of £60m.

Note this is BDP’s fourth MIPIM Award – the previous winners were 1999 Scottish widows,Headquarters Edinburgh, Lothian (Best Office Building Award) 1997 Via Catarina, Porto,Portugal (Best Shopping Centre Award) 1992 Cannonbridge Air Rights Development, Westminster, London (Commendation)of London Properties plc and The Champneys Group Ltd announced today that they have entered into a 50/50 joint venture to create the City’s foremost private members health and fitness club at City point which will be operated by Champneys under the Champneys City Point name.

At nearly 32,000 sqft (2,972 sqm) and with membership strictly limited to a maximum 2,500, the club will offer more space per member than any other club in the City.

It will be laid out on a single level and will incorporate a calm and spacious design containing an impressive array of facilities such as an eight lane pool, two squash courts, two dance studios,A spinning studio and a gymnasium of about 6,000 sqft In addition, there will be a stunning spa with treatment rooms, steam, sauna, plunge pools and a unique Champneys relaxation room.

The impressive facilities will be complemented by Champneys’ wide range of activities, treatments and therapies based upon its residential spa operation at Tring.

I have always considered the City a natural venue for a Champneys Club.

Over the last couple of years I have looked at many possible sites, but City Point was the only one that offered the quality, space, and location demanded by Champneys.

I am delighted to have found in Wates City of London Properties, partners who share my commitment to quality and service.

At City Point our aim, as with all our properties, is to provide our tenants with a professional level of care and service that is unsurpassed.

to operate what will be the finest health club within the City.

It will complement the other facilities within the scheme to create a landmark building.

Work is due to start on the club this spring with completion towards the end of the year.

It is anticipated that the club will open in January 2001.

Tele west Communications has leased Working’s landmark office tower, Export House, from Capital & Income Trust (CIT) on behalf of West Bay Estates Ltd.

The 9,479 sqm (102,000 sqft) building has been taken by Tele west on a 20-year lease at a rent of £2.

4 million pa, which reflects £252.

96 per sqm (£23.

50 per sqft).

Tele west, which is currently based just north of Working in Sheer water, has occupied the top six floors of Export House for the past 12 months.

The company intends to fully occupy its new headquarters after the building has undergone a £15 million refurbishment, which is due for completion in summer 2001.

Stephen Benjamin of Lee Baron, Tele west’s advisor, said: Export House is a prominent, high profile building and is ideally suited to meet Tele west’s future requirements whilst complementing the company’s dynamic image.

Tele west chief executive Tony Illsley added: We are pleased to strengthen our links with Working and our contribution to the town’s growth and success.

Export House will be a major landmark for Tele west, as it already is for Working and our refurbishment will make it a building the whole town can be proud of.

Despite experiencing political and economic troubles Northern Ireland remains one of the least volatile property markets in the UK.

This is one of the more startling conclusions from the latest UK Property Report produced by Baring,Houston and Saunders (B,H&S), the property advisory arm of the ING groupBetween 1980 and 1998, the retail and office sectors in Northern Ireland were the two top performing sectors within the UK property market in terms of total percentage returns per annum.

Northern Irish retail tops the table at 18.

7% followed by offices at 15.


The rest of UK warehouses followed in third place with 15.

2% over the same period.

The report confirms that, while recent years have witnessed a convergence in Northern Ireland’s average performance figures,B, H&S states that this solid growth performance can principally be attributed to yields and to rental growth.

Retail yields in Northern Ireland averaged 14% in 1981 and 10.

4% in 1993 compared to national averages of 7.

4% and 8% respectively.

Within the same period (1980 – 98), annualized rental growth within the office market inNorthern Ireland was 5.

7% compared to a national average of 1.

8% per annum.

The B, H&S report remains optimistic that over the longer-term market consistency is set to continue and Northern Ireland will remain a low risk investment market.

is set to continue and Northern Ireland will remain a low risk investment market.

Ian Whittock, research director at B,H&S said: Whatever your reasons for not investing in Northern Ireland, high risk should not be one of them! Other highlights in the report include: The number of smaller pension funds investing directly in property has diminished ten years prior to 1998, but larger property portfolios have performed better.

Secondary property has almost certainly outperformed prime property as low yielding property sectors have found their yields moving up.

Retail property remains out of favor with high street rental growth peaking at only 5.


Warehouse rents are expected to bounce back after last year’s slump.

The industrial sector continues to be the best performer.

Rents have grown the strongest around London, those in the Heathrow area having almost doubled in four years.

Tees land Group plc, the broadly based development and Investment Company has begun the construction of ‘Innova House’, part of the state of the art science park, ‘Innova Scienec Park London’, a 20 acre development that, together with Kennet Properties’ Innova Business and Distribution Park will form a major new business location on the M25.

The London Borough of Enfield informally appointed Tees land as the preferred developer following a competitive bidding process held in June 1999.

A formal agreement was signed prior to Christmas.

Innova House will provide 2,852 sq m (30,700 sq ft) high specification accommodation.

The development is to be built speculatively and will be available for occupation in March 2001.

Shortly after these works begin, Tees land will commence another building of 1,858 sq m (20,000 sq ft) to provide a second Business Innovation Centre (BIC),This is Europe’s most successful BIC and is currently 90 per cent occupied.

Along with these two buildings the Phase 1 road and infrastructure works will also be constructed, leaving a further two fully serviced plots to accommodate a 2,787 sq m (30,000 sq ft) building and a 1,115 sq m (12,000 sq ft) building within the Phase I site area.

The planning consent for Innova Science Park London also provides for farther development of over 20,900 sq m (225,000 sq ft) in a second phase.

The key aims of Innova Science Park London will be to provide occupiers with an extensive modern IT and telecommunications infrastructure, excellent transport links, and also linkage to the research and development expertise of various universities and public sector institutions.

Mark Jackson of Tees land commented, The development of Innova Science Park London also sees Tees land expanding it’s programmed into the South East following other recent large-scale projects in the region, such as the ongoing 50 Broadway development close to St James’s Park and the recently completed Basildon Town Centre Retail Scheme.

Norwich Union announces a new warehouse/industrial scheme, known as Union Gate, to be developed on the Ridgeway Trading Estate, Iver, Bucks.

It will have an end value of £20 million.

Norwich Union has this week submitted a planning application for the construction of a new warehouse/industrial scheme totaling 14,950 sq m to be developed on land forming part of the established Ridgeway Trading Estate at Iver, Bucks.

The site has been assembled over the last 18 months and following the successful pre-letting of a 3,716 sq m (40,000 sq ft) distribution unit to TNT, a planning application has been submitted for a second phase of development.

Union Gate and will include three existing units to the rear of the estate, which are to be comprehensively refurbished.

The new scheme will offer units ranging between 1,810 sq m (19,482 sq ft) and 4,206 sq m (45,273 sq ft).

The refurbished units will provide from 1,047 sq m (11,275 sq ft) up to 3,716 sq m (40,000 sq ft).

The proposed scheme has already attracted strong interest.

Joint agents for Union Gate are King Sturge and Rogers Chapman NPI have purchased the long leasehold interest in String fellows nightclub, 140/142 Long Acre & 16/19 Upper St Martin’s Lane, London, WC2 for a figure of £6,000,000 reflecting a net initial yield of approximately 7.


The nationally renowned nightclub, which was established in 1980 by Peter String fellow, it provides a fully licensed restaurant and discotheque on basement and ground floors.

The head lease acquired has some 125 years remaining at a peppercom.

The vendors, London Underground have retained the remainder of the building.

String fellows occupy the property on a lease expiring on 25th March 2015, with a tenant’s break in March 2005 there is an outstanding rent review due on 25th March 2000, which will be undertaken by NPI.

Since the mid 1990’s the club has enjoyed the added benefit of being able to offer fully licensed topless dancing and artistic striptease.

The current net rent received is £250,000 per annum but this is expected to double following completion of the outstanding rent review.

Nelson Bake well and Henderson Investors acted on behalf of NPI; CB Hillier Parker acted for London Underground.

Ivy bridge Investments LP, a joint venture between New York-based property developer The Wyckoff Group and global investment bank Lehman Brothers, has let a total of 37,160 sq meters (400,000 sq ft) at Shell-Mex House on The Strand.

Shell’s oil trading company, STASCO, has agreed a sale and lease-back on 7,432 sq meters (80,000 sq ft) following the sale by its parent last year.

US media and advertising group Omnicom will occupy 4,552 sq m (49,000 sq ft) in the adjacent Cecil Chambers building.

Pearson plc will be the anchor tenant, leasing 25,083 sq m (270,000 sq ft).

The lettings are a triumph for the building’s owners, who purchased the building last year after the oil giant restructured.

Shell-Mex House is The Wyckoff Group’s first property development outside the US and the success of the London deal has encouraged the company to consider further ventures throughout Europe.

We have the expertise to tackle many projects that other players might consider too risky.

Shell-Mex House demonstrates our ability to sensitively redevelop a property and be commercially successful.

Our team has a wealth of experience and we will consider any real estate opportunity where there is potential to add value.

Andrew Pettit, director of Lehman Brothers, commented: Through the creative application of risk capital in strong market conditions, we have created an investment-grade real estate asset in a very stringent time frame.

Ivybridge will transform Shell-Mex House into a striking new office complex.

The interior of the grade II listed art-deco building is being completely redesigned to provide grade A-specification work space.

The partnership will leave the distinctive white Portland stone exterior unchanged, whilst fitting the interior with the latest communications and M&E services to meet the IT-intensive demands of modern tenants.

A new glazed courtyard will mark the building’s transition into the 21st century.

Philip Dawe, director of Insignia Richard Ellis, who marketed the building on behalf of Ivy bridge, believes that the redevelopment of Shell-Mex House sets an international benchmark for the reuse of architecturally-significant property.

He explained: We persuaded our tenants to share in our vision of an ultra-modern use of a historic building.

We worked hard to ensure that Shell-Mex House retains the purpose for which it was designed, yet has been reconfigured to provide a very contemporary workplace.

Healey & Baker, a member of Cushman & Wakefield, and Richard Ber zine & Company advised Pearson on its relocation to Shell-Mex House.

Chartwell Land, in partnership with Walsall MBC, is to develop a 15,793 sq m (170,000 sq ft) retail park to be known as Town Wharf Retail Park.

The development follows the partnership’s earlier success with Town Wharf Phase I which provided 8,546.

8 sq m (92,000 sq ft) of prime retail space for Walsall Town Centre.

The retail park should be trading by October 2001.

Construction will commence at the end of 2000 following relocation of two existing site occupiers.

A new 929 sq m (10,000 sq ft) store will be constructed for Holiday Hypermarket and Albert Jagger Ltd, a local engineering company, will move to a new 3,251.

5 sq m (35,000 sq ft) unit.

Pre-lets to TK Maxx, Courts, Powerhouse, JD Sports and North Shoe have already been secured on 7,664 sq m (82,500 sq ft) of space by joint letting agents Edgerley Simpson Howe and Lambert Smith Hampton,Who are achieving rents of £14 per sq ft? Another 2,322.

5 sq m (25,000 sq ft) of space is under offer.

The commitment of this next phase of the Town Wharf scheme is great news for the town.

It will boost what has already been achieved, by redeveloping a run-down quarter at an important entrance to the town centre.

It will stimulate further leisure development on the canal side to complement the Gallery and Chart well Land estimates the investment value of the completed retail park will exceed £30 million.

Barrie Tankel Partnership is ranked 56 in the Hot 100, which is based on a survey of over 2 million privately owned companies listed in the Dun and Bradstreet database.

Hot 100 companies are commended for demonstrating consistent sales growth and unquenchable endeavor Barrie Tankel Partnership’s ranking is based on average sales growth of 66% over a 4-year period from 1995 – 1999.

Commenting on the listing Managing Director Barrie Tankel said We’ve worked hard to grow the business since the recession, and through published surveys such as this, it’s very gratifying to benchmark our success against 2 million other companies.

Currently celebrating its 30th year in business Barrie Tankel Partnership plc is now based within the Marble Arch Tower, a landmark office building opposite Hyde Park recently refurbished, with the firm acting as project managers, The firm has a consistently strong track record in procuring commercial office, residential and industrial buildings across the UK.

Major current projects include the refurbishment of Holborn Town Hall, 229 apartments at Carlton Gate in West London and a 95,000sq-ft retail park in CambridgeActing on behalf of Thorn High Street Properties, Rogers Chapman has succeeded in disposing of the lease of Building 1040 Arlington Business Park to Vodafone Plc at the passing rent of £986,007 per annum exclusive.

The building totals 3,725.

38 sq m (40,100 sq ft) and Thorn had seventeen years of the lease remaining.

The building totals 2,803.

63 sq m (30,170 sq ft) and was left to Great Mills (Retail) Limited on a 25 year lease from 25 March 1987.

Commenting on the letting Graham Cant of Thorn said, I am certainly delighted that we have been able to get the lease away for the remaining term, particularly to such a strong covenant and especially in view of the strong competition presented by other available buildings on the business park .

Lisney are delighted to announce the letting of 10B and 10C Clarendon Road, Clarendon Dock, The office building, extending to 5,070 sq ft, was let at £57,000 per annum (equating to £11.

25 per sq ft) on a new 15 year lease with 5 yearly reviews.

Surveyor, Joseph McGeehan, said ‘This letting combined with the conclusion of the two remaining units at 12B and 12C Clarendon Road, also negotiated by Lisney to OCE Limited and Merc Partners, has almost completed the office content of the entire Clarendon Dock scheme.

It should undoubtedly establish Clarendon Dock as Belfast’s premier office location.

‘Situated on the edge of the City Centre and only a short drive from the Motorway network, the site also benefits from 24 hours on-site security for occupiers with electronic security systems, cobbled streets and its tranquil setting on the river’s edge.

Clarendon Dock is already a home to occupiers such as the Belfast Harbour Commissioners, Tesco, Prudential, CCEA, Phoenix Natural Gas, Lagan Group, Grant Thornton, Barclays Bank, Barnet and Company and Regus.

Birthdays has exchanged an Agreement to Lease for a 4,500 sq.

ft (418 sq.

  1. m) unit at a rent of £105,000 p.

a exclusive which equates to approximately £120 psf in terms of Zone A (£1,290 sq.


)We received five further offers on this unit from a range of uses including fashion which is further evidence that the occupation demand for high street premises remains strong despite recent doom mongering.

The planned redevelopment opposite by RREEF, that Birthdays have vacated, will further consolidate this pitch as the prime shopping area of Colchester .

Chart well Land was represented by Smith Price and Birthdays by Jackson Criss.

NACORE’s Northern Regional branch met last week at Trinity Bridge House, Chapel Wharf, Salford, home of the Inland Revenue, to learn about how one of the first PFI-type deals in the UK has worked.

Trinity Bridge House, built on a brown field site and designed specifically to suit the occupier, is leased to the Revenue for 25 years.

At the end of this time the Revenue has the option of extending terms or walking away from the building, furniture and fittings, which are all currently owned by London & Regional Properties Ltd.

Their partners in the PFI deal are Haden Building Management, for the facilities management contract, and Balfour FM, and Balfour Beatty who were the main building contractors.

Anthony Sutcliffe, area facilities manager, explained how Haden Building Management operate the facilities management contract, from security, M&E maintenance, cleaning, catering, to building fabric maintenance, under a long-term agreement with London & Regional Properties.

The importance of PFI is that it can be tailored to meet the requirements of the occupier summarized N&e Booth events officer of NACORE’s Northern branch and associate partner in Drivers Jonas.

The PFI consortium takes over liabilities, rents the property back to the corporate (at a higher rent its true but on shorter terms) for a reduced amount of space and at lower running costs, so achieving lower total outlay and releasing capital onto the balance sheet.

NACORE Northern was the first regional branch to be launched.

We aim to cover the key centers of the north explains Mr.

Booth, with a programmed of meetings that cover Manchester, Liverpool and Leeds.

Our next meeting is to be at Pilkington’s in St Helens and if anyone is interested they should get in touch!Long ford Business Centers, one of the UK’s leading serviced office providers has appointed Attifa Ali-Khan as business centre manager to run their highly successful Ealing operation.

We are delighted Attifa has taken up the appointment of business centre manager , says Jane Gwillim-David, director of Long ford Business Centers.

Our high calibre of loyal staff is what makes Long ford Business Centers such a great success.

Having joined us from a successful customer relations role within British Airways, Attifa will bring a wealth of experience to the centre and will no doubt make invaluable contributions to the business .

The Long ford Business Centre in Ealing, which is strategically located between the West End and Heathrow airport, is currently 100% let, with the conference and meeting facilities in regular use by local companies.

Longford Business Centres has plans to open a further 10 centres in the next year and is actively looking to acquire buildings of between 15,000 and 35,000 sq ft in London and the M25 area, on either a freehold or leasehold basis.

Scudder Threadneedle Asset Management Limited has let Unit 2, Springlakes Industrial Estate,Kenure Developments Limited, an electronics assembly company, has taken the 1,050 sq m (11,302 sq ft) industrial unit on a 15-year full repairing and insuring lease at an initial rent of £80,000 pa, subject to five yearly rent reviews and an initial eight month rent free period.

Kenure has also taken an assignment of the adjoining Unit 3, 805.

9 sq m (8,675 sq ft), at a passing rent of £60,732 pa until September 2013 subject to a six-month rent-free period.

at a passing rent of £60,732 pa until September 2013 subject to a six-month rent-free period.

The East Midlands Distribution centre forms a substantial part of the re-development of the 200 hectare closed, demolished and redundant Castle Doning ton Power Station, which was de-commissioned in 1998.

5 hectare (60 acre) site, will be approximately 1km in length and will comprise a state-of-the-art rail served distribution centre with dedicated rail sidings, with the design replicating Fiege’s other Mega-Centers, strategically situated throughout Europe.

Steve Barter, Managing Director of Fiege Merlin, confirmed: This announcement confirms our commitment as one of the leading providers of planned logistic solutions within Europe and is an integral part of our UK expansion strategy.

The East Midlands Distribution Centre provides a first class location by virtue of its central location and rail head capabilities, critical for the provision of logistics services to our clients.

It was also an important consideration for us to work in partnership with a major developer, skilled at developing a facility of this nature and, through the months of negotiation we have been able to create a unique partnership that enables us to concentrate on our business activities within the UK in the knowledge that the facility is being developed via a team with specialist knowledge.

Wilson Bowden Developments will commence work on site later this year, enabling the first phase of the development to open in the summer of 2001.

Fiege Merlin, part of the German-based Fiege Group, who specialize in planned logistics solutions throughout Europe, in a unique partnership with Wilson Bowden Developments Limited have confirmed their plans to develop their first Mega-Center in the UK.

The new 106,838 sqm (1,150,000 sqft) rail-linked distribution centre will be developed simultaneously with the first phase of infrastructure works, opening up the new East Midlands Distribution Centre at Junction 24 of the M1 in Leicestershire.

With excellent rail links and close proximity to the East Midlands Airport, additionally the East Midlands Distribution Centre provides direct rail access to Continental Europe via the East Coast Rail Line and the Channel Tunnel.

The East Midlands Distribution centre forms a substantial part of the re-development of the 200 hectare closed, demolished and redundant Castle Downingtown Power Station, which was de-commissioned in 1998.

The project commences the revitalization of the area and will in itself ultimately provide some 850 new jobs.

The building will occupy a 25.

5 hectare (60 acre) site, will be approximately 1km in length and will comprise a state-of-the-art Steve Barter, Managing Director of Fiege Merlin, confirmed: This announcement confirms our commitment as one of the leading providers of planned logistic solutions withinThe East Midlands Distribution Centre provides a first class location by virtue of its central location and rail head capabilities, critical for the provision of logistics services to our clients.

It was also an important consideration for us to work in partnership with a major developer, skilled at developing a facility of this nature and, through the months of negotiation,We have been able to create a unique partnership that enables us to concentrate on our business activities within the UK in the knowledge Wilson Bowden Developments will commence work on site later this year, enabling the first phase of the development to open in the summer of 2001.

All sectors of the commercial property market in Birmingham are continuing to follow an upward track, according to latest research by consultant surveyors Lambert Smith Hampton.

In its major new survey* of premises along the M5 corridor, the firm claims that while the trend is still In the industrial sector, percentage returns were lower than the UK average in the latter part of the The popularity of Worcester as a place to shop and work has continued to grow primarily due to its strategic position in the Midlands.

In its major new survey* of commercial premises along the M5 corridor, Birmingham consultant surveyors, Lambert Smith Hampton claim that Worcester has undergone a renaissance in recent times.

Both industrial and retail sectors have benefited from this renaissance which now sees the town as no longer the poor relation of nearby centers such as Birmingham or Cheltenham.

As far as the industrial sector is concerned, Worcester’s proximity to the M5 at Junctions 6 and 7 has resulted in a number of deals and further development, according to LSH’s industrial director, Mr Paul Marlow.

Generally, demand for industrial space on this section of the M5 is strong although supply is such that there shouldWith its easy access to the motorway network and numerous tourism and leisure attractions, Worcester is fast becoming a key retail location in its own right.

Mr Craig Bales, retail director at Lambert Smith Hampton, said:The Crown gate Shopping Centre has established itself within the retailing hierarchy and is felt to have strengthened the city’s draw.

This should be further enhanced by Castle mores’ development on the south side of the city centre of a new multiplex cinema which has already been let to Warner Bros.

The site will also include homes and additional car parking.

Worcester has seen the price of Zone A space in the most popular retail areas increase markedly over the past three years.

In 1997 HMV acquired the old Powerhouse unit for £110 per sq ft.

A year ago Clintons paid £130 per sq ft to acquire 82 High Street and this year Granada is reported to have paid circa £160 per sq ft.

The limited nature of the prime sites has meant that Zone A rents have risen sharply in recent times due to this lack of suitable space.

This supply shortfall should change if the plans to expand the prime pitch come to fruition which in turn will stimulate further rental growth in the medium to long term.

Fitting out has commenced at Unit 1, at Legal & General’s St.

George’s Shopping Centre, Preston.

Scottish & Newcastle (S&N) Retail recently signed a 35 year lease and will operate one of its successful Bar Censsa’s at the junction of Friargate and Ringway.

Situated in a prime location and occupying 824.

32 sq.

m (8,980.

55 sq ft), S&N Retail’s unit has been taken on a fully repairing and insuring lease subject to five yearly, upward only rent reviewsS&N Retail currently operates Bar Censsa outlets in Leeds, Glasgow and Solihull.

Joint letting were Hitchcock Wright & Partners and Jones Lang LaSalle.

Quality retailers have been targeted and discussions continue with other potential occupiers.

Chris Gardner, DipLA, FRICS, has been appointed as senior surveyor in the Healthcare Services team at BK (Bruton Knowles).

He was recruited from a leading not-for-profit Care Group which provides all types of care for older people.

There, he established and ran the group’s property department; handling everything from multi-million pound refurbishment projects to essential equipment contracts.

His task at BK, however, will be to co-ordinate all existing services to healthcare providers and broaden them to new clients across the country.

Pursuing its philosophy of teamwork, BK will be working in partnership with other selected companies with specialist skills in the healthcare field such as architectural design, project management, business planning and law and contract – to offer a one-stop service to clients,Government initiatives such as ‘Fit for the Future’ and ‘The NHS Plan’ demand imagination and innovation from purchasers and providers of care for older people and their advisers,He says.

BK is well-placed to assist them and to help to procure new or refurbished care developments.

In addition, there will be a growing need for BK’s property valuation, rent review and disposal work and continued expansion of its renowned expertise in medical partnerships and health centers.

Mr Chippendale joined property assets consultancy BK in March 1999 and is currently part of the Rural Management team.

at Taunton acting for the Crown Estate as well as private and Public Sector clients.

His new position within BK, working with the resident agent at Bathurst, Edward Allsop, will involve management of the agricultural, commercial and residential property portfolios.

Tristan will be an invaluable member of the Bathurst Estate Management team at Cirencester Park and his experience gained through BK’s personal development programme and day-to-day work, should enable his positive influence to be felt from the outset, comments Richard Atkinson, BK’s rural property management team leader.

The developer of the scheme, Capital & Counties, is now on site of the £9.

Kevin Cook, partner at Vail Williams says: & Capital Court is located in an excellent position as Uxbridge is situated between the M4 and the M40 and is close to the M25.

A rare opportunity to buy a prime chunk of land in Uxbridge town centre is being offered by commercial property consultant Vail Williams.

Capital Court is an outstanding 5,162 sq m (55,564 sq ft) speculative office development providing a landmark headquarters in one of the most visible positions in Uxbridge.

The developer of the scheme, Capital & Counties, is now on site of the £9.

5 million office project with completion expected in Autumn 2001.

Capital Court is located in an excellent position as Uxbridge is situated between the M4 and the M40 and is close to the M25.

The development is ideally suited to international businesses as Heathrow airport is only five miles south of the town.

London is also easily accessible as a London Underground station is within easy walking distance, served by both the Piccadilly and Metropolitan lines.

The five-storey office building will offer 90 secure on-site parking facilities with restaurant and wine bar also available on the ground floor.

Vail Williams and Strutt & Parker are advising Capital & Counties.

Fletcher King Braithwaite today announced the letting of the final phase at Green Property plc’s speculative Circle South scheme in Trafford Park, to Brands Hatch Leisure Group.

The final phase comprised 48,350 sq ft (4,491 sq m) of quality industrial and distribution accommodation.

The property was let on a 25 year FRI lease without break, at a rental equating to approximately £5.

00 per sq ft.

We are delighted with the letting of the final phase, which reinforces our view that demands for quality space within Trafford Park remains strong, leading the way for more speculative development.

Anglo Lamron Plc’s £12 million redevelopment scheme of the former post office site in Bracknell High Street, has been granted planning consent by Bracknell Forest Borough Council.

The developer has been given the green light to create 2,890 sq m (31,000 sq ft) of offices and two A3 units plus residential flats.

The Post Office Counters will also be extended.

Whitbread has already agreed a pre-let of the leisure space on a 25-year lease at a rent of £75,000 pa.

The brewing giant intends to transform the former sorting office into a Hogs Head.

We are expecting a huge amount of interest for the site because there is a limited supply of high quality office space available, and an increasing demand by occupiers for space throughout the Thames Valley corridor.

Construction of the development is due to commence in the last quarter of 2000.

Jones Lang LaSalle and Campbell Gordon are advising Anglo Lamron Plc.

Lovells has advised The Prudential Assurance Company Limited on two major pre-let transactions at its new Business Park at Green Park Reading to Cisco Systems Limited and Veritas Software Limited.

The first phase consists of an absolute commitment to 607,000 sq ft.

The pre-let agreement with Cisco Systems Limited is the largest ever to have been agreed outside London and is to be implemented in two phases.

The first buildings are scheduled for completion in January 2001 and the final building is due in November 2002.

The second phase is a series of three options to take a further 657,000 sq ft, which can be taken up between February 2001 and March 2003.

All the leases are for 25 years with breaks at around year 15 (average) and at rents between £28 and £32 per sq ft.

The agreement with Veritas Software Limited provides for them to take 280,000 sq ft.

There is an initial commitment to take leases of three buildings comprising 150,000 sq ft and an option for an additional two buildings totaling 130,000 sq ft.

20 year leases and rents of around £30 per sq ft have been agreed for the initial commitments.

The Lovells team was led by partner Jackie New stead with support from partner Dion Panambalana with Simon Ricketts of S J Berwin advising on planning and Marc Hanson of Cameron McKenna advising on construction issues.

Cisco Systems Limited was advised by Linklaters & Alliance (Jeffrey Bailey and Tom Johnson) and Veritas Software Limited was advised by James Burgess of Pitmans.

UK firms have over £100 billion tied up in the ownership of commercial property which could be used more effectively, by independent real estate consultants Weatherall Green & Smith.

The introductory guide has been written in response to the vast array of innovative methods of property finance restructuring available to company finance directors.

It addresses positive and negative impacts of the different methods of property financing including sale and leaseback, securitisation, joint ventures, property outsourcing and private finance initiatives.

Martin Francis, banking and finance partner at Weatherall Green & Smith, commented:All finance directors should have a thorough understanding of the real costs of commercial property.

Each route will have different balance sheet, gearing and operational implications, and will release a different level of capital for reinvestment.

The report goes on to demonstrate how DIY specialist, Focus Do It All, The money was raised through an innovative structured sale and leaseback deal enabling them to repay £15 million of debt.

If you would like a free copy of the guide please contact Philippa Winnings, Weatherall Green & Smith, 22 Chancery Lane,London-based multiple fashion retailer, de Keyser Ltd has opened its latest store at Mermaid Quay, Trading as The Designer Room, the new de Keyser outlet sells discounted men’s and women’s designer fashions from a prime unit at the northern end of the newly-pedestrianised section of Bute Street De Keyser has taken a total of 464 sq m (5,000 sq ft) on the ground floor of Phase 2 of Mermaid Quay on a 15 year lease.

The Designer Room chain was launched in 1997 and there are now 30 outlets across the UK, including a store of 1,858 sq m (20,000 sq ft)The Designer Room at Mermaid Quay offers well known designer labels (such as Armani, Calvin Klein, Ralph Lauren, Versace, Dolce & Gabbana and DKNY) as well as top high street names (such as French Connection, Elle and Morgan).

There is also be a perfume concession – Scent to You – selling top perfume brands.

The Designer Room is a new concept for Cardiff and, as the first letting in Phase 2, adds significantly to the offer at Mermaid Quay.

Mermaid Quay is already becoming firmly established with a number of key leisure outlets open and a number of others currently fitting out in unit along the Waterfront (Phase I).

The Designer Room is the first in a series of retail openings which will take place in the coming months.

The Designer Room at Mermaid Quay is trading until 10pm on Thursday, Friday and Saturday nights typical of the Covent Garden style ambience we are creating here in the heart of Cardiff Bay.

Other tenants already trading from Mermaid Quay include three ventures by Scottish & Newcastle – Bar 38, De: up a substantial client and instruction base across Sussex and Surrey focusing along the M23/A23 corridor.

Recent schemes that Andrew has been involved with include the letting of the Beehive building in Crawley and First Point at Gatwick for BAA Lynton.

He is currently involved in a major development scheme in East Grinstead for Raglan Property Plc.

Andrew’s main role is to continue developing Vail Williams’ position throughout Sussex.

Since I joined the firm we have had to prove our capabilities to clients who had no loyalty previously attached to us.

We have achieved this and I am looking to expand our client base further.

where he was a director dealing with business space throughout London and the Home Counties.

This latest transaction follows the recent acquisition by Hercules of Colne Valley Retail Park, Watford and Boulevard 25 Retail Park, Boreham wood for a total of £54 million.

The 120,000 sq ft retail park, which has an Open A1 planning consent, is anchored by Maralan, JJB Sports and Comet.

The Hercules joint venture now owns a total of 18 retail parks with assets of approximately £ 470 million.

This park offers excellent asset management opportunities to improve the tenant mix and increase the rental values which, We are delighted with the performance of the joint venture to date and will continue to seek further opportunities to add to the portfolio and, at the same time, actively manage the existing parks.

Piller has continued to deliver superior returns for the Hercules by a combination of stock selection and active management.

We are committing significant additional debt and equity to grow the joint venture as part of our long term strategy to obtain profitable exposure to the retail warehousing sector.

Hercules was advised by King Sturge & Co.

and Royal London by Knight Frank.

The computer software company has agreed a 15 year lease for 1,671 sq m (17,991 sq ft) of office space at a rent of £481,259 pa equating to £288 per sq m (£26.

75 per sq ft).

260 Winnersh Triangle forms part of the final 250 phase of this 40 hectare (100 acre) business park which is dominated by IT occupiers including NTL, Wynnstar and 3Com.

James Bennett, associate at Vail Williams comments: he success of Winnersh Triangle is a result of its exceptional communication links, with direct access to the M4 motorway and excellent road links to the M3.

It also has a good rail service to Reading, Bracknell and London.

Vail Williams and Fletcher King acted on behalf of Slough Estates and CB Hillier Parker represented Intel.

A compact business/studio unit in Alston Drive, Bradwell Abbey, is now available on an assignment of the lease.

The mid-terrace unit offers 131 sq m (1,406 sq ft) of space suitable for business, workshop, office or studio use.

The property is currently fitted out internally as a series of partitioned offices with glazed frontage, together with a reception area and storerooms.

The roof incorporates translucent panels to make maximum use of natural daylight, and timber doors at the front give loading access with an eaves height of 2.

84m (9’4 ).

Noted for the variety of its accommodation, the Bradwell Abbey Industrial Estate comprises 28 brick buildings arranged in terraces around two courtyards.

Opposite the historic site from which it takes its name, the a Bradwell Abbey development’ offers extensive car parking as well as easy access to Central Milton Keynes, the A5 trunk route and Ml motorway.

The units in Alston Drive offer plenty of scope for a range of business activities, from workshop manufacturing and ‘R & D’ o design studio and commercial office facilities commented John Brown of Douglas Duff.

Acting on behalf of RWD Properties Limited, ep2 Elliott Partnership have acquired the long leasehold interest in the subject property for a figure of £915,000, representing a net initial yield of 6.

71% allowing for normal acquisition costs of 5.


The property is underlet to Woolwich Building Society Limited on a 25 year lease from 18 July 1994 at a current rental of £65,000 per annum.

The vendors, Siemens Benefits Scheme, were represented in the transaction by CB Hillier Parker.

Commenting on the transaction, Ben Roberts of ep2 Elliott Partnership, We were delighted to have acted on behalf of RWD Properties Limited in acquiring a prime retail unit with 19 years unexpired to an undoubted covenant for 6.


Trade Centres will provide units on roadside locations offering a combination of showroom and storage space with trade counters for supplying materials to trade customers.

The first io Trade Centre is underway at Hobley Drive, Swindon, where io is developing 8 units totaling 2,493 sq m (26,860 sq ft), in unit sizes of 251 sq m (2,705 sq ft) to 966 sq m (10,405 sq ft), as part of an io Centre development.

Dan Williams of the io Group commented that There has been a lot of talk about a Trade Centre development on various sites in and around Swindon, but we are now on site developing a product, which will be available for occupation by the end of the year .

Williams says io is looking to provide Trade Centres on a number of its other io Centre schemes, subject to the suitability of the location, as part of its £250 million UK development programme.

io centres are purpose-built, multi-let industrial estates which are offered to occupiers on highly flexible terms, from leases of any length to purchase options and sales.

The joint letting agents for the io Centre and io Trade Centre in Swindon are King Sturge, Whitmarsh Preece Lockhart and Colliers Conrad Ritbiat Erdman.

Howard Associates, has won the Industrial Agents Society award for Best Bespoke Warehouse building 2000.

The prize was awarded for the construction of DHL& 8217;s £35m Air Express Hub at East Midlands Airport for which Howard Associates were the Construction Managers and Design Team Coordinators.

Howard Associates also acted as Construction Managers and Design Team Coordinators for the winning development in 1999 – the Iceland Refrigerated Distribution Centre at Innova Park, Enfield.

The sortation hub is an architecturally attractive flagship building consisting of a 400,000 sq.


functional cargo-handling facility capable of processing 45,000 items every hour together with a light and pleasant working environment in the attached 100,000 sq.

ft office.

The design of the hub, which incorporates the latest techniques in building construction, existing facilities across Europe to establish current spatial standards from which the new operating methods were developedThe challenge to produce a building capable of handling shipment volumes in excess of 1,200 tonnes per night was possible through careful and thorough planning of the project from inception by the team from Howard Associates and these awards are a tribute to our hard-working construction management team who has delivered these two exciting projects on time and within budget.

However, what sets these developments apart from the opposition is the quality of the finished facilities and this is as a result of the quality of service we provide to our clients.

We are very proud of the recognition these awards have given our efforts.

Well having bust the & pound; 5.

00 per sq ft rental barrier in Trafford Park some 3 months ago, landlords now have the £ 5.

50 hurdle in their sights.

But it’s not going to happen just yet, so says David Rowley, Industrial Partner at ep2 Elliott Partnership,the only new build which is happening in Trafford Park is confined to Earl Estates speculative units at Kings Park and they’re asking & 5.

25 per sq ft for the 1,900 sq ft unit and & 5.

15 for the 45,000 sq ft space.

Green are spacing a 100,000 sq ft unit on Electric Park and similar figures are the order of the day.

‘There’s been a lot of activity in Trafford Park in the last year, and whilst there’s still land to come, bids for this are increasingly competitive.

‘The & 5.

50 ceiling will’, asserts Rowley, ‘initially be reached by a combination of special deals with more land being provided with the units or shorter leases.

‘In addition to this, suggests David, ‘few big sites available and I think we’ll see the really big occupiers struggle to find appropriate space here.

With the completion of the orbital motorway, occupiers are starting to see East Manchester as real alternatives and of course the Trafford interchange will be a major player in due course.

However, Rowley predicts a rosy future for Trafford Park with the investment made the late 80" s/early 90"s in the infrastructure now supporting theWith such advances and a change in the traditional tenant mix, Trafford Park has service businesses sitting cheek to jowl with the more customary hauiiers, ware houses and manufacturers.

In its wake this change brings substantially improved amenities and better working environments which, according to David Rowley, ‘all contribute to enhanced rentals.

Acting on behalf of property company, Fitzpatrick Investments Ltd, Lisney have recently sold the neighborhood scheme, The property previously occupied by Tesco comprises a former supermarket unit and 6 unit shops, situated on a site of 1.

3 acres in the densely populated Woodburn area.

The property was sold for a price of £350,000 and currently produces an annual income of £15,980 per annum.

The new owners propose to undertake extensive refurbishment / redevelopment works to the existing buildings.

Cardiff Portfolio is a partnership comprising Cardiff County Council and the Welsh Development Agency.

The purpose was to support, inform and market the city of Cardiff to companies wishing to expand their businesses, and to would be investors.

The one stop shop, which the Cardiff Portfolio offers, reflects the Cardiff property market and indicates the competitiveness of Cardiff, compared with other locations in Europe and the UK.

To ensure maximum coverage and to keep pace with the ever-increasing demand for information, the Cardiff Portfolio website has been created.

The design of the new website has been undertaken through a local Cardiff based company, Imaginet.

The new site allows visitors to search for properties and sites in Cardiff, on-line.

At the same time receiving useful economic and investment information on Cardiff the capital city of WalesIn the continuing development of the website it is hoped that Cardiff will find its true place in a global market of interested would be investors and investment opportunities.

The launch of the website takes place at City Hall Cardiff on November 9th 2000 and marks the beginning of first hand property and investment information on-line.

Stiles Harold Williams and Jones Lang LaSalle acted for Royal & Sun Alliance.

Insignia Richard Ellis acted for William M Mercer Ltd.

With RSA re-occupying 318 sq m (3,425 sq ft), only 661 sq m (7,120 sq ft) remains available.

Royal & Sun Alliance Insurance have let 3,500 sq m (37,675 sq ft) of newly refurbished office space within Emerald House,Internet service provider Yahoo! has chosen London’s Victoria as the location for itsnew European headquarters after scouring the city for suitable sites with its real estate adviser Weatherall Green & Smith.

has taken 4,737.

9 sq m (51,000 sq ft) on the lower ground, ground and four upper floors of 10 Ebury Bridge Road,SW1 on a sub-lease expiring in March 2008 from former occupier Agape.

The rent equates to £485 per sq m (£45 per sq ft).

Will initially occupy 3,800 sq m (37,000 sq ft) and expand into the remaining space by the end of 2001.

The surplus floors have already been sub-let on a short term basis to KIO and Zefer.

Keith Harris of Weatherall Green & Smith believes that internet companies are increasingly looking to create successful internet communitiesthe critical elements being people and environment.

He says: Although some internet companies are looking to the City fringe, the West End still boasts an unrivalled creative and technically proficient pool of labour as well as a diverse stock of office accommodation.

NAI Gooch Webster has enabled Aspen Communications to surrender their lease at 6, Portland Place, Pritchard Street,Bristol BS2 by concurrently negotiating the purchase of the building for £190,000 by Applied Marketing Information Limited.

A surrender payment was made to the private landlords, represented by Matthews & Goodman, while Edward Symmons & Partners represented AMI Limited.

The building comprises 322 m2 (3,466 sq ft) over four floors, together with three car parking spaces.

Square Foot Consulting acted as joint agents withNAI Gooch Webster on behalf of Aspen Communications.

Comments Craig Mathias of NAI Gooch Webster: A lot of companies find themselves looking to release themselves from a long lease, because their business needs have changed.

This deal represented an option that could work for many, made possible by the willingness of all the parties to find an imaginative route through.

Legal & General Assurance Society has secured three new tenants for a prime corner site of the Eastbourne Arndale Centre.

Formerly occupied by The Energy Centre, the site at No.

51 has now been divided into three units for The Mobile Phone Store Ltd, Tiny Computers and The Perfume Shop Ltd.

Stiles Harold Williams, acting jointly with Healey & Baker, on behalf of Legal & General negotiated the surrender of The Energy Centre Unit A comprising 781 sq ft on the ground floor and 150 sq ft on the first floor has been let to The Mobile Phone Store Ltd.

The Mobile Phone Store was represented by Oliver Liggins ACR.

Unit B comprising approximately 500 sq ft on the ground floor has been let to OT Computers Limited t/a Tiny Computers.

Tiny Computers was represented by Hammond Phillips.

Unit C comprising 275 sq ft has been let to The Perfume Shop Ltd at an initial rent of £20,000 per annum.

The Perfume Shop Ltd represented them.

A rental competition for top quality refurbished offices in a prime EC2 location, a rare City commodity, has enabled leaseholders Pictet, the leading private Swiss bank to assign their two leases in at Devonshire Square to SG SecuritiesLimited at a premium of £75,000 plus the passing rent of £419.

80 per sq m (£39 per sq ft) London EC2 to Category A standard to provide 1,158.

18 sq m (12,467 sq ft) of offices plus 21.

27 sq m basement storage.

Separate car parking was included in the transaction.

Catella director Charles Scouller who advised Pictet commented, this transaction is further evidence of continuing high demand for top quality offices in the CitySmith Melzack advised SG Securities (London) Limited.

has earned the prestigious Millennium Marque Award for its sector-leading economic and environmental improvement in a national competition lasting over 5 years.

Crossways was one of 125 winners of Millennium Marque Awards countrywide, one of the few business parks in the UK and the only business park winner in Kent.

Telecommunications and financial services sectors – Crossways was commended for the huge transformation of a Brownfield site into a green park.

Previously a Blue Circle Industries PLC cement works and quarry beside the River Thames at Dartford,David Dye, Whitecliff development director responsible for Crossways, comi-nented: We are hugely proud of our Millennium Marque award.

It is testimony to the hard work of the planners, park managers, landscape architects, and our dedicated gardeners among the teams at Whitecliff and on Crossways.

Our gardening team has helped create a truly green and pleasant working environment and are dedicated to keeping it in pristine condition for Crossways’ many business occupiers together with our neighbours.

Over the past 18 months Crossways has benefited from a £1.

45 million re-investment into its land and water-scape features,which involved extensive re-planting across its 315 acres.

Led by leading landscape architects,Macgregor Smith, the brief was to create an environment that showed off the buildings to their best; could stand the extremes of weather; support and encourage wildlife habitats; and was sustainable for the long term.

A team of eight gardeners, led by Francis Squires, toil the year round to keep it in top condition,It is great to have the Millennium Marque award.

We aim to continue the high standards already set.

Several of our team were NVQ trainees and are now permanent staff.

We main taill a high standard of training through our on-going programmers.

315 acres at Crossways has planning consent for over 3 million sq ft of retail, leisure, office and industrial development.

Over 65% has now been built and occupied, with a further 250,000 sq ft either under construction or due to be started by the end of this year.

On this development, seven lake habitats have been created and landscaped supporting a range of wildlife including swans, coots and geese.

Each lake forms the centerpiece for the different business zones at Crossways.

A high quality office suite at Shenley Pavilions, owned by Milton Keynes Parks Trust, has been let as the sales headquarters of the Italian-owned paper manufacturer Burgo UK Ltd.

Relocating from Central Milton Keynes, Burgo has taken a ten-year lease on a corner suite of offices extending to 357 sq m (3,842 sq ft).

We had outgrown the offices in the city centre explained Simon Eve of Burgo.

Not only did we find more space at Shenley Pavilions but also more car parking.

Widely considered one of the most prestigious campus office buildings in Milton Keynes, Shenley Pavilions comprises 46 separate units totaling 5,590 sq m (60,167 sq ft).

the units surround two attractive garden courtyards, and a central spacious atrium provides an impressive entrance and reception area.

All the units at Shenley Pavilions are now let but Milton Keynes Parks Trust has other properties available, including refurbished office suites from 64 sq m (690 sq ft) to 195 sq m (2,100 sq ft) in Linford Forum which enjoys many of the same benefits as Shenley Pavilions.

Lin ford Forum, like Shenley Pavilions, provides the opportunity for smaller and expanding companies to benefit from the quality business environment normally associated with large corporate companies commented Jonathan Whittle of Douglas Duff.

The building also makes the most of its location, close to the city centre but offering ample car parking.

annual Risk & Safety Management Awards on 10 November 2000Hermes manages the Post Office Pension Fund – the fourth largest pension scheme in the UK and the asset management of the property portfolio has been outsourced to six leading national firms of managing agents.

The Healey & Baker Asset Management Team won three awards:- The premier award, the Hermes Safety First Shield for Best Agent sponsored by insurance brokers H W Wood, went to the Healey & Baker team for the speed at which they reviewed their retail portfolio and auctioned a large range of outstanding health and safety issues.

Previous winners were Jones Lang LaSalle in 1999 and 1998 with CB Hillier Parker in 1997.

Frank Allen, who controls health and safety issues in over 850 managed locations across the UK,won the Health & Safety Personality of Year 2000 award in recognition of the significant contribution he made to health and safety issues across the Hermes portfolio.

Susan Sambrook, the Healey & Baker Centre Manager of The Headrow Shopping Centre in Leeds, together with the Healey & Baker Asset Management Team won the Energy Saving Award 2000, sponsored by Environmental Governance Ltd, for the best energy conservation achievement across the whole Hermes portfolios.

At the Headrow Centre, the team achieved a 35% reduction in electricity costs and a 5% reduction in gas costs by a concerted review of power consumption, re-negotiation of utility contracts and by encouraging all the tenants in energy efficient policies.

The Healey & Baker Management Team also won second place in the Hermes Most Improved Property Award for health and safety issues at StThe winning Healey & Baker team comprised, Philip Crofts (Team Leader), Rosie Weller, Gemma Allen and Simon Tipper (Property Administrator).

Frank Allen is the Health & Safety expert within the Strategic Support Group.

John Organ, Partner in charge of the Healey & Baker Asset Management Group feltit was a superb effort for our dedicated Hermes Management Team who won the instruction just over 12 months ago.

The properties are situated as far apart as Glasgow and Tonbridge so it was a combined team effort to get to grips with a major new instruction.

I must also admit it is nice to beat Jones Lang and Hillier Parker but understand the winners of the award have to host the presentations next yearSlough Estates is now on site at its major new industrial development, Millars Business Centre in Fishponds Close, Wokingham.

The developer has started work on its speculative scheme which comprises three terraced industrial units totalling 1,951 sq m (21,000 sq ft).

David Bowen, partner at sole letting agent Vail Williams says: Due to an increasing demand for space and a limited supply of high quality warehousing in the Thames Valley corridor, we are expecting a high level of interest in Millars Business Centre.

Once completed in February 2001 the scheme will have a total end value of approximately £7 million.

Converted farm buildings at Hatch Warren Farm are proving to be a hotspot for businesses looking for office space in Basingstoke.

Hatch Warren Farm is being developed by its owners, Portsmouth Estates, The Opus Group, an IT company, has taken 280 sq m (3,014 sq ft) Newton House and 462.

56 sq m (4,978 sq ft) McWilliam House on a 10-year lease, at a headline rent of £139,860 pa equating to £188.

35 per sq m (£17.

50 per sq ft).

The converted farm buildings offer the entire top of the range facilities, easily matching the latest modern office building.

The scheme is already 80% let thus clearly illustrating the popularity of converted redundant agricultural property for commercial use Portsmouth Estates has begun the refurbishment of Patterson House comprising 603.

85 sq m (6,500 sq ft) which is scheduled for completion in Spring 2001.

Campsie & Co acted on behalf of the Opus Group.

Hodgson Elkington, the Lincolnshire and Nottinghamshire chartered surveyors and property consultants, donned umbrellas and brushed aside the wet weather to find a lot of interest from potential investors keen to cash in on the success of the region,It was the most important inward investment events the East Midlands has ever staged and it attracted leading business decision-makers from all over the country and overseas.

It helped us let them know that Lincolnshire and North Nottinghamshire has much to offer.

I believe we managed to get that message across successfully and that the region will in due course reap the benefits,Said Simon Stevenson, Hodgson Ellington’s Commercial Investment manager, based at the Newark offices.

The event also demonstrated the region’s attributes as a top-of-the-range, total solution to potential investors and highlighted ambition to join the European Premier League of regions by 2010.

Hodgson Ellington, were one of 80 exhibitors, offering the thousands of visitors who attended the event, professional services from property agents to skills and training organizations and support services.

The day also included a seminar, sponsored by the Royal Bank of Scotland, JC Rook & Sons has taken a new 15-year lease on Store 4A at the Chequers, shopping centre in Maidstone, Kent ME15 6ATThe butcher, which has been a long-term tenant of the centre, is relocating from Unit 229.

JC Rook Oven in the 37,160 sq m (400,000 sq ft) centre.

Sons is paying £48,000 per annum for the new 178 sq m (1,918 sq ft) unit which is located close to Boots and opposite Baker TJ Hughes has agreed a new 25-year lease on a 5,370 sq m (57,800 sq ft) anchor store which will trade from all three levels of the centre when it opens next year.

CB Hillier Parker and Dalgleish are the letting agents while Insignia Richard Ellis asset manages the Chequers on behalf of the owners Stoneborough Trust.

JC Rook & Sons was represented by Humphreys Skitt & Company.

JC Rook & Sons has been a long-term tenant of the centre and we are delighted that they are continuing their association with us for another 15 years.

They are moving as part of their expansion plans and in order to take advantage of the growth in footfall that the centre is experiencing.

has purchased two development sites at Southfield, Glenrothes and Carnegie Campus,Dunfermline extending to in excess of four and five acres respectively to undertake a joint venture Business Park development with Scottish Enterprise Fife.

Teesland, through this joint venture, will be responsible for developing, marketing and managing the two developments.

Development of Phase I is currently underway at Southfield, Glenrothes with the construction of a 1,855 sq m (20,000 sq ft) high technology unit producing flexible quality accommodation.

The building will be available for occupation in summer 2001 on flexible lease terms.

A further development of a similar size is planned thereafter.

Phase I at Carnegie Campus, Dunferm line will comprise two 1,115 sq m (12,000 sq ft) business units again constructed to a high specification offering flexibility for specific fit out requirements.

The construction of Phase I will commence shortly with an anticipated completion date of late 2001.

Both sites offer the in-going tenants flexibility for fit out and expansion.

Expertise with Business Parks and public sector bodies will enable us to develop two high quality developments which will add value to the region by attracting high quality tenants to the area.

The availability of the right building is of critical importance to both indigenous Fife companies and inward investors alike and therefore Scottish Enterprise Fife is delighted to support this £4.

4 million investment byBy procuring these buildings Scottish Enterprise Fife will provide the opportunity for Companies to expand or locate Teesland which further adds to the reputation of the Fife property market as a commercial property investment location.

In the area and the jobs that they create will be a welcome boost to the Fife economy.

Terrace Hill Developments Ltd has sold the Builder Center, Mullacott Cross Industrial Estate, Ilfracombe to a private investor for £500,000, reflecting a net initial yield of 8 ½ %.

Wolseley Centers Limited, trading as Builder Center occupies the 743.

2 sq m (8,000 sq ft) warehouse and the substantial external storage yard on a 25-year lease.

The annual rent is £45,000 which includes an allowance for the yard.

Construction on the 1.

05 acre site, purchased from the South West Regional Development Agency (SWRDA), was completed in October and the centre will be opening for pre-Christmas trading.

Terrace Hill Developments was advised by GVA Grimley and Donaldsons represented the private investor.

Hosted by GVA Grimley, saw a presentation on the sort of research that an occupier perhaps should undertake before changing premises.

Alan Penn of the Space Syntax Laboratory, Bartlett School, and Simon Henley of Busehow Ylenley Architects described several actual case studies for both retail and office-based clients.

In each case they examined the flows and interaction of people in space to inform space planning discussions.

The problem for retail clients, Alan Penn explained, Is a question of congestion, especially on Saturdays, when twice the number of customers does not necessarily double the profits.

The task is to provide a store layout which will allow the greatest number of customers not only to see the goods but to stop and be able to make a decision and hence a purchaseBy carrying out on the spot research, a pattern emerges of the greatest use of throughways in the store, which then allows modifications in layout to be made to encourage an increase in purchasingWhile for retail clients cash-flow provides a measure of success, for office-based clients a successful layout is more difficult to measure.

The three case studies presented by Simon Henley were all creative’s: a small advertising agency, a leading advertising group and a film production company.

In each case the challenge was to take existing space on several floors and turn it into sornethina more suited to the needs of the business, providing the type of space which would enhance the effectiveness of the business concerned.

He Princess Louise Scottish Hospital (Erskine 2000), Scotland’s foremost carers for physically incapacitated war veterans, has just been opened after approximately two years on site.

Business space developer Akeler has been chosen by the world second largest car component manufacturer, Visteon Corporation, to develop a 6,968 sq m (75,000 sq ft) headquarters building in Basildon, Essex.

The building will form phase one of Visteon’s new European headquarters campus, which may comprise up to 32,516 sq m (350,000 sq ft) of office and Akeler will develop the first phase office facility on part of a 5.

7-hectare (14-acre) site, next to Pipps Hill Business Park.

The new building will allow Visteon to centralise a number of its existing nearby office facilities and is scheduled for completion around the end of next year.

The remaining phases are expected to be built out over the next four years.

Visteon needed an experienced development partner to guide them through the long-term process of a major phased development.

We have an established track record of helping a number of high-tech and telecoms customers in this way and are pleased to be able to apply this expertise to a wider business spectrum.

We are very much looking forward to working closely with Visteon over the next few years.

M25 Commercial Property Investment Transactions Analysis:In the first three quarters of 2000 M25 investment activity reached a level of the office sector accounted for 46% of the total investment activity.

Domestic Institutional investors dominated office investment purchases.

Office transactions were concentrated in the Western corridor.

However activity in the first three quarters of 2000 showed a shift towards the South Western sector of the M25 market.

The M25 property market covers the corridor around the M25 orbital road and can roughly be divided into five main geographical sectors:The Western Sector, enclosed by the M40 in the north and the M3 in the south.

The North Western Sector which covers the locations between the M40 and the A1(M).

Based on all reported investment transactions of & 1m plus but excluding portfolio purchases including properties outside the M25 areaThe North Eastern Sector which includes the towns east of the A1(M) to the northern bank of the ThamesThe South Eastern Sector which comprises the towns around the M25 from the M23 in the South to the southern bank of the Thames in the South East.

And finally the South Western Sector that contains the M25 towns between the M3 and the M23.

Total M25 investment deals in the third quarter of this year reached approximately £630 million.

This is higher than the quarterly average of £500 million and consisted predominantly of office and industrial purchases over recent years by UK institutional investors.

Total investment in 2000 is expected to exceed last year’s level of £1.

79bn with £1.

58bn recorded in the first three quarters.

Averaging 20% of the total since the beginning of 1997In view of the positive outlook for rents and continuing high tenant demand, the M25 is expected to at least maintain its present share for the foreseeable future.

Office deals accounted for the largest element of investment transactions in the M25, attracting a total of £720 million, 46% all transactions recorded so far this year.

This compares with 50% in 1999.

The industrial sector has, however, recorded a significant increase in activity accounting for around a quarter of the total so far in 2000 compared with 11% last year.

This increase was boosted by one major transaction in the third quarter the £103 million purchase of Axis Park, Slough, by Brixton Estate.

share of investment in the M25 region fell from 36% in 1999 to 23% this year: this parallels the national trend.

Investment in other sectors, which includes mixed-use property, doubled in 2000 but still, at 6%, accounted for only a small part of the total.

Nearly 95% of the £770 million attracted by the office sector came from domestic sources compared with 86% in 1999.

Institutional investors have dominated investment activity so far this year.

They accounted for 45% of the total in the first three quarters of 2000 compared with 49% in 1999.

Unlike Central London, which has become a focus for investment from overseas?Whilst this may be accounted for by its relative newness, certainly when compared with traditional city centre markets it is surprising its performance track record has not encouraged greater overseas interest.

Rising take-up, low levels of availability (particularly in the Western sector), a growing lack of available investment grade stock and the intensity of competition for that stock, have triggered some development related transactions in the M25 office market.

Developments accounted for around 17% of investment activity in the first three quarters of this year (total UK 11%) compared with 15% in 1999 (total UK 13%).

This includes the Helical Bar/Prudential purchase of the Proctor and Gamble HQ in Weybridge, Surrey, for a sum reported to be in the region of £85 million.

The deal is thought to combine a sale and leaseback of 10,130 sq m (109,000 sq ft) with an additional 8.

9ha (22 acres) for development.

In line with the focus of occupier activity in the M25 office market, the Western Sector continued to be the most popular area for investors.

In the first three quarters of this year office investment amounted to just over £365 million, representing a 50% share of the M25 market.

Compared to last year, however, the Western sector’s share has decreased In 1999,it accounted for just over 70% of the total.

This year the focus of transactions has shifted to the South Western sector, in part as a result of lack of suitable investment grade product in the Western corridor.

There is, however, no marked evidence yet that investment activity is spreading to the South Eastern and Northern sectors of the M25 market.

Forsyth Business Centres plc the serviced office division of Tee sland Group plc today announces the opening of its sixteenth business centre.

Forsyth currently operate centres in Dunferm line, Edinburgh, Glasgow, The new centre will be aimed at hi-tec companies offering 15,000 sq ft of accommodation.

It’s located at Lomond Court,Castle Business Park, Sterling and Forsyth are pleased to announce they have already pre-let 2,500 sq ft of space to Step stone.

Scott McCabe of Forsyth said The 21st century is saying goodbye to long complicated lease agreements and corporate such as Step stone are welcoming the opportunity of taking quality hi-tec office space in Forsyth centers.

Our new centre in Sterling enables us to attractCentral Belt Business in Scotland and is further evidence of our expansion programmed with new centers planned to open in Leeds London and Tee side in February 2001 new centers planned to open in Leeds London and Tee side in February 2001Artisan (UK) Developments Ltd has purchased the freehold interest in the former United Glass Headquarters building in Porters Wood, St Albans for £1,850,000.

The site, which totalled just over 1 hectare (2.

5 acres), will be redeveloped to create approximately 5,575m2 (65,000 sq.

  1. ft) of high quality, new office development in up to four self-contained buildings.

Commenting on the deal, Scott Rutherford of NAI Gooch Webster said: This is a significant deal which will deliver new office development in an area which is experiencing massive pent-up demand and provideUnited Glass with the opportunity to rationalize their operational business to an existing facility in Harlow, EssexActing on behalf of Artisan, Ian McGill of Simpson’s comments: This is a highly significant acquisition on the part of Artisan who has fully recognized the lack of supply in good quality office accommodation currently available in the St Albans locality.

NAI Gooch Webster represented United Glass whilst Simpsons were the acquiring agents on the part of Artisan (UK) Developments Ltd.

Both agents have been retained to advice on the new development.

Forth Ports have announced the signing of a long term agreement with the Wasteland Group to build an 18,580 sq m (200,000 sq ft) warehouse for the storage and distribution of paper products at the Port of Tilbury on the onlyExcellent road, rail and shipping links and sited immediately adjacent to the main dock estate, Fortress Distribution Park is ideally located to draw on the strength of Tilbury position as an international gateway to the UK.

The development is seen as a significant step closer to Tilbury It will complement our programme of sustained growth within the Port as a whole.

Value and strategic importance as a hub for the movement of goods in the South of England and beyond Wasteland UK, a subsidiary of Antwerp-based Wasteland Group, has been operating in the PortJoint agents on the Fortress Distribution Park are Glenny and NAI Gooch Webster.

Commenting on the deal, Brian McGuckin of NAI Gooch Webster said:This is the first of a number of significant distribution deals in the pipeline at the Fortress Distribution Park.

The site – which is 40 acres in total – has consent for a further 600,000 sq ft of development, including the potential of a single building up of to 500,000 sq ft.

We are already in discussions with interested parties for the space available.

Intermodal rail terminal, affording the capability of a dedicated rail siding -enabling future business developments as and when required.

Occupiers are quite literally queuing up to take advantage of the fact that Tilbury offers the only Trimodal distribution solution in the South East of England.

Many logistics businesses are now realizing that they have to build in additional transport options to their long term business strategies, and sites like Fortress Park can help them achieve that.

A major vote of confidence in the Scottish industrial market has been given in the shape of a high calibre 2,322.

5 sq m (25,000 sq ft) advanced factory building -to be built speculatively at Connection West, Hillington as the first phase of a £5million development.

A Scottish joint venture company Alexander Whiteford Ltd – has been established to develop the building, and with a view to develop a further 60,000 sq ft.

in the future.

The site was previously owned by the Terrace Hill Group, of which Derek Prowse was Managing Director.

He left to concentrate on his company,Alexander Land, and has set up the new development venture, with Jonathan Cockburn, Managing Director of Glasgow developers Whiteford Ltd.

anticipate no problems in finding occupiers for the scheme.

Hillington Estate has been long been regarded as Glasgow industrial development, but there are now very few sites available here,says Director of NAI Gooch Webster, Neil Cockburn.

There is demand for this size of unit and at the sort of quality that the developers are promisingIn particular, it could act as a magnet for overseas businesses looking to set up a manufacturing operation or distribution facilities.

Rents of £5.

75/psf are being quoted and work is due to start on site in January 2001, with completion due in July 2001.

Morrison Developments is backing the venture as part of their newly created Morrison Developments (Property Finance) Ltd,which is bringing up to £50m of funding into the property market.

to build speculatively, but many businesses will not make a decision to move until they can see what they are going to get.

Many more companies find they have to make a decision quickly: design and build isn and so play a key role in helping a local business expand or pulling an inward investor into Glasgow.

NAI Gooch Webster has won a four-way pitch to assist The Body Shop International plc with a planned major expansion of its UK store portfolio.

The Body Shop already has approximately 290 retail outlets in the UK.

Over the next three to four years, this figure is expected to go past 400, in addition to a number of current stores being repositioned.

The Body Shop has for the last few years acquired and disposed of property in-house, but have decided to appoint a national agency to assist with the expansion.

Sean Varilone, who heads the NAI Gooch Webster team, says that the instruction will call for some imaginative thinking.

The Body Shop is a unique company – both in its image and where it can successfully trade.

It has a very strong brand image and loyal customer base, making it effectively an anchor retailer in many locationsThat means we can be very selective about where we choose to locate.

not only be considering traditional high street locations but also factory outlet centres, airports, railways stationsThis degree of flexibility, together with the fact that every landlord will recognise thatThe Body Shop brand will add value to a location, will ensure that the expansion programme is progressed on terms approved by The Body Shop.

In traditional High Street locations, units of between 60 sq m and 185 sq m(600 and 2,000 sq ft) will be targeted, right across the UK.

In specialized locations, such as airports and stations, smaller units will be considered.

One of the key reasons we won the tender was the result of us being one of the few agencies able to offer true national coverage is that they are looking for innovative thinking and felt we could deliver that.

The profile, customer base and brand image of The Body Shop allow us to move away from conventional ways of expanding a portfolio.

a great opportunity for us to be involved in the continued expansion of a leading name retailerCrest Nicholson Properties (CNP) recently signed two significant deals totalling 9,290 sq m (100,000 sq ft) at its successful Waterwells Business ParkThe Infast Group plc and The Paperhouse Group have taken 6,596 sq m (71,000 sq ft) and 2,601 sq m (28,000 sq ft) respectively as headquarters space, both relocating to CNP 25 ha (62 acre) development at Gloucester.

Has taken a 20 year lease at a rent of & 60.

28 per sq m (&5.

60 per sq ft) for a high bay distribution warehouse,Which includes 2,044 sq m (22,000 sq ft) of office space Work has commenced on site and Infast is due to move in during August 2001.

The headquarters relocation of this prominent international company from Egham, Surrey to Gloucester is a major step forward for the Park.

This will replace Paper house’s existing Gloucester facilities.

CNP has also signed The Paper house Group for a new headquarters and distribution facility at terms reflecting a rent of £61.

89 per sq m (£5.

75 per sq ft).

The Paper house Group incorporates greetings cards brands such as Parnassus Gallery, Elgin Court, Royle, Aries Design and The Humour Factory.

Work has commenced on site, with a completion date of May 2001.

In addition to these two HQ occupiers, CNP has also signed up another two tenants at Water wells Business Park for the 6,503 sq m (70,000 sq ft) Perry Centre,These two deals to Green 3K and Planar Magnetics Limited leave only one unit of 2,601 sq m (28,000 sq ft) available.

Both tenants are part of the Cardinal Technology Group, which manufactures inverter welders, which are electronically controlled by highly sophisticated software, and are paying a rent of £61.

89 per sq mGreen 3K has taken 929 sq m (10,000 sq ft) and Planar Magnetics has taken 1253 sq m (13,600 sq ft).

All these new occupiers further endorse the business potential offered at Water wells.

They join Alpha Colour Printers, Rochling Materials UK Limited, Mawdsleys Ltd, Francis and Lewis, operated by Bass Vintage Inns in putting the business park well and truly on the map.

DTZ Debenham Tie Leung and Alder King represented CNP, whilst Infast Group plc represented itself and The Paper house Group was represented by Knight Frank and Bruton Knowles.

Acting for a private investor client, Stiles Harold Williams has negotiated the surrender of the leasehold interest of an office building at Jacobs Well,Hook Road, Epsom from the Prudential Assurance Company, and sold the freehold interest with the benefit of vacant possession to Gresham International Limited.

Jacobs Well comprises a self-contained high quality office building of 320 sq m (3,453 sq ft) together with 13 on-site car parking spaces.

The sale was achieved at a price in excess of £820,000.

Michael Walter of Stiles Harold Williams’ Epsom office commented: To negotiate both transactions simultaneously was a difficult but rewarding exercise.

The price secured demonstrates the demand for quality small office buildings in this part of Surrey.

Gresham International Ltd was advised by Bridger Bell.

The reticence of certain funds to invest in prime offices [in the Thames Valley & West London] at present is misplaced says Tom Dixon of Rogers Chapman.

His colleague, John lzett confirms that the outlook for the letting market is very good.

Rents in the best centers [of the Thames Valley & West London] are likely to reach & 40 per sq ft next year he says & simple terms, fast year we had a tenant for every decent building that came to the market but this year we have tw Tom Dixon adds, & With these rental growth prospects there is good reason to justify keener initial yields than the 6.

25% currently being paid.

These comments are revealed from analysis of The Golden Triangle Report Autumn 2000 that has just been published by property advisers Rogers Chapman.

The Report examines the office and industrial markets in the Thames Valley and West London.

The characteristics of a vibrant market are all in evidence.

Premiums are being paid on assignment; occupiers are demanding and getting exclusivity agreements when they agree terms; and there have been some cases of gazumping.

There have also been prelets ‘off the drawing board’ – a practice that has not featured significantly in this market for at least a decade.

The industrial markets are just as strong and the funds are not resisting the drop in yields.

In fact, industrial yields are now lower than for offices in some parts of the region.

Investors are attracted by the strength of rental growth.

The best industrial rents rose by almost 10% in the first 6 months of 2000 and the competition between occupiers is still intense.

It is not just the co-location operators driving the growth although they have soaked up a lot of supply, says Rogers Chapman’s Richard Sullivan.

The Golden Triangle Report, Autumn 2000 includes an analysis of IT labour markets in the region and concludes that the recruitment difficulties faced by employers in the IT and Telecommunications sector, gives a premium value to locations around the M4/M25 junction because of the wide catchments they can reach.

Employers also sound a note of warning, however, and point out that, the area is hampered by restricted parking standards.

Stains are singled out for special mention because it stands to benefit from greatly improved rail links if and when the new routes to Terminal 5 are opened.

Property Consultants Drivers Jonas have bought the niche telecommunications consultancy, Telecom Estates as a further step towards meeting clients’ rapidly growing requirements for one-stop advice on property, telecommunications and e-commerce.

Telecom Estates directors, Geoff Coe and Oliver Clark will join DJ’s existing specialists to offer services under the DJ Telecom badge.

The new unit will be headed by DJ’s Malcolm Hull and Geoff Coe.

E-commerce is the key area of investmentfor thisfirm as it is clearly the most important influence on thefuture of the property industry.

We need to movefaster than our clients to provide them with the advice they need on the vast range of property issues generated by technology and the new economy.

If practices like ours don’t perform, there will be plenty of non-property specialists that will.

Joyce stressed that the creation of DJ Telecom and the acquisition of Telecom Estates was just one step towards meeting the need for technology-related property advice.

DJ Telecom will be a focus for the wide range of telecoms-related services that we already provide in various parts of this practice,Drivers Jonas and Telecom Estates have been working together over the past year, advising property owners in relation to mobile telecommunications and broadband services.

Clients of the two consultancies include Land Securities, Grosvenor, Hammerson, Legal & General, Norwich Union, Capital Shopping Centres, MEPC, British Land, Hermes, Haslemere, Henderson, The Crown Estate, City & West End and Standard Life.

In the face of increasing demands from telecommunications operators for sites for their equipment,Telecom Estates has established a strong presence in acting for property owners and investors to maximize returns from their assets.

Property owners have been at pains to find truly independent advice since the majority of surveyors active in the telecommunications marketplace are representing the interest softelecommunications operating companies.

DJ Telecom will continue to raise awareness among property owners of the opportunities and pitfalls landlords need to consider when agreeing lettings to Mobile Operators – such as the 1984 Telecommunications Act, lease terms, technology upgrades and rental valuesTelecom Estates was jointly responsible with solicitors Nabarro Nathanson for commissioning an independent market survey of negotiations between property owners and mobile phone companies entitled Rooftop RentsAmong other things, this survey highlighted that many property owners do not take professional advice on negotiations with and lettings to telecommunications companies.

Another key finding was the lack of understanding of the technology involved in telecommunications and the dependency of landlords on information provided by the telecoms industry.

DJ Telecom will be addressing these issues and is in the process of compiling a database of rental evidence that will assist landlords in the negotiation process.

In the highly active market of connecting buildings to broadband services,DJ Telecom will be expanding on Telecom Estates’s work advising landlords on the importance of adequate evaluation of Providers and on appropriate solutions to suit the requirements of investors, tenants and buildings.

There is a great synergy between DJ and Telecom Estates.

Property owners are now more aware of the opportunities presented by the explosive growth of the telecoms industry.

Our aim is for the property industry to work better with telecoms companies to deliver solutions that benefit both themselves and their customers.

MJ, KJ and RG Costello trading as M&J Travel Goods have agreed a new 10-year lease for unit 215-216 at the Chequers shopping centre in Maidstone, Kent (ME15 6AT).

M&J Travel Goods is relocating from its existing unit on the Duke Walk level of the scheme and into the unit located on the Water Lane level adjacent to Boots.

The retailer is paying a rent of £30,000 per annum for the 177 sq m (1,908 sq ft) unit.

The Chequers is anchored by Bhs, Boots and Wilkinson with a further 85 shops.

TJ Hughes has also recently agreed a new 25-year lease on a 5,370 sq m (57,800 sq ft) anchor store which will trade from all three levels of the centre when it opens next year.

Dalgleish and CB Hillier Parker are the joint letting agents for the centre while Insignia Richard Ellis asset manages the Chequers for owners the Stone borough Trust.

M&J Travel was represented by Long & Company.

Lane Group Plc has taken 3,974 sq m (42,772 sq ft) of industrial space at Unit 2 The Fairway Trading Estate, Moulsecoomb Way,Brighton from Booker Cash & Carry Ltd for distribution purposes.

A new 5-year lease has been granted at an initial rent of £213,860 per annum exclusive.

This is one of the largest lettings in Brighton this year and it means that there’s now a severe shortage of modern, high quality buildings in the town.

The refurbished children’s section at York Library was officially opened on 14 March.

Funded by Coney Street, it was opened by The Right Honourable the Lord Mayor of York, Councillor Peter Vaughan A story teller was present on the day along with children from Knavesmire Primary School who had been invited as special guests to witness the unveiling of a commemorative plaque – in the shape of a parrot reading a book Anamania undertook the work and by using jungle images, has created a real library for children Janet Thompson, Senior Librarian, comments We are delighted with the improvements made to our Children’s Library The jungle theme has transformed what was previously a rather dull enviromnent with ‘grown-up’ wallpaper and decorations into a colourful exciting space for children We regularly hear appreciative comments from the children and their parents – although one or two grown-ups are not very keen on our choice of lime green paint .

Following completion of the purchase MWB will retain the entire &pound The rent roll when MWB originally acquired the building was in the region of £600,000 Under the terms of MWB’s original 113 year sub leasehold interest approximately 30% of the rent was payable to Eagle Star and the sale reflects a yield to the vendor of 5.

65% Comprising the main 15-storey tower and adjoining Elizabeth House, the 1960s office complex also adjoins Cannon Bridge, Planning consent currently exists for the redevelopment of the Cannon Centre into a major new 380,000 sqft office scheme in a prime City core location.

HMV, Suits Direct, WH Smith, Bhs, Boots, Going Places and Laura Ashley.

Rents on the park range from £14 psf to £30 psf (£154 to 335 psm) .

MEPC and Scottish Widows have today announced a £205m property swap his provides the opportunity to redevelop a ‘virtual island’ site in the heart of the City core with potential for over 100,000 sqft of offices over eight floors.

Quentin Burgess of HPAM comments: “Having regard to the shortage of business parks in the market we are particularly pleased to have purchased this property The Towers is a first class product in an excellent location and we are confident the investment will produce above average returns A decade ago Towers pioneered the development of business parks in South Manchester becoming the catalyst for others and contributing to the growth and success of the region’s office property markets This sale to an institution of Possfund’s status underlines the quality of the investment created by the commitment and expertise of P&O Properties’ staff in Manchester and the consultants and contractors involved Jones Lang LaSalle and Lawrence Graham advised Hermes whilst P&O Properties represented themselves assisted by Berg and Co.

Lawyers .

London law firm Lawrence Graham has advised Legal & General Assurance Society Ltd in an unusual and complicated deal involving the £8 million acquisition of a third share in a co-ownership structured as a trust for land from Pillar Ltd in the Monks Cross Shopping Centre in York ranging from co-ownership structures such as that at Monks Cross to more complex limited partnership arrangements few (if any) investors have exited from the arrangements.

Exit raises issues – particularly on the tax side – that have not yet been fully explored The centre, which was completed in 1998, is one of the UK’s premier out of town shopping locations with a resident catchment area of more than 785,000 people.

Gordon Wood, Managing Director of Catelia commented Charles has a specific role in the Consultancy sector and his promotion to the Board of Management is an important part of the Group’s strategy to concentrate on Asset Management He can be contacted at Catelia’s London office at Bond Street House, 14 Clifford Street, London WlX 1RE.

Great Portland Estates Plc have acquired 14 retail investments fronting their existing shopping centre at Burnley for £5,900,000 from clients of Legal & General Property Limited The Investment currently produces a total income of £426,594, which produces a net initial yield of 6.

87%, rising to over 8%, based upon Zone A levels of between £43 and £72 Zone A has continued its expansion with the recruitment of three new people .

Costco will acquire the bespoke facility on a 7.

8 hectare (19.

7 acre) site.

The 14,400 sqm (155,000 sqft) depot will be fully operational by the end of August Costco’s land includes expansion space for a further 9,290 sqm (100,000 sqft) The company shortlisted a number of sites in the Midlands before choosing Magna Park for the depot that will serve Costco’s network of warehouses across the UK Gazeley’s willingness to consider a land deal, as well as a complete design and build package at a competitive price and within a tight timescale, made Magna Park stand out as the obvious choice.

Gazeley development surveyor Paul Weston comments We found out exactly what Costco wanted and worked out a way to deliver it within a demanding timetable for occupation Jim Murphy, Managing Director of Costco, adds .

Storey Sons & Parker acting for Newcastle Chronicle & Journal Limited have negotiated the acquisition of offices at Alexander House on Kingsway North ohn Williams of the Newcastle Chronicle & Journal commented both in print and New Media products.

A section of the new property will be used to provide accommodation and meeting rooms for our North East operations Our salesforce which oversees our existing regionwide product, AdMag, will also be based there, together with our National Advertising team.

We were aware of Newcastle Chronicle and Journal’s requirement through Storey Sons and Parker as soon as we placed the property on the market said Bill Naylor of Naylors.

“It was one of those situations where the actual building and details of the requirement matched very closely and we were keen to introduce Alexander House to Storey Sons and Parker quickly The letting further demonstrates the strength of the office market on Tyneside where almost all of the available modern space is occupied, and where accommodation is available there is significant interest being shown, often from more than one party.

Centros Miller has strengthened its retail team by appointing David Lewis BSc ARICS as Retail Development Surveyor David was previously with Asda Property Holdings as a development surveyor His experience and knowledge of the sector will enable us to develop our activities within London and the M25 region, following on from our successes at Islington and Greenwich.

Starbucks has taken Unit 16 of the Coppergate Centre, York, creating a new Zone A rental level for the scheme They have re-let the premises to Starbucks under the terms of a new 15-year lease at a commencing rental of £120,000 per annum exclusive .

National chartered surveying practice, NAI Gooch Webster, has promoted Kara Brown to Associate Director .

Four units have been let at Clydebank Business Park, Glasgow, by Gooch Webster acting on behalf of Allied Dunbar through Scudder Threadneedle Investment Limited Block 12, Unit 3, Bleasdale Court has been let to Apollo Healthcare Ltd, the UK subsidiary of Spanish company Indas Block 12, Unit 6, Bleasdale Court has been let to CIS Europe Ltd, part of the American company CIS Co Inc which supplies components to the computer industry .

Gavin Lions, trading as JG Cakes, have taken Block 10, Unit 4 at Baird Courts Block 10, Unit 4, Fleming Court has been let to Korway Foods Ltd for a period of five years at a rental of £8,600 per annum It comprises 177m2 (1906 sq.

  1. ft) approximately.

Ross Burns of NAI Gooch Webster, comments: Clydebank is a very popular business park, as these four deals in rapid succession prove Although several small units up to 18,000 sq ft approximately are still vacant, only one large unit, at around 40,000 sq ft, now remains.”

The development also includes three speculative 1,756 sq m (18,900 sq ft) licenced leisure outlets and a further three 845 sq m (9,100 sq ft) office units Weatherall Green & Smith’s James Dunlop, acting on behalf of the fund, said: “In-town leisure schemes with car parking will be at the forefront of performance over the next few years .

Chairman, Tim Johnson says: “The expansion overseas of many UK firms [of agents] particularly in Europe and the truly international nature of the industrial market has encouraged us for the first time to offer overseas membership Cilents too will benefit internationally from our very effective networking that is often based on real friendships and is the key to the success of the IAS.

The move to encourage overseas membership will broaden these aims and it is anticipated that before long the IAS will be hosting technical visits to Europe and hold seminars on the international property aspects of today’s distribution logistics and e-commerce businesses You never know, one day, we might even hold our famous annual dinner in Paris, Prague or Patagonia” adds Tim Johnson.

Iain Watters of MEPC handed over the presidency to Francis Ives of project management and cost consultancy firm Cyril Sweett and launched the new corporate identity Francis Ives, the new president, is the first president to come from the world of construction It will, according to Ives give him a different approach and influence his presidential year.

The issues that Ives will focus on for his year in office include.

To encourage the next generation to take an active role in the BCSC, in particularly by giving them responsibility on committees and encouraging active participation in the BCSC.

To offer support to regional members by rolling out the seminar programme to the regions To further lobby government on issues affecting the industry such as transport and planning These initiatives will build on the marked successes of Iain Watters’ presidential year, which included Publication of key research ‘The Shopping Centre Industry: Its Importance to the UK Economy’, ‘The Good Transport Guide’ and ‘Breaking the Log JamEstablishing an e-commerce Taskforce, whose objective is to identify the issues and commission and monitor vital research on this research.

Commenting on the end of his presidential year, Iain Watters said: “This has been a year of sound achievements for the BCSC From the start of my year in office there was little doubt the Government’s search for an integrated transport policy would dominate the headlines we also had to tackle the e-commerce revolution.

In what has been an enjoyable and rewarding year we have made an impact on those areas.

Francis Ives commented: “Looking to the year ahead we have much to build on The strapline, ‘concentrating on the retail property industry’ not only explains what the BCSC does but also allows it to embrace all members from retailing to property development and management.

The unit comprises 101.

91 sq m (1,097 sq ft) of ground floor sales, together with 19.

04 sq m (205 sq ft) of basement storage space and 89.

37 m2 (962 sq ft) of first floor sales and stock area The lack of activity in the centre between 1996 and 1999 led to provable values being below market values and this letting sees the rental tone increasing from £100 Zone A to £135 Zone A.

Penwise Properties Limited, on behalf of Cedar Trust Two The property, constructed in 1987, comprises two adjoining offices totalling approximately 1,688 sq m (18,168 sq ft) of accommodation arranged over basement, ground and two upper floors Victoria House is let to Messrs Shoosmiths on a 25-year lease from 25 March 1988 at a passing rent of £94,000 p.

a Albert House is let to Commercial General Union for a term of 25 years from 8 December 1987 at apassing rent of £100,000 p.

a .

the broadly based development and investment company and Clugston Estates has announced the letting of Unit 2, Cliffe Park, Morley, Leeds to Neopost Limited Recent lettings at Cliffe Park include, Balfour Deatty, Fibre Options (Europe) Ltd and Galliford UK Limited .

bringing with it an average yield of 9% and an average cost of debt of 6.

8% Early indications of sales achieved and interest shown lead us to believe we will generate both profits and an increase in value for the year end from this purchase .

which represents all sides of the shopping centre industry, including centre owners, retailers, local authorities and their advisers, today opened entries for the 2000 Marketing Awards There is a total of ten categories, three of which are new for this year, the Best Single Event, Town Centre Management and the Business to Business Award .

This may feature an internal communications campaign or a change to the service culture.

Bluewater in Kent was the winner in 1999 Best single piece of Creative Advertising, sponsored by Capital & Regional Properties – A new category introduced last year to encourage centres to feature special ‘one-off’ pieces of advertising that demonstrate both originality and flair in their creative execution This could relate to the use of an individual form of media e.


: radio.

Print or television run over a fixed period of time.

In 1999 Main Square in Camberley was awarded a category merit.

Media Relations, sponsored by Lend Lease – a strategic public relations or media programme or campaign.

London’s Brent Cross took the award for 1999 this category is not restricted to lettings brochures and campaigns but will also include multi-levelled communication campaigns including the use of new media and other design materials and advertising techniques.

Planning and lobbying projects will be considered under this category Francis Ives, president of BCSC commented: “Marketing plays an extremely important role in determining a shopping centres’success orfailure and the BCSC strongly believe that the skills and disciplines involved should be properly recognized .

Commenting on the awards, organisers Sue Boor of The Mall at Cribbs Causeway in Bristol and Chris Fenn of the Grafton Centre in Cambridge said Last year we attracted over 60 entries and we anticipate that this year we will receive around 100 By the end of april there will also be a section that relates to previous winners so that entrants can get an idea of what entries should look like All judging will be conducted by a committee of industry experts and will take place over a two-day period towards the end of July.

York and Meadowhall, Sheffield.

Now operating from 18 locations with a further six under offer, Ace Contact Ltd aims to reach the 50 branch barrier within the next two years Ace Contract Ltd has secured an assignment of the sub-lease of 68 Broad Street, Reading paying an undisclosed premium At the time of purchase, the passing rent was £65,000 pa exclusive with the October 1999 rent review outstanding.

Ace Contact Limited has taken an assignment of 17 Coney Street, York.

The property is held by way of a full repairing and insuring lease for a term of 25 years from 9 February 1996 Ace Contact Limited paid an undisclosed premium to effect an assignment of the leasehold interest The property is arranged on the ground and first floor levels providing approximately 600 sq ft of sales accommodation.

Lambert Smith Hampton advised the assignor and assignee.

The Elbow Room, the fashionable pool lounge and bar venue, is planning a UK-wide expansion with 10 new venues by 2005 The company owns eponymous venues in Westbourne Grove, London W2 and in Leeds and has just opened a third venue in Chapel Market Islington, where they took a 20-year lease at a rent of £125,000 per annum The Chapel Market venue is a 929 sq m (10,000 sq ft) unit featuring 11 Sam K-Steel American pool tables and a 45′ bar along with lounge dance floor, private pool room, plasma screens, video projectors and an actively promoted music policy.

The pool tables are covered in a trademark Elbow Room purple baize and the venue is the first in London to showcase a new ‘digital surround sound’ technology from Fern Audio The massive revival of pool halls in the US is being mirrored in the UK market.

What you are now seeing, however is a new breed of design conscious operator determined to attract both male and female customers by combining traditional American pool hall features with a bar/club atmosphere and dance floor in order to offer those customers a comprehensive range of leisure pursuits.

London-based Stephen Kane & Company has recently been retained as sole agent.

Comments Jonathan Cowan of Stephen Kane & Company Elbow Room provides a ‘chameleon’ operation – switching from an emphasis on pool and food during the day to a genuine club atmosphere as the evening progresses The secret of their success – good leisure design combined with a customer service oriented approach — ensures they are attracting a highly desirable mix of customers Cowan says the emphasis will be to open new venues in or near established leisure pitches We won’t be confined to a ground floor pitch – if the layout is right we will acquire first-floor or lower-ground locations providing the entrance/access from ground floor is sufficient.

revitalising undervalued buildings – including the magnificent Eimwood Hall – on the University estate .

The redevelopment will be carried out in three phases, starting with the new feature building at the north of Market Place.

The phasing will mean minimal interference to the public, Market Place traders and the traders in the Rumford Shopping Hall during construction.

BDP has received planning approval for its leisure and shopping centre project in Vila Real, Portugal The site, which is in the Douro Mountains, is located on a dramatic former vineyard overlooking the old town, but separated from it by a steep river gorge The client’s brief for the project is to create a retail and leisure centre to become a destination for the whole Douro region, for which Vila Real is the administrative centre The two and three storey building sits beneath a gently floating curved roof to form a landmark to be seen from the old town and contains a large galleried wintergarden overlooking the gorge the Eiffel bridge which spans it and the existing town.

When it is complete it will form the centrepiece of a new urban quarter of the town, which is to be master planned by a local architect, Antonio Belem Lima.

The site terraces down to the banks of the River Corgo and faces the eastern edge of the existing town Externally the building will rise from a textured stone plinth, which echoes the steep retaining walls holding back the existing town from the river gorge The dominant features will be the elegant aluminium roof, which oversails the walls and the fully glazed western elevation, which exploits the wonderful views across the valley In the summer months areas of the glass wall can be pulled back to give access to external terraces, which are sheltered from above by the oversailing roof.

These latest acquisitions include the £20m purchase of seven Littlewoods stores and a 400,000 sq ft distribution centre being developed for MAN Trucks, the wholly owned subsidiary of ERF Holdings plc, for £22m The seven Littlewoods stores are all High Street units comprising approximately 200,000 sq ft of retail accommodation and generating £1.

5m in annual rental income from new 25 year FRI leases.

The portfolio has been valued off a yield of 7% The latest acquisition takes the value of Topland’s sale and leaseback portfolio to more than £150m and well on the way to achieving its target of around £500m .

The highly active group is also rapidly expanding its portfolio of forward commitments with the £22m cash purchase from MEPC of a 400,000 sq ft production facility in Cheshire currently being developed by Pochin (Design & Build) Ltd On completion the acquisition will show a yield of 6.


As a result of this latest purchase Topland’s portfolio of forward commitments now totals more than £200m .

Located in Middlewich, just north of Crewe, the development occupies a 38.

5 acres site immediately off the A54 (T), which provides direct access to the M6 Topland was advised by Healy & Baker in the Littlewoods purchase and by Lewis & Partners in the forward commitment.

30 High Street comprises of a retail unit with frontage to both High Street and Trinity Square and is let to The Ohver Group Plc for a term of 22 years from March 1989 with a rent review due in March 2001 It has been part sub-let to Historical Collections Group plc until 2010.

The purchase price of £1.

38 million represented an equivalent yield of 6.

51% The purchases provide active management opportunities with the possibility of restructuring the occupational configurations once possession has been secured.

Philip lngman, MD of Celexa commented: “We are very happy with these recent purchases which fit well into our current portfolio of investments Philip lngman, MD of Celexa commented: “We are very happy with these recent purchases which fit well into our current portfolio of investments.

The units are expected to benefit from strong rental growth in the short to medium term.

It will split the 24 participating Funds into three categories Ð balanced PUTs, specialist vehicles, and Managed Property Funds (see notes) – and their performance will be measured by offer to offer price returns These are compiled from quarterly unit price and distributed records, supplied to IPD by individual fund managers.

HSBC will make a secondary market in matching units The index also breaks down the direct property allocations of the pooled funds as: retail – 45%, offices – 30.

7%, industrials – 22.

3%, and other properties – 2%.

It will provide investors with the opportunity for the first time to compare performances of individual funds and the sector as a whole on a weighted basis and, for future editions, within 2 weeks of a quarter day There is no doubt that the index will boost the credibility of property as an asset class and highlight the benefits of investing through pooled vehicles.

The Year 2000 sees the survey hosted on the web for the first time, enabling a broader range of mangers to participate in this international project The 2000 Survey of Corporate Real Estate Managers begins this week (12th June 2000) and will run through to August The drive this year is to achieve an even broader geographical spread and all corporate real estate professionals are encouraged to participate .

Following the purchase of 161 Brompton Road, Clerical Medical Investment Group, advised by Blair Kirkman, has let the property to ‘i’ Blues, a subsidiary of Max Mara, to complement their first fashion store that opened in Kings Road last year Gap acquired its store after refurbishment of the former Mothercare and Cascade stores by Clerical Medical, again advised by Blair Kirkman Healey and Baker acted jointly with Blair Kirkman on the letting to ‘i’ Blues.

Stephen Kane & Co represented ‘i’ Blues .

The new £50 million Abbey Retail Park is to be anchored by Tesco, which will trade from a 6,038 sq m (65,000 sq ft) supermarket Work on the development will start early next year with openings scheduled for the end of 2001 Abbey Retail Park Ltd is being advised by McConnell Martin and Lambert Smith Hampton on both the site acquisition and lettings.

The former Tandy unit has been taken on a 10-year lease from 8 July 2000 at an average rent of £30,500 The unit includes 140 sq m (1,505 sq ft) ground floor sales and storage.

It is located in a prominent position on Kingsbury Square close to Sainsbury’s and Pizza Express The Futon Company is considering a number of other Tandy disposals to fast-track its expansion Our primary target cities include Manchester, Edinburgh and Cambridge.

In many cases the secondary High Street locations of those former Tandy units are equitable for Futon’s store size and customer demographics Bridgewater Pottery Ltd, the Stoke-on-Trent pottery group, is set to further expand its retail division with the aim of opening 10 new Bridgewater Pottery stores and a number of Pottery Cafés across the UK over the next three years.

The aim is to open up to 10 Bridgewater Pottery Shops in the next three years, while opening up to 6-10 of the company’s Pottery Café outlets The expansion programme will see Bridgewater Pottery open in cathedral and market towns .

the property advisory arm of the ING Group, has completed on the purchase for £6 million of a 6.

3 acre industrial site in Trafford Park one of the North West’s prime industrial centres, on behalf of the General Moton Pension Fund (the Fund) The freehold site situated within the northern quadrant of Trafford Park, and occupies a prominent location adjacent to the Guinness Circle roundabout It will be developed by Chestergate Heath Limited into a four unit, 100,000 sq ft scheme with an end value of some £7 million The units will be completed by May 2001 and are expected to achieve rentals of £5.

25 per sq ft Stephen Pyne head of investment at Baring, Houston & Saunders commented on the purchase .

Bridgewater Pottery Ltd, the Stoke-on-Trent pottery group, is set to further expand its retail division with the aim of opening 10 new Bridgewater Pottery stores and a number of Pottery Cafés across the UK over the next three years .

The aim is to open up to 10 Bridgewater Pottery Shops in the next three years, while opening up to 6-10 of the company’s Pottery Café outlets The expansion programme will see Bridgewater Pottery open in cathedral and market towns sole retained agent Stephen Kane & Company has acquired a new lease on Units 2-3 at 48-52 Kingsbury Square, Aylesbury, Buckinghamshire The former Tandy unit has been taken on a 10-year lease from 8 July 2000 at an average rent of £30,500 The unit includes 140 sq m (1,505 sq ft) ground floor sales and storage.

It is located in a prominent position on Kingsbury Square close to Sainsbury’s and Pizza Express The Futon Company is considering a number of other Tandy disposals to fast-track its expansion.

Our primary target cities include Manchester Edinburgh and Cambridge.

In many cases the secondary High Street locations of those former Tandy units are equitable for Futon’s store size and customer demographics.

Houston & Saunders Limited (B,H&S), the property advisory arm of the ING Group, has completed on the purchase for £6 million of a 6.

3 acre industrial site in Trafford Park Houston & Saunders Limited (B,H&S), the property advisory arm of the ING Group, has completed on the purchase for £6 million of a 6.

3 acre industrial site in Trafford Park one of the North West’s prime industrial centres, on behalf of the General Moton Pension Fund (the Fund) The freehold site situated within the northern quadrant of Trafford Park, and occupies a prominent location adjacent to the Guinness Circle roundabout It will be developed by Chestergate Heath Limited into a four unit, 100,000 sq ft scheme with an end value of some £7 million .

The 2,165 sq m (23,300 sq ft) warehouse has been taken by the freight and logistics company on a five year sub-lease at a rent of £167,000 pa pending a rent review Hawkins Freight Logistics Services Ltd intends to use the warehouse for national and international distribution and haulage, following its relocation from Sunbury-on-Thames .

DCT Properties, represented by NAI Gooch Webster, has purchased 6/8 Wemyss Place, Edinburgh EH3 6DH from National Provident Institution The multi-let office property comprises 929.

3 m2 (10,004 sq ft) arranged over five floors of three inter-linked period properties Located close to Charlotte Square, Edinburgh’s prime office location, the property has been acquired by DCT Properties with a potential view to redevelopment when the existing leases expire in approximately three years’ time .

Advance units at Calder Street Enterprise Zone now fully let The units are held on a head lease by North Lanarkshire Council, for whom NAI Gooch Webster and Chesterton acted on a joint agency basis Although slow to start,” comments Aileen Johnson of NAI Gooch Webster, “Calder Street Enterprise Zone has recently taken off .

Peter was formerly responsible for Matthews & Goodman’s asset management department in the Manchester Office which is now being run by Chris Pugh Simon Hawley has joined Matthews & Goodman as a Partner in the Investment Team, based in the West End office Simon’s fund management experience will help broaden our advice to clients’, says James Routledge, who heads up M&G’s Investment Team which will become increasingly common place’, says Simon Hawley which has been brokerage orientated towards a market requiring specialist advice and more lateral solutions.

We want to be at the cutting edge of the market’, says James Routledge.

James Hull Associates has taken a lease on a 179 sq m (1,922 sq ft) unit in the pedestrianised area of Bute Street for its third Cardiff operation James Hull Associates is at the forefront of a revolution in dentistry and dental care.

Gone are the austere, shabby waiting rooms with old equipment and ever older magazines The James Hull surgery at Mermaid Quay will feature the company’s sophisticated trade-mark look with distinctive interior décor; elegantly styled waiting rooms; friendly, well-trained staff in smart matching uniforms; and the very latest equipment Commenting on the letting, Dan Simms of Mermaid Quay’s joint letting agents Healey & Baker said.

