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.
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.
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.
- 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.
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.
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.
- 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 £ 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.
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.
- 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.
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.
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" 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.
- 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.
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 .
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.
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.
“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 .
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.