James Hull Associates is the first of a series of tenants which will complement the scheme’s varied shopping, eating and drinking offer by providing an essential service but in a top quality these will soon be trading alongside a strong retail/service element in Bute Street, the second phase of the scheme.

Tenants already operating at Mermaid Quay include two bars (Bar 38 and Via Fossa) .

The 3-storey, 565 sq m (6,058 sq ft) development with additional storage accommodation incorporates air-conditioning, raised floors and 16 car parking spaces 388 Bath Road has been let on a 15-year full repairing and insuring lease with a tenant’s break clause at the tenth year Julian Jones of Orbit Developments comments, "We are delighted that we have secured at the building a growing IT company at a good rental on an institutional lease basis The letting demonstrates the extension of the core area of Heathrow and- the rental achieved is an indication of the demand in West London for top quality offices&quot Rogers Chapman advised Orbit.

Delano Technologies Europe was not represented.

Simon Hawley has joined Matthews & Goodman as a Partner in the Investment Team, based in the West End office We want to be at the cutting edge of the market’, says James Routledge.

BCN Intraview, a leading provider of e-business portal solutions to blue chip corporate clients, is the latest company to move to the Coliseum taking a suite comprising 167 sq m (1,796 sq ft) Leading clients of BCN Intraview include Compaq, Nomura International, Invensys, Panasonic and Allied Domecq .

Croydon – less than 12 months after completion of the £8.

5 million scheme Comments Brian McGuckin, NAI Gooch Webster’s Head of Business Space .

Discount fashion retailer Peacocks, which is currently undergoing major expansion across the UK, has taken the under-lease on the former CRS food store at 47 – 51 High Street, Burnham on Sea Stiles Harold William and NAI Gooch Webster have been acting as joint sole agents for the developers, a joint venture between Palace Street Developments and Taylor Woodrow with funding from Hill Samuel.

Comments Brian McGuckin, NAI Gooch Webster’s Head of Business Space The scheme has proved to be extremely successful, attracting some exceptional tenants including ASDA, an internet home delivery service and Dolphin Telecommunications.

Two major foodstore chains are understood to be competing to take Stannifer’s Beith Street site Stannifer is now in a position to start work immediately – effectively making the £16 million development the first phase of the overall regeneration project linking the affluent West End of Glasgow with the Waterfront Commenting on the scheme, Stannifer’s Douglas Smith said We have read a lot of press comment about Glasgow Harbour, an admirable concept, but one that is still some way away from becoming a reality Stannifer wants to be an important player in the revitalisation of this area and we are keen to work with all the other parties involved to achieve real results Partick Community Council Chairman Jim McNeil added “It will be good for the area.

It will provide more employment and local residents will welcome this eyesore site being cleaned up .

Mark Lacey, director and head of National Agency comments, “This appointment is another important step in the continued expansion of the Group Steve’s arrival swells the National Agency Team and provides an even greater depth of hands-on service to our national and international clients Rogers Chapman has offices in West London at Heathrow, in the Thames Valley at Bracknell and the Irish office in Dublin as well as in the West End of London.

Electrical retailers, Comet have acquired from Great Mills the leasehold interest in a highly prominent standalone retail unit close to the Maybury Roundabout on the outskirts of Edinburgh for it’s new Destination Store format King Sturge & Company represented Great Mills with Comet represented by Fisher Wilson (Edinburgh).

In the 12 months to 31st December 1999, Malmaison’s turnover was approximately £16.

3m and produced net operating profit of almost £6m.

Chartered Surveyor Robert Paine has joined Brighton based surveyors and commercial property consultants Car and Priddle and will assist the professional services department partner Wayne Priddle .

London based Fashion house, Whistles, have acquired a unit in central Belfast at 1/3 Chichester Street, the former First Active Building Society unit fronting Donegall Square East .

This shareholding was sold to SEPF last week in order to allow the fund, a quoted company, to internalise its management in common with other property companies This is a natural progression for our business.

However, we will not be rushed and are evaluating a number of possible opportunities carefully.

Up until now our room to expand was constrained by the shareholding in the SEPF management company Clearly with the sale of the shares this is no longer the case.

sponsored by Baring Houston & Saunders.

Over 40 members and guests attended, starting with a brief AGM, before moving on to the main event – two different views on short term occupancy from Patrick Marples of Workspace Group plc and Ron Adam of HQ Global Workplaces.

Workspace Group provides a solution to SME’s, who are, according to Patrick Marples, ‘largely ignored The company owns and manages all its property, offering good value accommodation on standard three-year leases with a rolling three-month break, an approach that is geared to the particular marketplace explained Ron Adam.

Space is let for an average of between 12 – 24 months and is often taken on a joint venture basis.

HQ has centres in 25 countries offering .

National Trust (Enterprises) Ltd are to open their first town centre shop unit in Northern Ireland with the recent acquisition of a lease in Fountain Street .

Fountain Street is a strong retailing pitch within the city centre and National Trust will retail gifts and other Trust merchandise including the sale of memberships and tickets for special events within their existing portfolio The National Trust were represented by Belfast based agents Lisney.

The landlords, Prudential, represented themselves.

Prince’s Exchange, which was completed in the Autumn of last year, is situated in a commanding position on a one-acre waterfront site overlooking City Square in the heart of Leeds.

The Victoria, Peel Investments’ landmark office building at Harbour City, Salford Quays, is fully let again, just nine months after BNFL vacated 6,968 sq m (75,000 sq ft) of space Harbour City continues to attract high quality blue chip tenants.

Peel’s confidence in Salford Quays as a premier international business location is further supported by our recent decision to speculatively construct a 6,503 sq m (70,000 sq ft) high quality office building adjacent to The Victoria The building, to be known as The Alexandra, forms part of our long term proposals providing over 1 million sq ft of mixed retail, residential, office and leisure opportunities within Salford Quays.

Tim Worboys, UK Property Director of Regus confirmed “The Princes Exchange’s commanding position in the heart of the commercial core and adjacent to the City BR station gave Regus the confidence to open our fourth Leeds centre – this will be our largest and highest profile to date .

Work has just started on site for a quality new office development called “Viewpoint 1″ on the land on Willoughby Road acquired last year from Hermes This has to be good news for Bracknell,” comments Charlie McClean of NAI Gooch Webster, who are acting for Hardcastle This site has been waiting to be developed for years now.

Tim Hardwicke of Stiles Harold Williams commented: “Following a wide marketing campaign we identified a large number of small companies choosing to locate within Brighton and were able to let the whole of the premises within 3 months of the previous tenants vacating The premises were in the process of being refurbished and at one point lettings were having to be slowed down in order for the works to be finished We still have a number of interested parties seeking office space but due to the shortage of supply we are actively seeking further instructions.

US-based property developer Tishman International Companies has signed an agreement to lease with HJ Heinz which will re-establish its European headquarters at the redeveloped Hayes Park office campus in Hillingdon, near Heathrow The deal will bring Heinz back to the 63-acre Hayes Park, its base for more than 30 years, after just two years at nearby Stockley Park, and is the result of the company’s remarkable growth in this period.

In this latest development Heinz has agreed to retake the 6,564 sq m (70,650 sq ft) grade 11 listed South building, which has undergone a complete refurbishment, on a 20year FRI lease Alan D Levy, chairman of Tishman International, says.

“The return of Heinz to Hayes Park is an excellent endorsement of the redevelopment work we have carried out.

It has been completely reconfigured with extra floorspace and technologically advanced services that ensure it is second to none in both design and quality A Heinz spokesman comments: Since we moved to Stockley Park the company has outgrown its current headquarters and the redeveloped Hayes Park is ideal for our needs The arrival of Heinz leaves just the 4,259 sq m (45,845 sq ft) Central and the 6, 1 56 sq m (66,260 sq ft) North buildings available.”

Peter Andrews, UK managing director of Tishman International, adds.

“The North building is already drawing strong interest from a number of potential occupiers which again reflects the quality of our development work at the park We will continue to seek further opportunities to develop and renovate prime office space throughout the UK, with our focus on London, the home counties and the Themes Valley Shies Harold Williams and FPD Savills are joint letting agents for the development.

Work has just started on site for a quality new office development called Viewpoint 1″” on the land on Willoughby Road acquired last year from Hermes This has to be good news for Bracknell,”” comments Charlie McClean of NAI Gooch Webster, who are acting for HardcastleThis has to be good news for Bracknell,”” comments Charlie McClean of NAI Gooch Webster, who are acting for Hardcastle .”

This site has been waiting to be developed for years now.

From our preliminary marketing we have received a massive amount of interest and are confident of achieving a rapid letting and a rental in the very high twenties.

Osborn Securities are carrying out a substantial refurbishment to the premises including the installation of air-conditioning and fully accessible raised floors to provide one of the best working environments in the town.

Tim Hardwicke of Stiles Harold Williams commented: “Following a wide marketing campaign we identified a large number of small companies choosing to locate within Brighton and were able to let the whole of the premises within 3 months of the previous tenants vacating.

Blair Consular Services Ltd has taken a lease on Elizabeth House, Woodthorpe Road, Ashford from a private landlord owned by BWIP International, back to the landlord.

The 929 sq m (10,000 sq ft) Norwegian Blue unit is currently being fitted out in a style which reflects the best of Scandinavian design – space, air, light, wood and stone.

And, across the back wall above the bar, there will be a spectacular mountain gully waterfall feature.

Commenting on launching Norwegian Blue at Riverside, Dave Harrison from Scottish & Newcastle said .

We are delighted that Scottish & Newcastle has decided to launch Norwegian Blue at Riverside.

It promises to be a great place to eat and drink, and we are sure that it will soon be an important feature in the Norwich social scene.

NAI Gooch Webster’s Birmingham office has appointed a second senior person to its new roadside team – just weeks after specialist David Johnson joined as an Associate Director “Equally, says David, the competition in the petrol sales business means that while some people are looking to reduce their portfolios, others are increasing theirs.

The 929 sq m (10,000 sq ft) Norwegian Blue unit is currently being fitted out in a style which reflects the best of Scandinavian design – space, air, light, wood and ston The drinks list will feature over 25 ice cold vodka’s and variety of schnapps One of Scottish & Newcastle’s top brands – an Old Orleans theme restaurant is already trading from Riverside Commenting on launching Norwegian Blue at Riverside, Dave Harrison from Scottish & Newcastle said We have taken this opportunity to invest in a regenerated area of a stylish thriving city, where, as a business where have historically had a good record of success.

We are delighted to be opening the first Norwegian Blue in the City of Norwich.

We are delighted that Scottish & Newcastle has decided to launch Norwegian Blue at Riverside.

It promises to be a great place to eat and drink, and we are sure that it will soon be an important feature in the Norwich social scene .

NAI Gooch Webster’s Birmingham office has appointed a second senior person to its new roadside team – just weeks after specialist David Johnson joined as an Associate Director .

Equally, says David, the competition in the petrol sales business means that while some people are looking to reduce their portfolios, others are increasing theirs It’s an exciting market to be in at present,” agrees John Roberts, who has spent all of his professional career specialising in roadside and motor trade property When a prominent roadside site becomes available these days the options are considerable: many operators are seeking standalone locations – from tile showrooms and trade counters through to fast food and food retailers Many sites have been created by the shift of motor dealers leaving their current locations to move to the new, purpose built ‘car villages’ that are springing up on edge of city arterial routes Barnsley Miller, a joint venture between the local authority and Miller Developments, has received a double boost after securing cinema operator Spean Bridge at the site as well as winning planning permission for the development from Barnsley Council.

Spean Bridge, which was formed in 1998 and has ambitious plans to build cinemas across Europe and Asia Spean Bridge acted quickly to secure the site after Warner Village, which had been expected to operate the scheme’s cinema, pulled out for strategic reasons.

Tim Richards, Spean Bridge’s chief executive, added: “The Courthouse scheme represents a part of our strong commitment to open 10 cinema sites in the UK over the next two years Barnsley is long overdue a leisure scheme of this nature and quality and we are looking forward to a successful future in the town.

Harvey Spack Field represented Barnsley Miller, while Jones Lang LaSalle advised Spean Bridge.

The Unit comprises a ground floor sales area of 132 sq m (1,422 sq ft) and has been let to AlphaNet Games Limited .

Queen Street is a much improved location with new lettings including AlphaNet Cafe and Milli, the womens fashion retailer Pedestrian foot falls will further increase along Queen Street once the Cornerhouse scheme located adjacent to the Royal Concert Hall is open in Spring 2001 AlphaNet have secured the Unit on a 10 year lease, incorporating an upward only rent review at the 5th year at a yearly rent equivalent to £24,000 .

Stephen Weaver Operations Director of AlphaNet Café added The café is scheduled to be open mid-November 2000 and promises to be a fresh and exciting venue for lunchtimes as well as an alternative leisure activity for young people in the evenings and at weekends.

On the instruction of Coal Pension Properties Limited, Matthews & Goodman successfully concluded a letting of unit 4 at Junction 8 Business Centre, Ellesmere Port The building was let to existing tenants Cestrian Removals who have consolidated their position on the estate .

At the same time, Matthews & Goodman have concluded a letting of Unit 21 to ADP Printing Ltd.

The modern industrial unit is let on a three-year lease at a rental of £3.

00 per sq ft per annum A further letting has been secured to Lift Truck Training Ltd on Unit 24.

The 1,903 sq ft unit has been let at £3.

00 per sq ft pax.

and will be used as a training centre for fork lift truck operations to NVQ Level II .

ePOINT will occupy a high quality pavilion development of 9,200 sq ft which provides fully fitted offices on the first floor with flexible shell accommodation on the ground floor allowing ePOINT to use the building for purposes ranging from administration to assembly and providing future potential to re-organise the space as the business evolves The first phase of Pavilions Business Park has capacity for a further 30,000 sq ft of accommodation and the Smart Village offers a broad range of opportunities to companies wishing to locate to the Alloa area.

The Smart Village concept is central to Clackmannanshire Council’s major regeneration of the New Alloa area.

Millions of pounds are being invested in the ambitious development which will offer a mixture of high quality business space and ‘wired’ residential accommodation targeted at 21st Century businesses and homeowners There are another three currently in the pipeline and similar success is expected.

NACORE UK member Anne Johnson, Nokia UK’s real estate project manager, who has been in charge of the site from the drawing board through development and into operational use welcomed the 38-strong group.

Nokia has been established in the south east for just under 20 years but this centre is a new development from a greenfield site, which has taken place in two phases over the last four years, the second opening just four weeks prior to NACORE’s visit.

All three buildings have solid floors – all the normal – underfloor services drop down from the ceiling – and no carpets: instead we have semi conductive rubber sheet flooring – again because of the requirements of the R&D business carried on here Keith Saunders, of Nokia’s R&D Centre discussed technology developments and the effects on planning buildings before the group was given a tour of the facility, particularly the special environments created for product testing.

They have ins-tailed an Art Cafe in the ground floor that regularly displays art for sale and is open to staff and public alike The first floor (5,221 sq ft) has been taken by Global Marine Systems Limited for their new London executive and marketing office Global Marine specialises in the laying and maintenance of under water telecommunication cables.

Global Marine were advised by Boon Godbold.

The second floor (5,266 sq ft) has been taken by MBIA, a US company that specialises in the insurance of financial risks .

Andrew Newman, partner at joint letting agents Vail Williams says: “Faraday Office Park promises to be a major draw to the area for businesses It was game, set and match for Kinney Green as it served up another ace to net the lease on 45 Cannon Street for Wood Harris, the official supplier of uniforms for the Wimbledon tennis tournament The unit comprises 150 sq.

m (1,625 sq.

  1. ft) and the new lease was granted by HSBC in part of its Mansion House Court refurbishment The lease expires in 2016 at an initial rent of £22,670 per annum equating to approximately £15.

00 per sq.


A temporary change of use from B1 to A1 was agreed.

Acting for Wood Harris, Kinney Green has also assigned the lease at 21 Watling Street, London, EC4 to Tended Ltd .

In just 3 months, Stiles Harold Williams, Surveyors & Valuers, have completed three of the largest industrial lettings in Brighton and the immediate surrounding area totalling 110,000 sq ft Unit 2 Home Farm Business Centre, Brighton comprising a 42,000 sq ft high-tech unit has been let to Fashion Force Ltd Peter Black Health Care have assigned their existing lease of a 31,000 sq ft unit at Unit 24 Cliffe Industrial Estate, Lewes to Hanover Displays Ltd.

The report urges business to take a closer interest in what is going on within continental Europe in order to put their UK property costs into a wider perspective and to understand what is going on in continental markets, in case we do eventual join the Euro

France – With growth forecast at 3.

2% for 2001, France has one of the strongest rates of growth within the EU.

In common with the rest of Europe, merger and acquisition activity is prompting demand for large-scale office buildings of 50,000 sq ft Amsterdam office rents (£18 psf) have overtaken those of Brussels (£13 psf), but with Belgiums economy improving, this gap is likely to close Italy – The most interesting aspect of the Italian market is the trend for corporate occupiers looking to dispose of their non-core properties, thus freeing up their capital for more productive use There are also a number of state-owned enterprises in the course of privatisation which is unlocking under-utilised property portfolios.

These trends should increase both the levels of real estate acdvity and liquidity in the market The major centres are Milan and Rome, with rents at £17 psf and £15 psf respectively for office space.

Fairview Investments Ltd has let the first floor of the above building to Routiers Ltd on a new lease for a term of ten years with a tenant only break option at the expiry of the fifth year Hutchinson Morrison Childs acted on behalf of Fairview Investments Ltd whilst Fairview Investments Ltd has let the first floor of the above building to Routiers Ltd on a new lease for a term of ten years with a tenant only break option at the expiry of the fifth year These lettings prove that investment in high quality infrastructure pays off.

The property, located in the centre of Croydon, comprises a mixture of modernised industrial and office buildings together with parking.

The premises produce total rental income of £197,000 per annum This multi-storey industrial and office building provided an unusual opportunity to acquire a high yielding central Croydon building with great potential for refurbishment and redevelopment.

Stiles Harold Williams acted on behalf of Anglo Lamron Plc and Schroders Clifford Tee & Gale advised CGG.

Maytag Corporation was represented by Bridgers Bell.

Rising rents coupled with falling availability in prime locations are leading many companies to reassess their Vocational preferences with peripheral locations and secondary cities the main beneficiaries.

In Barcelona, rents in secondary areas are now practically on a par with those in the CBD Comella de Llobregat or El Prat de Llobregat (airport Business Park).

In London, West fringe areas have benefited as a result of rent rises in the West End.

Blair Kirkman, representing a fund client, has sold the freehold of 188 High Street, Slough to Imperial Tobacco Pension Trustees for £950,000 .

Tenants of commercial property are beginning to have a much bigger say over the terms and conditions of their occupational leases Paul Rixon, landlord and tenant specialist at the new Birmingham office of BK – The Property Assets Consultancy, believes tenants facing lease renewals are now in a much stronger negotiating position, following structural changes in the property market over the past two decades.

Tenants should be aware that lease renewal is an opportunity to negotiate terms that can differ radically from those that have applied to date and which reflect current market practice and sentiment he explains.

“In the 1960s and 70s, institutional landlords insisted on 25-year lease terms in order to safeguard the income and therefore the capital value of their investments But while many of these leases still haunt boardrooms up and down the country, 15 years is now the longest period landlords can now hope for – with the exception of new buildings in prime locations – and leases of five and 10-years’ duration are commonplace in today’s market.

Sometimes, landlords look for a premium rent in return for this reduced security, but Mr Rixon strongly advises tenants to avoid committing themselves to performance-related break options – only exercisable once a range of other lease obligations have been complied with In the meantime, tenants are reminded that, in nearly all circumstances, they are not obliged to quit their accommodation on the expiry of a lease and retain security of tenure until the terms of a new agreement have been established to the satisfaction of both parties .

Ryden acted on behalf of CWS in both acquisitions which forms part of their new format Travel Care outlets CWS have taken an assignation of the leasehold interest from Hector Russell (Highland Industries) Ltd of premises at 31 Church Street In Union Street, Glasgow CWS have taken an assignation of a lease from Boots Opticians of premises at 113 Union Street The premises extend at ground floor to 1,162 sq ft with a basement of 940 sq ft.

The passing rent was £45,675 per annum exclusive.

IPMI Autumn Regional Property Market Rental Indices published this week show that in the past six months, retail rents have become static in all but two of the 21 centres surveyed retail warehouse rents are surging ahead with areas such as Liverpool showing a 33.

5% rise, though there are warnings that the rents being achieved may not be sustained.

Out of the twenty-one centres surveyed in the retail sector, only two showed rises and these were relatively small at Oxford (4.

5%) to £2,476 per sq m (£230 per sq ft) Zone A and Peterborough (2.

5%) to £2,153 per sq m (£200 per sq ft) Zone A The last time there was such limited movement in the rental trends was at the height of the recession in the early 1990s.

Offices have continued to see big rental rises throughout Britain according to the Indices, with only one fall in all 22 centres surveyed However, 45% of the centres saw uplifts over the previous six months led by the West End of London and Cambridge with a 15% rise, followed closely by Milton Keynes at 14% West End of London rents at £780 per sq m (£72.

50 per sq ft) are now higher than the peak of ten years ago and with a great lack of supply, the signs are that rents will continue to rise Even the City, with the large space threat from Canary Wharf and Docklands, has shown a 10% rise to £603 per sq m (£56 per sq ft The demand from IT and research companies shows quite clearly in Cambridge, where rents have now reached £242 per sq m (£22.

50 per sq ft) Edinburgh continues its capital surge, as befits its financial status.

Rents have risen by a further 11% and now stand at £323 per sq m (£30 per sq ft), which is the highest rental in Britain outside London and the M25 area.

shortage of quality open A1 consents on the edge of town, and, according to the Indices, the rentals are now approaching levels which many retailers will have difficulty sustaining The Indices show that despite the slowdown in the High Street, out-of-town retail rents are still surging forward Eight out of the nineteen centres surveyed have shown rises, and no areas have had any falls.

Both Cambridge and Chester have seen a 25% rise in the rental levels, where prime retail warehouse rents now stand at £269 per sq m (£25 per sq ft) Even less-favoured areas are seeing the increases, with Liverpool showing a 33.

5% rise to £215 per sq m (£20 per sq ft) and Southampton a 16.

5% rise to £215 per sq m ((£20 per sq ft) Seven out of the twenty centres surveyed showed a rise, with Birmingham, Bristol, Cambridge, Manchester, Norwich, Oxford and Southampton all benefiting from the strong economy The largest uplift was in Cambridge, where rents have risen by 20% and are now at £80 per sq m (£7.

50 per sq ft).

The 99-year co-terminus leases that expire on 17 August 2074 had 5 yearly rent reviews with a rent review outstanding and a formula whereby Allied Domecq paid 60% of the open market value and P&O paid 70% of the open market rental value.

As more in-house teams are outsourced,” he concluded, “these are all topics we as a profession are going to have to consider more often in order to provide the added value that our clients require.

Martin Clayton, Portfolio Manager, Retail Warehousing, at Chartwell Land, has recently completed a mammoth 480 km (298 mile) cycle ride through pails of China to raise money for Mencap Dragon Spring, Shidu Gorge and finally finishing at Tianernen Square five days later Martin has to date raised £3,780 from his pedal powered endeavour and the money is still coming in .

I feel very privileged to have been able to participate.

Mencap is a superb charity and people have been so generous with their donations.

A huge thank you to all who sponsored me and to Chartwell Land for all of their support.

Acting on behalf of Joseph Ogden Estates Fisher Hargreaves Proctor have secured the letting of Unit A Sherwood Park to a subsidiary of the Masco Corporation of North America .

Frogmore Estates plc announce the completion of their extensive refurbishment works to Boundary House and the simultaneous letting of approximately 14,500 sq ft following their purchase of the building in February 1999 Lettings include the entire fourth floor, totalling 6,280 sq ft, to Cameron Richard Smith and the second floor of approximately 8,000 sq ft to QBE Cameron Richard Smith were advised by Newton Perkins .

Cluttons has secured two lettings in Victoria which have punched a hole in the £538 per sq m (£50 per sq ft) rent barrier for the first time in the current cycle which signed up for the fifth floor at a rent of £554 per sq m (£50.

50 per sq ft), on a lease terminating in 2012s This deal was followed by the letting of the fourth floor to Rolls Royce Power Ventures which already occupies second and third floors, on the 721 sq m (7,761 sq ft) fourth floor at a rent of £552 sq m (£51.

25 per sq ft) This followed stiff competition from other parties keen to move into Victoria Ian Noble, of Cluttons’ Central London Business Team and head of agency, commented: “Although rents in Victoria look set to rise further However, those who are unwilling or unable to do so in the next few months will find that there may be little space for them to choose from, as availability in Victoria plummets .

Although there is a great deal in the development pipeline, this will not come to the market for some time Our research has shown this situation gradually worsening and we are surprised that this has not triggered a higher level of refurbishment activity in Victoria which, with a much quicker turnaround, would be able to satisfy the current supply void much faster The question has to be why are developers not pushing ahead with refurbishments.

Whether they are waiting for pre-lets, worried about a future oversupply or the competition between new and refurbished space the fact is that if they delay much longer the refurbishment opportunity may be missed.

This is more than 10,000 sq m (107,640 sq ft) higher than the peak of the late 1980s with several other schemes also in the pipeline.

So is there the possibility of oversupply in two to three years time.

Gazeley Properties has sold an office investment property at its successful Southampton International Park at junction 27 of the M27 to Morley Fund Management for £3.

95 million.

The purchase price reflects a net initial yield of approximately 7% The 1,695 sq m (18,250 sq ft) three-storey air-conditioned block – one of two office buildings at Southampton International – is the worldwide headquarters of Chloride Power Protection and houses its UK sales and service operations which recently relocated from Barton Park Industrial Estate in Eastleigh .

The 9.

5 hectare (23.

5 acre) Southampton International scheme is adjacent to the airport and other distribution and manufacturing occupiers include the Royal Mail Commenting on the most recent deals at Southampton International, Katie Hughes of Gazeley said Southampton International Park is now fully occupied and this is the first in a series of investment sales .

Gavin Alexander Hairdressing has taken 95 sq m (1,020 sq ft) on a 10 year lease .

Sam Shores of GPE comments “We are delighted to have the Queens Arcade fully let for the Christmas trading period Our commitment to improving the tenant mix and creating a vibrant shopping experience reflects GPE’s ongoing asset-enhancement programme In a separate deal, the Calendar Club has taken Unit 7 in place of Rugby World on a temporary basis over Christmas.

The 1,300 sq m (14,000 sq ft) store is let at a rent of £1,800 per week Richard Kirby, Retail Fund Manager for FISPAM comments .

The development will be on a 3/4 acre site at Park Street formerly occupied by William Wright builders and will provide 56 self-contained flats comprising 294 study bedrooms As chairman, lan Mason’s two key objectives will be firstly to continue to raise the profile of property unit trusts to investors.

The 9.

5 hectare (23.

5 acre) Southampton International scheme is adjacent to the airport and other distribution and manufacturing occupiers include the Royal Mail to improve the levels of best practice in PUT structures and in the way that they report and operate.

"We must aim to meet investor expectations by matching standards of best practice hich are offered in the wider institutional and retail investment markets" said lan Mason.

lan Mason takes over at a time when total member funds have risen to c£6.

8 billion.

“For some time the trend has been up, reflecting the shift from direct portfolios to indirect vehicles, but this disguises a fair amount of volatility said Mason.

A number of pension funds are still being advised to sell out of the sector, but this seems to be matched by other funds attracted by the high absolute returns which property has to offer.”

The centre is 98% let to tenants that include Arcadia, Argos, Bon Marché, Boots, The Carphone Warehouse, Holland & Barrett, Lunn Polly, Peacocks and W.


Smith Development Securities was represented by NAI Gooch Webster.

Smith Price represented REIT Asset Management The sale of Riverside Quay provides further evidence of our stated ongoing strategy to rebalance our existing investment portfolio and to concentrate on purchasing future investments that produce returns more akin to those that we are achieving from our development activities.

One of the largest office buildings in Swansea, Alexandra House in Orchard Street, is now full, following the letting of 418 sq m (4,500 sq ft) on the sixth floor to Admiral Insurance at an undisclosed rent The building was acquired in 1996 by RGD Thomas, since when, says Dai Williams of NAI Gooch Webster, asset managers and agents of Alexandra House y applying a highly active asset management programme, we now have a situation where the building is full and recent lettings have been around the £6/psf mark Admiral Insurance is now the largest single occupier of Alexandra House, with a total of 3120.

35 sq m (33,600 sq ft) over 6 floors.

NEPIX will be packed with inspiring official and social events meant to ignite professional interests and offers It is expected that 2,000 investors, consultants, real estate companies, financial institutions, companies looking for locations, public authorities and representatives from various regions will participate in the event and make it a successful playground for players in the world of real estate.

on the 4th December officially opened Wrea Brook Court, a new building housing the District Land Registry for Lancashire, which deals with land registration throughout the county The tree forms the centrepiece of a small garden created in memory of airmen from the RAF and US Airforce based at Warton Camp who lost their lives in World War 11 Wrea Brook Court has been built on the site of the former RAF camp which was already owned and used by the Land Registry as a filing store.

Addressing staff at Wrea Brook Court, the Minister commented on the great care that had been taken to ensure the new building would be enduring and completely compatible with its immediate surroundings I feel sure “Black Bob”, our resident ghost, is as pleased with his new surroundings as are the more conventional members of staff Black Bob”, reputedly a murdered US airman whose ghostly apparition has been seen on the site, is said to have caused lights to activate spontaneously during the building’s construction.

This reflects a net initial yield of 7.


Scott House is occupied by six different tenants with a variety of lease terms between 3 months and 10 years Nos.

15-17 is currently tenanted by the Co-Op Bank Ltd, although is sub-let, South St Andrew Street links St Andrew Square and the principal retailing thoroughfare of Princes Street .

The 65,000 sq m scheme represents a new benchmark in town centre regeneration.

In little over two years the nine hectare site Central to the development has been the opening up of a 270 metre stretch of the River Kennet, which is now accessible to the public for the first time in over 100 years The scheme is the result of strong teamwork and considerable effort and represents an excellent example of joint public and private partnership.

The Oracle has not only enhanced the town centre, but has provided a new vibrant riverside destinations.

Construction on the new building at Clearwater Park has now begun and Forsyth are to take approximately 1,874 sq m (20,000 sq ft), two-thirds of the building, for the new Centre, which is due to open in Spring 2001 The 21st century is saying goodbye to long complicated lease agreements and companies are welcoming the opportunity of taking space in prestigious buildings and locations with the knowledge that they can move on with only a months notice.

Laura Ashley has taken Unit 7B, providing 1,283 sq ft (119 sq m) of ground floor space with 2,571 sq ft (239 sq m) at first floor level at rent of £50,000 per annum exclusive .

Saville Gordon Estates, represented by Lee Baron, has let three units at Deptford Trading Estate in Deptford, London SE8 Units 5 and 6, which total 554 sq m (5,968 sq ft), have been taken by Excel Envelopes Ltd, at a rent of £40,284 pa, equating to £72,66 per sq m (£6.

75 per sq ft).

The alliance effectively means that the two companies are in control of the most important industrial distribution parks in the North-West, and are therefore in a position to develop any size of facility to suit specific requirements Over 300 acres of land is available at Midpoint 18 at Middlewich, and there will ultimately be close to 300 acres at Crewe .

and this is being developed at Midpoint 18 in Middlewich.

It has a clear eves height of 12 metres and incorporates 7,000 sq ft offices Initial interest is being shown in the building from national distribution companies.

Further projects are under consideration at the present time.

The price, which will be around £80m, will be paid to the Berkeley Group in tranches, the timing of which will be related initially to the base rents secured and one year thereafter to the level of turnover rents .

Fast action by the S J Berwin team meant that the holiday season did not interfere with progress and contracts were exchanged early in January .

The landmark Riverside House office development consists of 162,700 sq.

ft of office accommodation on 13 floors above 6,800 sq.

ft of retail space .

The St.

Albans office of Aitchison Raffety handled the sale The premises were marketed at an asking price of £1 .

75m although the agreed price Mark Bunting, Director of Aitchison Raffety, comments “the whole transaction was agreed in a matter of days with very rapid completion The transaction suited our clients who wanted to release capital quickly whilst remaining in occupation till the end of the year .

When NEPIX, North European Property and Investment Exhibition, takes place from the 6th till the 9th of June this summer in Copenhagen, companies from all over the world meet at NEPIX Estonia, Lithuania, Russia, Poland, the Czech Republic, the USA and several countries from the Fareast flock to NEPIX to be either exhibitors or participants at the largest property and investment exhibition in northern Europe we can meet the audience that we need and we can show what we have to offer.

I believe it will be a successful exhibition and thus it will also be a success for us NEPIX provides an ideal opportunity to inform a wide audience of the scope of our services and operations We will also be participating with your research teams in the structured conference programme, which we hope will stimulate further interest in the market in this region.

Country Houses Association paid a premium to surrender their lease and the suite was subsequently refurbished under the supervision of the Nelson Bakewell Building Surveying Department The floor which comprises 1,717 square feet has now been let to PWA Personnel Systems Limited on a lease until August 2011 subject to a rent review at the fifth year of the term The commencing rental is £68,680 per annum.

A rent free period of three months was granted Chesteron acted for Country Houses Association and were instructed jointly with Nelson Bakewell to re-let the premises .

Cibatec, which re-manufactures printer consumables, expects to create over 120 jobs at the new site Grenville Smith & Duncan, acting on behalf of landlord Schroder Exempt Property Unit Trust, managed a detailed refurbishment of the building prior The excellent location of this unit in terms of its proximity to the M621 motorway led to a high level of demand Philip Holmes, managing director of Cibatec, said We could have located anywhere in the UK but Leeds offered the most competitive rents and boasts a well-skilled.

Post 33

The 1980’s development comprises two adjoining office buildings providing, well specified accommodation let to tenants including Lex Services plc and Akzo Nobel subsidiary, International Coatings Limited.

Rents in the building range from £10-£44 per sq ft with recent lettings concluded at around £30 per sq ft.

The majority of income is secured for approximately 10 years.

The price reflects a net initial yield of 7.

75%, rising, this summer to in the order of 8.

3%, following the expiry of International Coatings’ rent free period.

Jones Lang LaSalle acted for the Liquidator, Richard Heis of KPMG, in the sale and Pepper Angliss & Yarwood represented Clerical Medical Investment Group.

Subject to planning permission, Stannifer Hotels has purchased 2.

5 acres of development land at Northampton Business Park for a 106-bedroom Holiday Inn Express hotel.

Commenting on Stannifer’s anticipated arrival, Receiver for Northampton Business Park, Robin Addy from PricewaterhouseCoopers said, Stannifer will be a welcome addition to line-up of occupiers already in residence at the Park.

There are now over 3,500 staff working at Northampton Business Park and the Stannifer hotel will provide a much-needed on-site bar and restaurant facility.

Guardian Properties and Morgan Grenfell have let Unit 11, Castle Meadow Retail Park, Nottingham to Furnitureland.

The property totals 1,500 sq m (15,000 sq ft) and has been acquired on a 20 year lease at a rent of £310,000 per annum.

Simon Allen, Property Director, Furnitureland Ltd comments: Nottingham has always been a top requirement for Fumitureland and we are very happy to have secured such a well configured unit on the prime retail park.

Allport Freight Ltd, one of the country’s leading specialist computer delivery organisations, has agreed a prelet of 5,852 sq m (63,000 sq ft) of business space at MEPC’s Axis Park in Sutton Lane, Langley, near Heathrow Airport.

MEPC will be developing a bespoke building for Allport to accommodate their rapid growth.

Designed by architects, Scott Brownrigg and Turner, the development has a 12% office content with 7 loading docks and will be completed by Christmas 1999.

Westminster Council has given the go-ahead for the transformation of a key one acre island site, located midway between Berkeley Square and Piccadilly, into 24,628 sq m (265,000 sq ft) of modern Grade A office and retail space.

The first phase will consist of an extensively refurbished and extended building, behind a retained facade, comprising 14,405 sq m (155,000 sq ft) of office space on eight upper floors and 3,717 sq m (40,000 sq ft) of ground floor and basement level retail accommodation on Berkeley Street.

This phase will get underway in July 1999 with completion scheduled for Autumn 2000 while a newly built 6,505 sq m (70,000 sq ft) office building on Stratton Street will form the second phase.

Welcoming the decision, John Anderson, Burford’s Chief Executive, said: The Berkeley Street refurbishment will be one of the West End’s most striking office developments as it will feature a spectacular 60ft wide entrance and rooftop offices with floor-to-ceiling glazing and terraces overlooking Mayfair.

50 Berkeley Street, as this first phase is known, will offer prospective tenants large floorplate sizes.

Unusually for the West End, where there is an acute shortage of large scale office developments, we are providing 2,040 sq m (22,000 sq ft) floorplates capable of meeting both the size and quality of accommodation demanded by modem occupiers.

Burford acquired the freehold of Mayfair Place, as the site is known, in January 1998 for £99.

75m from Norwich Union.

Originally developed in the 1920’s the block, close to The Ritz and Green Park, currently comprises two office and retail buildings.

Chartwell Land has recently let a 3,100 sq m (33,500 sq fl) unit at Barn Road, Norwich to Toys R Us at a rent of £16.

25 per sq ft.

B & Q relocated to a new Warehouse in December last year.

This deal is another example of how Chartwell Land uses asset management skills to enhance the value of the investments in their £1.

25 billion portfolio.

Chartwell Land is in the process of extending over the original garden centre to create a unit of 1,200 sq m (13,100 sq ft), which will be available in July, It has open A1 non-food retail consent.

Today, the prestigious Prince’s Exchange, a major new corporate headquarters building in the heart of Leeds City centre, which forms an integral part of the Prince’s Square development,incorporating the magnificent North Concourse at Leeds City Station, was ‘topped out’ by Richard Caborn MP, Minister.

for the Regions, Regeneration and Planning.

The topping out ceremony was performed at the headquarters development, which is being undertaken by Teesland Group plc (Teesland) in conjunction with Railtrack Property and with the assistance of Yorkshire Forward (the Yorkshire and Humber Regional Development Agency).

Alongside Mr.

Caborn were Kevin McCabe, Chairman of Teesland, Colin Busby, Chairman of Kier Group, construction managers of the project and Neil McLean, Partner and Location Head of Property at Dibb Lupton Alsop.

Prince’s Exchange, which when complete will provide 9,612 sq m (103,466 sq ft) on eight floors with 318 sq m (3,423 sq ft) of basement storage and 171 parking spaces,The fact that one of the first occupants of the new Prince’s Exchange is a legal company shows that the legal and financial sector is continuing to thrive in the city.

The proposed massive Leeds railway station redevelopment, faster rail links with London and improved train services can only enhance the city’s position as a major business centre.

Lamron Estates is planning a 7,432 sq m (80,000 sq ft) speculative office development in Basingstoke town centre after acquiring a 0.

93 ha (2.

3 acre) site from Basingstoke & Deane Borough Council, previously occupied by De La Rue.

Lamron, headed by Malcolm McPhail, intends to submit a planning application for three office buildings on Basing View within the next few weeks.

According to McPhail it will be the first speculative office project on Basing View since the mid 1980’s and marks the start of the regeneration of what was originally conceived as Basingstoke’s primary business location.

The decision by the local authority to dispose of the site reflects its commitment in bringing forward the much needed private sector led regeneration of Basing View, he comments.

McPhail adds Also, the timing is opportune as there is now no new office buildings larger than 20,000 sq ft immediately available in Basingstoke against the back-drop of a healthy tenant demand.

1 believe the town is therefore set for significant rental growth over the next 2-3 years as Basingstoke catches up with other M3 and M4 commercial markets.

The Borough Council is committed to the regeneration of Basing View and has always been keen to involve the private sector in its plans.

The launch of the Lamron Estates scheme proves that the Council’s policies are beginning to bear fruit.

GVA Grimley advised Lamron on the land acquisition from Basingstoke & Deane Borough Council and are retained with Baker Davidson & Thomas as joint letting agents for the scheme.

Clerical Medical have purchased the 13 acre ANTAR development located close, to junction 2 of the M54 to the north of Wolverhampton and close to the proposed Birmingham Northern Relief Road.

Phase 1 of the 250,000 sq ft scheme being developed jointly by Swan Hill Developments and CDC (Midlands) has been pre-let to BSL Ltd, the main subsidiary of Branner plcon a 1 5 year occupational lease and is under construction with completion in October 1999.

The building will provide BSL with a 60,000 sq ft distribution complex, a 3 storey office block of 1 8,000 sq ft and expansion land for a 20.

000 sq ft extension to be warehouse.

BSL will be paying a rent in the region of £4.

75 per sq ft overall with an additional ground rent payable for the expansion land and the complex was forward sold at a price in the region of £4.

The ANTAR development has planning consent for a total of 250.

000 sq ft of B1, B2, B8 accommodation and the developers are currently in discussion with a number of parties for phase 2 of the scheme which will be developed jointly with Cledcal Medical and have an anticipated completed development value in the region of £8,5 million.

Formerly with Harrison & Co, Mr Lazenbury has worked in Birmingham for eight years, advising on some of the city’s flagship retail projects, including Martineau Galleries and Caxtongate.

He has recently added Land Securities’ Sadler Centre scheme in Walsall to Lambert Smith Hampton’s retail portfolio.

Tesco Stores Ltd is to anchor the new £15 million Castle Basin regeneration project in the centre of Stalybridge, Greater Manchester,The 5,296 sq m (57,000 sq ft) scheme will comprise a new 5,100 sq m (55,000 sq ft) Tesco store, petrol filling station and 409 space car park plus a pub/restaurant, two smaller retail units and 40 residential units including the renovation of an important listed corn mill.

Conditional contracts were exchanged with Tesco earlier this month on a new 25 year lease on the whole of the retail element of the scheme.

Located in Trinity Street, it is immediately opposite the prime pedestrianised section of Grosvenor Street and close to Armentieres Square (which incorporates the town’s central bus terminus).

The 22,684 sq m (5.

605 acres) site, which was previously given over to industrial units and car parking, straddles the route of the old Huddersfield Narrow Canal (currently filled in).

Two more retailers, Watch2Watch the fashion branded specialist watch retailer and Ertug UK Ltd the mobile phone accessory retailer, have joined the winning line up at the 116,000 sq m (1.

This is the second store for Watch2Watch, the first of which is the flagship store in London’s Kings Road.

The 56 sq m (600 sq ft) unit located on the ground floor opposite French Connection has been taken on an assignment from Jumper Ltd for 10 years at a rent of £72,500 per annum.

Commenting on the deal Kari Oliver, Chairman of Watch2Watch said: As a specialist fashion branded retailer Watch2Watch had to find the perfect location for its second outlet.

Ertug UK Limited trading as Eurocolour has taken a 26 sq m (277 sq ft) unit on the upper level of the centre, opposite to Next, on a new 10 year lease at a rent of £22,500 per annum.

The investors within the Partnership include NPI, Norwich Union, Church Commissioners, BG Pension Scheme & Barclays Bank Retirement Fund.

Joint letting agents for the Phase II & Phase III refurbishments are Lunson Mitchenall and Stiles Harold Williams.

Easter Development’s Libra scheme has tipped the balance as the last unit at this Kingston site in Milton Keynes has now been let.

Noskab plc.

, supplier of copper cables to industry, is the new company moving into the high-specification unit 3 which comprises 15,190 sq ft of warehousing space and 2,531 sq ft of offices.

Noskab has taken a 15-year lease at an annual rental equating to £5.

Libra’s four detached industrial units were built speculatively at Kingston in 1998 by the Easter Development Group, funded by Norwich Union.

The units vary in size from 17,513 sq ft to 40,042 sq ft, and provide a combination of production and warehousing facilities with fully-fitted office accommodation on two floors.

Noskab’s neighbours are Torras Paper, Trek Bicycle Corporation and Furness Logistics.

It is very good news for the industrial market that the Libra scheme has been quickly let to four strong international companies commented Jules Benkert, Director of Easter Development Group.

The scheme has given a significant boost to industrial rental values in Milton Keynes added Jonathan Whittle of Douglas Duff who acted for Easter Development Group.

Fletcher King, acting on behalf of The Merchants Group, has acquired the leasehold on office premises in Cassini House, 57 – 59 St.

James’s Street, London, SW1 from Friends Provident.

The property is to be used as the head quarters for The Merchants Group, and is the fifth in a series of transactions of this kind in which Fletcher King has successfully secured head office premises for their clients.

The 4,576 sq ft (425 sq m) property in St.

James’s Street has been let on an initial rent of £57.

50 per sq ft The lease is a new FRI lease for a term to expire on 25 September 2017.

Tim Bloomfield, Director at Fletcher King, said:The team’s success in securing head office space for a number of notable clients, including most recently The Merchants Group, demonstrates the importance of using experienced senior staff, who understand the exact requirements of clients, to identify and secure the most suitable property.

Fisher Hargreaves Proctor and Adam Grundy Associates have completed a letting of the auditorium in The Elite building to Big Beat for a dance club on behalf of Rushcliffe Developments Limited.

David Hargreaves confirmed that this letting of the former auditorium to The Elite and the offices brought to an end a five year saga from the landlord’s point of view, in terms of trying to secure an appropriate licence.

The letting has been secured on the basis of a new 35 year full repairing and insuring lease at a rising rent averaging out at £102,000 per annum over the first five years.

Some of their innovations include the linking by satellite of their clubs around the globe including Sydney, New York, London, Glasgow and Moscow.

The Chartered Institute of Building is proud to announce the election of Derek Cartlidge FCIOB to Honorary Life Member.

The election has been made in recognition of the outstanding, long and sustained service which Mr Cartlidge has given the CIOB over the last 40 years.

Alan Riddle FCIOB, Regional Administrative Officer for the CIOB’s East Midlands Branch, prepared the nomination and said Derek has always been closely involved with the Institute, and we are extremely grateful for the major contribution he has made towards the success of the East Midlands Branch in particular.

Derek now joins a select group of construction professionals who attain this honour and are elected by Council in the light of their individual merit.

He first gained qualification in the Institute examinations in 1951; from that time he has played an active part in the affairs of the organisation, in particular at regional level.

In the early days the CIOB’s membership was around 4000, and he has seen this increase ten-fold with current levels approaching 40,000 members.

In 1984 he was Chairman of the Region and held this office for 2 years, and his service to the Institute included a period on Council at Englemere, the Institute’s Ascot headquarters.

Chartwell Land has sold the freehold on 2/6 Effingham Street, Rotherham to Town Centre Securities plc for £1,425,000.

The property comprises four retail units on ground and first floors totalling 476 sq m (5,128 sq ft) and 226 sq m (2,430 sq ft) of second floor office accommodation.

Tenants include Greggs plc, Vodafone, Timpsons, Vision Express and Phillip James plc.

The current passing rent is £136,500 per annum exclusive.

Danny Kaye of Chartwell Land said: The property does not fit our investment criteria in terms of both lot size and growth potential.

As such its disposal is consistent with our strategy to increase average lot size and to focus expertise on those assets within the portfolio with active management potential, where we believe the total returns are highest.

Edward Ziff, Managing Director of Town Centre Securities commented: Effingham Street is the prime retail position in Rotherham.

The town has been steadily improving once again over recent years and the acquisition fits with our strategy of buying well positioned properties which we believe will show us future growth in rental and capital values.

Grinders Gourmet Coffee Ltd, advised by Lee Baron and Chesterton, has leased 7-11 Pallasades Centre, Birmingham from Capital and Regional.

The 65 sq m (700 sq ft) outlet has been taken on a 15-year lease, with five yearly rent reviews at a rent of £50,000 pa.

Andrew Richardson, managing director of Grinders commented: This is the sixth unit to open for Grinders, adding another location to the already nationwide spread.

Norwich has been targeted for the next coffee bar and with our continuing popularity, we hope to reach a total target of 50 units in the next two years.

Cisco Systems has surrendered its lease on 2,053 sq m (22,100 sq ft) at 1 Fleetwood Drive, Ancells Business Park, Fleet, Hampshire.

Parametric is now taking a new 10 year lease on the 2,053 sq m (22,100 sq ft) at a rent of £486,200 per annum with a seven month rent free period.

Salmon Harvester Properties Limited have acquired RMC House, a 12,000 sq ft office building in Redhill from RMC for a figure in the order of £2,000,000.

The building will be comprehensively refurbished and upgraded to include air conditioning and will be available for letting from November 1999.

Doug Stewart of Salmon Harvester said The Redhill office market has seen strong activity in recent months and following the lettings of Cheshire Court and The Moorings there is now a dearth of good quality air-conditioned office space.

Commercial Union Life Assurance Co.

Ltd, one of the CGU funds, has exchanged contracts with Teesthorn Developments Ltd.

,part of Teesland Group plc, for the purchase of Westgate Park, a major pre-let retail scheme being developed in the centre of Basildon, Essex.

This unit of 418 sq m (4,500 sq ft.

) is a highly visible stand alone unit, which is ideal for a number of uses, but particularly for a restaurant/leisure operation.

Tenants already signed up for the scheme include: Argos, JD Sports, Roseby’s, Shoe City, Wilkinsons, Holiday Hypermarket, Scottish & Newcastle Retail and MVC.

Mark Hancock, Director of Investment at Teesland Group said: Westgate Park has been a highly successful project for Teesland and demonstrates our expertise in retail development.

This sale brings Teesland’s disposals since May to over £50 million out of the planned £150 million, which the Group expects to have achieved by the end of the year.

The funds will be recycled into new investment and development opportunities, some of which we have already identified.

Westgate Park, which is located on the boundaries of Fodderwick, Southernhay, Roundacre and St.

Martin’s Square, adjacent to the offices of Basildon District Council, is on schedule for completion in October 1999.

Peninsula & Century Properties have continued their investment acquisition programme with the purchase of 46 Fountain Street, Manchester, the former Estate Exchange building.

The property was acquired from NatWest Life Assurance Ltd for £622,500, representing a net initial yield of 6.

9% after costs.

The building, which is Grade II star listed, comprises approximately 337 sq m (3,630 sq ft) of office space set out at basement, ground and three upper floors with parking for approximately seven vehicles.

The premises are let to Singer and Friediander for a further six years at a passing rental of £45.

500 per annum.

Waitrose is the latest retailer to Join the impressive line up of tenants that MEPC is establishing at its 30,000 sq m (320,000 sq ft) Two Rivers retail and leisure scheme in Staines, Middlesex.

The deal follows hot on the heels of lettings to GAP, Burton Menswear, Evans, Dorothy Perkins, Goldsmiths, Athena and Electronics Boutique.

The new Waitrose store will provide some 2,500 sq m (26,900 sq ft) of trading space on the ground floor with a 1,550 sq m (17,500 sq ft) mezzanine above.

The mezzanine area will be used for storage, staff facilities and a training area.

Waitrose has agreed a 25 year lease at an initial rent of £660,000 per annum.

Commenting on the letting, MEPC’s lain Watters said: Two Rivers is bringing real diversity and interest to the centre of Staines.

We already have a great range of retailers in Phases 1 and 2, plus we have Warner Village and a health & fitness centre to come.

The arrival of GAP, Burtons, Evans and Dorothy Perkins ensures that we have a strong fashion element and we have now added a quality foodstore to the mix.

The entire fifth floor of Hermes’ 210 High Holborn office building has been let to SH&E Ltd, air transport consultants who have relocated from headquarters close to Gatwick.

SH&E Ltd, partly owned by Lufthansa, has taken 223 sq m (2,400 sq ft) at rent of £67,200 per annum, equating to £301 sq m (£28 per sq ft).

The company has signed a new 10 year FRI lease with an upward only rent review at the end of the fifth year.

Peter White, Senior Consultant at SH&E comments: We have relocated to central London to be near the majority of our clients.

Although we work in the aviation industry the location of our new offices allows us to remain available to both our airline clients at Heathrow and Gatwick as well as in close proximity to the legal and financial professions with whom much of our work is done.

We looked at a variety of more central property with higher rental costs but we think High Holborn, and more particularly 210 High Holborn, represents excellent value for money.

We now have quality air-conditioned offices in a convenient location for city meetings and ideal for a commuting workforce.

Tim Elliott of landlords Hermes comments: We are delighted that SH&E has relocated to 210 High Holborn and would agree that the building and location represent excellent value for money.

Many companies are now recognising that they get so much more for their money basing themselves in midtown rather than in more traditional City or West End locations.

It is anticipated that the total development costs, including the original acquisition cost, will be in the region of £75m and on completion, Kensington Village’s total investment value is expected to be in excess of £ 1 00m.

It demonstrates our ability to unlock the true potential of Kensington Village and follows recent successes in the City where at 7-1 0 Old Bailey we have let the entire 56,000 sq ft to solicitors Gouldens for £875,000 a year and at Cannon Street our 150,000 sq ft office building is now over 90% let, producing a net rent of over £2m a year.

Our office portfolio is therefore virtually fully let and will be producing more than £9.

5m a year in income for the Group.

This significantly enhances both MWB’s capital value and earnings stream.

Rugby Estates Plc, the city centre property investment and management group, has moved to establish a presence in Oxford with the acquisition of Golden Cross Walk and 4 Cornmarket Street.

In line with Rugby Estates’ strategy of acquiring mixed use buildings in premier cities in the UK where the Company can add value through active management, the 14,000 sq ft Oxford portfolio includes 11 shops, 4 floors of offices, a restaurant and some residential space.

The net initial yield is a little over 8% and is expected to rise over the next year following a series of rent reviews and lease renewals.

We have a policy of buying quality mixed use buildings im vibrant city centres.

Oxford is a regional business and retail hub which benefits from a year-round tourist trade and has a dynamic student population.

The rationale behind BPI’s disposal is our need to focus on acquiring larger properties for the Barclays Bank UK Retirement Fund, which has a portfolio approaching £1bn.

Derby Mayor Cllr Sara Bolton Joined VIP’s from MEPC, Sainsbury’s and John Laing on the roof of the Eagle Centre, Derby, on 19 August 1999 for a ‘topping out’ ceremony to celebrate the construction of the extension works for the new Sainsbury’s superstore.

David Robb representing Sainsbury’s and Brian Cheshire representing the contractors Laing jointly helped to ‘fix’ the concrete to complete the last section near the highest point of the building, some 16.

7 meters up on the roof of the unit.

The extension works are part of a £20 million investment by MEPC which will also see the creation of new centre entrances, improvements to the malls and the addition of an atrium in Copecastle Square.

The Sainsbury’s relocation means that MEPC can create up to 12 new retail units in order to attract other major retailers who wish to have a presence in the centre and in Derby.

The overall centre refurbishment programme is due for completion in October 2000.

Comments lain Watters, property director at MEPC: The Eagle Centre is undergoing some impressive changes designed keep it at the forefront of retailing as we go into the 21st century.

The relocation of Sainsbury’s to its new home in the centre is just one of those changes.

We are delighted with the progress of construction works in the Eagle Centre to date.

Everything is running on time and on budget.

Comments David Robb: District Manager for Sainsbury’s: We are delighted with the progress and are looking forward very much to the opening of the new store.

Around 100 construction staff have been working on this phase of the development.

The extension for Sainsbury’s has involved the fixing of more than 200 tonnes of reinforced steel and pouring of 1,000 sq m of concrete.

The new Sainsbury’s store will occupy 2,787 sq m (30,000 sq ft) on three floors.

MEPC is providing Sainsbury’s with continuity of trading with completion of the new supermarket expected to open in January 2000.

Warner Estate has appointed Les Lyon Dip.

SCM as the new centre manager at it’s 125,000 sq ft (1 1,613 sq m) Port Arcades shopping centre in Ellesmere Port, Cheshire CH65 OAP.

Lyon, 42, has taken up the position to oversee the 44-unit Port Arcades centre as well as the adjoining Marina Walk.

Both centres are owned by Warner Estate and together make up a significant part of Ellesmere Port’s town centre.

The previous centre manager, Chris Bullock, has left to pursue other interests and Lyon, who was formerly the centre’s technical manager, has moved into the position.

He commented, Port Arcades has great potential because of its prime location close to the motorway and the benefit of free town centre car parking – a rarity these days.

Warner Estate has invested approximately £1.

2 million over the past two years in redeveloping the centres to accommodate new tenants such as Peacocks and Home Bargains and continues to look for ways of improving the town centre.

Lyon aims to put more emphasis on Sunday trading, especially in the run up to Christmas, Port Arcades’ busiest time; figures have been known to total 250,000 shoppers a week during this period.

He says, There will be heavier promotion and encouragement given to retailers to open on Sundays.

Andrew Fielder, senior estates manager of Lloyds TSB, said: We have been working closely with M and the Crown for some time in order to bring this building into use and we are delighted with the outcome.

The company will trade from a 3,500 square foot retail warehouse unit, which it has agreed to lease for 25 years.

The rent is £50,000 per annum, subject to five-yearly reviews.

Chartered Surveyors, F.

Burnett, acted on behalf of European Development Co Ltd, the Aberdeen-based company which has completely transformed the site from derelict tenement buildings and allotment gardens to a 1.

5-acre retail park.

Colin Sangster of F.

Burnett said: The developer is delighted that Maplin Electronics has chosen the Haudigan Retail Park for its Aberdeen store.

It joins a great line-up of occupiers,Maplin Electronics specialises in retailing and mail order.

It employs more than 700 people in 53 stores throughout the UK, including three in Scotland – in Edinburgh, Glasgow and now AberdeenGraham Caldwell, Retail Operations Director for Maplin Electronics, said: We’ve been trying for some time to come to Aberdeen.

We already have a strong trade and mail order base in the area but we wanted to offer people an exceptional retail service.

The new store will give business customers and local shoppers access to more than 30,000 products, including mobile phones, PC printers, batteries, disco equipment, video tapes and specialist electronic kits.

Chartwell Land’s new 170,000 sq ft retail park at Abbotsinch, Paisley, Glasgow is fully let and was officially opened by Sir Geoffrey Mulchay, chief executive of Kingfisher plc on 29 July.

Tenants include B&Q Warehouse, World of Leather, UNO and the first of Comet’s 30,000 sq ft destination stores.

The B&Q Warehouse is 9,510 sq m (102,400 sq ft) generating rental income of more than £1 million per annum.

Comet is occupying 2,790 sq m (30,000 sq ft) at a rental of £14.

70 per sq ft.

This is the largest electrical retail store in Scotland and the first of Comet’s new destination stores in the country.

UNO has taken 2,323 sq m (25,000 sq ft) which is their first ‘new look’ three piece suite superstore and World of Leather has taken 930 sq m (10,000 sq ft) both at rentals of £16.

Construction has also started on a Drive Thru unit.

Burger King has agreed terms at £257.

37 per sq m (£23.

91 per sq ft) on this unit which is due for completion in October.

Gazeley Properties</a> has let Unit 2 at the Hemel Distribution Park to Gillette (UK), which already occupies Unit 1.

As a result the 38,750 sq m (360,000 sq ft) distribution park in Hemel Hempstead is now fully occupied by the health and beauty manufacturing giant.

Gillette has taken the 11,334 sq m (122,000 sq ft) building on a 15 year lease at a rent of £67.

25 per sq ft).

Ian Worboys, Development Director for Gazeley Properties comments: The deal with Gillette brings a satisfactory conclusion to one of the largest speculative built development of two buildings in the UK.

Our belief in Hemel Hempstead has been fully justified.

The Hemel Distribution Centre is located one mile from Junction 8 of the M1 and is situated close to Punchbowl Park, Gazeley’s 5.

25 ha (13 acres) distribution park recently purchased from BP Oil UK where tenants include Wickes Building Supplies Ltd.

Gazeley Properties (the property arm of Asda Group) and Southgate Developments Ltd.

(a wholly owned subsidiary of BT plc) have submitted a planning application for their 11.

4 hectare (28.

2 acre) joint development, Optima Park, the former BT distribution centre, in Crayford.

The application, made to the London Borough of Bexley, is for a total of 49,750 sq m (535,500 sq ft) for a mixed use B1, B2 and B8 development.

The developers have recently agreed two short term leases in the existing building.

J Sainsbury Plc has taken 13,935 sq m (150,000 sq ft) and plan to take occupation in September, while Londis will move into its 4,645 sq m (50,000 sq ft) building at the beginning of August.

Paul Weston, development surveyor for Gazeley Properties comments: We are delighted to be involved with Southgate on Optima Park.

The regeneration of this site will bring new jobs to the area and we have already received considerable interest from occupiers.

Virgin has taken a 15,000 sq ft (1,400 sq m) anchor unit at the north end of the Retail Park on a 25 year lease at a rent believed to be close to £24 per sq ft (£258.

Commenting on the deal, Virgin Destinations MD Martin Smart said We are planning to open Virgin Destinations superstores in a handful of key locations around the UK.

Waterfields Retail Park in Watford fitted our rigorous requirements for accessibility, profile and catchment perfectly.

The store will be quite unlike anything ever seen in the UK before.

It will give shoppers access to the widest range of holiday options together with all the advice, help and support they need to make the best choices in terms of price and suitability.

In addition to the Virgin Destinations deal sole letting agents lan Scott & Co are in active discussions with other interested parties on the remaining five units on the 75,000 sq ft (7,000 sq m) Waterfields Retail Park.

Located on the former Jewell’s Garage site in Watford’s Lower High Street, Waterfields Retail Park will adjoin a newly extended Tesco – to be rebranded Tesco Extra – over the River Colne.

Commenting on the scheme, Warner Estate’s Joint Property Director Andrew Batty said : Waterfields is a very exciting development and we are delighted to welcome Virgin Destinations.

We have always thought it likely that the scheme would be oversubscribed and there are certainly a large number of retailers keen to take the space.

Nonetheless, it is particularly encouraging when a scheme is chosen by an organisation like Virgin to trial a new concept.

Fisher Hargreaves Proctor, one of the leading commercial practices in the East Midlands have completed the acquisition of Trevor Lunn & Co, a Nottingham based niche retail and leisure firm.

FHP, whose instructions include The Victoria Shopping Centre in Nottingham, St Marks Shopping Centre in Newark and The George Shopping Centre in Grantham on the retail side, plus a £45 million leisure scheme currently being developed by Wilson Bowden in Nottingham City Centre and The Quays leisure scheme in Derby, see the acquisition as a first step to developing the retail and leisure business on a much larger geographical basis.

Trevor Lunn and Mark Bradley will join FHP as partners, with Trevor Lunn specialising in retail and leisure acquisitions and Mark Bradley focusing primarily on retail and leisure rent reviews and lease renewals.

David Hargreaves commented that the acquisition of Trevor Lunn & Co would allow FHP to expand geographically and also grow the tenant aspect of their business through the excellent contacts Trevor Lunn and Mark Bradley have established over the past 15 years.

Marylebone Warwick Balfour Limited, advised by Vail Williams, has achieved two lettings on its Middlegreen Trading Estate, Langley, Slough.

Unit 12 which comprises 674 sq m (7,261 sq ft) has been let to Albahall Ltd at a rent of at £39,934 pa after a three month rent free period.

The unit has been taken on a six-year lease with a break option or rent review at the third year.

The tenant has signed a five-year lease and will use the property as part of a builders merchant yard.

This new role will ensure that membership of the Institute within Scotland will continue to grow and that existing members receive improved services.

Although new to the construction industry Colin says I am very much looking forward to meeting the many challenges that I will face in this new role.

The construction industry impacts on everyone, be they at work or at home, and it is important for the industry to build public confidence.

The CIOB is the representative body for over 39,000 construction professionals and it’s Royal Charter requires the Institute to act in the public interest.

In addition the car parking ratio of 1 to 1,840 sq ft compares very favourably with recent planning consents of circa 1 space per 20.

000 sq ft.

Gazeley Properties and joint developers, Burton Latimer Estates have agreed land sales totaling 6.

46 hectares (15.

96 acres) with Versalift and Alpro at Latimer Park, the 43.

7 hectares (108 acres) distribution and industrial park in Kettering.

Versalift, which fits and tests platform equipment, is relocating from Wellingborough and has taken a 2.

17 hectare (5.

36 acre) plot at £150,000 per acre.

Planning was granted at the end of March and work has already started on the first phase of development, comprising circa 2,787 sq m (30,000 sq ft).

In addition, Alpro has agreed a deal on the basis of a sale of 4.

3 hectares (10.

6 acres) at £140,000 per acre.

An inward investor in the UK, the company’s head office is in Belgium.

It manufactures soya based products, catering to people who have allergies to dairy produce.

Alpro has planning permission for a 9,290 sq m (100,000 sq ft) factory which is due to be up and running by Summer 2000.

Joint agents, Lambert Smith Hampton and FPD Savills are actively marketing the remaining 33 hectares (82 acres) at Latimer Park, which is located on the southern side of Kettering adjacent to the A14/A6 junction.

Gazeley Properties’ 15,885 sq m (171,000 sq ft) Palace Grounds Retail Park in Hamilton, South Lanarkshire, opened to the public for the first time this week.

sWell known as developers of large distribution centres, Palace Grounds is an example of Gazeley’s track record in the out of town retail sector.

The £47 million development, which has been funded by The Equitable Life Assurance Society, is linked to the centre of Hamilton (the county town of South Lanarkshire) and also has a prime motorway location close to junction 6 of the M74 to the south east of Glasgow.

Palace Grounds comprises 10 retail units ranging in size from 706 sq m (7,600 sq ft) to 3,469 sq m (37,342 sq ft) plus two free-standing catering outlets.

Tenants trading from the park from day one are Homebase (3,469 sq m/37,342 sq ft), furniture retailer Uno (2,508 sq m/27,000 sq ft), Comet (1,403 sq m/15,100 sq ft), Scottish Power (1,253 sq m/13,490 sq ft), Pets at Home (790 sq m/8,500 sq ft) and World of Leather (929 sq m/10,000 sq ft).

McDonalds and Pizza Hut have taken the two 325 sq m (3,500 sq ft) catering outlets.

The retail park forms part of the Hamilton Ahead Initiative*, a multi-million pound regeneration project which includes the £105 million regeneration of the former 18 hectare (44 acre) Hamilton Palace grounds.

The project also consists of a 7,617 sq m (82,000 sq ft) Asda superstore and an Esporta Health & Fitness Club with a multiplex cinema complex, family entertainment centre, restaurants and a hotel/public house in the pipeline.

Gazeley Properties was selected as developer of the retail park by the Partnership at the end of 1997, beating 40 other developers with its L-shaped scheme which features a 900 space car park with a landscaped piazza, incorporating a striking steel sculpture: the ‘Hamilton Horn of Plenty’.

Councillor Eddie McAvoy, leader of South Lanarkshire Council, said: The new retail park is a very welcome addition to South Lanarkshire.

In terms of jobs creation, it has brought nearly 600 jobs to Hamilton.

In terms of quality, not only is the development of a high calibre, but so too are the retailers within them.

The Crown Estate has provided forward funding of £60 million for the purchase and development of the building, which is currently being developed by Teesland in association with Bank of Scotland.

The £60 million funding will enable Teesland to transform the vacant city centre site, totalling 0.

76 hectares (1.

88 acres), into two linked open plan office buildings, providing a total of 14,800 sq m (159,000 sq ft) net lettable space together with 175 car parking spaces.

As announced by Teesland in March, Bank of Scotland will occupy the Phase 1 North building, comprising 7,200 sq m (77,500 sq ft) as its corporate headquarters and take an overriding lease of the Phase 2 South building (7,600 sq m / 81,500 sq ft) as head tenant.

Both leases will be at a rent of £23.

50 per square foot for 25 years on a full repairing and insuring basis.

The deal reflects a net initial yield of 6.

5 per cent by The Crown Estate.

The building will be constructed to the highest modem office specifications by Teesland and particular attention has been paid to the environmental aspects of the design by architects Percy Johnson-Marshall & Partners.

Commenting on the deal, Kevin McCabe, Chairman of Teesland Group, said: Princes Exchange is a key project in our current development programme and we are delighted that The Crown Estate has taken advantage of this rare opportunity to acquire this prime site in the heart of the City and forward fund its development.

When complete, this will be a landmark building in the City, which will do justice to its superb location and provide prestigious new headquarters for Bank of Scotland.

It represents a strong vote of confidence in the strength of Edinburgh’s property market and demonstrates the Crown Estate’s willingness to invest wherever and whenever the conditions are right.

We were particularly attracted by excellent credentials of the Bank of Scotland as a tenant and look forward to a long and positive relationship with them and Teesland.

Acting on behalf of Lamba Pension Fund, Fisher Hargreaves Proctor are pleased to announce the leasehold disposal of 24 The Clock Tower, Bulwell to Peter Beck, trading as Budget Wise.

The sales area extends to 228 sq m (2,450 sq ft) and is being let on the basis of a five year lease at a stepped rental of £12,500 for the first year, increasing to £17,000 at the second year for the remainder of the term.

A tenant only break clause was agreed at the end of the second year of the term.

Having sub-divided the former 4,924 sq m (53,000 sq ft) Sainsbury store into two separate units at the Kennet Centre, Newbury, Land Securities has now let both units.

TK Maxx has taken 2,295 sq m (24,700 sq ft) on the ground floor and 111 sq m (1,200 sq ft) on the first floor at a rent of £162,500 pa, whilst Peacocks has signed up for a 1,017 sq m (10,950 sq ft) shop on ground and 255 sq m (2,750 sq ft) at first floor level for a rent of £1 50,000 pa, the latter equating to a Zone A of £57.

The remaining 994 sq m (1 0,700 sq ft) of floor space at first floor level will be let for leisure use with Land Securities seeking interesting and innovative ideas.

Comments Land Securities’ senior surveyor John Grimes, We are well advanced with our upgrade to the retail environment of the centre which includes new mall finishes and signage and this, together with our financial contribution to the pedestrianisation works being undertaken by the local authority in Bartholomew Street, which will improve the pedestrian links to the Kennet Centre, and two excellent lettings make really good news for Newbury.

On behalf of R & V Lebensversicherung AG the German insurance company, Catella has sold to an overseas investor the freehold of 4 Tenterden Street, Hanover Square, London W1 for close to £8 million.

4 Tenterden Street is a modern self contained office building off the north west corner of Hanover Square totalling 1,309 sq m (14,093 sq ft).

The property is let to EMI Group for a further thirteen years at a rent of £450,000 per annum with the next rent review in March 2002.

David Skinner, director of Catella says.

Strong interest was shown from prospective buyers from both the UK and overseas in the investment in view of the shortage of available product, particularly in locations such as Hanover Square and its environs.

Friends Ivory & Sime Property Asset Management (FISPAM), acting on behalf of Friends Provident, has sold the virtual freehold interest in 54 South Molton Street, London W1, for £1,771,000 to private clients of Weatherall Green & Smith.

The four storey building comprises 249.

16 sq m (2,682 sq ft) of ground floor sales area, with office accommodation arranged over the basement and three further floors above.

54 South Molton Street is held on a 2,000 year lease from the Corporation of London and let on an overriding FRI lease to Reed Personnel Services Ltd at a current rent of £110,000 per annum until the lease expires in June 2007.

The premises were formally occupied by Lloyds Bank and comprise a ground floor sales area of 198.

5 sq m (2,137 sq ft), with first floor accommodation totaling 82.

3 sq m (886 sq ft).

In addition, basement stores are provided.

The property was sold to a private individual at a price of £130,000.

The sale was subject to the retention of Lloyds TSB’s ATM at a rental of £2,500 per annum on the basis of a three year lease.

Jonathan Emmerson, acting on behalf of Lloyds TSB, commented: The property is located close to Burton town centre and benefits from 18 on site car parking spaces, this resulted in good levels of enquiries being received for the property and I was pleased to achieve another disposal on behalf of Lloyds TSB.

The Barnsley Miller Partnership, a joint venture between Barnsley Metropolitan Borough Council and Miller Developments, has attracted American refrigeration giant, True Manufacturing UK Ltd to its Fields End Business Park in the Dearne Valley Enterprise Zone, South Yorkshire.

True has acquired a 999 year lease on a circa 3.

23 ha (8 acre ) site on which a new 9,290 sq m (100,000 sq ft) facility will be developed on a turn key basis.

True has an option for a further 9,290 sq m (100,000 sq ft) of expansion space.

The company produces drinks chiller units for companies such as Coca Cola and the new plant will make chillers for the growing European market as well as stainless steel catering units.

True, which has located to the Dearne Valley along with two other refrigeration component manufacturers, Virginia KMP and the British firm, Delfa will bring around 300 jobs to the area.

True’s founder and president, Bob Trulaske, commented: When we were looking at for a European location, we found the team approach led by the Dearne Valley Partnership and the financial incentives of Enterprise Zone made the choice simple.

The support we have received from the TEC’S, Employment service and Yorkshire Forward has been superb.

The Regional Selective Assistance grant from the DTI confirmed that we had chosen the right location.

Chairman of Dearne Valley Partnership, Cllr Keith Billington said: True is bringing jobs in traditional manufacturing activities to the Dearne Valley.

I am confident that the company’s aspirations will be fulfilled and exceeded by the skilled workers that will be joining the company over the coming months.

I wish the company every success in the future.

There is now in the region of 4.

05 ha (1 0 acres) remaining of the original 12.

14 ha (30 acres) to be developed at Fields End.

Granada PLC has acquired a 0.

4 acre site for £2.

75 million at Anchor Road, Harbourside, Bristol for a new 113 bedroom City Centre Travelodge which will be developed by Bristol based Unite Plc to a turnkey finish.

Commencing, rent for the hotel is £150,000 per annum for a term of 35 years with an option to renew for a further 15 years with 5 yearly rent reviews.

The lodge will be completed in July 2000.

Located on the A4, with easy access to junction 18 of the M5 motorway, Anchor Road is opposite the harbourside regeneration area.

The Travelodge will form part of a comprehensive scheme, which includes a large Adult Education College and residential apartments overlooking the harbour with views to the SS Great Britain.

This will be the second Granada Travelodge in Bristol, the other being a roadside lodge at Cribbs Causeway, junction 17 of the M5.

Granada’s John Bates commented: As part of our expanding acquisition programme, Granada is seeking more and more city centre locations for Travelodge.

The location is ideal for business people as it is centrally located but still within easy reach of the M5.

Travelodge not only offers value for money but also quality and convenience.

Anglo Lamron Plc has started work on its 3,576 sq m (38,500 sq ft) speculative office development, knows as Egale, at 76-80 St Albans Road, in Watford town centre.

The scheme, which is forward funded by clients of Argyll Property Asset Managers, has an end value of £12.

Comprising two self-contained office buildings of 2,031 sq m (21,865 sq ft) and 1,545 sq m (16,631 sq ft), it is due for completion by October 2000.

Egale is well located at the junction of Station Road and St Albans Road, 200 yards away from Watford Junction main line station.

It has good access to both road and rail networks, public transport and Watford town centre, with Watford’s link road providing easy access to the Ml and M25, Heathrow, Stansted and Luton airports.

First Choice Holidays Plc trading as Travel Choice has opened a outlet at the Chequers shopping centre.

Maidstone, KENT (ME15 6AT).

First Choice has taken a 15-year lease on a 199 sq m (2,144 sq ft) unit in the centre.

The unit is located next door to Homestyle and close to Mark One and Dillons.

The agreed rent is £60,000 per annum.

The 37,160 sq m (400,000 sq ft) Chequers is owned by the Stoneborough Trust and asset managed by Richard Ellis St Quintin.

Joint letting agents for the Chequers are CB Hillier Parker and Dalgleish & Co.

First Choice was represented by Chesterton.

Comments Jeff Penman of CB Hillier Parker: When First Choice started to actively search for representation within Maidstone it identified the Chequers as its location of choice and we are delighted to have been able to accommodate them.

Crest Nicholson Properties (CNP) has let a further 451 sq m (4,856 sq ft) of its 2,868 sq m (30,867 sq ft) office development at Kings Court in Leatherhead to Westminster Health Care Ltd.

Westminster Health Care Ltd has taken the space at a rent of £274.

50 per sq m (£25.

50 per sq ft) on a 15-year lease with no breaks.

The company has moved from Central London to CNP’s high quality fully air-conditioned office development, which is being let by agents Hurst Warne, Jones Lang La Salle and Richard Ellis St Quintin.

Kings Court is located 1/4 mile from junction 9 of the M25 and a few minutes walk from Leatherhead town centre.

ProLogis Kingspark has completed a letting hat-trick at Marston Gate, its speculative warehouse development in Milton Keynes.

ANC Parcels has acquired a 7,804 sq m (84,000 sq ft) industrial building on a 15 year lease at a base rent of £54 per sq m (£5.

ProLogis Kingspark has also secured a letting on a 15-year lease for a 13,935 sq m (150,000 sq ft) facility to UCI Logistics at a rent of £51 per sq m (£4.

80 sq ft).

In a third deal, Amazon has taken 21,274 sq m (229,000 sq ft) with a further facility to be built for them comprising 46,450 sq m (500,000 sq ft) in about a year’s time.

The buildings are to be held on five and 15-year leases respectively at a rent of £51 per sq m (£4.

75 sq ft) with five yearly rent reviews.

Stephen Ferris of ProLogis Kingspark commented.

We are pleased that our faith in this prime site has been rewarded.

D J Freeman acted for Regus Business Centres Plc in the establishment of a joint venture with Arlington Securities Plc.

The jointly-owned joint venture company will provide all inclusive serviced office accommodation to the business community, on Arlington and potentially other business parks, throughout the UK.

Each party is bringing its own particular skills and resources to the venture, with Arlington providing facilities management and Regus undertaking the management of the serviced offices themselves.

The corporate team at D J Freeman was led by partner Jonathan Martin, with property matters being dealt with by partners Liz Goss and Paul Clark.

Gouldens partners Neil Seaton and Stephen Walter acted for Arlington.

Acting on behalf of M A Pye Premises, Fisher Hargreaves Proctor have let two industrial units at the Shipstones Business Centre, Radford Road, Nottingham.

Units 3A and 3B, which total approximately 5,500 sq ft of industrial accommodation have been let to Screen Rule Graphics Ltd on the basis of a three year lease at a stepped rental of £13,500 per annum rising to £17,000 at the third year of the term.

Letting agent Jonathan Emmerson of Fisher Hargreaves Proctor commented: The Shipstones Business Centre is now close to being fully let, with only two industrial units each totaling 3,133 sq ft now remaining.

Tenants within the Shipstones Business Centre now include Scottish & Newcastle Plc, Status Enquiry Bureau Ltd, Mellors & Glenn Ltd and Alcan, the waste disposal experts.

The Automobile Association Ltd have sub-let the entirety of their leasehold premises at 63/65 Foregate Street, Chester to John Menzies Ltd, t/a Early Learning.

This will be a resite from the Grosvenor Shopping Precinct for Early Learning, who will trade from the unit, which provides 3,877 sq.

ft of sales space with additional storage of 1,488 sq.

Crest Nicholson Properties has let two units totaling 171.

87 sq m (1,850 sq ft) within the last week at Prudential’s 7,714 sq m (83,000 sq ft) Borough Parade shopping centre in Chippenham, to A&S Trading and The Barber Company.

A&S Trading, trading as The Book & Puzzle Shop, has taken 112.

69 sq m (1,213 sq ft) on a 15 year lease with 4 months rent free at a rent of £18,500 per annum.

Founded in 1991 by Mr & Mrs Benn, The Book & Puzzle Shop offers the very latest in books, CD’s and jigsaw-puzzles at greatly discounted prices.

Currently operating three retail outlets located in Clevedon, Bristol and Circencester the company plan to open one further shop before the end of 1999.

Anne Benn said, Taking space in Chippenham has long been a major business objective of ours.

Borough Parade has a charming old market atmosphere backed up by modern facilities including CCTV and the latest quality retailers certainly has the shoppers pouring in.

In addition, The Barber Company, trading as Ye Old Barber Shop, will occupy 59.

18 sq m (637 sq ft) on a 15 year lease with 3 months rent free at a rent of £12,500 per annum.

Offering traditional barber services with a modern twist, Ye Old Barber Shop provides unisex hair cutting and hair-care products for all the family.

Established in 1992 the company currently operates four outlets concentrated in the South West, with branches in Trowbridge, Salisbury, Winchester, and Wells.

Ye Old Barber Shop, which plans to realise a further five outlets by Christmas 1999, opens at Borough Parade next week (11.


99) employing six staff.

Stephen Baker, partner, said, We are especially looking forward to opening our fifth branch at Borough Parade.

King Sturge & Co, Mansfield Elstob Main, and Donaldsons acted on behalf of Crest Nicholson Properties and Prudential.

Walker Son & Packman represented A&S Trading, and The Barber Company represented themselves in the negotiations.

Advised by retained agent Stephen Kane & Company, Telecommunications retailer Mobile Phones Direct has continued its expansion programme with a site acquisition in Oxford.

In Oxford the retailer has taken a eight-year lease on a four-floor prime pitch unit totaling 83 sq m (892 sq ft) at 28 Cornmarket Street next to Laura Ashley.

The lease was taken on assignment from opticians Dolland & Aitchinson for a rent of £39,000 per annum.

Comments Philip Bell of Stephen Kane & Company: Mobile Phones Direct is continuing its planned expansion programme along the M3 and M4 corridors which focuses on acquiring outlets in near prime pitch locations and has four more outlets it intends to acquire before December 1999.

Terrace Hill has forward sold its car showroom at Preston Farm, Stockton on Tees to Prestigic Holdings Limited, for over £1 .

9m, reflecting a yield of approximately 7.

Dutton Forshaw has signed a 25-year lease for the 1184.

48 sq m (12,750 sq ft) car showroom, which will be completed in December 1999 and will pay a rent of £146,625 pa with fixed minimum rental uplifts at the 5th 10th and 15th years.

Philip Leech of Terrace Hill commented: This transaction highlights the attractiveness of well let car showrooms as an investment medium.

Adrian Goldsmith of Prestigic Holdings added: The investment fits Prestigicts criteria of purchasing minimum uplift lease rent cash flows.

The store features the new corporate identity developed by Creative Action Design and implemented by Silverstone Builders.

The company’s new outlet at 3 New Bond Street Buildings, Bath, was acquired on assignment from Marlone Shoes.

Mobile Phones Direct agreed the existing 17-year lease on the five-floor property totaling 63 sq m (677 sq ft) at a rent of £20,000 per annum.

The store has been designed with the aim of making purchasing mobile phones uncomplicated.

The overall look is, consequently, minimalist and creates an open and light atmosphere.

The Society of Property Researchers (SPR) this week launched an initiative to help foster greater understanding of e-commerce among property professionals.

The new Internet & E-commerce special interest group will hold a series of seminars, speaker meetings and discussion groups focusing on the growth of the Internet economy and the implications for the property market.

Headed by Jon Snow, Central London analyst at Weatherall Green & Smith, the Group proposes to cover a diverse range of issues including the property requirements of e-commerce companies, development opportunities, covenant strength, and the marketing of property and surveying services on the world wide web.

Jon Snow comments, The Internet presents a great number of challenges and opportunities for the property professions.

To fully capitalise on these requires an understanding of e-commerce business models, the language and culture of Internet companies, as well as their approach to real estate as a strategic resource.

An agenda setting meeting for new members is planned for early in the new year, with membership open to all with an interest in the future of the property market.

For more information on joining the SPR and the new Internet & E-commerce special interest group, email Jon Snow at Weatherall Green & Smith.

Acting on behalf of a private client, Stephen Kane & Company has let 23 Romilly Street, London W1V 5TG, to Upstart Bars Ltd for a major new restaurant and private members club which already boasts a celebrity laden membership.

The self-contained property, which comprises a basement, ground and three upper floor levels (which previously accommodated around 100 covers), is located on the north side of Romilly Street between its junction with Dean Street and Frith Street.

Upstart Bars Ltd has taken a 25 year lease on the 262.

5 sq m (2,825 sq ft) unit at a rent of £120,000 per annum.

Comment Terence Watt of Upstart Bars Ltd: We are delighted to have acquired this prime location for what will be a very exciting new club.

23 Romilly Street will offer members superb private drinking and dining facilities as well as a whole host of other services and will act as an excellent venue for meeting with friends and business colleagues at any time.

Comments Jonathan Cowan of Stephen Kane & Company: The demand for private members clubs in Soho has risen considerably in the past 18 months due to lack of viable properties for mainstream clubs combined with increased market requirement for this type of venue.

This is reflected in the deal.

PRICOA Property plc (PRICOA) the holding Company of PRICOA Property Private Equity Limited (PPPE), PRICOA’s UK & European merchant banking division, announces that it has appointed Jonathan Short as managing director of PPPE.

Jonathan Short was previously the director at Lazard Brothers & Co Ltd (Lazard) responsible for the delivery of corporate finance and financing advisory services to the bank’s real estate clients, which include PRICOA.

PRICOA also owns PRICOA Property Investment Management Ltd (PPIM), the UK’s most active property investment management business with 2.

31 billion of fund commitments and property assets under management.

Investment funds managed by PPIM are invested in the UK and in 10 continental European countries, making PPIM one of the largest international investors in European real estate.

Commenting, PRICOA’s chief executive Richard Plummer said: We are delighted that Jonathan is joining us at this important stage in the development of our merchant banking division.

In late 1998, we formed PPPE and acquired Arlington Securities.

Since then, we have, with Jonathan’s help as advisor, completed the acquisition of Hemingway Properties PLC and taken a 12 million stake in The Big Yellow Self Storage business.

Jonathan Short added: I have known PRICOA as a client for a long time and I have the highest regard for their business.

They are currently one of the most aggressive deal-makers in the real estate sector and I look forward to building on their track record in the UK and Europe.

The first new business units in North Bedfordshire for many years are to be built at Highfield Road, Oakley.

Situated some four miles north west of Bedford, Highfield Parc offers three blocks of steel-frame units with brick and blockwork lower elevations in a modem landscaped business park environment.

With a combination of industrial space and office accommodation, the units come in two standard sizes of 279 sq m (3,003 sq ft) and 324 sq m (3,488 sq ft) and are designed to be occupied individually or in combination to provide up to 1,116 sq m (12,012 sq ft).

Highfield Parc is just one-third of a mile from the A6 north/south trunk road, and will have direct access to the forthcoming Clapham by-pass, approved and due to be constructed during the next three years.

Highfield Parc is the only new development of business units in the local area for some years so this is great news for North Bedfordshire commented Andrew Clarke of agents Douglas Duff.

Work on site is to start shortly, and the units should be completed for occupation by next summer.

Baring, Houston & Saunders (B,H&S) the property advisory arm of the ING Group, has announced that it has invested 10 million in Eagle Wharf to be developed by its partner on the fund, London Town.

This is the first acquisition by the B,H&S Residential Fund a recently launched property unit trust aimed at giving institutional investors the opportunity to invest in UK residential properties.

The fund will acquire 24 flats, which on completion, will be rented out and managed by London Town, the AIM-listed residential property fund manager and developer.

It is anticipated that the flats, when complete, will have a value of approximately 13.

8 million based on net current valuation.

Nick Cooper, Director responsible for Investment Funds at Baring, Houston & Saunders, said: As one of the first residential funds to be successfully launched, this acquisition demonstrates that we intend to exploit our relationship with London Town to the full by both developing and acquiring standing investments with refurbishment potential in order to achieve added value for the Fund.

I believe that the Eagle Wharf acquisition will prove to be an excellent investment for the Fund, providing impressive returns for its investors.

The B,H&S Residential Property Fund has already received a commitment of 11 million from existing pension fund clients and will invest initially in the London residential market, aiming to raise up to 100 million by the end of the Fund’s life.

DTZ Financial Services Limited are launching an industrial property investment fund on behalf of Gazeley.

The Gazeley Industrial Investment Partnership will purchase standing investments on five sites being developed by Gazeley in south-east England.

The initial size of the fund is expected to be 70m but, with gearing of up to 60% loan to value, it could grow to 175m.

It will run for a period of ten years, but is capable of extension by periods of five years, up to a maximum of 25 years.

This will give us a stake in the investments we create.

We will receive a regular income and participate in capital growth.

We expect to see industrial rents rise, particularly in the south east.

Duggan expects the fund to be attractive to investors for several reasons.

Firstly, it is an opportunity for investors to participate in the ownership of new industrial stock for which there is currently a high level of demand and a shortage of supply.

Thirdly, the management approach will be hands on and customer focused, aimed at building close relationships with occupiers, from which opportunities to add value are expected to arise.

Duggan points out that investors will benefit from the firm’s expertise in creating high quality standing investments at prime locations.

Gazeley is a leading UK developer of industrial property.

We have extensive experience of creating institutional investments and our proven management team will endeavour to satisfy both investors and occupiers.

The first standing investment that Gazeley will sell into the partnership, in the first quarter 2000, is expected to be a 52,618 square foot production facility at Southampton International Park.

This unit has been pre-let to Pratt & Whitney Canada (UK) Limited on a 20 year lease at a rent of 415,554 per annum.

With the £9 million transformation of Standard Life Investments’ Regent Centre in Hamilton now almost completed, retailers are snapping up the few remaining units and the centre is presently 97% let.

A 15 year lease has been agreed at an annual rent of £160,000 and New Look will trade from the ground and first floors with a combined selling area of 716 sq m (4,367 sq ft).

The unit was previously occupied by Mothercare who are moving out of the scheme.

New Look will open in February 2000.

Computer games retailer, Softworld Limited has moved into unit 19.

An annual rent of 50,000 has been agreed on a 15 year lease and the space comprises 146 sq m (1,570 sq ft).

As a result of this acquisition our nine shopping centres now account for more than 75% of our total property investment portfolio.

Lambert Smith Hampton and Jones Lang Lasalle have let the first floor of Electus Northampton Business Park, to Scottish & Newcastle.

The offices comprise approximately 2,434 sq m (26,200 sq ft) together with 126 car spaces.

This acquisition will provide accommodation for head office functions following corporate acquisitions including Greenalls and pending a relocation of the existing Scottish & Newcastle retail headquarters in Northampton.

The transaction closely follows Scottish & Newcastle’s acquisition of a 3,900 sq ft office suite at 500 Pavilion Drive, also on Northampton Business Park, which is now up and running as a central reservations office, co-ordinating hotel bookings throughout the country.

No announcement has yet been made with respect to the new headquarters, but it is strongly rumoured that the company will be taking a new development and will be remaining in Northampton.

Montagu Evans represented Scottish & Newcastle on both recent acquisitions and is retained by the company on the headquarters project.

This deal represents the second major letting at Electus within six months, Scottish & Newcastle joining Axus UK, a subsidiary of Ford, which took approximately 18,000 sq ft in June 1999.

Colliers Erdman Lewis, acting for Comet Group Plc, has successfully completed the letting of unit B2, at Pentrebach Retail Park, Merthyr Tydfil, to FR Dunlop Services Ltd, trading as Tiles R Us.

The lease on unit B2, which extends to 7,200 sq ft (669 sq m) has been assigned to Tiles R Us.

The passing rent is £57,000 per annum with the next review in 2001.

There are 17 years unexpired on the lease.

Sven Toepel (33) has been appointed Acquisition and Development Director for central London Offices.

Since joining Hammerson in 1996, Sven has been involved in the formulation and execution of the central London investment strategy.

Recent projects include Euston Square, No 1 London Wall and 280 Bishopsgate.

A chartered surveyor, Sven previously worked for Jones Lang LaSalle.

Jon Emery (33) has been appointed Director of UK Development.

Since joining Hammerson in 1989, Jon has been responsible for the project management of several city offices before moving over to the retail sector.

Jon is a Board Member of the DETR sponsored Movement for Innovation and the Department for Culture, Media and Sport sponsored City and Town Centres Initiative.

Miller Developments has appointed Andrew Wagstaff BSc ARICS as development manager in its London office, in order to assist with and expand the development programme following the recent acquisition of the CRS portfolio.

Previously with Harrovian Property Holdings and Whitbread Property, Andrew gained vast experience in the leisure industry, which will be a key asset to Miller’s commercial development plans in London and the south east.

Simon Frost, the director in charge of the London office says; I am delighted to welcome Andrew on board and am confident that, given his experience in the leisure and retail sectors, our position as a major player in these fields will be greatly enhanced.

At 30th June 1999, MWB’s latest year end, Kensington Village was valued at .

5m (of which .

7m related to Phase I), producing a revaluation surplus of 7m in the June 1999 accounts.

The total land and development cost of Phase I and II (inclusive of the original purchase cost of m) is estimated at m and the end capital value is estimated at 100m.

Since acquiring the site MWB has announced the pre-letting of 136,000 sq ft in Phase II to the US advertising and communications group MacManus while MWB’s serviced office subsidiary, MWB Business Exchange, is proposing to lease the remaining 22,000 sq ft.

On completion of Phase II, in Autumn 2001, the annual rent roll is expected to be at least 4m.

This favourable financing of Phase II which was enhanced by the pre-let to MacManus, has enabled the Group’s cashflow to be increased by the fill amount of the surplus proceeds received from the sale of Phase I, amounting to approximately .


The sale of Phase I is subject to shareholder approval and a circular giving fill details of the proposed sale will be sent to shareholders as soon as is practicable.

Bourne End Properties plc (Bourne End) today announces that it has exchanged contracts to acquire the 230,000 sq ft Fleet Walk Shopping Centre in Torquay from Scottish Widows for £15.

lm cash, reflecting a net initial yield of 6.

Plans for the city’s beacon of sporting pride, its £36 million Community Super Stadium, will be driven forward in 2000 by leading stadia development experts Drivers Jonas.

The project management consultants, at the forefront of numerous major UK stadia projects, have been re-appointed by the City council to take the helm, steering proposals for the Super Stadium complex onwards through to an outline planning application.

The firm has worked on top schemes including Sunderland’s Stadium of Light, the Britannia Stadium in Stoke, Southampton’s St Mary’s Stadium, Middlesborough Football Club’s Riverside Stadium along with preparing the functional specification for the English National Stadium to be developed on the site of the existing Wembley Stadium.

Divers Jonas will now work on planning studies encompassing traffic, environment and retail impact assessments.

James Bulley, a partner in Drivers Jonas Stadium Development Team commented: We are thrilled to be involved in the next stage for the implementation of the exciting proposals for the Community Super Stadium.

This appointment recognises our track record and experience in advising on the impact of stadia development.

We recognise the importance of finding solutions that minimise the effect of the development in the Circle to local residents and commerce.

The traffic study to be undertaken will look in detail at access to the Community Super Stadium for people from around the city and the region, and for visitors expected from across the country.

The environmental study will consider the remodelling of West Park as well as the impact of the proposed Stadium complex at the Circle, Anlaby Road together with the creation of additional facilities on nearby land.

There are also plans for a further consultation with residents and businesses close tot he Circle site prior to the submission of the planning application.

Drivers Jonas earlier prepared the original feasibility report on the Community Super Stadium which set out plans for the stadium complex with a unique mix of community and professional sports facilities in a parkland setting, the first of its kind in the UK.

Simon Stevenson has been appointed Commercial Investment Manager and will be based at the firm’s Newark Office from where he will spearhead the future growth of Hodgson Elkington’s Investment Brokerage services.

Mr Stevenson who has a first class honours degree in law, brings with him a wealth of investment brokerage experience, honed primarily in the United States.

A former Special Projects Director based in Denver, Colerado, where he was one of the region’s top commercial real estate brokers.

He was later head-hunted and appointed Vice President of sales and marketing for a consultancy group closely related to the commercial real estate field in Las Vegas.

Chris Burford-Bradshaw has been appointed Senior Building Surveyor and will be based at Lincoln where he will head up the firm’s new Building Division.

Both these appointments reflect the expansion and development of investment property turnover and increases in related property management and professional work, said partner Christopher Hodgson.

Barrie Tankel Partnership plc </a>is advising Bee Bee Developments on a £6m redevelopment of the Grade 2 listed former Holborn Town Hall in Camden, North London, that will commence construction early this year.

Cost planning and quantity surveying services undertaken by Barrie Tankel Partnership have demonstrated the viability of this ambitious and prestigious project that combines sensitive refurbishment of the existing 40,000sq.

building with 31,000sq.

new build offices and a 4,000sq.

community centre on a complex and confined city centre site.

Designed by architects Christian Garnett Associates, the scheme succeeded through planning largely on the basis of its retention of the character of the original building and its dynamic integration of office, community centre and restaurant uses.

The design team has worked closely with English Heritage and Camden Council to develop a design that accommodates modern office requirements and flexibility for varying tenant requirements, while still retaining the intrinsic flavour of the original building.

The new building connects High Holborn to Stukeley Street at the rear.

Entered from High Holborn, the Connection is designed to appeal to younger staff with its vibrant glazed walkways and innovative layout.

Currently celebrating its 30th year in business, Barrie Tankel Partnership plc continues to offer its traditional services of cost consultancy and quantity surveying in addition to a growing project management portfolio primarily in the commercial, residential, educational and industrial sectors.

Two agreements for lease have been signed by Britax for 25 years on an FRI basis at rents of 90 per square foot for the industrial unit and The payment of the total income of 2,000 per annum will commence after rent free periods of 6 months.

The tenant has break options on both buildings at the end of 15 years.

The local authority has resolved to grant planning permission for the Concept Centre and the building should be ready for occupation in December 2000.

Fletcher King Plc, the property and construction services group, has appointed Gavin E Hubrich as a senior portfolio manager in the property asset management department.

Gavin Hubrich joins Fletcher King from The Crown Estate where he was a Management Surveyor for Regent Street.

His responsibility at The Crown Estate included the management of 400 tenancies with a capital value of £690m; tenant management;Commenting on the appointment, David Fletcher, Chairman of Fletcher King, said: We are delighted to welcome Gavin Hubrich to the group, his dynamism, combined with his valuable experience in property asset management, will make him of great value to Fletcher King.

Hermes, on behalf of Britel Fund Trustees Limited has acquired Saltley Business Park, Birmingham from developers A & J Mucklow Group Plc, for £41.

Hermes is to rebrand and upgrade the one million sq ft park which is arguably the most prominent business park in Birmingham.

Formerly the long-term home of Metro Camels carriage works the new landlords intend improving the park and raising its profile.

Saltley Business Park currently accommodates 21 industrial and warehousing units over 48 acres.

Occupiers include Benjamin Priest Limited, Rover Group Limited, International Metal Services UK Limited, British Telecom Plc and Booker Cash & Carry.

There are presently only two units available, one of 23,716 sq ft and one of 20,851 sq ft.

Career Care Ltd the expanding recruitment consultants, have taken a new lease of 430 sq m (4,626 sq ft) of Grade A office accommodation on the fourth floor of The Crown Estates building at 39 George Street.

The ingoing tenants have taken a lease of some 12 years subject to a break in 2007 at an initial rental of 7,000 per annum together with 5 car-parking spaces.

Roxburgh & Company acted on behalf of Career Care and CB Hillier Parker acted on behalf of The Crown Estate.

They have been searching for the right space for sometime and we believe that this accommodation gives the right type of space and the right type of location given the nature of their business and the number of visitors they receive.

Stewart Taylor of CB Hillier Parker said Had we openly marketed the suite we believe it would have attracted considerable interest due to the current lack of high quality accommodation.

Career Care were willing to pay a rental reflecting this and to take occupation the day after the previous tenant vacated.

The transaction was therefore sufficiently attractive for the Crown Estate to agree terms at an early stage.

Phase 1 of the park is now completed and trading, with the second phase already currently under construction with an expected completion in December 2000.

Both phases are 100% fully let and will generate approximately £1 .

4m a year in rental income from a range of tenants that include Cine UK, Stakis, Forte and City Centre Restaurants.

These latest purchases take total commitments by the Fund to more than £60m in only three months.

National construction agents Wakemans are sailing on the crest of a wave in Newcastle-upon-Tyne where they have been appointed to project manage a £5 million Granada Travelodges project on Quayside.

Wakemans Chief Executive David Howles said: This is Granada’s first Newcastle city centre Travelodge.

The Quayside is a focal point for economic revitalisation within the city and is a prime location for a hotel.

It is a positive message to Newcastle that somewhere that was so much in decline is once again a bustling, successful waterfront.

The 2 acre brownfield site was a former shipping warehouse, reflecting the decline in both the local shipping and coal industry on the Quayside – which closed to commercial shipping in 1981.

Wakemans has worked successfully on more than 20 Granada Travelodges and this relationship led to it being invited to bid and be appointed, on this occasion, as project managers, employers’ agents and quantity surveyors.

Granada Marketing Director Mr Marc Bell said; Travelodge is the most recognised budget operator in the UK with over 200 locations.

Travelodge are delighted to extend the concept into Newcastle working with Wakemans.

The mile-long Quayside is one of the premier regeneration sites in the country and one of Europe’s prime waterfront developments adorned by restaurants, bars and offices.

Some commercial buildings are named after former Quayside wharves – Copenhagen, London, Antwerp, Hamburg, Rotterdam, Malmo and Genoa, which were all destinations of Tyne-side ships.

Cardiff-based investor, Sydney & London Properties, has further consolidated its Scottish property portfolio by purchasing a hotel sale and leaseback in Glasgow.

The Howard Johnston Hotel, which is now under construction is situated within the Gorbals area of Glasgow, and forms part of a larger development incorporating student halls of residence for Glasgow’s Maritime College.

On completion, the hotel will provide 114 bedrooms, a restaurant, bars, lounge and extensive parking.

Operators, Premier Hotels plc, have agreed to enter a lease for a period of 35 years, incorporating 5 yearly reviews, subject to minimum uplifts.

Sydney & London Properties paid £5.

7m for the resulting investment, which reflects a net initial yield of 8.

Richard Anning of Sydney & London stated We are delighted to be involved with this project, as we believe that the UK budget hotel sector is one that will perform well over the short to medium term.

(GPE) announces the appointment of Richard Paxton as centre manager at the Octagon Centre – its 15,608 sq m (168,000 sq ft) shopping centre in High Wycombe, Buckinghamshire.

Paxton, who replaces the retired Hugh Abbott, will be working closely with James Roberts, estates manager with GPE.

He will be responsible for overseeing the running of the centre and implementing a programme designed to maximise retail potential and optimise customer service, while offering the highest standard of presentation and security.

Commenting on his appointment Paxton said: I am delighted to be joining Great Portland Estates and look forward to the opportunity of managing the Octagon Centre on their behalf.

This is an exciting time for the town as the prospect of the Western Sector shopping centre development is now gathering momentum.

Mr Blythe, previously Chief Executive of the North & Mid-Cheshire Training & Enterprise Council (TEC), succeeds Keith Banbury, who resigned in October last year after 28 years with the Institute.

Paul Shepherd CBE DL, President of the Chartered Institute of Building, commented Chris Blythe has all the necessary experience, personal qualities and enthusiasm to contribute very significantly to the future of our Institute.

Before joining the TEC, Chris Blythe spent 15 years in industry, working for Dunlop, Birmid Qualcast Foundries, Mitel Telecom, Spicer & Pegler, Corgi Toys and GKN Sankey Industrial Products in financial appointments.

He has a degree in Business Studies and is a Fellow of both the Chartered Institute of Management Accountants and the Royal Society of the Arts As TEC Chief Executive, he managed a team which supported a client base of some 11,000 companies, including major multi-nationals such as ICI and United Utilities as well as a large number of small and medium enterprises.

Dr Bob Hanley, the President of CryoLife Europa says: This is a major commitment by CryoLife Inc to the European market and I am delighted we chose to locate our new headquarters in the Fareham area, which has long been associated with some of the world’s leading medical technology companies.

In a series of internal and external appointments, Dron & Wright has strengthened its team and is now all set to make an even greater impact on the Central London office market in 2000.

Senior Partner, Peter Wonnacott says After years of being known as professional property managers, particularly with our long association with Plantation House in the City, 1999 was a year of consolidation.

Referring to new starts in the new Millennium sounds trite, but times like this do offer the opportunity for refocusing and these new appointments underpin our position as an aggressive Central London agent.

We see both office and investment agency as a combination of market and professional consultancy skills, which ensures that we manage each deal from conception to final completion.

The appointments we have made, reflect this approach.

Associate Richard Chapman who started work at Dron & Wright in 1993, has joined the partnership.

The City agency team was further boosted earlier in the year with the transfer of surveyor Stephen Elliott ARICS from D&W’s professional department, where he had worked for two years.

Meanwhile, the firm’s West End agency team has been strengthened by the appointment of surveyor Paul Dart ASVA, who joins the firm’s Conduit Street office from Phoenix Beard where he headed the West End office agency department.

At the same time, Bernard Gilburt FRICS has been recruited from Swedish property company Naeckebro where he was the Senior Property Manager managing a UK portfolio of 140,000 sq m (1.

5 million sq ft) of industrial,Offices, retail and development land.

Gilburt has joined D&W as an Associate in the property management team.

Finally, Louise McElarney ARICS from D&W’s professional team and Mark Widnell ACA have both been made Associates and Julia Ruddock ARICS has been promoted to Senior Surveyor in the property management department.

With all these changes successfully made says Wonnacott we still are looking to reinforce our investment agency team, but expect to have the appointment in place in the next few months.

Based at the company’s Esher office, Elliot will add strength to the existing team and help to develop the existing client base and expand the practice.

He comments: I have joined Chisholm Nurser at a particularly exciting time and I am looking forward to the challenges that lay ahead.

There are very definite plans in place to continue the growth of the company and I am hoping to assist in achieving these aims.

Formerly with Wayne Collins Associates, Elliot was selected by Chisholm Nurser for his wealth of experience in the building surveying industry in all aspects of professional and project based activities.

Strand Harbour Securities has further strengthened the profile of Cams Office Park in Fareham as a leading global communications centre after enticing two internet companies to Home Farm Office Village.

NewNet Limited, an internet service provider, has leased the West Barn 150.

2 sq m (1,617 sq ft) for a term of ten years at ,000 pa.

The company is using the building as its head office and location for its communication racks which are linked via the fibre cables directly to Telehouse in Docklands.

Athene Internet, another internet service provider, has acquired the freehold of the South Barn 256.

4 sq m (2,760 sq ft) for just over 0,000 and is also planning to house its racks at Cams.

Cams Park Estate is increasingly popular with technology companies that wish to reap the benefits of instant connectivity to the world-wide web.

The 544 ha (220 acre) business park has two diverse broadband fibre connections to London equivalent to 62,000 ISDN lines, enabling all its occupiers to have a virtual presence in the heart of the capital.

And the campus is set to become even more attractive to IT firms having been chosen as the only UK landing site for Project Oxygen, a revolutionary trans- Atlantic fibre-optic cable network.

This will enable companies to transmit and download high volume information and more content-intensive material, such as pictures, sound, text and moving images, instantaneously.

Fraser Whyte, of Cams developer Strand Harbour Securities said: We have seen Cams evolve into an office park at the cutting edge of advanced technology.

Athene and NewNet join a growing list of IT companies to base themselves at Cams Office Park, including Enghouse (UK) Limited, Shield Software Services Limited, IQUO and e4 Selling Systems.

Stationery Box along with Greggs trading as Baker’s Oven have opened new units at the Chequers shopping centre, Maidstone, Kent (ME15 6AT).

Baker’s Oven, an existing tenant, agreed a new lease on a reconfigured store in order to launch its latest store concept.

The bakery group has taken a 15-year lease, from March 1999 on the 271.

5 sq m (2,923 sq ft) unit on the Water Lane level of the Centre.

The rent is £49,000 per annum.

Meanwhile, Stationery Box has taken Unit 209A, a 187 sq m (2,010 sq ft) unit adjacent to Baker’s Oven, on 15-year lease at a rent of £43,000 per annum.

The company had a prime pitch requirement for Maidstone.

Both units are located close to Bhs in the 37,260 sq m (450,000 sq ft) centre which is owned by the Stoneborough Trust and asset managed by Richard Ellis St Quintin.

The lease agreements with Baker’s Oven and Stationery Box follow other recent lettings to First Choice Holidays PLC trading as Travel Choice, Birings, Time Computers and Formative Fun Toys.

Comments Roger Fulford of Richard Ellis St Quintin: The Chequers continues to attract a wide range of retailers and leisure operators because of its prime position in Maidstone and because customers often shop in the centre several times a week.

Stephen Kane & Company is retained by Greggs Plc as a sole property adviser in London, inside the M25 and throughout the South East.

Stationery Box was represented by Conrad Ritblat.

Forsters was formed in 1998 by lawyers (principally from the property and private clients groups) of Frere Cholmeley Bischoff.

Its offices are in Mayfair and although its main focus is on property and private client, it also has a thriving commercial and litigation practice.

City law firm Kingsley Napley has an established property department (consisting of 8 partners), specialising in developments and joint ventures, planning and environmental issues.

Last year the firm expanded the commercial side of its practice, merging with Walsh Lawson, and advises clients on a wide range of contentious and non-contentious commercial matters.

Chartwell Land has acquired the former John Menzies store in Colchester for £3.

6 million from Royal Sun Alliance and proposes an extensive redevelopment, creating two retail units.

The existing fa ade to the High Street frontage will be retained.

Fellow Kingfisher subsidiary, Superdrug, will take a unit of 1,077 sq m (11,600 sq ft) and a further unit will provide 241 sq m (2,600 sq ft) of retail space.

Mark Robinson, Chartwell Land’s in-town Development Manager comments: We will be achieving in excess of £110 per sq ft in terms of Zone A, which reflects the fact that Culver Street West is Colchester’s prime shopping thoroughfare.

The development will provide nearly 15,000 sq ft of well configured retail space that is at a premium in terms of both tenant and institutional demand.

We are continuing to look for opportunities of this nature where our sister companies Woolworths, Superdrug and MVC can gain representation and we can provide additional third party retail space.

Smith Price advised Chartwell Land on the purchase and are marketing the remaining unit which should be available for Christmas trade 2000.

The company, a division of Scottish & Newcastle plc, is set to convert the 50,000 sq.

building into a budget hotel facility with 161 bedrooms – a move which will create 60 new jobs for the city.

Chartered surveyors F.

Burnett acted on behalf of Scottish & Newcastle Retail to purchase the property from Upland Tulloch.

It is also significant in that it will lead to the conversion of an early 70s office block to an alternative use which perhaps sets out a marker for other city centre properties.

Alastair Dickie, Acquisitions Manager for Scottish & Newcastle Retail, said: We are delighted to be bringing a quality budget hotel to the centre of Aberdeen that offers excellent accommodation facilities for both business travellers and families.

Sonera, Finland’s State telephone company and the country’s largest telecommunications service provider that became in November the largest single occupier of HQ’s serviced offices at 8 The Square, Stockley Park, has just agreed to double their occupancy to more than 220 desks.

The company that is also Finland’s largest telecommunications service provider will be paying an average rent of approximately £1.

6 million per annum on a phased basis that will equate to £1,909,200 per annum by year three.

Catella advised Sonera throughout and continue to do so with regards to their future property strategy in the UK.

Burnett acted on behalf of SFG Properties to secure the deal.

The sale price reflects a net initial yield of 9.


David MacLeod of F.

Burnett said: This property occupies a strong secondary retail pitch on Union Street and the Lunn Poly unit provides good, well proportioned retail space.

The upper floors also offer scope to increase the return by letting vacant office accommodation.

The 10,000 sq.

property comprises a retail unit with upper floor offices.

Tenants include Lunn Poly, Allied Dunbar and CW Travel.

Direct overseas investment in UK commercial property during 1999 amounted to over £3.

5 billion according to the latest report from DTZ Debenham Tie Leung due to be published in February.

This, the second highest figure ever, represents an 11% increase on the 1998 figure and is further evidence of confidence in the UK property market.

US and German investors dominated the market and together invested £1.

55 billion or 52% of the total identified investment (£800 million and £750 million respectively).

The Irish were the second biggest European investors after Germany ploughing almost £300 million into UK property.

Investment from the Middle East increased by 38% over 1998 to £607 million in 1999 with a significant increase in exposure from Israeli investors.

Although the Far East’s £89 million investment represented only three per cent of total identified overseas investment, this was an increase of a third over 1998.

Against this positive economic environment, returns on real estate investment are rising all the time with the all-property total return for 1999 expected to be around 13.

By region, London continued to attract the lion’s share of investment of £1.

5 billion although there was an increased willingness by investors to invest in regional property.

Within London, the City attracted the bulk of investment of almost £1 billion; evidence that its traditional attractions i.

larger lot sizes and covenant strength are important to overseas investors.

Conversely, London’s West End saw a decline in investment from 1998 with only 11% of total identified overseas investment of £300 million.

London’s Mid Town accounted for £256 million of investment in 1999, which was broadly in line with its long-term average.

Although an additional £60 million was invested in London commercial property outside of the core markets in 1999 (a total of £195 million), this is still below the long-term average over the previous decade.

Overseas investment in property outside of London topped £1 billion for the first time in 1999 with the South East accounting for 44% of regional non-portfolio investment.

The growing interest in cities such as Manchester, Leeds, Glasgow and Edinburgh is due, in part, to the shortage of investment grade property in London and the weight of money pursuing it.

By sector, offices continued to dominate taking 65% of all investment.

Although, in the retail sector, investment fell to £388 million against £700 million in 1998, shopping centres were a star performer.

Although industrial investment fell to almost half of 1998’s figure (to £165 million), both these sectors continued to attract capital that exceeded the long-run average.

Peter Evans, head of research, DTZ, also commented: Our research clearly demonstrates that the appetite amongst overseas investors for UK commercial property remains strong.

The vitality provided by this source of investment benefits the market as a whole and can now be seen as a permanent feature of it.

Substantial foreign investor interest has ridden variations in property performance over more than a decade: given a very positive prognosis for the sector in the foreseeable future J would expect activity to remain at high levels.

Sporting Memorabilia of Warwick has taken over 13 Market Place, by lease assignment from Ciro Citterio Menswear plc.

The double fronted premises on the corner of Market Place and Cornmarket totals approximately 59 sq m (640 sq ft) of ground floor space, with 26 sq m (280 sq ft) of prime retail space.

Alistair Anderson of letting agents Oliver Liggins said: The refurbishment of Warwick town centre has created a pleasant shopping environment and this factor, coupled with the current lack of stock in the town, triggered considerable interest in this property.

Only 10 weeks following the acquisition of the Quedam Centre – Great Portland Estates P.

(GPE) has secured The Mobile Phone Store for the final unit which extends to 166 sq m (1,791 sq ft), at a rent of £75 Zone A on a 15 year lease.

The 15,236 sq m (164,000 sq ft) shopping centre is now 100% let, endorsing GPE’s view that the town is under rented and holds great potential.

GPE acquired the 44 unit centre anchored by Bhs, Marks & Spencer, Boots and Littlewoods in October last year from Standard Life for £37.

Sam Shores, estates surveyor for Great Portland Estates P.

, comments: Great Portland has managed to snap up a real gem with the purchase of the Quedam Centre.

The potential of Yeovil has long remained unrecognised but this latest deal endorses the fact that the town is undervalued, and we are extremely keen to develop further investment opportunities within the town.

A major focus of the asset enhancement strategy is to provide larger unit sizes of circa 372 sq m (4,000 sq ft) in line with current retail demand.

GPE will seek to expand its investment in the first instance by creating an additional 1,858 sq m (20,000 sq ft) of retail space from the car park and basement areas.

Acting for Scottish Midland Cooperative Society t/a Semi-Chem, Culverwell and Company has acquired new premises for the retail chemist at 36 Unicorn Way, Glenrothes.

Semi-Chem has purchased the Leasehold interest on the property from Blacks Retail Distribution (t/a Intersport) for an undisclosed premium.

The property extends to approx 1,506 sq ft, with a passing rent of £39,500 per annum.

Semi-Chem is already represented in Glenrothes.

However, the business current occupies premises in an area within the town centre intended for redevelopment, and for which the lease is shortly due to expire.

ATL Products Ltd, a leading company in the automated data library industry, has signed up at the 367 sq m (3,950 sq ft) 6 Lindenwood.

The company will pay a rent of ,150 pa ( per sq ft) after a nine-month rent free period.

ATL already occupies the adjacent unit and the lease will be on similar terms as its current lease and expires on September 29th 2012.

Baker Davidson Thomas acted on behalf of Neles Control Ltd.

ICN Pharmaceuticals Ltd and ATL represented themselves.

NAI Gooch Webster, which already has one of the largest Scottish presences amongst national chartered surveying practices, has taken on new offices, enabling it to move into a new stage of growth.

The company has moved to 68-70 George Street, effectively doubling its capacity.

Iain Graham has been appointed as Head of Office, and will look to develop the company’s business consultancy work with the many corporate and public sector clients already serviced by the firm.

In fact the move was completed and fitted in just six days complete with an integrated voice and data system linking the office with the rest of the NAI Gooch Webster network.

The city is also seen as a major UK magnet for inward investors, and we will be using our new strategic alliance with the NAI international network of property consultants to exploit the opportunities this will present.

Iain Graham, who will combine his new role with that of heading up NAI Gooch Webster’s national Facilities Management team, is backed by local department heads for Investment, Business Space and Retail, together with their respective teams.

In one of the biggest industrial building deals that Scotland has seen in the last 12 months, Halifax plc has purchased an 18,580 sq m (200,000 sq ft unit) at Baird Road, Kirkton Campus, Livingston.

The building was sold by NAI Gooch Webster, acting jointly with DTZ Tie Leung, for a sum in the region of £4m on behalf of Premier Property Group – the property company owned by Glasgow Rangers Chairman, David Murray.

The building was originally occupied by Unisys.

More recently, half of the unit was let to Jabil Circuits.

Halifax will use the remaining 9,290 sq m (100,000 sq ft) as a back-up call centre facility for their new banking office in Edinburgh.

Healey & Baker acted for Halifax.

Scotland has seen a number of very large buildings change hands in the last 12 months, comments Neil Cockburn of NAI Gooch Webster’s Glasgow office, but this is one of the biggest – if not the biggest.

The price paid reflects the high quality of the property, which has the potential to be used for a wide range of purposes.

Acting on behalf of Kinetic Plc, Fisher Hargreaves Proctor have let retail premises at 17 St Peters Gate, Nottingham to ladies fashionwear retailer, Abe Couture.

The property extends to a ground floor sales area of 423.

38m2 (467ft2) and has been let at a rental of £27,000 per annum.

Jonathan Emmerson of letting agents Fisher Hargreaves Proctor commented: The unit is well located close to the junction of Bridlesmith Gate and St Peters Gate in Nottingham City Centre and, as expected, received strong interest from a range of retailers which resulted in a letting to Abe Couture, who retail quality French designer labels.

The letting is further evidence of the strong retail demand for shop units within Nottingham City Centre and I am actively seeking further opportunities with which to satisfy retailer’s demands.

Burford Holdings plc (Burford) today announces that it has exchanged contracts to sell its recently completed and let 39,000 sq ft office building in Bracknell to British Airways Pension Fund Trustees Limited for £1 6.

2m, reflecting an initial yield of 6.

The specialist Acquisitions & Development Team (the Team) at Baring, Houston & Saunders (B,H&S) – the property advisory arm of the ING Group – has successfully completed the disposal of part of the Sears portfolio for a total of some £14m.

The disposals included a range of properties in Bridgend, Oxford Street, Chertsey, Plymouth and Warrington, and support the restructuring of the Sears Group away from property holdings.

In addition to this disposal, the Team has completed a further £49m worth of deals in the first quarter of this year, for a total of £63m.

This compares with £34m over the same period last year.

The deals include £32m of purchases and £3m of sales.

The Team is totally stock driven and has £120m to invest across all sectors.

Highlights of the quarter include: Disposal of part of the Sears portfolio for £14m.

Disposals in Basingstoke for £3.

6m and Austin Friars for £4.


Purchase of a £4.

5m industrial property in Twickenham.

Sale of a Cambridge office for £2.


Purchase of a £3.

25m industrial property in Egham.

Purchase of an Industrial Estate in Alperton for £9.

Speculative industrial funding at Staples Corner for £5.

Nicholas Gill, director of Acquisitions & Development at B,H&S said: We have had an excellent first quarter of the year.

Investment activity is strong and we still have a lot of requirements, active management stock being the focus, to fully invest a further £120m.

Gazeley Properties has now started work on an 8,036 sq m (86,500 sq ft) first phase at its Delta Park industrial and distribution scheme in Millmarsh Lane, EnfieldGazeley Properties has now started work on an 8,036 sq m (86,500 sq ft) first phase at its Delta Park industrial and distribution scheme in Millmarsh Lane, Enfield.

Commenting on the scheme, Gazeley’s Paul Weston said: There is a real shortage of high quality accommodation in the Enfield area, so we expect good demand for the units in this first phase and anticipate achieving rents as high as £75.

50 – £78 per sq m (£7 – £7.

The fact that we are building the first phase on a speculative basis clearly demonstrates our confidence in the strength of the market’s.

Gazeley acquired the 10.

3 hectare (25.

5 acre) former Delta Works site from Delta Plc for £11 million at the beginning of the year (January 2000) and has secured planning consent for a total of 41,341 sq m (445,000 sq ft) of BI (c), B2 and B8 space.

In addition to the speculatively built units, bespoke facilities of up to 15,800 sq m (170,000 sq ft) can be accommodated on the site and, using its established fast track procurement expertise, Gazeley can deliver buildings within 20 weeks of receiving detailed planning consent.

Christopher Jolly, currently Head of Corporate Banking at Commerzbank AG, has been appointed non-executive Chairman of First Sloane Street Limited, the holding company of Hemingway Properties which is owned by PRICOA Property PLC (PRICOA).

Hemingway Properties plc was acquired by PRICOA’s merchant banking division, PRICOA Property Private Equity Limited (PPPE) in 1999 and was the company’s first UK public to private acquisition.

The Hemingway Group owns a £284m asset portfolio comprising office, retail and industrial properties.

Commenting, PPPE’s managing director, Jonathan Short said: Chris, with his City experience, connections and deep knowledge and understanding the UK property sector, will be a great asset to First Sloane Street.

He has a clear and unjaundiced view of the property market, and we look forward to the invaluable advice that he will bring to the business.

Christopher Jolly added: PRICOA is renowned as one of the clear leaders in property management and investment in the UK and Europe.

Hemingway Properties is an exciting and far sighted business, and I look forward to working with them to build on their success.

Acting on behalf of Maplezone Properties Limited Fisher Hargreaves Proctor have sold Bloomsgrove Industrial Estate on Ilkeston Road in Nottingham for £2.

8m at a yield of less than 10%.

The Estate comprises a number of industrial units which was developed in the early 1970’s.

The current rent roll is £290,000 p.

and the investment has been bought by a private London based investment company.

Berryman Shacklock acted as solicitors on behalf of Maplezone.

Edward Hine of Fisher Hargreaves Proctor comments the market is still very strong for older Industrial Estates which are in need of active management and my clients have taken advantage of this to reconfigure their portfolio and we are currently looking for opportunities to reinvest the proceeds of particular interest is out of town offices in prime locations let to blue chip tenants on leases less than 10 years.

At the UK Pensions Awards held at Grosvenor House Hotel on 11th April, Baring, Houston & Saunders (B,H&S), the property advisory arm of the ING Group, saw off stiff competition to be awarded the Property Advisor of the Year prize.

Terry Wogan, the evening’s host, presented the award to B,H&S managing director Robert Houston.

It especially recognised the achievements of the launch of the B,H&S Residential Property Fund, the growth of Lionbrook Property Partnership, and the high level of customer care that is attributable to B,H&S.

Robert Houston, managing director of B,H&S said: We are absolutely delighted to receive this recognition, which is the culmination of an excellent year for our company.

The award is a tribute to our clients and staff whose support and input has enabled B,H&S to lead the field in discretionary property asset management and innovative pooled vehicles.

The Easter Development Group (Easter Group) has let two out of the three units at Leo, their latest Trafford Park development on the Zodiac theme.

Unit 1, totaling 25,500 sq ft has been let to Gask & Hawley Printers for a term of 15 years at a rental equating to £5.

16 per sq ft.

Unit 3, totaling 18,600 sq ft has been let to First Line Logistics, who have expanded from their existing Trafford Park base for a term of 25 years at £4.

95 per sq ft.

Both the deals were in respect of shell buildings built to an institutional standard, and involved in a nominal element of rent-free period.

Mike Forster, Director of the Easter Group comments: We are delighted to welcome First Line and Gask & Hawley Printers and very pleased with the level of interest in the remaining unit, comprising 22,300 sq ft.

Top quality units of this type are of great appeal, and the speed with which these two units have been let demonstrates substantial confidence in what is undoubtedly the North West’s premier industrial location.

The scheme was funded by the discretionary clients of Baring Houston & Saunders, the property advisory arm of ING Group, and the joint agents are Fletcher King Braithwaite and Fuller Peiser.

The freehold of 37-38 Curzon Street, W1, which comprises 26,176 sq ft (2,432m2) of office, residential, restaurant and cinema accommodation.

The cinema is let to GCT Management Ltd while the offices and a majority of the residential accommodation are currently vacant.

The total current rental is £197,250pa.

CB Hillier Parker and Hamilton Osborne King acted for the Irish investors and the vendor was The freehold of Outer Temple, 222 Strand, WC2, which comprises 30,907 sq ft (2,871m2) of banking and office accommodation.

The freehold interest of 123 Cannon Street, EC4, which comprises 9,09S sq ft (845 m2) of retail and office accommodation.

The retail unit is let to EAT Ltd and the upper parts are multi-tenanted.

The total current rental is £223,468pa.

The part freehold and part long leasehold interest in 15-16 Brooks Mews which comprises 14,185 sq ft (1,318m2) of multi-tenanted retail and office accommodation.

The total current rental is £381,375 pa.

A report from international real estate advisor Jones Lang LaSalle has highlighted increasing competition within the Manchester hotel market and the subsequent pressures faced by existing players and developers entering the market.

Jones Lang LaSalle Hotel’s Digest Europe, found that following strong improvements in hotel trading over the mid-1990’s, Manchester has in recent years been affected by a substantial increase in new supply.

Room supply increased by 13.

1% during 1999, yet there are currently 10 additional new hotels under construction set to enter the market by 2002.

This will increase by a further 23.

The report found that as a result of the new supply, room yields have declined over the past two years, driven down by declining occupancy, which in 1999 fell by 3.

9% to 71.

Jones Lang LaSalle predicts that continuing supply growth will result in both occupancy and room rates coming under further pressure over the short term.

Andrew Shaw, National Director in charge of Jones Lang LaSalle’s Manchester office, commented.

Despite the immediate pressures on the hotel market, the outlook for the medium to long term is excellent with Manchester receiving a boost to its international profile when hosting the Commonwealth Games in 2002.

Teesland Group plc, the broad based development and investment company, have announced a further pre-letting of their office development at 50 Broadway, London, SW1, which will total 6,660 m2 (71,700 sq ft) of prime office space.

Teesland has let both the first and the ground floors, totalling 1,610 sq m (17,100 sq ft), at 50 Broadway to Bircham & Co, the solicitors for a 15-year term.

The first floor totals 814 sq m (8,633 sq ft) whilst the ground floor accounts for 800 sq m (8,471 sq ft).

The options excercised were pursuant to the original agreement to lease and at prices fixed at that time.

The building, which is the only sizeable redevelopment due for completion in 2001 in Victoria, will offer high quality, air conditioned, Grade A space with dramatic views across St James’s Park.

This letting brings the total amount pre-let in the development up to 4,380 m2 (47,000 sq.

), with just 2,300 sq.

m (25,000 sq.

) remaining available, on the fifth to ninth floors inclusive.

The Elliott Partnership have let the 334,000 sq ft Link 56 warehouse at Deeside Industrial Estate on behalf of their client Umbro International plc.

Let to Great Bear Distribution to accommodate the company’s rapid growth £4.

00 per sq ft is being paid.

This letting follows The Elliott Partnership’s property review undertaken on behalf of Umbro as part of a radical re-evaluation of the Group’s property needs.

It coincides closely with the news that The Elliott Partnership have agreed a sale of Umbro’s 85,000 sq ft HQ offices at Daltimore Road, Wythenshawe to Henderson Investors.

Catella Property Consultants announces that Richard Pope ARICS, will from 15 May be joining the company as an Investment Director and a member of the UK Management Board.

Formerly a leading member of the Central London investment team at Insignia Richard Ellis, Pope will join the growing ranks of Catella investment specialists based in London that act for UK and European investors.

Gordon Wood, Managing Director of Catella commented: Richard’s appointment is an important step in our business development strategy for the UK and is a reflection of the group’s focus on European cross border investment activity.

Rogers Chapman has expanded its teams at the West London office at Heathrow and in the Thames Valley office at Bracknell, by the appointment of the following new staff.

Andrea Sinclair BSc (Hons) MSc ARICS (28) has joined the professional team at the Heathrow office as a senior surveyor.

She was formerly with Slough Estates PLC where she worked in the retail property management department.

She can be contacted at Rogers Chapman, Heathrow office.

Jonathan Fear BSc (Hons) Pg.

Dip (25) has joined the Thames Valley office at Bracknell in the agency team.

Formerly at Januarys in Cambridge, he has relocated to the Thames Valley to take advantage of the regions’ dynamic economic growth.

Puccino’s have just acquired their 35th branch.

The unit which has 600 sq ft (55.

75 sq m) on the ground floor with 992 sq ft (92.

16 sq m) ancillary over 3 floors has been granted A3 consent.

Following refurbishinent the unit will be run by local franchisee Paul Moore.

The rent paid was £16,000 p.


on a 15 year lease with a rent free.

Managing Director John Black said This will be our first cafe outside the South East and we are looking forward to further expansion.

Further units are under consideration within London and the M4/M3 corridor but where we able to match sites with franchisees other towns and areas are being considered.

The company which opened its first outlet at Putney Station in 1995 has grown to 35 sites and planned growth should see the group with in excess of 50 sites by the beginning of 2001.

British Waterways, advised by Weatherall Green and Smith, has entered into an agreement with development partners Groveworld and Pollard Thomas and Edwards (PTE), to develop a £17m mixed use canal side scheme at Harris Wharf on the junction of Regents Canal and City Road Basin in Islington, North London.

The site, formerly used as a timber wharf, is located adjacent to the listed Diespeker Wharf, PTE’s award winning residential and office headquarters.

It is to be developed for a mixed use residential scheme incorporating 56 residential units and 10,000 sq ft of B1 offices together with associated basement parking and landscaping.

The London Borough of Islington resolved to grant detailed planning permission on 14 March, subject to the signing of a section 106 legal agreement for affordable housing and local environmental improvements.

The developers were selected following a two stage marketing campaign and were chosen by British Waterways on the basis of their innovative proposals for the redevelopment of the site.

Nigel Durman, Consulting partner at Weatherall Green and Smith, said: ‘This is a significant and innovative redevelopment proposal which will help to regenerate a key canal side site with a landmark building to the benefit of the whole community.

It achieves British Waterways’ objective of securing best value from its canal side property, whilst generating funds for rein vestment into the inland waterways as a whole, so that they are conserved and enhanced for future generations.

Newport Holdings PLC (Newport) the fully listed property investment company announces that it has exchanged unconditional contracts for the purchase of three retail investments let to Barclays Bank.

The properties are located in the North West of England in prominent High Street locations, producing an annual rent of £114,000.

The consideration to be paid is £1,130,000 of which £1,000,000 is in cash and the balance by the issue of 100,000 new Newport 25p Ordinary Shares.

Commenting on the acquisition and disposal, Peter Lewin, Chief Executive of Newport, said These transactions are consistent with Newport’s proven strategy of concentrating on quality tenant covenants, long occupational leases and fixed interest, long term debt and of judicious disposals when we have identified an opportunity to take profits.

Burford Holdings plc (Burford) today announces that it has exchanged contracts for the third office letting at its 160,000 sq ft 50 Berkeley Street, London Wl, prime Grade A office development.

Continued expansion in the services offered by commercial property specialists Douglas Duff have prompted the firm to make three new appointments this month (June): Geraldine James and Sandra Thomson join the property management team, working with partner Philip Stainsby, while John Brown joins the agency staff.

After a short term contract with Milton Keynes Council as an estates surveyor, she worked for two years at Underwoods in Northampton on property management, rating and valuation before joining Douglas Duff.

In her spare time, Geraldine enjoys riding and learning golf, and she is also writing a book of children’s stories.

Sandra Thomson has worked for more than ten years in the property management sector in Bedfordshire, based first in Dunstable where she became a partner and property valuer, and then as a property consultant in Flitwick with responsibility for up to 150 properties.

‘Having spent my working life so far in Bedfordshire villages, I am finding Milton Keynes quite a change! she said.

It is certainly a well-planned city and I enjoy the open spaces.

Sandra’s interests include sailing and running; she completed her first London Marathon last year and raised over £2,000 for MENCAP, the charity for which she also does some voluntary work.

He worked at Masons Property Advisers in Milton Keynes for three years before joining Douglas Duff.

John’s hobbies include sailing, motor boating and water-skiing.

Macclesfield born sculptor Adam Reynolds has again joined forces with local property investment company, Magnus, to provide an eye-catching piece of art.

He has created a 20ft (6 metre) steel sculpture ‘Alter’ showing one winged man balancing upon another which has been placed outside Crossford Court to mark the completion of the refurbished office development on Cross Street, Sale in Greater Manchester.

This is the fifth sculpture Adam has created for Macclesfield-based Magnus, which likes to add eye-catching artworks to its developments.

They put aside one per cent of a scheme’s total budget for art or sculpture.

Being a developer is about far more than bricks and mortar, it is important for a building to be more than just an empty shell – it needs a heart and soul, explains Steve Widdowson, Director at Magnus.

A piece of sculpture or art makes a building stand out and gets people talking and thinking, if it makes them smile, that’s even better.

We like to think we have brightened up someone’s day.

The new sculpture is set by the busy A56 commuter route into Manchester and Adam says he was inspired by the college quadrangle style of the buildings and the name of the development Crossford – the balancing man has his arms and legs outstretched in the shape of a cross.

It is an amazing location by a major dual carriageway and hundreds of people will be passing it every day.

They will only be stopping briefly in their cars at the lights so I wanted them to only get to know the sculpture after a few visits – for it always to be changing in different light, in different circumstances, said Adam, 26.

The Crossford Court development is a joint venture between GE Capital Corporation (Estates) Ltd and property investment company, Magnus Ltd.

The office development has been given a much-needed facelift and its first tenant, Express Finance Brokers Ltd, has taken 232 sq.

(2,500 sq.

There are still offices available from 99 sq.

(1065 sq.

) up to 957 sq.

m (10,300 sq.

), with plenty of car parking and flexible lease terms.

Chester Barnes, Asset Manager at GE Capital Real Estate said: We have embraced Magnus’ policy of incorporating art within developments as we feel it adds to the aesthetic value and originality of each project.

Edward Lockyer, also of Magnus, says Crossford Court is in an excellent location and has already attracted a great deal of interest.

This is a prime site and Sale is a very desirable area for businesses.

Thanks to the refurbishment, which we have undertaken in partnership with GE Capital, the development is a very attractive proposition and we have already received a high level of enquiries.

The addition of the sculpture will ensure Crossford Court gets the attention it deserves.

The aim of these awards is to recognise and reward town centres in the UK or Ireland, which have significantly improved their environment for both visitors and shoppers.

Main Town Centre Environment Award: for a project that continues the improvement of the town for a range of town centre users and which shows the development of a partnership between the local authority and the private sector.

Transport and Accessibility Award: – introduced last year, this particular award is for significant achievements in addressing the challenges of traffic growth, parking and congestion in town centres, such as better bus/train links, sensitive car parking and pricing and shopmobility access.

The Awards will be chaired by Ian Mashiter, Property Director at Norwich Union, with the judging conducted by John Gregory, Property Services Director at Eastleigh Borough Council, Tony Hatch who is Head of Property at Bhs PLC/Storehouse plc, Brian Raggett, Senior Director at CB Hillier Parker, Chris Williams, Executive for UK Estates, Marks & Spencer plc and John A C Wheeler, Chairman of Centros Miller Limited.

Frances Ives, president of BCSC commented: The success of our town centres depends on schemes generated by the co-operation of the public and the local authority.

BCSC aims to reward these achievements in order to encourage further innovation and excellence in this field.

Entry for the Awards is open to all teams involved in town centre improvement projects that have been finished in the last 18 months proceeding 1st July 2000.

The closing date for applications is 7th July 2000 and the winners will receive their award at the BCSC annual conference in Glasgow on 1-3 November.

Staffordshire has committed or completed well in excess of 1,000,000 sq.

ft of new development in a 12-month period, InStaffs, the county’s inward investment agency, revealed at the Midland Property Show.

Developments are being undertaken in all areas of the county – which is equally as pleasing as the scale of the overall success – with the top 10 new developments alone accounting for well over a million sq ft, said Chief Executive John de Kanter.

Additionally encouraging is that current development and actual and potential inward investment covers all the main markets which we are targeting: industrial, offices, distribution, leisure and retail.

added Mr de Kanter.

InStaffs formally unveiled the county’s latest success figures at its stand at the annual show at the National Motor-Cycle Museum, which was attended by property, construction and inward investment specialists.

The million sq ft mark is a tremendous milestone for Staffordshire.

It reflects a growing confidence – external and internal – in the county.

While some of the developments are for specific end-users, a considerable number are speculative builds which further endorse Staffordshire as one of the key centres for inward investment in the next decade, added Mr de Kanter.

The new builds also reflect a growing level of ‘new economy’ – telecommunications, internet, robotics and supply chain management – in addition to the more traditional areas of manufacturing and food processing.

Catella/IPMI Regional Property Market Rental Indices published this week shows that industrial property rents are increasing throughout the UK reflecting the general scent of the economy, and a growing demand for warehousing to support the distribution for e-commerce.

Office rents have been stable in most centres but the rental uplift in Edinburgh at £290.

63 per sq m (£27 per sq ft) make the centre second only to London which has seen a 20% rise in office rents, says the report.

Industrial property is a particular feature of the Rental Indices that show uplifts in two thirds of the reporting centres over the past year, with no falls.

Although the majority of centres have shown a steady increase in prime rents in industrial and warehouse property, Reading has shown an uplift over the past year of 17.

5% and is now at £91.

49 per sq m (£8.

50 per sq ft), and Glasgow has shown a significant uplift of 22.

5% to £69.

43 per sq m (£6.

45 per sq ft).

The main increases have come from the established regional centres such as Birmingham, up 44%, and Manchester, that is up by 35%.

Both of these centres now have prime retail rents of £3,229 per sq m Zone A (£300 per sq ft) which, with Newcastle are second only to London.

As the planning position for new out of town retail developments becomes difficult to achieve due to Government policies that protect existing town centres, those out of town areas with existing retail consents are likely to see further growth.

The largest uplifts can be found in towns such as Cambridge with an uplift of over 50% to £215.

28 per sq m (£20 per sq ft), followed by Leeds and Manchester.

Offices have shown rental increases in two thirds of the cities in the survey over the past 12 months, led by Oxford and the West End of London, with 20% increase to respectively, £193.

75 per sq m (£18 per sq ft) and 699.

66 per sq m (£65 per sq ft).

Edinburgh has shown a 12.

5% increase, where rents are now at £290.

63 per sq m (£27 per sq ft), the highest rental outside the London area, as befits the strong financial nature of Scotland’s capital.

Crest Nicholson Properties (CNP) has secured Palm International Ltd, Gordano Packaging Ltd, and WH Ware ; Sons Ltd for, respectively, a 2,601 sq m (28,000 sq ft) purpose built headquarters building, a 3,716 sq m (40,000 sq ft) packaging factory and a further 3716 sq m (40,000 sq ft) for a bookbinding facility, at Clevedon Five Twenty – its 10.

12 hectare (25 acre) Business Park close to junction 20 of the M5.

As land values continue to rise in the region the first of these three deals was agreed with Palm International at ;413,725 per ha (167,500 per acre) for the 0.

75 ha (1.

83 acre) site.

Gordano Packaging secured its deal for a 1.

01 ha (2.

5 acre) site at ;432,250 per ha (175,000 per acre), while most recently WH Ware ; Sons Ltd paid ;185,000 per acre for its 0.

95 ha (2.

34 acre) site.

CNP’s retained project agents Alder King and King Sturge are currently progressing negotiations at £481,650 per ha (£225,000 per acre).

W P Howard acted on behalf of Palm Equipment and Simon Maughan & Associates represented Gordano Packaging in the negotiations, while agents and retained project managers for WH Ware & Sons Ltd are Chesterton.

Commenting on the success of Clevedon Five Twenty, CNP’s Keith Archer says: These latest sales follow closely on the heels of BOC’s relocation to a new 3,251.

5 sq m (35,000 sq ft) facility.

The Business Park is proving to be very popular with expanding regional companies and we are currently in negotiations with several companies for the remaining 4.

98 ha (12.

3 acres) of the site.

The Time Group has chosen Queens Arcade, Great Portland Estates’ (GPE) 13,000 sq m (140,000 sq ft) shopping centre in Cardiff, to launch it’s new concept Time Talk store.

The Time Group – the nation’s largest computer manufacturer and retailer – is launching an ambitious retail drive that will extend their operation into new areas of communications in a new nation-wide chain of Time Talk stores.

Time Talk and Time Computers will jointly occupy Unit 27, comprising 235 sq m (2,530 sq ft) over two levels, on a 10 year lease at a rent of £120,000 per annum.

Situated opposite the Disney Store and close to Argos and Next, the new concept store opens at Queens Arcade at the beginning of August.

John Colbert, head of Time Group’s Retail division, comments: Computers are what has made the Time brand famous and Time Talk will build on this heritage.

It will offer the widest possible range of communications products.

This means that for the very first time, Time will sell mobile telephones, pagers, fax machines, palm tops, personal organisers and many other exciting areas of technology in the new concept stores – along with its normal range of computers and ancillary products.

Formed in 1987, Time Computers currently operates 195 UK outlets with 6 stores in Ireland and the Netherlands, employing more than 2,000 staff.

Chris Blair of letting agents Blair Kirkman comments: Kew Retail Park has been an extremely successful project for Axa Real Estate Investment Managers.

The number of out of town locations that benefit from a Marks and Spencer store are very limited and, despite their well-publicised difficulties, Marks and Spencer remain a very powerful draw.

Within inner-London, this makes Kew Retail Park unique.

Marks and Spencer have demonstrated their commitment to the location by acquiring an additional 1500m 2 adjacent to their store and have recently submitted a planning application for food use in part of their store.

The initial members of the Consortium are The British Land Company PLC, Canary Wharf Group plc, Legal ; General Property Ltd, Norwich Union Investment Management and Prudential plc.

Together the Consortium members own or manage 18 million square metres comprising approximately ;35 billion of institutional quality property across the office, retail and industrial sectors.

COIF Nominees Ltd have acquired Apsley House, a multi-let prime Glasgow office investment, from County Properties Group Ltd.

The property comprises a 1970’s office building which was refurbished in 1989 by County Properties Group Ltd and multi-let to tenants such as Capital Copiers, Insignia Richard Ellis, McGrigor Donald Solicitors, Allied Dunbar Assurance plc and Borland Montgomerie Keyden Solicitors.

The rentals are generally around £13.

00 per sq ft with a secure income stream running on the majority of the leases.

The price of £4.

317 million reflects a net initial yield of 7.

8% which may improve on completion of the outstanding rent reviews.

Allan Dawson of Fisher Wilson commented ‘.

this deal progressed extremely smoothly with co-operation from all sides and was wrapped up within 3 weeks.

COIF Nominees Ltd see the purchase as giving them exposure to the Glasgow office market, through an investment that is well secured with a number of first class covenants but, at the same time, offering potential for active management for the short to medium term.

‘8p per ordinary share on the terms and subject to the condition set out in that document and the accompanying documentation.

The Offeror has also agreed to accept a novation of the outstanding Oldham debt currently owing to MEPC of approximately 104m.

In total, MEPC will receive gross consideration of approximately 495m, comprising the proceeds from the disposal of its Oldham ordinary shares and the proceeds from the novation of the debt.

The gross consideration represents a surplus before expenses of approximately 11.

7m over the aggregate amount included in the consolidated balance sheet of MEPC in relation to its investment in Oldham as at 31 March 2000.

Mawdsleys Ltd has taken occupation of Unit 2 at The Perry Centre, which provides 1,561 sq m (16,800 sq ft) of industrial space with parking for 35 cars.

The building was taken at a rent of £59 per sq m (£5.

50 per sq ft) on a 20 year lease.

In addition, Rochling Materials U.

Ltd, a subsidiary of Rochling Haren KG, is procuring a new 1,858 sq m (20,000 sq ft) production facility at Waterwells Business Park on a package deal bases.

Finally, in a benchmark deal for the park, CNP has secured £679,250 per ha (£275,000 per acre) for a 0.

28 ha (0.

7 acre) site at Waterwells Business Park.

Alpha Colour Printers has purchased the site in order to build a 1,115 sq m (12,000 sq ft) state of the art printing facility.

Completion of the facility is anticipated for December 2000.

Unit 4 of The Perry Centre comprising 929 sq m (10,000 sq ft) is currently in solicitors’ hands and CNP hopes to announce details of this deal shortly.

Jon Perks, CNP Project Manager comments: These latest deals coupled with the quality occupiers already established at the park underline Waterwells as a strategic business location.

As the scheme gathers momentum the infrastructure improvements will further propel the take up of space at this quality site.

In addition, recently opened amenities at the park include a 106-bed Express Holiday Inn Hotel and The Bumble Bee bar and restaurant operated by Bass Vintage Inns, which is set within a relaxing waterside location.

CNP is advised by DTZ Debenham Tie Leung and Alder King, while Mawdsleys Ltd, Rochling Materials U.

Ltd and Alpha Colour Printers represented themselves in the negotiations.

Infrastructure In May 2000, The Highways Agency announced a £5.

4 million infrastructure-programme at Junction 12 of the M5 Motorway, to create a new two-way interchange which will provide improved access to Waterwells Business Park.

CNP has also implemented a ‘park and ride’ scheme for the occupiers of the park, who now enjoy door-to-door transport linking the park to the centre and south of Gloucester.

Six units have now been let within Napier Square.

Five of the units extend to approximately 235 m sq (2,530 ft sq) with the other extending to 390.

5 m sq (4,203 ft sq).

All were let at an annual rental of3.

50 per ft exclusive, thus increasing the total rent roll at Napier Square by 20%.

Two units have also been let within Nasmyth Court.

Both units extend to around 143 m sq (1,540 ft sq) and were let at an annual rental of 4.

50 per ft sq exclusive, thus increasing the total rental roll at Nasmyth Court by 7%.

This level of demand is not only driven by the lack of supply and increasing rentals throughout the Edinburgh market, but also the increasing attraction of Livingston as a business location.

Bristol’s Gloucester Road is now enjoying café life – New Zealand style – following the acquisition of Number 232 by two young entrepreneurs.

Naffateria is a specialist coffee and café bar, brought to this country by Mick Stafford and Simon McMaster.

The formula worked very well for us in Queenstown, says Simon, and the first indications are that it will be equally popular here.

The pair have come equipped with a 44 year old coffee making machine which, they say, produces a far better cup of coffee than the well known coffee shops which have set up throughout the city centre area.

Says Justin Berry: The new tenants identified these premises as being ideal quite some time ago, but had to overcome issues of planning.

The officers were supportive of the use as no application for a full on drinks licence was made.

Gloucester Road serves a very large hinterland, stretching back into Bishopston, St Andrews and Horfield, and I think most local people are delighted to see places like Naffateria bringing life and colour to the area.

Longford Business Centres has acquired the freehold interest in Orchard Lea, Windsor, for 6.

191 million, as part of its ongoing acquisition programme.

The 22,820 sq ft (2,120 sq m) building is being refurbished and extended to provide high quality air-conditioned offices in 4 acres of attractive landscaped grounds.

We have been looking to expand our network of business centres into the M4 corridor for some time, says local businesswoman Jane Gwillim David, director of Longford Business Centres.

It has the added advantage of an excellent car-parking ratio with 110 spaces.

The building also provides efficient open plan floor space.

Jon Milton of dohertybaines who acted on behalf of Longford explained We are actively looking for more buildings of between 15,000 and 30,000 sq ft on behalf of Longford in the M25 towns, both freehold and leasehold.

As Longford own a substantial freehold property portfolio, we believe their covenant status should prove more attractive than many other serviced office operators.

Chartwell Land has sold 65/66 Biggin Street, a retail development in Dover town centre to EjendomsInvest, a Dutch company that purchased the property under a special purchase limited partnership for £3,405,000.

Chartwell Land developed and let the three floor scheme to Woolworths and JJB Sports.

The sale reflects an initial yield of 7.

2 percent.

Barry Dunn, Property Director of JJB Sports comments: JJB has been looking for a large trading format store in the centre of Dover for some considerable time.

As a result of our partnership with Chartwell Land we have been able to fulfil our requirement and are delighted with the trading performance of the store and look forward to its continued success.

Richard Leat, Estates Manager at Woolworths said: Woolworths is delighted with its store at Biggin Street.

We are more than satisfied with the stores’ performance which is going from strength to strength in its first six months of trading.

The site has been cleared and construction is due to start in July 2000, with completion scheduled for 18 months time.

Nick Cooper, director responsible for Pooled Funds at BH&S said: The Queenstown Road development is in a key location overlooking the park ‘m Battersea.

This is an area that will continue to see further significant regeneration over the next few years.

It sits very well with our current investment strategy and should provide investors with excellent returns.

This is the second development acquisition that the Fund has made in conjunction with our partner London Town, a unique relationship that provides significant benefit for investors.

The Fund has already received a commitment of £23m from existing pension fund clients, and is initially investing in the London residential market, aiming to raise up to £150 million by the end of 2001.

In December 1999, the Fund announced its first acquisition in Eagle Wharf, Pimlico, London.

The Fund is based in Dublin and is structured to be highly tax efficient.

Teesland Group Plc, the broad based development and investment company, has completed the forward sale of 50 Broadway Buildings, Victoria to Henderson Investors’ client, NPI, for &pound;40 million.

50 Broadway, which is part refurbished and part new build, will offer approximately 71,700 sq ft of air-conditioned headquarters space, overlooking St James Park.

Teesland has pre-let 47,136 sq ft at 50 Broadway on five individual 20 year leases to Bircham & Co.

with a tenant’s option to break in the 16th year.

Occupational interest in the remaining 24,563 sq ft on the upper floors is excellent and it is anticipated that a rental in excess of £45 psf will be achieved.

Mark Hancock, Teesland, commented: This complex redevelopment, which is the largest scheme undertaken so far by Teesland in Central London, is expected to perform extremely well for NPI.

The success of 50 Broadway, facilitated by the quality of work undertaken by our team, has further increased our desire to build on our portfolio in London and the South East.

Hammerson has exchanged contracts to acquire a 56% interest in Bercy 2, a 35,000 sq m shopping centre situated in the south east of Paris, from Whitehall, for FF462 million (£44million).

Hammerson’s ownership will extend to 19,733 sq m.

Marylebone Warwick Balfour Group plc (MWB) today announces that, through its 70% owned subsidiary Milequay Limited, planning consent is being sought for a300m mixed-use regeneration project in London’s Royal Victoria Docks adjacent to the 1.

7m sq ft ExCel exhibition and conference centre currently under construction.

Following positive discussions with the developer of ExCel, MWB, and its joint venture partners Maccon Group of South Africa and Sunrise plc, a Malaysian listed company, have undertaken a masterplan of the entire site to the west of the conference centre.

This will be the second major scheme undertaken by MWB in the London Docklands following the Group’s highly successful l m sq ft mixed-use West India Quay development opposite Canary Wharf.

The Hammersmith office market looks set for expansion as occupiers increase requirements, finding it a good value for money location, research from international property consultant GVA Grimley reveals.

Over 80% of occupiers rate Hammersmith highly as a business location, with 61% declaring availability of skilled staff as good or satisfactory and 72% saying that property costs and value for money were satisfactory.

Indeed 17% rated their own premises as excellent.

Significantly 83% of occupiers rated public transport as good or satisfactory, with the same number rating the road network as good or satisfactory.

With 60% of occupiers expecting to increase their requirements over the next 2-3 years, the future Hammersmith looks good.

The problem is that there are so few good sites to accommodate further development, particularly in the central core.

This shortage may force companies to look outside Hammersmith to satisfy their expansion requirements.

John Higginbotham, partner in charge of London office agency, at GVA Grimley says: Smart occupiers have always known that Hammersmith is a first rate business location.

With supply restricted elsewhere, if we can deliver more good quality buildings the area will be excellently placed to build on this success.

Over 70% of occupiers rated the general environment as satisfactory, with a further 22% saying it was good.

Half said that shopping in the area was good, although 28% rated it as poor.

Developments such as White City can be expected to change this view dramatically.

There are potential improvements that occupiers would like to see, the most commonly cited being more investment in infrastructure, improved car parking, more restaurants, improved security for staff and improvements to traffic flow.

John Higginbotham added Well over 80% of occupiers are content to be in Hammersmith and it is important to continue investment in infrastructure and the environment.

But a significant 22% rate the availability of business property as poor, so it is crucially important to provide more new stock to turn this around.

Wendy’s International Inc, advised by Blair Kirkman and GVA Grimley, have completed the sale of the last of the group’s ten UK high street stores.

The sale of 145/147 North End, Croydon, completes Wendy’s disposal programme following their announcement last October that they planned to withdraw from the UK market.

Andy Smith of Blair Kirkman comments: We are delighted to have disposed of these properties so quickly and at such competitive premiums.

We feel this demonstrates the strength of the market for quality properties that have flexibility for A1 and A3 use.

Other stores which were surrendered to the landlords include 37/38 Chequers Centre, Uxbridge to Prudential; 88-96 High Road, Wood Green to Capital & Regional; and Wendy’s flagship store at 314/349 Oxford Street, London W1 to Norwich Union.

A package of three leases were assigned to McDonalds.

These include 92/93 Briggate, Leeds; 2 York Way, Kings Cross, London and 25/27 Shaftesbury Avenue, London.

Substantial, undisclosed positive premiums were paid.

The remaining stores at 181 Hounslow, 118 High Street, Watford and half The Oaks Shopping Centre, Acton W3, were assigned to Greggs, First Choice and KFC respectively.

Summary of transactions: 145/147 North End, Croydon: comprises 246 sq m(2,650 sq ft) ground floor sales; 144 sq m(1,553 sq ft) first floor sales.

20 yr lease from Nov 1996.

Rent passing £110,000 pax.

£50,000 premium paid by The Outdoor Group, which was unrepresented.

2 York Way, Kings Cross, London N1: comprises 181 sq m(1,949 sq ft) ground floor sales; 107 sq m(1,159 sq ft) first floor sales.

FRI lease expires Dec 2016 tenants break at 2006.

Current rent £70,000 pax.

Positive premium paid by McDonalds Restaurants Ltd, represented by Conway Relf.

92/93 Briggate, Leeds: comprises 247 sq m(2,656 sq ft) ground floor sales; 87.

7 sq m(944 sq ft of first floor sales plus 149 sq m(1,601 sq ft) ancillary space).

FRI lease for 19.

5 years from Oct 1996 subject to 5 yr review.

25/27 Shaftesbury Avenue, London W1: comprises 110.

46 sq m(1,1189 sq ft) ground floor sales; 151.

89(1,635 sq ft) first floor sales plus 232.

8 sq m(2,506 sq ft) of ancillary space.

FRI lease 25 years from Oct 1991, review 2001 and 5 yearly.

Passing rent £276,125 pax.

Substantial premium paid by McDonalds Restaurants Ltd, represented by Conway Relf.

181 High street, Hounslow: comprises 160.

63 sq m(1,729 sq ft) ground floor sale; 42.

55 sq m(458 sq ft) first floor sales.

FRI lease runs 20 years from August 1995, 5yr review and break at 2010.

Passing rent: £80,000 pax.

Reverse premium paid to Greggs plc, represented by Stephen Kane & Co.

118 High Street, Watford: comprises 171.

5 sq m(1,846 sq ft) ground floor sales; 88.

82 sq m (466 sq ft) first floor sales.

15 year FRI lease from October 1996 5yr review Rent passing £75,000 pax.

Reverse premium paid to First Choice plc, represented by Chesterton.

1/2 the Oaks Shopping Centre, Acton, London W3: comprises 174 sq m(1,875 sq ft) ground floor sales plus 57.

9 sq m(623 sq ft) first floor ancillary space.

10 year FRI lease runs from Spet 1995 with review at yr 5.

Passing rent £42,500 pax.

Reverse premium paid to KFC (GB) Ltd, represented by Dalgliesh & Co.

Unit 1 76 High Road, Wood Green: comprises 360 sq m(3,875 sq ft) ground floor sales; 325 sq m(3,500 sq ft) first floor sales.

20 yr lease from Oct 1995 5 yr review.

Rent passing £90,000 pax.

Lease surrendered to landlord Capital & Regional who were unrepresented.

37/38 Chequers Mall, Pavilions Shopping Centre, Uxbridge: 169.

73 sq m(1,827 sq ft) ground floor sales; 63.

64 sq m (685 sq ft) first floor sales plus 90.

67 sq m(967 sq ft) ancillary space.

15 yr FRI lease 5 yr review.

Passing rent £89,000 pax.

Reverse premium paid to surrender lease to landlord, Prudential Property Managers, who were unrepresented.

Celexa, the European property investment manager, has concluded three new lettings at the Peacocks Shopping Centre, Woking, which further demonstrate the success of its active asset management programme.

In a double letting, Claire’s Accessories has take a prime retail unit of 1057 sq ft in Town Mall, where headline rents are currently as high as £94 a sq ft zone A.

The unit was previously occupied by Ciro Citterio, who have been relocated by Celexa to a unit next to Marks and Spencer on the upper trading level.

In addition, Sbarro has taken a unit in the Peacock’s food court, where rents of £40-£80 a sq ft (overall) on 10-15 year leases have been achieved since being reconfigured by Celexa.

The innovative reconfiguration project was completed in just 6 weeks with all but one of the food court units being let since completion in December.

Celexa created additional food retail space by wrapping a coffee bar, subsequently let to Aroma, around the central wall-climber lifts.

Other lettings in the Peacocks so far this year include Alliance & Leicester plc, Hulsta.

Flower Vision, KFC and Spud U Like.

Merrick Marshall, senior asset manager at Celexa, said: These lettings, together with the continual improvement in footfall, demonstrate that the Peacocks provides an environment where retailers can trade successfully.

The improvements we have made to the food court should also increase dwell times.

These factors, coupled with the rental improvements we are achieving at review and the current low void rates, clearly endorse the Peacocks and the town of Woking as a retail location.

Celexa manages the Peacocks on behalf of joint owners British Land and Forsakringsbolaget SPP Omsesidigt, the Swedish pension fund.

One of Belfast’s oldest quarters is set for a £200million redevelopment after a decision to proceed with a regeneration of Victoria Square.

Dutch-based Multi Development Corporation and its local partners are set to transform the area into a thriving new centre for retail, leisure and residential in a massive £200million scheme, which will create 3,000 new jobs.

The authorities have taken a bold step which will see not just Victoria Square, but the whole of Belfast, transformed.

The design approach taken by MDC reflects the best approach seen in European cities to create a new destination for the city centre and not just a shopping mall.

With this scheme, the city will finally have a link between the shopping district and the prestigious Laganside developments.

It will expand the city centre as a whole and bring to Belfast many new retailers of international fame.

52,000sq m of new retail space, including a 25,000sq m department store on the site of the current IDB office in Chichester Street, retail outlets of sufficient size to attract new international names to Belfast such as H&M, Zara, Jane Norman, Racing Green, Sony, Wamer Bros, Lacoste, C K Jeans, Lillywhites, Tower Records, Mappin & Webb and S F Cody’s Emporium.

A 2,000sq m health club, one of the most buoyant leisure sectors in Great Britain but currently with lirriited provision in Belfast city centre.

For the past four years in a row MDC has won Europe’s most prestigious shopping centre award – the ICSC award – for its excellent inner-city redevelopment in Amsterdam, Rotterdam, Lisbon and Aveiro.

Working with MDC on the Victoria Square scheme will be local architectural, engineering and planning consultants Building Design Partnership, commercial property consultants Lisney, and chartered surveyors Donaldsons.

The office module, the first of which is to be completed by the end of the year (2000), is designed to ‘plug-in’ by maximising off-site construction in factory conditions and minimising on-site assembly.

The innovative design helps speed to market requirements by having a very short construction period – the time from order to handover will be less than four months.

The strategic plan zones the campus to reflect a multi-tier type of occupancy: firstly for 100% BT activities; secondly for BT joint-ventures with advanced communications technology companies, and thirdly for third parties wishing to be co-located with companies associated with leading edge communications technology.

In order to facilitate interaction among the various occupants, Adastral Park has been designed round a central spine or ‘knowledge garden’ giving the potential for landscape, amenity and communication to the park’s users without interference from traffic.

BDP is appointed masterplanner for the Adastral Park campus; and as architect and structural engineer for the office module, with Capita as services engineer and Currie & Brown as quantity surveyor.

Lettings continue apace at the Princes Quay Shopping Centre, Kingston Upon Hull with the news that Superdrug has taken a unit in the scheme.

The former Miss Selfridge unit has been let to Superdrug on a new 15 year FRI lease at an initial rent of £205,000 pax with 5 yearly reviews.

Superdrug will continue to trade their existing two stores in the town.

The property has a ground floor area of 490m (5,272 sq.

  1. fl) and occupies a prime position within the centre.

Other recent lettings at the centre include Gap and Active Venture.

Blair Kirkman acted jointly with Colliers, Conrad Ritblatt, Erdman on behalf of the landlords.

Dagleish & Co acted for Superdrug.

The Bank of Scotland has provided funding of 10m to facilitate the rollout of further Longford business centres in the south east over the next year.

The freehold of the property has been purchased by Longford and is being completely refurbished to provide approx.

23,000 sq ft of high-quality, serviced office space.

The funding by the Bank of Scotland will facilitate our plan to open a further 10 centres in the next year, says local business woman Jane Gwillim-David, director, Longford Business Centres.

We intend to concentrate in London and the South East initially and will consider buildings on either a freehold or leasehold basis.

Longford Business Centres is actively looking for more buildings of between 15,000 and 35,000 sq ft in London and the M25 towns, both freehold and leasehold.

Blair Kirkman, acting on behalf Merrill Lynch Investment Managers, has let Unit 29 at the Exchange Shopping Centre, Putney to Time Computers.

The property is held on a new 15-year lease at a commencing rent of £57,500 pax.

The unit is in an excellent central position within the Exchange and has a ground floor sales area of 96.

m (1,040 sq ft) gross frontage of 7.

2m (23ft 7in) and ancillary basement space of 30.

Nick Symons of Blair Kirkman comments The Exchange is an extremely successful shopping centre.

The ground floor has let up well and retailers are reporting very good trading figures.

Sellar Sports, a subsidiary of Sellar Property Group and CSSC Sports , Leisure, today unveil plans for the proposed joint redevelopment of the 14.

5 acre CSSC Sports Ground on Copner Road, Hilsea, Portsmouth.

Sellar and CSSC are seeking to create an affordable health and leisure centre on the CSSC Sports ground that will provide a wide range of community facilities based around a 50,000 – 70,000 sq ft modern state-of-the-art club house.

The club house will comprise two indoor swimming pools, a fully fitted 10,000 sq ft air-conditioned gymnasium (including a family fitness zone), two exercise studios, squash and racquetball courts and a health spa.

In addition there will be restaurant, bar and conference facilities as well as parking for 300 cars.

The £6m project could be the prototype for a chain of modern community-based family orientated health & leisure centres across the country.

The proposals to simplify the basis of rateable value and addressing the need for a re-valuation every 5 to 10 years are welcome but in essence the original principles of the 1852 Valuation (Ireland) Act remain the same.

But now, with the Bill proposing to apply present day values, tenants will be catapulted into real world of the 21st century.

Until the new Bill becomes Law, it is also assumed that the tenant was looking to rent the property at Victorian values thus revealing an out of date and hard to believe system.

For example, a prime office in the Dublin could be assessed on a valuation as low as IR£0.

80 per sq m whereas the current office rent is in the order of IR£375 per sq m.

In Dublin’s prime retail sector, Zone A rateable values could be as low as IR£4 per sq m whereas today, these rents are achieving over IR£2,500 per sq m.

The intention of the Bill is to prevent rating authorities from exploiting increases in rateable value by ensuring that the total rates income cannot be increased by more than the consumer price index, says Mr Blacker.

Whilst this is a welcome proposal, it does not go far enough to protect individual ratepayers from the inevitable redistribution of liability within rating authority areas: there will still be winners and losers, he adds.

Mr Blacker points to examples such as prime offices in Dublin that are expected to suffer very large increases in value with their high concentration likely to contribute most to the total increase.

Although this will exert downwards pressure on the rate in the IR£, prime offices will lose out to other types of property in the same rating area (Dublin Corporation) which will benefit twice, first from the low rate in the IR£ and secondly from lower rises in value.

Winners and losers will be found in all rating authority areas dependant on the concentration of different types of property and the variable increases in value.

Shane Redmond Rogers Chapman suggests that a simple way to avoid this anomaly would be to introduce transitional arrangements to ensure that individual rate bills are capped instead of the total rating income going to the local authority.

Hermes Retail continues its successful letting campaign at White Lion Walk, Guildford, with the announcement of two new retailers – Starbucks and Robert Dyas.

Robert Dyas has acquired a prominent corner site at the North Street entrance to the Centre on a 15 year lease at a rental of £220,000 per annum.

The unit comprises 455 sq.

(4,900 sq.

) of sales accommodation trading on three levels together with ancillary space at first floor level and will be the first ‘new look’ store for Robert Dyas.

The unit comprises 136 sq.

(1,470 sq.

) of sales together with remote storage of 44 sq.

(474 sq.

  1. ft) and has been acquired on a new 15 year lease.

A three-month rent-free period was agreed.

White Lion Walk opened in 1986 and comprises 21 shop units totalling 4,532 sq.

(48,772 sq.

) Major occupiers include Next, H Samuel, Pilot, Clinton Cards and The Natural World.

Robert Dyas, advised by Blair Kirkman, is moving from the store in Guildford that it has occupied for over 60 years and on the original lease terms.

Blair Kirkman has also been retained by Robert Dyas to find further shops in Central London where the company already trades from eleven branches and wishes to add up to four more this year.

Jones Lang LaSalle and Wadham & Isherwood are joint letting agents on White Lion Walk.

Montagu Evans advised Starbucks while Blair Kirkman advised Robert Dyas.

Construction of the21 million Bombardier rail rolling stock maintenance centre at Central Rivers, Burton-on-Trent, has been inspected by the British Consul-General in Toronto.

Mr John Wilson, representing Invest UK, headed a group of VIP visitors to the Centrum 100 development.

It will ultimately employ some 250 people maintaining rolling stock for Virgin Cross-Country Trains as part of a1.

2bn, 12-year development and maintenance contract to supply and service 450 rail cars.

His familiarity with projects on the ground was invaluable in him continuing to promote the UK as a location for further projects.

Canada-based Bombardier – which has an annual turnover of £70bn – also builds rolling stock at Wakefield and other sites in Europe.

It hopes to attract maintenance business to the Burton centre, being built by Taylor Woodrow, from other UK rail companies.

Mike Loftus, Project Manager of InStaffs, the inward investment agency for Staffordshire, said: Re county’s position at the hub of the cross-county rail network was a critical factor in locating the facility here.

sStaffordshire’s central location and accessibility via the road network is becoming more generally understood.

This project also highlights our advantages in respect of rail.

As businesses look to move more goods by rail for environmental reasons, we will look to exploit this.

It is very exciting to see the creation of this vital new modem engineering business right in the heart of the county where it is ideally situated to serve rail business from all over the UK.

It strongly reiterates the fact that there should be more focus, more concentration, on manufacturing because there remains tremendous potential for modem engineering and manufacturing companies to transfer their activities to the county.

Mr Loftus cited as an example Pirelli Tyres’ recent announcement that a revolutionary new production process, employing advanced robotics and Internet technologies in tyre manufacture, will be introduced near the Bombardier plant, with the possibility of more production lines and jobs to follow.

DMH announces today that specialist property and planning lawyer, Carl Burton, is joining the practice as a Partner.

He is bringing with him a team of 12 people, which includes five law practitioners, and a number of blue-chip property companies including Beazer Strategic Land, Crest Homes and Try Homes.

The arrival of Burton and his team forms the first part of DMH’s plans to expand its Crawley office.

This stage of expansion will also see Chartered Town Planner, Martin Carpenter who is a Director of the firm’s substantial Planning Group, relocating to Crawley to further enhance the firm’s commercial property service offering which is headed-up by Partner,Michelle Baldock with the support of Anne Milne, also a Partner with the firm.

Further expansion at Crawley, details of which will be announced in due course, is scheduled for later in the year.

DMH Managing Partner, Tim Aspinall, is confident that these developments will give the firm the competitive edge in this area: Carl and Martin are both vastly experienced in their respective areas.

Their combined range and depth of skills will enable the firm to offer clients an unmatched level of service and one- stop-shop for all commercial property and planning matters at Crawley as is already provided by the firm’s Brighton office he commented.

News of Burton’s arrival and this first stage expansion at Crawley follows an announcement by DMH earlier in the year that it planned to restructure its Commercial Property Group to more effectively cater for the diversity of needs within the commercial property sector.

Fletcher King Plc (the Company), the property and construction services group, has announced that Tim Young is to be the new head of Agency.

Tim Young, Director in charge of Offices at Fletcher King and Chairman of the Office Agents Society, replaces Tim Bloomfield who will remain as a consultant to the Company.

Commenting on his new role, Tim Young said: I am very pleased to have taken on this challenging role, and I look forward to building on the excellent work that Tim Bloomfield has achieved in the department.

In the Investment Department, John Dunkerley, previously an Associate, has been promoted to Director in the London office where he will continue to specialise in office acquisitions in London and the South East.

Additionally, Scott Hellier has joined this expanding Investment team to assist with acquisitions and disposals.

Scott was previously with Carter Wassell Murdoch.

Warner Estate Holdings is strengthening its in-house property and asset management teams, by the appointment of three key new senior individuals.

Warner’s impressive plans for the future has attracted: Richard Moore FRICS, former Head of Estates at NatWest Group Property, to head the Commercial Investment Team as an Associate Director Mike Stevens ARICS who joins from European property investment managers Celexa as Senior Property Asset Manager Spencer Gower from Insignia Richard Ellis who will head up service charge and debt recovery administrationAt the same time Karl Meade ARICS, who has been with Warner for 3 years, has been promoted to Associate Director and will be responsible for the £30 million trading portfolio.

Commenting on the appointments, Warner Property Director Jim Neill said : We are delighted to have been able to secure such high calibre key players to join Warner Estate.

We believe that, by incorporating the new personnel skills into the existing team, we will ensure that both our long and short term corporate objectives are met ahead of schedule.

The newcomers will working closely with Karl Meade, Asset Manager Sally Annersley and surveyor Steve Gay, to continue Warner’s expansion programme through the acquisition of mixed commercial portfolios, public and private companies and individual properties with a minimum lot size of £10 million.

We will be focused on growth in the office, retail and industrial sectors and will continue the disposal of non-core assets.

These are interesting times for many quoted property companies.

It is our belief that with the right personnel in place, we can continue to provide the returns our shareholders have come to expect.

Strengthening the people profile of Warner ensures that our current corporate format remains the best vehicle for achieving these returns.

Our stated aim is for a FTSE Top 250 place.

The total return to shareholders was 28.

0% and total returns have averaged 24.

6% over the last four years – well ahead of most other companies, in or outside the sector, and a creditable achievement in a low inflationary environment.

In the year, Merivale Moore purchased six properties for £34.

7 m, selling 15 properties for £26.

4 m, leaving at the year end a portfolio comprising 28 properties with a combined value of £68.

7 m, a gross annualised rental income of £5.

1 m and a reversionary rental income of £6.

3 m.

Some significant rent increases are in the pipeline which, together with new purchases, will add some 20 per cent to net rental income.

Grenville Dean, Chairman, stated These figures reflect a rising property market last year and also, I would like to think, an intelligent and decisive management.

We are active in the market and, since I am confident that our young management team will spend the Company’s money astutely, I expect net assets per share once again to show above average growth.

There has already been significant interest from national chains.

Work is due to begin in mid 2001 and will include significant enhancement of the local infrastructure to create an attractive, pedestrianised open shopping environment, while the River Gade will provide a focal point to the leisure/restaurant facilities.

Commenting on the scheme, Alastair Thomas, Regional Director for CNP, said: Crest Nicholson Properties is looking forward to working with Dacorum Borough Council in the implementation of our proposals.

We believe the site has enormous potential to provide a significant contribution to the town and our development is in accordance with recent government guidance on the regeneration of brownfield sites.

We believe that a mixed-use scheme of the type proposed will provide a blueprint for future town centre schemes.

The scheme has been designed by Bernard Engle Architects and Planners.

Ian Scott & Co is advising CNP on site development, while Donaldsons is advising Dacorum Borough Council.

Our customer base has changed dramatically, with greater reliance on overseas contracts, explained Alan Evans, MD of USE Ltd.

We need flexibility and revenue to invest in more modern plant and equipment.

The deal with Longford would provide us with the resources to instigate a meaningful growth programme.

The retail scheme project value would be around £20M.

If a planning application is approved, Longford hope to start on site as soon as the planning process is complete and the project would take around nine months to complete.

There is huge demand for this kind of space from all kinds of companies, says Alan Oliver, a director of Longford Property Developments.

By partnering with a Swansea business we have been able to release the value in the site for future job creation and assist in the growth of a successful local company.

The second regeneration project proposed by the Group, Longford has acquired a four acre site at Fforestfach on the north west fringes of the city, opposite the proposed new Tesco Extra store on Ponttardulais Road.

The proposed scheme is designed to accommodate a variety of leisure based activities to complement the existing plans for the Tesco site, says Alan Oliver, director, Longford Property Developments.

Longford is submitting an outline planning application for mixed-use leisure to include a hotel, restaurants, pubs and other facilities.

Agents on the scheme are Steep Holm Cardiff, and Abbey Holford Rowe has designed the project.

Longford’s third planned scheme is to invest over £6million in a high quality office development in Swansea city centre.

An office development in this location would complement the Wind Street leisure facilities and provide much needed high specification office accommodation to the Swansea market, says Oliver.

Bennett joins NAI Gooch Webster’s Manchester team Linda Bennett, next year’s Chairman of Manchester’s general practice division of the Royal Institute of Chartered Surveyors, has joined NAI Gooch Webster’s Asset Management team for the North of England.

Terry Roberts has been appointed by NAI Gooch Webster as their national Corporate Services Manager; he will be based at the company’s Albemarle Street offices.

NAI Gooch Webster’s Birmingham office has appointed David Johnson as an Associate Director, with a national as well as regional brief to specialise in roadside development.

He is widely regarded as one of the most experienced roadside agents operating in the Midlands, having worked extensively for clients including Texaco, Totalfina and BP.

My role at NAI Gooch Webster, he says, will be to assist clients in taking advantage of the wealth of opportunities now opening up as a result of the demand for roadside and motor trade sites.

On the one hand, many oil companies are rationalising their portfolios – opening up opportunities for change of use to leisure, retail and residential development.

Equally, many motor dealers are leaving their city centre locations to move to the new, purpose built ‘car villages’ that are springing up on edge of city arterial routes.

This too presents redevelopment potential on the old site.

All in all, it’s a very interesting time for the business, and NAI Gooch Webster is fast developing into one of the major players nationally.

Linda Bennett, next year’s Chairman of Manchester’s general practice division of the Royal Institute of Chartered Surveyors, has joined NAI Gooch Webster’s Asset Management team for the North of England.

A well-established figure in Manchester, she joins the company from the EP2 Elliott Partnership; prior to that she was with Dunlop Heywood.

Her role, as a Surveyor in the company’s expanding Asset Management team, will be to maximise the performance of the property portfolios of a wide range of regional and national clients.

Ten UK towns and cities have been short-listed as finalists for the BCSC Town Centre Environment Awards to be presented at the British Council of Shopping Centres Conference & Retail Showcase to be held in Glasgow in November.

Bournemouth, Bury (LANCS), Crawley, Fareham, Glasgow, Hamilton, Murton (CO DURHAM), Salisbury, Stirling and Sunderland were short-listed from 25 entries in this year’s competition.

The BCSC’s Town Centre Environment Awards, now in their 10th year, highlight and encourage the efforts being made by towns and cities across the UK to enhance the quality of their central areas: focusing on providing an attractive and safe environment for shoppers backed up by improved accessibility and transport infrastructure.

Ian’s project was a high quality apartment block, 5-7 Carlton Gardens, London, designed by Michael Wilford & Partners.

The client (Benchmark) told the judges that Ian had been magnificent – and they’re a tough client, added Chairman of the Adjudicators Chris Richards.

Mace had a further success when Ian Crockford, project manager for the £62M London Eye, won the BT Millennium Award for Innovation, for his work on the London Eye.

Robert Craig of FT Ferguson & Co and Michael Tully of Wimpey Homes took the 2 Housing Constructor of the Year Titles in the Private and Social sectors.

CIOB President Professor John Bale presented his personal award, the President’s Medal, to CIC Chief Executive Graham Watts, to mark Graham’s significant contribution to the construction industry overall.

The awards, which were sponsored by buildingwork.

com, BT, Hays Montrose and Riverside Housing Association, were presented at the London Hilton Hotel.

Ten UK towns and cities have been short-listed as finalists for the BCSC Town Centre Environment Awards to be presented at the British Council of Shopping Centres Conference &amp; Retail Showcase to be held in Glasgow in November.

The BCSC conference, which runs from 1-3 November, is expected to attract more than 1,200 senior executives from the retail and retail property sectors to discuss and debate business under the conference banner ‘Making A Difference’.

More than 100 million sq ft of retail property and schemes will be on exhibition.

Last year’s winners included Gloucester, Doncaster, and Tunstall (Stoke on Trent).

The high standard of this year’s entries reflects the huge amount of good work which has been done to improve our town centres.

Towns and cities throughout the UK are having to address the problem of congestion and achieve the right balance between the private car and attractive public transport systems.

The awards will be announced and presented during the BCSC’s afternoon conference session on 2 November accompanied by a video of the winning entries sponsored by developers Centros Miller Ltd.

Ian Eggers of Mace last night became the Chartered Institute of Building’s 22nd Building Manager of the Year, when he beat over 80 other contestants to win the title in the Millennium Year.

Mace had a further success when Ian Crockford, project manager for the 62M London Eye, won the BT Millennium Award for Innovation, for his work on the London Eye.

Gold Medals in the 3 main classes (Projects worth up to £3M, from £3M-£17M, and over £17M) went to Mark Kelly of Wates Construction, Neil Crutchley of Simons Construction, and Ian Eggars of Mace.

Wates Construction won a full house in the less than £3M category, taking gold, silver and bronze medals.

In a £17 million deal, Gazeley Properties has snapped up one of the largest industrial/ distribution sites in the Thames Valley.

The 14.

6 hectares (36 acres) Colthorp Mill site in Thatcham near Newbury is a 100% prime site, situated just 5 miles from Junction 13 of the M4 and 10 miles from Junction 12.

Gazeley is now drawing up plans for a 69,675 sq m (750,000 sq ft) distribution park for the site which is in an established warehouse/industrial area and has a direct rail link for freight access.

We have had our eyes on it for some time and our ability to move quickly enabled us to snatch it from under the noses of other interested parties.

lan Worboys, Gazeley’s Business Development Director said: The supply of land for warehouse and industrial occupiers is almost non existent.

Many occupiers are unable to find suitable premises in the Thames Valley and this new site at Thatcham will be the answer to their prayers.

The site was acquired from paper manufacturers Colthrop Mill Ltd which was represented by DreweattNeate.

HolleyBlake will be appointed as letting agents.

WH One Corporation & Queensbridge Properties Ltd has sold Compton House, 23/33 Church Road in Stanmore, Middlesex to private investor clients of Britton & Co for £1.

65 million, representing a net initial yield of 8.


The 1,059 sq m (11,400 sq ft) building, which has a rent roll of £155,201 pa, comprises first and second floor offices and ground floor retail space, with tenants including Bradford & Bingley, Hyder Consultancy and the Appolonia restaurant.

Lee Baron represented the vendor and will be retained by the purchaser as managing and letting agents alongside Britton & Co.

Brixton Estate has let two newly-refurbished floors in Monarch House at the Victoria Trading Estate, Victoria Road, Park Royal NW10 to Elim Pentecostal Church.

The 1,692 sq m (18,214 sq ft) offices have been taken on a five-year lease at a rent of £182,140 pa, which equates to £107.

64 per sq m (£10 per sq ft).

The offices, which include on-site car parking, will be used as the church’s administrative headquarters.

Teesland Group plc, the broad based development and investment company, are to begin the refurbishment of Lincoln House and Madison House.

The properties are situated on The Headrow, Leeds, opposite the multi-million pound leisure development, The Light.

Lincoln House, 111/113 The Headrow, Leeds will provide 1,357 square meters (14,600 sq ft) of high quality modern office accommodation on five upper floors with ground floor retail and secure basement car parking.

Madison House, 117 The Headrow, Leeds comprises 1,788 square meters (19,243 sq ft) of quality office space over five floors with on site car parking.

Teesland has pre-let Madison House to Forsyth, the business centre specialist, which is currently expanding its UK network.

Jason Rockett, Teesland, commented: The refurbishment of Lincoln House and Madison House will bring a welcome boost to Leeds office stock, which is currently in very short supply, particularly in such a central location.

The pre-let to Forsyth Business Centres Plc is testimony to the high level of demand for quality office accommodation.

This area of the Headrow is fast becoming a major focal point in Leeds City Centre, and will continue to grow in importance once developments such as ‘The Light’ are completed.

Following the merger of the National Westminster Bank plc and the Royal Bank of Scotland plc, and the resulting merger of their respective Finance Houses (Lombard Asset Finance and Royscot), Nelson Bakewell have won an instruction from (Lombard Asset Finance) to dispose of 24 Royscot leasehold interests in England and Wales.

The portfolio consists of 24 office properties totalling some 82,000 sq ft, ranging from Royscot House, Cheltenham, which is a modem end of terrace,Research, published this week by Cluttons, suggests that a short and medium term shortage of industrial property is on the cards for the mid-Kent and Medway towns.

More than half of the occupier companies Cluttons’ surveyed over the summer expect to need larger premises within the next two years and particularly high levels of demand were identified for premises in the 279 sq m – 650 sq m (3,000 sq ft -7,000 sq ft) and 1,393.

Although there is new development taking place in Aylesford, Larkfield and Rochester Airport with proposals at Medway City Estate and at Gillingham, Cluttons predicts that demand will exceed supply and that there is likely to be a shortage of industrial property in the short and medium term.

We have been researching the self-storage market for some time and are convinced that there are enormous growth opportunities for this niche sector throughout the UK and continental Europe.

The addition of Prudential as an investor in The Big Yellow is a strong endorsement of the company and its concept.

With the additional capital we have raised, and the support and expertise of TR Property Investment Trust and Prudential, we are well placed to continue our drive to expand the company’s portfolio of assets and build the brand and franchise valueThe Big Yellow has a strong, entrepreneurial management team that we have known and supported during the nine years they were at Edge and since they founded The Big Yellow last year.

Research, published this week by Cluttons, suggests that a short and medium term shortage of industrial property is on the cards for the mid-Kent and Medway towns.

5 sq m – 3,251.

5 sq m (1 5,000 sq ft – 35,000 sq ft).

The Kent Property Market Review, which Cluttons published jointly with Kent County Council’s Economic Development Unit earlier this year, identified industrial rental growth of approximately 6% in 1998, 7.

5% in 1999 and forecasts 8.

5% in this year.

Cluttons latest research offers evidence that in the absence of a major upset to the economy, this pattern of rising rents can be expected to continue over the next two years.

The £12m cash injection (including £lm from existing shareholders) gives The Big Yellow the scope to rapidly expand its operations in this fast growing industry.

This marks the third corporate acquisition in twelve months by Prudential, following the acquisition of Arlington Securities Plc in October 1998 and Hemingway Properties PLC in August 1999.

Prudential joins TR Property Investment Trust PLC on The Big Yellow share register, through its investment which comprises a mixture of ordinary and preference shares and convertible loan stock.

In the United Kingdom and Europe the sector is still in its infancy with less than 300 centres operational, many of which are poorly located with low quality of service.

The Big Yellow is establishing itself as the quality provider of self storage services with the aim of having ten centres in London and the South East by the end of the year and then expanding into the UK and continental Europe in due course.

Commenting, Richard Mully of Prudential said: We have been researching the self-storage market for some time and are convinced that there are enormous growth opportunities for this niche sector throughout the UK and continental Europe.

This is a strategic investment in a specialist company with great management, a strong brand and some excellent existing sites, all of which demonstrate its potential to become a dominant market leader in this emerging asset class.

Nick Vetch, joint Chief Executive of The Big Yellow, commented: The addition of Prudential as an investor in The Big Yellow is a strong endorsement of the company and its concept.

With the additional capital we have raised, and the support and expertise of TR Property Investment Trust and Prudential, we are well placed to continue our drive to expand the company’s portfolio of assets and build the brand and franchise value.

The Prudential Insurance Company of America, working through its European real estate merchant banking arm, PRICOA Property Private Equity Limited (‘PRICOA), announces that agreement has been reached with Axa Bank Belgium to purchase Banimmo Real Estate (Banimmo).

The purchase of Banimmo is PRICOA’s first continental European acquisition of a real estate operating company and PRICOA is actively pursuing similar deals throughout Western Europe as part of its real estate private equity investment programme.

This transaction builds on the previous UK real estate company acquisitions of Arlington Securities and Hemingway Properties, and the 29% shareholding in Big Yellow Group.

Banimmo is the 7th largest property company in Belgium, a property market that is experiencing a cyclical upturn after a static period.

Banimmo’s portfolio mix is 60% offices, 25% retail, 12% hotels, and 3% industrial property.

Jonathan Short, Managing Director of PRICOA Property Private Equity Limited said: This is a very significant acquisition for us which will act as a platform for future acquisitions in the Benelux marketplace.

Banimmo is a very interesting company with excellent active management and development expertise; opportunities to purchase operating companies like this do not come up very often.

I look forward to working with Didtik van Caloen and his management team in developing the business.

Didrik Van Caloen, Chief Executive of Banimmo continued: With PRICOA as our major shareholder, we are well placed for future growth and expanding the Banimmo franchise in our marketplace.

Axa Bank was advised by Jones Lang La Salle.

The sale represents a continuation of its strategic policy of focusing on its core activity of retail banking.

Transactions presently in hand will continue this trend.

Philip Edwards who heads the retail and leisure departments at Graves Son & Pilcher comments this letting re-confirms, in the strongest terms, Brighton is still very much at the cutting edge of leisure/recreational and entertainment uses and ranks very highly on property director’s wish lists.

Several of these purchases have involved the issue of new shares which, as well as continuing to widen our shareholder base, has resulted in a significant increase m our market capitalisation.

Graves Son & Pilcher, on behalf of City Lands Investment Corporation Limited, are pleased to announce the letting of unique detached restaurant premises in Bartholomew Square, Brighton originally built by Speyhawk in the late 1980’s.

The premises have undergone extensive refurbishment and have practically been re-built since being taken over by the Japanese restaurant operator, Moshi Moshi Sushi.

The premises offered a rare opportunity to acquire a site that could be both extended and redesigned to suit the operators requirements.

The premises were let on a 15 year lease at a commencing rental of £30,000 per annum exclusive and with 5 yearly rent reviews.

Agents for the scheme are Jones Lang Lasalle and Lambert Smith Hampton.

The Eye Clinic was advised by Gooch Webster, Greggs Plc by Stephen Kane & Co and Superdrug Stores Plc by Dalgleish & Co.

The courses have been designed to provide highly targeted training to enhance skills and improve technical knowledge amongst management professionals.

To encourage attendance, reduce transport costs and time away from work, each course will be taught in the following regions: Scotland, Northern, Midlands, London/SE, West and Ireland.

The 2001 Shopping Centre Management Conference in association with The College of Estate Management, will be an integral part of the series.

The courses have been designed following a lengthy dialogue with management professionals, who identified a requirement for more training aimed at centre managers and management professionals.

The short courses have been designed to be used in addition to the existing BCSC Diploma by distance learning, which currently provides an excellent foundation for management professionals.

We have identified a clear demand for highly targeted training, which can be easily introduced into the busy lives of professional centre managers.

We will aim to continually improve and revise our offer in response to members’ requests.

Taylor Woodrow Property Company has fully let the retail units totalling 1,180 sq m (12,700 sq ft) at its office and retail scheme in Eastcheap, London EC3, at Zone A rents of up to £1,750 per sq m (£162.

The final 295 sq m (3,170 sq ft) unit has been let to The Eye Clinic on a lease of 15 years with a six month rent free period at a rent of £150,000 per annum.

The first 304 sq m (3,272 sq ft) unit was let to Hackett in September 1999 on a 25 year lease and the two remaining units were let this year to Greggs Plc and Superdrug Stores Plc, both on 20 year leases.

Ian Duncan at Taylor Woodrow Property Company said: The retail rent for this location before this scheme came onto the market was around £1,076 per sq m (£100 per sq ft) Zone A and we have achieved rents of £1,750 per sq m (£162 per sq ft), demonstrating the strength of the market.

The office element of the scheme comprises 3,125 sq m (33,600 sq ft) over five floors and is due for completion in November 2000.

Arrowhead Quay, the 713,000-sq-ft gross (66,000-sq-m) office, leisure and retail development in London Docklands Central Business District, was approved last night by the development panel of the London Borough of Tower Hamlets.

The scheme, by developers Ballymore, advised by planning consultants GVA Grimley, comprises a 25-storey landmark building designed by internationally renowned architects Skidmore Owings & Merrill (SOM).

It will include 480,000 sq ft net (44,600 sq m) of high-specification office space together with 5,000 sq ft net (460 sq m) of leisure and more than 10,000 sq ft net (930 sq m) of retail on the waterfront at South Quay.

SOM’s striking steel and glass building is arranged in two sections of 16 and 25 storeys respectively, with retail and leisure accommodation at ground and first floor level, and basement car parking.

Turner added: The planning permission reflects the efforts of Arrowhead Quay’s highly experienced development team, who will now concentrate on delivering this landmark waterfront building to the market.

Acal Electronics has sub-let a first floor office suite at Acal House, Redfields Business Park, Church Crookham, Fleet to Telesoft Technologies.

The IT designer & manufacturer has taken the 344.

06 sq m (3,703 sq ft) of extensively refurbished office space on a five year sub-lease.

A rent of £55,000 pa has been agreed equating to £159.

86 per sq m (£14.

85 per sq ft).

Telesoft Technologies, who is a global leader in telephony voice and signalling systems, intends to use the office space for marketing and administrative purposes.

Vail Williams and Matthew Pellereau acted on behalf of Acal Electronics and Telesoft Technologies was unrepresented.

Nick Clements BSc (Hons) and Eithne O’Neill BSc (Hons) will work alongside Vaughan Griffiths, head of new retail development and investment for London and the south east, and the in-town retail team assisting on the Halifax and Birmingham Midshire disposals.

Ethel Austin Limited, the Liverpool based ladies and children’s wear retailer, has taken a new 15 year full repairing and insuring lease of the former Wilkinson store comprising a ground floor area of approximately 3,159 sq.

with first floor accommodation of 2,791 sq.

Wilkinson agreed to simultaneously surrender their existing leasehold interest with a re-grant of a new lease to Ethel Austin Limited at an initial rent of £24,000 per annum.

Ethel Austin Limited were represented by Mason Owen & Partners of Liverpool, whilst the landlord Waingate Property Management represented themselves.

Wilkinson were represented by Scotts of Grimbsy.

Commercial property developer the Terrace Hill Group has appointed Nigel Wakefield MSc ARICS as development executive.

Nigel will be based at the company’s London office where he will be responsible for new development opportunities throughout the UK.

Robert Lane, director of the Terrace Hill Group says: Terrace Hill is currently involved in a substantial number of office, retail and leisure projects nation-wide.

Nigel’s experience and skills in this industry will be a valuable asset to our strengthening development team.

Kristi Smith-Edhouse BSc (Hons) has joined the out-of-town retail team dealing with foodstore and retail warehouse operators and will be working closely with the leisure team to be headed by Richard Ingham.

Chris Mackaness, head of GVA Grimley’s national retail division says: We are delighted to have these three new members of staff on board.

GVA Grimley is renowned for having one of the best training programmes for new surveyors and this coupled with the tremendous growth in our regional business means they are joining us at a particularly exciting time.

Clowes Developments (UK) Limited have confirmed the continuing success of the Chilwell Meadows Business Park in confirming the letting of an Insurers’ Approved Bodyshop to Reg Vardy Plc.

Clowes Developments have undertaken the phased regeneration of the area and over time have developed the highly acclaimed and successful Village Hotel, the Westpoint Shopping Centre and a variety of high quality office, warehouse and light industrial buildings.

5 acres,Clowes Developments (UK) Limited have confirmed the continuing success of the Chilwell Meadows Business Park in confirming the letting of an Insurers’ Approved Bodyshop to Reg Vardy Plc.

The bodyshop follows the Reg Vardy strategic development of the Vauxhall franchise in the Nottingham area on land nearby and provides a bespoke insurers’ approved bodyshop.

The building, which totals approximately 1,941.

6 sq m (20,900 sq ft), has been let to Reg Vardy Plc based upon a 20-year lease.

This unit has been constructed in conjunction with three speculative light industrial/ warehouse units that range in size from 464.

5 m² to 1,254.

15 m² (5,000 sq ft to 13,500 sq ft), two of which were under offer prior to completion.

Completion of the letting now only leaves Unit B a unit of 696.

7 sq m (7,500 sq ft) of the recently developed units together with a site of approximately 0.

5 acres,The Co-operative Insurance Society (CIS Limited) taken a surrender from Mothercare, split the unit and simultaneously relet to both H2f Limited (Head to Foot) and Halifax Plc.

Halifax Plc agreed a new 20 year full repairing and insuring lease at a rental of £160,000 and the property comprises a ground floor of 476 sq.

m, first floor of 427 sq.

m, together with second floor of 65 sq.

Mothercare were represented by King Sturge/Daigleish & Co, H2f by Lunson Mitchenall and Halifax Plc by Lawson Hubbard Lowe.

BCSC is expecting more than 1,200 participants from the retail, property and property support sectors to attend, attracted by an world wide panel of conference speakers including representatives from internationally known retail chains,BCSC 2000 is being sponsored by Land Securities, Capita, Clerical Medical, Hermes and Dundas & Wilson.

Leading speakers and workshop panelists at BCSC 2000 include Steven.

Lowy, MD of Westfield Shopping Towns Limited, Martin Barber, Chairman of Capital + Regional plc; Philip Newton, Chief Executive of Merchant Retail Group Plc; David Hutton, Chief Executive Officer of Lend Lease Europe, Peter Williams, Finance and IT Director of Selfridges, Nigel Hugill,Managing Director of Cheisfield, Chris Taylor, Investment Director at Prudential and David Stathers CBE, Head of Policy Development at Boots The Chemists, Andrew Martin, Retail Group Director at Hermes and John Bullough; Retail Director at Grosvenor, among others.

Among the unique events will be a special ‘Ask The Press’ session, featuring editors from some of the industry’s leading retail and property titles, Delegates have the chance to take part in round table lunch sessions and also to make technical visits to the Buchanan Galleries and the Braehead Shopping & Leisure Centre in Glasgow and the McArthurGien Designer Outlet in Livingston.

Last year, Denbigh Hall had a complete refurbishment with contrasting silver and claret plastisol-coated steel cladding for the external walls, and upgraded office and production/warehouse space commented Jonathan Whittle of Douglas Duff who acted on behalf of landlord Clerical Medical Investment Group.

Only two of the 21 production/warehouse units now remain at denbigh Hall: Unit 15 offers 475 sq m (5,116 sq ft) and Unit 19 totals 1,279 sq m (1 3,769 sq ft).

Building Design Partnership was awarded the Designer of the Year Award in the Contract Journal Construction Industry Awards 2000 at a ceremony in London last night (5 October 2000).

The award was won on the basis that BDP most effectively used design to produce benefits for the client and the community on its project The Mall, Cribbs Causeway near Bristol.

The centre which opened at the end of March (1998), provides 62,700 sq m of retail on a significantly landscaped 28 ha site.

There is parking for 7,000 cars, and a bus station with eight bus and eight coach stands, plus parking for 50 coaches.

The design follows a classic dumb-bell shape, angled in the middle, with an anchor store at each end – John Lewis with 21,400 m’ on four floors, and a Marks & Spencer store of 13,500 sq m.

There is a 20 m fall north-south across the site, which is incorporated into the design to facilitate and maximise the flow of shoppers through the centre.

The 130 unit mall is treated as a galleried two storey space, with a strong visual link between the two levels.

Vertical circulation is provided by pairs of escalators at the knuckles, and lifts and stairs at the centre and both ends.

The public space is designed to provide a friendly and clearly orientated shopping environment.

These compliment an interior architecture which creates a classic, neutral backcloth for the colour and vitality of the shops themselves.

Lighting of the public spaces is concentrated away from the shopfronts and consists of two principal elements – general downlighting, and uplighting bouncing on the back of solar shades in the roof.

A fully glazed (untinted) 300 m roof links the two main anchor stores, and contains a system for solar shading during the day.

Another feature of the centre is the energy efficient displacement ventilation system, which brings in low velocity treated air at low levels and lets it rise slowly throughout the building.

The focal axis of the scheme, the central space and 1100 seater food court, includes a multijet fountain and a huge panoramic glass wall; this leads out into a tree lined avenue with water cascades, channel and fountains, and bold groups of seasonal planting, all of which are floodlit after dark.

In one of the largest industrial acquisitions of the year, Ashtenne Investments Limited has purchased an industrial portfolio from Shell Pensions Trust Limited for £21,550,000.

It includes estates in Alton, Bedford, Nuneaton, Northampton, Ringwood, Stevenage, Tottenham, Exeter and Truro.

NAI Gooch Webster acquired the portfolio on behalf of Ashtenne Investments Limited, while CB Hillier Parker Investors represented the vendor.

Comments Jonnie Ray of NAI Gooch Webster: Ashtenne has a sound reputation for the asset management of their estates.

At a time when good quality industrial space is still in short supply, this is good news for the occupiers of the newly acquired estates.

A dedicated web site for the British Council of Shopping Centres 2000 Conference and Retail Showcase will offer the chance for delegates to get some of their questions to session speakers placed at the front of the queue at the forthcoming conference.

The Glasgow 2000 site is available via the E3CSC web site www.



uk It contains information about the event, which takes place at the Scottish Exhibition and Conference Centre, Glasgow, from November 1-3.

It also features an ‘early bird feedback’ option for those delegates who wish to lodge questions of speakers involved in the Arena sessions the three-day event.

BCSC is expecting more than 1,200 participants from the retail, property and property support sectors to attend, attracted by an world wide panel of conference speakers including representatives from internationally known retail chains, property developers, institutional landlords and leading experts in retail property.

BCSC 2000 is being sponsored by Land Securities, Capita, Clerical Medical, Hermes and Dundas & Wilson.

We’ll take the questions on a first-come first served basis and mix them in with ‘live’ questions form the audience.

The site was designed and built by London-based designers The Small Back Room.

Leading speakers and workshop panelists at BCSC 2000 include StevenLowy, MD of Westfield Shopping Towns Limited, Martin Barber, Chairman of Capital + Regional plc;David Hutton, Chief Executive Officer of Lend Lease Europe, Peter Williams, Finance and IT Director of Selfridges, Nigel Hugill, Managing Director of Cheisfield, Chris Taylor, Investment Director at Prudential and David Stathers CBE, Head of Policy Development at Boots The Chemists, Andrew Martin, Retail Group Director at Hermes and John Bullough; Retail Director at Grosvenor, among others.

Also speaking will be US-based futurologist Claire Raines, who will look at the differences and similarities between the generation categories and what this will mean in practical terms for business.

Gazeley Properties has acquired a 2.

19 hectare (5.

4 acre) site in Caxton Way, Watford, from Countryside Commercial plc for £4.

325 million.

Gazeley is to start work on site immediately, speculatively developing 7,525 sq m (81,000 sq ft) of warehouse/high-tech accommodation, to be built in three buildings.

The £10.

5 million scheme is due for completion in April 2001.

Commenting on the acquisition, Gazeley development director Nigel Godfrey said: There is a limited land supply in this area and pent up tenant demand.

We identified this site as an opportunity to get in and satisfy these requirements quickly.

There is already some serious occupier interest and we anticipate being able to convert this into lettings shortly.

Steady growth in business has prompted leading bespoke business furniture specialist Clarke Rendall to take a ten-year lease on larger and better equipped facilities: Unit 12 at Denbigh Hall, a recently refurbished industrial estate in Milton Keynes.

These new premises of 1,278 sq m (13,754 sq ft) will facilitate Clarke Rendall’s increasing capacity in the design, manufacture and installation of a wide array of superb quality business furniture, all tailored to meet individual requirements.

Denbigh Hall Industrial Estate was one of many constructed by the Milton Keynes Development Corporation in the early 1980s, and has a convenient location on the main A5 trunk route as well as easy access to the Ml motorway.

When the new store opens on the 1st of March, it will be the first H&M in Edinburgh.

H&M was established in Sweden in 1947 and now sells clothes and cosmetics in more than 636 stores in 14 countries.

Both these stores will bring more jobs to the area.

A spokesperson for H&M comments: H&M are delighted to be arriving in Edinburgh.

The store which will open at 11am on Thursday 1st March will carry Ladies wear and Children’s wear from babies up to 13 years.

The largest outdoor shopping complex in the UK, Fort Kinnaird has been developed by Pillar Property PLC and offers over 570,000 sq.

ft of retail and leisure accommodation.

According to Mark Stirling, Managing Director of Pillar Retail Parks, We are delighted that H&M is expanding the fashion line-up at Fort Kinnaird for their first out of town store on a shopping park.

Arlington Developments Limited have recently acquired The Quarry Rigg Shopping Centre in Bowness on Windermere for £1.

4 million, from Quarry Rigg Properties Limited.

The Quarry Rigg Centre is an attractive shopping centre comprising 18 shop units in the centre of Bowness on Widermere, one of the busiest tourist locations in England.

S J Berwin Co has acted for Schroders Property Managers (Jersey) Ltd in connection with the establishment of The Hercules Unit Trust and City of London Offices Unit Trust.

The City of London Offices Unit Trust is a closed-ended offshore unit trust that will acquire the assets of Wates City of London properties, if the bid by Pillar Properties for Wates City is accepted.

This is the first time that a Unit Trust has been used in connection with a proposed take over.

The initial equity investors will be Pillar Offices Ltd, Schroder Exempt Property Unit Trust and SITQ Albion inc.

of Canada.

The fund is valued at £600m.

In connection with City of London Offices, Gouldens again acted for Pillar, Alien & Overy for Schroder Exempt Property Unit Trust and Nabarro Nathanson for SITQ.

Developers Roselea Properties, advised by NAI Gooch Webster, have sold a 241.

5 sq m (2,600 sqft) unit as a freehold, turnkey building on the former Wickes site for £175,000.

Ladieswear retailer Bon Marche will join Boots Opticians, MVC and The Pocket Phone Company at the 1,472 sq m (15,848 sq ft) Redhill development.

Bon Marche will occupy a unit over ground and first floor comprising a total of 521 sq m (5,610 sq fl) on a fifteen year lease at a rental of £97,000 per annum exclusive, equating to a zone A figure of £55 per sq ft.

Mark Robinson, Chartwell Land Senior Development Manager comments: This is Charwell Land’s sixth town centre development over the last two years which has been fully let before practical completion.

This further underlines our belief that units of the right specification are still in demand from High Street retailers irrespective of the continuing negative sentiment towards the High Street.

Regent Retail Parks Partnership, which was launched in May 1999 and is managed by Aberdeen Property Investors (API), has made its first expansion with the freehold purchase of St John’s Retail Park, Wolverhampton, from NPI, for £25,010,000 reflecting an initial yield on conclusion of the outstanding reviews of 6.

St John’s Retail Park is currently let to Homebase, Scottish Power, Courts, Currys, Comet and Apollo 2000.

All on institutional 25 year leases, the majority expiring in 2020.

Redhouse Projects Ltd (RPL), a joint venture between Teesland Group plc (Teesland) and Clugston Estates Ltd (Clugston) has received detailed planning permission for a 11,148 sq m (120,000 sq ft) warehouse unit, in accordance with the masterplan.

RPL intend to start construction early in 2001, once site preparation has been completed, and expects the unit to be completed for occupation in Summer 2001.

The building will include 650 sq m (7,000 sq ft) of offices and the ability for further expansion and cross decking.

Redhouse Interchange, the 81 hectare (200 acre) site at Junction 38 of the A1(M),is one of the largest greenfield sites in the North of England with planning consent, and is equidistant between the A1/M62 and A1(M) and MI8 junctions.

Clugston Construction, have been contracted by RPL to undertake infrastructure works at Redhouse Interchange and work on the new roundabout on the A638 and the estate road is well under way.

Mark Hancock of Teesland commented: Redhouse Interchange will offer critical mass to the larger players in British industry into high quality and flexible industrial and distribution property.

The site is of prime importance to the region and will offer considerable competitive advantage to its tenants due to its location, the quality of the accommodation and the efficiency of the property, both in terms of cost and usage.

The site, which will have an end value in excess of £100 million at the end of the projected seven-year development cycle, is capable of providing 185,800 sq ft (two million sq m) of B2 (general industrial) and B8 (storage and distribution).

Additionally, Redhouse Interchange is to develop around 9,294 sq m (100,000 sq ft) of office park at the entrance to the site close to Junction 38 of the Al(M), enabling businesses fast access to high quality office space.

RPL intend to concentrate on large space requirements of 100,000sq ft (9,290sq m) upwards as the topography of the site allows the accommodation of the largest requirements in the market in a quality environment with extensive landscaping and excellent infrastructure.

Flexibility will be paramount as the growth in e-commerce and changes in distribution and manufacturing over the lifetime of the development will undoubtedly change current requirements for these buildings.

The day-long event in Lord’s new Nursery Pavilion, featured four key speakers: Dr James Bellini, futurist and author of ‘High Tech Holocaust’, Professor David Rhind, vice chancellor, City University, Simon Gulliford, strategist and business consultant, and Rick Pederson, chief knowledge officer, RealCentric Inc, USA.

The overall theme was the current revolution in corporate real estate, the message turned out to be the vital need to understand your clients and your clients’ business.

Between each speaker, was an interactive session, led by moderator Rick Pederson, where delegates, seated round tables, were able to discuss key points.

Dr Bellini, describinh a delegate as a consultant and himself as an ‘instultant’, set off strong argument with his view of a future ‘sero cost horizon’.

Dr Rhind discussed the growing importance of learning, while Simon Gulliford, talking about the future implications of today’s business decisions, pointed out the need for clarity in managing client and corporate relations: ‘providing satisfaction as opposed to dissatisfaction’.

Summing up, Rick Pederson saw a need for more feedback to raise awareness of problems and more creative solutions to answer rapid change.

The 170 delegates, seated round tables to facilitate discussion, also took part in a presentation from a panel of four on outsourcing: Richard Spray, of Blue Circle, Simon Ward of Cisco, Ray Walker of Pythagoras and Simon O’Reilly or Healey & Baker.

A very good day in a most unusual format said Graham Kelley of London Electricity, whilst Julian Lyon of General Motors commented on a lot of focussed intelligent discussion and a lot of energy on the floor, and Jonathan Turner of 3Com also found the format and venue excellent – and I learnt a lot, particularly about managing client relations.

ep2 Elliott Partnership has acquired 24,440 sq.


) of offices at Southside 56, Sharston, South Manchester on behalf of their client Alphameric.

The office acquisition follows hot on the heels of Alphameric’s recent purchase of Pennine Retail Systems for £60 million.

The accommodation of Southside 56, arranged on 3 floors, will house one of the North West’s fastest growing companies.

The accommodation has been fully refurbished and in turn a rental of £12.

is being paid on a 15 year lease with break clauses at years 7 and 12.

Commenting on the deal, Mike Fisk head of Office Agency at ep2 said, My clients and I are delighted that this deal has come to fruition.

Their main requirements were for a self-contained prominent office building in South Manchester, all of course at a very competitive price.

Clearly, with an existing tenant in situ, considerable negotiation was required to enable Alphameric to take a new lease from landlord who simultaneously surrendered the existing tenant’s lease.

Proceeding form the sucess of these deals, ep2 Elliott Partnership have surremndered £115,000 per annum existing leases on the 8th and 9th floors in St Christopher House, Stockport on behalf of Alphanumeric.

Although winter often sees a slow-down on the industrial property and warehousing front, this year is seeing demand continuing on Bedford’s industrial estates, according to commercial property specialists Douglas Duff.

The larger unit and warehousing sector is surprisingly active, with so many companies looking for commercial property that there may not be enough to satisfy demand commented Andrew Clarke of Douglas Duff.

Althougth the preference is for freehold properties, businesses are leasing units on local industrial estates as Bedford is a superb location for distribution companies – a routes centre just a few miles from the M1 motorway and the A1.

The assignment of lease on the largest unit (2,903 sq m/3,1250 sq ft) in St Martins Business Centre, Cambridge Rd, from Siemens to Fuli Film for ann annual rent of £125,000;The new letting of Unit 15 (1,271 sq m/13,680 sq ft) on Arwright Industrial Estae, Cambridge Rd, to joinery specialists Howdens, a subsidiary of MFI for an annual rent of £48,000;Business Post has talen a fie-year lease on units B and C (2,322 sq m/25,000 sq ft) on Wolsely Rd Industrial Estate, Kempston, for an annual rent of £113,250;Expanding further in the UK, AxoSport UK Ltd has moved into unit 2 Caxton Park (637 sq m/6,857 sq ft), Elms Industrial Estate, for an annual rent of £34,175;Unit 5 Shuttlkewroth Rd (607 sq m/6,529 sq ft), Elms Industrial Estate, has been sold freehold on behalf of Oilgear Towler Ltd.

London, Frankfurt, Stockholm and Amsterdam lead the data centre market in Europe, according to CB Hillier Parker’s new European Data Centres publication, operators have clustered in these countries, before expanding elsewhere in Europe.

London accounted for 12% of all transactions in Europe during 2000.

The research is the first of its kind into data centres, based on reponses to a questionnaire sent out to 20 of CB Hillier Parker’s European offices.

Power and fibre optic cables are two of the key network drivers of data centre location and the limited capacity of both in Easter Europe has been the principal reason for the limited growth of this market so far.

Rents paid by data centre operators to landlords accross Europe can be up to 30% higher than sandard indusrial rents.

In some cases achieved rents can be even higher, ususally reflecting the use of buildings other than converted warehouses.

This publication focuses on the rents paid by data centre operators for actual buildings, rather than the charges made by data centre operators to their customers.

This is due to strong demand coupled with restricted supply, creating increased competiion between operators.

As a consequence rents have seen a significant growth.

Paul Brown, Associate Director at CB Hillier Parker adds:From the platform of CB Hillier Parker/CB Richard Ellis’ Global Telecommunications Group, we have a clear view of the evolution of the market across Europe, the US and Asia, stemming from our involvement in this sector on behalf of both occupiers and landlords.

The present funding and capital market difficulties for technology companies are clearly likely to iumpactupon the speed of growth of both the internet and the telecommunications sector will continue to drive demand.

Mantle Estates and Scowcroft Goddard have jointly acquired Jackson Square Shopping Centre and the adjacent Jackson Wharf site in Bishop Stortford from Delancey Estates plc at a net initial yield of approx 8.

Scowcroft Goddard are the team behind one of the largest development sites in the country, Kingmoor Park in Carlisle, and represent the Scowcroft family trust, the originators of the Swinton Insurance chain.

Jackson Square, which forms part of Bishop’s Stortford’s prime retailing pitch, has a total net lettable floor area of (9,308 sqft/100,195 sqft) with 35 retail units, supplementary offices and a library.

The Centre, whose tenants include Monsoon, Peacocks, Argos, Superdrug, Dixons, Thomas Cook and Wilkinson was originally built in 1972 and refurbished in 1991.

Jackson Wharf is a site of approximately 2 acres with numerous buildings totalling 3,201 sqm (34,459 sqft) let on short leases.

Bishop Stortford is an affluent town.

It has good transport links and is set to benefit from rapid current and future growth at Stansted Airport nearby.

With our partners, we aim to maximise the appeal of Jackson Square to retailers and customers, whilst actively pursuing development options on Jackson Wharf next door.

We have extensive experience in all areas of property development and are delighted to have the opportunity to expand our portfolio in this area of the country.

Mantle and Scowcroft Goddard were represented by Lambert Smith Hampton Cambridge office and by Mills and Reeve, Solicitors in Cambridge.

Delancey Estates plc were represented by Strutt and Parker, and Forsters and Gouldens, both solicitors.

Scottish Knowledge makes HQ in Edinburgh DCT Properties, represented by NAI Gooch Webster, has leased the first floor of 6/8 Wemyss Place, Edinburgh, EH3 6DH, to Scottish Knowledge for their new Head Office in Scotland.

Located close to Charlotte Square, Edinburgh’s prime office location, 6/8 Wemyss Place was recently acquired by DCT Properties in August from National Provident Institution, with a potential view to redevelopment when the existing leases expire in approximately two and a half years time.

2000 was an outstanding year for the Central London office market and the outlook for 2001 is positive as reality continues to bite, according to the latest CB Hillier Parker Central London Ofrice Market.

Annual take-up in 2000 soared to its highest level since records began 20 years ago, with almost a third more space transacted than in 1988.

the peak of the last property cycle.

Catherine Rees, Senior Analyst at CB Hillier Parker, said: Restricted availability and strong demand has forced prime rents up by 40% over the year.

With known requirements for office space at an all time high, outweighing current availability by five times at the end of 2000, the development pipeline is the only method to release occupier pressure.

Since then there has been the emergence of requirements from innovative new technology and media industries which are more securely financed and with a more stable business platform.

Ridley added: With a market whose recent success has been closely linked to the US economy the ‘cooling off’ of corporate America will further heighten the sense of reality.

NAI Gooch Webster’s fast expanding Asset Management team has announced that it has won contracts to manage five more industrial estates in Scotland, totalling over 300,000 sq ft (27,870 sq m) of business space.

They have been retained by the IO Group to manage their newly acquired investments at Souterhead Industrial Estate, Aberdeen, Motherwell Food Park at Bellshill, Glencairn Industrial Estate in Kilmarnock, Thorntreeside Industrial Estate at Leith, Edinburgh, and Caldwellside Industrial Estate at Lanark.

This is in addition to the existing portfolio of five industrial estates that NAI Gooch Webster manage for The io Group, of over 500,000 sq ft (46,450 sq m) of space.

This is part of the continuing expansion of the Asset Management business here in Glasgow, making us one of the biggest teams north of the border, say Associate Director Kara Brown.

We plan to expand still further – taking advantage of the trend for major property companies to seek to gain maximum value from their property assets by using specialist skills.

Annual Income and cashflow from the building will continue to rise as the amount of space devoted to serviced offices and flexi-leases inreases following the expiry of a number of conventional leases.

The fully let office elements generates £4.

8m of annual rent income from a wide range of tenants, including Abbeyy National and Nokia UK Ltd, while the leisure and retail produces a further £0.


Apart fromn Odeon Cinemas, occupiers include JD Wetherspoon and J Sainsbury.

One retail unit is vacant and another is under offer.

Richard Balfour-Lynn, MWB’s Chief Executive, said; The purchase of this landmark building at Marble Arch complements our stated strategy of aquiring properties with great potential to be further developed into cashflow businesses.

The office element has similar characteristics to our highly successful 150,000 sq ft Cannon Street Centre in the heart of the City.

Marble Arch Tower has already been partly converted into a serviced office complex of more than 33,000 sq ft with further potential to provide a significant amount of flexi-lease seviced acommodation to large corporate occupiers seeking quality well located space supported by state-of-the-art IT and telecommunications.

This latest purchase completes an extremely active and succesful year for MWB.

Since Jan 2000 MWB has further expanded its serviced office business both in the UK and Europe; dramatically expanded its hotel operations through the aquisition of the Howard Hotel and the Malmaison chain for a total of £120m; quired the Liberty department store group for £74m; grown its property development, investment and trading activities with more than £1450m of acquisitions;, and, last month, completed an oversubscribed and highly sucesful £62m placing and open offer.

The HPAM team has extensive experience in managing all aspects of direct and indirect property holdings, including office, retail, leisure, joint ventures, corporate and development consortia, property income certifcates, PUTS and property shares.

The Hermes Group is involved in the management of approximately £8 billion of property assets and adopts an advice led style of property investment supported by strong stock selection skills.

Richard Harrold, Chairman of HPAM, comments: This is the largest transfer of management control in the histoey of the property Unit Trust industry and is a landmark event in this semi-public arena.

This is an area of growth we have identified.

The team at Hermes will be headed by Richard Harrold, with Fiona sweeney as Account Manager.

Robert Dawson and Freddie Coupe will be portfolio managers with responsibilty for the Trust’s commercial and retail properties.

Anthony Esse, Marketing Director for the Hermes Group is coordinating the marketing of the Property Unit Trust.

Acting on behalf of a Swiss based family trust, Michael Berman & Co have sold a freehold office investment at 30 John Street, Blommsbury, London WC1N 2AT.

The property is situated within the Bloomsbury Conservation area and comprises a Grade 11 listed building, aranged on the lower ground, ground and three upper floors, affording an approximate floor area of 445.

5 sq m/4,794 sq ft.

The entire building is let to New Leaf associates Ltd for a term of 10 years from December 1988, subject to a rent review and option to determine at the fifth year at a rent of £90,000 per annum exclusive.

Ponden Mill, the UK’s fastest growing high street soft furnishing retail chain, has taken a 279 sq m (3,000 sq ft) unit at the Clacton Factory Shopping Village.

The letting is part of a proactive management strategy that enables managing agents Churston Heard to take advantage of opportunities to improve and refine the offer at the fully let Clacton centre in keeping with shopper requirements.

Developed by the Guinea Group and now owned by Lend Lease and THI, the 10,916 sq m (117,500 sq ft) Clacton Factory Shopping Village opened in 1998.

Schroder Exempt Property Unit Trust managed by Schroder Property Investment Management Ltd (SprIM), has aquired an industrial estate adjoining its recently completed 250,000 sq ft Matrix development on Corornation Road in Park Royal.

The property has aquired from a private client of Jagard Baker for £2m reflecting an initial yield of 8.

6% and a capital value of £60 per sq ft.

The estate fronts Coronation Road and is immediately in front of Matrix 11 Phase 4 which has recently been let to European internet and telecom company, Completel.

The property extends to approximately 35,000 sq ft and is let to Wolesley Centres, SRS Wholesale, and GU Manufacturing with lease expiries ranging from 2004 to 2018.

The annual rent is £182,500 p.

reflecting an average rent of £5.

29 per sq ft.

East India Dock, the 54,990 sq m (591,924 sq ft) landmark office development of four buildings in London’s Docklands, has been sold by Swedish owners NCC & SPP to office investors, CIT & the Morgan Stanley Real Estate Fund for in excess of £125m representing a net initial yield of 4.

The development was put on the market in November with offers being sought for in excess of £110m, through joint agents Catella and Knight Frank and immediately bids were received with over eight of them at more than the asking price.

The joint agents comment: We knew all along that the considerable reversionary nature of the property passing rents are in the region of £107.

64 per sq m – £10 per sq ft, the string of substantial tenants in the buildings and its top quality specification meant that there would be a flush of bids.

The speed, and price paid reflects the underlying shortage of quality office investments available in London that offer potential for a high degree of active management.

The Leeds office of property consultants Grenville Smith & Duncan recently advised Birmingham based Forward Group on the purchase of a state-of-the-art office building on Gelderd Business Park in west Leeds, known as the Forward Technology Centre.

Two floors of the 11,000 sq ft building have already been let to Science Warehouse Ltd – a rapidly expanding business to business operation providing e-procurement solutions to the life science industry supply chain.

The move has created 30 new jobs and Science Warehouse plans to employ an additional 10 people over the course of the next few months.

Alex Whiting, associate director of Grenville Smith & Duncan, said: The Forward Technology Centre offers highly specified office space with comfort cooling, raised floors and CAT 5 cabling ideal for hi-tech companies.

Graham Darnell, managing director of Science Warehouse, said: The Forward Technology Centre is good news for Leeds as it provides an excellent base for fast expanding hi-tech firms such as Science Warehouse.

Asda St James, the 50:50 joint venture development vehicle of St James Securities and Asda Property Holdings Plc has obtained planning permission to demolish the 18,580 sq.

m (200,000 sq.

  1. ft) 1960 Provincial House office block facing Centenary Square, Bradford and develop a 3,720 sq.

m (40,000 sq.

  1. ft) curved leisure terrace and arts facility.

The award winning architect Simon Hudspith of Panter Hudspith has been appointed by Asda St James to introduce a contemporary building which will complement Centenary Square, the central public area fronting Bradford&amp famous City Hall.

Panter Hudspith who are probably best know for the Pitcher Piano building on the Quayside, Newcastle and the Davygate York and Riverside developments will use local stone, cedar timber and contemporary materials for the part two/part three storey scheme which includes a 30 sq.

m external media screen.

Rupert Thornton, partner of letting agents, Hill Woolhouse, said With major leisure proposals to the east and west of Centenary Square,we will now be able to progress the many expressions of interest in the five leisure units from restaurant and bar operators looking to take advantage of the 9 m internal unit height, as well as the external seating area on a raised platform overlooking the square.

Ian Barraclough of Asda St James commented We are pleased that Bradford Council has supported Panter Hudspith’s contemporary design which, in our opinion, will result in a stunning building sympathetic to the city’s main square and complimentary to the surrounding Victorian architecture.

The io Group, which runs the Hawkley Brook Industrial Estate in Wigan on behalf of Cheshire County Council Pension Fund, has appointed the Manchester office of NAI Gooch Webster to handle the asset management of the estate.

The multi-let estate has fourteen nursery units, totalling 11,886 sq m(127,940 sq ft), including the premises of the Bell House Aerospace Group.

Building on this already strong reputation, The Lancaster Landmark Hotel Company will be investing substantial resources to further improve the hotel with enhacements to its contemporary interior design.

Nick Marsh, Executive Vice President at Jones Lang LaSalle Hotels stated that The Kensington was a hotly contested aset, highlighting investor’s appetite for good cash-flow generating investments in London.

KCC Process Equipment Ltd has taken 714 sq m (7,687 sq ft) of offices at Infinet House, 111 Windmill Road, Sunbury-on-Thames from private clients of Stiles Harold Williams.

The premises are situated close to Junction 1 of the M3 and within a few minutes’ walk of Halliford Station (Waterloo).

The property comprises a two-storey detached office building with car parking at the front and rear which has been completely refurbished and re-clad to a very high standard.

A new 10-year FRI lease has been granted at a rental of £155,000 per annum with a rent review at the end of the fifth year.

There is a tenant’s break at the end of the fifth year with 6 months’ notice.

A short rent-free period has been agreed.

The Land Registry has anounced the appointment of Jan Smith, formerly of the RAC, First Direct and Mazda Cars (UK) Ltd and now running her own consultancy company, as its forst non-executive Board Director.

Welcoming her appointment, Peter Collis, Chief Land Registrar said:I am delighted Jan Smith has agreed to join her board.

Her wealth of marketing and commercial experience will help us enormously in building support for electronic conveyancing and in broadening our range of services.

Jan Smith has considerable busness and marketing experience built in the financial sector and the motor industry.

Her track record includes responsibilty for the mareting launch of FirstDirect anf thr high profile re-brandng of the RAC where she was a memeber of the executive operating Board.

The lease of Oxo Tower Wharf’s second largest commercial catering operation has been assigned by developers Coin Street Community Builders (CSCB) to Neat (London) Limited.

The acquisition heralds Richard Neat’s return to London and builds on the success of his Cannes restaurant.

The 9,000 sq ft space at Oxo Tower Wharf on London’s South Bank will be open as a restaurant and bar in Spring 2001.

Located on the second floor of the mixed use development and spanning the entire riverside length of the building, the restaurant and bar will complement the highly succesful rooftop Oxo Tower Restaurant, Brasserie and Bar, adding to the building’s appeal as a serious destination for drinking and dining.

With direct acces from the riverside, the Neat restaurant and bar has superb views of the River Thames and across to the city and St Paul’s Cathedral.

Superb views of the River Thames and across to the city and St Paul’s Cathedral.

After 4 years abroad it’s great that Richard has returned to London and chosen the 2nd floor space of Oxo Tower Wharf for his new restaurant.

It will be an exciting place to be and naturally offer a high level of quaity food and excellent service says Alison Pinner, Director of the Oxo Tower Wharf, part of the Coin Street Group, responsible for the £20 million refurbishment of Oxo Tower Wharf.

CSCB appointed agent Shelley Sandzer was responsible for introducing Neat(London)Ltd.

We worked closely with Trevor Shelley on the shortlisting process says Alison Pinner.

Neat(London)Ltd was advised by Pepper Anglis & Yarwood.

Oxo Tower Wharf is a mixed use development.

As well as the catering operations open daily, there are design shops occupied by some of the country’s top designers and applied artists.

Oxo Tower Wharf is home to Redwood Housing Co-operative – social housing for over 150 local people.

Clifton House, on Goldington Road, has been sold to Grand Prix Sportique which specialises in sporting memorabilia for grand prix and other motor racing events.

Grand Prix Sportique plans to occupy part of the building, and let the remaining space on new flexible lease terms through agents Douglas Duff.

Comprising 12,500 sq ft (1,161 sq m) of offices, Clifton House was formerly let to Autoglass, the 24-hour windscreen repair company, and the lease has now been surrendered.

The offices, including some open plan areas, are arranged in two wings around a central service core with on-site parking for tenants and visitors.

The sale of Clifton House, with prestigious office accommodation on four floors, demonstrates the buoyancy of the market in Bedford commented Roy Douglas of Douglas Duff who acted on behalf of clients Bedfordia Properties Ltd.

The Leeds office he now runs has expanded significantly in recent years and there are plans to grow the team still further.

Greg is one of the rising stars of the retail property business, and will play an enormous role in our ambitions to increase our profile ­ regionally and nationally.

While I will still have a national role, says Greg, there are also some superb property opportunities in the North of England which I will be looking to develop on behalf of our regional and national clients.

In the delivery of IT services, Amadeus has built a client base of 120 airlines and has recently signed a major new contract with British Airways to become that airline’s global partner for its passenger management and transaction processing systems.

World Business Centre is located within the airport boundary between the Bath Road (A4) and the northern perimeter road, benefiting from the excellent transport links at Heathrow and providing stunning views of the airfield.

When completed, the development will comprise four office buildings, with a total area of 27,500 sq m (296,000 sq ft), providing high quality accommodation for air related occupiers.

The new five storey 7,250 sq m (78,000 sq ft) air conditioned office building gained planning consent in June 2000 last year and work will begin on site this month with completion in December.

BAA Lynton will also provide Amadeus with 3,345 sq m (36,000 sq ft) of short-term office accommodation in Phases 1 and 2 whilst its new headquarters is being built.

Halloran, Managing Director, BAA Lynton commented: This pre-letting to Amadeus is further proof of the demand from air-related occupiers for new, high quality office accommodation in close proximity to the heart of the airport.

This letting leaves us with a planned building of 7,250 sq m (78,000 sq ft) to complete the World Business Centre complex and we are now actively marketing this final phase.

Existing tenants at World Business Centre 1 and 2 are Regus, SAS, Lufthansa, Emery, World Duty Free and Dream Ticket.


Welbeck Land Limited has been granted outline planning consent by Swansea City Council for its 13,935 sq m (150,000 sq ft) bulky goods retail development on Carmarthen Road, Swansea.

The £18 million scheme will comprise of one single DIY unit with an adjacent builder’s yard and garden centre.

Neil Johnson of Welbeck says: We are currently in discussions with a number of major DIY operators and are expecting to achieve a rent circa of £129.

17 per sq m (12 per sq ft).

The Allford Hall Monaghan Morris-design is exciting, fresh, contemporary and has obtained widespread acclaim during the planning consultation process and we have already agreed terms with a number of leading retail and leisure operators for the commercial space.

King Sturge is the letting agent for the commercial space and Leeds-based Morgans is advising Welfield Limited on the residential space.

It is expected that work will start on site in 2002, following the relocation of the Post Office, and the buildings will be available in 2004.

Teesland and Sterling Capitol are currently actively marketing the office building for pre-lets and are in detailed negotiation with both a residential developer and a hotel operator.

The key feature of the development will be a newly created 30 metre wide central piazza, which will create a new focal point for this area of Leeds, allowing for the provision of restaurants, bars and retail facilities on the ground floor of the development.

The piazza will also create a pedestrian link to Whitehall Road, the nearby railway station, central business district, and the other developments in the area.

The imposing office building of 10 storeys will front Whitehall Road and will feature blue glass technology on the south facing elevation, a first for Leeds.

The large open plan floor plates, of 1,395 sq m (15,000 sq ft) are capable of being let as a whole or subdivided and will reinforce the ‘Western Corridor’ of Leeds as the new core office area.

The apartments will be contained in a high quality 14-storey tower with duplex penthouses on the upper levels offering stunning views both across the City and into the countryside.

The structure of the existing Post Office tower is to be retained but reclad with modern materials, together with two new multi-storey extensions.

The 200-bedroom hotel will have frontage onto both Wellington Street and the new piazza and is expected to offer both long-term stay rooms and conference facilities.

The regeneration of this part of the city will fundamentally upgrade the range of uses in the area and it is expected that it will create significant interest both regionally and nationally for Leeds business and leisure offerings and reinforce the 24 hour city theme for Leeds.

Chris Dalzell, Development Director of Sterling Capitol PLC added, Mixed use developments of this type are the way forward as our cities continue to evolve and grow.

West Central will provide an important and exciting new addition to the lifestyle of Leeds as a vibrant place to live, work and relax.

Carey Jones of Leeds has been retained as architects for the development following its award-winning work on Princes Exchange in Leeds.

The West End and City sub-markets of the London office market will continue to retain by far the largest numbers of occupiers despite claims that fringe areas will challenge their dominance over the next few years.

Latest research from property advisor DTZ shows that loyalty to the prime West End and City markets is considerable with major occupier sectors including US lawyers and the Japanese in particular showing no signs of willingness to relocate out of these areas despite office rents reaching record levels.

The report examines the locational loyalties of established Central London occupiers from 1985 to the third quarter of 200 and includes approximately 1,580 significant transactions accounting for around 7.

2 million sq m (77.

6 million sq ft) of office space.

The report shows that occupiers in the West End core sub-markets of Mayfair and St James’s, for example, are especially loyal with these markets home to the international corporate sector (with less than two-thirds of occupiers being domestic).

Similarly, in Soho, the concentration of advertising, television and film production companies has meant that these occupier types have remained extremely loyal to the area and its complementary concentration of support services.

The Docklands has proven attractive to those tenants who require very large buildings; of the 31 occupational transactions in Central London above 22,970 sq m (300,000 sq ft), 13 were located in Docklands.

Interestingly, two – HSBC and Clifford Chance – were attracted to the area from the City and three – Morgan Stanley, CSFB and Citigroup – were originally based in the West End.

The balance reflects expansion of existing occupiers.

Following intensive public consultation, New Street Partners Ltd, a joint venture with Sofam beheer b.

v and leading property developers, Cuckfield Group, yesterday (11 January 2001) unveiled its revised plans for the major redevelopment of New Street in Edinburgh’s Old Town.

The plans are a result of over six months of consultation between New Street Partners and local community groups, business organisations, conservation societies and City of Edinburgh Council officials after the initial proposals were unveiled in July 2000.

Central to the proposals is the creation of 200,000 sq ft of commercial office space – featuring a series of linear atria and wynds that provide circulation through the site – 55 residential units a 28,000 sq ft arts and media centre and a health and fitness centre with integral swimming pool, sauna and exercise areas.

In addition, a 35000 sq ft Co-location facility and `server farm’ providing serviced satellite offices will be located at the Calton Road end of the site.

New Street Partners and internationally renowned architects, Gensler, have worked closely wIth the Edinburgh community to shape the development.

Integral elements to improve business facilities in the Old Town and form a new commerce destination include.

Gensler has also given attention to security issues following consultation with Lothian & Borders Police on the design of the project as a whole.

Specific security measures relating to the residential properties have also been addressed under the national Secured by Design (SBL)) scheme.

The Government-backed scheme aims to improve security features and crime prevention measures during the design and construction of new buildings, reducing the fear of and opportunity for crime, and creating a safe environment for residents and visitors.

In addition to practical design Gensler has developed the plans to incorporate innovative design techniques and environmental initiatives including a green roofscape – literally planted with green grass and planter boxes.

The landscaped roof not only reflects the backdrop profile of Salisbury Crags and Arthur’s Seat but will enhance the visual appearance of the scheme when viewed from the city’s Calton Hill and has proven insulation, acoustic qualities and environmental aspects.

Environmental benefits will be continued with the removal of all contaminated land currently present on the site from previous use.

Landscaped public squares pedestrian and cycle routes and easy access for disabled people will also be incorporated.

Explaining the reasoning behind the public consultation, New Street Partners Director, Ronald Persaud, says: It is important that the development works for residents and businesses alike and so it was clear that we should work with the people of Edinburgh to create the best scheme possible.

We recognised that custom-built office space is lacking in Edinburgh, particularly for new media companies.

By providing a custom built IT centre we will be able to deliver first dass premises specifically designed to meet business’ growing technical requirements.

The design of the buildings reflects the site’s setting within a World Heritage city, but the different elements of the development also provide state-of-the-art business facilities in a prime location and I am confident that Calton Gate will transform New Street into a new commercial hub.

Frontier Estates has acquired a 3.

2-acre development site on Crossways Business Park in Dartford from Fyffes for a price of £2.

75 million (£860,000 per acre).

The site was acquired in the face of strong competition from both developers and funds such as Chancerygate and Hermes.

In excess of 15 bids were received by Fyffes.

Frontier Estates has entered into a Joint Venture with USS to undertake the development which has an end value of approximately £7.

0 million.

The specification includes 8m eaves, dock & level access loading, flexible fully fitted offices and an impressive 60m-yard.

Tony Williamson, Associate Director, commented We are very pleased with the acquisition, Crossways is one of the best warehouse and distribution parks on the M25 as evidenced by both the letting and investment transactions over the last 18-months.

LSH acted for Fyffes; Anthony Lipton acted for Frontier Estates; and, LaSalle Investment Management acted for USS.

The appointed joint letting agents are Jones Lang LaSalle and Knight Frank.

On behalf of James Smith Estates Plc, Stiles Harold Williams has let first floor offices extending to 94 sq m (1,010 sq ft) at Norwood House, 9 Dyke Road, Brighton to software company, Idaya Ltd.

Norwood House is situated in the heart of Brighton, close to the Clock Tower and Churchill Square.

A new 5-year lease has been granted of the modern, recently refurbished offices at a rental of £10,000 per annum.

Will Stephens (Director) of Idaya Ltd commented: Brighton is rapidly becoming a centre of technical excellence where a software company like Idaya can find high quality programmers.

Tim Hardwicke of Stiles Harold Williams’ Brighton Office added: Due to the considerable demand and the lack of high quality small office suites available in Brighton, we received a lot of interest in this property resulting in the good rent which was set.

The Newcombe Estates Company Limited, advised by Rogers Chapman has acquired the virtual freehold interest of Units 1-7, Apollo, Olympus Business Park, Gloucester from Royal London Asset Management Limted for £1.

355 million, reflecting a net initial yield of 8%.

The property, comprising 7 light industrial units totalling 1,904.

45 sq m (20,500 sq ft) is let on 5 separate leases to Signet Armorlite Europe Ltd with approximately 12 years un-expired on the majority of the leases.

This represents a net profit of £1.

91 million, or 3.

5% over book value and a surplus of £21.

2 million or 59.

5% on historic cost.

The three properties are: • The long leasehold interest in Liscartan House, 127/131 Sloane Street, London SW1, comprising 27,200 sq ft (2,526 sq m) of offices, retail and residential accommodation, which was sold to the freeholder, the Cadogan Estate.

The total current net rental is £1,002,910 per annum.

The long leasehold interest in Granville House, 132/135 Sloane Street which adjoins Liscartan House.

The property comprises 24,200 sq ft (2,248 sq m) of offices, retail and residential accommodation and was also sold to the freeholder, the Cadogan Estate.

The total current net rental is £978,114 per annum.

The freehold interest in 27 Soho Square and 60/61 Greek Street, London W1 comprising 30,000 sq ft (2,788 sq m) of office accommodation which was sold to a UK private investor.

The total current net rental is £1,342,500 per annum.

This is leading to continued rental growth and interest in investments and we will purchase new situations when there are opportunities to use our specialist expertise to add value.

over the price of 70p per Dunsterville Allen Ordinary Share, being the umarket price stated in Dunsterville Allen’s report and accounts for the year ended 30 September 2000 which were approved on 21 November 2000, and a premium of approximately 20 per cent.

The Regus business centre will be Crossways’ 4lst new building, bringing total offices and distribution developments completed or under construction in 2000 to 222,000 sq ft [20,623 sq m].

B&M Retail Ltd have opened their 10th and 11th stores in Middlesbrough and Whitehaven and are trading significantly above expectations with in excess of 20,000 customers per week visiting the stores since opening in November last year.

In Middlesbrough B&M have taken a 15 year lease on a new store anchoring Dundas Arcade at an initial rent of £132,500 per annum exclusive, subject to review.

The premises provide 859.

32 sq m (9,250 sq ft) at ground floor together with 836.

10 sq m (9,000 sq ft) at first floor.

The premises were let to an enhanced developers shell specification with the tenant receiving a 12 month rent free period.

The Landlords Contract Experts Limited Ltd were advised by King Sturge.

In Whitehaven B&M have taken a 15 year lease on part of the former Safeway store in Quay Street at an initial rent of £80,000 per annum exclusive, subject to review.

The unit comprises 1068.

35 sq m (11,500 sq ft) on ground floor with 130.

06 sq m (1,400 sq ft) at first floor.

The unit was let to an enhanced developers shell specification with the tenant also receiving an 18 month rent free period.

The Landlords, Cabinguild Ltd, were advised by Peill & Co.

Acting on behalf of Rockcliffe Estates Plc, reesdenton have purchased the freehold investment in 5/7 King Street, Huddersfield.

The premises are let to Sketchley Retail Limited for a term of 35 years from 17 May 1971 at a current passing rental of £34,500 per annum exclusive.

A purchase price of £475,000 was paid representing a net initial yield of 6.

85% after purchasers costs of 5.

Stainton International Limited, the pan-European investment and asset management company run by Hugo Jackson, has sold two more of its properties out of Cayuga Estates.

The two deals in Dorking and New Barnet totalled £17m.

Cayuga Estates is the JV company set up and managed by Stainton International, following the acquisition of a £40m portfolio from Frogmore Estates in 1999.

The co-investors are Lehman Brothers, Highcross Group Ltd & NAI Gooch Webster.

Stainton is now actively looking at other portfolio acquisitions and is also in discussions with various parties to establish a property trading fund of £100m+.

The two latest deals were for St Martin’s Walk Shopping Centre in Dorking, a 57,500 sq ft centre with residential and office elements, sold to Sainsburys plc for £12,718,750.

Current income is £1,025,462 – giving an initial yield of 7.


Kingmaker House, New Barnet is a 46,200 sq ft, multi-tenanted ’60s office block sold to Shell Pensions Trust Ltd for £4,242,975.

The income is £452,377 pa, representing a net initial yield of 10.

A further deal during 2000 included the sale of Bourne Industrial Park, Crayford, a 54,916 sq ft light industrial / warehouse park to Deutsche UK Industrial Property Fund for £4,800,000.

The income is £360,274 representing a net initial yield of 7.


These bring the total of investments sold to 25m during the past year.

NAI Gooch Webster acted for Stainton and Cayuga on all its sales.

We are looking at other large portfolios with the funds in hand to create more high yields for Stainton and its co-investors said Hugo Jackson typically an equity IRR of 25% or more within two to three years.

Dusco Asset Management Limited on behalf of U K Prime Property Partnership and Scottish Amicable, the joint owners of the Gracechurch Shopping Centre in Sutton Coldfield, have changed their letting agents with effect from the beginning of this year.

The scheme dominates the centre of the Sutton Coldfield providing some 470,000 sq ft of quality retail space, which was refurbished in the mid 1990’s.

The anchor stores include Beatties Department store, Marks & Spencer’s, Bhs, Boots the Chemist, Woolworths and Argos.

We are delighted to be involved with this scheme and look forward to providing input on the schemes future design and implementing new policies to enhance and improve the tenant mix.

Pheonix Beard remains the managing agents and Hartnell Taylor Cook’s London office continue to advice Dusco on professional work within the scheme.

Mobile phone retailer Fonelink has agreed a new 10-year lease for unit 359 at the Chequers shopping centre in Maidstone, Kent (ME15 6AT).

Fonelink, a One 2 One dealership, is paying £32,500 per annum for the 38.

3 sq m (413 sq ft) unit which is located on the Duke’s Walk level of the scheme.

Adjacent retailers include Clinton Cards and Kodak while Earnest Jones, Clarks and Virgin are located nearby.

The 37,160 sq ft (400,000 sq ft) Chequers is anchored by Bhs, Boots and Wilkinson with a further 85 shops in the centre which is directly linked with the Sainsbury’s new superstore.

TJ Hughes has also recently agreed a new 25-year lease on a 5,370 sq m (57,800 sq ft) anchor store which will trade from all three levels of the centre when it opens later this year.

CB Hillier Parker and Dalgleish are the joint letting agents for the centre while Insignia Richard Ellis asset manages the Chequers for owners the Stoneborough Trust.

Fonelink was represented by Douglas Stevens & Company.

Comments of Tim Griggs CB Hillier Parker: This was the last unit available on Dukes Walk – which is the prime trading level in the centre.

The centre is continuing to attract interest from major retail occupiers who want to be located in the heart of Maidstone.

Advised by sole retained agent, Stephen Kane & Company, Mark Wilkinson Furniture Ltd has taken an assignment on 166 Parade in Leamington Spa (CV32 4AF).

The former British Gas Centre unit was assigned by BG Plc.

It comprises a 60.

3 sq m (650 sq ft of ground floor sales space, along with 37.

1 sq m (400 sq ft) of storage space each on first and second floor levels.

The unit is adjacent to Pizza Express and opposite the Regent Hotel redevelopment.

Mark Wilkinson Furniture is paying a rent of £20,000 per annum.

Comments Robin Burn of Stephen Kane & Company: This is the eighth unit in the UK for Mark Wilkinson Furniture.

We continue to look for units in locations that reflect the company’s up-market client base.

The recent announcement by the RICS withdrawing accreditation from 15 universities is a serious cause for concern.

Says Professor John Bale, President of the Chartered Institute of Building.

Speaking at the CIOB in Ascot today, Professor Bale stressed that Higher education courses in construction or built environment disciplines torm an interrelated pattern of provision.

The withdrawal of courses in any discipline has the effect of weakening the whole, making the work of academic departments less economic and jeopardising the future of other courses.

The CIOB believes that construction and built environment professions should work together to maintain a network of strong, well-resourced centres of higher education.

The closure of courses by the RICS threatens to reduce total student recruitment at a time when industrial demand significantly exceeds graduate output.

Professor Bale believes that any proposal to create new courses in universities that do not currently have any built environment provision should be a matter for inter professional consultation, given the importance of a multidisciplinary approach.

Professor Bale emphasises that Access to the construstion profession should be widend not restricted.

This is an important plank of government policy for the universities, and serves the requirements of the construction industry.

The RICS aproach puts hurdles in place of broader access.

Scottish Widows Investment Partnership has sold the freehold of the 4645 sq m (50,000 sq ft) former Maples department store site in Bristol, Clifton for £3.

55 million to Ashfield Land.

The building has been vacant for over three years following Maples going into receivership.

The new owner has submitted a planning application for a mixed-use scheme incorporating retail, restaurants and health and fitness.

The scheme will compliment Ashfield’s commercial and residential development at Pro-Cathedral Lane.

Andrew McGregor, of FPDSavills leisure department who acted for Scottish Widows Investment Partnership, says, We had four or five very serious parties pursuing the property, but arrived at the current purchaser through interview and track record.

Malcolm Gunter, of Edwards Hardwick & Partners who represented Ashfield Land, comments, Planning is in and we look forward to seeing this prime Clifton property back in use.

The Chartered Institute of Building has linked up with Pickavance Consulting to put on a residential 3-day course on overcoming delay in construction contracts.

Hailed by Roderick O’Driscoll as .

the best I have ever attended on a specialized subject of this nature.

Pickavance Consulting ran the course for the first time in May 2000.

Participants found it highly relevant and useful.

Very good and worthwhile – recommendable to others said Chris Corry of Balfour Beatty Civil Engineering, while Neal Morris of Masons Solicitors stated, May I say how much I enjoyed your Masterclass.

it provided me with an excellent insight into the technical side of what programming is all about.

The store will offer the company’s luxurious food lines as well as an extensive range of wines, beers & spirits, flowers, beauty products, cards and a small selection of underwear.

The new store design, the first of its type in the West of Scotland, is based on the company’s new ‘concept’ theme and a number of successful company-wide trials which have received a very positive response from shoppers.

Paul Sellen, regional manager for Marks & Spencer in Scotland, says the new store is exactly what the people of Milngavie have been waiting for.

The local neighbourhood food store concept has proved extremely popular in many parts of the UK and our research tells us that it will be a soaring success in Milngavie as it will give people greater choice in a convenient location.

The Milngavie team has enjoyed meeting various key groups in the area who have extended an extremely warm welcome.

We are looking forward to being an important part of the community for many years to come.

Gilbert McVean, chairman of Milngavie Traders Association, said traders have welcomed the new store and are confident it will bring shoppers back into the area.

He said: The arrival of Marks & Spencer in Milngavie is sure to create a spin-off effect which could increase business for other traders in the town.

This can only be good news for shoppers and the local business community.

Marks & Spencer’s new store is a high-quality development which will enhance the appeal of the town centre.

In Scotland, Marks & Spencer has 22 stores and two distribution centres and currently employs more than 5,000 people.

Over the past five years, Marks & Spencer has invested in the region of £90m on new developments in Scotland.

Expanding pub and restaurant chain Bel & Dragon (Cookham) Ltd is to give Reading’s Blakes Lock Museum a commercial face-lift after agreeing to purchase the long leasehold from Reading Borough Council.

Bel & Dragon intends to convert the 278 sq m (3,000 sq ft) Victorian Gallery, on Gas Works Road adjacent to the River Kennet, into a vibrant waterfront pub/restaurant.

The development, which is subject to planning consent, will also include six new office workshops comprising 557 sq m (6,000 sq ft), as well as retaining some museum artefacts in the Screen Room and Turbine House.

Ian Glyn, director of Bel & Dragon, is delighted to have secured this site in Reading.

Although Reading offers tremendous leisure opportunities, Blakes Lock offers everything that we need for a successful outlet, he adds.

The success of Wilson Bowden Development’s scheme at Ruddington Fields, Nottingham continues, with the confirmation that the new 1,393.

5 sq m (15,000 sq ft) Headquarters of Computerland Group Plc are now under construction.

Computerland join BASF, Pharmaceutical Profiles, EMTEC and Greene Tweed as the latest occupiers of the 35-acre parkland office development.

Graham Gilbert of Computerland confirmed: ‘We chose Ruddington Fields as it was important for us to find a prestigious environment complimenting the nature of our business.

Ruddington’s emphasis on quality and landscaping met this criteria within a location close to our traditional Nottingham base.

The unit has been designed specifically to suit Computerland’s requirements and, upon completion (due in July 2001), will provide air-conditioned offices with 66 on-site car parking spaces.

Mark Elliott at Wilson Bowden confirmed: ‘The quality of the environment offered at Ruddington is being recognised increasingly as an important factor when companies are considering where to relocate for the future.

Computerland had clear views on the quality of both the building and the environment that they were wishing to satisfy and the time period in which they wished to complete their move.

Approximately 16.

5 acres remain available at Ruddington with the site capable of accommodating individual buildings from 929 sq m (10,000 sq ft) to Headquarters campus developments up to 23,225 sq m (250,000 sq ft).

Body Shop International plc has taken the first step in its ambitious expansion and portfolio re-structuring programme in the North of England by taking a prime unit within Oldham’s Town Square Shopping Centre.

NAI Gooch Webster, acting on behalf of Body Shop, advised on 4, High Street, Oldham, taking the remainder of a 24 year lease expiring in 2007 ­at a rental of £50,000 pax, with a three month rent-free period.

The unit comprises 83.

52 sq m (899 sq ft) of ground floor sales, with a further 55.

74 sq m (600 sq ft) on the first floor and an ancillary area of 8.

92 sq m (96 sq ft).

Oldham is a thriving centre, and was considered a priority location from the outset, says NAI Gooch Webster’s Peter Disley.

On the larger scale, it may appear to be in the shadow of Manchester, but its demographics and the popularity of its two shopping centres make Oldham an excellent location for Body Shop to gain representation.

Construction consultants, sbh have been appointed by Chestergate Seddon to provide a full project management service for a major development at Chestergates Lymedale Park.

The new 284,000 sqft (23,597 sqm) distribution centre, 11.

6m high is complete with 17,000 sqft (1,579 sqm) office building.

Parking spaces for 50 lorries and 500 car parking spaces all on a 15 acre site.

Construction will commence in April of this year with completion programmed for December.

The bespoke unit for retailer TK Maxx will be fitted out with a multi-tier mezzanine structure and a wide range of material handling equipment.

Sbh have an excellent track record in the warehousing and distribution sector with extensive knowledge of multi-tier developments.

This project continues the relationship with the Seddon Group which commenced with the successful completion of Wedgwood’s Global Processing Centre at Stone.

Comments Richard Johnson, Director of Chestergate Seddon.

In what has been a busy 12 months for The Piazza in Paisley, LaSalle Investment Management, on behalf of Coal Pension Properties Limited, has just let Units 15, 16, 17 and 18 to Peacocks.

Commenting for Eric Young & Co, LaSalle’s retained joint agents, Ian Whelan said: The scheme had a difficult time in the mid-late 1990’s but, as we expected following the opening of Braehead, retailers have realised that Paisley is a large town with a very strong local catchment and can therefore compete at a given level.

The Peacocks unit comprises 558.

00 sq m (6,000 sq ft) of ground floor retail space and 206.

00 sq m (2,217 sq ft) in the basement and has been let for 15 years at a rental of £95,000 per annum.

Peacocks was represented by Fisher Wilson; LaSalle Investment Management was represented jointly by Eric Young & Co and DTZ Debenham Tie Leung.

Stiles Harold Williams, acting on behalf of Clarkes Stationers, has negotiated the acquisition of the leasehold interest in 11 Bond Street & 4 Bond Street Cottages, Brighton from Blackwell (Retail) Ltd.

The premises comprise a lock-up shop totalling 455 sq m (4,890 sq ft) on 5 floors including a sales area of 241 sq m (2,600 sq ft).

Clarkes Stationers took an assignment of the 12½-year FRI lease of 11 Bond Street, Brighton from January 1995 at an undisclosed rental with a rent review in June 2002.


4 Bond Street Cottages is held on a co-terminus lease with 11 Bond Street.

Clarkes Stationers was represented by Stiles Harold Williams.

The assignor was represented by Thomas Retail Property Consultants.

These works included the addition of a new floor and the creation of a further 2,237 sq m (24,080 sq ft) of net lettable office accommodation.

The planning permission allows CLS to construct an additional floor and will result in the creation of an additional 8,600 sq m (92,570 sq ft) of net lettable office accommodation.

Phase III of the refurbishment programme, Fräsaren 12, will provide 32,678 sq m (351,743 sq ft) of office accommodation when complete and it is anticipated that a detailed planning application will be made later this year.

Edinburgh Industrial Estates Ltd are delighted to announce that Scottish Widows Services have taken additional space within Phase 2 of their development at Al Industrial Park, Portobello, Edinburgh.

Following the acquisition of approximately 1,858 sq m (20,000 sq ft) within Phase 1, Scottish Widows have taken a further 985 sq m (10,680 sq ft) within Block D of Phase 2.

A new 15-year Full Repairing and Insuring lease was agreed at an annual rental equivalent to £5.

Jeremy Smart of Edinburgh Industrial Estates Ltd commented, we are delighted that a high profile occupier such as Scottish Widows have made a further commitment to Al Industrial Park.

The park is now established as one of Edinburgh’s premier industrial developments.

There remains only one unit currently available for immediate occupation within Phase 2.

This comprises Block C, which extends to approximately 658.

5 sq m (7,088 sq ft).

This unit occupies a prominent position at the entrance to the estate, and therefore would be ideal for a variety of uses including trade counter.

Edinburgh Industrial Estates Ltd, which is a joint venture between EDI Group and J Smart & Co.

(Contractors) plc, currently have detailed planning consent for the third phase of development at Al.

This phase shall comprise two separate blocks extending to approximately 822 sq m (8,852 sq ft) and 2,127 sq m (22,893 sq ft) respectively.

The larger building will be the only new unit above 1858 sq m (20,000 sq ft) available in Edinburgh this year.

This phase is due to commence on site shortly.

S J Berwin acted for Bywest Limited, a consortium consisting of Bouygues and Charterhouse, who is the private sector contractor in the Private Finance Initiative (PFI) project at West Middlesex Hospital, Isleworth.

S J Berwin advised on the initial bid and then dealt with property, planning and environmental matters.

This redevelopment involves the demolition of all of the oldest buildings and the Construction of new access roads, car parks and a major new £50 million building together with the provision of facilities maintenance services.

An unusual feature of this project was that Bywest were given rights to let and earn income from shops in the new hospital building, thereby reducing charges otherwise payable by the Hospital Trust for their services.

Ian Insley, construction partner at S J Berwin, advised on the initial bid.

Thereafter the S J Berwin team was led by Chris Snodin (a senior property solicitor) with Simon Ricketts and Mark Brumwell (Partners) dealing with environmental and planning matters.

Andrew Rollings, Retail Director of Whiteley Factory Outlet Village and Sean Kelly, Account Director for property public relations specialists Cadenza Communications, have both been appointed to the judging panel of the BCSC Shopping Centre Marketing Awards 2001.

The new judges join Eileen Connolly-Donaldsons, Shan Fisher-Standard Life Investments, David Payne – Institute of Direct Marketing and Nick Tomlin – Tomlin Bean Associates.

The awards which are better known as the Purple Apples, will be presented at the BCSC Annual Shopping Centre Management Conference on Wednesday 25th and Thursday 26th July 2001, in Warwick.

Anne Flisher, Phoenix Beard joins Sue Boor, of The Mall at Cribbs Causeway as organisers of the BCSC Purple Apple Marketing Awards 2001.

Anne has taken over from Chris Fenn, formerly Centre Director of Grafton Centre, Cambridge.

Acknowledgement is given to Centres that use marketing in the form of advertising, PR and promotions as an investment to improve retail sales growth, enhance customer loyalty and increase customer and community awareness, whilst still achieving value from marketing budgets.

The 2001 strapline is Marketing as an In vestment in recognition of the value that a strategic marketing campaign can bring to any business, in particular Shopping Centres.

Closing date for entries is Friday 8th June 2001.

The winners will be featured at the BCSC Annual Shopping Centre Management Conference in July (Warwick) and the BCSC Retail Showcase in November (Birmingham).

David Hargreaves of Fisher Hargreaves Proctor reports that 155,000 sq ft of the 200,000 sq ft development known as The Cornerhouse in Nottingham is now let.

Lettings have been completed with Warner Village for a 14 screen cinema, Virgin Active for a 24,000 sq ft health and fitness club, First Leisure for a 30,000 sq ft feeder bar and night club and a number or bar/restaurant operators including TGI Fridays, Wagamama, Parisa, Nandos, Santa Fe and Henry J Beans.

Of the remaining accommodation, 34,000 sq ft is under offer and in solicitors’ hands, with just 5.

7% of the space remaining.

Fisher Hargreaves Proctor, who introduced the site to Wilson Bowden Developments Limited, have acted solely on the lettings and acted jointly with Stockford Staunton in the sale of the investment to BP Pension Fund, who were advised by CB Hillier Parker.

Suzanne Green of FHP, who is managing the centre jointly with CB Hillier Parker, confirmed that TGI Fridays are now open and trading well above budget, whilst Warner Village are due to open their Cinema at the beginning of March.

The remaining tenants will open between Easter and Summer of this year.

Boots Pensions Ltd has acquired the freehold of 169 Fulham Road, London SW3, for £4.

1 million.

The property was purpose built last year for high class jeweller Theo Fennell who will leaseback the shop.

The initial rent is £300,000 per annum and the transaction provides Boots with an initial yield of 7.


The property comprises a retail unit on basement and ground floors with offices on three upper floors.

It provides a total of 7,840 sq ft.

David King, a director of Savills Fund Management which manages the Boots account, said: We are delighted to have secured this prestigious investment for our client.

It provides an attractive initial yield and is situated in an area that is enjoying strong rental growth.

We look forward to a long relationship with Theo Fennell.

has signed an unconditional contract for the redevelopment of the extensive Department of Social Security estate in Newcastle.


This £160 million Private Finance Initiative (PFI) project, which is being funded by The Royal Bank of Scotland, involves the management, for a 25 year period, of 1.

4 million square feet of accommodating of which 864,000 square feet will be new build.

The purpose of this scheme is to rationalise DSS property interests in the north east currently dispersed across 11 sites and provide modern multi-functional accommodation to enable DSS to conduct their business more efficiently.

This involves accommodation 10,700 DSS staff on four sites in the Tyne & Wear area.

AMIEC Construction will start work on site immediately, with phased completion of the new build element between 2000 and 2003.

Two of these sites are new build of approximately 80,000 sq m (864,000sq ft) and two will utilise existing buildings of approximately 47,000 sq m (512,000 sq ft).

The scheme was master-planned to minimise the impact on employees and involves the retention of two major sites in the area, at Longbenton and Washington.

John Early, executive board director of AMEC p.



said: Winning this significant PFI development secures AMEC’S position as a leader in the PFI field.

Since the government first introduced PFI, with out partners, we have won contracts worth over £570 million under this regime and we are currently shortlisted for a further £500 million, including two major teaching hospitals in LondonStuart Laird of Building & Property Group comments: We are delighted to play a pivotal role in the management of the DSS’S new offices.

AMEC Developments were advised by Berwin Leighton on legal matters and by merchant bankers, Lazard Brothers, on financial matters.

Orionvink BV, a subsidiary of Rodamco BV advised by Haslemere Estates Management Ltd and represented by Hillier Parker, have sold the freehold interest of the Stoneferry Road Retail Park, Kingston upon Hull to Sun Life of Canada.

The property comprises a terrace of two retail warehouses and a fast food unit providing a total of 1,635 sq m (17,602 sq ft) of floorspace.

The units are let to DSG Retail, AG Stanley and Burger King for 25 year terms commencing in 1994.

Sun Life of Canada paid £2,290,000 representing a net initial yield of 7.

47% against the current passing rent of £177,519 per annum.

Hillier Parker represented Haslemere Estates and Peter Lund & Ptms represented the purchaser.

Berwin Leighton advised European Land & Property Corporation in connection with contracts for the design, construction, financing and operation of new research and teaching facilities at King’s College London.

The £170 million deal will enable the merged college to consolidate its major sites on three campuses within a single square mile of central London – at the Strand, Guy’s Hospital and Waterloo.

Contracts have been awarded to the consortium led by European Land & Property Corporation (KC & UMDS) Ltd, which includes international construction company Bouyges, who will be responsible for the construction facilities aspects of the new accommodation.

Berwin Leighton’s team was led by partners Laurle Heller, Simon Allan and Simon Kildahl.

Gerald Bland, Mark Newbery and Martin Dawbney of Herbert Smith acted for King’s College London.

Ryden International Property Consultants, acting on behalf of a private investor have negotiated a lease of the above premises to Pizza Hut UK Ltd.

The premises have excellent retail frontage to Leith Walk providing ground floor sales at 970 sq ft and basement of 643 sq ft.

Having secured a change of use to Class III Hot Food Consent, Pizza Hut have entered into a new full repairing and insuring lease for a period of 25 years subject to 5 yearly rent reviews at an initial rental of £12,500 per annum exclusive.

Works to refurbish and extend a church building for new community facilities in Bethnal Green have been completed thanks to a £79,027 financial support package from English Partnerships (the Government’s Regeneration Agency).

As a result 15 new jobs will be created and 20 existing jobs will be safeguarded.

The voluntary organisation, Praxis, carried out the work to extend and create 515 square metres (5,543 sq ft) of community floorspace on the first and second floors within the Victorian, Gothic style church – the ground floor will continue to be used independently as a church.

English Partnerships’ funding enabled major restructuring and remediation work to be carried out which included the removal of asbestos, bringing the church tower into productive use as a cafe, installing a lift, constructing a new entrance building and generally making the whole building fully accessible for the disabled.

Other new facilities will include a surgery/studio, a creche (90 places) , offices, a library, meeting and audio/visual rooms, a kitchen and a tea area.

It is also envisaged that training facilities will accommodate new courses in languages (70 places), community business(15 places), video/television studies(10 places), childminding(3O places), needlework (30 places), interpreting (30 places) and development education (15 places).

Praxis is dedicated to fostering and integrating refugee and other excluded groups primarily from Latin America, Somalia and other parts of Asia and Africa – within the community.

It is estimated that approximately 3,200 to 4,800 users come from these groups within the east London area.

Richard Durrant, English Partnerships’ Senior Development Manager for Community Matters in the South East region, commented: I am delighted that our investment has enabled Praxis to expand its services and this demonstrates a positive step forward in meeting the increasing demands of the local community.

This scheme will provide much-needed additional community facilities in an established priority area and underlines one of our key objectives in creating new jobs for the area.

Aria Mae Contreras-Ramirez, Planning and Fundraising Officer for Praxis, commented: We are very grateful to English Partnerships for their investment which has been crucial in enabling this project to proceed.

A number of our current users are disabled, due to war injuries or torture, and will benefit no end from these valuable new facilities.

These improvements have made a dramatic difference to the scale of the facilities that we are able to offer the community and also means that our premises can now be accessed with ease and that we can therefore attract a significant number of new users.

Jermyn Investment Properties PLC has exchanged contracts to acquire a portfolio of three investment properties from Roche Products Pension Trust and The Roche Works Pension Trust for a concentration of £2.

91m payable in cash.

The current total rental income is £275,500, providing an initial gross yield of 9.


Two of the properties comprise freehold sites in Nottingham and Loughborough town centres, with primarily retail use, and are fully let to tenants including American Express, AA Insurance and Thomas Cook.

The third property is a long leasehold research unit on the Cambridge Science Park which is let to Bard Pharmaceuticals, a subsidiary of Napp Laboratories.

The properties in Nottingham and Loughborough are subject to outstanding rent reviews.

The consideration of £2.

91 m is subject to a top-up on a sliding scale up to a maximum of £3.

075m, dependent on the outcome of the reviews.

The properties have been valued at a figure of £3.

08m by Allsop & Co.

The consideration is being met by existing bank facilities.

Commenting on the acquisitions, Juliet Cogswell, Director of Jermyn, said:This is an ideal acquisition for Jermyn.

Our strategy is to acquire properties with above average yields and manage those properties to maximise the potential for capital gains -and rental growth, and these three properties fulfil these criteria.

All three are well located in areas currently benefiting from rental growth, and in addition, we believe that they offer good scope for lease restructuring.

We continue to look for further property matching our criteria from larger portfolios to individual properties.

Terms have been agreed and a planning application submitted to Hounslow Council for a 20,903 sq m (225,000 sq ft) Mail Centre for the Post Office at Heathrow Gateway, Feltham Middlesex.

The Heathrow Gateway scheme comprises the former eastern marshalling yards and adjoining Honeywell Bull building and totals some 12.

95 ha.

(32 acres) and will provide a total of 39,948 sq m (430,000 sq ft) of new space.

The site is being developed by British Land and Madison Land in conjunction with Railtrack.

A resolution to grant consent to the front of the site, the former Honeywell Bull building has also been issued.

This will provide for the construction of 10,683.

50 sq m (1 15,000 sq ft) of warehousinglindustrial accommodation to be built on a prelet basis.

This leaves capacity for a further 7,897 sq m (85,000 sq ft) for which a planning application has also been submitted.

The decision by the Post Office to relocate its Mail Centre at Heathrow Gateway wiliprovide a significant boost to the area as well as confirm the strategic location of the site.

This is an extremely good start and we look forward to preletting the remainder of the site.

‘The British Chapter of FIABCI and Women in Property have organised an inaugural seminar on 3rd February entitled How International Companies Acquire Property in the UK – Three Case Studies.

The three speakers represent major international companies which have recently acquired new business accommodation in the UK on a significant scale, or are in the process of doing so.

They will present case studies explaining the process of selecting accommodation, professional advisers and funding sources.

They will also touch upon the legal and valuation aspects as well as internal decision-making procedures.

By late 1997, gilt yields had fallen to around 6.

5%, a drop of 1.

4% points since late 1996 (and have fallen further still to around 6% during early 1998), whilst average property yields hardened only marginally from 8.

4% to 8.


Such yield movements suggest that gilt yields have little room to fall in 1998, thereby reducing their return potential, whilst property yields should shift downwards in 1998.

Retail investment continues to be property’s best performer.

Cluttons Daniel Smith expects average retail total returns of between 16% and 18% in both 1997 and 1998.

Average retail rental growth for 1997 is anticipated to have been around 5%-6% and is expected to rise closer to 7% by the end of 1998.

Cluttons Daniel Smith expects total office returns in 1998 to be between 15% and 17%, and that office property investment will outperform industrial, but marginally under perform retail.

Total returns for industrial property are expected to be slightly higher in 1998 than in 1997, rising to between 15% and 17%.

The rise will be fuelled by both a fall in yield and a pick up in rental growth.

Cluttons Daniel Smith forecasts rental growth to rise in 1998 to between 5% and 7%, from around 4% in 1997.

Business Strategies, in association with Cluttons Daniel Smith’s research department, believes that a slowdown in the economy is inevitable.

The drying-up of windfall gains (which contributed an extra 1.

3% to growth last year), slower employment growth from mid-1998 and higher mortgage interest payments will act to reduce the growth in real personal disposable income.

This will result in a fall in GDP growth from around 3.

5% in 1997 to 2% in 1998.

However, Cluttons Daniel Smith believes that due to the property market’s lag effect with the economy, property will not suffer to the same extent as the economy and will still return strong investment performance in 1998Guardian Properties Ltd have recently let premises known as Unit 5, Cannock Shopping Centre, Cannock to Blackwood Communications Ltd.

The premises will be used for the sale of mobile phones together with associated accessories.

The premises have been let on the basis of a new 10 year lease on a stepped rental basis, equating to £18,200 per annum exclusive.

The premises provide a ground floor sales area of approximately 59.

73 sq m (643 sq ft) with first floor storage comprising approximately 48.

31 sq m (520 sq ft).

Occupiers within the vicinity include Tandy’s, Hallmark Cards, Max Spielman and Birthdays.

DTZ Debenham Thorpe acted on behalf of the landlord throughout all negotiations whilst the tenants represented themselves.

SPP, represented by Celexa Real Estate Investment Management, has acquired the retail unit of 38a Westgate, Mansfield NG18 1RS for £450,000.

The acquisition represents a yield of 7.


The property is located opposite the East Mall entrance to the Four Seasons Shopping Centre and adjacent to an existing SPP investment at 36-38 Westgate that is occupied by JJB Sports.

The 3-storey unit at 38a Westgate totals 148 sq m (1,598 sq ft) with ancillary space of 66 sq m (71 2 sq ft), and is let to The Pocket Phone Shop Ltd on a 15 year lease from August 1998 with 5 yearly rent reviews and no breaks.

The current rent is £35,000 p.


equating to £646 per sq m (£60 per sq ft) Zone A.

Philip Ingman, Managing Director of Celexa Real Estate Investment Management comments, This purchase although smaller than our normal size, represented an opportunity to increase the lot size of our existing investment in Mansfield town centre and also produced a healthy initial yield.

The vendor, London and City Retail Limited was unrepresented.

Marylebone Warwick Balfour Group plc (MWM) today announces that the MWB Leisure Fund II, has agreed terms to forward fund a 230,000 sq ft commercial leisure park in Manchester for an anticipated purchase price of £35.

5m cash.

Located on a 10.

5 acre site in East Didsbury, South Manchester, the Parrs Wood Leisure Park is MWB Leisure Fund II’s third such purchase since its launch in August 1998 and it takes the fund’s total commitments to approximately 670,000 sq ft of commercial leisure park developments valued at over £130m.

The fund has the potential to be geared to approximately £250m.

Parrs Wood Leisure Park is being developed by Thomfield Developments and is expected to be completed within two years.

The scheme, which lies on the A34 close to Junction 3 of the M60 motorway, is already substantially pre-let and is anticipated to generate a rent roll of around £2.

35m, reflecting an initial yield of around 6.


Anchored by a Virgin Cinemas nine-screen multiplex, other tenants who have committed to the leisure park include a 60,000 sq ft Hohnes Place health and fitness centre, a 35,000 sq ft First Leisure Bowl and family entertainment centre, and Buckingham Bingo.

Discussions are well advanced for an operator of the park’s budget hotel, theme pub and four restaurants.

Parrs Wood fits our strategy of acquiring the latest generation commercial leisure parks which are of an exceptional institutional quality and which we believe will demonstrate excellent future capital growth.

Following the successful equity finance raising last August, which was oversubscribed, MWB expects that Leisure Fund II will acquire up to £250m of UK commercial leisure parks.

This is in addition to the company’s first fund, which is now fully invested in approximately £135m of UK leisure parks.

Investment finance was arranged and provided by NatWest Bank plc property finance group.

Knight Frank acted for the fund and the developer was advised by King Sturge and Donaldsons.

The 480 sq m (5,167 sq ft) accommodation has been let on a 15 year lease to BB Securities Ltd, a subsidiary of Banco do Brasil SA, at a rent of £409.

04 per sq m per annum exclusive (£38 psf pax).

A market rent free period was offered.

The building provides excellent top specification, refurbished accommodation behind a period fagade and is located close to St Paul’s Cathedral in the City.

The building comprises the second phase of the redevelopment of the St Martin’s Le Grand island site.

The first phase totalling 16,258 sq m (175,000 sq ft) was let in its entirely to lnvestec Bank last summer.

Liz Warwick of joint letting agents Lambert Smith Hampton says: The continuing success of the site reflects the quality of the development.

The fact that the headquarters of companies such as Merrill Lynch and Schroders are alongside it, reinforces the quality of the location.

Savills acted for the tenants BB Securities Ltd.

The remaining floors of the building are available from 557.

4 sq m (6,000 sq ft) to 3,716 sq m (40,000 sq ft).

The ambitious scheme includes the redevelopment of the whole of the existing Debenhams store to provide modem retail floor plates totalling approximately 12,077 sq m (130,000 sq ft), arranged over four floors.

The original facade to Magdalen Street will be retained.

In addition to the new department store the scheme will create four large retail units (4,394 sq m in total) fronting Magdalen Street including a unit of approximately 2,415 sq m (26,000 sq ft) already pre-let to Borders on a lease of 25 years for its American book store and music cafe concept.

The scheme illustrates the quality of investment that Standard Life forward funded last year.

It is a complex scheme, which will deliver a vigorous new retail environment to Oxford The Debenhapns store was sufferingfrom the restrictive floor layouts of nine interlinked buildings dating from the 19th century and the opportunity to modernise that specification will allow the creation of strong new retail space along the Magdalen Street frontage.

The prefer to Borders of approximately 2,415 sq m is a significant foundation for the scheme, which will open by Christmas 2000.

The Herbert Smith team was led by Iain Rothnic, assisted by James Watson, Diana Macleod and Bryan Kane.

Roger Woolfe and Joanna Kennedy of Collyer-Bristow advised Crest Nicholson Properties.

A Staffordshire commercial property expert is the £450 million toast of the West Midlands.

Andy Roberts, 31, has won the 1998 Midlands Business – ‘The Next Generation Award for her work in creating the UK’s first fully interactive commercial property database on the intemet.

The website has been a huge success with the property markets and has helped raise not only awareness of Staffordshire itself but also increase the number of business enquiries from interested parties thinking about relocating or expanding their current operations.

Former Deputy Prime Minister Michael Heseltine presented the award to Andy, who ‘is Property & Information Manager with InStaffs (UK), Staffordshire’s inward investment agency.

Andy’s handiwork allows property developers and potential inward investors from around the world to obtain on-the-spot information on £450m worth of individual plots of land and buildings in the county The database, still believed to he the first of its kind in the UK, allows InStaffs to promote some 1,500 acres, containing more than five million sq.


of available space, to a truly global audience.

The database infonns the user about each location’s storage facilities; whether it is in a pedestrianised area; its relation to main roads such as the A50 and parking facilities as well as contact details for the property agent.

The database, which also displays photographs of the specific sites, quite simply provides the user with a one-stop-shop of how to relocate or expand within Staffordshire – from the comfort of their own computer screen, said Andy.

If that is not enough, the information can be printed automatically as a report foiproperty developers to then supply information direct to their clients.

She added: It is important that the site is totally interactive, ensuring that users can quickly access all the information they need to progress their enquiry and, hopefully, make their decision to tune into Staffordshire as a permanent location.

It is imperative that we take every opportunity to tell the world about Staffordshire and what it has to offer.

Not one to sit still, Andy’s latest challenge, is the development of virtual business tours around Staffordshire.

Our website currently has static pictures of the different plots of land or properties available.

What we need to do, however, is get the property developers excited and interested in our sites as opposed to other regions.

Therefore, we are currently planning a way in which property agents can view a site from their computer screen and choose exactly where ‘they’ want to look – just like a virtual reality computer game.

Andy received her award at the Variety Club’s 1998 Midlands Business Awards Dinner at the Metropole Hotel, Birmingham.

President of The Chartered Institute of Building Joe Dwyer has written to all his members with the news that the Privy Council last week is unable to support the CIOB’s application to change its name to The Chartered Institute of Construction.

We have just heard from the Privy Council about our application to change the name of the Institute to The Chartered Institute of Construction.

The Privy Council has concluded ‘that it should not advise Her Majesty to make the proposed amendments to the Charter, and that it should not make the amendments to the Bye-Laws requested by the Institute.

‘ There are clearly areas that remain of concern to the Privy Council which we will be addressing.

We now need a period of reflection to consider our position, and I will be discussing the options available when our own Council next meets in March.

It is likely that a further submission will be necessary in due course.

Moorfield Estates, advised by GVA Grimley, has sold the virtual freehold interest in Units 2/3 Central Avenue, West Molesey, Surrey, to Fraser Wood Properties for £665,000, reflecting a net initial yield of 10.


The property is held leasehold for 999 years from 15 December 1992, with an option to acquire the freehold within the period 2 January 2005 to 1 January 2015The 0.

18 ha (0.

45 acre) site comprises a semi-detached industrial warehouse unit of 1,587 sq m (17,087 sq ft) with an additional mezzanine floor of 120 sq m (1,296 sq ft).

It is let to Chelsea Instruments Limited, which develops and manufactures electronic equipment, on a 15-year lease from 25 December 1997 with five-yearly rent reviews.

The current rent is £72,703 pa with the next review due on 25 December 2002.

The 529.

53 sq m (5,700 sq ft) self-contained office building is let to Abbey National Benefit Consultants on a 25-year lease from 1992 at £93,205 pa.

SPP, advised by Celexa REIM has acquired 1-3 Music Hall Passage in the heart of Chester for £1.

2 million representing a yield of 6.


The 441 sq m (4,747 sq ft) shop that is adjacent to SPP’s existing holding at 18/20 Northgate is let to Bass Taverns Ltd trading as Bar Coast on a lease with 33.

5 years unexpired at a rent of £193 per sq m (£20.

00 per sq ft).

The rent is reviewed every five years.

1-3 Music Hall Passage is a narrow pedestrianised street linking Northgate to Werbergh Street and Chester Cathedral.

Philip lngman, Managing Director comments Bass is an excellent tenant and being on a long lease provides a very safe income stream.

It is also adjacent to an existing holding.

As I believe this establishment is fraternised by the local surveying population, Bass can probably be sure of healthy profits!-Legat Owen advised Celexa REIM.

The vendors, a private trust, were advised by joint agents Mason & Partners and Mason Owen & Partners.

SPP Investment Management represented by Celexa REIM, have agreed a £5.

7m forward funding package with developers Summit Property Ltd in respect of a 6,580 sq m (70,827 sq ft) pre-let factory in Mitcham Road, Croydon, Surrey CRO 3YH.

The funding reflects an initial yield of 8.


The 6,580 sq m (70,827 sq ft) factory is currently under construction and is due for completion in June 1999.

It has been pre-let to E.


Brown, an established local bakery firm on a 35 year lease with no breaks and 5 year rent reviews at a maximum initial rent of £477,900 per annum representing £72.

66 per sq m (£6.

75 per sq ft).

The 1.

66 ha (4.

1 acre) site is located on Mitcham Road which links to Purley Way in Croydon, Surrey.

Philip lngman, Managing Director of Celexa Real Estate Investment Management says, The purchase of this development gives substantial long term growth potential off a low initial rent.

We are actively seeking other similar growth opportunities.

Chrispin Auden, Managing Director of Summit Property comments, Once again, Summit has responded to the individual requirements of an occupier to produce an institutional quality investment.

SPP Investment Management, advised by Celexa REIM and Lambert Smith Hampton has acquired the freehold of the shop unit at 205a Grange Road, Birkenhead L41 2PF for £2.

12m reflecting an initial yield of 7%.

Superdrug Stores plc occupies the 2-storey building on a 20 year lease from 8th June 1998 at a rent of £607 per sq m (£56.

40 per sq ft) Zone A, £155,000 per annum with no breaks and 5 yearly rent reviews.

The 994 sq m (10,695 sq ft) shop is located on the pedestrianised Grange Road and adjacent to the entrance of Birkenhead’s Pyramids Shopping Centre.

It has ancillary space totalling 498 sq m (5,360 sq ft) and parking and a loading bay at the rear.

Philip lngman, Managing Director of Celexa Real Estate Investment Management comments: 7% on a long lease from such a good covenant makes this a very defensive stock but with substantial upside.

SPP, advised by Celexa REIM, has acquired 84 English Street, Carlisle for £767,000 representing a yield of 6.


84 English Street comprises 241 sq m (2,600 sq ft) on ground and two upper floors is let until 2001 at a rent of £51,000 per annum (£85 Zone A) to Historical Collections Group plc trading as Past Times until September 2001.

The property adjoins SPP’s existing retail investment at 86/88 English Street creating considerable opportunities to form a larger retail unit in the medium term.

Philip lngman, Managing Director of Celexa REIM says: This investment presents an excellent opportunity for SPP to realise significant potential by creating a large single retail unit.

This fits well with the overall strategy of maximising the returns on the investments of the SPP portfolio.

One of Brighton and Hove’s major industrial sites is finally set for comprehensive refurbishment and redevelopment.

The leases for the premises formerly occupied by FMT, which have been vacant for a number of years, have been surrendered for an undisclosed sum by the receiver, Alan Bloom, partner in the firm Emst & Young.

GVA Grimley and King Sturge acted on behalf of the receiver, while Cluttons Daniel Smith acted on behalf of Brighton & Hove Council, the landlord.

Simultaneously with the surrender, the Council has granted a new 150-year ground lease for a building of just under 9,290 sq m (100,000 sq ft) to a major local retailer, Sussex Stationers, advised by Graves Son & Pilcher, which will refurbish it for use as a manufacturing and distribution outlet.

The remainder of the site, amounting to approximately 1.

3 ha (3.

3 acres), is available for industrial redevelopment through Cluttons Daniel Smith who have been advising the Council throughout the series of transactions.

Pelford Ltd, advised by Lee Baron and Michael Berman & Co has achieved a double letting totalling 799.

3 sq m (8,600 sq ft) of office space at Merit House, Edgware Road, Colindale, north London.

HBG Construction has agreed a new FRI lease until 2006 with a rent free period of six months and are paying a rental of £92.

90 per sq m (£10 per sq ft), which equates to £68,850 pa, with a rent review in October 2001.

The fifth floor rear offices are to be used for HBG Properties along with various other departments.

The second letting of 159.

3 sq m (1,715 sq ft) has been taken by Sharplan Lasers Europe Ltd, manufacturers of medical and dental lasers, on an eight-year lease agreement.

They are paying a rent of £18,865 pa and have a three month rent free period with a break option at the fifth year.

The prestigious Scottish Justiciary Building in the heart of Glasgow is to be refurbished in a contract worth £5 million to the Scottish office of Kvaerner Construction.

The work, which will start immediately, includes the refurbishment of the two existing courtrooms, installing the latest technical facilities and improving the conditions of rest areas provided for court users.

The main entrance on the ground floor and the concourse between the two courtrooms, known as the Lord’s Hallway, will be retained with refurbished timber panelling and new floor finishes, while the accommodation surrounding the building will he upgraded to provide jury and witness rooms for each court.

The first floor will also be refurbished and extended to accommodate judges’ apartments and macers and clerk of the court accommodation.

A new two-level link will be built to provide access to new extension buildings adjacent to the Lord’s Hallway for both the public and court officials.

Herbert Smith acted for Hammerson UK Properties plc in the acquisition of Number 1 and Number 2 The Tower, Harbour Exchange for a consideration of £76.

9 million.

The office building acquisition by Hammerson represents the single largest acquisition in Docklands outside Canary Wharf.

Number 1 Harbour Exchange was acquired from Dockways Limited a Jersey based company and Number 2 Harbour Exchange was acquired from Royal Bank of Canada Trust Corporation Limited acting as a trustee for an enterprise zone trust.

The Herbert Smith team was led by Chris de Pury, assisted by Helen Harvey.

Edward Sutherland and Caroline King of Boodle Hatfield acted for Dockways Limited and David Albert of Ashurst Morris Crisp acted for Royal Bank of Canada Trust Corporation Limited,In Helensburgh, Birthdays has taken a ground floor unit at 22 Sinclair Street.

The passing rent is £17,000 per annum with the next review in May 2000, and expiry of the lease in November 2005.

The unit extends to 1454 sq ft (135.

08 sq m).

A nominal premium was paid.

In Grangemouth, Birthdays has taken a ground and first floor unit at 27 La Porte Precinct.

The passing rent is £19,200 per annum with the next review in May 2001 and expiry of the lease in May 2006.

The premises extend to 989 sq ft (91.

88 sq m) on the ground floor, and 929 sq ft (86.

3 sq m) on the first floor.

Pillar announces that it has disposed of its freehold interest in Meridian House, Farringdon Street, EC4, to The Crown Estate for £14.

8 m.

The building, which comprises 3,975 sq m (42,783 sq ft.

), has recently undergone a substantial refurbishment to provide high quality office accommodation.

It was recently let to British Interactive Broadcasting Ltd (BB) on a 15-year lease at a rent of around £355 per sq m.

Pillar originally acquired the building, let to British Telecom, for investment purposes.

British Telecom negotiated an early surrender of its lease, the consideration for which Pillar applied to lowering ‘is investment cost and to fund the refurbishment.

FPD Saville and JLW acted for Pillar Properties Ltd.

CB Hillier Parker represented the Crown Estate.

Pillar Property PLC (Pillar), the UK property investment and development company, announces that it has formed a £245m retail park joint venture with Equitable Life Assurance Society (Equitable Life or ELAS).

The joint venture, known as Hercules, will own and manage a portfolio of retail warehouse parks with a geographical spread across the United Kingdom.

The joint venture has been established with the aim of actively managing the portfolio to achieve increases in rental income and capital value above benchmarked targets.

Under the terms of the joint venture Pillar and Equitable Life will inject £125m and £120.

3m of retail warehouse assets respectively.

Pillar, with its proven track record in managing retail parks, will manage the portfolio in return for a management fee of £200,000 p.


plus a performance related fee.

Clifton Moor Retail Park Phase III in York, totalling 141,286 sq ft (13,125 sq m), will be the first purchase made by Hercules.

The park as being bought from Guardian Properties for £22.

1 million on an equivalent yield of 7.

1% and benefits from open A1 non-food planning consent.

Current tenants include Toys R Us, Argos, Comet, Carpetright, Curry’s, McDonalds, Shoe City, Mothercare and Sports Division.

Hercules will focus on medium sized retail parks and over the next three years it aims to achieve gross assets of approximately £400 million, excluding organic growth, through investment in an additional £130 million of new properties in lot sizes of between £10m and £50m.

At its inception, Pillar will have a 32.

5% equity stake in the joint venture, with Equitable Life holding the remaining 67.


It is envisaged that over time Pillar will increase its share in the joint venture to a maximum of 50% through further retail warehouse acquisitions in the open market or by the in-ect’on of other Pillar retail parks.

At the outset Hercules will have an annual rental income of approximately £15.

5m, with a running yield of 5.

82% and an equivalent yield of 7.


The joint venture will have debt of £91 million, representing gearing of 33%, with shareholders’ funds in the region of £178.


HypoVereinsbank is leading the consortium of four banks that is providing a debt facility of £120 million to the joint venture, of which £91 million will initially be drawn down.

Pillar is injecting eight parks into the joint venture.

These parks include: Clandeboye Retail Park, Bangor, Co.

Down; Stanley Green, Cheadle Hulme; College Mains Retail Park, Dumfries; Riverway Retail Park, Irvine; St james Retail Park, Knaresborough, Harrogate; Mostyn Champneys Retail Park, Llandudno; Dunstable Road, Luton; and Northwich Retail Park, Cheshire.

Equitable Life is injecting four parks, comprising Riverside Retail Park, Warrington; Queensgate Centre, Harlow; Telford Bridge Retail Park, Telford; and Stour Retail Park, Canterbury.

Pillar will now manage, both directly and through its joint ventures, 27 retail parks amounting to some 4.

1 million sq ft.

FPD Savills acted on behalf of Pillar and Equitable Life was represented by CB Hillier Parker.

Commenting on the announcement, Paul Connellan, Chief Surveyor at Equitable Life, said:We are delighted to have established the fund with Pillar which will enable us to benefit from Pillar’s undoubted active management skills and thereby grow rental income and capital values.

We have put in place an ambitious business plan to grow the fund with a mixture of new equity and modest leverage.

ELAS is continuing to participate in joint ventures with proven managers in specific area of the market.

‘This is a good deal for Pillar which not only improves the returns we are able to achieve on our own existing portfolio, but which allows us to bring our specialist retail asset management skills to Equitable Life’s assets.

Pillar now has three Joint ventures in the retail warehouse sector, Hercules, Monks Cross, and Fosse Park, which when combined wg’th Pillar’s own retail park portfolio, represents assets under management of over £1 billion on the basis of March 1998 valuations.

making us the largest manager of retail parks in the UK.

Acting for Grosvenor Investments, Culverwell and Company, have let Unit 3, St.

John’s Shopping Centre, Perth to Stationery Box.

The retail unit extends over two floors to a total of 1391 sq ft (129.

2 sq m), with a around floor of 1009 sq ft (93.

7 sq m) and first floor of 382 sq ft (35.

5 sq m).

The unit has been let on a 15 year lease at a rent of £38,500 per annum.

The agreed entry date was 10 May 1999.

The St.

John’s Shopping Centre was refurbished in 1997.

Other occupants include DHS, Waterstones, Dixons, Button Menswear and River Island.

Cromwell Holdings Ltd, advised by Vail Williams, has acquired a site on Stoke Road, Guildford for Unigate Dairies for £500,000.

Cromwell is to submit a planning application shortly for a prime 1,393.

5 sq m (15,000 sq ft) office development which is due to begin later this year.

The scheme will have an end value in excess of £5 million.

The site, which is part income producing, is a short walk from all the town centre amenities and yet ideally situated for access to the A3 trunk road.

Cromwell’s Darren Bradley commented:In view of the restricted supply of development opportunities in the town and the lack of quality office stock in the 10,000 to 15,000 sq ft range we are delighted with this purchase, our first in Guildford.

City & General has sold the freehold investment of 91, 93 and 95 Sheen Road, Richmond-upon-Thames, London to a local private investor for £1.

3 million, reflecting a net initial yield of 8.


The 590 sq m (6,350 sq ft) of office space comprises three adjoining buildings of two and three storeys.

Lloyds private banking division and Reed Elseiver occupy two of the buildings on 25-year leases producing a total rent of £96,950 pa.

The third is also let for 25 years.

A new firm of chartered surveyors providing a specialist service for the telecommunications industry have opened at Old Market in Bristol.

The company has been launched by two former associate directors of established general practice surveyors Walker Son & Packman.

Victoria Needham and Jonathan Haddrell have identified a niche market in the burgeoning telecommunications industry which is not adequately catered for by other surveyors in the South West.

They are providing professional advice on the siting and erection of aerials and masts, including planning advice and managing the sites.

Victoria, who has over 10 years experience in the field, says: We searched high and low to find the right offices for launching our business.

They had to be centrally located but at the same time give us good access to the motorway network as we cover a wide geographical area.

The new 780 sq ft offices with parking at the rear annexe of 68 Old Market Street.

Needham Haddrell have taken a new 5 year lease at £5,800 per year,Industrial Securities has increased its ownership of Plantation Wharf and has acquired 1-4 Square Rigger Row and Windward House Battersea, London SW for circa £1 million.

The 457 sq m (4,917 sq ft) of studio office accommodation at Square Rigger Row is let to four separate tenants, on various leases ranging from three to six years, and produces an annual rent of £53,425.

Windward House comprises eight separate units on three to five year leases totalling 532 sq m (5,725 sq ft) at a rent of £64,036 pa.

Tenants include Switch Design Promotions Ltd and Martinelli Limited.

Industrial Securities now owns 23,657.

8 sq m (254,659 sq ft) of space at Plantation Wharf and has a total of 170 occupiers producing a total rent roll of £1 million pa.

Peninsula & Century Properties Ltd celebrated the completion of their first year of operations by clinching the acquisition of a terrace of Georgian office buildings in Princess Street, Central Manchester, taking their total investment spend to date to just under £6 million.

Peninsula & Century Properties was formed as a property investment company in early 1998 by Manchester Surveyors Neil Swimer and Darryl Lee joining forces with prominent local businessmen Fred and Peter Done.

Working from its head office in Worsley, the company has, within its first year, started to fulfil its long-term aim of creating a good quality commercial property investment portfolio.

As well as the Princess Street property, other acquisitions have included Gateway House, a modern office and retail block in Central Chester purchased from Co-operative Insurance Society, a mixed office and industrial portfolio in North Wales acquired from David McLean (Holdings) Ltd, together with a number of individual high street retail investments in areas as diverse as Stockport, Oswestry, Uttoxeter and Rawtenstall.

Director Neil Swimer said: We are very pleased with our first year.

We have been quietly establishing ourselves in the market and have begun to build the portfolio along the lines which we have planned from the outset.

Although we have bought primarily for investment, we will be looking to trade on some of the properties this year in order to balance our holdings.

The Princess Street block is the first one which we have bought on a completely vacant basis, but we hope that it demonstrates our commitment to investing in well located properties, which offer solid long term growth prospects.

We intend to maintain an active but selective acquisition policy for the foreseeable future.

Project award is calling for entries from all final year quantity surveying and building surveying degree students.

Established to reward excellence in the research and presentation of individual study, the prizes are awarded to four students for their final year dissertation.

The award is open to students at the 46 UK colleges offering degree courses in quantity surveying and building surveying, plus students in the Far East, Africa and Australia.

Judges pay particular attention to evidence of original thinking, logical argument and clear presentation.

Each college is requested to submit two final year projects by the closing date of 30 September 1999.

The judges will select four dissertations and the winners will be announced in October 1999.

The prizes are as follows 1st prize £750; 2nd prize £300; 3rd prize £150, Gillman Memorial prize (for the most highly commended dissertation) £50.

Entries should be selected and sent by the college in writing addressed to BTP Project AwardCastle Mall, Friends Provident’s 35,300 sq m (380,000 sq ft) shopping centre in Norwich, continues to prove popular with retailers and shoppers alike with the announcement of a fifth retailer signing up at the centre within the last seven weeks.

First Choice Holidays Plc, trading as Travel Choice, has taken 193.

60 sq m (2,084 sq ft) of space at Castle Mall in Norwich.

The unit has been taken on a 15 year lease at an initial rent of £68,000 per annum.

Unit 5 is situated on the Castle Meadow level (upper level) of the centre near existing retailers including The Pier, Athena, Mothercare and Norwich City Football Club.

The store which is due to open on Monday (19.


99) will be Travel Choice’s 40th outlet in the UK.

This letting is part of First Choice Plc’s programme of expansion.

The company plans to have a total of 75 Travel Choice stores open in the Southeast of England by the end of the year and currently has a further 35 stores open and trading as Intertravel.

Travel Choice is also expanding into Scotland and plans to open 35 stores by the end of 1999.

Castle Mall is asset managed by Friends Ivory & Sime Property Asset Management (FISPAM) and advising on the letting were Lambert Smith Hampton and Healey & Baker.

Blair Kirkman, recently nominated Retail Agents of the Year in the Property Week Awards, have announced two promotions and a new arrival.

Rob Millington has been promoted to Associate Partner after joining the firm’s retail investment team approximately three years ago.

Rob enjoys a wide involvement throughout the UK advising a range of institutional and property company clients.

The Blair Kirkman retail agency team has also been strengthened by the recent arrival of Ben Tyack who has joined from Healey & Baker.

Ben will have a UK wide brief for retail agency, but principle instructions will include assisting in the continued expansion of retained clients Claire’s Accessories and also joining the letting team for Princes Quay in Hull.

Senior Partner, Chris Blair comments: These promotions and recruitment will give increased breadth and depth to our retail agency and investment departments, in order to maintain the premium quality of advice provided to our clients.

The division will be headed by Alex Ward and Jared Fox.

Both worked in the Structured Finance Department at Hambros Bank Limited for seven years, where they typically procured transactions valued individually in excess of £25 million.

Chesterton International announced today the formation of a new division, Chesterton Structured Financed Limited, (CSFL), to provide expertise in the creation of innovative and tailor-made financial solutions for property issues.

Chesterton is the first company to deploy banking skills together with property advice and facilities management, bringing a truly integrated specialist Structured Finance team to its clients.

CSFL will offer its proven expertise in tax and accounting driven property finance, as well as providing more efficient access to debt markets.

In addition, by being closer to the market, the new division will be better placed to anticipate demand for new financial products.

Madge Networks Limited have acquired a new lease on the whole of Cheney House, Wokingham from Threadneedle Pension Fund Managers.

The building comprises of ground, first and second floors with a total area of 1,092.

44 sq m (11,759 sq ft).

Madge Networks took a new full repairing and insuring lease from Threadneedle for a term of 15 years incorporating a tenant’s only break option at expiry of the tenth year.

The annual rental is £214,785 (£18.

50 per sq ft) and a seven-month rent-free period was granted.

Furthermore, the landlords contributed £200,000 in lieu of upgrade and refurbishment works carried out by Madge.

Nelson Bakewell acted on behalf of Madge Networks and St Quintin acted on behalf of Threadneedle.

A price of £2.

9 million was agreed which reflected a net initial yield of approximately 7.

75%, the purchasers are Sydney & London Properties Ltd, advised throughout the transaction by the Edinburgh office of Ryden.

Sydney & London Properties Ltd has recently completed the disposal of a £60 million portfolio to Dunloe Ewart plc and this acquisition represents part of the reinvestment proceeds.

The acquisition of Hunters Bridge Retail Park is part of our £100 million investment programme for 1999.

This property, like other ones which we are currently considering has good property investment fundamentals being modern buildings and good quality tenants with rents at reasonable prices.

We are not prepared to be sucked into transactions simply linked to income streams to good quality tenants.

Osprey Project Management has won a second two year contract worth around £10-15 million with Customs and Excise to provide project management, planning supervisor and professional adviser services.

Osprey are appointed under a framework agreement to provide services for HM Customs and Excise office rationalisation programme.

Works will involve fitting out and relocating offices throughout the UK portfolio of around 350 offices.

The firms previous two-year contract expired in April 1999, and after a competitive tender, Osprey were re-appointed.

Commercial property agent Hartnell Taylor Cook are building on a successful trading year by appointing two new associate partners at its Bristol office.

The company has promoted Clive Power, who specialises in retail warehouse and leisure and Marion Wilde, who works in the management department to the position of associate partner.

Senior partner St John Hartnell, has also agreed to stay on for a further three years after his 60th birthday which he will be celebrating this summer.

St John founded the commercial practice 40 years ago and has built it into one of the leading commercial property agencies in the West.

I am delighted that Clive and Marion are joining as associate partners after the valuable contribution they have made to the company.

On a personal note, I am also very honoured that the partners have asked me to remain at the helm and look forward to the challenges of the next Millennium.

Clive Power joined Hartnell Taylor Cook in 1995 and his major transactions have included retail lettings for Standard Life at Central Six Fashion Park, Covertry, Petsmart in Hereford and Swindon and Tesco in Exeter and Lympsham.

Clive is currently advising on the future development and letting of a five-screen cinema and up to five A3 units at Beech Road, Weston-super-Mare for CNC.

Marion Wilde has sole responsibility for Rail Track, managing their various premises along the M4 corridor, as well as managing the largest office building in Cardiff, the 250,000 sq ft Brunel House, on behalf of Criterion Properties.

Hartnell Taylor Cook has its head office in Bristol and a further office in London.

It is one of the most established commercial property agencies in Bristol and have been closely involved in some of the most notable developments in the area including The Mall, Cribbs Causeway, The Galleries, Broadmead, Bristol Parkway North and are the managing agents for Bristol Port Company.

Peter Wallis (aka Peter York) will be the guest speaker at the British Council of Shopping Centre’s lunch on the 14 July 1999 at the Institute of Directors, London.

Peter will provide an enlightened view on the Bluewater effect in a talk titled Bluewater and After.

Peter’s opinions will be drawn from his two diverse careers.

As Peter Wallis, he co-founded the management consultancy SRU, and since 1994 has been the chairman of the Department of Trade and Industry Committee, examining the future of leisure in the UK, as part of the British Government’s ‘Foresight’ initiative.

Under the guise of Peter York, he commentates on ‘lifestyle’ and ‘social change’ having worked as a journalist, author, and television presenter.

He is currently a columnist for the Independent on Sunday and for Management Today.

The sale of Bedford Heights, Manton Lane, Bedford Lane, Bedford comprising a 12 acre site and 250,000 sq ft (23,225 sq m) office building to Supernova Bedford Limited completed on 20th April 1999.

The freehold sale of the former headquarters of Texas Instruments Operations in Great Britain includes the benefits of leases to Power Innovations Limited who manufacture semi conductor devices at the site and to Pell & Bales who operate a call centre.

The letting of 9,300 sq ft to Pell & Bales took place in February this year at a rent of £6.

00 per sq ft.

The deal is excellent news for Bedford and further new job creation is expected.

The site will be operated for Supernova by Saturn Facilities.

We are delighted to add Bedford Heights to our growing portfolio business centres in the UK, said Kevin Oppenheim of Saturn Facilities.

As a specialist provider of space for businesses we are converting this prestigious property into a multi purpose facility centre comprising serviced offices and conferencing, work space, commercial and domestic storage facilities and a health & fitness club.

Our scheme will bring new business into the area and create excellent employment opportunities in Bedford.

There has been continued strong interest in Bedford Heights in the last 12 months and the success of the letting to Pell & Bales will stimulate further occupier interest in the building.

The sale to Supernova will further expand the occupation of the building with their focus on a very short term multi let accommodation.

We chose Bedford Heights because of its prime location and the outstanding quality of the building and its immediate environment.

We are delighted with our new suite of offices and the impression that they have made on both existing and new clients.

We should certainly recommend Bedford Heights to any company looking to relocate in this part of the country.

The letting agents were Douglas Duff and Lambert Smith Hampton, Baring Houston & Saunders acted as the asset managers and letting co-ordinators.

Marylebone Warwick Balfour Group plc (MWB) today announces that outline planning consent has been granted for a 200,000 sq ft leisure development above Bromley South Railway Station, which MWB will be undertaking in partnership with Railtrack.

The destination leisure scheme will be created on three levels above the station and will include a 70,000 sq ft multiplex cinema, family entertainment centre, restaurants and retail units, together with new station facilities.

Work on the development, which will have an end value of more than £40m, is expected to get underway during the course of next year.

As with other major station developments the leisure scheme will be created on a raft that will sit above the railway lines and envelop the existing buildings enabling MWB to build the new station infrastructure.

We are absolutely delighted that our scheme has finally been given the green light in face of fierce competition.

There is substantial demand for the leisure facilities that the development will offer once completed.

Our partnership with Railtrack for the provision of this leisure scheme and 21st century station complex is very exciting.

We expect to commence work on the raft next year.

Following the recent acquisition of the building consultancy Professional Construction Management, Conrad Ritblat continues on the acquisition trail with the announcement today that it has acquired Robert Barry & Co, (Robert Barry), the national hotel and specialist licensed property firm of chartered surveyors.

Following the recent acquisition of the building consultancy Professional Construction Management, Conrad Ritblat continues on the acquisition trail with the announcement today that it has acquired Robert Barry & Co, (Robert Barry), the national hotel and specialist licensed property firm of chartered surveyors.

For the past year Conrad Ritblat has been a corporate partner in Robert Barry and its the acquisition provides Conrad Ritblat with another specialist area, adding to existing licensed and leisure department.

Specialising primarily in the sale, acquisition and valuation of hotels, Robert Barry will continue to trade under its own name.

Gareth Jones, head of licensed and leisure at Conrad Ritblat Joins the board of Robert Barry.

Conrad Ritblat’s managing director David Pickard and finance director Tom Tidy will also join the Robert Barry board.

This is a natural progression for us.

For the past year Conrad Ritblat had been a corporate partner in Robert Barry and the benefit to both firms has been immense.

We will continue to benefit from Robert Barry’s experience in the highly specialised hotel sector.

Conrad Ritblat is constantly looking for new opportunities to improve our business and position ourselves as market leaders.

Manx & Overseas plc (Manx), the AIM-quoted property company headed by Desmond Bloom, today announces that it has taken further steps to refocus the business through a £3m cash and shares acquisition of retail properties from Tops Estates plc, The properties are being acquired for £2.

55m in cash, primarily provided by a £2.

25m mortgage from the West Bromwich Building Society.

At the same time Manx announces that it has disposed of its subsidiary Manx (Seaside) Limited to Eurocity Properties PLC for a total consideration of £307,000 which is being satisfied as to £150,000 in cash and the remainder through the issue of 206,500 new ordinary 50p shares in Eurocity.

The subsidiary company owns two retail properties in Bexhill and Paignton and its net asset value is £257,000.

Manx also announces that it has completed the sale of the business and certain assets of Waltons Finance Limited to Conister Trust PLC for a total consideration of £1,512,500 payable as to £1.

075m in cash and £437,500 in ordinary Conister shares.

The sale of this non-core business is expected to eliminate bank borrowings and enable Manx to invest a further £400,000 in property.

announced that work has now commenced on the construction of a new International Sorting Depot for The Post Office at Axis Park, Langley.

The building which amounts to 42,000 sq m (450,000 sq ft) is one of the largest pre-lets to he negotiated in the South East of England.

The building is leased to The Post Office for use as a centre for distribution of post throughout the world.

The building is due to be handed over by TYIEPC to The Post Office in Spring 2000 in order to facilitate their fitting out programme.

The Post Office announced a competition for their new facility to be procured under Ojec rules pre-let a 5,850 sq m(63,000 sq ft) unit to Allport Installations Ltd on an adjoining site and are about to embark upon a speculative phase of construction on 10,000 sq m.

Quoting rents will be £115 per sq m.

Axis Park was purchased as a strategic large-scale site in a premier location specifically to secure airport-related occupiers and those seeking a high-profile location.

The site has a 300 metre frontage to the M4/M25 junction.

The Post Office pre-let is the largest in the south east to date and coupled with the Allport deal has provided an excellent start for Axis Park.

With over 48,000 sq m (515,000 sq ft) already committed we new confident that we can continue to attract further new tenants.

Weatherall Green and Smith acted for The Post Office and Edwin Hill for Allport.

The development is being undertaken in conjunction with Rankvale Holdings and Renslade Group.

Frogmore Estates plc (Frogmore) announces that following last November’s £13.

2m acquisition of a 11 acre site from Bilton it has commenced construction of the first phase of a 120.

000 sq ft office campus development.

The first phase will comprise a 40,000 sq ft high specification office building that is scheduled for completion in early Spring 2000.

It is intended that the remaining space will be developed in two further similar sized buildings.

Located immediately adjacent to Brown & Root Limited’s head office the site is a five minutes drive from Junction 9 of the M25 and Leatherhead town centre.

Last year’s site acquisition also included two fully let office buildings totalling 42,000 sq ft occupied by Brown & Root.

Since then Frogmore has re-geared the leases and sold the standing investment to Morgan Grenfell Property Fund for £6.


This is an exceptional site that is already attracting a lot of interest from both tenants and funds.

We believe the scheme we are proposing will complement the quality of the site’s location and provide three superb headquarters buildings.

Frogmore is extremely active within the M25 office development market.

Currently it has five schemes underway with an end value of more than £80m, most of which is either pre-let, prefunded or both.

Last week the company announced the £26.

65m sale of a pre-let 68,000 sq ft office development, close to Staines town centre, to United Assurance.

King Sturge & Co advised the London Borough of Ealing, while the private Irish investor was represented by Ryden.

As part of a continuing trend in Edinburgh, nos.

18/19 Ainslie Place have recently been sold by The London Borough of Ealing Superannuation Fund to a private Irish investor.

The buildings which extend to approximately 929 sq m (10,000 sq ft) with parking are both let to Henderson Boyd Jackson solicitors with an average of 9½ years remaining unexpired at a passing rental of £137,100 per annum.

The rent review on no.

19 is currently outstanding.

Private clients of Mason Philips have acquired three retail units at 57-59 Crockhamwell, Woodley precinct, Reading, from Taylor Woodrow.

The property was purchased for £1.

46 million, which shows a net initial yield of 8%.

The investment comprises three newly developed units, which have been let to Robert Dyas, Going Places and Select.

Each unit has unexpired terms of approximately 15 years and vary in size from 230.

4 sq m (2,479 sq ft) to 414 sq m (4,455 sq ft).

The total rent generated is £122,500 pa and the property will show a reversionary yield of 9% in January 2003.

Mr Stephen Richards has been promoted to director at Birmingham consultant surveyors Lambert Smith Hampton, less than a year after joining the firm.

He heads the firm’s residential property management department, which is involved in the management of prestige developments including the Calthorpe Estate, Severn Trent, City Heights and Lady Aston Park, Little Aston.

one of the UK’s leading international property and construction consultants, has been appointed as quantity surveyors for the prestigious re-build of Wembley National Stadium.

F+A has worked on the project for some time but all official appointments of services were put on hold until the recent sale of the stadium to Wembley National Stadium Ltd, an organisation set up specifically to build and manage the new stadium.

The project value is as yet to be finalised.

The design team behind the re-build, called The World Stadium Team, are the renowned architects Sir Norman Foster and HOK + Lobb.

This is a massive coup for F+A as this has to be the most prestigious stadium contract in the world and to be involved with the re-build is something we’re very proud of.

F+A has also had a preliminary involvement with the refitting of the new Commonwealth Stadium in Manchester which will be undertaken after the 2002 Commonwealth Games prior to it’s hand over to new owners, Manchester City FC.

Aero (Retail) Ltd, advised by Stephen Kane & Company, has acquired and opened its second retail outlet in London at 347-349 Kings Road, London SW3 5ES.

The acquisition is the latest step in the company’s push into UK retailing.

The company has developed extensive inroads to the retail supply, contract and mail order markets with its extensive, contemporary design product range.

Everything from tables, sofas, stylised clocks, to bathroom and kitchenware and office equipment has found favour both in the UK and in Germany, France, Japan and the USA and Aero’s customers include household retailing names such as The Conran Shop, Sony Corporation, Habitat, Le Bonne March, Globus Magazin Group and Design Depot.

Aero has taken an assignment on the Kings Road store which comprises a total of 522 sq m (5,621 sq ft) of sales space on ground floor and basement level.

Aero is paying a passing rent of £59,950 per annum for the lease which expires in March 1999.

A premium of £80,000 was paid for the unit which is located close to the Bluebird restaurant.

Aero has developed a dynamic range of products and a retailing format which is set to attract a lot of attention.

The company has been able to successfully ‘read’ the consumer market in terms of trends and demands and is now seeking to expand its own retail presence here in the UK.

Sole agents Stephen Kane & Company represented Aero.

The assignor was represented by Dalton Warner Davis.

Supercuts has taken Unit 16 consisting of 76.

18 sq m (820 sq ft) on a 15 year lease at a rent of £37,500 per annum.

Supercuts will open their first branch in Cardiff at the centre on Tuesday (20.



Established in 1991, Supercuts operates from 67 UK outlets employing 450 staff and is currently implementing an expansion programme which plans to increase its number of branches to 100 within the next 2-3 years.

As the most dominant hairdressing company located within UK shopping centres the requirement for our first Cardiff store is perfectly reflected in Queens Arcade.

The centre offers an impressive tenant mix with quality brand names trading within the heart of the City centre which will complement and benefit our trade immensely.

Leslie Perkins represented Supercuts in the negotiations.

Kieran McStravick, senior project manager at Osprey Project Management, has won ‘Project Manager of the Year’ award at the Association of Project Managers (APM) Awards held today.

His recent work included the restoration of the Albert Memorial for English Heritage which concluded in October last yearThe successful restoration of the Albert Memorial is an achievement not only for Osprey Project Management, but for the profession as a whole.

The appointment was made in 1994 while the project management profession was still in its infancy, and was the first project management appointment made by English Heritage.

This will enable businesses to release cash from the balance sheet to re-invest in their core business, and will provide them with an opportunity to occupy their property with total flexibility.

MEPC is the UK’s fourth largest quoted property investment and development company, whilst Regus operates more than 200 centres in nearly 40 countries.

Drawing on these extensive operational and real estate sides, the joint venture win provide clients with their own fully-serviced Netspace business centre utilising a range of services.

These will include the redevelopment and refurbishment of acquired property to provide a high-specification business centre environment.

MEPC/Regus has already identified an increasing number of companies looking to outsource the ownership and other estate management functions.

Of the total UK commercial property market (estimated to be worth approx £260 billion), £140 billion is owner occupied.

The new joint venture will provide these companies with the opportunity to make more efficient use of their capital, improving their occupational efficiency and driving down occupancy costs.

We are delighted to be a partner in this innovative and exciting venture with Regus.

We believe that MEPC/Regus will help businesses achieve a fundamental change in the way they work through the provision of comprehensive, flexible real estate solutions.

We have in our partner, Regus, Europe’s largest operator of fully serviced business centres and we look forward to a long-lasting partnership.

This bold new venture will enable us to combine our Netspace serviced-office product with MEPC’s property skills making it attractive to a much wider client base.

We will enable more companies to free themselves of property ownership allowing them to concentrate on their core business, whilst giving them flexible occupation at a competitive cost.

Paul Shepherd CBE DL, who was installed as the new President of the Chartered Institute of Building yesterday, warned Government that it must not back away from its responsibilities to resolve the rogue trader (cowboy builders) issue which he suggested was the consumer issue of the moment for the industry.

The industry’s own profile is dependent on our collective ability to solve this problem.

While supporting the work of the Task Group we believe that there are many other factors which must also be considered, including possible legislation.

We must not let Government back away from its responsibility for what, I say again, is the consumer issue of the moment.

We, the CIOB, have a unique role to play in this issue, as our Charter requires us to acting the public interest.

We should set standards of performance that incompetent traders are unable to meet so that they rapidly fade away from the market place.

Continuing the ‘standards’ theme Mr Shepherd suggested that better qualified staff lead to better managed companies and in time better profits.

As a result the maintenance and continuous improvement of standards should be the industry’s performance benchmark.

As a Director of Shepherd Construction, and now as Group Chairman, I have always promoted management training leading to CIOB qualifications for our staff.

This has provided the company with significant benefits.

The CIOB has recognised the value of working directly with construction companies, assessing their senior staff and providing potential candidates with individual routes to membership.

A number of companies are already working with the Institute in this way and during my year I plan to promote further links established through my previous work with the Construction Confederation.

Maintaining the Institutes progress on its ‘Meeting the Challenge’ strategy aimed at increasing its numbers, raising its profile and increasing resources.

Promoting a better understanding of the construction industry to young people.

Maintaining the CIOB’s strong representational activities, with Government and other organisations in both the UK and Internationally.

Hurley, Robertson and Associates did not compromise on quality for an economically designed office building at Stanwell Road, adjoining Bedfont Cross, just south of Heathrow Airport.

Like a number of the practice’s larger and more high profile office developments, such as One Great Helen’s off Bishopsgate, this office building was completed to British Council for offices specification.

An extended series of feasibility studies established the viability of the L-shaped building form, maximising the use of the site but subject to a number of constraints imposed by the Planning Authority and the desire to minimise excavation for car parking.

Following a number of value engineering exercises, it was decided to clad most of the building in a combination of brickwork and proprietary composite cladding panels, achieving an elegant, modern aesthetic at a very competitive price.

Whilst value-for-money has been a prime project objective, HRA felt it was essential to capitalise on the site’s prominence, facing a major road intersection, visible from a considerable distance across the Heathrow plain.

By rationalising the design of the external envelope, HRA has been able to produce a monumentally-proportioned entrance facade, extensively glazed, through which the double-height entrance hall commands attention as one approaches the building.

The design is characterised by boldly expressed planes, at a variety of scales, ranging from the four-storey-high dark blue brick walls on either side of the entrance, to more intimate details, including walls painted, or tiled, in contrasting colours in the entrance hall.

Internal lighting has been designed to focus attention on areas of interest, clarifying circulation routes by spotlighting the reception desk, lift doors, tenants’ signage and artworks, and washing light onto selected wall planes.

Office accommodation is designed to current British Council for Offices (BCO) standards.

It has four-pipe fan-coil air conditioning, fully recessed above a perforated metal suspended ceiling, and flexible floorplates allowing cellularisation on a 1.

5-metre planning grid.

Experience was gained in designing the first office building Properties at One Great St Helen’s, pioneering the BCO Specification.

The building has achieved a ‘very good’ BREEAM rating.

307 High Street, Lincoln, provides 651.

245 sq m (7,010 sq ft) arranged over four levels.

The property is currently let to Clinton Cards (Essex) Ltd at a rent of £135,000 per annum subject to five yearly upward only rent reviews until the lease expires in June 2016.

In addition, 305/306 High Street, Lincoln, extending to 678.

47 sq m (7,303 sq ft) arranged over five floor areas.

The entire property is let to Dolcis Limited at a rental of £150,000 per annum subject to five yearly upward only rent reviews until the lease expires in June 2016.

Healey & Baker represented FISPAM while NFU Mutual & Avon Group was represented by Morgan Loggie in the negotiations.

The opening of NikeTown London on 17 July 1999 will see the fruition of three years’ work on the project for BDP Design.

Since 1996 BDP Design has worked closely with the Nike Design teams in Beaverton (USA) and Hilversum (Holland) to produce, at 70,000 sq ft, the largest NikeTown in the world, at London’s Oxford Circus.

Based around a proven concept, Nike required a strong local base and relevance which BDP Design provided.

The concept was developed from researching the local London ‘homes of sport’ and linking this with the special architectural grain of the City of London.

The idea was to not only to create a unique architecture but to celebrate all those strange junctions and juxtapositions of buildings that you find in London says Stephen Anderson, project designer and BDP Design retail director.

More than anything else this project illustrates the global and cross functional nature of the modern design industry.

The store operates over three main levels and creates a unique experience based around a ‘Town Square’ with the main pavilion buildings sited around this.

Each pavilion creates a sports environment and this is enhanced by strong graphics and display; the use of ambient sounds, such as cheering crowds, strengthens the atmosphere.

The centrepiece or core of the scheme is a unique massaging device which acts as an electronic ‘town crier’.

This provides unrivalled audio visual and display opportunities.

The core appears to float in the space before erupting into a big show at frequent intervals.

This presented many challenges to the design team and was the result of several full scale mock-ups at Nike World Headquarters in Beaverton.

As part of the wider skills base of Building Design Partnership, BDP Design was able to offer a single point service providing the design and management skills encompassing all aspects of the project.

These range from mechanical, electrical and structural engineering, acoustics and lighting, together with co-ordination of all audio visual services.

Due to intensive and pro-active management of the site works, the project was delivered on time and to budget, allowing Nike time for full in-store training for staff.

The final unit at the newly developed Whiteknight retail centre, at 203-207 Shinfield Road, Reading, Berkshire, has been let by developers Spicegrid Ltd to Signarama.

Unit A, comprising 1,250 sq ft (115.

61 sq m) (gross internal) has been let on a 15 year lease with 5 yearly rent reviews, at a commencing rental of £17,500 per annum.

The development has been a great success in attracting top quality occupiers such as Carphone Warehouse, One Stop Community Stores and Oddbins.

It provides excellent parking for shoppers, and has proved to be an attractive extension to this already bustling neighbourhood commercial area.

Agents for the scheme were Sharps Commercial and Lambert Smith Hampston.

During the marketing period, achieved rents rose from £12 per sq ft to £14.

00 per sq ft therefore vindicating Spicegrids choice of location and product, and demonstrating immediate growth in rental and capital values.

SSL International Plc, trading as Scholl, has relocated from Schroder’s block at Queens Street and will open at Queens Arcade on Saturday (3.



Scholl will occupy Unit 18 extending to 121.

24 sq m (1,305 sq ft) and the basement of Unit 16 totalling 119.

84 sq m (1,290 sq ft) at an inclusive rent of £70,200 per annum.

Both retailers join the lower level of the mall near to existing retailers Gateway Computers, Next and Faith.

Sarah Lynch, director of retail at SSL International Plc says: When relocating our store, we were determined to find premises within Cardiff’s prime pitch in order to retain our existing client base and attract new customers to our products and services.

Opportunities in prime Cardiff are few and far between and we are fortunate to have found the ideal location at Queens Arcade.

Healey & Baker and Mansfield Elstob Main are retained letting agents for Queens Arcade.

The Elliott represented SSL International Plc.

Building works have just been completed at Station Square Retail Park, Cookstown, Northern Ireland.

Lidl and Argos are open and trading with Harry Corry Ltd due to open in the next week.

The Lidl unit, the first Lidl store in Ireland, has been taken on a new 25-year FRI lease at a rental of £117,000 per annum, with five-yearly upward only rent reviews.

The property comprises approximately 1,280 sq m (13,800 sq ft).

The Argos Store has been acquired at a rental of £82,500 on a new 25-year FRI lease.

The unit comprises 950 sq m (10,200 sq ft).

Harry Corry, a North Ireland based multiple retailer, has also taken a new 25-year FRI lease at a rental of £53,000, with five-yearly upward only rent reviews.

Teesland Group plc, the broadly based UK property investment and development company, acquired the 1.

5 hectare (3.

3 acre) site in 1998 for £1.

25 million.

Teesland currently has a development programme of £1 billion across the UK and felt that there was an unfulfilled demand for quality new retail units in Cookstown.

Toni & Guy, Sony Centre and Birthday’s have become the latest retailers to acquire units at Two Rivers, MEPC’s retail and leisure scheme located in the heart of Staines.

All three have taken units along the scheme’s Norris Road pedestrianised High Street link, which is due for completion in Autumn 1999.

Norris Road provides the link from High Street and the Elmsleigh Centre through to Two Rivers where Boots, Curry’s, First Sport, Holiday Hypermarket, Carpetright, McDonalds, JJB Sports and Allied Carpets are already open and trading.

The High Street element is due to complete during the summer of this year.

Toni & Guy has agreed a 15-lease on a 193 sq m (2,079 sq ft) unit for its hairdressing salon at a rent of £45,000 per annum.

Sony Centre, has agreed a 15-year lease on a 217 sq m (2,340 sq ft) unit for its electronic products retailing outlet.

Sony Centre is paying a rent of £50,000 per annum.

Greeting cards and gifts retailer Birthday’s has agreed a 15-year lease on a 294 sq m (3,166 sq ft) unit.

Birthday’s is paying an average rent in excess of £60,000 per annum.

Toni & Guy was represented by David Menzies Associates.

Sony Centre was represented by Hartnell Taylor Cook.

Birthday’s was represented by Jackson Criss.

The letting agents for Two Rivers are: Healey & Baker, Lunson Mitchenall and Angermann Goddard & Loyd.

Comments Stuart Fyfe of Lunson Mitchenall: These latest deals follow on the heels of lettings to Holiday Hypermarket and to First Sport.

These lettings have significantly raised retailer interest in both the Two Rivers development and Staines in general.

Retailers and leisure operators have identified that the town has an affluent catchment.

Reading Agents Chilvers Page have let 1 Northfield Road, just off Caversham Road, close to Reading Town Centre, on behalf of Tidmarsh Properties Ltd.

These very attractive offices comprise a self contained suite over ground, first and second floors totalling 1,354 sq ft (12.

58 sq m) arranged as a reception, four offices and a large general office, together with at least 3 private car parking spaces.

The offices are fully furnished, and provide for a minimum of three private car parking spaces.

Micropoint Systems Ltd have taken a new five year, fully repairing and insuring lease at a rent in excess of £17,000 per annum.

George Chilvers commented the inherent character of the building and its location, within five minutes walk of reading main line station were major factors in successful letting.

Miller Developments has exchanged contracts with Henley Motor Group to purchase their existing car showroom and workshop premises.

Miller are proposing a mixed-use leisure scheme comprising 929-1,858 sq m (10-20,000 sq ft) of health and fitness, 650-1,858 sq m (7-20,000 sq ft) of cafebars and a 90-bed budget hotel.

There is also to be a residential component of up to 50 units.

Mark Hughes, assistant director at Miller Developments said that: Miller are delighted to be working on this excellent leisure scheme located within an already established area on Chester’s inner ring road.

Support from the Council is encouraging and early occupier interest is strong.

It is envisaged that the scheme will be ready for trading by Spring 2000.

International investment management company, Aberdeen Asset Management, is set to move to prestigious offices at One Albyn Place, Aberdeen, in a major deal secured by Chartered Surveyors, F.



The move will consolidate Aberdeen Asset Management’s headquarters in a single building in Aberdeen and allow it to continue to expand in the future.



Burnett acted on behalf of the company, which will sub-lease the 32,586 square foot property from BP Amoco, from August 1.

The sub-lease is for a period of 14 years, for which the rent is £557,220 per annum, and is subject to five-yearly reviews.

Alastair Gove, Senior Partner for Aberdeen-based F.


Burnett, said:This ranks amongst the biggest office deals in Aberdeen in recent years.

One Albyn Place is a prestigious, modern office development in a prime location in the West End.

The fact that it is being taken up so soon after coming on the market reflects the standard of the accommodation and the West End’s key role in the Aberdeen business community.

The deal is also a vote of confidence by Aberdeen Asset Management in the city as the centre of its growing international operations.

Aberdeen Asset Management has seen rapid expansion in the last few years and is now one of the largest fund handlers in Scotland.

Funds under its management exceed £16 billion and the company has developed international operations, with offices in London, Europe, the United States and Singapore.

Andrew Laing, Managing Director of Aberdeen Asset Management, said:This is a significant move for us.

At One Albyn Place, all of our staff in Aberdeen will be under one roof, including our call centre established last year.

Very importantly, we will have the space for further significant expansion as the business continues to grow.

Fast growing store chain Wilkinson and footwear retailer Benson Shoe Ltd have both taken units at MEPC’s Aberafan Shopping Centre in Port Talbot.

The 24,100 sq m (260,000sq ft) centre has recently undergone a £5.

3 million refurbishment.

Wilkinson has taken a new 20-year lease on a 3,716 sq m (40,000 sq ft) store.

The retailer, which sells good- value product lines covering general housewares to gardening, decorating, DIY and toiletries, is paying a rent of £ 160,000 per annum for the two-level unit.

Benson Shoe has agreed an 11-year lease on a 199 sq m (2,141 sq ft) unit located between Walker & Hall and First Sport and opposite Wilkinson’s new store.

The retailer is paying a rent of £22,500 per annum for the two-level unit.

The Aberafan Centre features 64 shops along with a market and library.

Wilkinson was represented by Green & Partners.

Bensoon Shoe was represented by Ramsdens.

Joint letting agents for the centre are Gooch Webster and GVA Grimley.

Comments Kate Reynolds, Asset Manager for.

The Aberafan Centre plays a central role in the life of Port Talbot.

The centre has been trading extremely well and, since the refurbishment, there has been considerable retailer interest in the few remaining units.

Herbert Smith has advised Hammerson UK Properties plc on their agreement with Birmingham City Council for the redevelopment of the Bull Ring Shopping Centre and adjacent property in Birmingham.

The deal, completed within the last week, enables construction to commence and grants Hammerson new 250 year leases of both the Bull Ring site and the landmark office building, The Rotunda.

The area to be developed amounts to approximately 26 acres of land.

In addition to this, there will be a new market building on an area of land south of the main site.

This will be constructed by Hammerson, and initially managed by them.

A 250 year lease of the market will be granted to Birmingham City Council and a lease-back arrangement will be put in place for a period of seven yeah.

Chris de Pury, load partner, commented:The deal is an important milestone in the long-awaited redevelopment of the Bull Ring.

It is key to allowing construction to commence and the proposals to move from the architects’ drawing-board to reality.

Bearing in mind the importance and complexity of the arrangements it was pleasing that they were concluded so speedily and relatively painlessly.

This can be attributed to the spirit of partnership into which the parties entered and the will to get the deal done which allowed everybody involved to focus and reach agreement on the important points without getting drawn into protracted negotiations on peripheral issues.

The Herbert Smith team was led by Chris de Pury (property), assisted by Molly Smith and Anna Wilson.

Herbert Smith also continues to advise Hammerson on their involvement in the Birmingham Alliance, the joint venture with Land Securities and Henderson.

First Stop Stationers has taken a lease assignment at Warner Estate’s Port Arcades shopping centre in Ellesmere Port, Cheshire CH65 OAP.

Roy England Shoe Shops has assigned its lease on the 1,490 sq ft (139 sq m unit at 20 Mercer Walk to First Stop Stationers.

The lease has 4 years unexpired and the passing rent is £30,000 per annum.

The unit is opposite the recently opened Peacocks store, between New Look and Roseby’s and is close to Allsports, WEW and TJ Hughes.

Warner Estate owns both the Port Arcades shopping centre and the adjacent open Marina Walk centre.

The centres, totalling approximately 250,000 sq ft (23,225 sq m) make up a significant proportion of Ellesmere Port’s town centre.

Steve Gay of Warner Estate commented:Our ongoing enhancement programme for both the Port Arcades and Marina Walk has seen some real returns; demand is high with only 2 units remaining in the Port Arcades.

We believe that our investment and confidence in Ellesmere Port will result in it developing into an even more desirable retail centre.

Brady’s represented First Stop Stationers.

Johnson Fellows acted for the assignor.

Letting agents for Port Arcades are Mason Owen.

The Chartered Institute of Building had backed the introduction of a radical new ID scheme in its proposals to manage out the rogue trader.

This innovative solution would hit at the core of the rogue traders’ ability to freely trade.

The proposals put forward by the government’s Cowboy Builders Working Group have been summed up by Michael Brown, Executive Director CIOB as a large company solution to the problems of the informal sector of the industry.

The CIOB recommend that before we can begin to manage an industry we must be able to identify its participants.

An ID scheme is the foundation of the CIOB’s proposals to manage out the rogue trader.

It would be akin to vehicle registration which although saying nothing about the quality of the vehicle or the driver, provides traceability and accountability and feedback to enable the industry to monitor the problem.

Additional consumer protection would be achieved through the use of written formal agreements and compulsory receipts.

The CIOB would also propose that the adjudication scheme is extended to domestic works, and the new build provisions of Building Control are extended to the repair and maintenance sector.

These developments would provide the firm base upon which the Working Party’s Quality Mark Scheme could be built to differentiate a competent contractor from the rest.

The CIOB believe that these proposals can be delivered through existing trade and professional organisations under the umbrella of the Construction Industry Board.

Facilities management company Trigon Limited is now wholly owned by property specialist Savills plc, following completion of a £2.

5M buy-out earlier this month.

Trigon was formed in 1994 as a joint venture between Savills and hotel and catering services company CastleView Investment Co Ltd to take advantage of the growing demand for high quality FM services.

CastleView recently made the decision to sell its 50% holding in order to concentrate on its own core business.

This acquisition reflects Savills’ great confidence and Trigon’s immense potential, says managing director Richard Buckley.

We are one of the few independent strategic management companies in this marketplace, Buckley adds, and our track record demonstrates a clear ability to meet – or exceed – client expectations.

Continued growth is on the cards for Trigon.

Buckley is actively talking with potential investors who can add value by injecting new resources or offer access to new marketsWe’ve had conversations with pension funds, which could lead to introductions to the occupants of their properties.

We’ve also talked with American investors who have widespread European interests.

But, says Buckley, we are still looking for the strategic relationship that will bring the most benefit to all parties.

Buckley has a reputation for his willingness to challenge conventional approaches in this marketplace, especially when they are not delivering maximum benefit.

We need to be constantly looking for innovation in key support areas, he argues.

Facilities management and property management are both disciplines where new approaches can bring considerable value to a client’s business.

Paddington Basin Development Limited (PBDL) has received the final approval for its £300m redevelopment at Paddington Basin, following ratification of a Section 106 Agreement by Westminster City Council on 2nd July.

This is the final chapter in the planning process, and now clears the way for works to start on their Paddington Basin site.

This approval follows resolution by Westminster to grant outline planning consent in November 1998 for a scheme to transform the four-acre waterfront site on the north side of Paddington Basin, London W2, into a vibrant living and working environment for the next millennium.

The consent covers the first phase which will provide 50,000 sq m (530,000 sq ft) of offices and at least 200 residential units, with ancillary leisure and retail space.

The total development will include 140,000 sq m (1.

5 million sq ft) mixed commercial and residential scheme which PBDL is developing as part of the next phases.

PBDL has appointed a team of both international and UK architects for the development.

These include Terry Farrell and Partners, the scheme’s masterplanners, who will also design one of the office buildings and The Richard Rogers Partnership, who will design two further office buildings.

Commenting on these latest developments, Nick Roberts, a director at PBDL and Chelsfield Plc commented:With the ratification of the Section 106 Agreement, development of this important regeneration area is imminent, and work is already underway on the first phase of a £10m infrastructure package.

This includes the draining of the basin, and the provision of towpaths which will start within the next few weeks.

A Planning Application has been submitted for redevelopment of the Nat West’s current premises behind the historic Edwardian facade which will be retained to create space for a substantial retail store with high-quality offices above.

This building which was originally built in 1903 was redeveloped behind the original facade in the early 1970’s to provide the current accommodation for Nat West.

The bank are now moving to their new premises at Number 6 George Street in late June of next year, and the current owners NFU Mutual have decided to take the opportunity to create a top-quality retail and office development capable of attracting larger Bond Street type retailers to Scotland’s capital together with top-quality occupiers to office space which will have stunning views of the Castle.

NFU Mutual have appointed Salmon Developments as their development managers together with Roxburgh & Company as agents and development consultants to advise on the redevelopment and marketing of the building.

Will Hean of agents Roxburgh & Company says, As we have just submitted the Planning Application no marketing has yet been undertaken, however we are already attracting the interest of several Bond Street names together with other retailers from London and also Europe not yet represented in Edinburgh.

Architects Hugh Martin Partnership have submitted a Planning Application for the redevelopment of the outdated 1970’s office accommodation and banking hall to provide retail accommodation on ground, first and basement levels totalling some 20,000 sq ft with a proposed additional 40,000 sq ft of top-quality office accommodation above.

George Keith, Managing Director of Hugh Martin Partnership states Our plans are to restore the facade to it’s former glory whilst sensitively redeveloping behind the Edwardian stonework to provide top-quality accommodation replacing the existing space which has become economically redundant.

Rorie Henderson of Salmon Developments also stated, We believe that reinstating the retail element of this building will add greatly to George Street’s already exciting retail scene whilst also providing much needed top-quality office space for the city centre.

The building was originally designed by Edwardian architect John J Burnet as a department store and we are very excited about bringing part of it back into retail use.

We expect the development to be completed by autumn 2001.

Sharps Commercial achieved £9,000 per annum exclusive on a new 6 year lease with a rent review at the 3 rd year.

The tenant is R S Cleaning Services (Reading) Ltd, contract commercial cleaners.

Prospect Street is a popular commercial and retail thoroughfare in the heart of Caversham Village, which lies just a mile or so north of Reading Town Centre.

The Elliott Partnership have sold a freehold office building located at 26/28 Market Street, Altrincham to a private investor.

A price of £320,000 was paid to The Elliott Partnership’s client The Institution of Civil Engineering Surveyors for the premises, which boast a victorian facade in the heart of Altrincham.

‘The price paid reflects the fact that there is high demand by owner occupiers for freeholds in the centre of Altrincham’, comments Mike Fisk, Head of Office Agency at The Elliott Partnership.

Crest Nicholson Properties (CNP) has secured Thorntons franchisee – Signature at Borough Parade, Prudential’s 7,714 sq m (83,000 sq ft) shopping centre in Chippenham.

This latest deal follows hot on the heels of last month’s lettings to The Book & Puzzle Shop and The Barber Shop – leaving only one unit available at Borough Parade, situated in the heart of Chippenham’s town centre.

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The company is also the leading shareholder in Cogedim, one of France’s largest property developers.

The Millbank Tower acquisition will occur through Tishman Speyer/Travelers Real Estate Venture, L.

P, a joint venture between Tishman Speyer Properties and the Travelers Group.

The $1.

5 billion venture was formed in 1997 to acquire and/or develop property internationally.

The Tower is truly a modern masterpiece and we look forward to providing it with special care while restoring it to prominence in London’s West End market.”

” Strutt & Parker represented Tishman Speyer, Jones Lang Wootton represented Legal and General .

MEPC has completed the sale of its freehold interest in Blackfriars House, New Bridge Street, London EC4, a 6,505 sq m (70,000 sq ft) listed grade II building, to Embankment Place Hotels Ltd for £11.

25 million.

The price paid equates to £1,700 per sq m (£160 per sq ft).

Blackfriars House was the former head office of Clifford Chance and was leased for £1.

3 million per annurn until 2001.

The property has been vacant for a number of years, as it had become surplus to Clifford Chance’s requirements.

In a complex three-way transition MECP negotiated the surrender of Clifford Chances lease and sold the vacant freehold site to Embankment Place Hotels Ltd, who plan to redevelop the property as a 203-bedroom Crown Plaza Hotel for the Bass Hotel Group.

llaria del Beato, MEPC’s office investment manager, comments: We identified that Blackfriars House was no longer suitable for offices and by changing its use we were able to realise a higher value for this property.”

“CB Hillier Parker acted for MEPC and Kinney & Green actcd for Embankment Place Hotels Ltd.

The acquisition represents a further step in Slough’s expansion plans in Europe and follows the company’s successful exploitation of the growing logistics market around Paris.

Commenting on the acquisition, David Simons, Director for Continental Europe said today:We believe this to be the right time for a scheme of this nature.”

The office letting market in Parts is improving and the acquisition and refurbishment of this property represents an excellent opportunity for us to benefit from this improvement.

The refurbished property is planned to be available for occupation in the early part of the year 2000″.

Current projects include a three phase industrial development of 17.

000 sq m at Willich-Munchheide and a 11,500 sq m at Neuss.

The current focus of activities is near Zaventen Airport.

Of the 260,000 sq m developed 110,000 sq m has been retained as investment stock, incorporating industrial and office buildings in 9 locations.

Pegasus Park is a leading business park which is being actively developed and has potential for over 100,000 sq m of accommodation.

Key clients include Rank Xerox, DHL, IBM and Ricoh France Slough’s French operations commenced in 1972.

Since then it has developed over 200,000 sq m.

Current holdings are located in Colombes.

Bures, Nanterre.

Aulnay, Evry, and Cergy Pontoise.

Recent notable projects include “high-bay”‘ distribution centres for Sony, Decathlon, and Rank Video Services.

GVA Grimley, acting on behalf of St Modwen Developments Ltd has sold the long leasehold of the Cannock Shopping Centre, Cannock, Staffordshire to Guardian Assurance Plc for £13.

3 million, representing a yield of 8.

Cannock Shopping Centre totals 8,411 sq m (90,520 sq ft) and comprises a lower mall at Market Hall Street level rising, by escalators to the upper level and totals 36 units.

33 of these are currently occupied with 1 other under offer.

Tenants include Argos, The Burton Group, Allsports, Thorntons, New Look and lnshops with the current rental income totalling £1128,758 per annum.

Zone A rents range between £34 to £48 per sq ft.

St Modwen Developments developed Cannock Shopping Centre, which was completed in July 1 996.

GVA Grimley represented St Modwen Developments Ltd, John Miles & Co.

advised Guardian Assurance Plc.

This property comprises a ground floor of 1,900 sq ft and a basement of 1,900 where Hemmingway Properties Plc, the landlords, represented by Shelley Sandzer & Company granted a lease to Groupe Chez Gerard Plc for a term of 25 years subject to 5 yearly rent reviews at a rental of £87,500 per annum exclusive.

This former church has been let by Spiremore Ltd represented by Shelley Sandzer & Company on a new 25 year lease subject to 5 yearly rent reviews to Eldridge Pope & Company at a rental of £100,000 per annui-n exclusive.

The accommodation comprises a ground floor of 5,000 sq ft.

The Elusive Vaults Ltd have acquired the ground floor and basement of 34A Paddington Street, the ground floor being an entrance of 300 sq ft with a main trading area being a basement of 1,800 sq ft which will be used as a basement/restaurant.

A new 30 year lease was granted subject to five yearly rent reviews at a commencing rental of £22,500 per annum.

The building, designed by architects Sidell Gibson, will comprise 32,000 sq m (340,000 sq ft) of net lettable space.

Balfour Beatty will construct a steel framed, stone clad and air-conditioned shell, with office accommodation arranged on two basements, ground and eight upper floors, including three major dealing floors.

In March 1998, WestLB signed a 20-year pre-letting agreement on Woolgate Exchange and on completion the building will have an investment value of around £250 million.

Iain Watters, director of MEPC, commented: “This contract, together with the pre-letting arrangement with WestLB, has removed most of the risk element from this project.

Most importantly, the signing builds on our growing relationship with Balfour Beatty.

“Balfour Beatty Group subsidiaries, Balfour Beatty Construction and Heery International are responsible for the construction and managing the design process.

Crest Nicholson Properties (CNP) has secured funding from Standard Life and pre-let 1,858 sq m (20,000 sq ft) to Matalan at its £14 million Colchester Retail Park, Sheepen Road, Colchester.

The 1.

8 ha (4.

5 acre) site was acquired from Colchester Institute for £3.

786 million.

CNP’s open Al 5,574 sq m (60,000 sq ft) scheme will have parking for 285 cars and will be linked to the adjoining St Mary’s Hospital site which has received consent for a 6,503 sq m (70,000 sq ft) food and non-food scheme.

Matalan is a significant UK out of town clothing retailer and has recently successfully floated on the stock market with a market valuation of over £200m.

By the end of this year they will be trading from 86 stores.

The remaining 3,716 sq m (40,000 sq ft) is attracting interest from all sectors of the market at the quoting rent of £172.

00 per sq m (£16.

00 per sq ft).

Construction will start on site before the end of the month (October) with completion anticipated by Summer 1999.

Ian Scott & Co, Chase & Partners and Malcolm Judd & Partners are advising CNP and Standard Life.

Moore Hunter & Partners advised Matalan.

With 24 years in Bristol and 12 years at Cribbs, Ian’s experience of both the consumer and business communities within the region, as well as property marketing, letting and project management make him the ideal candidate to nurture Crest’s Bristol Harbourside project through to a successful completion.

The high profile city centre re-development at Bristol Harbourside will include a state of the art leisure complex, attractive harbourside residential units and a commercial office and business sector in addition to the creation of new public squares, parks and walkways.

The property occupies a prominent position fronting onto Gatwick Road and comprises a modem office building arranged on the ground and first floors, totalling 31,354 sq ft.

The property is let to APV for a tenn of 25 years from December 1998 at a current rent of £360,000 per annum.

There is a tenant’s option to determine the lease in December 2003.

The property was acquired for £3,875,000 by institutional clients of Millar Kitching.

The South-West, Wales, the Midlands and East Anglia showed costs at 29% higher than The North, Scotland and Northern Ireland.

The pioneering research, called Retail OSCAR relates to service charges paid by occupiers to owners of shopping centres and provides a benchmark on service charge trends for both investors and occupiers alike.

The study involved the analysis of service charges from 10% of the shopping centres in the UK.

Retail OSCAR has been introduced by Jones Lang Wootton following the success of the Office OSCAR which was launched by JLW fifteen years ago.

The three major items of Shopping Centre Service Charges are administration, cleaning and security.

These three costs make up between 41% and 57% of total service charge.

There is no clear regional variation in the level of management fees per square foot.

Also on behalf of Towngate, Halton Court, Runcorn was let to Schreiber, part of the MFI group.

The unit extended to 57,000 sq ft and was let on a new 5 year lease at a rent of £2.

25 per sq ft.

At Trafford Park, part of a speculative refurbishment scheme on the 80,000 sq ft Centenary Link at Guinness Circle has been let to a major retailer.

The unit extended to 25,400 sq ft and was let on a new 15-year lease at a rent of £3.

50 per sq ft.

On the sales side, a building extending to 152,000 sq ft was sold on behalf of lntex Yarns Ltd on part of its site at Bury Road, Radeliffe.

A figure in excess of £2 million was achieved for the disposal.

Two multi-storey industrial premises extending to 126,000 sq ft and situated close to the city centre were sold to Ian Lerner & Co at an undisclosed figure.

Demand is arising from a variety of market sectors, most notably pharmaceutical, telecommunications and computer software.

The Report shows that demand is now more balanced compared with three years ago, when it was dominated by the software sector.

These record levels of demand should give confidence to the market, particularly as they are combined with record take-up and chronic supply shortages of quality product.”

We are however monitoring levels closely in light of the current economic climate.

” Both expansion and consolidation feature highly as driving factors behind this surge in activity, but we are also seeing a significant amount of new demand on the back of globalisation.

Corporates still view the UK, and particularly locations within striking distance of Heathrow Airport, as a good base to head up European operations.

Demand is also emanating from the expiry of leases taken in the 1970’s, and this giving occupiers a chance to upgrade existing accommodation.

Nausicaa operate several Sea Ecology Centres in Europe, the largest being Boulogne.

This will be their first UK venture and will follow their original mission statement of raising public awareness of the sea’s riches and the need for its responsible management.

An additional 100,000 sq ft (9,290 sq m) of speciality shopping themed to the Nausicaa Experience is proposed, as well as an hotel with 150 bedrooms and conference facilitiesThe scheme will commence on completion, in early 2000, of the town’s western approach road, which will provide direct access to the marina.

FPPS (Friends Provident Property Services), acting on behalf of Friends Provident, has taken a surrender of the existing lease at 3-5 Church Street in Kingston-Upon-Thames and granted a new lease to Farrar Holdings Plc trading as Levi’s.

The deal reflects a surrender of the existing lease agreement with Radio Rentals, which included a 25 year lease from December 1978 at a rent of £92,250 per annum.

The new 15 year lease agreement with Farrar Holdings has been secured at an increased rental of £110,000 per annum, which equates to £1,668.

40 per sq m (£155.

00 per sq ft) Zone A.

The first two studio office units at Slough Estates’ 100 phase at Winnersh Triangle near Reading have been let less than a month after completion, to continue the scheme’s success as one of the Thames Valley’s leading business locations.

Lloyds TSB and INS Newsgroup are taking units 140 and 145 respectively, each comprising 327 sq m (3,520 sq ft) of 70% offices and 30% warehousing/research and development space.

Lloyds TSB will open a new business centre serving the Winnersh Triangle and the local area and have signed a 10-year lease with two months rent free.

INS Newsgroup have agreed a 15-year lease with a four month rent free period.

Headline rents of £204.

52 per sq m (£19 per sq ft) were achieved in both deals.

Scottish Metropolitan has acquired the freehold interest of Units 12-18, Piccadilly trading Estate, Manchester, from Bass Pensions Limited for £2,055,000.

The property extends to 44,500 sq ft in seven units and is let in it’s entirety to the Post Office.

The investment produces a total income of £171,255 per annum, which equates to a modest average passing rent of £3.

38 per square foot.

The acquisition accords with the Company’s policy in seeking to acquire multi-let industrial estates occupying strategic city centre locations throughout the north of England, which offer good prospects for future rental growth.

The company is looking to invest in similar propositions over the coming months.

Jones Lang Wootton acted on behalf of Bass Pensions Limited, whilst Scottish Metropolitan was represented by the Manchester office of Richard Ellis.

The letting is at a rent of £45 per sq ft on a lease expiring in March 2005 with a tenant’s break option in March 2001.

Rogers & Wells currently occupy 7,060 sq ft in City Tower.

Earlier this year, Wates City achieved £40 per sq ft on the letting of 3,000 sq ft to Nippon Credit International Limited and £42.

50 per sq ft was paid by Yasuda Fire & Marine Insurance in respect of 825 sq ft.

Commenting on the latest transaction.

Rodney Clutton, Joint Managing Director at Wates City said,City Tower continues to attract high quality tenants as evidenced by the fact that the building is now home to 30 companies, many with a strong international bias.”

Of the 130,000 sq ft building, there is now only 12,750 sq ft available of which 4,000 sq ft is under offer.

“Jones Lang Wootton and Healey & Baker represented Wates City.

GVA Grimley represented Rogers & Wells.

Merivale Moore plc, the property investor, is continuing to take advantage of a less competitive London property market by securing a high quality office investment in Putney, London SW15 for £2,225,000 in cash.

The property, known as Oxford and Cambridge Houses, 180-182 Upper Richmond Road is a 4-storey property providing 1,344 sq m (14,426 sq ft) of good quality office accommodation with 17 car parking spaces.

The property is let to a total of 7 tenants who pay a current income £196,055 per annum which represents an average of only £13.

55 per sq ft.

Rents are continuing to rise in the area and if the building were available to let today £16 per sq ft might be achievable.

The consideration represents a yield of 8.

41% rising to 9.

5% in January 1999 following a fixed rental uplift.

Mike Probert, Property Director, commented that the building lends itself for improvement through cosmetic enhancement and with a distinct lack of available good quality accommodation rental growth prospects are extremely good.

The acquisition is expected to be completed at the beginning of December.

DTZ Debenham Thorpe acted for Merivale Moore and Saxon Law for the vendor.

HBG Properties and Norwich Union have let a 3,059 sq m (32,933 sq ft) distribution unit at Sopwith Park, Segensworth North, Fareham to Simpson-Lawrence, a subsidiary of Clyde Shipping, the UK’s largest distributors of leisure marine equipment.

Simpson Lawrence has signed a new 25-year lease for Unit 3 at a starting rent of £197,598 pa.

The rent equates to £64.

58 per sq m (£6 per sq ft) pa.

The letting of 90% of the 12,077 sq m (130,000 sq ft) available at Sopwith Park within four months of practical completion is a reflection of the quality of the location and the units provided.”

”              Planning approval has been granted; building completion is anticipated in April next year.

City Park Solus is an extension to London & Metropolitan’s award-winning City Park development and fronts the new A56 City Link (Bridgewater) Expressway, which connects Manchester City Centre with Trafford Park.

There has been little speculative construction in the industrial market but with this funding we will develop the largest, new warehouse available to lease in Greater Manchester.”

Chris Bartram, managing director of Haslemere said, The funding of this acquisition is part of our strategy to build our industriallwarehouse portfolio which is already 17% of our total UK Portfolio.

“Letting agents on City Park Solus are Richard Ellis and GVA Grimley.

This is the second funding secured by London & Metropolitan in recent weeks.

In Uxbridge, West London a £4m funding has been agreed with Barclays Property Investments for the development of Metro Point”” a new 1,270 sq m (13,680 sq ft) air-conditioned office building.”

Construction has started with completion due in October 1999.

London – Applied Property Research – has just published its latest London office market quarterly survey, highlighting some important emerging market trends.

With over 1 million sq m (10m sq ft) under construction in central London and mounting job losses in London’s key financial services sector – with more to come – the market could easily slip into negative growth by end 1999.

Fifty office schemes started in Q3 1998 (100% rise on the second quarter) and the highest quarterly total for years.

Despite reports of shortages, there are now 65 completed, grade A, buildings available in City, Midtown, West End and Docklands.

Refurbishment schemes now make up 50% of schemes started in 1998, the highest volume ever recorded – many of these schemes are hidden from casual view.

Anecdotal evidence that prime rents are already falling, there is a glut of buildings for sale, mounting supply, job losses and gloomy economic forecasts for the next two years; mean that the office market in central London may well experience a much harder landing, than previously forecast, in 1999Rugby Estates Plc has acquired the Paradise Forum Shopping Centre in central Birmingham which links the city’s retail core with Brindley Place, the city’s principal leisure destination.

The shopping centre comprises some 33,000 sq ft of retail accommodation held leasehold from the Birmingham City Council.

There are 12 tenants including McDonalds, Pret à Manger, Seattle Coffee Company, Ind Coope, Ladbrokes and Hooters.

Rugby Estates paid over £3 million for the investment reflecting an initial yield of 8% increasing to 8.

5% over the next few months.

In association with the local authority, Rugby Estates intends to upgrade the quality of the centre.

Lingfield Securities, with whom Rugby Estates has worked previously, introduced the opportunity and has been retained as joint venture partner.

Jones Lang Wootton (Birmingham) advised Rugby Estates on the acquisition and has also been retained.

The 52.

9 ha (130-acres) estate includes 147,000 sq m (1.

58 million sq ft) of largescale accommodation and 15 ha (37 acres) of land for future development.

Mitsui Babcock is leasing back its 7,200 sq m (75,000 sq ft) office building, along with 37,000 sq m (400,000 sq ft) of manufacturing space.

The agreement is for a 25year lease, with breaks in years 15 and 20.

An additional 34,000 sq m (369,000 sq ft) of manufacturing accommodation has also been leased back under a variety of shortterm agreements,There are 20 other tenants already located at Babcock Park.

They occupy 39,000 sq m (420,000 sq ft) and range from the Taiwanese computer company Foxteq UK Ltd, which leases 10,000 sq m (110,000 sq ft) to road haulier WH Malcolm Ltd, which occupies 25,500 sq m (274,000 sq ft).

MEPC already own Scotland’s largest industrial estate, the 83ha (205-acre) Hillington Estate located between Glasgow and Paisley, which is home to more than 250 companies.

It is managed on site by MEPC’s Scottish subsidiary, Caledonian Land.

Robert Ware, Director of MEPC plc, says: “Babcock Park is two miles away from our existing estate at Hillington and offers complementary accommodation catering for occupiers requiring larger buildings.

Both estates are on Glasgow Airport’s doorstep, adjacent to the motorway and rail networks.

Knickerbox has taken the last remaining unit in on the ground floor, Centre Tower at the 116,000 sq m (1.

25 million sq ft) Whitgift Shopping Centre in Croydon.

Knickerbox, the lingerie retailer, has taken a 56 sq m (601 sq ft) unit adjacent to Birthdays and Clobber and opposite the main entrance to the scheme.

The unit was taken on a 5 year lease at a base rent of £65,000 per annum or 15% of turnover.

The Whitgift Centre is owned by the Whitgift Shopping Centre Partnership, the Whitgift Foundation and United Friendly and is managed by Barclays Property Investment.

Joint letting agents for the Phase 11 refurbishment are Lunson Mitchenall and Stiles Harold Williams.

Sole letting agents for the remainder of the centre are Lunson Mitchenall.

Victoria Square House is a landmark city building of 13,935 sq m (150,000 sq ft).

It was vacated by TSB Bank following its merger with Lloyds.

MEPC agreed to buy the empty building from Lloyds for £22.

5m, exchanging contracts in September this year with completion due on 23 December 1998.

Lloyds TSB has leased back 6,503 sq m (70,000 sq ft) of Victoria Square House while MEPC is developing its new headquarters at 125 Colmore Row.

With the letting to HQ Business Centres at £231 per sq m and agreement with Dibb Lupton Alsop to occupy a further 3,716 sq m (40,000 sq ft), the letting of Victoria Square House will be 90% complete at an average rent of £215 per sq m (£20 per sq ft).

125 Colmore Row has been forward flinded by the Universities Superannuation Scheme at an initial yield of 6.


The building is pre-let to Lloyds TSB at a rent of £269 per sq m (£25 per sq ft) on a 15 year lease.

The re-development will be completed in Autumn 2000.

Nathan Thompson, MEPC UK’s Director for offices, comments: “Birmingham’s supply of prime office space has dwindled to the lowest levels in almost a decade.

The speed of the Victoria Square House letting and the swift forward funding of 125 Colmore Row has certainly justified our decision to invest further in the Birmingham office market.

“Jonathan Gilbert B.


ARICS ACIArb has joined Hartnell Taylor Cook as Partner in the Investment Agency department with particular emphasis on sales and acquisitions for property companies, private and overseas investors.

Jonathan was previously a Director of LSM Partners for over 4 years during which time he established both the Agency and Investment departments and played a major role in the development of the Management Department.

In the last 12 months he has been involved with the acquisition of the Fiscal Office Portfolio for private clients for around £80m and the acquisition and sale of several other portfolios for clients including Quintain and Citicourt with an aggregate value in excess of £40m.

Jonathan joins Andrew McGahey and Rory Houston in the existing investment team at the London offices of Hartnell Taylor Cook in Conduit Street.

Knickerbox has taken the last remaining unit in on the ground floor, Centre Tower at the 116,000 sq m (1.

25 million sq ft) Whitgift Shopping Centre in Croydon.

Knickerbox, the lingerie retailer, has taken a 56 sq m (601 sq ft) unit adjacent to Birthdays and Clobber and opposite the main entrance to the scheme.

The unit was taken on a 5 year lease at a base rent of £65,000 per annum or 15% of turnover.

The Whitgift Centre is owned by the Whitgift Shopping Centre Partnership, the Whitgift Foundation and United Friendly and is managed by Barclays Property Investment.

Joint letting agents for the Phase 11 refurbishment are Lunson Mitchenall and Stiles Harold Williams.

Sole letting agents for the remainder of the centre are Lunson Mitchenall.

MEPC has also completed a letting of Victoria Square House, Birmingham, of 2,415 sq m (26,000 sq ft) to HQ Business Centres.

Victoria Square House is a landmark city building of 13,935 sq m (150,000 sq ft).

It was vacated by TSB Bank following its merger with Lloyds.

MEPCagreed to buy the empty building from Lloyds for £22.

5m, exchanging contracts in September this year with completion due on 23 December 1998.

Lloyds TSB has leased back 6,503 sq m (70,000 sq ft) of Victoria Square House while MEPC is developing its new headquarters at 125 Colmore Row.

With the letting to HQ Business Centres at £231 per sq m and agreement with Dibb Lupton Alsop to occupy a further 3,716 sq m (40,000 sq ft), the letting of Victoria Square House will be 90% complete at an average rent of £215 per sq m (£20 per sq ft).

125 Colmore Row has been forward flinded by the Universities Superannuation Scheme at an initial yield of 6.


The building is pre-let to Lloyds TSB at a rent of £269 per sq m (£25 per sq ft) on a 15 year lease.

The re-development will be completed in Autumn 2000.

Birmingham’s supply of prime office space has dwindled to the lowest levels in almost a decade.”

This shortage of supply and the strength of the city office market were important factors behind the purchase Of Victoria Square House and 125 Colmore Row.

“Property Insurance Shield, sponsored by CGU, for the lowest claims ratio of the year, calculated on the basis of claims to reinstatement cost values.

The Hermes/Hascheck Shield, sponsored by National Britannia and awarded for excellence in compliance with their Hascheck system, went to CB Hillier Parker.

At a ceremony held in the CGU Building, leading representatives from the industry’s anaging agents gathered to hear a key note address by Frank Woodhead of Royal & Sun Alliance Engineering, sponsors of the Hermes Safety First Shield.

The ultimate accolade in Health and Safety is to achieve nothing – no claims, no accidents and no risk.”

Every year since we began these awards we have witnessed improved performance from our consultants and the results this year will provide a difficult challenge for 1999 and beyond.

We are delighted to receive three of the awards – Hermes are market leaders in the field of Health and Safety and we look forward to working with them over the coming year particularly in facing the challenges of new legislation.

“MWB is to undertake full project management services for the creation of this four star hotel on behalf of leading French hotel group Accor.

MWB originally identified and negotiated the acquisition of this strategic site, subject to planning permission.

The development is being undertaken on a turnkey contract basis by MWB for Accor.

This £52m refurbishment of the 125,000 sq ft former Lloyds bank building on the corner of Waterloo Place and Pall Mall will create a luxury Sofitel hotel, Accor’s first in London.

Accor currently owns and operates approximately 3,000 hotels world-wide and, as such, is one of the world’s largest hotel groups.

This is a very exciting project for our group.”

We have been working hard with MWB on design for some months now and are very pleased indeed to hear that MWB had obtained planning consent.

I believe that our partnership with MWB” will enable us to create a terrific flagship hotel for Accor.

“Work is expected to get underway on the new Sofitel by late spring and the project will take approximately 20 months to complete.

In addition to the hotel itself, facilities will include restaurant, banqueting and conference rooms on the lower ground and ground floors.

Working with Accor we aim to create a stylish addition to the London hotel scene that reflects both the location and the company’s standing as a major hotel operator.”

“Originally constructed in 1924 the Grade 11 listed building at 6 Pall Mall complements the master strategy laid down by Nash for his Regent Street urban plan 100 years ago.

The building was designed by Sir William Emerson for the bank Cox & Co as its headquarters.

The bank was subsequently taken over by Lloyds.

Plans to transform the South West quarter of Newcastle City Centre into a vibrant leisure and hotel scheme have been modified to create more floorspace.

Joint developer, Stamford Developments and J.


Gallagher have submitted further proposals to city planners to expand the leisure scheme – which was given planning permission earlier this year.

Following the acquisition of Bank House and alterations to the design which include the creation of an extra mezzanine level, 80,000 sq.


of floorspace has been added.

Chief executive of Stamford Developments, Philip Akrill said: The proposals to extend the scheme are the direct result of huge numbers of enquiries from operators who are all very keen to be a part of this prestigious city centre development.”

“The purchase of Bank House and the creation of an extra mezzanine level between the ground and first floors means we can offer people even more entertainment in what is already a very exciting scheme.

The leisure development will be known as Castlegate as it will create a dramatic new entrance way into the city of Newcastle and a gateway of opportunity for the new millennium creating jobs and attracting invesment in the city, boosting its economy.”

“The revised plans include a large attractive food court with a fully glazed atriuin allowing visitors excellent views of the public square and hotel.

The new plans are being considered by the council and a decision is expected by the end of the year.

The final plot on the 478,500 sq ft Premier Park is for a 41,500 sq ft unit, which the developers are now building out on a speculative basis.

It will be available for occupation in May 1999 at a rent to be determined.

Premier Park is owned by Henderson Investors and is being developed in partnership with Prologis Kingspark.

This development is now firmly established as London’s premier distribution park; so much so that I can announce that we are already talking to various parties for the pre-let of the new 41,500 sq ft speculative unit which is presently under construction.”

“Construction has started on the 7,263 sq m (78,178 sq ft) first phase of Pioneer Park, Bristol, one of the UK’s first auto parks being developed by Mercury Asset Management and St.

George’s Securities.

Chesterton and Hartnell Taylor Cook, acting for the developers, report strong interest in the remaining 0.

625 hectares (1.

5 acres) in phase 1 which has outline planning permission for car showroom use.

A second phase of 1 hectare (2.

4 acres) will be released shortly.

Having relocated to Broadwater Park Denham Robert Bosch Package Machinery Limited have assigned their leasehold interest in Unit 41 Invincible Road Farnborough to Network Management Limited who paid a premium of £35,000 to include fixtures and fittings installed by Bosch.

The Lease was held by Bosch for ten years from January 1996 subject to a rent review in January 2001, with a tenants break-clause at the fifth year.

The building comprises approximately 13,000 sq ft (1,207 sq m) of industrial accommodation with ancillary offices with an additional 1,100 sq ft (102 sq m) of offices installed by the tenants.

Atkinson Richards (01252 816061) acted for Robert Bosch Packaging and Linfield Dalton (0171 499 5235) acted for Network Management Limited.

This was a very satisfactory deal for all concerned.

Not only were we able to agree terms between parties prior to any marketing taking place, but also our clients (Bosch) were able to obtain a premium for their Lease reflecting the competitive passing rent and tenants improvements to the building.

Furthermore, the Lease we had negotiated in 1996 had allowed our clients to walk away and have no further liability in the Lease following assignment.

This half year result shows excellent progress achieved against a firm market background.

All sections of our property advisory business have performed well, and we have made significant progress in our financial services division.

The outstanding feature of the period was the strategic alliance we announced with First Pacific Davies, the pre-eminent Asia Pacific property services group.

There is widespread evidence of the internationalisation of the property business, and we are determined to be one of the leading companies able to offer a genuine, fully integrated world-wide service.

These results show Savills taking full advantage of strong conditions.

We have very able teams of professionals and confidence is high.

Commercial markets remain strong, although buoyant residential demand in central London is showing signs of calming on the back of uncertain financial markets.

In previous years revenue in the second half has exceeded the first and, subject to no unforeseen circumstances, we would expect that to be the case this year.

Chartered Surveyor, Paul Richardson has rejoined Dunster & Morton in Reading as a Partner.

Paul will be dealing with a number of in-house clients and specialising in all forms of commercial property but primarily investment and consultancy advice.

we are delighted to welcome Paul back to the firm, which is a sign of our ongoing commitment to clients, both old and new.”

“Threadneedle Property Fund Managers has leased Royalty House, King Street to Cap Gemini on a 10 year lease at a rent of £17.

00 per sq ft.

Royalty House, a self contained headquarters office building totalling 19,120 sq ft is situated close to the Harlequin Centre in Watford town centre.

Threadneedle bought the building on a vacant possesion basis in 1996 from Chartwell Land for a price of £2 million.

Jones Lang Wootton and Stimpsons represented Threadneedle, Cap Gemini were advised by White Druce and Brown.

The flurry of activity seen in the last few months pushed take-up in the City to levels exceeding those seen during the 1980s boom, according to the latest figures from Hillier Parker Research.

Total take-up in 1997 reached 670,000 m² (7.

2 million sq ft), marginally higher than the 645,000 m² (6.

9 million sq ft) seen in 1986 at the height of the previous cycle.

These figures confirm the strength of the market during 1997, particularly during the latter half of the year.”

” comments Dr Nick Axford, HP’s Head of Business Space Research.

Whereas in the late 1980s most deals involved buildings which were already built or were approaching completion, a significant proportion of take-up in 1997 was due to a handful of major pre-lettings to financial occupiers”” Axford notes.”

The five largest deals seen during 1997 were all concluded during the second half of the year – all but one of which completed during the fourth quarter.

Swiss Re have bought the site and will occupy 23,225 m² (250,000 sq ft) of the 70,000 m² building, to be built onthe Baltic Exchange site, whilst Merrill Lynch will occupy a 52,676 m² (567,000 sq ft) scheme at King Edward Buildings on Newgate St.

These two transactions alone accounted for over 10% of take-up during the year’ Demand for the few remaining large new buildings was also strong, as several major banks competed to secure space.

With a number of major pre-lets still being negotiated, take-up figures are likely to remain high during the early part of this year, although shortages of top quality stock could restrict activity at the larger end of the market towards the end of 1998.

Almost as significant as the take-up figures is the fact that levels of both availability and speculative development are around 25% lower than at the start of 1997.

“Attitudes towards speculative development remain generally cautious, and it will be important for developers and funding institutions to maintain a pragmatic approach during 1998.

Shortages of large, top quality space will almost certainly force prime rents higher during this year, and there is clearly scope for further new developments in the market.

But the key lesson of the previous cycle is that buildings which rely solely upon supply shortages for their viability, rather than providing the top quality acconunodation which occupiers require, are unlikely to prove successful in any but the most extreme market conditions Axford concludes.”

Netcom Solutions International Limited, a subsidiary of a major American company of the same name.

have expanded to new premises at Thatcham Business Village, near Thatcham, Berkshire.

Netcom benefited from a two month rent free period.

The Reading office of Sharps Commercial advised the under-tenant.

whilst the lessors.

Norbain PLC.

were advised by the Reading office of Lambert Smith Hampton.

and good quality partitioning and forms part of an attractive courtyard style multi-unit development featuring excellent landscaping, and good car parking facilities.

Malcolm Ware, Managing Director of Netcom comments “Thatcham Business Village offers us the right corporate image, easy access and an excellent working environment.

The next few Years are important in the company’s growth and the Village offers the potential for further expansion when the time is right”.

“Acting on behalf of Worldwide Education Service (Home School) Limited, formerly of London, W1, Sharps Commercial have agreed a new under-lease on the entire fourth floor of Blagarve House, 17 Blagrave Street, Reading, Berkshire.

The sub-lessors, Leisure Circle Limited, were represented by Halt Waiters, who achieved a rental of £8,000 per annum exclusive, for the 798 sq ft suite.

WES have taken a lease for a term expiring on 25 December 1000.

The modern building is served by a six person passenger lift.

Blagrove House is now 80% let, Holt Waiters having also recently let the second floor (836 sq ft) to London & European Title Insurance Services on similar terms.

Irish hotel group, Jurys Inns, has just taken a 25 -year lease on a redundant office building in Edinburgh’s Old Town, where they will create a new 187-room 3-star hotel with a restaurant.”

The building is on Jeffrey Street and overlooks Waverley Station.

JLW Hotels and Whitelaw Baikie Figes acted for the owners, Capital Land Holdings, advising on the scheme (including the optimisation of room numbers and front-of-house areas) and negotiating the 25-year lease with the operator.

The rent is calculated on a combined base rent and share of turnover, which increases throughout the lease term.

The owners will contribute towards the cost of conversion, and completion is scheduled for August 1998.

This transaction demonstrates the growing acceptance of hotels as valid investment vehicles for traditional land owners and investors.

It also demonstrates that a flexible approach is essential when assessing the useful life of a building.

Edinburgh’s Old Town is a world heritage area but presently a non-prime office location, and the building itself is an unremarkable structure that can no longer fulfil modern office requirements -and would be difficult simply to refurbish.

For continued office use on the site, planning constraints would almost certainly have meant an expensive new development fitting better into the historic context.

The existing building, however, can be readily converted to a hotel (adequate ceiling heights, good window-to-floor ratio and convenient column distribution).

A change to hotel use for the building, which was acceptable to the planners, was therefore the optimum solution for the owners, for whom JLW Hotels and Whitelaw Baikie Figes were able to negotiate a secure lease and rent partly linked to turnover.

Edinburgh’s hotel market has been performing very strongly in the last few years, with quality hotel room yields growing by about 13% in 1996 over the previous year according to EuroCity Survey 1997 (a publication sponsored by JLW Hotels).

There was a huge rise in the numbers of guests paying full rate, as well as in numbers of leisure guests.

The hotel market benefits from the city’s role as a major financial centre and one of the UK’s most popular tourist destinations for overseas visitors.

The city also ranks second in the UK in terms of the number of conferences held, boosted by the large Edinburgh International Conference Centre that opened in 1995.

In a move to raise the stakes in the competitive London Investment market, International Property Advisers, Grimley, has announced the appointment of Chris Gillum, who will focus solely on Central London Investment in the West End and City.

Rob Bould, National Head of Investment at Grimley said of the appointment, “Chris’ international contacts are exactly what we need for our next stage of growth in the investment team which is winning significant new business in central London.

“Gillum was formerly based in Berlin for 6 years with Weatherall Green & Smith as branch manager.

Prior to that, he worked for Jones Lang Wootton in Hong Kong.

Giles King, Fund Manager at Hillier Parker, commented: These were opportunistic sales, although we are trying to buy properties at present, we have taken advantage of situations that were given to us, and have been able to realise the potential of the sites earlier than we would normally expect.”

“Hillier Parker Fund Management acted for Courtaulds Pensions Investment Management Ltd and Grimley acted for Do-It-All.

This office property comprises 886 sq m (9,538 sq ft) of accommodation and is let to Go Discs Ltd for a term expiring in August 2011 with a tenant’s option to break in March 2005.

The current passing rent is £141,750 per annum and the investment price reflects a net initial yield of 8.

53 per cent.

Singer Vielle acted on behalf of Threadneedle.

The property produces an annual rent roll of £407,500, rising to £497,000 at the expiry of a rent free period in March.

Most of the leases are for ten year periods, subject to break clauses in the fifth year.

The purchase price reflects a net initial yield of 7.

9 per cent, rising to 9.

6 per cent on expiry of the rent free period.

418 sq m (4,500 sq ft) will shortly become vacant within the building, following the recent expansion by People’s Bank of Connecticut out of 500 Pavilion Drive, into the adjacent 2,044 sq m (22,000 sq ft) building, 400 Pavilion Drive.

Commenting on the investment purchase, Mike Sales, director of portfolio management at Henderson Real Estate Strategy said, Northampton Business Park is a proven business location, endorsed by its blue chip occupiers.”

It offers unparalleled quality accommodation in Northampton and has enjoyed considerable take-up over the last two years.

We see this trend continuing, hence our investment interest in this particular property.

Robin Addy of Coopers & Lybrand, joint administrative receiver for Northampton Business Park said, “I am delighted to have achieved this sale.

The take-up of accommodation in the Business Centre in 1997 was impressive and provides justification of the Syndicate’s strategy to adopt a long-term work out policy.

“This sale represents the second investment disposal, following the sale of 800 Pavilion Drive, let to Texas Instruments, in 1995 to Scottish Provident.

Both sales to institutional investors at attractive yields represent an excellent endorsement of our strategy and the Park as a whole.

1 look forward to similar opportunities becoming available in due course.

The Receiver for Northampton Business Park was advised on the investment sale by DTZ Debenham Thorpe and Lambert Smith Hampton.”

DTZ Debenham Thorpe, Lambert Smith Hampton and Underwoods Commercial are joint agents for Northampton Business Park.

Eastlake Developments, part of the Lewis Group, has pre-let a speculative new warehouse development in Cheltenham at a rent of £5.

35 per sq ft.

Modern Packaging advised by Bayley Donaldsons has acquired a 557 sq m (6,000 sq ft) unit on a 7 year lease.

The development is situated on the Lansdown Industrial Estates adjacent to Cheltenham Spa BR Station and this pre-let highlights the Estate’s continuing success due to its excellent location only 1.

5 miles from the M5.

Letting agents Bruton Knowles report that the remaining space of 557 sq m (6,000 sq ft) Is under offer to two occupiers at equivalent rentals.

Hill Samuel Property Unit Trust has completed a sale and leaseback at the Wicker Centre and Aetna site in Sheffield, which it has acquired for £5.

9m, equating to approximately 8 per cent net initial yield.

The two sites total 7,031 sq m (75,688 sq ft) and have been let on four separate leases to Dixon Motors plc.

The Wicker Centre, totalling 3,938 sq m (42,388 sq ft) has been let on three separate leases one of which is sub-let to Lucas Automotive Ltd at a rent of £104,000 per annum.

The Wicker site also incorporates a Rolls Royce / Bentley dealership and a Dixon Car Clinic.

The Aetna site trades as a Ford dealership.

There are no issues of shortage of premises within the region and investors are able to readily move from serviced accommodation to larger premises, taken on conventional terms, as the business expands and the relatively high costs associated with serviced accommodation no longer become economic.

Interview conducted with Peter Sissons – Senior International Business Development Manager for the Asia Pacific Region In terms of the position property holds in the list of factors determining inward investment, he places it below proximity to customer base and the availability of quality staff.

He regards the issue of finding the right property as secondary to the fundamental case for establishing the new business venture.

He had witnessed a change over time in the nature of demand for property, where in the past companies generally took larger premises and employed more people when setting up ventures, nowadays they generally start in serviced accommodation.

He felt that the rise in the serviced office sector has lead to a change in the nature of inward investment demand.

Whereas before companies were forced to take conventional space on relatively inflexible terms, the boom in serviced accommodation now allows them to ‘put a toe in the water’ and test the market before committing resources long term.

Within the South East he feels that there is an adequate supply of readily available space, with the exception of markets on the South Coast where he feels that there is a lack of modern accommodation to meet the needs of inward investors.

In his experience no inward investment decision has been lost on the basis of lease structures and no specific issue has ever been raised regarding upward only rent reviews.

In his opinion the reform of lease structures to enable occupiers to take out shorter leases would increase both the level and size of inward investment, with companies being able to risk more resources on the basis that they were not committed for an undue length of time.

Interview conducted with Peter Ickimeyer – head of the European Inward Investment Team, London First.

In his experience the key locational factor is the nature of the investing business, for example, if it is involved with financial services then it needs to be in the City of London.

Also proximity to a particular airport is important.

He feels that property is an important issue but considers that there is adequate availability for companies to find space when combined with other, more critical, locational requirements.

He has found that investing companies do not understand things like break clauses, rent reviews and dilapidations and often seek refuge in serviced accommodation until they gain a greater understanding of the complexities of the UK property market and then feel more equipped to venture into leasing property on a conventional basis.

He considers that current demand profile is very much swayed towards serviced accommodation.

In his experience no inward investment decision has failed as a result of UK leasing structure, however he felt that if it had done, then such a decision would have been masked by another explanation, for example, ‘not viable to establish this sort of business at this time…No specific mention has ever been made of upward only rent reviews.

However issues on clauses are only part of wider dismay over the complexities of leasing of property.

In his experience in dealing with the manufacturing sector, in general property is ranked further down the list than other factors when determining location.

These other factors include proximity to consumer base, availability of skilled labour, level of financial assistance and the location of suppliers.

There are exceptions to this, namely where a company requires a specialist building (for example biotechnology) or particularly large premises that are not readily available in every location.

He has seen a decrease in the size of enquiries over the years.

He feels that the UK economy can no longer compete in attracting operations employing 250-300 people when the work force is unskilled – such operations now go to the Far East or Eastern Europe.

Where he feels the UK can compete in is providing more skilled labour to smaller businesses.

He considers that there is generally a good supply of available space in the region that could cater for most enquiries.

He has not had an investment deal go sour as a result of problems with lease structure however USA investors in particular view the complexity of the UK leasing system and the length of leases, as alarming.

In his experience investors from the Far East are more sanguine about the structure and prefer freehold properties.

He considers that the WDA is unique amongst UK RDAs in that it has a strong property team which acts as liaison between landlord and potential tenant thus helping inward investors to understand the structure of UK property and act to secure the best deal.

He feels that increased lease flexibility in the UK would help inward investment levels, but is unable to quantify this.

In his experience the issue of property generally comes behind other factors, for example proximity to skilled labour and nearness to customer base.

Once the business decision has been made to locate then companies generally start to look for appropriate accommodation.

Exceptions to this are where a specialist building is required.

In his experience companies have not been forced to go elsewhere as a result of a lack of available space in the region, but some have been forced to go down the design and build route to satisfy their property needs.

Prior to working on the ICT sector, Damian was responsible for inward investment from the USA and explained that companies from there are generally ‘horrified’ about the length of financial commitment they are expected to make in a new venture.

US companies generally try to negotiate additional break options or are driven into serviced accommodation.

Generally parent boards in the US are not willing to sign up to lengthy financial commitment on new European ventures.

He is not aware of an inward investor who has walked away as a result of the structure of UK property but is aware of companies that have ended up in the service sector as a result of their unwillingness to commit to premises on the terms required by UK landlords.

He feels that some reform of the leasing structure would benefit inward investment levels, particularly from the USA.

His view across many sectors and global regions is that the business case for a venture is made first and then the availability of property is considered.

In general he feels that his region has enough space to meet demand except for those requiring specialist buildings, in which case the RDA assists in trying to put together a D&B package.

He has certainly seen a marked decrease in the size of enquiries over the years both from the manufacturing and service sectors with inward investors increasing looking at serviced accommodation.

Of his experience with European, Far Eastern and US companies, it is investors from the US which ‘throw their hands up in horror’ at the length of leases they are expected to sign.

To get around this they try to negotiate break clauses or end up in serviced accommodation.

A recent trend has been US companies asking for increasingly long rent-free periods in order to mitigate the level of financial commitment they are being asked to sign up to.

He is not aware of an inward investment deal that has gone sour as a result of parties inability to negotiate appropriate lease details but he has concerns that more flexible terms being offered by landlords in continental European countries may be having an impact on inward investment levels in the UK.

However, he does feel that lease structure is an ‘aside’ to the general factors considered when a company decides to locate.

In her experience the key factor governing the location of inward investors is the availability of grant assistance, followed by the level and availability of skilled labour.

Then after these factors have been sorted out comes the search for property.

In the North West her feeling is that there is generally an adequate supply of property but that businesses requiring premises of larger floor plates have struggled in recent months.

She has noticed a decrease in the size of investment enquiries, with an increasing trend towards smaller enquiries wishing to locate in serviced accommodation.

On the manufacturing side, over the last 12 months she has noticed an increase in demand for freehold property.

This is something that their property system does not usually track and they have found it difficult to satisfy investors’ needs.

In her discussions with investors, she has found a lack of understanding of the structure of UK property and surprise and ‘horror’ from investors, particularly from the US over the length of leases they are being asked to sign.

She had one instance of a US company who would not entertain anything above a 3 year term with one year rent free period.

Her immediate reaction to whether a restructuring of UK leasing property would lead to an increase in inward investment levels was ‘yes’ however, she was not overly familiar with the structures that exist in other European countries but assumed that they provided more flexibility than in the UK.

She made the point that, if all other things were equal, then an investor faced with the decision to either go to Manchester of Barcelona would opt for the location with the most flexibly property structure.

In his experience the commercial issues associated with inward investment are the primary drivers governing the location of the business.

When these have been satisfied then the company starts to look at appropriate property.

There are exceptions to this where the business requires some form of specialist accommodation or their requirement is of a size that cannot be accommodated easily.

The East Midland has traditionally not gone out to attract investment from the service sector but has sought investment from the manufacturing sector however, this year they are embarking on a major push for service sector jobs.

In terms of available space, he considers that the region has a potential shortage of manufacturing units in the smaller size bands.

He has seen a reduction in the size of enquiries over the past five years particularly on the manufacturing side as the UK economy struggles to compete with Eastern Europe and the Far East to attract labour intensive activities.

He feels that the serviced office sector continues to provide a key resource to inward investors and allows them to ‘test the market’ before committing to property on a conventional basis.

His experience with inward investors reveals a lack of understanding over the UK leasing structure and surprise at the length of leases they are being asked to sign.

Ardent negotiation on rent free periods and break clauses have become the norm.

Although he would envisage that any change in the structure of UK property leasing to persuade landlords to accept more flexible terms would increase the level of inward investment, he considers that the issue is marginal when compared with the other factors which make up the locational decision.

Charterhouse Property Investments Limited and Ashcroft Estates Plc have purchased the freehold interest in The Swan Centre in Kidderminster from Standard Life for £10 million.

The shopping centre, which was originally constructed in 1968, forms a major part of the retailing core in the town.

The property underwent a minor refurbishment in 1996 and provides approximately 9,850 sq m (106,000 sq ft) of retail accommodation with a food store, two large stores and 35 retail units.

Other multiple retailers include H Samuel, Allsports, Milletts, Contessa, Greggs, British Gas, Lunn Poly and Holland & Barrett.

The Centre also has the benefit of one of the town’s largest public car parks providing approximately 420 spaces.

James Bryer, an Associate at Hillier Parker who represented the purchaser, commented:”Charterhouse and Ashcroft propose a further upgrading programme for the property improving the overall retailing environment and to maximise the use of the retailing accommodation.

The price paid represents an equivalent yield in excess of 10.


Hillier Parker represented the purchaser Healey and Baker acted for Standard Life.

FPPS ‘the Property Fund Managers for Friends Provident) has agreed to invest circa £40 million in a forward funding deal at Triangle Retail Park, Beckton, London E6; the investment represents a yield in the region of 5.

The scheme is being developed by a consortium led by J Sainsbury Developments Ltd.

The deal is geared so that FPPS will pay in the region of £40 million for the completed scheme, depending on rents achieved.

The purchase of the site went unconditional last week, phased payments will follow throughout the development period with a balancing payment due when the final unit has been let.

FPPS was advised by Wright & Partners while Phillips Wilks & Partners and Grimley represented the developers.

This is the second new consultancy to be launched by Hillier Parker.

Last month, Mark Creamer, Head of Valuation, announced the setting up of Hillier Parker Investment.

Apart from general planning consultancy, we anticipate continued growth in our work on retail planning, commercial leisure and in Central London.

Clients are increasingly demanding greater emphasis on creative solutions.

This new group will create more innovation in our advice in all sectors, as well as maximising the benefits to all our clients by offering soundly based, independent professional advice.

This is an area where according to the recent ‘Planning’ survey of RTPI Consultants, Hillier Parker is already the market leader, advising both public and private sector clients on all aspects of retail planning work.

After the proposed prefunding, MEPC’s investment in the project will be in the order of £23 million, representing its investment in Victoria Square House.

Lloyds TSB will vacate Cohnore Row and take a lease of 6,000 sq m (65,000 sq ft) of Victoria Square House while a new HQ building is contructed for their occupation at 125 Cohnore Row.

The new 125 Cohnore Row, which has been designed by architects Sidell Gibson, will provide 13,000 sq m (140,000 sq ft) net of offices.

Lloyds TSB will take an overriding lease of the whole building.

Construction is expected to start in June 1998, with completion forecast for June 2000.

The redevelopment of 125 Cohnore Row will be the last phase in the improvements to Victoria Square and for this reason the project is being encouraged by the planning authority.

MEPC will submit a planning application during December.

“This project will enable us to provide our customers and staff with state-of-the-art premises in a prime location within the centre of Birmingham.

When completed, our property needs will be satisfied by two high-quality buildings, with the redeveloped Cohnore Row property complementing our recently occupied premises at Brindleyplace.

“”This deal allows us to resolve two challenges for Lloyds – to provide them with a new regional HQ and to release capital through the sale of two properties.”

We are delighted to be involved in a transaction which meets Lloyds TSB’s corporate objectives and offers MEPC an opportunity to create shareholder value.

This is a win-win deal.

We will be marketing the surplus space in Victoria Square House not occupied by Lloyds TSB, which we are confident will satisfy the growing demand for prime office accomodation in Birmingham.

” Chesterton have represented Lloyds TSB throughout.

MEPC are being advised by Wragge & Co and Richard Ellis, who are retained as letting agents with Chesterton on the surplus space in Victoria Square House.

Wates City of London Properties plc has achieved planning permission for its landmark development City Point.

City Point, a new building to be created from the existing Britannic Tower will provide 560,000 sq ft of office space over 35 floors, together with 120,000 sq ft of retail, restaurant and ancillary usage.

This amounts to 240,000 sq ft of office space more than the existing Britannic Tower, (320,000 sq ft), and has been achieved by increasing the size of the tower floor plate by 10%, whilst keeping the building at the same height as the existing tower and constructing some 180,000 sq ft of new rise offices in floors of in excess of 40,000 sq ft.

Preliminary work on the scheme has started (and Wates City are in negotiations for a pre-letting agreement).

This new scheme on the 105,000 sq ft freehold site has been developed from the original design by architect Santiago Calatrava, following discussions with the City Corporation, LPAC, the Royal Fine Arts Commission and English Heritage, as well as other interested parties including the Barbican residents and adjoining London boroughs.

The new plans remove the spire and cantilever from the original design, but replace it with a new distinctive crown which will give a unique appearance on the City’s skyline.

The City Point tower will be anchored by these two symmetrically placed low-rise office buildings which define its base.

The new structure will be connected to the existing floor levels, enabling large 40,000 sq ft floors.

Floor plates in the tower will average 12,000 sq ft with commanding views across London.

The building will be finished with a slightly tinted glass skin and anodised aluminium mullions that integrate the tower and the lower new level elements.

The lower level structures complete the new building complex with new street facades – including some retail outlets – along Ropemaker Street and Moor Lane, and are connected to the main tower by an elegant structure creating two seven-storey high-glazed gallerias.

From the interior these gallerias act as extensions of the tower lobby bringing in natural light and act as a main circulation concourse connecting it the low rise entrance lobbies.

The main access to the tower will be through a curved canopy and entrance lobby at the east low-rise building also containing two retail units.

Wates City will replace the exiting windy and forlorn courtyard of Britannic Tower with a new central plaza.

This will be sheltered from the street and act as the principal public space in the new complex, protected by planting.

An extension to the re-landscaped plaza will be created at south end of the tower, within which the entrance to restaurants and retail units will be located.

Naturally we are delighted that City Point has gained planning consent.”

Construction will start shortly to create, what we believe, will be a key landmark for London and its skyline and for the City and its occupier demand”.

A Public Inquiry Inspector comprehensively dismissed two appeals by J Sainsbury Developments Limited and Grand Metropolitan Estates Limited for retail warehousing in Crawley.

The appellants were proposing to attract the types of retailers more traditionally associated with town centres; they were explicitly not seeking more obviously complementary bulky durable goods or food retailers.

Chris Goddard, of Hillier Parker, provided expert witness advice relating to retail issues on behalf of Crawley Borough Council.

In respect of employment land considerations, the Inspector concluded in his Decision Letter that concern over loss of employment land and potential for B 1 office development would not on its own represent sufficient justification to refuse the appeals.

However, he did acknowledge the more serious harm which would result if the loss of employment land spread to adjoining local plan objection sites or other employment land; a situation which could arise as a consequence of the precedent set if retailing were to be allowed on the appeal sites.

In terms of retail considerations, the Inspector rejected the appellant’s evidence that there was any overriding quantitative or qualitative need for additional retail floorspace in Crawley.

The Inspector agreed with the Council that whilst the appellant had put forward a list of prospective retailers interested in occupying retail warehouses in Crawley, demand did not on its own equate to need, and considered the level of demand for space in Crawley was in no way atypical of that which might be expected for a comparable centre.

It was agreed at the inquiry that Haslett Avenue was an edge of centre site as defined by PPG6, and there was no genuine retail impact argument against the proposals.

Even if the development were to include toys and sports goods, there was a broad consensus that whilst the trade draw from existing town centre retailers could be higher than suggested by the appellants, this would be unlikely to significantly adversely affect the vitality and viability of Crawley town centre.

However, the Inspector accepted the concerns of the Borough Council that certain parts of the town were more vulnerable than others, in particular the west side of the town had become increasingly less vibrant following the opening of County Mall Shopping Centre in 1992 at the south-east of the town centre.

I cannot but agree with the Council that the western part of the town centre shows a much greater degree of fragility than the town centre as a whole.

Thus, although the health check information shows a recovery and improvement in the town centre retailing situation overall on the parameters assessed since 1995, there is no doubt in my mind that the problem area remains the centre and western part of the centre.

“Consequently, from the evidence before me, as part of an overall strategy to secure the renewal and improvement of the town centre, 1 have no doubt that the Council’s proposed strategy to seek to redress the east-west imbalance, is well founded and deserving of support.

The Inspector also referred to the innovative design and flexibility required of planning authorities, developers and retailers in PPG6, and that in his view, all or almost all of the retailers canvassed for the appeal site could be accommodated somewhere within the main shopping area.”

Chris Goddard, of Hillier Parker, commented: “This decision highlights the importance of Local Authorities having an up-to-date town centre strategy.

It also demonstrates that even where edge of centre retail warehouse proposals are unlikely to have a significant adverse impact on a town centre, but where they are contrary to a town centre strategy, they are unlikely to be granted planning permission.

September of last year, demand has exceeded all expectations with the total number of sales completed standing at 76 – St Mary’s Island is now “home” to many new families for the first time in its history.

To meet the increasing level of interest being generated in this unique island – with its Riverside Walk, views of Upnor Castle and 20 hectares (50 acres) of parkland – the building programme has been brought forward.

This is the first sale of land on St Mary’s Island to be developed by a third party, alongside the development being carried out by Countryside Maritime Ltd.

The 4 hectare (10 acre) plot includes prime waterfront frontage, along one of two basins planned to provide for a 600 berth marina.

“This is an excellent opportunity for us and we are delighted to be part of this most attractive and innovative riverside scheme so that we can go some way to meeting the established demand for new homes here.

We are certain that the quality of our scheme will contribute by further enhancing the Island, said Graham Feltham, Land Director for Redrow Homes (South East).”

Elsewhere at Chatham Maritime, English Partnerships is similarly well ahead of programme developing a wide range of new office, retail and leisure projects – over 2000 people now work for a dozen blue chip companies located there and new development is forecast to create another 3000 new jobs.

“Chatham Maritime is an ideally situated, mixed development of residential, commercial, leisure and educational uses, which exploits the waterside setting provided by the River Medway to its best advantage.

With work well underway on the new relief road, which comes into the heart of the site through the Medway Tunnel, Chathain Maritime will continue to grow as a premier location for both commercial companies and the public in the south-east.

This purchase provides a rare opportunity for the Life Fund to acquire a prime portfolio with a good sector and regional spread.”

The properties comprise good long term defensive stock with excellent rental growth prospects” This sale fits in well with the Investment Strategy of Abbey National’s Pension Fund and we are very pleased at the outcome of the sale to Guardian Assurance.

Guardian were advised by Grimley, Morgan Williams and Slaughter and May Solicitors.

Abbey National were advised by Abbey National Group Property, Hillier Parker Fund Management and Dibb Lupton Alsop solicitors in Manchester.

Despa’s commitment to the deal, which is believed to be Spain’s largest ever property transaction, is approximately US$250 million.

Despa have entered into a Forward Purchase Agreement under which they will acquire a new recal ‘I shopping centre in Barcelona, to be known as the Diagotial Mar Shopping Centre (the “Centre”), now being constructed by the US property conglomerate, Hines.

The Centre will comprise almost one million square feet, including a hypermarket to be let to Alcampo (the French retail company) and a multi-screen cinema to be let to AMC.

When completed it will be the largest retail mall in Spain, built over what, believed to be the largest underground car park in Europe.

Interim finance is being provided by a consortium of German and Spanish banks, led by Westdeutsche ImmobilienBank, advised by Clifford Chance’s Barcelona office.

Simmons & Simmons involvement in this deal illustrates, that, although real estate is of course governed by the local domestic jurisdiction, the concepts governing financing of and investment in commercial property are increasingly international.

Craft, technician and professional courses may all be under threat and once they have been lost, it will be very difficult to persuade teaching institutions to reinstate them.

“During my travels around the country and internationally, I am often told we have a skills shortage not only at craft level, but for those entering the industry with aspirations to manage.

The continued provision of construction education at all levels is essential to meet the needs of an industry growing in complexity at every turn.

Mr Deas said that he was concerned that the construction industry is not sufficiently supporting education courses, and that without this support courses will close.”

The industry must encourage its existing staff to develop and enrol new trainees on appropriate college or university courses.

This is needed now, as a matter of urgency, if we are to ensure craft and management skills for the future.

“As teaching institutions become more business-like they need to meet target numbers for courses to run and it they don’t, the courses will be cut and staff resources lost to other areas of employment.

“”The CIOB supports the efforts of the colleges and universities in recruitment, but cannot do it alone.”

The industry’s support is needed now.

“Seddon has pre-let a new £3m restaurant/pub development at Wilmslow Road, Didsbury, Manchester.

The development which will become the gateway to Didsbury town centre will make it one of the largest, if not the largest, sole restaurant styled scheme in an existing high street.

Whitbread plc has taken two units for their Café Rouge and Hogshead public house operations and City Centre Restaurants plc another two for Caffé Uno and Nachos.

Marston Thompson & Evershed plc have combined with Life Restaurants Ltd to acquire a unit for their new Via Vita Mediterranean concept.

All these will provide a vibrant interesting mix in terms of style, good food and entertainment at one destination.

The Clock Tower site, as it is euphemistically known, has been owned by Seddon for a number of years but development has been hampered by proposals for the Metrolink to run underneath the site.

However, civil engineering infrastructure to provide a tunnel, which extends below the access road and car park is now underway and will safeguard a potential future Metrolink route.

The inevitable delay in developing the site has resulted in a totally different complex to that envisaged 7 years ago.

The present scheme is a reflection of how the leisure market has taken off over the last two years and the change in operators attitudes and perceptions as well as the advantages of being grouped together.

We are delighted with the scheme and believe it will prove to be a highly successful addition to Didsbury town centre.

Cardales and Tushingham Moore who represented Seddon in the lettings and are retained for the funding report, that demand far exceeded the number of units and is a real indicator of the booming leisure market and they do not believe that a development of this nature would have been possible even as little as two years ago.”

Manchester professionals were all involved in the development with DTR Sheard Walshall the architects, Vaudrey’s the solicitors acting for Seddon, Coope Otley Associates the quantity surveyors and civil engineers Modus Consulting Engineers.

The property being purchased comprises a mixed use investment situated in an established retail and office location in Farnham, directly opposite the Lion and Lamb Yard shopping centre.

The property comprises two retail units fronting West Street, together with a courtyard style office scheme, totalling 18,156 sq.

ft, together with 64 dedicated car parking spaces.

The property is multi-let on 9 leases producing a total income of £198,765 per annum exclusive.

Tenants include 2LK Design, Plascoat International, Sea Lion Shipping, and Tandy.

Commenting on the transaction, Tony Grant, Chairman and Joint Chief Executive of Olives, commented “This acquisition provides Olives with the opportunity of building relationships with existing tenants and upgrading the property over the medium term.

An acute shortage of suitable accommodation is building up along the M3 corridor, and pre-lets are becoming more common-place with rents in excess of £22 per sq.

ft having recently been achieved.

We believe these factors should have a positive medium term benefit.

“By part funding the acquisition with the issue of new shares at 35p per share we are continuing our strategy of focusing on well located income producing investments where the vendors will accept a proportion of the purchase price in the form of Olives’ shares.

This enables us to continue the process of enlarging our equity base and to improve annual profits without over-gearing.

“”This important transaction with GE Capital is a further good example, as was the recent acquisition of PSIT, of working our UK portfolio in line with the strategy set out in the announcement on 23 September of our intention to sell our businesses in the US and Australia and focus entirely on the UK.

This sale realises good value for an element of MEPC’s portfolio which has been significantly improved over the past two years since the reorganisation of our UK property management teams.

“”We’re delighted to have completed this transaction with MEPC.

For GE Capital this marks a major step forward in our presence in the UK property market, after over ten years of operating here.

We’ve consistently demonstrated our capabilities to handle commercial properties of this type and we’re looking forward to meeting the challenges this large portfolio represents.

Headed by Mark Creamer, who is also responsible for the firm’s Valuation work, Investment Consulting consists of 17 experts, including three surveyors specifically recruited to join the team.”

The Department will also draw upon the skills of Hillier Parker Finance, recently established under Brad Bauman, as the two disciplines are becoming increasingly complementary.

Among the strengths of Hillier Parker Investment Consulting is its ability to draw on the extensive knowledge and expertise of Hillier Parker’s highly acclaimed Investment Agency Team as well as the other professional resources of the firm.

“Our aim is to develop a market-led investment consulting team who are acknowledged within our sector for the quality, integrity and extensive range of advice.

Clients are requiring independent advice as the market becomes more active and transparent.

We intend to set the standard for providing this advice.”

“Banking Clients are becoming more rigorous in their approach to property lending and are increasingly requiring a consultancy service in addition to a valuation.

Boots Properties has sold its Markham Retail Park, Stamford for £6,680,000 to Northern Foods Trustees Ltd.”

, taking total retail park disposals since April this year to almost £120 million more than 10% of its total portfolio.

BPP Investment controller, Richard Bartholomew says, ‘The demand for this type of product is staggering.

We were fortunate enough to be one of the first companies to invest in retail parks and we are now reaping the benefits; our ability to counter prevailing market trends is proving a surefire winner for the shareholders.

“Stamford is a excellent example of this.

Boots funded the development to the tune of £4,410,000 in 1994, so it has turned in a profit of over 50% in three years.

The initial yield on the sale is 6.

52% based on an annual rent of £452,000 from the five units.

Each deal pushes back the boundaries on yield a little further,’ say Richard Bartholomew.”

‘There was masses of interest in the investment; we had eight formal bids over £6 million and many other expressions of interest around that figure.

‘Matthews and Goodman acted for Boots Properties, while Mason Coles represented Northern Foods trustees Ltd.

Lincolnshire is proving a popular hunting ground for Boots Properties at present.

Its retail park at Spaiding is currently in solicitors’ hands and is expected to raise approximately £5 million, while the company has just announced an agreement with Boston District Council to develop a four unit edge of town scheme for around £5 million.

Richard Porter of Ryden commented that “current levels of interest in the Commercial Quay development are very good with a number of parties including major institutions who are currently looking for space having shortlisted the development.

We consider levels of interest are set to increase being fuelled partly by speculation surrounding the location of the new Parliament in addition to the continued demand for modern open plan space with good levels of car parking particularly in locations which allow access to both Edinburgh and the surrounding areas.

James Clifton-Brown, Senior Fund Management Partner of Hillier Parker, said: “The aim of the restructuring is to increase the Trust’s income yield, increase prospects for rental growth and provide innovative opportunities for active management.

Now that the sales programme has been completed, Falcon are looking to expand their portfolio particularly concentrating on good quality rack rented industrial estates throughout the country.

Hillier Parker, who have advised Falcon since 1993, have implemented the strategy, formed by the Board of Falcon Property Trust and carried out the sales and purchase programme.

Falcon have funded the development of the 8 unit 5,318 m² (57,240 sq ft.

) industrial scheme.

The value of the completed scheme, which is about to commence construction, will be around £4.


Letting demand is expected to be strong for this top quality development.

Taylor Wells acted for the developers Bannertown Developments (South East) Ltd and Walter Llewellyn & Sons Ltd.

The letting agents for the scheme are Henry Butcher & Co.

and Stephens Maguire & Co.

Stadium Way Industrial, Luton LU4 OJS.

Falcon have acquired the industrial estate for £4.

76m, showing a net initial yield of 10.

5%, from London and Cambridge Properties.

The 10,777 m² (116,000 sq ft.

) freehold multi-let estates comprises 14 units, of which one is vacant.

Lewis Ellis acted for the vendor.

Fence Avenue Industrial Estate, Macelesfield SK10 1LT was acquired for £1,687,500, yielding 10.

5%, from IGP Investments Ltd.

The 3,668 m² (39,480 sq ft.

) virtual freehold estate comprises 13 units.

Major tenants include Rosslab Plc and G Clifford Morris Ltd.

Heywood & Partners acted for the vendor.

Weston Interchange, Weston Road, Crewe CW1 6DD has been acquired for £1,150,000, showing a net initial yield of 11 %, from Burford.

The freehold terrace of five industrial units which was built in 1991, totalling 3,061 m² (32,950 sq ft), generates £132,200 per annum.

Franc Warwick acted for the vendor.

Paul Redstone, Partner, Out of Town Retail of Hillier Parker, commented: “The units, situated in a established retail location within one mile of Junction 13 of the M27, represent an excellent investment opportunity for Great Portland Estates.

The retail warehouse market remains buoyant and the continued contraction of the retail warehouse pipeline means that the shortage for this type of property will persist.

Great Portland Estates have purchased two retail warehouse units on Woodside Avenue, Eastleigh from Abbey Life for £6,120,000.

Hillier Parker acted for Great Portland Estates and Rapleys acted for the vendor.

The two units comprise a total of 4,833 sq m (52,026 sq ft) and produce a current annual income of £405,282.

Both leases have a further 15 years unexpired.

There is currently an outstanding rent review on one unit with a further rent review on the other unit in March 1998.

The decline in single occupancy offices, with more senior executives accepting an open plan working environment, is just one example, he suggests.

Analysis also points to a greater willingness among corporates to take space in multi-tenanted buildings.

Industries such as electronics and telecommunications, sectors which have undergone substantial restructuring and alteration of working practices, have particularly, and significantly, contributed to the overall down-sizing of office property occupation.

The survey further suggests that the next two years will see the West End as the target destination for many companies with areas in the south-east outside London maintaining a negative demand balance.

These findings are set against the backdrop of a continuing buoyancy in the British economy, although the steady rise in interest rates may be moderating both business confidence and the willingness of occupiers to increase their office accommodation commitments.

General business optimism is highest in the professional and service sectors, although one in ten insurance companies and 5% of manufacturers are predicting a downturn in their business fortunes over the next year.

In general, the signs here are positive for the office-based business community in the south-east and the office employment and office occupation trends are heading in the right direction.

These findings are an accurate reflection of the situation in the region and are confirmed by last Wednesday’s national unemployment figures showing at under 1.

Ensuing demand for prime land will also impact upon the freehold owner occupier market by tightening affordable supply and potentially pushing up prices still further.

Owner occupiers seeking new accommodation may well, therefore, be forced to look at otherwise unfundable, affordable but unfashionable or well land supplied locations.

“Grimley also say there is a case, in the south east, for promoting mid and high tech development with up to 50% office contents, given the success of such schemes by Slough Estates at their Winnersh Triangle scheme at Reading.

A further discussion point has been to offer a range of rents to prospective tenants depending on their lease break preferences.

For example, a building appraised at £5 per sq ft on the basis of a 15 to 20 year lease may attract up to £6 per sq ft for a shorter break option.

The greater potential cashfiow with appropriate break notice provisions, may be more attractive to some property companies and funds than the extra risk of vacancies and hence poorer yield.

A large part of Great Burgh, SmithKline Beecham’s office, research and development complex set in 26.

8 acres near Epsom in Surrey has been bought by Toyota (GB) Ltd to be used for their new corporate HQ.

Toyota will relocate from Redhill, marking the end of their 3 year search for a suitable site within the borough as a commitment to their staff.

Toyota have purchased 14 acres of land to develop 12,774 sq m (137,503 sq ft) of offices on the site.

The presence of a multi-national, such as Toyota, represents a large economic boost to the area and indicates the desire of such companies to relocate out of the centre of major cities.

Hillgrove Properties Ltd, together with Portland Properties Ltd, are buying the remainder of Great Burgh, including Great Burgh House, a Grade II listed building.

They intend to retain and refurbish Great Burgh House and build a new two storey office extension providing a total 4,176 sq m (44,952 sq ft) of office accommodation.

The remaining part of their land is to be developed for 14 detached houses with its own separate entrance.

Hillgrove and Portland are looking to let their office buildings speculatively and Stiles Harold Williams and Healey & Baker have been retained by Portland Properties Ltd to seek suitable occupiers for the remainder of the site.

Three quarter year results are only £167 million off the combined total for both the City and West End in 1996 at £3.

548 billion which was the highest recorded since 1989.

The high proportion of turnover falling within the overseas private individual category is explained by the purchase of Embankment Place by the Sultan of Brunei for £212.

5 million.

This is the single largest purchase of the year in the West End to date.

Overseas purchasers both private and institutional have consistently dominated acquisitions since our accurate records began in 1995 and their continued activity is by no means unusual.

The commitment of £238 million by UK Institutional investors is however nearly triple the quarterly average since 1995 of £81 million.

This is also only the third quarter since 1995 and the first in the last year that UK Institutions and Pension Funds have been net buyers.

In the third quarter of 1997 this category of investor sold only £79 million compared with over £500 million in the first half of the year.

Conversely property companies in the third quarter of 1997 are net sellers for only the second time since 1995 having acquired approximately £108 million and sold £439 million of West End property.

Investment turnover has been fairly stable in the City with third quarter of 1997 figures at £443.

71 million.

This represents a decrease of 8% on the previous quarter and an increase of 5% over the first quarter.

Market activity has been dominated by UK Property Companies whose deals represent 76% of turnover; with the number of private individual purchases making up 17% of turnover for the quarter.

UK Property, Companies dominance stems from the fact that they are able to move more quickly to take advantage of opportunities than institutions.

Heron paid £20 million for 40-66 Queen Victoria Street, EC4 with the intention of redeveloping the building for office use while Chemical Industries and Thorstone Estates paid £42 million for a collection of listed vacant offices in Old Broad Street from NatWest with the intention of converting the properties to hotel use.

At 212 Marlowes, Phones 4U has taken 101 sq m (1,095 sq ft) of retail space on a 15 year lease at a rental of £26,000 per annum, subject to five yearly rent reviews.

At the adjacent 214 Marlowes, Select has taken a similar sized unit on a new 10 year lease at a rental of £27,500 per annum, subject to five yearly rent reviews.

Partners has taken 236-8 Marlowes, comprising 241 sq m (2,597 sq ft) on a new 15 year lease at a rental of £50,000 per annum, subject to five yearly rent reviews.

With these lettings there are now only two units adjacent to Next now available for Christmas trading.

Blair Kirkman has just completed four lettings in the recently refurbished Edmonds Parade in Hemel Hempstead town centre in Hertfordshire.

The problem emanates from the numerous services installations that regulate the operation of the building and environment.

These rely on controls which have microprocessors or ‘time clocks’ located throughout the building.

When the millennium changes, the ‘clock’ may not recognise the new date and so cease to operate as designed and in some instances not function at all.

As an example, in a medium size office building of some 4,645m² (50,000 sq ft) the loss on one day could cost £2 per sq ft or some £100,000.

A single day of lost production across the UK could cost as much as £1.

4 billion.

The source of the problem has been widely reported in respect of IT and computer systems generally.

It relates to the use of just two digits in computer software and equipment to represent the year.

While the country is celebrating the millennium some timer mechanisms for the year will roll over to 00, assume a prefix of 19 with the result being a century behind at 1900.

‘This will not just result in a date error but could cause programmes and equipment to operate incorrectly or fail.

If left un-addressed, there will be insufficient time to assess the impact and to arrange any remedial work, added to that there is likely to be a skills shortage to deal with the problem as the millennium approaches.

‘Tenants in multi-occupied buildings need assurance that the landlord will provide fully operating services following the date change.

The responsibility for any remedial work needs to be assessed as a priority, firstly to establish whether it is a matter for landlord or tenant, and secondly whether any maintenance or operating agreement or warranty covers it.

Buildings that do not have millennium certification could find themselves at a disadvantage in terms of market value and saleability.”

The solution, according to Savills, is to act now to assess responsibilities and to investigate the risk.

The potential cost of business disruption suggests appointment of consultants is required to ensure all matters are addressed.

At Savills a team is ready to audit buildings to assess the extent of any risk and to advise on solutions.

Following assessment of responsibility and risk, solutions need to be implemented.

Finally, all systems need to be thoroughly tested by turning ‘clocks’ forward to provide final assurance – the wise owner or occupier will seek consultancy advice now to ensure that they are fully Millennium compliant.

Savills has already initiated a planned series of investigation, checks and tests, first to identify where problems may arise and then to eliminate them.

Buildings within the firm’s management control are already being checked to ensure they have Millennium Compliance.

Gift retailer Kiwi Connection has taken a 31.

5 sq m (339 sq ft) unit at 29A Princess Way in Camberley’s Main Square Shopping Centre.

A 10-year lease has been agreed at a rent of £19,000 per annum.

Kiwi Connection is one of the latest retailers to take space in the scheme, says David Waterworth, fund manager for Argyll Property Asset Mangers which asset manages the 32,515 sq m (350,000 sq ft) scheme on behalf of landlords Scottish Amicable.

Their arrival follows that of a string of top retailers including Allsports, Monsoon, and Virgin and new shopfits by Sports Division, Contessa, Adams, Superdrug and Dixons, among others, he adds.

“We have also seen Hamells extending its unit, while Boots has acquired a further 1,020 sq m (10,985 sq ft) to nearly double the size of its store to 2,322 sq m (25,000 sq ft).

“”Initially the challenge was simply to explain what Facilities Management could offer both to organisations and individual managers, said Lionel, “”Now the challenge is to build on the momentum, and the professional standards which have already been achieved through the Institute’s programme of Education and Training, Professional Qualification, Publications and a very successful schedule of regional and national Meetings and Conferences””.”

Lionel Prodgers joined the precursor organisation to BIFM, the Association of Facilities Managers, in August 1992.

He has participated in the Institute as a Council Member for the past 3 years, and as Deputy Chairman for the past 2 years.

Lionel takes up his appointment on September lst 1997 to run for two years.

The sale price represents a premium to its valuation as at 31 March 1997 and an equivalent yield of approximately 7.

PillarCaisse, the joint venture between Pillar Property PLC and SITQ formed to invest in UK shopping centres, today announces that it has completed the sale of the freehold interest of its Weston Favell Shopping Centre to Tesco Stores Limited (Tesco) for £34.

25 million.

It also announces that it has exchanged contracts with Waxy Hartlepool Limited (Waxy) to acquire the head leasehold interest of The Middletown Grange Shopping Centre in Hartlepool for £54.

The 245,000 sq ft Centre, situated on a 14.

5 acre site (5.

97 hectares), was the second shopping centre to be acquired by Pillar, in September 1994.

Tesco anchors the Centre with a 160,000 sq ft superstore.

The transaction follows a direct approach which Pillar received from Tesco which intends to convert the store into its new Tesco “Extra” format, and to provide a petrol filling station.

“The sale of Weston Favell is a clear demonstration of PillarCaisse’s ability to fulfil its strategy of acquiring and developing its assets to ensure their full commercial value is realised.

PillarCaisse was advised on this disposal by Lunson Mitchenhall and Healey & Baker represented Tesco.”

This transaction is due to be completed later this month.

The total rental income is approximately £5.

15 million per annum which, after deduction of the ground rent payable to Hartlepool Borough Council as freeholder, provides an initial yield of 7.

85% and an equivalent yield of 8.

The Centre which comprises 550,000 sq ft (51,095 sq metres) of retail floorspace on an 18 acre site (7.

28 hectares) totally dominates the retailing in Hartlepool and as such is likely to provide higher than average growth in both rental and capital values.

Tenants of the shop units include Boots, Mothercare, Dixons, Burtons and the Post Office.

The sale also includes the freehold interest of the adjoining former Binns Department Store which has been integrated into the Centre and is now let to Wilkinsons.

“Waxy has invested heavily in The Middleton Grange Centre over the last few years and the figure has topped the £15 million mark with the latest Phase Two improvements.

These developments transformed the scheme into one of the biggest, busiest and most successful shopping centres in the North East.

Waxy will focus the funds from this sale into other Shopping Centre investment.”

This Centre, which is PillarCaisse’s largest acquisition to date, meets our investment criteria of assembling a well balanced portfolio of shopping centres throughout the United Kingdom.

Whilst Waxy has successfully turned Middleton Grange around through refurbishment and extension, there is potential for further improving the tenant mix and the overall retail offer.

Additionally, there is an opportunity to further extend this Centre at a future date which will increase the critical mass and improve its overall attractiveness.

Borough Parade Shopping Centre continues it’s recent string of letting announcements with the latest being “Miss Attitude” the rapidly growing fashion accessories chain.

This letting, follows last month’s addition of – ‘Falcon Records’ and ‘Select’, the women’s fashion retailer to this successful shopping centre developed by Crest Nicholson Properties and owned by Prudential.

The centre is now 90% let or under offer.

Manchester based Miss Attitude, founded only two years ago, but already with 38 stores throughout the UK, specialises in accessories targeted at the younger girls fashion market, with merchandise ranging from jewellery, handbags, designer perfumes to make-up and own brand ‘4U2NV’ jeans and T-shirts.

The company has ambitions to more than double it’s number of outlets by the end of the year.

Mansfield Elstob Main, King Sturge & Co and Donaldsons acted on behalf of Crest Nicholson Properties and Prudential.

Demand for investment opportunities and space in Manchester has been encouraged by the extensive re-modelling which has been carried out following last year’s bomb and by a city which is becoming a more vibrant retail location than ever.

According to real estate advisers, Jones Lang Wootton, who acted for the purchaser, an influx of high-quality, Bond Street-” retailers is set to stimulate the need for competitively-priced space still further.

The office space on floors two to five, totalling 2,747 sq m (29,572 sq ft), is subject to a rental guarantee and is currently vacant and available to let.

Given the current buoyancy of the Manchester property market JLW and joint agents Savills are confident of an early let and say that the unique large floorplates within the heart of the commercial core would probably suit a strong service – sector company.

“Increased commercial activity is stimulating the need for both office and retail space in the city centre.

This was a rare opportunity to buy a landmark property at a competitive price, within Manchester’s best known retail square.

In addition to handling the sale of the property, Jones Lang Wootton has been instructed to manage the building with effect from the date of completion.”

Savills announces that it is currently in discussions with First Pacific Davies with regard to a future business co-operation between the two companies which would involve, inter-alia, First Pacific Davies subscribing in cash for new Savills ordinary shares representing 20 per cent.

of the enlarged share capital at a premium to yesterday’s closing market price of 116.


First Pacific Davies’ ultimate holding company is First Pacific Company, a quoted Hong Kong company with a market capitalisation of approximately £1.

5 billion.

Acting on behalf of Legal & General, Barker Storey Matthews and the IO Group Ltd have let three warehouse/industrial units totalling 3289 sq m (35,400 sq ft) on the Wainman Road Industrial Estate in Peterborough.

Business Post have taken unit 20 comprising 1096 sq m (1 1,800 sq ft) at a rent of £26,550 per annum on a new 3 year lease, Phoenix Hydraulics have taken unit 21, a similar size unit on similar terms and Lordmart International Ltd have taken unit 23 again comprising 1096 sq m (1 1,800 sq ft).

The last remaining unit of a similar size, no.

22, is under offer for sale and should complete shortly.

The success follows on from an earlier letting in February this year when A-Line Systems Ltd took 3,456 sq m (37,200 sq ft) on a new 5 year lease.

Jonathan Hand of Barker Storey Matthews comments “the refurbishment of the estate undertaken at the end of last year had paid dividends.

Around 8130 (87,500 sq ft) will have been disposed of by the end of the summer, leaving only 2192 sq m (23,600 sq ft) vacant, representing 10% of the total floorspace, compared with over 50% this time last year.

“Argyll Property Asset Managers Limited and Fisher Hargreaves Proctor acted on behalf of Nottinghamshire County Council Pension Fund in the purchase of this prime office investment in Nottingham from Confederation Life.

The property is let in its entirety to Boots The Chemist Limited on a lease with 16 years unexpired at a rent of £557,400 per annum and was acquired at a price of £6,732,000 reflecting an initial yield of 7.

98 % after purchase costs of 3.

75 %.

The premises comprise retail accommodation at ground floor totalling 9,200 square feet together with 36,900 square feet of upper floor offices, with 33 on-site car parking spaces.

Levels of take-up and investment activity in the Capital in 1997 look set to exceed those achieved last year.

At the same time, the supply of readily available accommodation has continued to fall across Central London, with the most notable decreases occurring in the West End and Midtown.

However, despite these positive indicators, the level of new floorspace being built fell during the second quarter.

Stephen Newbold comments :Whilst development activity remains modest when compared to the late 1980s boom, a steady upturn in construction activity is expected over the forthcoming months as rentalgrowth continues.”

Prime headline rents in the West End Core look set to break through the £500 per sq m barrier, whilst adjacent areas such as Strand, Soho and Victoria have seen a notable upturn in rents achieved during the first half of the year.

Similarly, quoting rents for newly completed City developments are increasing.

Despite potential concerns, such as rising interest rates, the strength of Sterling and an increase in Stamp Duty, the investment market is highly competitive with the overall level of funds invested showing a notable increase in the second quarter.

Central London take-up totalled 343,545 sq m in the second quarter – a further increase of 12.

4%, following the 14% uplift seen in the first quarter.

As such, take-up for the first half of 1997 stands at 649,317 sq m – equivalent to 60% of the total achieved in 1996 as a whole The greatest second quarter increase took place in Midtown where take-up levels more than doubled, driven by the quarter’s largest transaction – the 17,187 sq m pre-let of Globe House, Temple Place WC2 to BAT Industries.

Office availability in Central London fell by a further 8.

7% in the second quarter to 1.

55 million sq m, equivalent to a vacancy rate of 7.

In Midtown, where supply fell by 15.

3%, the vacancy rate has fallen to as low as 6.

Comparable rates for West End, City and Docklands, all of which saw a downturn in availability during the quarter, are 7.


8% and 19.

5% respectively.

Floorspace under construction, in the form of both speculative and pre-committed schemes, totals 544,800 sq m – a fall of 9.

8% of the preceding quarter and equivalent to only 2.

6% of Central London stock.

Investment for the first half of this year totals £2.

05 billion, equivalent to 81.

1% of the total for 1996 as a whole.

Investment levels this year look set to exceed the record level of £3.

63 billion achieved in 1989.

These figures compare favourably with 1996 when of the 450,000 sq ft of office accommodation taken up in Manchester city centre only 18% was on leases of 10 years or more and only 8% could be attributed to 15 year leases.

Patrick Joynson who heads the office agency department in Manchester said “This increase can be put down to several factors, the first being that although the level of take up for 1997 looks encouraging the number of transactions have proportionally dropped with over a 110 transactions during 1996 only 35 transactions having taken place to date.

The larger the requirement the more likely is the company prepared to commit to longer term leases primarily due to the high relocation cost that are incurred in such moves.

It also points to an overall increase in the level of confidence many of Manchester’s companies have in the future.

Added to this are of course the benefits and incentive packages available for companies with large requirements being offered incentives of between 3 to 4 years rent free for institutional leases.

Savills advised Liberty, Properties Plc while James Chapman was advised by Knight Frank and Chesterton.

The refurbished grade two listed building was forward funded by Abbey Life Property Fund.

There is still a shortage of large requirements circulating the market and over the last 5 years there have virtually no new companies moving into Manchester with most of the transactions being made up of existing professionals and financial practices transferring from Grade B and Grade C type accommodation into Grade A.

The Manchester office market will only start to grow substantially when it is recognised as a major European centre by foreign companies looking to set up in Europe or the UK.

Whether the much publicised second runway at Manchester Airport provides the catalyst in attracting such companies remains to be seen.

Swan Hill, in association with Conduit Investments, have let their prime retail development at 28/29 Conduit Street, Wl to Moschino on a 25 year lease at a rent of £330,000 per annum.

The property is currently being extensively refurbished and will comprise 789 sq m (8500 sq ft) of high quality retail space on basement, ground and four upper floors.

Their new London flagship store, adjacent to Russell and Bromley in New Bond Street, will open in the Spring, and form the UK headquarters.

The rent has now set a new level for Conduit Street reflecting a Zone A rent of £150.

00 per sq ft, but still represents good value compared with rents in Bond Street.

Swan Hill intends to offer their freehold investment in the property for sale in 1998,through Gooch & Wagstaff.

Healey & Baker and lan Scott & Co were the letting agents, while Moschino was represented by David Blair & Co.

Property owners have been warned to check their buildings insurance as the construction industry continues its recovery from recession.

Fluctuations in buildings costs and the prices of materials and changes in building regulations could mean some buildings are now under-insured, while other owners are paying premiums which are much too high because they have unwittingly become over-insured.

The warning comes from Adrian Aston, Partner of construction consultants Wakemans, who is urging property owners to find out before it’s too late if their insurance cover is adequate.

It’s no use checking the policies after a disaster, he said.

“They won’t get any sympathy from the insurance company if the property is found to be underinsured after it’s been destroyed by fire.

All they will get is a big shortfall in rebuilding or reinstatement costs, and that could mean an even bigger disaster if it leads to the firm going out of business because it can’t afford to get up and running again.”


Aston said it was important to ensure that valuations were undertaken in accordance with RICS best practice procedures, particularly relating them to reinstatement costs and insurance claims.

Many buildings were now under-insured because of problems suffered by the construction industry in recent years.

coupled with changes in building technology, new legislation and the introduction of new materials, that meant rebuilding and reinstatement costs often bear little relation to the original cost of the building.

The original cost or market price is not a satisfactory benchmark for insurance valuation purposes, so owners must avoid the temptation to assume that all they need do is add a percentage for inflation each year in order to maintain adequate cover.”

“It doesn’t work that way – there are too many other influencing factors which make building costs vary enormously, up as well as down, compared to the original, and simply adding an index-linked percentage each year will eventually lead to grossly inaccurate valuations being in place.

The only way owners could be confident their insurance cover was adequate, or that they were not paying too much insurance, was through a regular valuation carried out by experts, and which took into account current and projected building costs during the time it takes to design and rebuild, he added.”

Many owners who had recently had a full insurance reinstatement valuation carried out had been shocked to learn that falls in prices during the recession had lead to them being over-insured and paying too much for their premiums.

Others were equally disturbed to discover they were so much under-insured that, in the event of a disaster, they would have faced severe difficulties and even the prospect of going out of business because there would have been insufficient insurance money to pay the full cost of rebuilding or reinstatement.

We would recommend that a sensible approach would be commissioning a full valuation at least every three years, with interim updates in the intervening years, is the only way to ensure complete peace of mind.

An extensive feasibility study looking at all aspects of the proposed scheme for the eight-acre site between Princesshay and Bedford Street has recently been completed.

A detailed planning application will be submitted by Land Securities for consideration by Exeter City Council towards the end of the year.

Director of Land Securities Bob De Barr said, “We have major holdings in the City, some of which will be included within the redevelopment proposals.

This, coupled with our experience and track record within historic cities means we are ideally positioned to progress this prestigious project .

Exeter City Council Leader, Clir Chester Long, said he was pleased the findings of the feasibility study were positive and looked forward to a planning application being submitted.

This redevelopment has the potential to reinforce Exeter’s position as a major shopping centre and as the regional capital.

I am pleased that the proposals contain facilities for smaller specialist shops as these have always been a major attraction in the city centre, adding extra appeal for shoppers, he said.

BDG McColl are the appointed architects and the joint letting agents are Mansfield Eistob Main and Alder King.

Exeter City Council’s advisors are Hillier Parker.

Staffordshire Pottery initially agreed a short term letting when Universities Superannuation Scheme originally purchased the scheme, but following the extensive refurbishment of the Centre and a resulting increased level of trade has relocated to the larger Unit SU9 comprising 87.

5 sq m (942 sq ft).

The unit has been let on a ten year lease at a rental of £29,000 per annum, subject to a rent review at the fifth year.

Other retailers in the Scheme include Debenhams, C&A, Haagen Dazs, Cafe Whittard and the Disney Store.

The building has been designed specifically to provide optimum flexibility in terms of accommodating future changes in internal layout, including the construction of a full mezzanine floor and the provision of additional glazing within the production area.

The prelet to Lonza follows Slough Estates’ recent announcement on the letting of 4,371 sq m (47,050 sq ft) of offices, at its new 10,520 sq m (1 13,250 sq ft) 268/270 Bath Road development, to PictureTel Corporation.

We are delighted to see Lonza expanding in Slough and to have been able to lease another major speculative building in advance of completion.

Some fitting out work, including the construction of a full mezzanine floor and the provision of additional glazing within the production area, is being undertaken for Lonza by Slough Estates.

PSIT Odinary Shareholders will retain the 1.

5p (net) dividend declared today and payable on 1st october, 1997 to PSIT Ordinary Shareholders on the register at 1st August, 1997.

The MEPC group already owns or has agreed to purchase 23,721,680 Ordinary Shares in PSIT representing approximately 19.

2 per cent of PSIT’s issued ordinary share capital.

Albert Perry, Chairman, and Louis Tucker, deputy Chairman of PSIT, and the trustee for Mr Perry’s family trusts have today agreed to sell or procure the sale of 23,721,666 Ordinary Shares to MEPC for 200p per share representing an aggregate consideration of £47,443,332.

The Ordinary Offer represents a 14.

9 per cent premium over the middle market quotation of 174p, the closing price of an ordinary Share on 4th September, 1997.

The acquisition of PSIT brings to MEPC a high quality portfolio and increases the group’s strategic focus on the UK.

The directors of MEPC believe the acquisition offers both enhanced opportunities for growth and the potential for selective developments.

The acquisition of PSIT will strengthen MEPC’s industrial and business park holdings.

PSIT plc has acquired Botleigh Grange Office Campus from SPP Investment Management for £1 1.

The property, located at Hedge End just outside Southampton, is set in a mature park environment amidst a network of lakes and streams just one mile from Junction 7 of the M27.

The estate has planning consent for 250,000 sq ft of offices, of which 54,000 sq ft has been developed in two buildings and fully let to tenants including Equitable Life, Sun Life of Canada, Clerical Medical, Alex Lawrie Factors and Equity & Law.

The annual rent roll is £755,000 and there remains a further 20 acres of land available for future development.

The deal marks PSIT’s second major purchase in Hampshire in the space of a week, following the acquisition of the 27.

75 acre Kites Croft at Fareham where a new 360,000 sq ft business park is planned.

Elsewhere in the county, PSIT is presently undertaking speculative office developments at its Waterfront Business Park at Fleet and Chineham Business Park at Basingstoke.

SPP Investment Management was represented by J Trevor & Webster and Vail Williams while Rohleder Lumby acted for PSIT.

Leading sports retailer, JJB Sports, is to open a superstore of approximately 1,022 sq m in St Martins Property Group’s Monument Mall shopping centre in the heart of Newcastle City Centres premier retail area.

The new store will be created from the amalgamation of 13 shop units on the first floor of the centre and will involve the partial bridging over of the central floor void in order to form a basketball court.

JJB Sports have taken a 15 year lease and aim to begin trading at the end of October 1997.

Monument Mall is now fully let and JJB will join retailers such as TK Maxx, Virgin, Evans, Boots, Body Shop and Benetton in a scheme which is now established as a major retail destination in the city.

A new research document, “The Economy and the Property Market”, published this week states that rental growth has risen above inflation for the first time in seven years.

The report by Grimley, International Property Advisers, shows economic output in quarter 2 is 3.

4% higher than a year ago, well above its long term trend of 2.

1 % pa, yet well below 1994 or late 1980’s levels.

Stuart Morley, National Head of Research at Grimley said, “Strong economic growth this year is likely to be followed by a slowdown in 1998 and 1999, due to higher interest rates and the deflationary July budget.

A severe downturn or recession, as some have suggested is not, in our view, likely,Occupational property demand is strong and rents are now rising in real terms, the first time in this decade.

We expect the rate of rental growth to increase over the next 18 months with attractive double figure investment returns in 1997 and 1998.

“The Grimley index in the report shows prime rental growth has increased to 7.

3% pa well above the IPD average index of 3.

4% pa (see graph).

For example, over the last 12 months prime rents have increased 19% in Mayfair, 36% in Covent Garden, and 12.

5% in the City core but have not increased in Birmingham, Leeds or Edinburgh.

In the industrial sector there has been no geographical pattern with many areas recording no growth in rents and some areas showing slight growth.

Improving rental growth and lower (post election) long term gilt yields (7% now compared to 7.

7% at the end of April) have improved property investment demand, lowered yields slightly and pushed up returns, much as predicted in our recent bulletins.

The IPD all property return rose to 12.

2% pa in June from 10.

7% pa in March.

Over the last three months the annualised return was higher still at 14.


Grimley’s latest forecasts for rental growth and investment returns in 1997 and 1998 have increased slightly from their last forecast.

Having regained possession of the former banking hall over the lower three floors of the property and the first floor offices from First Union Bank earlier in the year, the accommodation is under offer to a leading restaurant group who are planning an exciting new concept due to open In early 1998.

The remaining office space over the entire first floor measures approximately 4,287 sq.

ft (398 sq m) and has been comprehensively refurbished with four pipe fan coil air conditioning and raised flooring.

Access to this floor is gained via an enlarged and completely re-fitted entrance hall at 3 Bishopsgate.

Agents Nelson Bakewell and Healey & Baker are instructed and are quoting a rent of £37.

50 per sq.


Fuller Peiser, acting on behalf of The Racquets and Healthtrack Club, has successfully acquired the former BT training depot on Cranmore Boulevard, Solihull from BT Group Properties.

The purchase price was roughly equivalent to industrial land values in this part of Solihull which are currently between £300,000 and £350,000 per acre.

Work on a state-of-the-art healthclub and tennis complex is due to start immediately on the 7.

5 acre Solihull site, the fifth purchased in the last two years by Healthtrack who currently operate clubs in Weybridge and Chester, one of the largest clubs in Europe.

A further two clubs are under construction in Ealing and Nottingham.

There is pent-up local and regional demand for this type of operation that is probably not matched anywhere else in the UK.”

“This comprises a dual carriageway access/estate road and filter lane from the A10 roundabout to a new internal roundabout that will link to further phases.

Assuming consent is given, the development team will immediately commence the draining of the front lake and the creation for a new land mass upon which the first phase estate road will be built; allowing access to attractive serviced plots.

However, prospective occupiers could have new premises built muchearlier than that on the existing land fronting the A10.

Up to 9,290 sq metres (100,000 sq ft) could be built there now subject to detailed planning consent.

A key element of the Research Park will be the quality of its environment.

The site already enjoys many lakes as consequence of historic mineral excavations.

The developers aim to retain the watery amenity but create a more natural fenland style environment indigenous to the area.

The indicative master-plan shows the style of the structural water/landscaping proposed with large areas of water retained and dukes created alongside the new roads.

In addition it is anticipated that as each individual building is developed additional water areas will be created as part of that plot’s landscaping.

South Cambridgeshire District Council have previously designated the lake and willow woodland to the rear of the site as wildlife refuge areas.

Recognising the importance of establishing these areas as soon as possible Suon have employed an ecologist/naturalist from the outset of the project to consult widely with the relevant bodies including Wildlife Trust and The Golden Oriele Society.

Suon have submitted a blueprint for redesigning the lake area which would create a far greater range of environment and habitat for a wide variety of wildlife.

It is hope that once those works are completed these refuge areas will be managed by the Wildlife Trust.

Suon’s intention is that the Research Park becomes the most user friendly development in Cambridge.

It aim to provide as many facilities as possible to make the park sustainable including a four star hotel with conference and exhibition facilities, a health and leisure club, bars and restaurants.

It also hopes, subject to contract, to provide cash points/banking, a creche/nursery and possible a newsagents/travel agents.

Once development, the park will have a dedicated on-site management centre to ensure smooth day-to-day running.

Provision has been included in the design for cycle paths which would link the park to Milton and Cambridge.

The local bus company has agreed to divert the service on the A10 through the Park.

The developer will be offering short leasehold or long leasehold interests in buildings developed to occupiers exact requirement’s from 1,858 sq metres (20,000 sq ft) upwards.

The size of the Research Park means that additional expansion land can be allocated to an occupier for a fixed period to allow for the common Cambridge experience of rapid tenant growth and requiring additional space.

Suon also pledge that any company who take space at the Research Park and subsequently require larger accommodation will be released from their initial interest as long as their new building is also on the Research Park.

The office market is experiencing its sharpest upturn for ten years with nearly a 30% increase in demand for offices, driven particularly by the multinational banks and the financial services sector.

With only thirty office developments under construction, not all requirements can be satisfied and preletting has appeared again – in some cases on development proposals for old buildings where the previous tenant is still in occupation.

Developers have been caught on the hop by the speed of the turnaround from the moribund market of 12 months ago, with the majority only actively pursuing one scheme at the moment.

Space shortages are occurring and rents rising again despite the continued availability of over 200 secondhand buildings, although conversions to other uses are reducing this number.

The Labour Party election landslide will do little to slow this upswing, unless fiscal tightening becomes severe.

BVT, which is one of the leading Housing Associations in Telford, will shortly be appointing planning and design consultants to advise on the detailed concept for the village in Lightmoor.

This process will include consultations with all local interest groups.

The project is likely to include a mix of private and social housing.

James Wilson, the chief executive of BVT, said: One hundred years ago George Cadbury laid the foundations for a new settlements in Bournville to improve the quality of life for people living in communities.”

Bournville has become world famous as a model village and the Trustees welcome the opportunity to create at Lightmoor a new Bournville for the new millennium.

“As soon as we have any outline proposals for the new village, we will want to share them with the local community and listen to their views.

Chris Mackrell, CNT’s Director in the West Midlands, commented: “”It is anticipated that Bournville Village Trust’s plans for Lightmoor will take on board many of the principles of the urban villa.”

e concept and involve considerable use of open space and facilities for the villacre’s residents, making it a pleasant and attractive environment in which to live and work.

Prior to this, however, we and BVT are keen to involve the local community and work closely with Wrekin District Council in the development of detailed plans to ensure that the proposals for a balanced community are successful.

“We will use the construction services of Robson Dtink to build our products, based on the company’s reputation for quality construction and a high level of competitiveness and flexibility.

Robson Dunk Innoventurcs considers that it will differ from other developers by its ability to draw on the construction resources of its parent, as well as by its environmentally appropriate approach to projects.

Halsall, who is a graduate of Bath University’s integrated budding environmental engineering/architecture degree, believes that a ‘green’ approach will give the, new company a substantial edge in the next 5 years.

He recently chaired the CHUA (Construction Industry Research and Information Association) conference Green Buildings – Better for Business””, and was appointed in April to the Urban Land Institute’s Environmental Council in Washington, DC.”

“We are very excited at the opportunity to apply tried and tested construction technology to produce buildings which will be better for business, better for staff, and better for the environment.

The application of ‘green’ principles to office projects can produce very signfficant productivity, operating efficiency and flexibility benefits to building occupiers – and we believe that this will clearly differentiate us from the pack.

In terms of the benefits to retail projects, experience in the US has demonstrated enhanced sales performance through green approaches.

Robson Dunk Innoventures will join a select group of UK developers who are applying an environmentally appropriate methodology to their projects.”

The company is currently negotiating the acquisition of a site in West Kent which planning permission for over 30,000 sq.

of non-food retail.

“We are keen to get our message out to the retailers, and hope that they will permit us to apply our advanced approach to this scheme.

We think that the general public will like it and that’s where the consumer base is.”

Halsall thinks that retailers will warm to his ideas, once the benefits can be demonstrated.

Robson Dunk Group is one of the country’s fastest growing construction and development groups.

It currently has projects in Ayr in SeOtland, Rugby, Cambridge, London and Kent.

In Ayr it is building a National Autistic School for Scotland.

“We have already established ourselves as far afield as Ayr and feel confident in our ability to provide an excellent construction and development service throughout the country, and in particular the South East.

Robson Dunk is converting England’s first fully automated grain mill In St.

Ives, Cambridgeshire, to 37 luxury flats, under a design and build contract.

The mill was formerly owned by Sir Clive Sinclair, and was home to the ZX Spectrum computer, as well as the ill-fated CS electric cycle.

The St.

Ives luxury housing scheme incorporates numerous ‘green’ features, including the use of low-e glass which provides a more comfortable enviromnent, as well as reduced utility costs for homeowners.

Other green features include the use of materials from sustainable resources, high levels of roof and floor insulation, and the reuse of cast iron columns.

We reconfigured the floor plates to accommodate the cast iron columns and have saved the equivalent of a winter’s beating season in energy by retaining the columns and not scrapping them.”

” Halsall claims that the use of natural materials will yield improved indoor air quality over traditional approaches.

Robson Dunk Innoventures is keen to form joint ventures with the public sector, and other private developers, in pursuit of its green mission, and is actively seeking partners for its projects.

We saw this as an opportunity to buy into an undervalued sector of the property market.

Leisure activity generally is a growing component of the UK economy – all the predictions are forecasting increasing recreational spend.

On this basis, we would expect, on average, that growth in pub rental levels should match or exceed growth in both inflation and the wider economy.

Given the lengths of lease to Yates and the agreement to upwards only rent reviews, we would expect to see a return for Kodak of at least 8% real per annum.

This is an extremely exciting period in the cycle of property investment.”

With many funds loolcing to upweight their exposure to direct property, the outperformance will come from exploiting pricing discrepancies in emerging or more unusual sectors – pubs are a perfect example.

“The park, which is currently under construction and scheduled for completion in September this year, will comprise 128,000 sq ft of high quality retail warehouse accommodation in 12 units.

The site is located south east of Edinburgh city centre, adjacent to the AI trunk road in the Newcraighall area.

Following completion the rent roll from the park will be in the order of £2.

44 million pa, which reflects a net initial yield of 5.

65% based on a purchase price of £42 million.

The average rent currently agreed on the park equates to £1 8.

23 pfs, although the most recent letting has been agreed at £23.

00 pfs.

Pillar will retain control of the letting of the two final units which will provide the opportunity of creating further reversionary rental evidence.

Following this acquisition Pillar will own 14 retail parks which equates to a total investment by the Company of approximately £210 million in this class of property.

At the Torrey Pines Science Center in La Jolla, San Diego, where the group has already built two facilities for biotechnology companies, Slough has acquired the remaining 11 hectares of developable land.

At a cost of $25 million, development potential approximates to 78,000 sq.


Located in an area which has attracted many new industries notably in health sciences and electronics, the site is close to the Salk Institute, the Scripps Institute, and the University of California San Diego.

As with the previous developments in these locations, the acquisitions and subsequent development are being undertaken in partnership with the National Electricians Benefit Fund.

The House of Lords has today overturned that decision, one of the main reasons being that it cannot be in the public interest for the courts to require someone to carry on a business at a loss if there is another adequate way in which the injured party can be compensated.

The decision gives certainty for landlords and tenants alike as it is clear from the ‘udgement that specific performance will now only be ordered in absolutely exceptional cases involving something as serious as what Lord Hoffmann called gross breach of personal faith””.”

Although Argyll behaved badly in closing the supermarket in defiance of their obligations, this behaviour was not deemed bad enough to override the other considerations which leaned in favour of damages as the appropriate remedy.

Michael Madden, Partner and Head of Property Litigation at Ashurst Morris Crisp welcomed the House of Lords’ decision.

“The decision introduces some common-sense to the exercise of lease notices.

Landlords, tenants and their professional advisers will all benefit from the flexibility introduced by this decision which should result in significantly fewer disputes as to whether option and break notices have been properly served.”

The developers, together with their agents Jones Lang Wootton, have carried out a study of the office requirements for central Edinburgh and have identified a number of common themes.

The study concluded that a substantial proportion of organisations who are currently looking for offices in Edinburgh have the following requirements: The idea behind the proposed scheme at 127/129 George Street is to satisfy the above demands by offering open plan suites on five year leases.

There is to be a capped service charge and a shortened lease format.

Entry will be available in autumn this year and rents of £13.

50 per sq ft are being quoted for suites from 2,000 sq ft (185 sq m) up to a maximum of 26,000 sq ft (2,415 sq m).

lain Wotherspoon, Managing Director of Kilmartin Developments commented:”We have been active in the market for some time and we believe that our new development will offer what a very large proportion of occupiers are seeking.

This, combined with the fact that it is likely to be the only development under construction in central Edinburgh this year gives us a high level of confidence as to the letting prospects.

“At Connaught’s Leeds office in Pickering Street, Armley, Judith will be responsible for introducing new clients to the concept of property refurbishment and marketing Connaught’s services on a regional level.

Connaught Group experienced growth of more than 67% in the last year and achieved a record turnover of £25 million 1995/6.

The appoinment reflects the growing status of the companyRegional manager Peter Jones commented, We see the North as a key market for us in both commercial property and social housing refurbishment sectors.”

Judith’s wide-ranging experience within refurbishment and her local contacts will help us develop the business.

“The hotels let on long rack rented leases to first class tenants were included in the £35 million portfolio which the joint company acquired from Refuge Assurance shortly before Christmas.

Nick Doyie of St Modwen, said.

The four hotels are quite a rare product.”

The price achieved reflected a combination of impeccable covenants let on unexpired terms of not less than 95 years, reviewed seven yearly to RPI.

With a running yield of approximately 13%, there will be further opportunities to trade, add value and in some cases pursue redevelopment options.

Alan Browne, the director of Lambert Smith Hampton’s business space department, appointed to let both surplus buildings says: “The acute lack of available built space in Staines is a major problem for occupiers at the moment.

Only 138,600 sq ft is available for let, which means Compass Point represents 50% of the total.

A further 19,000 sq ft is due for completion this Spring 1998.

Future development of about 300,000 sq ft is on line, but has not yet caught up with demand, which we foresee as increasing further, particularly in light of the redesign of Staines town centre.

“Compass Point was one of the first suburban buildings to be constructed to shell and core finish.

It was originally developed by Stanhope in 1990 and let to BAT on a 25-year lease which will be available by way of assignment from February 1999.

The building provides high quality facilities and represents an excellent opportunity for a corporate occupier to benefit from an impressive headquarters building.

Fulmar House is adjacent to Guidion House and is currently under construction, due for completion April 1998.

It has been acquired from the developer, City Estates Limited.

The building will provide 2,050 sq m (22,000 sq ft) of modern office accommodation on three storeys, with 120 car parking spaces.

The property is being marketed by MEPC’s agents Vail Williams and Weatherall Green & Smith.

Jullan Barwick, MEPC’s office sector managing director, comments: We have identified the M3 corridor as a growth area for offices.”

Since October last year we have acquired 43.

664 sq m (4 70, 000 sqft) of investments in Basingstoke and Fleet,.

are developing 95, 000 sq ft of new space, and have a further 23 ha (57 acres) for development.

The purchase of these two properties has enabled us to consolidate our ownership in Fleet and by taking on limited letting risk we will benefit from rising rents in the area.

300 jobs will be created by a major new £11 million development at Lincolnfields according to the company behind the scheme – Stamford Developments.

The development willl.

include a multi-screen cinema, leisure box, restaurant and two drive-thru’ restaurants totalling 58,000 sq.

A planning application has been lodged with North Kesteven District Council, terms agreed with operators, lock-out agreements are in place and solicitors instructed.

David Turner, development director for Stamford Developments said: “We are delighted that this project is now going ahead after some six years of planning.

We have worked hard to draw some key nationally recognised companies into this development which will bring jobs and a major economic boost to the area.

Enquiries are now flooding through from our agents.

“Eric Stapleton, senior partner of sole commercial agents, Humberts Stapleton, in conjunction with FPD Savills, the London office retained as specialist leisure agents, confirmed that up to 300 jobs will be created on the development.

Work is programmed to commence on the site before June of this year and it is expected to open around Spring 1999.

This cinema application is one of seven multiplex based leisure developments of which Stamford Developments Limited are currently working throughout the UK.

all three sectors saw real rental value growth, above inflation, over the year.

Over the last five years, a single rent review cycle, all three sectors experienced nominal rental value growth.

However, only the Office sector shows real rental value growth above inflation.

This strong growth resulted from occupational demand spilling out from the City Core were rents have now reached.

Retail rental value growth remains polarised as it is concentrated in the larger retail locations with a higher zone A value.

A number of retail locations, with lower zone A values, experienced rental value falls over the quarter, illustrating the concentration of retailer demand and consumer interest in the stronger retail locations.

The Hillier Parker Industrial Rent Index shows the highest quarterly and annual growth rate since the 1980s.

The absence of significant rental growth continues to restrict the prospects of speculative development in most locations, although progress in letting 40 Clarendon Road will be watched with interest.

Deborah Savin, Business Space Analyst at Hillier Parker commented: Although take-up fell during 1997, several significant deals currently being negotiated should see completion in the early part of 1998.”

It is believed that these will establish a new level of prime rent in certain locations,, and may provide sufficient evidence of occupier demand to trigger farther speculative development.

Rental growth remains restricted to key office markets in Central and West Hertfordshire.

Headline rents increased in St Albans during 1997, reaching close to £183 per m² (£17 per sq ft), aIbeit wilh, substantial incentives or as pat of a stepped rent agreement, said Mike Ayton, Head of Hillier Parker’s Office Agency Team.

Rents in Watford consolidated at around £165 per m² (£15 per sq ft) in 1996, despite a high level of take-up.

lt was not until the last quarter of 1997, in which Cap Gemini took 1,800m² (19,100 sq ft,) at Royalty House at £183 per m² (£17 per sq ft), that evidence of rental growth began to emerge, comments Mike Ayton.

Competition for the few good quality buildings available could lead to farther rental growth in certain towns where occupiers are restricted in their choice of location.

However, occupiers with a wider search area, or those for whom the available buildings are not suitable, my be encouraged to look elsewhere.

English Partnerships bus teamed up with Kings Lynn and West Norfolk Borough Council in order to enable this project to proceed, and has plans to subsequently sell and/or lease individual serviced plots to occupiers, once works are completed within the next 10 months.

A range of plot sizes will be provided to meet market demand.

English Partnerships’ investment is vital to overcoming the abnormal development costs associated with lobbying fenland sites with poor ground conditions mid assisting with site preparation and servicing costs to pave the way for new development.

The scheme is being project managed by Kings Lynn and West Norfolk Borough Council who are investing £652,560, and also benefits from £700,000 of support from the European Regional Development Fond.

Neil Colvill, English Partnerships’ Senior Development Executive for the Eastern Region, commented: “I am delighted that English Partnerships has agreed to provide the crucial support that is enabling this site at Downham Market to be brought forward for development.

This scheme will play an important role in helping to stem the current bend of economic decline in this area of West Norfolk and will provide an enormous boost for the local community.

“Downham Market has been designated as a growth centre in Norfolk’s Structure Plan, and will be the location for approximately one third of the Borough’s new housing requirements in the period leading up to the Year 2000.

Christopher Howes, Crown Estate Chief Executive said We are delighted to work with Prudential to extend their leases and so enable them to carry out this major redevelopment project which will strengthen the Holborn Viaduct as an office location, We are especially pleased that the redevelopment of Atlantic House will be carried out to high environmental standards in line with the Crown Estates’s Stewardship policies, We believe the new offices will make a first class, efficient new headquarters for Lovell White Durrant, who occupy a number of Crown Estate, properties in Holborn Viaduct.”

After a thorough review of the London market, we were sure that the Atlantic House redevelopment would provide the right environment for our business into the next century, with the enhanced operational facilities now demanded by clients and our 1,300 London staff.

“With backcup space, this will bring Lovell White Durrant’s City of London office space up to 320,000 sq ft.

The location, size and quality of The Governor’s House were the key factors in making our choice.”

The building is due to be ready to start fit-out after Easter and we expect it will be ready for occupation towards the end of the year”, said Keith Bedell-Pearce, the Prudential director responsible for the relocation arrangements.

We are also taking the opportunity to look at our accommodation needs in central London with the aim of maintaining a Prudential presence in Holborn Bars, our current headquarters”.

“There is a distinct shortage of building along the middle part of the M4 including Swindon and any of the market towns with the type of space and facilities required by modern major organisations.

Where good buildings do exist I am sure it is possible to obtain these good rents.

“”If a building is compromised in terms of its facilities then rents can be so much as halved and tend to be attracted to younger smaller companies.

We therefore have a two-tier market which is becoming more accentuated as the shortage through lack of recent speculative building persists.

On completion in November 1999, Prince’s Square will provide 9,612m² (103,466 sq ft) on eight floors with 318 m²(3,423 sq ft) of basement storage and 171 parking spaces.”

The development is situated in a commanding position on a one acre waterfront site overlooking City Square in the heart of Leeds, and is adjacent to the North concourse of City Station.

Gerald Corbett, Chief Executive of Railtrack, launched Leeds 2000, a £150 million redevelopment and improvement plan for Leeds City Station which will take beyond the millennium and make it fit for the 21st Century.

He said: “Railtrack recognises the unique position of Leeds as the UK’s fastest developing city and wants to be part of that success story.

“It will make the city station the pivot of the city’s transport system and, we hope, reflect the phenomenal success story that this prestige gateway to Yorkshire – if not the North – has seen in recent years.

The development is being undertaken in conjunction with Railtrack Property and with the assistance of English Partnerships.”

Kevin McCabe, Chairman of Teesland Group plc said: “We are delighted that such a prestige tenant as Dibb Lupton Alsop will be occupying over half of our 107,000 sq ft development.

Together with the other pre-let developments recently started by us in the City Centre this high quality £30 million plus development will enhance the office stock of Leeds.

We also acknowledge the invaluable assistance given by Railtrack and English Partnerships in this project.

Christopher Howes, Crown Estate Chief Executive, said We are delighted to work with Prudential to extend their leases and so enable them to carry out this major redevelopment project which will strengthen the Holborn Viaduct as an office location.

We are especially pleased that the redevelopment o Atlantic House will be carried out to high environmental standards in line with the Crown Estate’s stewardship policies.

We believe the new offices will make a first class, efficient new headquarters for Lovell White Durrant, who occupy a number of Crown Estate properties in Holborn Viaduct.

We have secured a first-class tenant for what will undoubtedly be an impressive headquarters.

Prudential continues to be a net investor in commercial property and Central London offices remain a favoured sector.

After a thorough review of the London market, we were sure that the Atlantic House redevelopment would provide the right environmentfor our business into the next century, with the enhanced operational facilities now demanded by clients and our 1,300 London staff.

With backup space, this will bring Lovell White Durrant’s City of London office space up to 320,000 sq ft.

Add attractive borrowing rates and all this points to 1998 being another active year for the commercial investment market.

“The market perception is that short term interest rates may be at or near their peak adding further fuel to the institutions’ appetite for property.

UK institutions are attracted by the 15% plus total returns from property.

Vigorous investor demand and high levels of competition are producing capital value increases for all types of property.”

Strong Competition for UK Institutions UK institutions are encountering stiff competition to buy a limited supply of investment grade property.

In Central London, for example, 1997 total investment purchases topped £4.

6 billion, exceeding the previous peak of £4.

3 billion achieved in 1989.

UK institutions accounted for 19% of the total and had to compete with property companies (36%) and overseas institutions (17%).

Hall continues, In the city centre, the small suites are also now letting in buildings such as Peter House on St Peter’s Square and various buildings on Princess Street, Portland Street, etc.

Small businesses are taking suites between 400 sq ft and 1,000 sq ft at rents ill the order of £6.


00 per sq ft on three year leases.

The serviced office market is now well established in the city centre with Regus   in 82 King Street and Portland Tower Business Centre in Bruntwood’s Portland Town, both achieving great success.

The new developments are still struggling to attract tenants on realistic terms, although the Royal Sun Alliance’s purchase of Barclays Bank’s 17 York Street and the gradual take-up of space in 82 King Street means that the new stock is fast reducing.

”In South Manchester, landlords are busy increasing rents but no lettings have actually been achieved on any of the speculative buildings as yet.

These include Maple Groves Southern Gate on Princess Park Way, Liberty’s Cheadle Point and Evans of Leeds, Oakland House in Sale.

But look out for significant large pre-lets including Avis Leasing at Taylor Woodrow’s Sale Business Park and P & O’s Towers in Didsbury’.

Concluding lan Hall counsels, ‘As ever, having the right building in the right place at the right tinie is the name of the game, the rent doesn’t always matter’.

The location, size and quality of The Governor’s House were the key factors in making, our choice.

The building is due to be ready to start fit-out after Easter and we expect it will be ready for occupation towards the end of the year.

We are also taking the opportunity to look at our accommodation needs in central London with the aim of maintaining a Prudential presence in Holborn Bars, our current headquarters.

Rodney Powell, a consultant at Kinney & Green advised Prudential whilst Argent Development Consortium were advised by BH2.

Tenants in the 6,967.

50 sq m (75,000 sq ft) building, include Lohnro Compass International and Rolls Royce.

International law firm Simmons & Simmons recently acted for Despa, the German open- ended fund, on its acquisition of the Marlowes Shopping Centre in Hemel Hempstead (the “Centre”) for £56 million.

Despa only recently purchased the largest retail shopping centre.

in Spain, a transaction in which they were also advised by Simmons & Simmons.

The Centre, which was constructed in 1989, comprises approximately 350,000 sq ft of virtually fully leased retail accomodation let to a number of major multiples including Marks & Spencer, Littlewoods, Wilkinson and Argos.

In addition, there are a further 65 units together with a 1,200 space multi-storey car park.

The Centre is the principal retail shopping centre in Hemel Hempstead,The transaction involved the acquisition of three separate interests in the property.

It also required complex rearrangements of an existing capital allowance leasing structure, involving Abbey National Leasing and GE Capital.

“In the last year, we have advised Despa on six major property transactions, with a total value of almost £0.

5 billion, in connection with its strategic development plans.

This latest 1 acquisition will add to the very strong portfolio of properties Despa now owns in the UK and in mainland Europe.

Ryden International Property Consultants are pleased to announce the completion of the letting of approximately 354 m² (3,811 sq ft) of open plan office accommodation within River House, Inverness to Highland Careers Services.

The accommodation is situated at fourth floor and incorporates two car parking spaces.

The lease is for a period of 10 years on full repairing and insuring terms, the rent being agreed at £8.

Ryden acted on behalf of the Inland Revenue who currently have a lease over the building the letting of this suite means that the only accommodation remaining incorporates a refurbished suite of approximately 278 m² (3,000 sq ft).

For more information please contact Richard Porter of RydenConrad Ritblat, acting jointly with Michael Rogers, on behalf of Geco Prakla, have successfully let the ground floor (Block D), Berwick House, 8/10 Knoll Rise,The accommodation, which comprises 375.

3 sq m (4040 sq ft) of office space, is let on a 10-year lease at a rent of £86.

11 per sq metre (£8.

Berwick House now has only 1,393.

5 sq m (15,000 sq ft) remaining to let.

is to play a key role in the government’s drive to increase exports from construction companies to Europe and America.

Mr Courtney has been seconded to the Department of Envirornnent,Transport and the Regions from Kvaerner Construction’s specialist ground engineering company to lead the Europe and Americas Export Team within the Construction Directorate.

Construction Minister, Nick Raynsford, welcomed the secondment.

He said: I am delighted that Colin Courtney is joining the export team and am sure that both we and the industry will benefit from his time here.

One of his main responsibilities will be to advance the recommendations of the recent ICE report on Technology Strategies for UK Civil Engineering Exports which was part-funded by the DETR.

He will also be responsible for stimulating greater activity from UK construction companies in the Americas, Europe and the former Soviet Union.

His secondment follows a request to Kvaerner Construction chief executive, Keith Clarke, to identify someone to work with the DETR to promote exports and liaise with industry organizations, ministers and senior officials both in the UK and overseas.

Mr Courtney takes up his 12-month appointment in January.

Basebuy Limited, trading as Eisenegger, has taken 187 sq m (2,013 sq ft) at Friars Square, Friends President’s 23,200 sq m (250, 0000 sq ft) shopping centre in Aylesbury, Buckinghamshire.

A 20 year lease has been agreed at a rent of £70,000 per annum with a three month rent free period.

The unit was previously let to Millets on a 5 year lease outside the act.

Eisenegger, the unisex outdoor leisure and sportswear retailer, has taken Unit 44 situated between Airports and Clinton Cards, near the main Market Square entrance to the shopping centre.

Eisenegger will commence trading at the end of January 1999.

Established in 1990, Eisenegger currently has thirteen UK outlets concentrated in the South East, with branches in Manchester, Sheffield and Scotland.

The letting at Friars Square marks the start of its 1999 expansion programmed, and plans to realize 10 new units within the year.

Located to the west of Watford and Harrow, home to two of our existing shops, Aylesbury was the ideal choice for our new retail operation.

We are very excited to be opening our fourteenth outlet at Friars Square; the number of high quality retailers located at the scheme suits our requirements and will complement and benefit our trade immensely.

Agents acting on behalf of Basebuy Limited are Reid Rose Gregory while Molyneux Rose, Healey & Baker and Colin Buckle & Company advised Friends Provident Property Services, the property fund managers for Friends Provident.

Friars Square is anchored by Bhs, Beatties and Woolworths, while other fashion retailers include Dorothy Perkins, New Look, Richards, La Senza, Mother care and Adams.

Semi Conductor company, Power Integrations Ltd, have moved from Windsor to take new office accommodation in Centennial Court, Blackwell.

Landlords Guardian sees Power Integrations as the perfect tenant for their property, a dynamic IT based organization who will fit in well with other tenants that include Magic Software and AMP (UK) Ltd.

Power Integrations were previously tenants in serviced office accommodation and moving to Centennial Court where flexible five year lease terms are offered, was the natural progression for an expanding company.

Power Integrations have taken a lease on 828 sq ft at £25.

50 psfChris Carter-Keall of Guardian states “the ability to offer five year lease terms has allowed us to watch young companies grow and expand in Centennial Court and many new applicants considering the building are making the move from serviced office accommodation Centennial Court offers self contained suites that benefit from air conditioning,An industrial fund managed by the io Group Ltd and PRICOA, advised by GVA Grimley, has acquired the virtual freehold investment in Deacon Way Industrial Estate, Deacon Way, Reading from Falcon Property Trust for £4,950,000 reflecting a net initial yield of 10.

The 2nd Industrial Partnership has taken the 2.

1 ha (5.

1 acres) multi-let estate, which is held on a long leasehold for 999 years from 1996 at a nominal head rent.

The property comprises eight warehouse units totaling 9,966.

31 sq m (107,280 sq ft) let on various lease terms expiring between 1999 and 2008 excellent potential for the enhancement in value through refurbishment and lease structuring.

The 2nd Industrial Partnership is the follow up to the highly successful Industrial Partnership Ltd, which has acquired in excess af £120 million of industrial estates since January 1997The “Graduate Training Sculpture” climbing the exterior of Magnus Ltd’s Arthur House, Chorlton Street in Manchester’s City Centre, has attracted a very appropriate new tenant.

N H Computer Training plc.

N H Computer Training plc, one of the fastest growing computer training companies in the UK, has taken the whole of the fourth floor and half of the fifth comprising a total of 6,850 sq ft (636 sq m) at a rent of £9.

50 per sq ft (£102 per sq m) on a ten year lease with an option to break at the end of the fifth.

This is the second major letting to be concluded at Arthur House since the building was refurbished by Macclesfield based property investors Magnus Ltd.

The spacious, open plan accommodation available in this seven storey office building provided the flexible layout along with the ability to install the necessary comfort cooling system required by N H Computer Training.

Steve Widows, Director, Magnus Ltd, commented “Our decision to refurbish Arthur House reflected the shortage of good quality refurbished office space in the City centre and these lettings together with that to AHT Limited fully justifies that decision.

Richard Ellis and Edwards & Co represented Magnus Ltd.

Ben Gregory of Richard Ellis reports further interest in the remaining 2,088 sq ft (194 sq m) from companies attracted by the quality of accommodation and competitive rent,S J Berwin & Co acted for The British Land Company Plc on its purchase Of 100 Liverpool Street and 8/12 Broadgate, London EC2, for £240 million in a corporate acquisition of the UBS subsidiary owning the virtual freeholdLondon EC2, for £240 million in a corporate acquisition of the UBS subsidiary owning the virtual freehold The property is strategically located, fronting on to both Liverpool Street and Broadgate Arena.

it forms a prominent entrance to Broadgate and comprises some 35,500 square metres (382,000 square feet) of prime office, ancillary office space and retail accommodation.

he offices are leased back to a subsidiary of UBS for Warburg Dillon Read, the investment Bank or UBS headquartered in London, with an initial rent of £16.

2 million per annum.

The lease term for the office space is 24 years on a full repairing and insuring basis; there are five yearly upward only rent reviews with breaks, subject to notice and breakage compensation.

The rent on the retail units is £0.

4 million per annum subject to upwards only rent reviews currently in progress.

This purchase of the most prominent building at Broad gate completes and consolidates British Land’s ownership of the buildings around Broad gate Arena.

Of the 15 properties which comprise the present Broad gate estate British Land now owns outright 12, amounting in all too approximately 305,000 square metres (3.

3 million square feet) of prime space.

The S J Berwin & Co team was headed by Property Partner Stephen Willson, assisted by Robert Wright, Kuljeet Bahia and Martin Ansell.

Corporate Partner Michael Goldberg, assisted by Robert Juhasz and Tax Partner Heather Corben.

Linklaters and Paines acted for UBS and were represented by Robert Finch, Geottrey Russell, Catherine Topping (Property), Matthew Middlemarch, James Ward (Corporate) David Blurnenthal and Jonathan Winstanley (Tax).

Lambert Smith Hampton’s West End Office Market Report 1998 – “Pausing For Breath” – to be published on January 16, has produced the first hard statistical evidence to prove that the top of the current property cycle has been reached.

Using data up to and including the end of September 1998,Lambert Smith Hampton’s analysis of the market compares current conditions with those at the peak of the last cycle, and concludes that a repeat of the slump will not happen.

The comprehensive survey covers take-up, availability, rents, development, investment performance and market activity.

An additional survey of West End occupiers provides a valuable insight into future demand and business confidence.

The survey shows despite rental growth for prime property averaging 20% over the last two years, ‘real’ rents, adjusted for incentives and stripped of inflation, remain between 10 and 20% below late 1980s levels.

Total returns for West End offices are expected to peak at 17%, For the first time in five years take-up of West End office space in 1998 has fallen below 4 million sq ft.

Availability has also fallen dramatically in the last two years to only 4 per cent of total office property in the West End – critical levels not seen since the late 1980s.

This compares with the 10 year average of 10 per cent.

Nearly 40% of all space under construction is pre-let (compared with only 20% at the peak of the 1980s cycle).

Newly available space (both new and second hand) is at its lowest recorded figure ever.

Mark Chariton, director in charge of Lambert Smith Hampton research says: This is a reflection of the amount of space that has been withdrawn from the market and held back for refurbishment and also the strength of the pre-letting market.

However with reduced expectations of rental growth in 1999, withdrawals are declining to negligible levels.

In order to help clarify what will happen next, Lambert Smith Hampton carried out a survey of existing service sector occupiers.

LSH believes the survey to be the most effective way of estimating demand and the results helps to put the current market data and development pipeline figures into context.

Data was collected during September and October 1998 using a questionnaire mailed to over 1,000 occupiers in the West End and targeted specifically at the service sector.

A high response rate of 13% produced a sufficient sample to illustrate that business confidence remains intact.

90% of companies believe that they will need a West End presence for the foreseeable future.

Over 50% of respondents believe that their headcount will increase in the next three years.

Around 30% of companies expect to require extra space within the West End at some point during the next three years.

October 1998 saw the passing of Douglas Adan Chilvers, who, right to the end of his long, successful and varied career was still working alongside his son George, at Reading’s Commercial Property Agents, Chilvers Page.

Born in Torquay the oldest son of a dentist was educated at Torquay Grammar School and entered the property sector as an article pupil at Smiths, a local estate agency.

In 1944 he met Muriel and married her on 13th September 1945.

He served his country, in Italy, Egypt, and Palestine, having joined the parachute regiment in 1945.

On return from the Army in 1948, Douglas and Muriel moved to London so that he could continue studying his Chartered Surveyor’s course at the London Muriel worked at Dickens and Jones as head of display.

In 1949 Douglas and Muriel moved to Shanklin, Isle of Wight, where Douglas was appointed as the manager of the Shanklin branch of Sir Francis Pittis and Son.

Their first son George was born in December that year.

In 1958 the family relocated to Reading and following 2 years working at the district valuer’s Douglas joined in partnership with Hugh Thompson, setting up Campbell Thompson & Chilvers, Estate Agents, Auctioneers and Valuers in Kings RoadA long and fruitful partnership ensued, and in 1978 a new partnership, which included son George was formed, renamed Chilvers, and relocated to Cross Street, Reading, concentrating on Commercial Property,After a number of changes in the business Douglas and George practised in partnership together as Chilvers Page, in Cross StreetDouglas’s other interests included support for the Conservative Party, and he served 12 years as both a Borough and County Councilor.

He was also chairman of the Trustees for the Liberty of Earley Charity, and a Trustee for the Spurgeons Housing Association.

And the celebration was joined by family members from Torquay and the United States.

Dedicated family man who had definite views of his own and respected the views of othersHe always enjoyed a frank exchange of views especially when it came to politics, and demonstrated a keen sense of humour.

In his faith he was a very private man, but he lived out his faith by his honesty, transparency and generosity.

He quietly gave help to those who need it.

George Chilvers will continue to seek to maintain the high principles and sense of ethics as demonstrated by his father in all his affairs, the practice of Chilvers Page included.

Teesland Group plc, (“Tees land”) the broadly based UK property development company, has announced that it has now completed key agreements for its £25 million Regent Walk retail development in Redcar on Teesside.

Mark Rudolph, Director of Tees land said the signing of the development agreement with English Partnerships and Redcar and Cleveland Borough Council together with the finalizing of the agreement with leading supermarket company Morrisons who are taking the 70,000A substantial number of other units in the development are currently under offer to leading High Street names and it is expected that further details will be announced in the near future.

As well as the food store, the development also includes 23 retail units of varying sizes and totals 125,000 sq ft, together with parking for over 700 cars.

The target date for the opening of the development is 2001.

The completion of both the development agreement and the deal with Morrisons is a major step forward, as is the Council’s move to begin the acquisition processAt a time when there is strong pressure from Government for new retail investment to be concentrated in town centres we believe that our development in Redcar shows exactly what can be achieved by designing new facilities to work with existing retail centres.

The central element of our scheme is a mall of new units, which will link directly into the existing High Street.

The response so far has been very encouraging and we expect that it will increase considerably now that the development agreement is in place and we have Morrisons for the ‘anchor’ store.

Friends Provident Property Services (FPPS), acting on behalf of Friends Provident, has successfully let its entire 6,039 sq m (65,000 sq ft) speculative industrial warehouse development – the Maxii Centre, Brunel Road,Theale to Gardner Merchant’s catering equipment division, Lockhart Catering Equipment.

Gardner Merchant has taken a lease for 15 years at a rent of £417,000 per annum with no breaks.

The scheme, which has a capital value in excess of £5 million, was developed in conjunction with Helical Bar.

We are delighted that the property has been let to an excellent tenant in Gardner Merchant.

The completed investment will make a useful contribution to our industrial fund.

Richard Poole FRICS represented Gardner Merchant, in association with Leslie Furness.

London EC2 for a consideration in the region of £203 million from the Prudential Global Fund represented by Linklaters & Paines.

British Land already owns 16.

6% ground rent interest in 155 Bishopsgate and, as a result of this acquisition owns the entire economic interest in the building as a virtual freehold (990 year lease at a fixed rent of £50 per annum).

This purchase, funded from existing resources, increases British Land’s ownership to thirteen of the fifteen properties which comprise the present Broadgate estate.

A double fronted shop just one door from Western Road has been let to Futon Limited trading as The Futon Company.

The ground floor shop and basement which has just been refurbished has a gross frontage of 28 ft (8.

53 m) and a depth of just over 40′, the ground floor sales area was 935 sq ft (86.

86 sq ft) with a further 707 sq ft (65.

68 sq m) in the basement.

A new 10 year lease was granted on full repairing and insuring terms at a commencing rental of £20,000 per annum.

The Futon Company was represented by StepaThe Futon Company was represented by Stephen Kane and Co of London and the landlords Weltonvale Limited were represented by Carr and Priddle of Brighton.

en Kane and Co of London and the landlords Weltonvale Limited were represented by Carr and Priddle of Brighton.

During the final quarter of last year, Bank of England statistics show that total property lending increased by some £1.

3 billion to £39.

3 billion, an increase of 3.

This continues the upward trend of the previous three quarters and the overall growth of the total lending figure from the low of just over £30 billion in the first quarter 1997.

Total lending figures are now only £1.

4 billion short of the previous high of £40.

7 billion recorded at the end of June 1991.

Commenting on these figures, Rupert Clarke, Managing Director of JLW Finance Limited, said:These figures demonstrate that the property investment market has recovered from the global economic turmoil which brought the market to a virtual standstill in October.

Since this set back, an environment of falling interest rates and gilt yields have meant that property remains an attractively priced asset and the end of 1998 saw a number of important transactions including British Land’s purchase of 100 Liverpool Street, Broadgate for £240 million.

Banks maintain their confidence in the UK property market notwithstanding general recessionary economic concerns.

Despite some claims that banks are tightening their lending policies, strong competition, especially between the German mortgage banks, is frequent for ‘vanilla’ type financing requirements.

Furthermore one of the leading German banks has stated plans to double the size of its loan book to more than £4 billion.

Thus while the aggressive loan-to-value ratios of last year are becoming rarer the number of banks prepared to lend on property remains healthy.

While expectations are for a healthy investment market in 1999, future bank lending figures may not show such large increases as witnessed during the second half of 1998.

As the gilt market settles following the uncertainties of last auturrm, property companies are likely to return to the bond markets in seeking finance – already this year both Great Portland and Slough Estates have raised £250 million through listed bond issues and this trend is likely to continue.

Great Portland Estates P.

C has achieved 100% occupancy at its 7,060.

57 sq m (76,000 sq ft) Electronics Boutique UK Ltd has taken a 15 year lease on a combined unit extending to 175.

39 sq m 1,888 sq ft\ at a rent of £53,000 per annum.

Existing retailers trading from the centre include Boots, WH Smith, H Samuel, Richard Sports and Sports Division.

Great Portland Estates Plc’s investment is strategically located at the heart of Bridgend’s prime pitch.

And has the added advantage of a 400 space car park immediately to the rear of the shopping centre.

Sole retained agent for Electronics Boutique (UK) Ltd is Lunson Mitchenall, while Phillips Wilks & Partners represented Great Portland Estates P.

has let its prestigious former head quarters building at 11/12 St James’s Square, London, SW1 to business centre operator, Regus is planning to open a high quality business centre in the 7,111 sq m (76,550 sq ft)Building which has been extensively refurbished by MEPC since it vacated the property in April 1998.

Regus and MEPC have entered into an innovative profit.

sharing partnership agreement on a 20 year lease,St James’s Square was marketed by MEPC at a rent in of £2.

75 million per annum.

Nathan Thompson, Head of the Office sector at MEPC, commented: St James’s Square is an excellent property with considerable potential as a serviced office centre.

We believe that Regus will be able to achieve very favorable lettings and the structure of the partnership will ensure that also participate in the upside.

We are delighted to increase the range of accommodation we can offer to existing and future customers”.

The development will comprise a 2,090 sq m (22,500 sq ft) supermarket, petrol station, and fast food outlet and also a new medical centre, chemist and a car park of over 200 spaces.

Further plans to build a new library and council office have been proposed.

The site is situated on the Wombwell by-pass, 1 mile from the newly opened M1/A1M Dearne towns link road and will link to the high street via a new town square centred around the town hall.

Nigel Cunis,This is an exciting scheme which combines the benefits of access from the busy by-pass and linkage with the existing town centre.

Strong occupier interest has already been expressed and an early start on site is anticipatedIf there should ever be an example of what constitutes a successful office development one only needs to look at the success “of Flavia Estates with their Walled Garden development in the centre of the historic Hartley Wintney village to find the answer.

‘Not only does the building benefit from “location” it also benefits from “quality” This exclusive new office development was completed in December by Flavia Estates and whilst under construction the joint letting agents,Atkinson -Richards and Austin Phoenix received many serious expressions of interest.

Soon after practical completion, Dialogic Telecom UK Limited took a seventeen year full repairing and insuringThe premises provide open plan office space of 2,590 sq ft (240 sq m) over two floors and are located in the heart of the Hartley Wintney Conservation Area.

Highbridge Properties Plc has begun site works for a 3,573 sq m (38,460 sq ft) high tech call centre facility for Cellular Operations Limited at Hillmead in Swindon.

The building will be completed by 30th November 1999.

Cellular Operations was a management buyout of Ford’s mobile phone business in early 1997.

In a booming industry, Cellular Operations has expanded even more rapidly than the market, growing from 96 to over 260 employees in 18 monthsThe offices, which have an estimated end value of £7 million, are arranged over 2 and 3 levels and feature a dramatic frameless, glazed facade fronting the entire northern elevation.

This aspect maximizes the productivity benefits of the environment by providing stunning views across the adjoining lake.

Together with Highbridge, Richard Hywel-Evans as architect and the rest of the professional team, we have produced an exciting concept that perfectly reflects our go-ahead image.

The building will provide a stimulating environment for our employees in which to continue to grow the business.

We are very enthusiastic about this particular statement building, which brings together the very best in flexible, quality office accommodation while also providing one of the most outstanding working environments in the UK.

‘Gerald Bland, a senior property partner at Herbert Smith, has accepted an invitation to become a director of NACORE UK and has joined its management executive as vice-president (education) in succession to Jonathan Edwards.

The National Association of Corporate Real Estate, Executives was formed in the US in 1973 and has 3,500 members worldwide.

Growth has been rapid in recent years with chapters being established in the UK, France.

Germany, Italy and Spain.

Last August Henry Stewart launched education courses in the UK for NACORE and its sister organization, Alan White of British Telecom was the first UK MCR and Gerald Bland the first UK MCRS.

I am delighted to be asked to take an active role in NACORE UK.

Corporate real estate is an undervalued asset, in many cases looked after by someone who has little or no property expertise.

I expect there to be a sea change as key decision makers in companies recognize that value can be UN locked through their property assets.

The potential for work-in the corporate real estate sector is huge and I expect NACORE to be in the forefront in creating proper skills bare.

National Australia Group have become the first tenant to sign up at 225 Bath Street, Glasgow, the 90,000 sq ft office refurbishment by Dunedin Property in conjunction with The Royal Bank of Scotland.

National Australia Group have taken a 10 year lease of the whole of Level 6 and the west wing of Level 5, in total 21,250 sq ft (1,974 sq m) of high quality office accommodation.

The rental is £13.

00 per sq ft per annum and the landlord is providing comfort cooling to the specification required by the tenant.

We are delighted to welcome such a high quality tenant as National Australia Group to 225 Bath Street National Australia Group particularly like the large open plan floor plates and high specification of 225 Bath Street as well as our policy of competitive rent and flexible lease terms”, commented Roun Barry of Dunedin Property.

Around 67,000 sq ft of accommodation remains available at 225Ryden acted for Dunedin Property and Jones Lang Wootton acted for National Australia GroupMade To Measure’ development Will Strengthen The South West Extension Of Manchester’s Central Business District Manchester is to have a new headquarters office development capable of attracting blue chip multi-national companies to the region.

GN Tower, a 112,000 sq ft (10,405 sq m) flagship scheme, is being launched this week by developer Morrison Merlin Ltd (MML),he property is being constructed by Morrison Construction Ltd and when completed will have an investment value well in excess of £30 million.

With its fully glazed fagade, the twelve storey GN Tower is set to become a hallmark of the Manchester skyline.

Located at No 1 Windmill Street, it will overlook the Great Northern development, G Mex, Bridgewater Hall and the new Convention Centre.

The development will strengthen an existing trend which has seen Manchester’s traditional business district extend further south and west of the city centre.

GN Tower offers a prime opportunity for occupiers looking to locate in the heart of Manchester city centre.

We are seeking a substantial pre-let for the scheme and offering potential occupiers the opportunity to specify their own requirements within the overall design.

We aim to construct this property in partnership with its occupier, fitting the building specifications to the client’s business requirements.

All too often these days the opposite happens, with organisations being forced to configure their business functions to fit speculatively built space.

“With a construction contract of 20 months, GN Tower could be ready for occupation from 2001 onwards.

The design, by Leslie Jones Architects, allows maximum flexibility for tenant occupation and conforms to the latest BCO specifications.

Anglo Lamron Plc has forward funded its 3,576 sq m (38,500 sq ft) speculative office development at 76-80 St Albans Road, in Watford town centre with clients of Argyll Property Asset Managers.

Anglo Lamron proposes building two self-contained office buildings of 2,031 sq m (21,865 sq ft) and 1,545 sq m (16,631 sq ft) which will be ready for occupation during 2000.

Parking for a total of 126 cars will be provided.

Joint letting agents Weather all Green & Smith and Aitchison Raffety state there has been high levels of occupier take-up in Watford over the past two to three years and there is still strong demand for modern new office space in the town.

Supply of good quality office accommodation is strictly limited and while development is taking place in town none offers the size range proposed.

Lambert Smith Hampton’s West End office has won the award for the best research document at the annual U K Property Marketing and Design Awards.

was awarded first prize not only for its design but also for the high quality of its content.

This included independent research into shoppers’ buying habits, pedestrian flows, Mark Rigby, chief executive of Lambert Smith Hampton’s West End office received the award, a trophy and certificate, from Stephen Palmer, director of research at Guardian Properties, who sponsored the category.

The Awards ceremony was held at the Mayfair Inter-Continental Hotel, Stratton Street, London W1 on Wednesday February 24thThe Company of Chartered Surveyors launched the UK Property Marketing Design Awards eight years ago in order to encourage enterprise, innovation and improvement of advertising standards in the property industry.

The feuhold investment property, located at the junction of Union Street and Gordon Street, RWF House is fully let and produces an income of £543,461 per annum.

The tenants occupying the property are: British Airways plc, TSB (Scotland) Limited, Miller Samuel, Costa Limited, Going Places Limited, Carnegies Leisure Limited and Turner Macfarlane Green.

This transaction is in line with Tees land’s strategy of capitalizing on successful trading opportunities.

We were confident of achieving this onward sale at a time to coincide with the high level of demand from overseas investors.

Acting on behalf of K F Group Plc, trading as Tempo, joint agents Michael Berman & Co and Hammond Phillips have let Unit 6,An under lease for a term of five years was granted with a review in March 2000 at a rent of £31,450 per annum exclusive.

The premises are to be used for the distribution of motor vehicle components.

Scarborough Property Group Plc (SPG””) have acquired the feuhold interest of 15/16 Abercromby Place, Edinburgh from Royal London Staff Pension Trust Limited at a figure of £1,675,000.”

The property, comprising approximately 1,162 sq m (12,500 sq ft) of open plan office accommodation behind a traditional facade, together with 19 integral car parking spaces, is located in the City’s New Town office area and was left to Ernst & Young.

SPG have accepted a surrender of Ernst & Young’s lease in return for a substantial premium payment from the tenant and have subsequently re-let the retire property The Halcrow Group on a 25 year full repairing and insuring basis, subject to five yearly upward rent reviews at an initial rental of £185,000 per annum.

The tenant has an option to break after the tenth year.

Teesland represented SPG throughout and have agreed to sub-lease part of the property for their own occupation.

Ernst & Young were represented by GVA Grimley and Baker Lorenz acted for the Halcrow Group on the letting.

MEPC, through its Scottish subsidiary Caledonian Land, has sold a portfolio of industrial buildings and land at five Scottish locations to KUC Properties, a subsidiary of the Royal Bank of Scotland, for around £9 million, reflecting an initial yield of 12%.

The four industrial estates involved are at Blantyre (Lanarkshire), Port Glasgow (Inverclyde), Larkfield (Greenock) and Kircaldy (Fife).

These include 54 units having an aggregate building space of 69,310 sq m (700,000 sq ft).

There are 31 existing tenants.

Eleven acres of development land at Lanark was also included in the portfolio.

When MEPC acquired Caledonian Land in 1996 for £83 million, it stated that it planned to concentrate its efforts on the flagship 139,000 sq m mixed-use industrial park at Hillington, Glasgow, and sell the majority of the non-core sites when the time was right.

Including this sale, MEPC has now realised a total of £48 million from Caledonian portfolio disposals.

These are non~core estates for us that we have sold on very satisfactory terms.

The sale is in line with Caledonian’s strategy of developing the main assets at Hillington, together with the newly acquired adjacent Babcock Park,Which was purchased from Mitsui-Babcock at the end of 1998 for a price in excess of £20 million The sale was handled for Caledonian Land by Richard Ellis and for KUC Properties by Spectrum Properties.

While this is not a budget with direct benefit to construction, the Chartered Institute of Building (CIOB) is encouraged by the Chancellor’s measure to promote life-long learning and his commitment to information technology.

Both these areas are seen as having considerable indirect benefit to the construction industry.

The CIOB also believes it is important that the industry should make full use of the increased opportunities and we fully support the encouragement being given by the Chancellor in his 1999 budget.

“As an industry comprising mainly small businesses, the reduction in the starting level for corporation tax will benefit many, although it will be important that this does not undermine the government’s current welcome initiative to combat the ‘cowboy’ builder.

The new terminal for Belfast City Airport has been submitted for full planning permission today, Wednesday 10 March (1999).

The go-ahead for the £30m development of Belfast City Airport by Bombardier Aerospace was announced on Friday 19 February (1999) by First Minister for Northern Ireland, the Rt Hon David Trimble MP.

BDP’s Belfast office was selected for the design of the new terminal building in the autumn of 1998 and the subsequent design development, together with Canadian client Bombardier (owner of Shorts Brothers plc), its contractor Axor, and the airport.

This two storey, 9000 sq m, rectangular building will be a new regional terminal for Northern Ireland.

It will serve up to a limit of three million passengers a year (1.

5m outbound and 1.

5m inbound).

Accessed from a new entrance off the Sydenham by-pass, the terminal building is to be served by 2200 cars and 10 aircraft stands.

Drop-off and pick-up is arranged at the midpoint of the building on the ‘landside’.

From this central point access is gained to the departures and arrivals hall in the central atrium.

As soon as people enter the building there is an immediate and clear view, through the centre of the haOutbound passengers check-in on one side of the hall, with the route to the boarding lounges immediately adjacent.

Passengers proceed from the boarding gates under cover of the airside walkway to board the aircraft.

Inbound passengers use the same walkway to approach the terminal, collect their baggage from the carousels and then walk into the hall, finally exiting the building via the common entrance/exit.

Other facilities include a restaurant and viewing gallery, car hire, retail and conference rooms, together with all the baggage handling and operational office accommodation to run the airport.

Externally the metal cladding will be silver, with green tinted glazing where required.

Four main staircases are expressed externally with the landside canopies and airside walkways following the passenger circulation routes.

With Scott Wilson Kirkpatrick as airside civil engineer, for this £21.

5m first phase of the projectThe London Borough of Hackney has appointed Nelson Bake well as partners to outsource their Property Management and Valuation Services.

In addition to day-to-day management the firm will carry out cyclical valuations of all the Council’s properties and also undertake right-to-buy valuations as required within the Council’s residential portfolio.

Nelson Bake well Director Matthew Stone, who is in charge of the instruction, said: Local authorities are all striving for better business efficiency and a better service to the community.

We believe that Nelson Bake well’s management expertise and experience combined with the huge in-house knowledge of the Hackney team, who will be Joining Nelson Bake well, will help to deliver these twin aims.

Space and currently generates £5.

95m of annual rental income which is expected to rise to approximately £6.

6m as outstanding rent reviews are settledComprising a shopping centre and two retail warehouse parks, the portfolio provides 620,000 sq ft of retailAlmost two-thirds of the income has an unexpired term of more than 22 years.

The ERV of the portfolio is £7.


This portfolio purchase reflects our stated strategy of acquiring larger properties where we believe there is the very real opportunity of adding substantial value through an active and intelligent property management programmed.

It is our view that this portfolio provides ample scope for enhancing both income and capital.

Bourne End Properties plc (Bourne End””) today announces that it has entered into a series of arrangements which will result in Bourne End and the Goldman Sachs Whitehall Fund (“”the Whitehall Fund””) selling their respective interests in the Pears Joint Venture.”

Bourne End has today acquired the Whitehall Fund’s 75% interest in the joint venture for £3.

4m which is being funded out of a refinancing of the portfolio.

Bourne End has also exchanged contracts to dispose of the entire portfolio to Spear Estates Limited, a new company owned by a group of private property investors, conditional on bank consent.

Bourne End will receive a net cash consideration of approximately £1.

85m of which £250,000 will be paid at the end of five years.

Initially, the proceeds will be added to Bourne End’s cash resources.

Completion of these arrangements will result in Bourne End incurring a loss on sale of approximately £400,000 compared to the December 1997 book value of this investment of £2.

This loss will be reflected in Bourne End’s results for the year to 31 December 1998, due to be released shortly, which will also show that this portfolio made a negative contribution of £80,000 to the Group’s profit and loss account.

“This disposal brings the joint venture arrangements established by the previous management to an end.

We can now focus our resources on adding value to our core shopping centre portfolio.”

“Planning permission for B1 and hotel uses on the site adjacent to the Airport was granted in July 1997 and initial plans include approximately 42,270 sq m of high quality office accommodation and a new hotel with conference facilities.

This is a significant new development which will provide a first class business location for the East Midlands region and we are pleased to have been the chosen developer.

We are delighted to confirm our plans for this joint venture partnership with Wilson BowdenProperties and we are confident that the development will attract interest from companies throughout the UK.

This show piece development is expected to attract investment worth over £50 million and we envisage the site to be developed over a five to eight year period.

A number of potential occupiers have already expressed an interest in the site and we expect that construction will commence within the next few months.

Crest Nicholson Properties Ltd (CNP) has submitted a planning application for 5,110 sq m (55,000 sq ft) of prime retail space in Crawley town centre, which will have a capital value of circa £12.

5 million on completion.

The renowned architect Keith Scott CBE has been specially commissioned to work in association with Le Riche Maw to create a signature building providing a new and vibrant focus to Queens Square, for which Crest will be quoting rents in the region of £100 Zone A.

The 10 unit scheme has four units fronting Queens Square and two fronting Broadway arranged over four levels.

The units will provide A1, A2 and A3 uses and range in size from 195 sq m (2,100 sq ft) to 1,300 sq m with additional ancillary and storage space.

A further two side malls offer another four units of between 46.

4 sq m CNP anticipate starting on site towards the end of the year (1999) with the scheme fully let and trading for Christmas 2000CB Hillier Parker advised CNP, while Stiles Harold Williams and Vail Williams acted on behalf of the vendors in negotiating the site agreement.

Scottish & Newcastle Retail has taken the new Pavilion Building for Bar 38 at Morrison Merlin’s £100 million Great Northern development in Manchester.

This ultra modern triangular glass building at the corner of Peter Street and Watson Street forms an integral part of the new public square with external seating overlooking the amphitheatre and the Great Northern Warehouse retail and leisure complex.

The Pavilion comprises 12,130 sq ft (1,126.

88 sq m) over three floors and Scottish & Newcastle Retail has secured a 25 year lease.

This letting further enhances the regeneration of Peter Street and firmly establishes it as a new entertainment area in the heart of Manchester, with Brannigans Wine Bar, Marston’s ‘Life Cafe’ and Greenall’s ‘Square’ operation all due to open over the next few months.

This is a key letting in Phase 1 of the development which has involved the creation of the new public square, due to be completed in May and the refurbishment of the Great Northern Warehouse.

We are delighted that this landmark building has been taken by Scottish & Newcastle for it’s latest quality Bar 38 conceptAs a result of the influx of bars to Peter Street tremendous interest is being shown by many of the major A3 operators.

Work on Phase 11 of The Great Northern has just started which will see the fitting out of the retail units within the Warehouse and the building of US cinema giant AMC’s new 24-screen multiplex cinema.

Healey & Baker represented Morrison Merlin Ltd and Matthews & Goodman acted for Scottish & Newcastle Retail.

A new office development, which has yet to be built, will have a Grade 11 listing on completion.

Country Bus Company depot which was built in 1932 and listed by English Heritage in 1982Developer Pace Investments and architect The Helper Partnership have devised a scheme which retains the bus station’s listed outer shell and incorporates a highly contemporary frontage with spectacular glazed elevation and three-storey Atrium.

The original building, designed by the Wallace Gilbert Partnership – noted for the Hoover Building on the A40 – was a charade, in that the Arts & Crafts period style barn-like wall and roof, hid what was essentially an industrial type building.

The essence of this design has been retained, in that the listed feature still hides the true use of the building.

Pace Investments considered a number of uses for the property, including residential, retail warehouse, leisure and offices but it was soon clear that office use would provide the best and most workable option while still preserving the important listed features of the building.

The new development will total 6,057 sq m (65,424 sq ft) of office space spanning three floors incorporating specifications usually only found in out-of-town business parks or offices in the City of London.

Architect for the scheme is The Halpern Partnership while the developer is Pace Investments.

Designed by Building Design Partnership, won the Award in the Office Building category at MIPIM, The International Property Market, in CannesWere presented at a ceremony at 10th annual MIPIM exhibition/conference on Saturday 13 March (1999).

Building in on a site at Port Hamilton close to Edinburgh’s city centreThe new HQ represents the first phase of development of the 2.

6 ha (6.

5 acre) site and accommodates 1,500 staffin linked blocks rising from a common base of support facilities and parking to form public and private spaces.

The central crescent block extends above the five-storey scale of its surroundings, affording occupants superb views of Edinburgh Castle.

The design concept evolved from analysis of the brief and site opportunities.

Walkway through the scheme to a central circus which covers a 200 car silo of public parkingThe scheme also incorporates significant areas of hard and soft landscaping including clashes stone paving and a central garden, private to Scottish Widows yet overlooked by the public walkway through the site.

Black & Decker is pleased to announce the appointment of Colliers International to provide specialised consulting services for management, acquisition, and disposition of Black & Decker’s real estate holdings in Europe.

Colliers Erdman Lewis of London and Colliers Pinkard of Baltimore will provide the resource and have hired Alan Cars well, until recently head of Industrial at DTZ Debenham Thorpe, to work exclusively on Black & Decker’s behalf and will be based at their Slough HQ.

Jack Gaylord, Director of Real Estate for Black & Decker comments, we have our real estate holdings under constant review and we believe the partnership with Colliers is the right way forward.

We can leverage off their extensive European organization and the expertise of the London and Baltimore operations.

Alan Cars well’s experience will be invaluable to the Corporation and we are confident that partnering with Colliers will help us meet our objectives in Europe.

Edward Hine has been appointed as a salaried Partner.

Edward specializes in the distribution/warehouse sector in the East Midlands and over the last 12 months has concluded major lettings/acquisitions for the likes of Curtails, Dixons and Boots the Chemists.

Specializing in the office and industrial sectors within the East MidlandsJonathan was responsible for negotiating the first ever PFI Police Station development for the Derbyshire Police Authority at Ilkeston.

Steve Holland, who heads the firm’s Valuation and Rent Review Department, has also been appointed as an Associate Partner.

The company was recently placed 88 in the Estates Gazette Top 100 Survey of the country’s largest firms of surveyors.

Continuous operational improvement and staff development on Kvaerner Construction International’s projects around the world are to be targeted by the company’s new technical director, Nigel King.

His appointment is part of the company’s drive to improve project performance in all areas to ensure that it maintains its position as a leading and respected international contractor.

Mr King has worked for Kvaerner for 15 years on various building and civil engineering projects both in the UK and overseas.

Most recently he has been employed as the senior engineer on the Tsing Ma BridgeThe Pocket Phone Shop will trade off the 300 sq ft, newly built unit 2a at Tops Estates’ Ladysmith Shopping Centre in Ashton-under-Lyne, Greater Manchester.

The Pocket Phone Shop has taken a 10 year full repairing and insuring lease subject to 5 yearly upward only rent reviews at a commenting rent of £27,500 per annum exclusive.

Richard Abbiss, director in Conrad Ritblat’s retail department in Leeds commented: With only one new unit vacant we are confident that it will be let and trading in time for Easter.”

The flagship unit, which is currently being developed, should help to plug the demand for large space that Ashton currently cannot accommodate.

“We have been delighted with the strong demand for these modem units and with the increased customer footfall within our centre.

The continued letting success underlines the strength of the centre and Ashton as a shopping destination.

Other retailers in the centre include Marks & Spencer, Boots, International, Burtons, Dorothy Perkins, Going Places, Mother care, Peacocks, JD Sports and Granada.”

Conrad Ritblat and Donaldsons advised Tops Estates PLC.

Robinson Somerston advised The Pocket Phone shop.

Guardian Properties has let a ground floor unit at Abbey Court, Exeter, comprising 385 sq m (4,140 sq ft) to NHS Direct.

The unit is occupied on a five year lease at a rental of £41,400 per annum.

Abbey Court is a Business Park of eight units totaling 4,924 sq m (53,000 sq ft) close to the junction with the M5.

Chris Carter-Keall of Guardian comments since we purchased Abbey Court one year ago we have let 929 sq m (10,000 sq ft), achieved attractive rents and rejuvenated the investment through an aggressive marketing campaign.

Other tenants at Abbey Court include Pearl Assurance, Oscar Faber, Eurobell and Connect South West.

“Gooch and Webster advised Guardian.

Knight Frank advised NHS DirectTog 24 has taken one of the last few available units on the ground floor at the 116,000 sq m (1.”

25 million sq ft) Whit gift Shopping Centre in Croydon.

Has taken a 81.

2 sq m (875 sq ft) unit plus 47 sq m (509 sq ft) of ancillary space on a 15 year lease with 5 yearly rent reviews at a total rent of £85,000 per annum.

Goldsmiths, Athena and Electronics Boutique have become the latest retailers to take units at Two Rivers, MEPC’s retail and leisure scheme in Staines.

The trio have taken units along the scheme’s pedestrianised Norris Road which is due for completion in September 1999.

Norris Road provides the link from High Street and the Elmsleigh Centre through to Two Rivers where Boots, Curry’s, First Sport,Holiday Hypermarket, Carpetright, McDonalds, JJB Sports and Allied Carpets are already open and trading.

These deals closely follow lettings to Toni & Guy, Sony Centre and Birthday’s who have also taken units along Norris Road.

Two Rivers is located in the heart of Staines – about two minutes from the M25 (Junction 13).

Presently, the development, which is being phased, combines 9 retail warehouse units and 25 pedestrianised High Street units along with 650 car park spaces.

Jewellery, watches and crystal retailer Goldsmiths has taken a 15-year lease for a 306 sq m (3,299 sq ft) unit at the entrance to Norris Road.

The unit comprises a ground floor of 157 sq m (1,699 sq ft) and first floor of 148 sq m (1,600 sq ft).

The rent is £89,000 per annum.

Cards, posters and gifts retailer Athena has acquired a unit comprising a ground floor of 107 sq m (1,162 sq ft) and a first floor of 109.

43 sq m (1,178 sq ft).

Athena, which has taken a 15-year lease, is paying a rent of £50,000 per annum.

Electronics Boutique has also agreed a 15-year lease for a 226 sq m (2,440 sq ft) unit comprisingThe computer and video games software retailer is paying a rent of £50,000 per annum for the unit.

The letting agents for Two Rivers are: Healey & Baker Lunson Mitchenall and Angermann Goddard & Loyd.

Swanke Hayden Connell Architects has completed a two-phase high quality fit-out of office suites for the growing serviced-office market leader SHC’s services ranged from brief consolidation through to space planningscheme design and statutory applications in a two-part programmed, which was completed in ten months.

The architects were commissioned by Regus to adapt and apply their space standards and design guidelines to two wings of the recently refurbished building for this flagship location, which was undertaken in conjunction with Ibex Interiors.

The 36,600 sq ft scheme comprises mainly closed offices, meeting rooms and comprehensive office support areas for a wide and flexible range of renting optionsThe design incorporated a high regard for lasting and visibly high-quality materials, finishes and detailing.

Particular attention was paid to the acoustic performance of the metal-faced monobloc relocatable partitions, to ensure an optimal balance of variable room sizes and privacy in the corridors and offices.

Two new industrial lettings have recently been secured at Harmony Court, Govan Glasgow owned by London based investor O & H Ltd.

Unit 3 has been taken by West of Scotland grocer and delicatessen chain, Malcolm Campbell Ltd.

Two new industrial lettings have recently been secured at Harmony Court; Govan Glasgow owned by London based investor O & H Ltd.

The unit extends to 490 sq m (5,285 sq ft) and now forms the retailer’s headquarters, administrative and distribution base serving their chain of outlets throughout the Greater Glasgow Area.

A 15-year lease was agreed at an initial rent of £20,500pa rising to £25,000pa Earlier in March, Scottish Telecom signed up for Unit 4 as part of the expansion of subsidiary,The Call Centre Service The unit provides 5,994 sq ft and has been taken on a 15-year lease agreed at an initial rental of £26,950pa.

Graham & Sibbald has been appointed by Post Office Property Holdings (POPH) to provide property management services for 143 of its properties across Scotland.

The contract, which is for an initial two year period, covers Scotland north of the Forth and includes Central, Fife, Graham & Sibbald’s remit covers Royal Mail delivery centres, Parcelforce Depots, Post Office Counters’ branch offices and administration offices, and includes general property management duties, rent reviews, lease renewals, minor / temporary lettings, boundary disputes, and compensation cases.

The contract will be managed by Graham & Sibbald’s Edinburgh Office reporting to Post Office Property Holdings at Westport House, Edinburgh.

S J Berwin & Co acted for Milner Estates on the establishment of the new £100m Norwich Union Milner Retail Limited Partnership.

A combined Property and Corporate team, jointly led by Sally Pinkerton and Philip Goldenberg, Gloucester and Stevenage for an aggregate consideration of some £96 million, and Milner itself on its 50% participation in the Partnership.

Bank of Scotland provided debt funding both to the Partnership and to Milner as one of the Limited Partners.

S J Berwin’s Banking Partner Gillian Smith headed a team which advised both the Partnership and Milner as borrowers.

S J Berwin Partners Heather Corben and Tamasin little advised on tax and regulatory issues respectively.

The shopping centres will be managed by Milner’s subsidiary Specialty Shops Management Limited,Whom S J Berwin also advised on the related management agreement, Norwich Union were advised on the corporate side by Berwin Leighton: its in-house legal department advised on the property sales.

Bank of Scotland were advised by Dibb Lupton.

Crane spotting is set to challenge train, plane and bus-spotting as the new sport for anoraks in search of a good day out – and Manchester is crane-spotting nirvana.

Approach the city from any direction and a quick glance of the skyline shows that we are enjoying a boom in development which will soon boost the city’s coffers.

Shopping development is dominated by the 300,000 sq ft Marks & Spencer store which is being built to replace the one destroyed in the 1996 IRA bomb.

It is due to open late this autumn and will make a tremendous difference to city centre trade, predicts Martin Tonks of property consultants Drivers Jonas.

When Marks & Spencer reopens there will be a massive inflow of shoppers and it will do much to win back trade lost to surrounding areas since the bomb,” says Mr Tonks.

He is monitoring development in the city and says that new schemes complement Manchester’s Victorian inheritance of quality buildings – and many of these old buildings are themselves being revitalizedThe Great Northern Warehouse Development will offer a mixture of shopping and leisure with a 24 screen cinema, bars, cafes and restaurants.

The Print works in the shell of the former Maxwell House Building will have a multiplex cinema combined with retail and commercial leisure.

Almost every sector of the city is changing, with new hotels – Premier Lodge in Lower Mosley Street and Jury Hotel in Great Bridgewater Street stylish city centre apartments such as Britannia Mills at Castle field and The Grand in Ayton Street.

And while there is little new office development, tired old blocks are getting stylish facelifts by developers such as Brentwood.

Tonks predicts 1999 will bring continuing investment in all sectors of the city centre.

London based fund managers; Phillips & Drew have just concluded their purchase of the Readers Digest Mailing Centre in Swindon for £7.

The premises, located adjacent to junction 16 of the M4 Motorway, within the Blagrove Industrial Estate, extends to some 212,500 sq ft The centre includes an air-conditioned office building of 52,000 sq ft (4,831 sq m) which was constructed in 1990.

The remainder of the centre comprises 1970’s constructed warehouses, ancillary buildings and car parking.

The centre became available following the purchase of The Readers Digest Mailing Centre by Color graphic (Leicester)Limited who offered a sale and leaseback opportunity and have entered into a fifteen year lease at an annual rental of £1,200,000 per annum.

Our clients are delighted with this purchase.

They are actively seeking to increase substantially the stock of large industrial investments within their holdings throughout the UK and the Readers Digest Mailing Centre helps to fulfill this need.

Phillips & Drew are looking for similar property throughout the U K.

Color graphic (Leicester) Limited were represented by A C R Gibbs Hale and the purchasers Phillips & Drew were advised by Hartnell Taylor Cook.

City Centre following the move into larger space on the sixth floor by Gettings Hogben.

Macclesfield based property investors, Magnus Ltd, are carrying out a rolling refurbishment Programmed in this seven storey building which has attracted AHT Limited and NH Computer Training amongst othersThe Graduate Training Sculpture on the outside of the building continues to stop passers-by and Steve Widdow son of Magnus believes it has been a positive factor in attracting tenants.

The distinctive sculpture makes the building stand out from other refurbished office buildings in the City Centre.

Richard Ellis St Quintin and Edwards & Co are the letting agents.

Ben Gregory of Richard Ellis reports some enquiries have already been received and those expressing interest are attracted by both the flexibility of layout available within the space and the flexible lease terms.

Two new retailers have agreed leases for units in the Chequers shopping centre, Maid stone, Kent (ME15 6AT).

Barings, the newsagent chain that already has three units in Blue water, has taken a new 10-year lease on a 46 sq m (500 sq ft) unit for its CTN operation.

The rent is £30,000 per annum with an additional turnover element.

The Birings store is located adjacent to Stylo Barratts and Electronics Boutique on the King Street level.

Computer hardware retailer Time Computers has agreed a new 10-year lease for Unit 239 on Level 2.

Time Computers, which has 147 units in the UK, is paying a rent of £32,500 per annum for the 71 sq m (765 sq ft) store which also has 274 sq ft of ancillary storage.

The unit is located adjacent to Sports Soccer and directly opposite Bhs.

The 37,160 sq m (400,000 sq ft) Chequers is owned by the Stone borough Trust and asset managed by Richard Ellis St Quintin.

Birings was represented by Stalder & Co.

Time Computers was represented by Molyneux Rose.

Simon Wilson of Dalgleish & Co says that interest in the Chequers and Maid stone remains high in the wake of the Blue water opening.

We have been pleased with comments from retailers that trade has not been affected by the opening of Blue water,This is underpinned by the fact that there are no readily available units at the Chequers.

We have a number of retailers who still wish to gain representation and we continue to identify future opportunities for them.

Sixty new jobs are to be created by a £1 million McDonalds drive through restaurant now under construction at Lincoln’s Brayford.

Developers – The Brayford Partnership Limited, a joint venture between Lincoln based LimesDevelopments Limited and Skuthorpe based Clugston – say the 75 sweater restaurant which will cater for adults and children – is on course to be open in about 12 weeks time.

A spokesman for McDonalds said: “We are very pleased to be coming to the city and look forward to providing a service to the people of Lincoln.

” Thirty full time and 30 part time jobs will be created.

This development is an example of the growing interest and pulling power of the city following the opening of the university and other significant developments.

This first phase opens up the prospect of further development and potentially hundreds of new jobs in what is a prime edge of city centre site,The development of McDonalds on three quarters of an acre site has opened up the potential for the development of a further 20 acres in this prime city centre location.

The next phase will see a hotel, which already has planning permission, situated on an adjacent two acres, said Bill Dixon.

a director of The Branford Partnership and managing director of Clugston’s property division.

Contractor for the McDonalds drive through restaurant is the county based construction group, U.



Glasgow, the prime freehold office redevelopment, from Tees land Group plc, (Tees land””), for £16.”

The sale represents a net initial yield of 6.


Princes House is the major headquarters office redevelopment, air-conditioned offices over lower ground, ground and six upper floors with 55 underground car parking spaces.

The property is let to Bank of Scotland plc in its entirety for a term of 25 years from 23 September 1998 with a tenants break option at year 20.

Tees land’s redevelopment created an ideal investment property and with Glasgow continuing to attract strong UKIduna Nova have now set up a new special fund to by managed by HansaInvest – Hansa Real 1 which is also seeking suitable investment in GB, although Princes House has been purchased by the existing open ended fund.

Teesland announces that it has submitted a planning application for 4,700 sq m (50,500 sq ft) of light industrial space at its Phoenix Court development at Furness Business Park in Barrow.

Subject to planning consent being achieved, Tees land expect to start work on site in Autumn of this year and hope to complete Phase I by January 2000.

Once Phase I is completed Tees land will commence the second phase.

The proposed development is being undertaken with the assistance of grant funding from English Partnerships and will comprise 10 light industrial units of sizes ranging between 280 sq m (3,000 sq ft)We are confident that this development will attract a good level of tenant interest.

Barrow has a high number of start-up companies in the region who need modem quality workspace.

At Phoenix Court, we will be offering them first class industrial accommodation on flexible terms, which we hope will meet their needs and requirements.

“Approximately £850,000 has been spent on improvements and reconciliation.

The scheme is now almost fifty let and the rental income has virtually doubled.

Wilkinsons Hardware Stores, KFC, Oliver Timpson Shoes, and Happitt are amongst the recent signings, underlining the commerciality of Allied London’s ideas.

The sale of this asset to a pension fund after only two years highlights how specialist skills, innovative thinking and determination, can bring about significant improvements in value, performance and perception.

REIT Asset Management has appointed Lee Baron to manage their recently acquired Tower Ramparts Shopping Centre, Ipswich.

The centre, which fronts Tavern Street, totals 12,280 sq m (132, 000 sq ft), of space with the anchor store Littlewoods, 33 shop units and a restaurant.

Acquired from Prudential for £24.

3m, 86% of its income is secured on lettings to national multiple covenants and 90% of the income is secured on leases of over ten years.

Our team has extensive experience of managing similar schemes and we look forward to working in partnership with the tenantsClerical Medical, advised by Mason Philips, has acquired a 23,225 sq m (250,000 sq ft) warehouse development site in Wolverhampton from Swan Hill Properties and Caterham Development Company.”

Know as Antar, the 5.

33 ha (13.

67 acre) site at the corner of Stafford Road and Wobaston Road near junction 2 of the M54, has outline planning consent for B1, B2 and B8 use.

The development will have an estimated end value of £12.

8 million.

Clerical Medical has agreed to purchase the first phase, a 7,318 sq m (78,750 sq ft) warehouse on 2.

02 ha (5 acres) which has been pre-let to BSL Limited on a 15-year lease at £388,191 pa.

A further 0.

2 ha (0.

5 acres) of the first phase has been reserved for 1,858 sq m (20,000 sq ft) of additional warehousing space for BSL Limited.

The £4.

8 million initial commitment will show a net initial yield of approximately 8%.

The 3.

51 ha (8.

67 acre) second phase will be built out for at least 14,000 sq m (150,000 sq ft) on a pre-let or design and build basis.

Clerical Medical has paid some £1.

4 million for the site and has appointed Swan Hill Properties Limited and Caterham Development Company as developers.

This modern, attractively designed, red brick office building in the heart of Tilehurst, a thriving residential and commercial suburb to the west of the town centre,Bryco Glaze Plc took occupation within four days of viewing the space, at a rent of £16,250 per annum with a rent review in the third year, and certain first year incentives.

The overall package equated to an achieved rent in excess of £13 per sq ft, a record in recent times.

Teesland Group’s £26 million retail development, Regent Walk in Redcar, Teesside, which is being developed in partnership with Redcar and Cleveland Borough Council, the acquisition of properties in the Wilton Street area of the town for the new developmentand the enthusiastic response from retailers wanting space in the shopping centre.

The Compulsory Purchase Order (“CPO”) Notices have now been served on all property/land interests within the site area and acquisitions completed to date by English Partnerships have been negotiated by agreement.

Teesland has spent the last three years bringing the project to fruition and has been working closely with Redcar and Cleveland Borough Council, One North East and English Partnerships, who believe there is growing recognition of the significant benefits which the Centre will bring to Redcar.

When complete, it will be one of the North East’s most modern shopping centres.

Regent Walk is on target for its opening date of Christmas 2001.

We have made substantial progress in agreeing terms for the purchase of these properties and in attracting major high street retailers to the development.

It is extremely good news for Redcar town centre and shoppers there and in surrounding areas.

The scheme will enhance the profile of Redcar, retain business within the town and ultimately give a tremendousRegent Walk will provide the local community and surrounding populations with a much wider range of shopping facilities, boost to the local economy – creating 120 jobs during the construction period and around 400 permanent jobs in the new shops within Regent Walk.

benefit retailers with requirements for units in the town centre and encourage investment into Redcar.

which will be linked to the existing High Street and will include 23 shopping units, together with parking for over 700 cars.

16 of the retail units are currently in solicitors’ hands with a further two in detailed negotiations.

Meeting market demand, Crest Nicholson Properties (CNP) this week started on site, with the speculative development of a 6,503 sq m (70,000 sq ft)This speculative phase known as The Perry Centre is arranged in four high quality industrial units.

The available space ranges in size from 928 sq m (9,990 sq ft) to 2,519 sq m (27,120 sq ft) with parking for a total of 140 cars.

The scheme is scheduled for completion shortly after the 106 bed Holiday Inn Express hotel and the Bass pub/restaurant open for business in Easter 2000.

It is Crest’s confidence in the location of Water wells, which has determined the progress of this speculative projectThe Business Park is positioned adjacent to the A38 trunk road and only one mile from Junction 12 of the M5.

Junction 11a of the M5 is only 7 miles away and provides access to the newly dualled A417/419 link road which in turn links the M5 with the M4.

Halifax plc has let a former bank building at 17 Winchester Street, Basingstoke RG12 1EH to allied Domecq plc.

The wines and spirits group has taken a 35 year lease on a building owned by Halifax plc at 17 Winchester Street, Basingstoke.

Allied Domecq has acquired the four floor building to trade as a Firkin public house.

The property, which is located in Basingstoke’s prime leisure pitch, comprises a ground floor of 185 sq m (2,000 sq ft) and ancillary space of 175 sq m (1,885 sq ft).

The rent is £80,000 per annum.

Stephen Kane & Company acted on behalf of the landlord, Halifax plc.

Allied Domecq represented them.

which include fully fitted first floor office accommodation and range in size from 4,055 sq m (43.

645 sq ft) to 6,569 sq m Detailed planning consent has also been obtained for the development of 3,577 sq m (38,500 sq ft) phase 2 of the scheme.

The entire project has been funded by Henry Ansbacher & Co Limited.

Located to the north-west of Luton town centre, junction 11 of the Ml motorway is approximately two and a half miles away, with British Rail Thames link (Leagrave station) being someone and a half miles from the site.

Luton Enterprise Park currently offers some of the largest and economic light industrial and warehousing space in the two counties of Beds and Herts.

Bank plc which will also be used to refinance a £7m loan due for repayment in five yearsAs a result of the purchase LAP’s gross property assets have risen to £91 m and group assets have topped £100m for the first time.

The project includes the demolition of existing undersized retail units and rebuilding to suit modern day retailing.

The centre, provisionally called The Castle Mall, is shown by architects, Hay Lough Davis, as being fully enclosed, with a multi storey car park and additional retail space in excess of 100,000 square feet.

Town Centre Initiatives – a private limited company – who progressed the outline planning A first floor ‘void area’ has not been designated with a use.

Application with Regent post, are working in partnership with Dunbartonshire Enterprise and A Town Centre Action Plan for Dumbarton is currently in production and will be available by October this year.

Multi York Furniture Limited has secured new premises in Shrewsbury town centre on Castle Street.

The new store is situated close to the recently extended Marks & Spencer property.

Multi York has taken a new lease for 20 years incorporating 5 yearly rent reviews at a rent of £55,000 per annum exclusive of 32/34 Castle Street.

The shop provides approximately 306 sq m (3,294 sq ft) on ground floor with ancillary stores and staff accommodation.

King Sturge & Co and Nicholas & Brett & Co acted for the landlord, whilst Innes England acted for the tenant.

Steve has joined the practice from Gadsby Orridge Limited in Derby, but previously practised in Nottingham where he has lived all his life.

Steve joins at an exciting time in the evolution of FHP anda at a time of rapid growth of the Management & Professional Services Department.

Ed Vanstone has also joined the Management & Professional Services Department from FPD Savills.

Ed will work as an assistant to Steve Gillott on both professional services and management instructions.

S J Berwin & Co acted for The British Land Company Plc in its pre-letting agreement with Abbey National Plc in connection with the new development at Regent’s Place.

The agreement is for the construction of a new headquarters of Abbey National and has been specifically designed for them.

The six storey 18,200 sq m building includes a five storey atrium, the ground floor of which will serve as an internal street.

The building will add life and interest to the working environment at the Regent’s Place Estate as well as a vibrant frontage to the Euston Road.

The S J Berwin & Co team consisted of partners Jeff Smith (convincing) and Ian Insley David Beales and John Nevin of Slaughter and May acted for Abbey National.

The decision to select Wembley as the National Stadium has focused public attention on the area and Wembley Park Station as a critical element of the local infrastructure.

The station is approximately 100 years old and is in poor condition, both structurally and aesthetically, and has suffered increasing maintenance expenditure over the years.

Many structural and operational elements are life expired and are in need of extensive refurbishment or replacement.

Existing entrances and passenger flows serving Wembley Stadium and Arena events are placing a severe strain on the station and the booking hall walkways and the overbridge are frequently congested.

The usage of the station is predicted to decrease significantly as a result of the Jubilee Line Extension and future Cross Rail projects.

The prime concerns for the redevelopment proposals are the safety and security of passengers and staff, as well as the maintenance of operations, the provision of congestion relief and improvement of the architecture to benefit the local environs.

The awarding of this project has come about from a succession of projects by F+A and subsidiary, Recent successful ventures include Jubilee Line Extension, track works at Wimbledon and station works at Stratford, Camden Town, Bank and Kings Cross.

The largest office letting so far this year in Exeter has recently taken place, with Permanent Administrative Services taking 3,019 sq m (32,500 sq ft) on a 17 year lease at Pynes Hill House.

The remaining space, comprising the self-contained Pynes Hill Court, totalling 3,112 sq m (33,500 sq ft), The quoting rent is £118 per sq m (£11 per sq ft) and Pynes Hill Court is being targeted to not only office but also call centre users.

Commenting on this letting, Mark Tillson, a director of Lambert Smith Hampton said, We were initially appointed due to our wide geographical spread of offices and are delighted that Permanent Administrative Services has decided to expand into this property.

The remainder of the building offers immediate occupation for fitting out purposes”.

J Smart & Company (Contractors) plc.

are delighted to announce the letting of Phase III at Dunfermline Business Park.

Glenmore Lomond Paper Group Limited (part of the Robert Home Group) will be taking occupation of this high quality production/warehouse facility which will extend to approximately 2,787 sq m (32,000 sq ft) “This commitment from Glenmore Lomond further cements Duffer line Business Park’s” standing as one of Fife’s fastest growing business locations.

Other existing tenants within the Park include City Plumbing Supplies, Weatherseal and Signs Express.

Dunfermline Business Park was developed with support from Fife Enterprise.

John Mair, head of the local enterprise company’s property team, said:Glemnore’s decision to locate at Dunferm line reflects the sustained demand for this type of property in Fife.

Effective in ensuring sufficient commercial property is available to meet this demand.

In turn, this is helping encourage as many job creation opportunities as possible in Fife.

” King Sturge & Co and D M Hall represented J Smart & Company (Contractors) plc.

and Underwood’s acted on behalf of Glenmore Lomond Paper Group Limited.

Fisher Hargreaves Proctor acting on behalf of private landlords has let premises at 5 Byard Lane to Reiss Menswear.

Reiss, who have had a requirement for Nottingham for some 2 years, were represented in the transaction by Michael Peddar & Co.

The property was previously a chapel and has considerable character with a part glazed roof He commented that the letting to the 1998 mens retailer of the year was another indication of the strength of demand for the fashion market for retail units on Bridlesmith Gate and the surrounding streets.

Fisher Hargreaves Proctor also recently let a unit at Victoria Street to French Connection which again was perceived to be off pitch, but which provided a quality character building which complements the fashion statement of the retailer.

The premises have been let at a rent of £60,000 per annum on the basis of a new 20 year lease.

has sponsored Professor Steven Male at University of Leeds to act as a Senior Research Fellow in value management.

He is considered a foremost authority on value management consultancy and will be a valuable advisor to F+A in this growing service sector.

Professor Male’s advisory role will encompass research in value management,His findings will help develop processes and procedures for improving project value and delivery to clients.

Professor Male is a proven expert in value management.

He will be providing us with valuable research into what is an expanding service required by clients.

We look forward to working with Professor Male and further developing our long term relationship with Leeds University.

Next has doubled the size of its store in The Shopping Centre Milton Keynes in the first stage of a planned expansion programme at the Centre.

Next has taken an additional 511 sq.


(5,500 sq.

  1. ft) at a rent of £285,750 per annum giving a total of 1,025.

6 sq m (11,040 sq ft).

Dolcis has also relocated to a new unit adjacent to Anne Harvey, comprising 287.

9 sq m (3,100 sq ft) unit, which will be fitted out in accordance with their new national operating requirement.

Dolcis will be paying a rental of £132,000 per annum.

Commenting on the restructuring, Andrew Martin of joint Landlords Hermes said: We have successfully met the requirements of three retailers in this back to back”” reshuffle.”

Both Next and Birthdays have been keen to extend their commitment to the Centre and we and agents for the Landlords are DTZ Debenham Thorpe and Dalgliesh.

Jackson Criss acted for Birthdays and Next and Dolcis were not represented.

bought by local developers who are retaining it for industrial use, in a sale which defied market expectations.

Alan Dykes, who has a long association with East Bristol, saw the potential of keeping the premises in its existing use by splitting the site into smaller lots on flexible leases.

His confidence in the market has already been rewarded with terms being agreed on over 75% of the space, including a letting to Kerry Foods of about half the warehouse space at £80,000 per year.

Michael Rose of Hartwell Taylor Cook who acted on behalf of Kerry Foods said.

We were not surprised by the high level of interest we received from residential developers but none of them were able to top the offer from Alan Dykes which reflected his belief in the growing industrial market in the area.

Who acted jointly on the disposal of the premises with Fuller Peiser, have been re-instructed on letting the remainder of the space.

Merivale Moore plc.

, the property investment company, has exchanged contracts to purchase a freehold industrial estate at Langley, Slough for £2.

6 million representing an attractive net initial yield of 9.

7 % and has sold four of its smaller non-core assets realising some £2.

The new purchase is The Deseronto Trading Estate which is conveniently situated within the M4 corridor close to the junction with the M25.

Comprising one office and 19 industrial units, the Estate provides some 57,000 sq ft and 70 car parking spaces.

It is let to 18 national and local tenants producing a total income of £264,631 per annum.

Eleven units are let on leases expiring after between 3 and 9.

5 years, the other nine units are let on long leases with an average of 97 years remaining.

King Sturge & Co represented the vendor, Industrial Securities (Slough) Ltd.

The purchase will be financed from existing bank facilities.

Michael Probert, Property Director, commented that the scarcity of well located available industrial accommodation would lead to further upward pressure on rents and that the potential for value enhancement through positive management was enormous.

Merivale Moore’s strategy to invest in Central London property and in the industrial sector close to the M25 was being implemented successfullyMore sales of smaller non-core holdings are likely and Merivale Moore aims to purchase up to £25 million of additional property during the current financial year to 30 June 2000.

The Prudential and The Mercers’ Company, advised by GVA Grimley, have sold the freehold investment of 11/13 Silver Street, Bedford, to Middlesbrough Borough Council for £1,765,000, reflecting an net initial yield of 6.

11 Silver Street is let to Dillons UK Ltd (trading as Waterstones) on a 20-year FRI lease from 24 June 1989.

1970 at £66,000 pa with seven-yearly rent reviews.

The two units comprise a total of 481 sq m (5,181 sq ft) on ground, first and second floors, providing a 205.

6 sq m (2,213 sq ft) sales area.

(GPE) has acquired the former Co-operative Retail Services adding 3,716 sq m (40,000 sq ft) to their existing 27,871 sq m (300,000 sq ft) interest.

Peter Shaw, Retail Director for GPE, comments: This additional space will provide us with the opportunity to further enhance the tenant mix at Charter Walk The exact configuration of the space has not yet been decided, but we are currently considering options to create up to six new units in line with retailer demand.

The acquisition of this space is part of an ongoing asset enhancement programme at Burnley.

Only seven months ago GPE completed 7,432 sq m (80,000 sq ft) of lettings to TJ Hughes and Wilkinsons at its adjoining Curzon Square retail centre,as well as agreeing a deal with George Watt Parking Limited to operate the new 500 space car park.

The combined rental income was £680,000 per annum representing a yield of 8%.

Charter Walk is owned by GPE under a long lease agreement with Burnley Borough CouncilLetting agents acting on behalf of GPE are Daigleish & Co Having successfully pre-let their 500,000 sq ft development at 120 Fleet Street to Goldman Sachs, the Fleet Street Partnership (FSP), clients of Hurley, Robertson and Associates’, were placed under an obligation to deliver a building of high and strictly defined quality within a fixed deadline.

A JCT81 design and build contract with Kajima Taylor Woodrow, was agreed.

The Fleet Street partnership, in consultation with project managers Gleeds, decided that greater hands-on control was required than would normally be given by this procurement route.

Hurley, Robertson and Associates had been employed by FSP to obtain Planning Permission and prepare full documentation, had been contracted to KTW, and could no longer report directly to their original employers without a potential conflict of interests.

FSP nevertheless believed that Hurley, Robertson and Associates’ knowledge of the project’s technical and architectural objectives provided the practice with the best possible credentials to serve in a monitoring capacity.

It was therefore decided to appoint an entirely autonomous team of architects from Hurley, Robertson, answerable to a different Director, to monitor design and construction standards on FSP’s behalf.

Hurley, Robertson and Associates’ Team B was thus appointed, alongside a parallel Ove Arup and Partners’ eam B, to review design information (including that prepared by HRA under their original appointment and subsequent novation),Any possibility of a conflict of interests has been Aeliminated though strict working protocols.

HR&A’s Team B have felt able to report without fear or favour, directly to FSP, as their comments are relayed and acted upon without disclosure of their source.

HR&A could not possibly compromise its objectivity and HR&A have twice the liability in this situation and would be negligent if they applied anything below the highest professional standards.

The appointment of HR&A’s Fleet Street Team B offers one of many examples of the practice’s ability to work in a wide variety of capacities, in collaborative and partnering relationships, and where appropriate pursuing innovative procurement and management strategies.

MEPC has purchased 14 acres of B1 development land at Leavesden Aerodrome, Watford within the North West quadrant of the M25, from Third Millennium Group.

The remainder of the site is currently used as film studios and recent movies include Star Wars and James Bond’s Golden eye.

The site will accommodate approximately 300,000 sq ft for B1 office development and due to its proximity to the M25 and MI will provide a superb location for corporate occupiers seeking both national and international headquarters.

Heathrow and Luton Airports are within a 30 minute drive and there are two rail stations both serving central London with travel times of around 25 minutes.

The Park itself is situated within 300 acres of landscaped greenbelt and provides an excellent working environment.

With the shortage of large sites along the M4 corridor together with the benefit of occupation costs being approximately 20% lower than the Western Corridor, we anticipate strong tenant demand for this location.

This purchase complements MEPC’s Business Space strategy of acquiring strategically located opportunities, with critical mass, in the South East.

And the Wiggins Group plc.

Have exchanged contracts for the development of 350 acres on London-Manston Airport and the adjacent Manson Business Park.

Wiggins will retain control of the airport and the airport operational land.

Will acquire land from Wiggins on demand at an initial price of £100,000 per acre for development.

Under the profit share arrangement,Will take a priority return on all development with surplus profits thereafter being split equally between the partiesAnd Wiggins, as the airport operator, will work in partnership to drive forward the development of industrial and air related accommodation together with the growth of London-Manston Airport as a major freight and passenger service provider for the South East.

In addition, MEPC will fund Wiggins’ development of 305,000 sq ft of air related buildings for £18,000,000.

Wiggins will feel back the whole accommodation for a 25 year term at an initial rent of £1,677,000 per annum.

Wiggins will in turn sublet the accommodation to air related businesses on flexible terms.

This a great step forward for Wiggins and the people of Thanet.

We have to date made a tremendous investment in the future prosperity of Thanet which has been recognised by the involvement of a partner of the quality “of mepc in our future plans for london-manston airport and manston park.

” – Google SearchI look forward to working together with MEPC on this development which we believe will be the engine room for economic growth in East Kent.

I also look forward to discussing with MEPC other developments we have in mind.

With ever increasing growth of air traffic in the South East, London-Manston offers considerable potential for handling passengers and cargo for the London and South Eastern market.”

As Wiggins expand the commercial operations of the airport to service the increased demand for landing slots,We look forward to working with them to meet the associated demand for office and industrial accommodation from air-related occupiers.

In the long term, we expect Man ston to achieve critical mass as a new air-related business park for East Kent.

“S J Berwin & Co acted for Delancey Estates plc.

Through its subsidiary Delaney Cardiff Millennium UK Limited – in the funding of the Millennium Plaza in CardiffThe Millennium Plaza is one of the major entrance features for the new Millennium Stadium – part of the high profile regeneration of the former Cardiff Arms Park she.

It is a six-storey leisure complex with a cinema, health club, swimming pool, bars and restaurants and will provide a focal point for the new Millennium Stadium which is the venue for this year’s Rugby World Cup final.

The S J Berwin team was led by Tim Brittain, Partner in the Property Department.

Other advisers to the project included Berry Smith, Edwards Geldard, DTZ Debenham Thorpe and Cardiff County Council’s in-house legal team.

Neil Grice, formerly with Gooch Webster and Churston Heard has joined Nelson Bakewell as a Director in charge of their Retail Agency Section.

Grice, 32, will be working with the existing retail teams headed by Jonathan Brown (Shopping Centres) and Peter Woods (Central London).

Neil’s retail experience spans from his time at Churston Heard, where he was ultimately head of the West Midlands Retail Agency team to Gooch & Wagstaff where his remit was to set up a retail department.

Following the merger he was a Director at Gooch Webster and has built up a wide amount of expertise in both high street and shopping centre agency.

Commenting on the appointment, Head of Agency Tracy Collins said, his experience will provide us with an added dimension to our growing retail agency team.”

Grice’s arrival is seen as another example of Nelson Bakewell’s committed strategy to develop its retail business.

Whitgift Shopping Centre in Croydon setting a new Zone A benchmark of £2,421 p sq m (£225 p sq ft).

Claire’s Accessories, which has been reporting excellent business since opening at The Whitgift in April 1997, is more than doubling the size of its existing unit.

Relocating to prime pitch opposite the Disney Store having taken a surrender of the Jeffery Roger lease, the 87sq m of ancillary space has been let at a rent of £135,000 per annum on a new 15 year FRI lease.

This equates to a new Zone A rent of £225 p sq ft.

Blacks Leisure Group Plc trading as Active Venture, the designer leisure wear retailer, of ancillary space previously traded by Dixons.

Paying a rent of £260,000 per annum this letting also sets a new rental tone in this area of the scheme at 2,174 p sq m (£202 p sq ft).

has taken a 298 sq m (3,212 sq ft) unit adjacent to Principles and Bhs on the ground floor of the scheme.

The unit has been let on a 15 year lease at a base rent of £1 50,000 per annum with turnover provisions.

Commenting on the deal Victoria Bage, Director of Coggles Connection Ltd said: “This store in the Whit gift will be French Connection’s first presence in Croydon.

The Whit gift has established itself as one of the strongest retail destinations within the South East region, therefore, international companies such as French Connection cannot afford to miss the opportunity to be located within the centre.

The Whit gift Centre is owned by the Whit gift Shopping Centre Partnership, the Whit gift Foundation and United Friendly and is managed by Barclays Property Investment.

Letting agents for Phase 1 are Lunson Mitchenall acting for Chartwell Land and Barclays Property Investment Ltd.

Claire’s Accessories were represented by Blair Kir kman.

Blacks and Coggles represented themselves.

Advised by Stephen Kane & Company, The Banquets Group the main Burger King franchises for the Bristol area is to open a food court kiosk at The Galleries in Bristol.

The 56sq m (600 sq ft) kiosk, located in the recently refurbished food court on the third floor of the centre, has been let on a 15 year lease at a base rent of £55,000 per annum plus turnover.

The landlords Norwich Union refurbished the food court with the aim of introducing branded operators into the scheme.

This will be The Banquets Group’s fifth Burger King outlet in the area.

Stephen Kane & Company is solely retained to advise The Banquets Group.

The landlords Norwich Union represented themselves.

Existing retailer, Vodafone, has taken a further 28.

43 sq m (306 sq ft) at Castle Mall, Friends President’s 35,300 sq m (380,000 sq ft) shopping centre in Norwich thereby increasing its total retail space (within the centre) by over 100%.

Unit 2 has been taken at a rent of £27,500 per annum with five yearly rent reviews until the lease expires in November 2019.

Units 2&3, extending to a total of 53.

43 sq m (575 sq ft), are located on the lower ground level of Castle Mall near the White Lion Street entrance and re-opened for trade last week.

Established in 1997, Vodafone Retail Ltd, trading as Vodafone, currently operates 240 wholly owned specialist mobile phone stores throughout the UK.

Following the success of its 1998 expansion programme the company has increased its 1999 expansion annual target to 50 new retail operations, (relocations, new sites or extensions), within the UK.

18 months after a massive rebranding and re-organisational programme, we have undertaken a review of our retail portfolio and are now concentrating on placing ‘Vodafone Retail’ in to prime retailing outlets.

Castle Mall embodies our expansion requirements perfectly, offering superb floorspace within the heart of the city.

We have traded very well from our current Norwich store and it was important to capitalise on this expansion opportunity thereby benefiting our customers and increasing our retail presence at the centre.

“Kvaerner Construction has won a £6 million contract to build a new exhibition centre for the Museum of Scottish Country Life at Kittochside near East Kilbride.

Awarded by the National Trust for Scotland and the National Museums of Scotland, the new-build project will form the central element of the first national museum in this part of the west of Scotland.

Working from its Glasgow offices, Kvaerner Construction win build a group of three storey buildings around a courtyard display area.”

They will be constructed in the style of traditional Scottish rural buildings with pitched slate roofing with lead ridges, white rendered and rough sawn timber walls and hand-made facing bricks.

Internally the buildings, which win be constructed to look like single storey barns, will have exposed precast concrete frames and floors.

Work on site will start in August and is expected to be completed within a year.

The museum is due to open at Easter 2001.

Advised by Stephen Kane & Company, the nation-wide bakery related retail chain Greggs Plc,Has announced that it is to open a further outlet in Basildon, bringing the total of stores throughout the UK to in excess of 1,080 A unit at 20 South Walk will be Greggs Plc first store in Basildon, although the chain is seeking further stores in East Walk and Market Pavement.

The 98 sq m (1,064 sq ft) unit is located within the bus station and was let to Greggs by landlords London & Cambridge Properties Ltd on a 15 year lease at a rent of £18,500 per annum exclusive.

Commenting on the recent deals Robin Burn, Associate at Stephen Kane & Company said: With in excess of 1,080 outlets throughout the country, 350 of which are in London and the South East, Greggs continues its successful expansion programme at a rapid pace and are interested to talk to many landlords.

In particular Central London where they wish to open a number of stores Stephen Kane & Company are retained by Greggs Plc as a sole property adviser in London, inside the M25 and throughout the South East.

King Sturge Retail acted for Jeans Station and Blair Kirkman acted on behalf of Card Warehouse.

Central Scotland is seeing the development of four major business parks in Stirling and Alloa.

Central Scotland Business Parks Ltd.

is a 50/50 joint venture between Teesland, and Stirling and Clackmannanshire Councils, was set up to develop four business parks.

Each of the parks offer complimentary products focused on different types of companies, although all four are becoming a magnet for blue chip companies.

The total portfolio will have a potential end value of about £77m when fully developed.

The developments will involve joint public/private sector investment of between £35 to £43 million over the next five years.

The European Regional Development Fund (ERDF) has part funded the infrastructure works, under Objective 2, to open up the sites for development and to attract an estimated 2000 new jobs to the region.

The Broad leys Business Park accommodates a wide range of uses, including light industrial, distribution, manufacturing and showroom uses, in a fully services and landscaped environment.

The 24.

28 hectare (60 acre) site has a flexible layout and infrastructure with considerable capacity for further development.

The Park is ideally placed for both general industrial purposes and distribution companies with direct access to the Eastern Bypass (A91).

Once fully developed, this already established Park could provide over 41,800 sq m (450,000 sq ft) of accommodation.

The latest phase of speculative development is complete and provides a 1,858 sq m (20,000 sq ft) industrial unit sub-divided into two units of equal size.

The unit is available for occupation now and already there is considerable tenant interest.

The development of this unit was part funded by the European Regional Development Fund under Objective 2.

Another speculative development of industrial space of the same size is expected to commence in summer 2000.

Broad leys is also able to accommodate either owner occupants or tenants within bespoke units ranging from 465 sq mThe park also contains sites available for bespoke development to accommodate specific occupier requirements.

Dumyat Business Park is an industrial park located on a 18.

21 hectare (45 acre) site at Tallboy.

Once fully developed, the Park is capable of providing around 35,302 sq m (380,000 sq ft) of industrial space.

The first phase of the development consists of a 2,173 sq m (23,400 sq ft) industrial unit with integral offices.

The unit was let in April 1999 to Scotto Processing Limited and is now occupied and income producing.

A contract is about to be awarded for Phase Two of the development which will consist of a 2,230 sq m (24,000 sq ft) industrial unit sub-divided into two equally sized units, and capable of further sub-division into 557 sq m (6,000 sq ft) units.

Construction works are due to commence on the site in April 2000 with completion due in Autumn 2000.

Another speculative unit of 1,858 sq m (20,000 sq ft) industrial space is due to commence towards the end of 2000.

Sites are also available for bespoke development.

Planning permission has also been granted for the development of a pub and restaurant site at the entrance to the Park which will be available to let once completed.

Pavilion Business Park targets expanding local companies which are in need of flexible space for use as either an office or a workshop.

The Park provides 2.

43 hectares (5.

5 acres) of development land for mixed light industrial / office uses.

The Pavilions Business Park, strategically situated off the A907, and initially is capable of providing around 3,716 sq m (40,000 sq ft) of office / light industrial.

Construction of the first phase of development at Pavilions has already commenced and comprises a high quality two storey building providing 929 sq mThe development is to comprise a high proportion of offices and is suitable for electronics and other technology uses.

The first phase of development at Pavilions is already underway and comprises a high quality two storey building providing 929 sq m the development is to comprise of offices for the most part and is suitable for electronics and other technology uses.

This phase is due to complete in April 2000 and will be sub-divided into two units capable of further sub-division into units of approximately 325 sq m”CSBP’s ability to develop and build to meet occupiers individual design requirements means that we reduce the speculative nature of our investment.

Although each of the Parks is at a different phase of development, we are continuing to attract blue-chip occupiers.

The company is committed to developing high quality, environmentally sound accommodation in order to attract new businesses to the area”.

The scheme provides for a high bay distribution centre of 251,123 sq ft (23,237 sq m), with an additional 16,000 sq ft (1,486 sq m) of offices.

The building will be complete with its own private rail siding into the development, with a rail canopy area of 30,900 sq ft (2,871 sq m).

The clear internal height of 20.

5m will enable the use of high bay racking and mechanical handling equipment to be installed.

The development on a 17 acre (71,000m) site will commence on site in June 2000.

Construction of the building shell will start on site in June of this year and be completed in a 42 week period, with completion programmed for April 2001.

The development, in conjunction with Severn Trent Property,Tibbett & Britten also operate the Rail Freight Terminal.

The comprehensive fitting out of the building will commence in January 2001 and will involve high bay racking and a comprehensive mechanical, electrical and sprinkler risk management installation.

The Stockport suburb of Hazel Grove is home to some of the region’s wealthiest people – but there is nowhere for them to spend their money.

Property consultants Drivers Jonas have won the contract to produce plans to improve the once thriving centre of Hazel Grove which has become rundown.

Stockport Metropolitan Borough council has asked Drivers Jonas’s Manchester Office to come up with a strategy to bring the centre up to date.

There is a very high turnover of shops and the kind of outlets simply does not reflect the affluence of the people who live here.

People are travelling to other areas, most notably Handforth Dean to spend their money and that shouldn’t be happening.

We will be looking at current development proposals and other sites around Hazel Grove to see how they can beused to their full potential as a central resource for the local community” says Martin Tonks, at Drivers Jonas.

Our aim is to create an environment which is attractive and has the right quality and quantity of shops to meet the needs of the people who live here.

Hazel Grove is an important gateway to Stockport from Derbyshire and Cheshire and has a potentially enormous catchment population.

Unfortunately, it suffers from heavy traffic thundering down the A6 which passes through the centre.

We will be looking for imaginative and viable solutions to tackle the intrusion of heavy violins of traffic,” says Mr Tonks.

Drivers Jonas will lead a project team including Taylor Young who will look at urban design and MVA who will provide traffic and transport expertise.

The team is due to report back to Stockport MBC in the spring.

Conrad Ritblat has strengthened its licensed & leisure team further with the appointment of Paul Hands ARICS.

Paul was previously acquisition manager of Morland Plc and prior to that he was with Chesterton’s, Birmingham.

Paul joins Conrad Ritblat’s Birmingham office as an associate director and will be responsible for the wider Midlands area, working closely with Andrew Watt, his colleague in the Leeds office.

Paul will concentrate primarily on the pub, restaurants and bars market, offering a full property service to include acquisitions, disposals, rent reviews, lease renewals and valuation expertise.

In addition, he joins a multi-disciplined office, offering a full range of building consultancy services.

Commenting on Paul’s appointment, licences & leisure, director Andrew Watt said:The appointment of Paul provides us with a key member to the team, to advise on licensed and leisure property matters in the wider Midlands area within the highly successful and qualified teamFurthermore, it consolidates our position within the licensed and leisure market and provides us with the resources and ability to increase our momentum in this fast-moving sector.

London and Leeds-based CNP Ltd has become the first specialist building surveyor to be represented on Property Mall’s host site.

Appearing on the web has also provided an opportunity for the company, established six years ago, to officially launch its new corporate identity.

With a hit rate that currently stands at 30,000 per month, Property Mall has become an indispensable tool for companies requiring on-line information on a diverse range of services and topics connected with the commercial property market.

“We’re confident that by becoming directly involved in this way as opposed to just linking our own independent site with Property Mall through a hyperlink, we stand a greater chance of communicating our strengths as advisors to some of the UK’s top fund managers.

We have built up a very strong client base over the past six years, and by appearing directly alongside our clients’ profiles on the host site, we are hoping to highlight our ability to add a commercial edge to the construction aspect of any property transaction.

space planning and fitting out, as well as feasibility studies and cost advice.”

Chartwell Land, the specialist retail property company has already let five building contracts this year to fulfil its continually expanding construction programme.

Mansell plc has been awarded two contracts.

At Gallows Corner, Romford, they have started work on a £3 million Retail Park on which pre-lettings have been agreed with Comet, DFS and Magnet.

At Redhill they are constructing four ground floor shop units with residential accommodation above whilst retaining the existing façade, in a contract worth £1.

Huttons started work in February on a two unit scheme to include a new store for Superdrug in Culver Street West, Colchester.

The listed facade on the High Street is being retained in a contract worth £1 million.

Bowmer & Kirkland have secured a contract worth £4.

5 millionThey are on the former British Gas site in Northampton, building a new B&Q Warehouse and a 500 sq m restaurant unit, after extensive remediation Works.

Kier Group subsidiary, Moss Construction, are about to start work in Walsall on new buildings to relocate Co-op and Albert Jagger & Co in a contract worth £2 million.

This will enable work to start later this year on a new 16,000 sq m retail park in Walsall close to Chartwell Land’s successful Town Wharf scheme on Park Street.

Construction programme for the remainder of the year includes six further projects with a total value of approximately £30 million.

Net rental income of the Group and its share of income from joint ventures is 77% higher at £22.

33 million from £12.

61 million.

Net rental income will increase substantially in 2001 when rents from the pre-let space at CityPoint commence.

Profit on ordinary activities before taxation increased by 29% to £10.

27 million from £7.

94 million.

Over the last four years net assets per share have increased from 77.

6p in 1995 to 130.

0p in 1999.

Net assets per share increased to 130.

0p per share from 115.

5p, 13% higher.

This is equivalent to an annual compound increase of almost 14%.

City Point, the Group’s major development, is now 54% pre-let with a contracted rent roll of £14.

1 million.

Construction will be completed in phases over the next 12 months.

Warehouse at Airport Gate, Bath Road, and HeathrowThe latest letting at Airport Gate, Bath Road funded by National Mutual and jointly developed by Allied Commercial Group Kingswood Commercial Properties Ltd has proven the strength of the Heathrow warehouse market, and the importance of the technology sector.

Christina Banbury of Rogers Chapman confirmed that: “Interest in Airport Gate from the internet and telecoms sectors has been extremely strong.

Both Rogers Chapman and our joint letting agents, CB Hillier Parker has received a number of offers from companies within these sectors.

This interest has been reflected in the terms of the latest letting to IX Europe.

IX Europe is a co-location facility provider and the combination of Airport Gate’s excellent fibre optic connectivity together with the availability of a high profile, prominent detached facility were key factors in the decision to acquire the unit.

The existence of planning permission for communications data centre use added value for IX Europe, as speed to market is a key issue for them.

The letting to IX Europe follows Alpha Catering’s acquisition in November of 7,246.

20 sq mJoint agents Rogers Chapman and CB Hillier Parker report strong interest from distribution occupiers and the technology sector in the remaining units.

Kvaerner Estates has sold the freehold of Tuscam Trading Estate, Trafalgar Way, Camberley to LaSalle Investment Management, on behalf of Coal Pension Properties Limited, for £4.

75 million reflecting a net initial yield of 6.

Bexley heath comprises 170 sq m (1,831 sq ft) of sales accommodation with ancillary space behind.

Tuscam Trading Estate, totalling 5,763 sq m (62,035 sq ft), is a multi-let estate comprising four industrial units and an office building.

Tenants include Britax Rumbold Limited and ADT Security Systems Limited with a total rental income of £349,050 pa.

This equates to approximately £48.

97 per sq m (£4.

55 per sq ft) on the industrial units and £134.

55 per sq m (£12.

50 per sq ft) on the office.

All of the leases are subject to imminent expiry and are considered to be reversionary.

This was a great investment opportunity for LaSalle Investment Management as they already own the adjoining estate.

This purchase strengthens their holding in the location and provides the opportunity to asset manage the entire investment in the future.

Vail Williams acted on behalf of Kvaerner Estates and LaSalle Investment Management was advised by CB Hillier Parker.

Blair Kirkman, acting on behalf of QS plc have acquired leases on four energy centre outlets at Loughborough, Plymouth, Bexleyheath and Ilford.

All four leases have been taken by QS plc, for a nominal premium.

Centrica was represented by Chesterton.

The lease on 1 Granby Street, Loughborough, which comprises 336 sq m (3,613 sq ft) of sales area with ancillary space at basement, runs for 17.

5 years from December 1995, subject to five yearly reviews at a current rent passing of £74,317 per annum.

The store at 74 High Road, Ilford, is subject to a lease running for 20 years from March 1996, with five yearly reviews at a current rent of £80,000 per annum.

The unit comprises 221 sq m (2,380 sq ft) of sales area with 227 sq m (2,450 sq if) of ancillary space at first floor.

The ground floor lock-up shop at Unit 3, 131 Broadway,

The premises are subject to a 20 year effectively FRI lease from February 1996, at a current rent of £62,000 per annum, subject to five-yearly reviews.

The fourth lease applies to 103/105 Armada Way, Plymouth, a ground floor shop comprising 217 sq m (2,337 sq ft) with ancillary space at basement level.

The lease runs for 15 years from September 1992 at a current rent of £85,000 per annum subject to review every five years.

Blair Kirman acted for QS plc and Chesterton acted for Centrica throughout This is the second Travelodge next to a W&D Brewery pub that we have developed, the first being in Chorley, Lancashire.

Granada Plc is to develop a 40 bed Travelodge alongside the Kings Highway Public House at Kingsway, Derby.

Granada has acquired a 60 year ground lease from Wolverhampton & Dudley Breweries plc.

Work commenced on site on 7 February.

Design and build contractor Anglo Holt Construction has been appointed to undertake the development which will be completed in the summer.

Located on the Derby outer ring road and approximately half a mile from the A38, the Travelodge will be situated at the entrance of Kingsway Retail Park whose tenants include J Sainsbury? We aim to continue this relationship with further similar developments elsewhere in the W&D estate.

Granada Travelodge is actively seeking more sites throughout the country, and the formation of partnerships with pub operators, developers and restaurateurs is an effective way of securing good opportunities.

This Travelodge relationship has proven successful in Chorley and we are confident that the Kings Highway will provide the highest standard of service and food and drink to the guests in the Travelodge”has joined forces with The io Group (JOG) – the multi-let industrial property specialistEIP will be targeted at major institutional investors.

The partnership between AXA REIM and IOG will combine the strength of AXA’s European network and property investment management experience with the business plan that JOG has put in place in selected European territories over the last 18 months.

This plan, which includes the formation of local joint venture management companies by JOG to enhance access to the best available acquisition opportunities andThe acquisition and asset management of multi-let industrial interests is a very specialist area of operation.

io style onward asset management, has taken considerable time and research to finalise.

We are dealing in a character of property that is not yet established as an asset class in Europe.

EIP will establish this sub-sector of the industrial market as a recognised asset class and enable institutional investors to participatein this high yield/high growth area of investment with cross-border spread of risk.

EIP is well timed to bring about a co-ordination of this market that is currently fragmented and localised.

The local joint venture offices have been formed with carefully selected partners who understandthe importance of asset management.

All offices will have JOG personnel working from themIn addition to AXA REIM’s investment management role, the AXA Group intends to make a substantial co-investment in the fund, in the form of cash and/or appropriate assets.

The first phase of the investment programme set at c.

Euro500m will be targeted at France, The Netherlands and Germany with other selected locations likely to follow.

It is intended that there will also be a specified development portion of the programme.

JOG has created its reputation in the UK by outperforming the industrial property benchmarks with careful asset selectionEstate refurbishment to increase rental and capital values and strong asset management thereafter This is precisely the sort of fund the European investment community needs, with a clear focus and business plan and in this case benefiting from the io product branding.

Thomson’s track record in the development of shopping centres in the Gulf goes back more than 25 years having been a founding partner of Cluttons,A US$500 billion retail market by 2010, is predicted by Retail International in their latest report on Cross Border Retailing in the Middle East.

Published to coincide with the upcoming Middle East Council of Shopping Centres congress to be held in Dubai between 27 and 29 March, the report highlights that over 200 international retailers are trading in the region, with the number constantly rising.

The reports author Simon Thomson, Managing Director of Retail International is Middle East Consultant to CB Hillier Parker/CB Richard Ellis the world’s largest property services company.

Opticians Dollond and Aitchison have purchased a new Birmingham headquarters.

The 17,000 sq ft/1579 sq m building, which the NHS occupied for eight years, became surplus to its requirements following the consolidation of operations at International property consultancy Weather all Green & Smith has launched a Corporate Real Estate (CRE) department in Edinburgh.

The new division, set up in response to rising demand for CRE services north of the Border, will act on behalf of occupiers of buildings who wish to outsource the management of their property portfolios.

There has been a recent increase in the number of business occupiers subcontracting the management of their property – often due to a lack of expertise or time.

David Pestell, the new head of CRE (Scotland) for Weather alls, said: “Companies choosing to outsource the management of their operational property recognise that they can gain accessTo teams with the skills and experience necessary to deal with local and international issues, be they opportunities or threats.

Within the climate of increasing globalisation, this range of knowledge is vital to deal with both day-to-day and board level decisionsWeather alls, which already has a long established CRE department in London servicing clients such as IBM, Weather alls’ CRE division will operate from the company’s Edinburgh office at Charlotte Square.

We are delighted with the improvements made to our Children’s Library.

The jungle theme has transformed what was previously a rather dull environment with `grown-up’ wallpaper and decorations into a colourful, exciting space for children.

We regularly hear appreciative comments from the children and their parents although one or two grownups are not very keen on our choice of lime green paint!

FPLAL Friends Provident Life Assurance Limited Commercial Fund has acquired 466 sq m (5,015 sq ft) of prime high street retail space at 227 High Street,Exeter from Littlewoods Pension Trust for £2,240,000 representing a yield of 4.


Just under one year away from the opening of the 9,290 sq.

m (100,000 sq ft) extension to its Strand Shopping Centre, Bootle, Retailers signed up include Kwik Save, Woolworths (an extension to the existing store), Argos, Mark One, Shoefayre, Birthdays, TSB, Radio Rentals, Specsavers, Birmingham Midshires Building Society, Half Price Jewellers, Home Bargains and Bodycare.

Land Securities’ senior surveyor John Grimes comments, There is an underlying level of strong demand for space in Bootle demonstrating its strength as a popular sub-regional centre within Merseyside.

The development was conceived in response to the shortage of larger sized units in Bootle and combines Land Securities’ commercial expertise with public sector participation.

The scheme successfully attracted financial support from the regional (Bootle Maritime City Challenge), national (English Partnerships) and European (ERDF) funding agencies who each contributed to new roads, car parking and bus station facilities forming part of the scheme.

Land Securities, in partnership with Canterbury City Council, will be submitting a detailed planning application on 15 January for their proposed redevelopment of the Whitefriars area of the City.

The scheme is planned to provide a mixed-use development of 35,460 sq m (380,000 sq ft).

It will include a new Fenwick department store, two other major stores as anchor retailers and 36 shops.

Also proposed are social and community elements including a new county library of 2,814 sq m (30,290 sq ft), private housing, student accommodation and shopmobility facilities for the disabled.

The scheme will adjoin a new bus station incorporating park and ride.

In addition, there will be a new multi-storey car park as well as specific facilities for cyclists.

The development has been designed to integrate with the existing architecture within Canterbury, thereby respecting the historic nature of the City.

Keith Redshaw, Land Securities’ retail director comments, After our Longmarket and Clocktower projects, Whitefriars is by far the largest and most challenging in Canterbury.

We believe our proposed scheme will meet the needs of the local community for the new millennium while respecting the historic tradition of the City’s past.

Schroders plc (Schroders) and the development subsidiary of Pillar Property PLC (Pillar), acting on behalf of Sudbury House Limited (a joint venture between Pillar and General Electric Pension Trust), confirm that terms have been agreed between the parties under which Schroders will take a lease of a new 285,000 sq ft building, to be known as Christ Church Court (formerly Sudbury House), on a site located at the north western corner of the Paternoster redevelopment area.

Schroders’ Investment Banking Division, which will be relocating from various buildings when break clauses are operated, will occupy Christ Church Court.

The property, currently known as Sudbury House, was purchased by Sudbury House Limited from Magnox Electric plc, subject to a substantial pre-let (such as this transaction) being obtained.

Its redevelopment into a new 285,000 sq ft building designed by Rolf Judd & Partners, is part of the Paternoster Associates Masterplan that was submitted to the Corporation of London on 21 November 1997.

The transaction is subject to a number of property conditions and a contract, but it is anticipated that demolition of the site will commence early in 1998 and that the building will be ready for occupation in October 2000.

Who are the main developers on the site and whose recently submitted Masterplan has been so widely welcomed.

Yutaka Tajima, senior representative of Patemoster Associates in London, said: Schroders pre-let on the Paternoster redevelopment site is a significant gesture of confidence in our Masterplan.

Schroders was advised by Schroder Properties Ltd and Stanhope plc.

Sudbury House Limited was advised by Savills.

No further information on the transaction will be issued at this stage.

Eyesore sites within Brixton Town Square will now be cleaned up and converted into new public open space thanks to a £94,000 investment from English Partnerships as part of their land reclamation programme.

Two degrading sites – a derelict former Civil Defence Control Centre and a dilapidated former petrol station – both hazardous and unsightly, have remained empty for a number of years, making them well-known prime targets for vandalism and squatters.

Located within the Brixton Town Centre Conservation Area, this regeneration project will have a significant impact in enhancing the centre of Brixton, whilst re-establishing the historical role of Rush Common Open Land and improving the setting for the Grade 11 listed, Raleigh Hall to show it off to its best advantage.

The plans have been developed in close consultation with local people through a series of meetings and include pedestrian/cycle paths, tree-planting, lighting and seating to be carried out by Lambeth Council in conjunction with the Civic Trust Regeneration Unit.

Anthony Sowden, Senior Development Manager at English Partnerships commented: This project will bring two derelict and underused sites back into productive use as attractive open space to be enjoyed by thousands of people.

It is an initiative that provides an excellent example of the close partnership that we have formed with the Council in bringing this scheme forward and I am delighted that English Partnerships’ investment has enabled the scheme to go ahead.

This project constitutes a major enhancement for Brixton Town Centre, town centre users and investors to the Borough and we are very pleased that English Partnerships has made this scheme possible.

Kenmore Investments Ltd have acquired a long leasehold investment interest in Exchequer House and Virginia House off Union Street, Aberdeen for £5.

25m showing an initial yield of 8.

The ground floor comprises of a 40,000 sq ft retail unit let to What Every One Wants for a further 64 years and 23,430 sq ft of ottices which are partly let to Aberdeen City Council for a further 16 years.

There is an adjoining 426-space multi storey car park, let to NCP for a further 64 years as well as an office building let to The Clydesdale Bank until 2006 There is also a development site fronting onto Virginia Street, which may be suitable for a hotel.

We believe a yield of 12% is achievable once the vacant office accommodation is let and the rent review, due in 2002, is settled.

The council are keen to see the whole conservation area around the Maritime Museum upgraded and the recent planning application on the adjacent cinema site for a new multiplex cinema will underpin the location, We are exploring a number of leisure and hotel opportunities on part of the site.

We continue to seek out investment and development opportunities throughout the country and have recently acquired properties in Dundee and Bristol.

Stephen Watkins of Teesland said This property no longer fitted our long-term investment and development strategy, so we are pleased to have achieved its disposal.

Reading Chartered Surveyors Haslams, already the largest and longest established independent firm of Chartered Surveyors in Reading have expanded their compliment by 20% over the year, as well as their geographical areas of activity.

consultant valuers to receivers, banks and other lenders; sport and recreational clubs; religious and charitable bodies; and alternative dispute resolution services.

Haslams have a newly installed, fully comprehensive computerised network vvith online access to computable databases and other databanks, designed to assist all partners and staff in co-ordinating their activities.

This enables their wide range of clients to be provided with the very best of efficient and carefully considered advice and recommendations.

The commercial, professional, and residential divisions have a staff level of 35 occupying refurbished offices in Friar Street, in the heart of Reading town centre – the capital of the Thames Valley.

Haslams act for a wide and varied range of clients, including major local bodies such as Reading University and Reading Football Club.

The practice regularly advises on land sales, acquisitions and strategic planning for such bodies, through maior pension funds,Lending institutions and property companies, to long standing smaller clients, ranging from individual investors to large and small local businesses and commercial concerns.

Their geographical areas of activity are ever widening, vvith the practice having recently handled a variety of projects from Kent on the East coast to Wales in the West, and the Isle of Wight in the South to the Midlands and Greater Manchester in the North.

In order to publicise the firms progress over recent times, Haslams have produced a highly explanatory, full colour 13 page A4 size brochure which is available on request througt partnership secretary Sandra Brown, or indeed any of Hasiams partners or staff.

Carlson Marketing Group plan to expand its national Call Centre, Operations and software Systems home at Belgrave House, Northampton.

Northampton is at the hub of it’s Pan-European Loyalty Marketing Initiatives.

Carlson, who already occupy the fourth and seventh floor of Belgrave House will in addition now occupy the 10,000 sq ft sixth floor to provide total space occupying some 34,310 sq ft.

It is expected that the expansion of the national call centre for the new Loyalty Marketing clients, will create 60 new jobs for local people.

Bob Dawson of Landlords Hermes said: This expansion confirms Carlson Marketing as a major tenant at Belgrave House and as significant employers within Northampton.

We and Northampton are delighted at Carlson’s decision to expand in our building.

David Perkins, Chief Executive of Carlson Marketing Group said: We now operate as the biggest Loyalty Marketing Services company across Europe.

The new premises and new heavy investment in sophisticated technology makes a Customer One to One relationship possible for all our 15 Loyalty Marketing Clients.

Jones Long Wootton advised Hermes on the transaction.

Crossland Otter Hunt represented Carlson on the transaction.

The success of the Exchange Shopping Centre, Putney continues with the news that the ground floor is now 100% let through sole letting agents Blair Kirkman.

Owners, Mercury Asset Management are delighted and report that new retailers include Tog 24, Kishimo Jin Ltd and Big Star Jeans.

The scheme is anchored by Waitrose, who extended their store in March this year.

Other tenants include Gap, Next, Ottakars, River Island and Early Learning Centre.

Tog 24 is about to move into Unit 28 which comprises 123 sq m of retail space at a rent of £45,000 per annum.

Unit 30 of 79.

9 sq m has been let to upmarket ladies fashion operator Kishimo Jin at a rent of £30,000 per annum.

The Pocket Phone Shop has taken Unit 14 at a rent of £17,500 per annum for 22.

5 sq m and Big Star Jeans has acquired Unit 21.

This is 57.

0 sq m at an average rent of £29,000 pa.

Tog 24 were represented by Lunson Mitchenall.

Brasier Harris acted for Kishimo Jin, Robinson Summerston for Pocket Phone Shop and Charles Price and Co.

for Big Star Jeans.

Nick Symons of Blair Kirkman comments, The Exchange has become an extremely popular shopping location with a strong, successful tenant mix, well suited to the lifestyle of the affluent local catchment.

Just three months after successfully pre-letting their 2,458 sq m (26,462 sq ft) Western Peninsular office building in Bracknell to Dell Computer, P&O Developments,Western Peninsular, on Western Road, Bracknell is let to Dell Computer on a 16 year lease at a rent of £231.

42 per sq m (£21.

50 per sq ft).

A six month rent free period from practical completion was granted.

P&O Developments have recently started construction of their adjoining speculative development ‘Trinity Court’ comprising 3 buildings of 1,858 sq m (20,000 sq ft), 2,137 sq m (23,000 sq ft) and 2,415 sq m (26,000 sq ft).

Graham Corser of P&O Developments comments: Following the successful letting and forward sale of Westem Peninsular we are looking forward to the prospects for Trinity Court, a quality product in the Thames Valley, where tenant activity remains strongerGreycoat today announces that it has exchanged an agreement to lease the 5th, 4th and lower ground floors of No 7 Bishopsgate, EC2 to Chicago based lawyers, McDermott, Will & Emery, totalling 21,320 sq ft at a rent of £856,857.

This equates to £43 per sq ft on the upper floors with a rent free period of 12 months and £32.

50 per sq ft on lower ground with a rent free of 14 months.

The term of the lease is 11 years with a tenant’s option to break at the 7th year subject to a six month rental penalty.

McDermott, Will & Emery’s Chairman Larry Gerber commented This letting underlines our commitment to establishing a full-service law firm in London.

Peter Thornton, Chief Executive Of Greycoat said We are delighted with this transaction which now brings Greycoat’s overall lettings completed in December to 44,000 Sq ft at a contracted rent of £1.

65mCreston plc has sold the freehold of 366-368 Shirley Road, Southampton to Consolidated Property Investments Limited for £3.

1 million to reflect a net initial yield of 8%.

The Post Office occupies 2,136.

7 sq m (23,000 sq ft) on a 20-year lease at £200,000 pa while the 2,136.

7 sq m (23,000 sq ft) first floor is let to Fitness First plc for 25 years at £60,000 a year.

Tom King, managing director of Creston said: The property was formerly occupied by MFI with whom we agreed a lease surrender before reletting the space.

The sale price shows a considerable surplus over book value.

Booker Group Property has sold its former Delivered Food Service warehouse at Battle Road, Heathfield, Newton Abbot, Devon to RD and S Hills trading as West Country Meats for £450,000.

The warehouse, which comprises offices of 436.

9 sq m (4,703 sq ft), cold storage of 452.

9 sq m (4,876 sq ft) and a loading canopy of 174 sq m (1,875 sq ft) is on a site of 0.

446 hecetares (1.

1 acres).

The purchase was made by West Country Meats to facilitate a supply contract with Abbeyvale Bakeries which took another former Booker warehouse on the estate.

Star Properties, a subsidiary of MEPC, has started work on site this week to develop its 5,736 sq m (61,748 sq ft) two-level leisure scheme in Wood Green, London N22.

The 0.

47ha (1.

16 acre) site is located in a prominent position, directly opposite Wood Green underground station.

This £13 million town centre development is already 84% prelet to Hoyts Cinemas, who have leased the 1,650-seat cinema unit, Yates Wine Lodges, JD Wetherspoons and Nando’s and will be completed by the end of 1999.

The new development has been made possible by two further acquisitions, including one from the local authority, which has worked closely with the developers over the last few months.

MEPC has completed the leasing of 6,746 sq m (67,240 sq ft) of refurbished offices on four floors at 90 Long Acre, a landmark 18,360 sq m (197,625 sq ft) office building located at the junction of Long Acre and Endell Street in Covent Garden, London WC2.

Capital International will occupy 973 sq m (10,472 sq ft) on the seventh floor at a rental of £484 per sq m (£45 per sq ft).

Camus International have taken part of the lower ground floor, extending to 137 sq m (1,480 sq ft), at a rental of £280 per sq m (£26 per sq ft).

Both new tenants have taken 5-year leases.

This completes the letting of all the available space vacated by the First National Bank of Chicago in early 1998.

Since that time, MEPC has carried out an extensive refurbishment of the four vacated floors, as well as re-modelling the entrance hall.

In November 1998, communications company the NTL Group Ltd agreed a 15-year lease for the 2,480 sq m (26,703 sq ft) first floor at £457 per sq m (£42.

This letting was shortly followed by agreement with Regus for the upper ground floor of 2,286 sq m (24,600 sq ft) and Asticus who have taken the 8th floor of 370 sq m (3,985 sq ft).

Regus agreed a 15-year lease at £450 per sq m (£41.

86 per sq ft) and Asticus agreed a 15-year lease at £511 per sq m (£47.

Nathan Thompson, head of MEPC’s office sector, comments: We are delighted to have completed the refurbishment and let all the vacated space in such a short period of time, proving that good quality office accommodation in a prime central London location is still very much in demand.

The departure of the First National Bank of Chicago provided us with the opportunity to regenerate the building, by upgrading the office space to suit contemporary office occupiers, as well as redesign the entrance hall and external approach to the building, adding value to our investment.

Starbucks Coffee Company has signed a FRI lease at Lonsdale Chambers, 28/29 Chancery Lane until the year 2010.

The shop unit, totalling 1098 sq ft over three floors was taken at a new rental high for the area of £91 Zone A.

Starbucks, who has paid a new rental high for the area, clearly believes its investment will be returned and that it will make a great success of its new home in Chancery Lane.

Acting on behalf of Scottish Provident Institution, Aberdeen Asset Managers has disposed of the freehold interest of Braywick House, Maidenhead to Royal London Mutual Assurance Society for £8,100,000, reflecting a net initial yield of 7.

25% with a fixed increase in September 2000 to 7.


The property comprises a modern high quality self contained office building developed in 1996, combined with a comprehensively refurbished grade II listed mansion house in landscaped grounds of 2.

02 hectares (5 acres) and providing approximately 2,522.

1 sq m (27,149 sq ft) of offices with 118 car spaces.

The property is let to two tenants, Schneider Ltd and Texcel UK Ltd, on FRI leases to March and September 2011.

The total income is £615,355 per annum representing an overall rent of £243.

91 per sq m (£22.

66 per sq ft).

Celexa REIM, representing SPP, and advised by Osmond Tricks, has acquired the freehold of 2 retail buildings in Exeter and Norwich for £2.

65 million representing a yield of 6.

03% net.

The Exeter property at 200 High Street totals 548.

11 sq m (5,900 sq ft), and is located close to the heart of the city’s principal shopping area.

200 High Street, Exeter is let to shoe retailer, Oliver Group Plc on a 25 year lease expiring in 2007 at a rent of £105,000 per annum which equates to £1,022.

58 per sq m (£95.

00 per sq ft) Zone A.

22 London Street, Norwich is located on the corner of Castle Street and London Street is close to Castle Mall Shopping Centre.

The property totals 287.

99 sq m (3,100 sq ft) with 49.

24 sq m (530 sq ft) of ground floor sales area with storage on the upper floors.

The premises is let to shoe retailer, Stead & Simpson Ltd on a 25 year lease from December 1990 at a rent of £62,500 per annum which equates to £1,057 per sq m (£98.

20 per sq ft) Zone A.

David Sill of Celexa REIM comments, ‘These 2 excellent shops in good locations form part of our continuing strategy to purchase quality, high yielding investments.

‘Lloyds Bank Pension Scheme, a client of Hill Samuel Asset Management, has undertaken to provide development funding for three industrial units at Central Park, Falkirk.

The Fund’s total commitment is in the region of £5.


Central Park will comprise some 400,000 sq.

ft of high quality industrial/commercial space set in 46 acres of park land at junction 2 of the M876 motorway to the North West of Falkirk.

This estate has already some 200,000 sq.

ft occupied having attracted Exabyte Corporation of the USA and Thomas Cook for a Call Centre.

Lloyd’s purchase will comprise the second phase of some 110,000 sq.

ft in 3 units, the first unit of 52,300 sq.

ft was completed in August, the second unit of 17,300 sq.

is under construction and the third unit of 45,000 sq ft.

is due to start construction in January this year.

The last unit has been designed to accommodate a Call Centre operator as it sits in 5 acres and has parking for over 200 cars.

The whole of this phase has been pre-let to Falkirk Council at £4.

00 psf, who in turn pre-let the first unit to Mack Technologies of the USA.

Marketing for the last 2 units has just started and there is considerable interest in these units.

The organisation is a non-profit making association of women with established careers in the property industry and membership is already around 800-strong nationally.

The Association of Women in Property distinguishes itself by having a multidiscipline membership drawn from across the property industry including architecture, development, surveying, law, marketing, public sector and construction.

The organisation was set up twelve years ago and is intended to bridge the gap between organisations acting for the various professional bodies and the more broadly-based women’s networks.

Hundreds of events are organised each year by the nine regional branches of Women in Property: South East; Wessex; South West; South Wales; Midlands;Northern; Yorkshire; Central Scotland and Northern Scotland.

Events range from a national annual conference, cocktail parties, building and site tours to developments of national significance, lectures on aspects of the property industry and networking events.

On a national level, The Association of Women in Property has been approached by the British Council for Offices for participation in joint projects.

In addition, the British Institute of Facilities Management, the British Property Federation, the Property Industry Group and the Society of Property Researchers have all approached Women in Property with a view to developing closer relationships with their organisations in the future.

The Association of Women in Property has also adopted an international perspective running a joint event with FIABCI on international tenants’ requirements.

Acting on behalf of Lockey Bros Limited, retained agents Stephen Kane & Company has assigned a unit at 43 Bridge Street, Peterborough, to Historical Collections Group Plc trading as Past Times.

Historical Collections Group is paying a passing rent of £28,800 per annum on the 74 sq m (793 sq ft) store which is located close to WH Smith, Dillons and Cromwells Madhouse.

The unit, which is held on a 25-year lease from November 1985, also has a further 63 sq m (678 sq ft) of ancillary space.

Private Irish investor clients of AIB Investment Managers, advised by GVA Grimley have purchased the freehold of 36-40 High Street, Epsom Surrey for £1.

175 million to show a net initial yield of 7.


The 660 sq m (7,100 sq ft) three storey retail building has a ground floor sales area of 210 sq m (2,250 sq ft) and is let to McDonalds Property Company on a 35-year lease with 16 years remaining.

The current rent is £93,000 pa.

The property is situated within the main high street parade next to the proposed Epsom Lifestyle Centre, a retail, leisure and residential scheme to be developed on land at the rear.

French Connection franchises Parker Royle Ltd has signed up with Land Securities to take a 245 sq m (2,650 sq ft) shop at 74 Lord Street, Liverpool on a 15 year lease at a rent of £75,000 pa, equating to a Zone A of £100.

Land Securities has relocated the previous tenant, JJB Sports to Williamson Square, a new development by Neptune Developments Ltd which was carried out in association with Land Securities who now own the completed investment.

The historic Luton Hoo was placed on the market in the autumn of 1997 on the instructions of the Executors of the late Nicholas Phillips and the Trustees of Luton Hoo Foundation.

The joint agents, Messrs.

Bidwells and Knight Frank, on behalf of the Executors and Trustees, announce that a sale of the northern part of the Estate, including the Mansion house and the stable block, has been concluded to an undisclosed purchaser.

The solicitors were Messrs.

Simmons and Simmons (Property partner George Littler and Corporate partner George Kennedy) who represented the Executors, and Messrs.

The Wernher Collection has been removed from the Mansion and will be put on public display at another location in the future.

Details of the sale are confidential but the purchaser has acquired a number of significant houses in England over recent years and the future of the Luton Hoo Mansion and Parkland is considered to be in good hands.

Frogmore Estates plc (Frogmore) today announces the pre-letting of its entire 68,000 sq ft net office development in Staines to a US-based IT consultancy at an overall rent of £1.

8m a vear £26.

50 psf.

The tenant is to enter into a 25 year lease with an option to break at the end of the 16th year of the term.

Construction of the office scheme, which is located only half a mile from Junction 13 of the M25 and three-quarters of a mile from Staines town centre will commence in March.

The 2.

1 acre site was acquired last July and Frogmore has spent the past few months revising the planning consent.

The high quality office scheme will be on around and three upper floors with parking for around 325 cars and on completion will have an investment value in the region of £27m.

Commented Graham McCulloch, Frogmore’s Development Director: This pre-letting clearlv demonstrates the strength of demand for the right type of modern office buildings in the right location and also reflects the high quality of Frogmore’s office development programme.

Business confidence in London recovered markedly in the last quarter of 1998, encouraged by the interest rate cuts and the promise of more cuts to come.

Many occupiers and most investors now seem to be cautiously optimistic.

The general tone in the investment and finance markets is positive.

Total investment turnover in Central London during 1998, although weighted in the first nine months, amounted to £5.

37 billion – a record and up from 1997’s turnover of £4.

6 billion.

While active occupier demand reduced over the year, mainly as a result of the record levels of transactions during 1998, it still shows a healthy surplus over the supply pipeline.

Although active demand in the Financial Services sector has turned down, this has been countered by demand from the Service, Telecoms and Insurance sectors.

On the supply side, availability of good quality office space in Central London continues to be limited and Jones Lang Wootton expects shortages to continue for the foreseeable future.

JLW expects top rents to remain stable at current levels in the City and West End; this is influenced partly by the anticipated supply of good secondhand offices becoming available in the City.

Rental levels in the West End showed core Grade A stock reaching over £50 per sq ft at Queensberry House W1, Lansdowne House WI and 1 St James’s Square SW1.

Prime rental levels in the City remain at £52.

50 per sq ft for the third consecutive quarter.

ones Lang Wootton’s estimate is that over the course of 1998, average grade A rents in the City grew by some 6%, growth being restrained by various factors including the substantial presence of pre-let transactions, the lengthening of the unbreakable lease term demanded by landlords and the uncertain economic climate during tile last six months.

JLW expects that the London office occupier and investment markets will continue to benefit from low vacancy rates, restricted supply, rational rents and capital values, and low borrowing costs, whatever the general economic situation holds in store.

JLW Investment Partner John Stephen commented: The volatility of equity markets and historically low gilt yields underline UK real estate’s comparative good value.

It is seen as a safe hedgeActing on behalf of an in-house client, Jones Lang Wootton have sold the freehold interest in the 3,952.

16 sq m (42,541 sq.

) Homebase store at Biggleswade, for a price of £3.

773m, to private clients of Cyril Leonard & Co.

The property occupies a prominent position fronting the A1 trunk route and benefits from an open A1 non-food planning consent.

Adjoining units are occupied bv Halfords, Carpetright and Harveys.

The unit is let on FR&I terms to Homebase Ltd for a term of 25 years from 1987, at a current rent of £83.

42 psm (£7.

75 psf) with five yearly upward only rent reviews.

The price paid represented a net initial yield of 8.

4% and the purchaser was represented by Cyril Leonard & Co.

, whilst Jones Lang Wootton represented the vendor.

New Look, one of the U.

K’s fastest growing fashion retailers, has taken a new 4,695 square feet store at The Dolphin Centre, Poole.

This important fashion retailer has taken a 15 year lease at a rental of £270,000 per annum with upward only rent reviews at five yearly intervals.

Commenting on the new store, Richard Low, Portfolio Manager at Landlords Hermes, said: We are delighted that New Look are moving to this larger store.

This marks the beginning of a very exciting time for the Dolphin Centre and we anticipate being able to make further announcements about the other major opportunities within the Centre later in the year.

The virtual disappearance of the pre-let from the London market in recent months, is returning the office pipeline to its traditional speculative pattern.

Only 17% of the 174,000 sqm in 26 developments that went under construction in the last quarter was pre-let.

Some 144,000 sq m was started speculatively.

Despite the publicity that lettings of over £500 per sqm receive, the vast majority of current lettings remain in the £200-£300 psm range, showing little rental growth.

Important new office design changes in London in last three years, result in nearly 70% of 1998 applications on offices comprising mixed use developments rather than pure office schemes.

The 1999 pipeline suggests a rise to 90%.

A critical paper questioning the green commitment of speculative housebuilders attracted the first prize in this year’s Barrie Tankel Partnership Project Award annual award scheme.

First established in 1988 to reward excellence in the research and presentation of individual study, the annual award is open to final year quantity surveying and building surveying degree students for their final year dissertation.

Building surveying students, to whom the award was opened up this year for the first time, in fact scooped three of the prizes.

The first prize, of £500, was awarded to building surveying student Andrew Bailey of the University of West England in Bristol for his dissertation entitled The Greening of the Speculative Housing Market which explored the nature of green consumerism,The report concluded if green practice is to make a considerable impact on the housing stock, the Envirorunental Standard should be enshrined within the Building Regulations along with a number of financial initiatives to influence environmentally conscious decisions.

Barrie Tankel, chairman of the judges commented on the winner, The judging panel were unanimously impressed by the detailed research of this dissertation, and its cogent lobbying for an important issue.

le there is, undoubtedly, growing consumer awareness of green issues, as Andrew’s paper pointed out, there is little evidence to suggest that the domestic housing market, which accounts for almost 30% of the LJK’s energy use, is taking serious account of green practice.

The second prize was awarded to Alice West of Robert Gordon University for Consortium Management Within the Private Finance Initiative.

A Future Opportunity or A Lost Opportunity For the Building Surveyor?Third prize – David Parry Jones of the University of Reading for Conservation of Older Buildings: Policy & Practice.

The Gillam Memorial prize for best runner up – Sharon Preece of University of Wolverhampton on EC Works Directive.

Operating throughout 46 UK colleges offering degree courses in quantity surveying and building surveying, the award is also available to students in the Far East, South Africa and Australia.

The practice is currently providing project management, quantity surveying and construction management services to major clients operating primarily in the residential and commercial property sectors in the Capital.

Projects include the £18m refurbishment of Marble Arch Tower into flexible office space and the £27m redevelopment of Point West into prestigious residential complex complete with leisure and restaurant facilities.

Units 13/2 and 13/3, which each extend to 590 sq m (6,350 sq ft) have been let to Telewest Communications on two separate leases for a period of 5 years at rentals equating to £5.

65 sq ft.

The units, which form part of an estate developed in 1978, were taken back speculatively from the occupational tenants during the course of 1998 and the lettings completed before Christmas.

Since then, Unit 15/1, which extends to 368 sq m (3,959 sq ft) , and which was formerly occupied by Telewest, has been let to Glenvarigill, also for a period of 5 years at a rental equating to £5.

81 sq ft.

Jonathan Hardie of Haslemere Estates stated We are delighted with the performance of our Scottish industrial portfolio and our Edinburgh estates in particular.

We have reached almost a 100% occupancy with only one vacant unit at West Telferton Industrial Estate, Portobello.

The availability rate (vacant units and units occupied but available by way of assigmnent) has dropped from 8% to 6%.

This decrease has also been reflected in the total number of units vacant with a 2% decrease from 7% to 5%.

Within the central core area (excluding the shopping centres) the presence of AI retail remained the same at 61% with a decrease of A2 office uses from 19% to 18%.

And an increase in the A3 cafe/bar/pub/restaurant uses from 20% to 21%.

The decrease in the A2 office uses is a reflection of the national trend with the perfect example of this being the conversion of the old Midland Bank on Victoria Street to accommodate French Connection.

The increase within the A3 cafe/bar/pub/restaurant uses has been due to the new openings within the city centre, namely Wok Wok on St Peter’s Gate, Shimla Pink’s Restaurant on Goosegate, The Skinny Sushi and Salam Thai Restaurant along Carlton Street, Fresco on Chapel Bar and The Hogs head on Pelham Street.

New retailers who have moved into Nottinghwn city centre over the past 6 months include Coast and Pied a Terre along Bridlesmithgate, Vodafone on Albert Street and The Pier, Athena and The Discovery Store in the Victoria Centre.

The peripheral retail areas have seen a massive reduction in the number of units vacant and available from 27 to 12, which is a decrease in the availability rate from 16% to 7%.

This is due to the letting of 5 new retail units along Derby Road, the continued conversion of shops to housing along Mansfield Road together with the letting of various vacant units.

The core Nottingham area comprises 1,067 units for the purpose of the study and on the whole the report reflects the continued success of retail development within Nottingham City Centre, not only within the main core shopping area but also within the less popular and more peripheral locations.

As the centre continues to grow from strength to strength with the increase in variety of pubs/cafes and restaurants and the general retail mix, the suggestion of a recession appears to be being counteracted within the City Centre of Nottingham.

Managed by Edgbaston-based quantity surveyors, Wakemans, the project is set to transform the complex by roofing in the pedestrian areas and provide shoppers with a fully enclosed retail area topped by glass canopies.

John Meredith, Wakemans’ associate director overseeing the work, said: Work is already well under way and on shedule for completion in October.

Throughout the duration of work, trading will continue uninterrupted and we will ensure that full access is maintained at all times so the public can shop as normal.

Other plans include creating better access through the centre’s Cleveland Street entrances.

There will, in addition, be accommodation for barrow retailers in the piazza and a high quality Mall Cafe in Wulfrun Square.

The Wulfrun Centre currently comprises 50 retail units, a principal mall, above-level car parking and ground-floor service areas, which are to be retained.

The centre was originally developed in the 1960s, and purchased by London & Cambridge Properties five years ago.

The company sees the investment as a motor endorsement for town centre trading, and with the new Metro light rail link nearby, anticipates Wolverhampton will see a flourish of renewed interest in trading activity over the coming years.

This Listed Building was one of over 60 Carnegie Libraries constructed in Ireland at the start of the century with funding provided by Andrew Carnegie, the Scotish philanthropist whose wealth was acquired in the steel and railway industries in America.

British Medical Association Services Ltd, have taken a 10 year lease of ground level Studio A, 1625 sq.

commencing August 1998.

Allgood plc, the leading U.


ironmongers have taken a 6 year lease of lower ground level Studio F, 1205 sq.

ft, commencing February 1999.

Stratagem Ltd, a new political lobbying company have taken a 9 year lease of Studio C, 1000 sq.

ft, commencing November 1998.

Ground floor Studio B, 2212 sq.

ft this is the former lending library hall, a gracious room with 4 cast iron pillars and panelled, corniced ceilings.

Studio E would provide a superb conference meeting room with panelled glazed pine joinery and original restored maple flooring for use with Studio D as general offices.

Theadneedle Property Fund Managers have let the newly refurbished Ashridge House in Oaklands Park, Wokingham to Laing Homes who relocated from offices on the Mulberry Business Park.

Threadneedle purchased the 965.

5 sq m (10,393 sq ft) office building from Mattel Toys earlier this year and embarked on a comprehensive refurbishment programme which was completed in August.

Laing Homes Limited have taken a 15-year lease at a rent of £184,475 pa (£17.

75 per sq ft).

Ashridge House benefits from 68 car parking spaces.

Miller Developments has submitted an outline planning application to Darlington Borough Council for a £72 million mixed-use development on a 45 ha (1 12-acre) site on the A66, to the east of Darlington town centre which will create up to 3,500 new jobs.

Darlington Great Park will comprise a top quality business park including 85,000 sq m (914,962 sq ft) of offices, call centre, light industrial and distribution buildings together with a 18,500 sq m (199,139 sq ft) of non-food retail warehousing.

Also proposed is a 150-bed hotel and conference centre, a family pub-diner, a drive-through restaurant and a petrol station.

Miller Developments will provide a much-needed contribution towards the cost of a cross-town route linking the AI(M) with the A66 which will help reduce traffic congestion in the Haughton village area of Darlington and opens up other potential employment sites.

Omar Elmi, director at Miller Developments, said: Darlington Great Park presents a major opportunity to build on the success of the north east in attracting major new companies and will give Darlington a chance to compete for the creation of new jobs.

Chartwell Land is pleased to announce that Niall Lindsay is to be appointed to the new position of Director, Chartwell Land Shopping Centres.

He will be joining Chartwell Land in February 1999.

He will be based in London but will also represent Chartwell Land in Scotland.

Initially appointed to the development team within Standard Life, he has been responsible since 1995 for all aspects of the investment management of Standard Life’s retail portfolio, which includes a number of major shopping centres.

Mark Creedy, Managing Director of Chartwell Land, commented It is our intention to increase our exposure to the shopping centre sector over the next few years.

This is a key element in our strategy for the growth of the business.

The core elements of our investment portfolio will increasingly comprise holdings in the stores sector, retail parks and shopping centres.

Hammerson has invested £5.

9 million in a limited partnership giving it an effective 15% interest in Bicester Village, the UK’s premier factory outlet scheme at Bicester,The scheme, developed by Value Retail and completed in 1995, currently provides 9,300 sq m (100,000 sq ft) of retail space, designed in a village style with car parking for 750 vehicles.

Today’s topping out (Friday, 5 February 1999) marks another significant step in the completion of Marks & Spencer’s new Manchester store.

Building Design Partnership’s Manchester office was appointed by Marks & Spencer in autumn 1996 to undertake the design of its biggest ever construction project.

The flagship store, located at the heart of the regenerated city centre, has an ultimate trading potential of 250,000 sq ft (23,250 sq m) over five levels with an additional car park level below, and represents a major statement of the company’s aspirations and image for the next century.

A cafe bar, additional sales floor and fallow space (for future expansion) will be located on the second floor, with staff facilities and offices as well as further fallow space on the third.

The heart of the city is being transformed.

The masterplan, developed by the city in the aftermath of the bombing, is now rapidly taking shape and when the store opens all the surrounding streets will have been completely reformed and re-laid with high quality paving.

PRICOA Property Investment Management, on behalf of its client EuroInvest, has acquired Ziggurat, Grosvenor Road, St Albans from Manpower Inc (Baffin Holdings) for £11,397,000.

The net initial yield is 8.

39%, having taken account of usual acquisition costs of 4.


The 7,721.

66 sq m (93,118 sq ft) property was originally constructed in 1970 and extensively refurbished in 1990 to provide ground and 7 upper floors of highly specified office accommodation.

The property is fully let to 10 tenants on 14 occupational FRI leases producing an annual rent of £1,001,447 per annum (£12.

05 per sq ft) on the office accommodation.

The building has a reversionary rental value of £1,290,000 per annum (£15.

50 per sq ft) on the office accommodation.

With a net reversionary yield of nearly 10.

8% and a capital value of £130 per sq ft, this represents an excellent acquisition for EuroInvest.

The Directors of Chartered Surveyors Rogers Chapman with offices at Heathrow, the West End of London and in the Thames Valley at Bracknell are pleased to announce that Jonathan Mannings ASVA has accepted an invitation to join the Board.

Jonathan Mannings has been with Rogers Chapman for 13 years during which time he has helped the company to achieve its recognised position as the leading firm of professional commercial property advisers in West London and the Thames Valley.

5 Years ago he was responsible for opening, in Bracknell Rogers Chapman’s third office where he continues to lead the team advising leading UK property companies, developers and investors including P&O Developments, Liverpool Victoria and the Merchant Navy Officers Pension Fund.

In addition, the Thames Valley office at Bracknell advises a number of major occupiers in the area including the Met Office, Energis Communications Ltd, Nokia Telecommunications, Lexmark International and TAS Limited.

Lawrence Johnstone, Managing Director of Rogers Chapman comments, This appointment recognises Jonathan’s considerable contribution to the continued development and success of the company.

In a bullish start to 1999, the Abbey Property Fund have bought 2 prime Manchester shop units from Scottish Widows for £14.

3 m to show a yield of 3.

The shops, which form one side of the entrance to the Arndale Centre are let to Birthdays and Burton.

The Burton unit is to undergo a full refit to trade in the new Wade Smith form.

Both leases have 10% years unexpired and are subject to review in June 1999.

The current rent passing is £499,250 (£160 Zone A).

Richer Cross, Abbey Life’s Head of Property investment commented: We believe that the bearish view of property prevalent in the last quarter of 98 is unlikely to be sustained.

As we enter a low interest rate environment the potential for a rerating of the sector increases.

We are therefore taking advantage of the weaker market to make a number of major acquisitions.

In the last 6 months, Abbey Life have invested over £30m in Central Manchester buying shops in King Street and Market Street (Body Shop, Principles, Reiss) and a leisure development in Peter Street.

Tom Laidlaw, Scottish Widow’s head of property conunented: We are delighted to have dealt with Abbey Life again.

The sale progresses our reshaping of the life fund portfolio to a more defensive position, less dependent on rental growth for performance.

Alastair Hughes, Jones Lang Wootton’s investment partner commented: We had several interested parties.

The price reflects a more positive attitude towards property investment since the New Year and renewed confidence in retail rental growth.

The Market Street deal which was agreed by Tom Laidlaw and Richer Cross on the day before Christmas Eve was exchanged and completed in 3 weeks.

MEPC plc, one of the UK’s largest property investment development groups, today announces that it has won a competitive, tender to acquire Swindon’s Brunel Shopping Centre, for approximately £90 million.

The Brunel Centre is a 49,000 sq m (527,500 sq ft), 1970s shopping centre refurbished in 1996.

James Tuckey, Chief Executive of MEPC, said: This is a perfect investment for MEPC as it accords exactly with our retail strategy to acquire dominant shopping centres in huge, irowmg towns where we can nuke a difference.

Ted Johnson, head of MEPC’s retail team added: We believe the Brunel Centre offers great opportunities for us to further improve the shopping environment in the town in partnership with Swindon Borough Council’.

Completefoods Ltd trading as Noho is to open a contemporary-design, New Asian restaurant at O2, the new 27,222 sq m (293,025 sq ft) leisure and retail centre developed by Burford Group PLC in London NW3.

Noho has agreed a new 25-year lease on the 240 sq m (2,588 sq ft) unit located on Level 2 of the development under the name Noho2.

A stepped rent, rising to £349 per sq m (£32.

50 per sq ft) in the third year, has been agreed.

The three-level centre is anchored by an eight-screen Warner Village multiplex cinema, London’s largest Sainsbury’s superstore, an Esporta health & fitness club and Books etc.

In addition, there are 10 restaurants and bar/cafe’s including Capital Radio Cafe, Yo! Sushi, Babe Ruth’s and Old Orleans.

The centre is themed on ‘the great outdoors inside’ and features more than 800 sq m of sculpted rock surfacing and the largest known free-to-view aquarium in the UK with more than 200 freshwater and tropical fish.

Comments Duncan Phillips of Burford: Noho brings a complementary and popular restaurant offer to what is already an outstanding range of restaurants, bars and cafes.

‘Fisher Hargreaves Proctor acting on behalf of a local investor, have concluded the restructuring of the former Birdcage premises at 24 Bridlesmith Gate.


The premises were refurbished, extended and let to Coast Ladies Wear which is part of Oasis Stores plc, on a 20 year lease at a rent of £75,000 per annum.

Fisher Hargreaves Proctor were instructed to sell the investment which was sold to Celexa Real Estate Investment on behalf of Forsakrinysbolaget SPP Omsesidigt represented by Phillips Wilks & Partners of London.

The price reflects a yield of 5.

7% after the usual purchaser’s costs, with the letting reflecting a Zone A rent of £122.

Fisher Hargreaves Proctor represented the landlord throughout, whilst the landlords were represented in the letting and sale in legal terms by Freeth Cartwright Hunt Dickins’ Nottingham office.

Following negotiations with La Salle Investment Management on behalf of the landlord Coal Pension Properties Limited, Storey Sons & Parker have negotiated a new lease of No.

78 North Road, Durham for Coral Racing Limited.

The unit occupies a prime position on North Road close to Going Places, Boots the Chemist and Halifax Building Society.

Marylebone Warwick Balfour Group Plc (MWB) today announces that on behalf of the MWB Leisure Fund 11 it is forward purchasing the 190,000 sq ft Norwich Riverside commercial leisure park, currently being developed jointly by Railtrack Property and Gazeley Properties, for £33.

The leisure park forms part of a 40 acre redevelopment scheme that includes an 82,000 sq ft Morrisons superstore, 160,000 sq ft of non-food retail and 200 residential units.

Norwich Riverside Leisure is already 70% pre-let and, on completion, is expected to generate annual rental income of £2.

Tenants include a UCI 14-screen multiplex occupying a 58,000 sq ft unit, a Bass bowling complex, a Rank nightclub along with bars and restaurants which will be operated by companies like Scottish & Newcastle and Greenalls.

Located in the centre of Norwich, the Riverside site is adjacent to the railway station and has been patiently assembled by Railtrack Properties over the past 10 years.

Since its launch last August the MWB Leisure Fund II has acquired or forward funded five prime commercial leisure park schemes for a total investment of approximately £230m.

John Harrison, MWB Director, said: We are absolutely delighted to have acquired this prime leisure park in an off-market transaction and we are looking forward to working with Railtrack and Gazeley to complete this exciting project.

Dick Chenery, Railtrack’s Property Director, said: This development is Railtrack’s first property joint venture and has proved to be highly successful.

It is already delivering good returns which can be ploughed back into the company’s huge capital investment programme which seeks to deliver a railway fit for the 21st Century.

Commenting on the sale Gazeley’s Development Director, Peter Gomersall, said: We are very pleased that MWB has invested in the leisure element of Norwich Riverside and see this as an endorsement of the quality of the scheme we are creating.

Creston plc has acquired the Albion Complex in South Street, Glasgow from a private investor for £1.

8 million, taking its investment on new properties in the last two months to almost £3 million.

The purchase of the 11,091 sq m (119,381 sq ft) industrial estate will be made by £1 million in cash and the balance of £800,000 by the issue of 6.

5% unsecured redeemable convertible loan stock.

The centre has a current rent roll of £237,000 pa and shows a net initial yield of 12.

4% but with one vacant unit with an estimated rental value of £30,000 pa.

Tom King, managing director of Creston, said: The Albion Centre adds to our existing portfolio of similar high yielding multi-let properties across the country.

The slow down in the third quarter had little impact on a record year, which saw UK Institutions displaying a strong appetite for real estate, reports Jones Lang LaSalle.

Total net investment by insurance companies, pension funds and investment trusts was in excess of £1.

3 billion between September and December, up by over 55% on the previous quarter.

For the year, UK Institutions ploughed almost £4.

5 billion of new money into the sector, compared with £1.

9 billion in 1997.

Commenting on the latest Institutional investment figures released by the office for National Statistics, Jones Lang LaSalle predicts 1999 will be another active year, with real estate continuity to be in favour with asset allocators.

Confidence has returned to the sector, following a brief slow down towards the latter half of last year resulting from global economic turbulence, says John Stephen, Jones Lang LaSalle Investment Director.

Well let property will be seen as a sound, defensive asset in 1999, continues John Stephen, Weight of money from UK and overseas Institutions and from public and private property companies point to a shift in yields for some property during 1999.

The Merrill Lynch Fund Manager Survey reinforces our own conclusions, according to Malcolm Naish, During the second half of 1998, Institutions’ property asset allocation was negative.

Month by month, we have seen an improvement and investor allocations have turned positive for the first time since last summer.

There are more buyers than sellers and owners are holding on for the upside, claims John Stephen, there is an acute shortage of deliverable investment all sectors and competition is fierce for what comes to the market.

Post Office Property Holdings, represented by Weatherall Green & Smith, has sold Fairfield Industrial Estate in Villiers Road, Kingston upon Thames to clients of Argyll Property Asset Managers for approximately £6 million to reflect a net initial yield of under 8%.

The 6,982.

63 sq m (75,161 sq ft) estate comprises six industrial units occupied by four tenants – the Post Office, Ideal Bathrooms, Magnet and Howdens Joinery – on rents of between £67.

27 per sq m (£6.

50 per sq m) and £78.

04 per sq m (£7.

25 per sq m) and generates a total income of £493,730 pa.

Chris Gilchrist-Fisher of Weatherall Green & Smith commented: The price achieved reflects the considerable interest generated in this investment which attracted many bids from, property companies and institutions in excess of the asking price.

Merchants House, Wapping Wharf is a purpose-built office block overlooking the floating harbour, built in 1983.

Tenants in the 55,000 sq ft offices include AXA Equity & Law Assurance Society, First National Bank, Cameron McKenna and National Provident Institution.

Graham Calver, partner of Hartnell Taylor Cook who represented Cardinal Lysander says: This is a strategic investment for my clients who expect rental levels to rise significantly after the completion of the £200 million scheme at Bristol’s Harbourside.

Cardinal Lysander paid £5.

25 million to Brookmount Investment Trust for the investment, reflecting a yield of 10.

Egan Lawson acted on behalf of the vendors.

Planning consent has been granted and work has already started on the project which will create ten new full and part time jobs for the area.

The new station is being built on a 1.

4 acre site fronting Hengrove Way, with 5 petrol pumps, a 2,000 sq ft shop and 850 sq ft of ancillary space.

It will be open round the clock.

The development in South Bristol is part of Margram’s wider plans for expansion and the company is actively seeking new sites throughout the UK.

South Bristol Business Park is being developed as a joint venture by Crest Nicholson and Bristol City Council, advised by Hartnell Taylor Cook and King Sturge.

Andrew Batchelor, industrial partner at Hartnell Taylor Cook says: Although South Bristol has been traditionally thought of as the poor commercial relation in Bristol, the interest we have had in this Park compares well with anywhere in the area.

MEPC announces that it has commissioned an external valuation of the property portfolio at 31 March 1999 and will include the results in the interim report and balance sheet due to be published in June 1999.

The valuation at 30 September will not be affected by this change.

MEPC’s external valuers are Knight Frank and Jones Lang La Salle,James Tuckey, MEPC’s Chief Executive said: The introduction of twice yearly valuations brings a number of ‘benefits.

First, we will be able to manage the portfolio more efficiently with access to regular six monthly external valuations which will improve the monitoring of our progress.

Second,Strutt & Parker, acting on behalf of a private client has sold the freehold office investment at St.

John’s House, Suffolk Way, Sevenoaks, to Moat Housing Society (a member of Moat Housing Group) for £2.

125 million, reflecting a net initial yield of 7.


The entire property was leased to Moat Housing Society Ltd, on assignment from Payless DIY Ltd, on a 25-year FRI lease from 25 December 1986, subject to upward only rent reviews at five-yearly intervals.

The property comprises 880.

80 sq m (9,481 sq ft) of office accommodation arranged over two floors and benefits from comfort cooling, raised floors and 39 on site parking spaces providing a ratio of 1 space per 22.

76 sq m (245 sq ft).

Highbridge Business Park Limited is to start next month on one of the speculatively designed and developed Call Centres in England.

The proposed 6,968 sq m (75,000 sq ft) scheme will be the second phase of the proposed one million sq ft Cobalt Business Park in North Tyneside – one of the few remaining sites with Enterprise Zone status until the year 2006.

Guy Marsden, Director of Highbridge Business Park is so confident in the burgeoning demand for call centres, particularly in the North-East, that he is accelerating the high quality facility in order that it may be completed by October this year.

The building will be completed within a sophisticated envelope so that it can be internally designed to occupier demand.

I am absolutely confident in the interest from inward investors in call centres in the UK in general, and the North-East in particular, is still growing, said Mr Marsden.

The London Borough of Camden has resolved to grant planning permission to Burford Group Plc and Volkswagen Group United Kingdom Ltd for the creation of Volkswagen and Audi dealerships on land to the west of the new O2 leisure and retail centre in London NW6 1RZ.

Top Trim, trading as Hyper, the club & branded unisex fashion retailer, has opened it’s fourth store at the 116,000 sq m (1.

The 93 sq m (1,002 sq ft) store on the first floor level opposite Clarks, has been let on a 5 year lease at a rent of £40,000 per annum with a 6 month rent free period.

This letting follows hard on the heels of Vodafone relocating within the centre to a store more than double the size of their previous store.

The 144 sq m (1,545 sq ft) unit is located in the prime pitch, where rents are currently achieving over £220 Zone A.

Joint letting agents for the Phase 11 & Phase 111 refurbishments are Lunson Mitchenall and Stiles Harold Williams.

Highbridge Properties Plc, has secured Ventura, a subsidiary of NEXT, the fashion multiple, for a second phase of offices extending to 15,607.

6 sq m (168,000 sq ft),The property, owned by a syndicate of private investors, has a capital value of £26 million, and has been let at a rent of £9.

50 per sq ft on a 16 year lease.

Guy Marsden, Managing Director of Highbridge Plc, comments: ‘This additional requirement of Ventura’s represents exceptional inward investment and further endorses the Rotherham area as an outstanding location close to skilled labour known for low churn rates, while also being adjacent to excellent road and rail networks’.

Highbridge has worked closely with Ventura in securing this second phase for the Manvers Enterprise Zone which, on completion in January 2000, is expected to create 2,000 new jobs.

Enjoying Enterprise Zone status until the year 2004 the financial benefits, employment profiles and the location complement Ventura’s existing interests in the north of England.

The decision to approve the £8 million investment means that an important employer will remain within Camden and also opens the way for the creation of up to 78 new jobs.

Volkswagen Group intends to create two impressive new buildings comprising a total of 1,427 sq m (15,360 sq ft) of showroom space and 3,062 sq m (32,959 sq ft) of workshop service space.

The site, which will have its main access from Finchley Road, will also benefit from extensive landscaping.

Leeds-based SDA Partnership is the project architect.

Burford and Volkswagen Group worked hard to ensure that this proposal met the necessary planning criteria and we are delighted that the permission has been granted.

As a result of that search Volkswagen Group considered that the Burford site represented the only viable opportunity to relocate the operation within the London Borough of Camden before the current lease release runs out at the end of 1999.

Cleveland House is the latest in a long line of developments undertaken in the West End by Kvaerner Trollope & Colls who’s portfolio includes Almack House, for London & Edinburgh Trust, and the new home of the Naval & Military Club, otherwise know as The In & Out.

It is this long tradition of expertise, gained working in central London, which secured the crucial preliminary step in a two-stage competitive tendering process, resulting in Kvaerner Trollope & Colls being chosen to work with architect Treheme & Norman to produce a high quality building for a high profile site.

Gateway Computers, has chosen Queens Arcade, Great Portland Estates’ (GPE) 13,000 sq m (140,000 sq ft) shopping centre in Cardiff, to launch its first outlet in Wales.

Gateway will take Unit 19, which comprises of 343.

7 sq m (3,700 sq ft), on a 15 year lease with a break option after 10 years, at a rent of £85,000 per annum.

The unit is located on the lower level of the mall near the main Queen Street entrance, close to Next, Faith and Maddisons.

Steve Weston of Gateway commented: ‘Queens Arcade embodies our requirement for Cardiff to the letter, offering superb floorspace within the heart of the city.

Kvaerner Trollope & Colls has won the first stage of a £14m redevelopment of one of the West End’s most exclusive locations.

Situated on the corner of St James’s Square and King Street, the new building will incorporate 94,000 sq ft of air-conditioned offices as well as six high-quality residential units.

Known as Cleveland House the development is of special significance to Kvaerner Trollope & Colls as it was built and occupied by the company in the sixties and lies just a few doors from Kvaerner Group’s main London HQ.

The new structure will incorporate a steel frame on piled foundations, with lightweight concrete floors and external finishes in Portland Stone cladding and brick.

Being constructed for a subsidiary of City & West End S.

Properties the contract is due for completion in the Summer of 2000.

Ronald Spinney, Hammerson’s Chief Executive, said,: This is a very interesting transaction for Hammerson, providing a good initial yield and orowlh potential.

Located in Conwy, whose medieval town walls and castle are a World Heritage Site, Plas Mawr, a Grade 1 listed building and scheduled ancient monument is regarded as the finest surviving Elizabethan town house in Britain.

Completed in 1585,the building, which has survived largely unaltered, needed major and extensive repair works, and was taken into care by Cadw, the Welsh Office’s historic monuments executive agency.

Plas Mawr has magnificent plaster ceilings and wall decoration, structural timber screens and fitted woodwork including wainscot, benching, doors and floorboards.

When the building was taken into care extensive decay and many structural failures had taken place.

Building Design Partnership was appointed by Cadw as architect and design team leader to carry out an intensive programme of investigation and repair over a four year period.

The key objective of the conservation strategy, jointly evolved by the client and design team, was that the repairs should secure the long-term future of the building.

All works were accompanied by intensive architectural, archaeological, photographic and video recording.

The four year £2 million project was completed in the spring of 1997, and the refurbished building reopened to the public in May 1997.

Speaking after his election, James Cannon commented: I’m very much looking forward to my year as branch chairman.

Jones Lang LaSalle, on behalf of Bass Pensions Limited, has sold Tudor Arcade in Dorchester to Capital and Regional Properties plc.

The shopping centre was sold for £5.

35m at a net initial yield of 9.

The building is a modern, fully let shopping centre, consisting of 17 retail units, anchored by a 2,600 sq m (28,000 sq ft) Waitrose supermarket.

Other tenants in the shopping centre include Mothercare, C& J Clark, Milletts and Lunn Poly.

There are also 170 car parking spaces.

75% of the income from the tenants of the shopping centre can be attributable to multiple covenants, 88% of which are against terms in excess of 10 years.

The rent from the tenants amounts to £542,715 pa.

Nelson Bakewell’s auctioneer, James Cannon, has been elected Chairman of the Central London Branch ISVA, the professional Society for Valuers and Auctioneers.

The Central London Branch comprises 854 members of ISVA’s total membership of 7,500.

While the proposed merger with the RICS is grabbing most attention at present, it is vital that we don’t neglect the ongoing requirements of the membership.

The Central London Branch is strongly committed to providing both an excellent CPD lecture programme and a series of enjoyable and informative social events.

James Cannon joined ISVA in 1995 and subsequently won the society’s National Auction Competition when he successfully auctioned Manchester United football ground in competition with 20 other auctioneers.

He has been an ISVA Committee Member since 1996.

He comments: ISVA’s strength is its varied membership and the way in which it responds to the different needs and interests of its members.

This is vividly demonstrated in my own field where auctioneers from different disciplines are fully represented whether they are active in the chattels, plant and machinery, fine art or property markets.

I hope that during my time as Chairman I am able to contribute to a worthwhile and enjoyable year for all of the Central London Branch membership.

MEPC has agreed to forward purchase the freehold interest in J Sainsbury Developments’ Damolly Retail Park in Newry, Northern Ireland.

The price to be paid will be circa £20 million, based upon a net initial yield of 6.


The retail park is currently under development and will extend to 12,775 sq m (137,000 sq ft), with 606 car parking spaces.

Completion is expected at the beginning of April 1999.

It comprises six units, two units being prelet to MFI and B&Q, who have taken a 6,735 sq m (72,000 sq ft) unit.

All the remaining four units are under offer.

MEPC, one of the UK’s largest property investment and development groups, has acquired the Loch Lomond Factory Outlet Centre, Scotland, for £7.

075 million from Acreground Limited, reflecting an initial yield on gross costs in excess of 8.

The Loch Lomond Centre, which opened in 1997, comprises 4,784 sq m (51,000 sq ft), set out on three trading levels.

Richard Exley, head of MEPC’s factory outlet sector, said: We are delighted to have acquired Loch Lomond and look forward to applying our expertise in the operation of factory outlet centres to realise its full potential, especially in relation to the tourist market.

John Sheridan of Acreground Limited said: We are pleased with the sale, particularly because we have an opportunity to participate in the added value which MEPC will bring to the future operation of the scheme.

The value-for-money family retail chain Peacocks has opened a new store at 19 – 27 Mercer Walk in Warner Estate’s Port Arcades shopping centre in Ellesmere Port, Cheshire.

Peacocks has taken a 15-year lease on the 10,000 sq ft (929 sq m) unit, which provides 5,000 sq ft (464 sq m) of ground floor sales space, with a similar area above which is split into trading and ancillary accommodation.

The creation of the new unit for Peacocks is the latest in a series of asset enhancement initiatives being implemented in the town centre by Warner Estate, which owns some 250,000 sq ft (23,225 sq m) in the heart of Ellesmere Port including both the enclosed Port Arcades shopping centre, which was completed around 1990, and the adjoining, open Marina Walk centre.

Commenting on the deal, Warner Estate’s Steve Gay said: The letting to Peacocks is a significant endorsement for the strength of trading in the Port Arcades and the enhancement programme we have implemented over the past 3 years as part of an ongoing programme encompassing both the Port Arcades and Marina Walk.

We plan to introduce more new retailers into the town and provide space for existing occupiers to expand.

We have identified further opportunities to create at least two more larger units capable of fulfilling the requirements of modern retailers and anticipate commencing works shortly.

Lathe Retail Investments Limited has acquired 372 sq m (4,000 sq ft) of office and retail space at 27 Market Place, Warminster, adjoining the Three Horseshoes Mall shopping centre, bought by the company last year from Teesland.

Lathe is about to start refurbishment of the Three Horsehoes Mall, having just obtained planning consent for their proposals.

Stephan Brook of Lathe said: This purchase is an important strategic acquisition which will anchor the main entrance of the Three Horseshoes into Market Place.

Miller Developments has launched its new investment portfolio with the acquisition of the Angel Place Shopping Centre in Bridgwater, Somerset.

Miller has paid £7.

508 million to Legal & General for the 7,654.

96 sq m (82,400 sq ft) centre, which currently generates £697,000 per annum, showing an initial yield of 8%.

The tenants include Wilkinson Stores, Adams and Holland & Barratt, while there are three vacant units.

Phil Miller, managing director of Miller Developments, said: We are looking to set up a £50 – £100 million investment fund that is opportunistic and not sector driven.

Malcom Deans, the Miller director that will be responsible for managing the investment portfolio commented: At Angel Place we will be looking to let the vacant units and through active asset management increase the overall returns from the centre.

Crest Nicholson Properties Ltd has secured Margram for a 0.

60 ha (1.

5 acre) site at its South Bristol Business Park.

Margram is opening a new petrol filling station this week creating ten new full and part time jobs for the area.

The new station, fronting Hengrove Way, provides 5 petrol pumps, a 185.

8 sq m (2,000 sq ft) shop and 79 sq m (850 sq ft) of ancillary space.

It is open round the clock.

The development in South Bristol is part of Margram’s wider expansion plans and the company is actively seeking new sites throughout the UK.

Margram is advised by Donaldsons.

Five acres have already been sold to First Group, two acres for a light industrial scheme and a further four acres to Denvale Trade Parks.

John Bryant, Managing Director for Margrams comments: South Bristol Business Park is not only the perfect location for us, but provides us with a great opportunity to introduce new jobs to an up and coming area.

Chartwell Land has acquired the former Owen Owen department store in Walsall from Philip Green for a price of £2.

MVC has agreed to take one of the three units at a rent equating to £85 sq ft Zone A.

It is also undertaking Phase II where planning consent has been granted for an additional 170,000 sq ft of edge of town retail park.

‘Recent successes in Walsall have given us the confidence to make further acquisitions in the town in the knowledge that there is both strong institutional and tenant demand for the town commented Mark Robinson, Chartwell Land’s In-Town Development Manager.

This is the second from Owen Owen store acquired by Chartwell Land recently – the other in Uxbridge has been refurbished and let to Superdrug and JJB Sports.

Guardian Properties has let an office suite at Centennial Court, Bracknell, achieving a new rental high for the modern headquarters building of £27.

00 per sq ftThe law offices of Marcus O’Leary have acquired a unit of 121 sq m (1,300 sq ft) on a new three year lease.

They join other tenants including Power Integrations Ltd, AMP (UK) Ltd and Magic Software.

Chris Carter-Keall of Guardian Properties comments The ability to offer flexible lease terms to growing companies means that many of our tenants are now expanding within the building.

Guardian Properties has let the final floor at its Sovereign House development in Reading, Berkshire achieving a record rent for the building of £21.

ISS Group Ltd, the UK subsidiary of US Corporation Intemet Security Systems, has acquired ground floor offices comprising 612.

5 sq m (6,593 sq ft) on a five year lease at a stepped rental rising to £142,000 per annum in the third year, with 4 months rent free.

Philip Wakeling of Guardian comments We are delighted that Sovereign House is now fully let.

The letting to ISS Group Ltd goes against the general trend of companies relocating out of town and further highlights the continuing popularity of Reading town centre.

One of Scotland’s leading property investment experts Angus Campbell is returning to the country to join Ryden as an Investment Partner, effective 1 May 1999.

Angus, who is returning to the UK from Knight Frank South Africa, was formerly a partner in the Investment Department of Knight Frank in Scotland.

With fifteen years of experience in property investment in the UK, Europe and Africa, he will lead Ryden’s investment activities in the West of Scotland.

We are delighted that he will be joining our strong investment team in Glasgow.

Ryden also has investment teams in Edinburgh and Aberdeen.

Angus Campbell said: Ryden is undoubtedly one of Scotland’s leading firms and I am looking forward to joining the Ryden team.

The range and size of deals available in Scotland make it an easy point of entry to the UK market for some overseas buyers.

The Natural World, launches its first Welsh outlet at Queens Arcade, Great Portland Estates PLC’s 14,000 sq m (130,000 sq ft) shopping centre in Cardiff.

The Natural World will occupy Unit 35 comprising of 86 sq m (930 sq ft) at a rent of £74,000 per annum on a 15 year lease.

The unit is located on the upper mall level opposite The Disney Store.

This latest deal is the third such ‘first for Wales’ letting in six weeks at Queens Arcade, with Gateway Computers and Gymboree opening their first Welsh outlets at the centre earlier this year.

Elizabeth Turner, Director, Natural World, commented: Cardiff has been on The Natural World ‘shopping list’ for many years and due to it’s impressive tenant mix and quality brand names which compliment our retail offer, Queens Arcade was the perfect choice to locate our seventeenth UK retail outlet.

From 1 April, chartered surveyor firms Downer Duff of Milton Keynes and Douglas & Co of Bedford are joining forces to become a new firm – Douglas Duff.

Maintaining their present offices in Bedford and Milton Keynes, Our team resources at both office locations will be strengthened by pooling the substantial experience and local knowledge from the two firms.

Douglas Duff can now offer all clients the benefits of specialist expertise across the full range of disciplines which now comprise the commercial property sector.

Douglas & Co was formed in 1989 through a management buy-out by partners Roy Douglas and David Tillison of the Bedford office of Countrywide Surveyors Ltd’s commercial division from Hambro Countrywide plc.

Downer Duff was established in Central Milton Keynes in 1983.

Senior partner Allen Duff, FRICS, was formerly Commercial Director of the Miiton Keynes Development Corporation.

For some years, both firms have been operating independently in a similar market place and have built up good working relationships with local, regional and nationally-based companies.

With the complementary experiences of building a new city and serving a traditional market town, Douglas Duff will be able to advise clients on the opportunities and implications of regional plans to enhance the future prosperity of our region.

David Tillison added: The increasing complexity of property transactions in our business.

oriented profession demands significant levels of expertise in specialist areas.

Commitment to new technology is enabling the Bedford and Milton Keynes offices to operate as an entity.

Both firms had invested in computerised systems and communications said Allen Duff.

We are now able to make substantial further investment in the latest technological advances available to the surveying profession, and to sustain this technology across the range of client services-The eight existing partners of the two parent firms become partners of Douglas Duff: David Louch, Michael Mansell, Robert Shacklock, Philip Stainsby, Charles Ross and David Tillison, with Roy Douglas and Allen Duff being senior partners in the new firm.

The two buildings of approximately 1,810 sq m (19,500 sq ft) and 2,135 sq m (23,000 sq) will be renamed Aston House and Benyan House and are being extensively refurbished as part of the transaction.

Vodafone has taken a 10 year lease on each building, with a 3 month rent free period, at a rental of £15.

50 per sq ft per annum.

Guy Bishop of CB Hillier Parker comments: The buildings were due to become vacant on 31 March 1999 and we successfully completed the re-letting on behalf of Hermes by that date.

This is one of the most significant deals to have taken place in Newbury for some time.

Hermes has now eliminated any void exposure.

Colliers Erdman Lewis (CEL) has recruited Jemma Townend as senior surveyor in its Insolvency Department following substantial growth in the departments’ client base, since it was formed a year ago.

Jemma joins CEL from GVA Grimley, where she worked for over four years in their Insolvency team.

The CEL Insolvency department now acts for a number of foreign Banks in addition to UK Insolvency Practitioner and Banking clients.

Since it’s inception it has provided advice on a wide range of assets including Mersey House in Liverpool, 75,000 sq ft office building let to the MoD at £513,500 pa, which was sold on their behalf by the CEL Investment Department in November.

Jemma Townend comments: ‘I am delighted to be joining this fast growing Department.

This move allows me to get involved in a larger body of work at a senior level and I look to forward to helping Richard to drive the department onward.

‘Richard Stanley, Director of Insolvency at Colliers Erdman Lewis adds: ‘It is excellent to team up with Jemma again following our time together at GVA Grimley.

Creston Plc is aiming to take advantage of the shortage of available modern offices in Woking and has unveiled plans for the refurbishment of one of the town’s most prominent office buildings.

The company is to spend over £2 million upgrading Imperium on Victory Way to provide 2973 sq m (32,000 sq ft) of high quality office space on four floors.

The new look building will be ready for occupation in September 1999.

The amount of modern office space currently available in Woking is at an all-time low and there is a limited number of new developments in the pipeline.

Weatherall Green & Smith and Morgan Smithyes have been appointed as joint letting agents and will be marketing the building as a whole or on a floor-by-floor basis at a quoting rent of £188.

36 per sq m (£17.

Following the completion of the new multi-storey, 900 space car park in October 1998, MEPC has commenced a £20m refurbishment of the 31,000 sq m (350,000 sq ft) Eagle Centre, Derby.

Ted Johnson, MEPC UK Retail Director, commented: The Eagle Centre was built in the mid ’70s.

The refurbishment will take the Centre into the 21st Century.

In addition, it will be providing new larger units to accommodate tenants’ present day requirements.

When the final phase is finished, Derby will have a shopping offer of which it can be proud.

APREIT, the joint venture between REIT Asset Management and Pelham Partners, has let the 1,991 sq m (21,437 sq ft) St John’s Court in Easton Street, High Wycombe to Lex Group Service plc.

Lex has signed a new ten-year lease for the headquarters office accommodation, which will be occupied by Hyundai Cars (UK) Limited, and are paying an annual rent of £343,000.

Occupiers include Barclays Bank and Sun Microsystems.

Bass Pensions Limited has sold Tudor Arcade, Dorchester to Capital and Regional Properties Plc for £5.

35 million, reflecting a net initial yield of 9.

The rent from tenants amounts to £542,715 Per annum, 75% of the income from the tenants of the shopping centre can be attributable to multiple covenants, 88% of which are against terms in excess of 10-years.

The sale of Oriel House, London W2 for £33.

15 million to Clerical Medical Investment Group has just been concluded by the Liquidator of Japan Leasing, (Virgin Islands) Limited.

The marketing of the 7,785 sq metre (83,800 sq ft) multi-let investment by Jones Lang LaSalle, generated strong competitive interest and resulted in close to £200 million of offers from a variety of bidders.

Oriel House, 16-18 Connaught Place, London W2 is situated just to the north of Marble Arch in London’s West End.

Post 31

Lambert Smith Hampton has found the A3 space for City Market plc, a consortium of private investors from the U K and Far East.

The 437 sq m (4,700 sq ft) bar/restaurant on the lower ground floor at 1-2 Crutched Friars, EC3 will be held on a new 25 year lease at £80,000 pa with 12 months rent free.

Trading as The Market, the City-themed restaurant will include continually-changing bar prices based on demand using computerised tills linked to a PC.

Whilst all drink prices will be capped, the more popular brands sold at any given moment will lower the price for the next customers.

This is the first time the concept, which originated in the Far East, will operate in Britain.

He joins the firm from CB Hillier Parker; he has also held property management posts at DTZ Debenham Thorpe, Grimley and Birmingham City Council’s housing department.

Neil Young, a director of Carlsbrooke, says The St Mary’s Place Shopping Centre plays an important part in attracting shoppers to Ilkley and over the next few months we will be considering ways of ensuring that it continues to offer the quality of shopping that the public have a right to expect.

The centre was built in 1993 and is situated in the prime shopping area of Market Harborough on the eastern side of the High Street and The Square.

It comprises an open pedestrianised shopping centre with 25 retail units totalling 70,000 sq ft.

Main retailers include Argos, Boots The Chemists, and Wilkinson and letting income totals about £745,000 per annum.

Neil Young, a director of Carlsbrooke, says The Aylesham Centre plays an important part in attracting shoppers to Peckham and over the next few months we will be considering ways of ensuring that it continues to offer the quality of shopping that the public have a right to expect.

The centre was built in 1985 and refurbished in 1995 and is situated in the prime shopping area of Peckham on the east side of Rye Lane.

It comprises a Safeway supermarket, petrol station and 21 shop units totalling 130,000 sq ft.

Main retailers include Mothercare, Clinton Cards and the Co-op and letting income totals about £1.

06 million per annum.

he Station Plaza Shopping Centre in Ilkley has been sold to new owner, Carlsbrooke Investments, which is based in London.

Neil Young, a director of Carisbrooke, says Station Plaza plays an important part in attracting shoppers to Ilkley and over the next few months we will be considering ways of ensuring that it continues to offer the quality of shopping that the public have a right to expect.

The centre was built in 1989 and is situated on Brook Street adjacent to the railway and bus station.

It comprises 21 units totalling 23,000 sq ft.

Main retailers include Woolworth, the Halifax Building Society and Kwlk Save and the letting income totals about £362,500 per annum.

There are currently seven units available and Carlsbrooke is in negotiations to let x of them.

Neil Young, a director of Carisbrooke, says The Magnolia Centre plays an important part in attracting shoppers to Exmouth and over the next few months we will be considering ways of ensuring that it continues to offer the quality of shopping that the public have a right to expect.

The centre was built in 1978 and is situated between Chapel Street and the Parade.

The property benefits from car parking facilities and comprises 13 retail units, two large stores and also a supermarket totalling 66,000 sq ft.

Main retailers include Somerfield, the Halifax Building Society and W H Smith & Son Ltd and the letting income totals about £642,000 per annum.

Currently there are no units available.

The Station Plaza Shopping Centre in Ilkley has been sold to new owner, Carlsbrooke Investments, which is based in London.

The purchase forms part of two portfolios bought from Hypo Vereinsbank and the Royal Bank of Scotland for £82.

5 million by Carlsbrooke Suon Ltd Partnership , a joint venture company set up specifically for the acquisition with Suon Ltd.

Juliet Peacock, BSc Hons ARICS, has joined MEPC as Leasing Manager for their factory outlet portfolio.

Richard Exley, head of MEPC factory outlet sector, comments: We are delighted to have recruited Juliet from DTZ.

She has a wealth of retail experience and her agency skills will be much in demand at MEPC.

Her principal responsibilities will be to add value to the existing factory outlet portfolio by improving tenant mix and income, as well as working on new development opportunities.

In one of the biggest retail transactions of the year Hermes, Prudential and Lend Lease are to undertake a back to back equity transaction at two of the country’s largest regional shopping centres – The Shopping Centre Milton Keynes and Bluewater, Kent.

Hermes is acting on behalf of BriTel Fund Trustees Ltd.

The agreed transaction, will involve the acquisition by BriTel of a 10% stake in Bluewater for £112 million from Lend Lease and the acquisition by Prudential of 36% interest in The Shopping Centre Milton Keynes for £162 million.

BriTel will have a 999 year lease in Bluewater and the Prudential interest in The Shopping Centre Milton Keynes will be acquired by means of a newly created, Trust of Land.

The deal will complete in July 1999.

Staffordshire’s property agents and developers are to get the chance of a ‘head-to-head’ with John Nicholls, regional director of the government’s regeneration agency, English Partnerships.

Mr Nicholls will be the principal speaker at a property forum hosted by the county’s inward investment agency, InStaffs.

The event will be staged at the Centre for Productivity and Efficiency (CPE) at Centrum 100 business park in Burton-upon-Trent on Thursday, 12 November, at 4.


The role of English Partnerships and what it can provide to assist the region will be a key theme of Mr Nicholls’ presentation.

He is also expected to give an indication of how the organisation will work with the newly-created Regional Development Agency and its future structure.

Those attending will also have the chance to quiz Mr Nicholls on his view of the region and its potential to promote regeneration initiatives.

InStaffs will, in addition, be revealing the latest findings from its Property Market Trends survey showing developments and property-related opportunities in Staffordshire.

This latest quarterly survey will highlight the impact of the A50 improvements on the north of the county in particular.

COLT have entered into an undedease for the whole of JLT’s unexpired term to March 2015, without break, at an initial rental of &pound;1.

557 million per annum, equating to &pound;32 per sq ft.

The deal concludes JLT’s post-merger property rationalisation which has also seen the disposal of Jardine’s 70,000 sq ft building in Chelmsford and Lloyd Thompson’s 20,000 sq ft building at Lovat Lane, also in the City Of London.

Burford Holdings plc (Burford) today announces that its planning application was approved yesterday for the development of a further 1.

9m sq ft of distribution and industrial accommodation at the company’s 452 acre Cabot Park distribution centre, Avonmouth.

As a result of yesterday’s decision Bristol City Council has now approved more than 3.

1m sq ft of industrial space, including all associated infrastructure works, on the site which is only a few miles north-west of Bristol City centre and adjacent to the Avonmouth Docks.

Earlier this year detailed planning consent was granted for the development of 1.

25m sq ft of space which also includes the Cabot International Rail Freight Terminal.

Burford estimates that more than 9,000 jobs will be created by the Cabot Park development John Anderson, Burford’s Chief Executive, said: We are absolutely delighted that we have received outline consent for the second phase of Cabot Park as it takes us a major step nearer to achieving our objective of creating the country’s premier multi-modal distribution centre.

Philip Lewis, president of the BCSC, said The Mall at Cribbs Causeway has been developed with an imaginative use of design and is already demonstrating great trading success.

Roger Groom, chairman of the awards panel, commented Clearly a great deal of care was taken in the design of this centre to optimise its retail offer.

Mall design is non-themed, elegant and functional, with high quality finishes and displacement ventilation cleverly integrated.

Architecturally it is bold and modern in an attractive landscaped setting.

There is also evidence of innovation with the leasing structure, which provides daily turnover information to the owners who, using this facility, are keen to build closer relationships with their retailers.

Overall a well designed and executed centre.

Andrew Sanders and Gill McGreevy of D J Freeman acted for Argent Development Consortium Ltd in the £78m sale of Governor’s House, London EC4, to Marchlane Limited (part of the Englander Group).

Stuart Stern of Teacher Stern Selby acted for Marchlane Limited.

Lesley-Anne Avis of D J Freeman advised Argent Development Consortium Ltd on the £28.

6m sale of Thames Valley Three to BriTel Pension Fund Trustees Limited.

Martin Staccy of Laurence Graham acted for BriTel.

Andrew Sanders of D J Freeman acted for Argent Estates Limited in the £8.

96m purchase of Plot 5 Green Park, Berkshire from The Prudential Assurance Company Limited.

The property is a clear site, with planning consent for development of what proimses to be promises to be a very high quality business park.

Plot 5 has consent for two units which Argent will commence in the very near future.

Jackie Newstead of Lovell White Durrant acted for The Prudential.

Jardine Lloyd Thompson (JLT), the London based insurance broker, has sub-let its 50,000 sq ft offices at Beaufort House, 15 St Botolph Street in the City Of London, to COLT, the FTSE-100 listed telecoms provider.

The letting represents the largest letting in the City for the quarter and removes one of the largest floorplates in London from the market.

The offices, comprising a single floor of 47,300 sq ft plus storage and car parking was originally Lloyd Thompson’s HQ prior to merger with jardine Insurance Brokers.

JLT moved to a single 100,000 sq ft site at 6 Crutched Friars earlier this year.

COLT have entered into an undedease for the whole of JLT’s unexpired term to March 2015, without break, at an initial rental of £1.

557 million per annum, equating to £32 per sq ft.

COLT were represented by Turner Morum whilst Nelson Bakewell acted for JLT.

The deal concludes JLT’s post-merger property rationalisation which has also seen the disposal of Jardine’s 70,000 sq ft building in Chelmsford and Lloyd Thompson’s 20,000 sq ft building at Lovat Lane, also in the City Of London.

The transactions represent rental savings of more than £3 million per annum to JLT.

Work has started on the &pound;45m extension to Land Securities’ The Bridges Shopping Centre, Sunderland which will double its size to 47,844 sq m (515,000 sq ft).

The building contract has been awarded to Laing Northern and is scheduled for completion in September 2000.

In addition to a 9,940 sq m (107,000 sq ft) Debenhams store which will trade on three levels, the scheme will provide 27 shop units of which only nine remain available for letting, two years prior to opening.

The building works are being undertaken in two phases.

The first phase will be built on the site of the former Green Terrace car park and comprises the creation of the department store shell and the construction of a 700 space multi-storey car park which will feed into the new Debenhams store.

The car park will be open for use by the public in Autumn 1999, coinciding with the completion of the Council’s own highway improvements to the Chester Road junction.

The second phase will commence in May 1999, being the construction of the remaining shop units and the new shopping mall in Crowtree Road.

To undertake these works it will be necessary to demolish the existing bus station in Brougham Street by which time the new Transport Interchange in Park Lane will be completed and operational.

The City Council has already commenced the works to provide the central facility for buses, taxis, long distance coaches and the planned Metro extension.

It is estimated some 150 jobs will be created through the building contract together with an additional 300 when the new shops are open and trading.

Colin Sinclair, Chief Executive of the City of Sunderland Council, says, This is a big step on the road to Sunderiand’s superb new shopping centre becoming a reality.

From the New Year onwards, Sunderland people will really be able to see things happening on the ground as the new developments start to take shape.

And I’m confident that they will be as excited as we are about how wonderful the new shopping facilities are going to be.

Tim Seddon, the senior development executive at Land Securities responsible for the project comments, The Bridges is an extremely successful centre in its own right and the high level of prelettings achieved confirms our earlier studies which showed significant levels of pent up demand from retailers wishing to secure a presence in Sunderland.

He adds, We are very fortunate to be working closely with an enlightened and proactive council.

Following completion of both our own, and Sunderland City Council’s works, we will have raised the retail profile of the City and have created a centre strongly equipped to compete with the likes of the Metro Centre and Newcastle City Centre.

The extension of The Bridges forms part of an important multi-million pound redevelopment of Sunderland City Centre.

This includes the creation of new Winter Gardens and the restructuring of Mowbray Park; a major re-vamp for the Sunderland Museum and Art Gallery and plans for the creation of a new cultural quarter centred on the Empire Theatre.

Teesland Group plc, (Teesland) the broadly based LTK property development company, in association with Thornfield Developments, announces that work is to commence immediately on site for the development of the £30 million Fodderwick Centre scheme in Basildon, Essex.

The 140,000 sq.

ft (13,006 sq m) town centre retail scheme of 14 units will be developed on a 2.

8 ha site at the western end of Basildon town centre.

It has already attracted significant demand from retail occupiers and over 70% of the units within the Centre have been prelet or are under offer.

When complete tenants will include Rosebys, JD Sport, Powerhouse, Argos, Hobbycraft, Yates and MVC (Music Video Company).

Teesland are also in serious negotiations with other retail operators for the remaining space.

Construction is commencing immediately and the development will be completed in time for Christmas trading in 1999.

Teesland was initially selected as preferred Developer for the scheme by CNT (Commission for the New Towns), owners of the land at the western end of the town centre in 1997 and recently acquired the development site from CNT.

Mark Rudolph, Director of Teesland, said Both CNT and Basildon District Council have played an important part in getting this exciting project underway and we are delighted to be working with them to bring new retail life and business into the town centre.

The Fodderwick Centre will finally complete the development of the whole retail centre in Basildon and the interest received from potential occupiers to date has been extremely encouraging.

We are hopeful to sign up the remaining units in the next few months.

Cllr John Potter, Leader of Basildon District Council, said The modem-looking Fodderwick Centre is fast becoming filled by big High Street names, and it is excellent news that they are committing themselves to the new look Basildon town centre.

This latest major investment in the district will create many more new jobs and cement Basildon’s place as an important regional shopping centre.

I am pleased that the successful partnership between the Council and Teesland has helped make this possible, added Cllr Potter.

Duncan Johnston, Director, CNT director south, said: We have been working very closely with Teesland to ensure that this exciting development will establish Basildon as an important retail centre.

We are confident that it will help to attract additional inward investment and contribute to the future prosperity of the town.

The plans for the Fodderwick Centre were drawn up by Teesland and the CNT, following discussion with Basildon Council and have been hailed for blending in with the refurbished Eastgate Centre and Town Square, as well as the new St.

Martin’s Square.

Slough Estates plc has agreed to purchase the remaining 4.

71 ha.


65 acre) of the Southern Cross Distribution Park on the Nursling Estate, Southampton, from Spen Hill Properties for &pound;5.

85 million.

The estate is situated adjacent to Junction 3 of the M27 and benefits from excellent links to Southampton Docks and the City Centre which are both two miles away.

A 25,000 sq ft facility has been pre-let to Surridge Dawson Ltd which was completed at the end of November.

Slough will continue to develop the remaining sites on a speculative and pre-let basis to provide approximately 200,000 sq ft of high quality warehouse accommodationThe NurslinG Estate is perceived to be the premier industrial/warehousing location along the M27 corridor and the purchase continues Slough’s strategy of acquiring development sites in prime business centres that benefit from excellent communications.

While some parts of the UK are seeing factory closures, there is little evidence of a manufacturing recession in the South East, according to a report by FPDSavills, if the take-up of industrial property is used as in indicator – up 41% to 6.

3 million sq ft this year.

The report says that along the Western Corridor take up in the last 18 months has been significantly higher than during the period of high GDP growth in 1996.

Altogether, some 2 million sq ft of space has been let, mainly to logistics operators, retailers and electronics companies with a further 500,000 sq ft self-built by occupiers themselves.

The main &quot;hotspot&quot; along the M4/M3 is Heathrow, which accounted for 35% of total take-up.

Similar tales are told in the Northern sector, which accounted for 55% of the total take-up in the entire survey area, equating to 1.

6 – 1.

8 million sq ft being let every six months.

This is the result of a greater degree of availability, cheaper rents and better access to the Ml in comparison with the other sectors.

Although take-up in the Southern sector could not match that it was more than double the take-up at 0.

95 million sq ft compared to the same period the year before.

Developers are cashing in on the fact that there is little modern space available – 1.

9 million sq ft compared to 12.

8 million sq ft of Grade C supply – and as a result there are currently some 30 speculative developments under construction equating to an additional 1.

6 million sq ft.

Although the traditional South East industrial developers – Slough Estates and Brixton Estates – are currently active, they by no means dominate the market.

Other developers include Land Securities, ProLogis Kingspark and Countryside Properties.

Brian Ronnie and Nick Ireland have recently joined Ryden, international property consultants.

Brian Ronnie joins Ryden’s Glasgow office as an Associate in the Professional Services Group.

He specialises in providing a broad client base with advice on all aspects of Commercial Property Valuations, Rent Reviews and Rating and has direct responsibility for the Glasgow Professional Department.

He is an Associate of the Royal Institution of Chartered Surveyors and has a BSc in Land Economics (with Distinction) from the University of Paisley.

Nick Ireland joins the Investment Group in Glasgow as a Senior Surveyor where he works on the acquisition and disposal of investment properties.

Before joining Ryden, he worked in the London investment team of a major UK practice.

He is an Associate of the Royal Institution of Chartered Surveyors and has a BSc in Land Economics from the University of Paisley.

Roddy Pearson, Partner in Charge of Ryden’s Glasgow office says, We are delighted that Brian and Nick have joined our Glasgow office and we are confident that they will further strengthen the services we offer to our clients in the West of Scotland and beyond.

Women in Property is celebrating its tenth anniversary and is currently boosting its membership with a national recruitment drive.

The organisation is a non-profit making association of women with established careers in the property industry and membership is already around 1000-strong nationally.

Women in Property distinguishes itself by having a multi-discipline membership drawn from across the property industry including architecture, development, surveying, law, marketing, public sector and construction.

The organisation was set up ten years ago and is intended to bridge the gap between organisations acting for the various professional bodies and the more broadly-based women’s networks,Hundreds of events are organised each year by the nine regional branches of Women in Property, ranging from a national annual conference, cocktail parties, building and site tours, lectures on aspects of the property industry and networking events.

On a national level, Women in Property has been approached by the British Council for Offices for participation in a joint project next year.

In addition, GUD Pension Trust has sold two reversionary retail warehouse units with open Al planning consent at Cross Point near Coventry to property company, Grainger Trust plc for £2 million, reflecting a net initial yield of 7.


the Property Industry Group and the Society of Property Researchers have all approached Women in Property with a view to developing closer relationships with their organisations in the future.

Women in Property is also adopting an international perspective with a joint event planned for February with FIABCI on international tenants’ requirements.

Women working in the property industry wishing to join Women in Property should contact the national membership secretaryGUD Pension Trust has sold two reversionary retail warehouse units with open Al planning consent at Cross Point near Coventry to property company, Grainger Trust plc for £2 million, reflecting a net initial yield of 7.

The units, totalling 1,916 sq m (20,620 sq ft) are let to Blockbuster Entertainment and Kwik Save Group on 25-year FRI leases from 1994 at a passing rent of £78 per sq m (£7.

26 per sq ft).

The Blockbuster unit has a tenant’s option to determine in November 2009.

Potential exists to create a further unit.

Cross Point is a mixed-use park in the West Midlands, it caters for business, leisure and retail uses and includes tenants such as Showcase Cinema, Toys R Us, Post Forte Hotel, and Mcdonalds.

Norcros p.


, represented by Hillier Parker and Brown Harknett International, has let the Tekhnicon on Springwood Drive Industrial Estate, Braintree, Essex.

The complex provides 360,000 sq.

(33,444 m²) of modem industrial / production accommodation including 38,500 sq.

(3,576 m²) of offices.

This transaction is thought to represent the largest letting of a single available industrial unit in the South of England during 1997.

Crittall Windows has taken a five year lease on 200,000 sq.

(18,580 m² ) at the rear of the complex and TNT Network Logistics has taken a co-terminus lease of 120,000 sq.

(11,148 m²) to handle distribution for John Dickinson the stationery suppliers.

The rent achieved was £3 per sq.

TNT were represented by CRCL.

Tim Rix, adviser to Norcros said: This is a substantial letting.

It proves that the market is returning to mid-Essex and we will now be concentrating on our 60 acre development site at Chapel Hill, Braintree which we are promoting as a Joint Venture with Ascot Holdings.

David Morris of Hillier Parker said: Braintree has not until now been seen as a growth area but this just proves that with accessibility to the motorway network coupled with the general shortage of large modem warehouse buildings across the whole of the South East, quality tenants are prepared to come to the area.

The future must be looking good for the town.

The freehold interest in the retail & office investment at 202-212 High Road, Ilford has been sold for £795,000 reflecting a net initial yield of 14%.

The property occupying a prominent corner position on High Road and Holstock Road comprises 5 retail units and first and second floor offices currently producing an annual rent roll of £117,000.

The retail tenants include Britannia Building Society, the AA, and Cheltenham & Gloucester Building Society with the majority of the leases having six years remaining.

The offices are let for two years.

Cardales and Pilcher Hershman represented the private vendor and Lewis & Partners the private purchaser.

Boots Properties has sold the freehold interest in St.

Mary’s Place shopping centre in Market Harborough to Hypo Property Investment for £9.

15 million at an initial yield of 7.


The shopping centre comprises 27 units totalling approximately 70,000 sq ft (6,503 sq m), with anchor tenants of Argos, Boots The Chemist and Wilkinsons Hardware Stores.

Annual rental income is £753,600 with further contracted fixed increases in the next twelve months.

Hillier Parker acted for Boots Properties while Chesterton were the purchaser’s agents.

The public sector facilities, which will be funded by Capital Challenge monies but designed and developed by the private sector, will include a new Library and a Lifestyle Centre incorporating a range of facilities for the population of Epsom.

In addition to the Library, facilities will range from a health and fitness gym, doctors surgery and cafe to a drop in centre for the elderly, childrens nursery/creche, and community rooms.

The scheme’s concept was prompted by a longstanding requirement from the County Council to secure new Library premises in Epsom and the Borough’s aim to breathe new life and activity into Epsom town centre.

Last year, the Borough and County Council agreed to combine their landholdings, and successfully bid for Capital Challenge funding, to provide finance for an innovative public/private partnership scheme based around these needs.

The proposals involved the provision of a 1,394 sq m (15,000 sq ft) Library, a multi-use Lifestyle Centre and complementary commercial uses.

The winning proposal, put forward by Trevor Osborne Group following a development competition, is centred on a new town square.

In addition to the library and lifestyle centre the development incorporates commercial elements such as a large private health club, pub, restaurants and retail facilities.

He proposal also contains a substantial quantity of private sector residential accommodation, which will help in maintaining activity in the town centre at all times.

The scheme was selected from four detailed submissions from Trevor Osborne Group, Inner City Enterprises,Work is expected to start on the scheme early in 1998, with completion by 2000.

The development is seen as a very important initiative in finding ways to bring vitality and viability back to town centres which are increasingly under threat from out of town retail and leisure schemes.

It is believed that the project will provide a focal point for bringing the local community into Epsom town centre and diversifying the range of activities undertaken within it.

The local authorities are being advised by Beard Dove (project managers) and Hillier Parker (marketing and commercial advisors).

The developer is being advised by Donaldsons and has RMJM as its architects.

This scheme is innovative both in its content – which provides a fully integrated facility, incorporating public and private sector elements with a single management philosophy – and its procurement, taking advantage of the ideas which underpin PFI without risking the delays which have bedevilled that initiative so far.

The appointment of the Trevor Osborne Group enables us to push on, in partnership with them, to achieve the very challenging timetable we have for completion of this scheme.

Doug Betts, Assistant Director of Libraries and Leisure at Surrey County Council, and joint project sponsor, comments:The County Council have been waiting a long time to convert their vision for a new library in Epsom to reality.

The Osborne scheme promises to deliver a fine 21st century library in the heart of Epsom, serving not only the immediate population but the people from the whole area.

We are very excited by the prospect of being a vital part of a new type of development, together with our colleagues and partners in Epsom & Ewell.

I can visualize all services in the Lifestyle Centre working together to provide an overall experience Peter Siggins, Director at the Council’s project managers Beard Dove, comments:We have, with the Councils, adopted a most innovative approach to the procurement of this Centre involving close partnership between the Private and Public Sectors.

Having been set a very challenging timescale to reach this point we are very pleased with the progress that has been made towards realizing a very significant community and commercial development in the heart of Epsom.

Stephen Clark, Partner of the Councils’ commercial property advisers Hillier Parker, comments: The development is very significant, as it offers something new, helping to bring town centers back to life.

It fits very well into the concept of the Urban VillageWe believe many other local authorities will be interested in creating similar developments.

This should be facilitated by the government’s latest efforts to encourage the PFI in local authoritiesGrimley says that the important factor is that this product was developed by property maintenance experts to be truly practical and it has all the tools for holistic maintenance management.

Roger de Boehmier, Partner at Grimley said, REAL Maintain was developed to enable us to service our clients needs in the most efficient way.

Many aspects of good maintenance management were not supported by available software; therefore, we felt it necessary to develop our own.

It proved so successful with our in-house team that we decided to launch the product externally.

This is a significant initiative for a major property consultancy firmREAL Maintain provides for condition surveys, recording customer requests, preparing long-term budgets, managing annual programmers of work and controlling cashfiow.

by either in-house or out-house tradesREAL Maintain is a client/server application that runs on a network or standalone computer.

The software is designed to run on Microsoft Windows so it is compatible with most databases and standard office software applications.

REAL Maintain can therefore import existing condition surveys without time wasting manual data entry.

A significant innovation is that REAL Maintain comes with software that provides digital inspection forms and structured pick lists for undertaking condition surveys on-site using hand-held pen computers.

This survey information is intelligently validated on-site and automatically uploaded directly into REAL Maintain.

Grimley will be demonstrating their new system on Stand 50 at the Property Computer Show on 21st and 22nd October 1997.

In one of the biggest off market deals in the City this year, NatWest has completed the sale of its Triangle Site so called because it is bounded by Thread needle Street and Old Broad Street to the Singaporean JPI Group.

The purchase price was £41 million.

JPI is planning a major high quality mixed use scheme behind the mainly listed facade including, conveniently close to NatWest’s newly relaunched International Financial Centre, what would be the largest five star hotels in the City along with offices and retail shops.

Ashurst Morris Crisp property partner Simon Cookson, assisted by Gerald Kelly, acted for NatWest on this strategic disposal.

With market rumours that there would be a major hike in stamp duty there was some pressure on the timetable.

Considerable thought also needed to be given to the effect that development of the Triangle Site might have on NatWest’s retained properties.

NatWest has shown once again how, by being alive to the opportunities, it is able to make the best use of its property assets.

Over a year after the IRA bombing at South Quay, London Docklands,Unit C2 on the Enterprise Business Park has been let to Argent Motor Company for a new Audi car showroom and service centre.

Prior to the explosion the property was vacant and on the market.

Commenting on the deal Brian Mc Guckin of Gooch & Wag staff says: This is a new lease of life for the property in many ways.

The former industrial building was severely damaged by the Docklands bomb and the refurbishment programmed was amended to facilitate the new use of car showroom and service centre .

The letting agents for the landlord were Roger Lewis Docklands and Gooch & Wag staff.

Robert Stephens & Co represented the tenant.

Top East Midlands restaurant owner Tim Hart is to open a high-class restaurant within the prominent historic Royal Standard Place site in the centre of Nottingham.

Mr Hart, who owns Hambleton Hall, near Oakham, which is independently rated as the finest restaurant in the region, has acquired the 557 sq m (6,000 sq ft) former physiotherapy department of the old General Hospital, now part of Royal Standard Place, from Nottingham Health Authority.

The original General Hospital building was recently refurbished.

Hart’s Restaurant, due to open mid-November, is another significant boost to the facilities provided on the six-acre site being developed by Hampton Trust.

Earlier this year Mansfield Brewery opened a public house,The Rotunda, overlooking the central arena and opposite business law firm Eversheds’ new 2,787 sq m (30,000 sq ft) regional headquarters.

Our aim is to create a modern city centre restaurant offering outstanding food at a sensible price, said Mr.


We have a fine building in the right location with good access by car and excellent parking facilities.

Royal Standard Place is attracting widespread interest from major companies considering office relocation.

Also on the site, Crosby Homes (Midlands) Ltd is to convert the listed Memorial House, formerly a nurses home, into luxury apartments and to demolish the Pay Bed wing of the former hospital and replace it with town houses.

On behalf of Allerton House Properties Lid, Bidwells has sold 15/17 The Drapery, Northampton.

The former retail unit, which has been trading as a Whitbread Hogshead pub since April, was sold to Courtaulds Pensions Investment Management Lid for £955,000.

This shows a net initial yield of 7.

Courtaulds was advised by Hillier Parker Fund Management.

The pub/restaurant sector has taken off in most large towns and cities across the country, with secondary retail space, such as The Drapery, a prime target for the acquisitive brewers.

The expansion of the sector, and the success it has achieved, has made it a prime target for institutional investment, comments Patrick McMahon, Bidwell’s’ Head of Investment.

Earlier this year Bidwell’s negotiated a new 35 year lease on the property at an initial rent of £75,000 per annum exclusiveRemovals and storage specialist Proctor Removals has taken Unit G at Dales Manor Business Park, Sawston, in a deal negotiated by chartered surveyors Bidwells.

The company now works from four locations in the region, but plans to consolidate most of its operations under one roof.

Unit Warehouse, will be used to store furniture and household effects for customers.

With quick access to the M11 and A14, Dales Manor is an excellent location for us.

We have expanded dramatically in recent years, and needed a building that would accommodate us, and give us room to grow further.

Security is vital to our customers, and the construction of this unit makes it very secure, commented Ken Maystre, a Director at Proctor Removals.

We have had a long association with Bidwells, and we know they are very active in the industrial sector, so we naturally got in touch when we decided to move.

On behalf of landlord Morgan Sindall plc, Bidwells has negotiated a 25 year lease with no breaks, on a rising rent which will reach £65,000 per annum.

Current occupiers at Dales Manor include Kitsons, Rocialle Medical, Tarmac, Calder Industrial Materials, Marley and Morgan Sindall Group.

Nicholas Allan and Roger Ford have won the prestigious Hammerson Award for Professional Assessment, presented by ISVA,Timothy Balderston, ISVA President, commenting at the award ceremony, said:Nicholas Allan began his Professional Assessment while working at Alder King in Bristol having completed the Diploma in ValuationHe later moved to Henry Butcher and Company, Bristol and completed his Professional Assessment under the supervision of Christopher Thome.

Nicholas’s journal covered his experience in valuation, rating, agency and property management.

For his assignment he prepared a report recommending three high street shopping areas suitable for a proposed new sports and leisure retail chain.

Roger Ford, awarded the BSc Land Administration at De Montfort University, began Professional Assessment while employed by Barber & Sons in Telford.

He completed the two year programmed at Chesterton International in Leeds under the supervision of Simon Ives.

Roger is now employed in the Business Recovery and Insolvency department of Coopers & Lybrand in Leeds.

Roger’s journal covered his experience in valuation, agency and property management.

For his assignment he selected a property investment portfolio brief in which a client sought advice on long term investment opportunities.

German-owned envelope manufacturer, Wolf Bauwens, has bought a 1.

2 ha (3 acre) site from CNT (Commission for the New Towns) in Milton Keynes.

Work has begun on the £2 million development which will comprise a 5,574 Mª (60,000 sq ft) production and warehouse facility which should be complete by the end of the year.

The site at Michigan Drive in the city’s Tongwell district, will add to other distribution centres in Germany, France,Belgium and Eire as well an existing facility in Newport Parnell which is to be retained Swallow Construction is the building contractor for the development.

Warrington-based property specialist Business Environments and joint agents Richard Ellis have negotiated the deal on behalf of landlord UKAEA.

Bechtel Water Technology Limited, which undertakes engineering, works on North West Water’s capital projects, has acquired the extra space to meet the additional investment work required for North West Water during 1997-98 and other business gains in the national market.

The company is taking 7,000 sq.

on the ground floor of Chadwick House to accommodate staff during a major refurbishment of their space on the second and third floors.

Bechtel has also joined with UKAEA to refurbish the reception area, with a new look created by interior design specialist Alison Timperley, Associate at Business Environments.

Catella UK acting on behalf of City Site Properties Ltd have secured further lettings in Northway House, the 8,547 sq m (92,000 sq ft) office building on High Road, Whetstone, London N20.

In addition, further lettings have been undertaken to Appleby Barnum & Co, Ashdown Lyons Ltd and CMC Ltd totalling over 185.

8 sq m (2,000 sq ft), again at a rent in the region of, £ 1 07 per sq m (£ 1 0 per sq ft).

A further 594.

6 sq m (6,400 sq ft) is currently under offer to new occupiers.

British Gas Energy Centres will open its first Scottish out of town retail superstore at Meadow bank Shopping Park, London Road, Edinburgh in mid August.

The developer, MBO Morrison Ltd (a joint venture between Morrison Developments Ltd and ING Real Estate) has let Unit 8 to British Gas Energy Centres which totals 969 sq m (7,500 sq ft) on a new 25 year lease.

A spokesperson from British Gas Energy Centres says: The move to Meadow bank Shopping Park from Princes Street has many advantages for our customers; an extended range of quality products and free car parking – an unknown facility in the City centreMeadow bank Shopping Park, which totals 12,541.

5 sq m (1 35,000 sq ft) with 600 car parking spaces is the nearest retail park to Edinburgh City Centre.

Lettings to MFI, Gala Leisure, Kingdom of Leather, JJB Sports and Lewis Upholstery have already been concluded.

announces that it has acquired the whole of the issued share capital of C W Harris Proprties Ltd for a consideration of £15.

58m, of which £12.

3m is payable in cash and £3.

2m by way of the issue of 1.

385m new ordinary shares of Pillar.

Harris Properties, which will he renamed Pillar Parks Ltd, owns five retail warehouse schemes in Luton, Orrington, Dart ford, Carmarthen and Preston, and a high street unit in St Albans The portfolio consists of a total of 350,000 sq ft of retail warehouse space with a rent roll of approximately £3.

5m p.

All are fully let and principal tenants include B & Q, Home base, ACI, Carpet right, Currys and Halfords.

June 1997 amounted to £25.

9m which includes £11.

7m of loans which will he repaid on completion.

Application has been made for the new ordinary shares to be allotted to the vendors to be admitted to the official list of the London Stock Exchange.

The majority of the shares have been taken by family interests of Lord Harris of Peckham who have given an undertaking that they will not dispose of their shares in Pillar for a period of at least six months.

Development in line with its strategy on other retail park acquisitionsThis acquisition will bring Pillar total number of retail parks to 20 in total providing 2.

4m sq feet of retail warehouse space.

The addition of these properties to Pillar already substantial retail park portfolio underlines our of strong additional development potential which we intend to exploit in order to create further valueThe office market has seen an improvement in most cities according to the latest analysis from Knight Frank Research.

In the annual edition of its UK Cities Report covering office centres across the country, Knight Frank’s key findings are.

The improvement in the occupier market reflects the strengthening economic growth over the past 12 months.

Take-up levels in 1996 generally matched or exceeded the 1995 levels as companies continued to focus on new and good quality second-hand premises.

Modem, good quality premises have continued to be in short supply, forcing many occupiers to consider pre-lets.

Financial and professional firms have been the main source of demand, although a significant proportion of demand has also come from companies setting up call centres.

Leeds, Glasgow and Newcastle in particular have been affected by increased demand from these companies.

The availability of new space has continued to decline in most centres.

The shortage of new stock is particularly acute in Edinburgh, Exeter, Plymouth, Sheffield and Newcastle.

Significant over-supply of space still exists in all centres, where poorer quality accommodation is concerned.

As a consequence, conversion to residential, student accommodation, hotel and leisure use has become more evident.

The limited supply of new space has led to an increase in development activity.

Current development activity should go some way in alleviating the shortage of new space over the next 12-18 months.

Prime rents have either stabilized over the past 12 months, reflecting stable tenant demand and falling supply.

Significant incentives are still on offer, though these are reducing.

Edinburgh, Manchester, Birmingham offer the highest rents.

Prime rents in Edinburgh are around £245 per sq m, whilst Manchester and Birmingham they are £215 per sq mIn the investment market, yields on prime properties have stabilized and most centers have seen an increase in activity.

Economic growth should provide a boost to both occupier and investment markets in the coming monthsThe acquisition of the site in Ninian Way from Wilson Bowden was completed within two weeks in a simple cash deal.

A planning application is to be made to develop up to 12,541 sq m (135,000 sq ft) of industrial, distribution and ancillary office accommodation.

Phase one of the speculative scheme will be started as soon as possible to provide units ranging from 1,000 sq m (10,765 sq ft) to 2,000 sq m (21,525 sq ft).

James Folkes, director of Folkes Properties, said: it’s the first time we have moved from our traditional Black Country base to develop in the wider area of the West Midlands.

We have acquired the site because we’re just completing the 17-acre Britannia Park scheme at Eynesbury where in the past 18 months 70 per cent of the 21,831 sq m (235,000 sq ft) developed has been occupied.

With the supply of clean development land almost exhausted in the Black Country,was of interest due to the short supply of medium sized units in the area which is a sector not catered for by the funds or national developers who hold most of the land in Tamworth.

Mr Folkes added We were able to purchase the site at a realistic price making speculative development feasible.

We will continue to pursue and purchase for cash sites from five to 20 acres-plus on which we can develop speculative units betweenThe site was introduced to Folkes Properties by Fletcher King Cosnett Price who are to be retained as letting agent.

English Partnerships has announced a £2.

17 million support package towards the £9 million conversion of the Felaw Maltings buildings situated alongside Ipswich Wet Dock.

The Agency has funded the purchase of adjoining land for the provision of on-site parking facilities In total, it is anticipated that the conversion will eventually provide an estimated 235 jobs.

This news follows English Partnerships’ announcement last month about the publication of masterplan proposals by Llewelyn Davies for the redevelopment of the entire Ipswich Wet Dock area English Partnerships had supported preparation of the report to enable key regeneration sites and issues to be identifieds.

The major investors in the Maltings Project are pension fund clients of Jones Lang Wootton Fund Management who have acquired the building and will let them on completion of the refurbishment works to the various business tenants.

who will be undertaking the Maltings conversion will start work within the next few weeks on these impressive listed buildings to create 10,250 square metres (110,330 ft²) of modern office space.

The conversion and re-use of Felaw Maltings will involve a range of partners Ipsenta, Suffolk University College, Suffolk Training and Enterprise Council, Suffolk Chamber of Commerce and Ipswich Port Ltd.

The Maltings will be developed as the main business advice centre and “one stop shop” in the area including Business Link Services as well as the other main local business agencies – Ipsenta will run starter units and managed workshops Suffolk College is setting up a Management Development CentreThe Wet Dock is a key regeneration area close to the centre of Ipswich.

It is hoped that the remediation and re-use of the twin Maltings buildings currently dominating the western side of the Wet Dock since the 1880s will kick start a wide range of other redevelopment proposals to transform and regenerate the entire area.

Neil Colvill, English Partnerships’ Senior Development Executive for the Eastern Region and Chairman of the Steering Group for the regeneration of Ipswich Wet Dock said English Partnerships is delighted to be involved in helping to regenerate this important and potentially very attractive part of Ipswich We see this as a first step in a process that will result in the redevelopment and re-use of the redundant and under-used sites in the Wet Dock and bring new life to the area.

Street and escalators to the three trading floors With this pre-letting we have created a substantial freehold investment in the City of London to be occupied by a first class covenant and which is a significant addition to MEPC’s office portfolio.

Horst Fullenkemper from West LB comments We are very pleased to have secured Woolgate Exchange for our new London headquarters and look forward to moving in by early 2001 Hillier Parker represented MEPC and Savills acted on behalf of West LB.

Leading fashion jewellery retailer Claire’s Accessories, advised by retained agents Blair Kirkman has acquired a second store in the city of Oxford.

The property is situated at 4, Clarendon Centre and comprises ground floor sales of 5 5.

74 sq m (600 sq ft) and 42.

73 sq m (460 sq ft) at first floor level Claire’s has taken an assignment of a 25 year lease from March 1984 from Dollond.

This follows Dollond & Aitchison’s acquisition of new larger unit situated directly opposite at 9 Clarendon Centre The lease was held by County Book Shops (advised by Dalgleish & Co) for a term of 15 years from June 1993 subject to 5 yearly reviews at a rental of £90,000 pax A premium of £10,000 was paid.

The accommodation comprises 1, 000 sq ft on ground floor with 2,100 sq ft at first floor Aitchison was represented by Donald Bortolozzo Griffiths in the acquisition of 9 Clarendon and disposal of 4 Clarendon Centre.

AMEC Developments has exchanged contracts with Bannatyne Health and Leisure for a major leisure development at Quayside.

Bannatyne Health and Leisure is the first company to commit to the final phase of the £170 million flagship scheme developed by AMEC Developments in partnership with Tyne and Wear Development Corporation.

The new club, to be known as Bannatyne’s At The Quay, represents an investment of £3 million and will open in December 1998.

managing director of Bannatyne Health and Leisure, took the controls of a JCB to drive the first pile into the ground on the 21,500 sq ft building.

Mike Appleton said: “This top quality health and fitness club is an exciting part of the concept of Quayside as a business and leisure development This is going to be an attractive building both inside and outside and is a great way to make a start on the final phase of the scheme.

Duncan Bannatyne said: “We are excited at the prospect of being involved with such a prestigious development The health club will be an attractive leisure facility for the many people who are now working in the professional firms who have located at Quayside.

We now have three clubs under development whilst our first club, at Ingleby Barwick in Stockton, has been open since Autumn last year he Quayside together with developments in Chafford Hundred in Essex and Broadland in Norfolk will bring to four the total number of clubs we will have opened by the end of 1998.

The club will be equipped with a 20m swimming pool, a spa Members will also have the benefit of dedicated car parking in the adjacent St Ann’s multi-storey car park.

Jones Lang Wootton has secured three new lettings amounting to over 1,022 sq m (11,000 sq ft) at Berkeley Square House Al Rajhi, the Middle Eastern bank has taken 434 sq m (4,558 sq ft) on the fourth floor of Berkeley Square House on a 15 year lease with six months rent free AI Rajhi, already tenants of the building.

In addition, the Belgian bank, Byblos Bank Europe SA has surrendered the lease on its 325 sq.

m (3,500 sq ft) existing retail space in Berkeley Square House and is taking a larger office suite extending to 479 sq m (5,150 sq ft) on the first floor.

Byblos Bank Europe SA was represented by Chesterton in the deal.

Finally, Citroen who had a 259 sq m (3,075 sq ft) showroom next to Jack Barclay Rolls Royce, has surrendered its lease and a new lease has been granted to Volkswagen Audi for a new 17 year term at a rent which is expected to achieve rents in the region of representing the largest single floor plate currently available in the West End.

Phillip Howells, of Jones Lang Wootton, comments.

The latest, and one of the most impressive upgrading activities implemented at Berkeley square House is the refurbishment of the second floor the top specification of which brings the space in line with competing new stock entering the market We are, confident of finding a tenant in the very near future.

In order to meet changing occupier demands new sophisticated 24 hour security and image improvements to both the interior and exterior which includes new canopies at the main Berkeley Square entrance to the building and Bruton Street.

Modwen Developments Ltd has an agreement for Prudential Banking PLC to lease a national call centre in Derby The &pound;25 million investment will be carried out in two phases the first of 140,000 sq ft employing 1,500 people with a similar phase employing a projected further 1,500 people to follow.

Prudential Banking carried out a national search for a suitable site and finally chose Pride Park because of its excellent location and quality workforce and St Modwen’s ability to deliver the exciting and innovative building at a competitive price on a fast track timescale The first element of the building will be occupied in mid June and the whole of the phase one building will be handed over in mid-October.

The Prudential development will occupy 16 acres of the 180-acre Pride Park site where St Modwen has been the master developer for Derby Pride and Derby City Council Other developments are in the pipeline including the David Lloyd Tennis Centre.

The whole deal hinged on St Modwen’s ability to provide an exciting building at a competitive price on a very short timescale.

ill become Managing Director International and take responsibility for Hammerson’s overseas activities He will retain responsibility for the group’s current world-wide development programme and will continue to be based in London.

John Bywater (50) is currently a partner and Head of Retail of Donaldsons.

Chartered Surveyors.

From 1986 – 1993, he was Managing Director of Burton Property Trust.

He is already familiar with several of Hammerson’s major shopping centres, having been the partner at Donaldsons responsibility for handling some of the firm’s business with Hammerson e understands our objectives and culture and will make a major contribution to our continued success.

Whilst he will continue to be responsible for our current development programme his experience will be invaluable in overseeing our important international activities.

West Quay will provide 70,600 m² (760,000 ft²) of high quality retail accommodation on two levels on an 11 hectare site in the centre of Southampton The scheme includes 4,000 car parking spaces with a further 2,000 spaces nearby and links directly to Southampton’s current prime retail pitch, Above Bar John Lewis Partnership (25,000 m²/265,000 ft²) and Marks & Spencer (9,300m²/100,000ft²) and the scheme also includes six large stores and 58 unit shops.

Demolition is currently underway and construction will start in March this year with opening of the centre scheduled for autumn 2000.

This is an exciting opportunity to develop a major shopping centre in a prosperous part of the country which is currently not well-served by retail facilities There is a very encouraging level of interest from major retailers which together with the existing anchor lettings to John Lewis Partnership and Marks & Spencer, underlines the potential of this scheme to establish Southampton as the dominant regional retail centre.

Work on the group’s other major UK shopping centre development The Oracle, Reading, is progressing well with over 40% of anticipated total income now secure Hammerson was advised by Hillier Parker and Barclays was advised by Healey & Baker.

Stephen Newbold, Partner with Knight Frank and author of the report comments The fundamentals remain in place for the property sector’s healthy performance in 1997 to be repeated and perhaps bettered, in 1998.

Rental growth is now more widely established tenant demand is strong and we have not, as yet, seen any significant escalation in development activity.

Summary points from the report are set out below.

Property company share values rose by over 30% in 1997.

Bank lending to property, at.

7 billion, is at the highest level for almost four years UY, institutions made net investment of over billion in property during the first nine months of 1997 The most marked turnaround in sentiment has come from pension funds Improvements in rental values continue to be London led.

Office capital values are now rising ahead of inflation Office total returns stand at 13.

5% per annum with London and the south-east outperforming at 16.

5% and 15.

2% respectively In some key parts of Central London, such as Victoria and Soho, prime headline rents have risen by circa 20% over the past 12 months Investment in Central London offices in 1997 was 03 billion – the highest amount on recordRetail capital values, at 8.

4% per annum, are rising at virtually twice the rate of those for offices and industrials Retail warehouses remain the pre-eminent asset class within the sector with a total return of 24.

6% over the past 12 months.

Total investment returns on industrial property have risen to 14.

5% driven by stronger rental growth The best industrial investment performance is occurring in London and the south-east The acquisition of industrial assets continues to be led by UK investors – both funds and property companies.

Institutional investors’ renewed appetite for property investment looks set to be sustained this year In the months ahead we anticipate both high levels of trading, as portfolios continue to be restructured, and further net investment into the sector.

Royal & Sun Alliance have sold the feuhold interest of 93 George Street to Grosvenor Hill Developments Limited for a price of £3,100,000.

The building which comprises a traditional Georgian building with open plan extension totalling 23,000 sq.

The sale was the result of a targeted marketing campaign by Ryden and the price reflects the current high interest in George Street as the street continues to regenerate as an office location and high fashion retailing pitch Ryden represented Royal & Sun Alliance on the sale with FPDSavills Edinburgh office acting for Grosvenor Hill Properties.

A designer by profession, Seward will join the senior management team in a client facing and design management role working on existing commissions and the development of new project opportunities Seward travelled to the USA in 1976 to take up a post with Herman Miller, and to join Skidmore.

He returned to the UK in 1982 to Join Fitch & Company where his role was predominantly on fitting-out projects for clients such as Guinness, Seagram, Equitable Life and BT In 1991 the practice merged with the interiors division of PTP (Architects) where he became Managing Director of subsidiary PTP Seward Ltd.

his appointment is a significant step in the company’s strategy of controlled growth to sustain increasing success in all business sectors in the UK and Europe.

MEPC today confirmed that it has completed two agreements for the sale of a major part of its Australian property portfolio for approximately A$491 million reflecting a yield of approximately 8.

6% In September 1997 MEPC announced its intention to dispose of its businesses in the US and Australia in order to focus entirely on the UK BZW Australia were appointed to market the Australian portfolio.

Queensland and Victoria, having a total area of 185,000 m² The second sale to Shin You is of Capalaba Central Shopping Centre, Brisbane The book value at 30 September 1997 of the 23 properties sold was A$545 million, approximately 70% of the portfolio.

We are in negotiations to sell one of the remaining assets and are reviewing our options for the second.

On completion of the AMP sale which is expected in four weeks MEPC’s operation in Australia will be substantially reduced with a small management team based at Australia Fair.

ommenting on the sale, James Tuckey, Chief Executive of MEPC said MEPC’s strategy for a withdrawal from Australia and the US was set out in September This major sale represents the first step towards fulfillng those objectives We are pleased to have made good progress with the Australian disposals bearing in mind economic uncertainties in the region.

The American sale process is underway and we have received a high level of initial interest in the portfolio.

has appointed Clive Evans (54) as Chief Executive-designate to succeed Hamlyn Whitty on his retirement on 19 June.

A qualified solicitor, Mr Evans was Chief Executive of Chichester District Council between 1990 and March 1997 when he retired after a career spanning both the public and private sectors.

Christopher Edwards, Chairman of ISVA Staff Committee, said: “We look forward to welcoming Clive as the leader of the corporate team He has the experience and leadership qualities to enable ISVA to maintain and further develop the momentum and focus with the profession which has been so successfully achieved.

He returned to the public sector as Senior Assistant Solicitor with Cardiff County Borough Council and later became Deputy City Solicitor of Cardiff City Council.

Immediately prior to taking up his appointment at Chichester, Mr Evans was Chief Executive of Cannock Chase District Council At Chichester he was responsible for an authority employing some 600 staff and an annual gross expenditure of £50 million.

He has been involved with property throughout his career, including rating.

Mr Evans said: “I am looking forward to the challenge of taking the ISVA into the Third Millennium and responding to the many opportunities that will offer.

Drakehouse Retail Park, the newest retail park in South Yorkshire comprising of 212,000 sq.

ft situated next door to Crystal Peaks in Sheffield, will be officially opened by a well known personality on Thursday 16th April 1998 The developers, Gracemount Developments, and the investors Norwich Union Investment Management, are delighted that 14 out of the 17 units have now been let and the remaining three are under negotiation The investment by Norwich Union was in excess of £30 million.

It commenced trading in 1991 when sponsors and shareholders were Grand Metropolitan Estates Development Ltd and Messrs Jillard and Johnson, formally Managing Director and Development Director of Bryant Properties plc While at Bryants, Jillard and Johnson were responsible for the developments of The Pavilions” in Birmingham which won “European Major Shopping Centre of the Year’ AwardThe company originally focused on a series of small projects establishing profitability in its third year of trading One of the company’s early successes was to win a tender for a major re-development of Solihull Town Centre The scheme known as Touchwood Court has recently attracted the John Lewis Partnership as its anchor tenant and Lend Lease Europe have joined Gracemount as developers This £100M scheme will start on site in the second quarter of 1998.

he site acquisition and construction finance for Drakehouse was agreed just before Christmas 1996 and the contractors Clugstons, started work in April 1997 Norwich Union owns 17 retail parks making them one of the major owners of retail parks in the U.

K The decision to invest in Drakehouse reflects our very positive view of Sheffield and we believe it represents a very attractive addition to Sheffield’s retail facilities.

Based an the success of the scheme, Gracemount Developments Ltd are to run a pre-opening public relations initiative which includes a major newspapers and local radio campaign which involves all the retailers of Drakehouse The official opening day on Thursday 16th April will be an all day event which includes a roadshow run by HaIIarn F.

, the local radio station the guest appearance of a celebrity (to be announced later) the unveiling of a plaque to name the bird sculpture, and a finale of fireworks Their main objective is to welcome the public into this attractive shopping environment In what is a strong retailing location for Sheffield.

Equity Bank and Savills Fund Management the investment management arm of FPDSavills have launched a £50 million property investment fund to provide Irish investors with a unique opportunity to invest in the UK property market.

£50 million capital will be invested comprising £15m equity and £35m debt The number of investors will be limited to approximately 10-15 Individual contributions are being sought in the region of £500,000-£2,500,000 Savills plc is a co-investor offering a minimum of Stg £1 million of its own equity into the partnership The new fund will acquire individual assets within the range of £O.

5m to £5m.

The fund will have a duration of six years and will be managed on a discretionary basis by Savills Fund Management.

Irish investment in the UK property market amounted to £250 million in 1997 due, in part to the difficulty in sourcing attractive investment opportunities in Ireland allied to the attractions of the recent strong performance of UK property The fund is now offering investors a direct route to this potentially lucrative market through one of UK’s leading property investment managers – Savills Fund Management.

Announcing details of the new partnership, Mr Mark Duffy, Chief ExecutiveS Equity Bank said that historically Irish investors have had difficulties in sourcing and securing attractive property investment opportunities in the UK one of the UK’s leading property investment managers, will be utilised to offer a direct route to this vast market.

Equity Bank is part of the Bank of Scotland Group with assets in excess of Stg £47bn and operates from headquarters in Dublin and a regional office in Belfast The cornerstone of its success has been in identifying and specialising in niche markets.

The UK markets offer increasingly attractive opportunities for overseas individuals especially those utilising such an appropriate vehicle.

one of the UK’s leading and largest chartered surveyors with offices in London and 35 other locations across the country, currently capitalised at some IR £75m.

The property is let to Liverpool Victoria on a 20 year lease from 1994 with a break in June 1999 and currently produces an annual rental income of £426,000 This investment sale shows a net initial yield of 9.

a 2,044 sq m/22,000 sq ft building was sold for £2.

6m to V V Property Fund advised by Henderson Real Estate Strategy The property is let to People’s Bank of Connecticut on a 20 year lease from September 1997 with a tenant break between 2000 and 2002 It currently produces an annual rental income of £247,500, and the sale represents a net initial yield of 9.

17 per cent.

Both investment sales were completed before the Stamp Duty deadline set in March’s budget These sales follow closely behind the disposal of 500 Pavilion Drive, which was also sold to V V Property Fund in January 1998.

Drivers Jonas provided additional advice to Henderson Real Estate Strategy.

Claire’s Accessories, advised by their retained agents Blair Kirkman have taken two further units in Ireland, adding to their shops in Belfast, Newtownards and Portadown.

Claire’s has taken Unit 15A at The Flagship Centre, Bangor’s covered shopping centre with tenants including Argos, The unit comprises 63.

6 sq m (685 sq ft) and has been taken on a ten year lease at a rent of £18,500 per annum A six month rent-free was agreed from March 1st.

Lambert Smith Hampton acted for the Centre owner, Flagship Developments Ltd.


Antrim, Claire’s Accessories have taken an assignment of the lease on Unit A2 Bow Street Mall The premises comprise 52 sq m (562 sq ft) of ground floor sales and were taken on an assignment from clients of Eastwood Estate Agents The 25 year lease runs from September 1988 with 5ve yearly reviews.

Current rent is £22,500 per annum.

Chris Blair from Claire’s retained agents Blair Kirkman comments These deals demonstrate Claire’s commitment to expanding their retail presence in Ireland We are currently looking for more units both in Ireland and in a wide range of centres we have targetted throughout the UK, and we expect further deals to be announced shortly.

Hot on the heel’s of the recent 13,935 sq m (150, 000 sq ft) office pre-let to Ventura at Dearne Valley in South Yorkshire.

Courtaulds Textiles has taken a lease at an average rent of £42.

00 per sq m (£3.

90 per sq ft) and plans to use the multi-million pound centre to warehouse and distribute clothing to retailing outlets throughout the UK The 2.

2 ha (5.

5 acre) site is located within the 18.

2 ha (45 acre) Manton Wood Enterprise.

Manton Wood Enterprise Zone has been in the ownership of English Partnerships for 15 months during which time it has undertaken £2.

Highbridge is so confident of the further success of Manton Wood that it is currently progressing the speculative development of a separate 7,060 sq m (76,000 sq ft) of industrial space The building is expected to be ready for occupation in June 1998.

It is anticipated that when fully developed the biggest freehold available for some years, for close to the £1.

3m asking price.

Despite interest from developers in the 34,693 sq ft (3,223 sq m), self-contained premises The interest generated by this sale in an area where most sites are held on long ground leases from the local authority demonstrates the growing demand in a market where supply is becoming restricted.

The move is to meet growing demand for export ser