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| Legal & General - Agar Street Office Development in Covent Garden |
| Acted for Legal & General Property in connection with the strip-out and construction of its 6 Agar Street office development in Covent Garden, London |
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| The 55,000 sq ft scheme, which is being built on behalf of L&G’s Managed Property Fund, will be the biggest development to be undertaken in Covent Garden in 2011/2012. The project is expected to reach completion in September 2012. |
| The six-storey historic West End office building, part of the former Strand Island site, will provide floorplates of around 13,000 sq ft and create a new office building inside the preserved façade. |
| The scheme comprises a large, open-air central atrium and was designed by architect Darling Associates. |
| Simon Wilkes, head of development for L&G Property, said the property “aims to provide the highest quality of space combined with innovative design”. |
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| Lloyds Bank Corporate Markets |
| We acted for Lloyds Bank Corporate Markets in connection with the funding of the design and construction of a secure residential care home in the West Midlands and assisted with the provision of Warranties in favour of Lloyds TSB Bank Plc from the construction team following the Bank’s agreement to provide finance in respect of the project. |
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| UK Commercial Property Trust - The Parade, Swindon |
| We acted for UK Commercial Property Trust, managed by Ignis Asset Management, in connection with the redevelopment of the existing BHS store at The Parade shopping centre in Swindon with a new terrace of two and three-storey retail units of approximately 76,000 sq ft. Top Shop, River Island, BHS and USC have taken leases at the new premises. |
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| The Rotunda Leisure Scheme, Kingston upon Thames |
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We acted for UK Commercial Property Trust, the largest UK focused commercial property trust, managed by Ignis, on the construction aspects of its purchase of The Rotunda Leisure Scheme in Kingston upon Thames from Curo Property Funds for £50.7 million, reflecting an initial yield of 6.47%. |
| The prime, purpose built, leisure scheme, which extends over 170,000 sq ft, is fully let with an annual rent roll of £3.3m from 11 tenants including some of the top operators in the leisure sector such as Odeon (14 screen cinema), Tenpin Bowling, David Lloyd Fitness, Pizza Express and Prezzo, on unexpired lease terms averaging 16 years. |
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| Legal & General Property Acquire £146M LXB3 Portfolio |
| Maples Teesdale acted for Legal & General Property (“LGP”) in its acquisition on behalf of the Managed Property Fund and a separate LGP segregated mandate of the LxB 3 retail and leisure portfolio from a consortium led by Lloyds Banking Group and West Coast Capital for £146 million, representing a net initial yield of 6%. |
| The portfolio comprises seven retail/leisure schemes with strong asset management opportunities, located across the UK. |
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| The properties include retail warehousing, department stores, food stores and a leisure park, with a total floor area of 680,931 sq ft. |
| The assets are located in Tunbridge Wells, Cheltenham, Coatbridge, Darlington, Northampton, Farnham and Faversham. |
| As well as the purchase we also dealt with the construction aspects of the transaction which concentrated in particular on Fountains Retail Park and Sixfields Leisure Park, as detailed below. |
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| Fountains Retail Park, Royal Tunbridge Wells, Kent |
| Fountains Retail Park in Royal Tunbridge Wells is an 114,200 sq ft retail warehouse development scheme, comprising six retail units and five restaurants. The retail units have just completed and are fully let with Marks & Spencer anchoring the scheme with a 50,000 sq ft unit. The restaurant units are currently under construction, with practical completion scheduled for January 2011. All the units are either under offer or in discussions with potential tenants. |
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| Sixfields Leisure Park, Northampton |
| The principal leisure park in Northampton, Sixfields Leisure Park is located approximately 2.4 km to the west of the town centre. The park comprises a cinema, two restaurants, a pub, a bowling alley and a gym. Currently fully occupied, the scheme is let to six tenants, including Cineworld, Pizza Hut, Bella Italia, Cannons Health Club and Megabowl, with an average unexpired term of 15.85 years. |
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| Royal & Sun Alliance Insurance Plc - 62/63 Threadneedle Street, London EC2 |
| We acted for Royal & Sun Alliance Insurance Plc in relation to major refurbishment works to the building to include the installation of new lifts, cleaning cradles, the refurbishment and enhancement of the reception areas including new entrances and external canopy. Also the conversion of the roof space to office accommodation to provide a new 7th floor of 4,000 sq ft of net space, and new associated plant to serve the building, the installation of new boilers and the repair and overlaying of the main roof covering. |
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| North West Kent College of Technology Further Education Corporation |
| Blocks B, H, S and T, North West Kent College, Dartford Campus, Oakfield Lane, Dartford, Kent |
| Instructed by North West Kent College of Technology Further Education Corporation in connection with the construction of two new buildings (to be ready for occupation at the start of the new term in September 2011) and refurbishment of a third (which is expected to be completed by December 2010) together with new car parking and landscaping. |
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| The first new building (which will be the College’s “statement building” visible from Oakfield Lane and from the A2) comprises a 7,500 sq. m. teaching block for foundation studies, hair and beauty, computing, business studies, A Levels, professional care and skills for life. |
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| The second new building is a sports complex housing sports, public services and travel and tourism students. It has an 8 badminton court size sports hall with classrooms and fitness training facilities. |
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| The refurbished building is the Miskin Theatre. A disused swimming pool is to be converted into rehearsal facilities, costume and wardrobe areas and specialist music/music technology facilities. |
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| The project commenced in September 2009 and will have an end value of £52.6m. |
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| Frontier Estates – Lumina Park, Enfield |
| Acting for Frontier in connection with the demolition, remediation and redevelopment of the former GE Lighting facility at Great Cambridge Road, Enfield. The 8.1 acre site will be redeveloped in phases, culminating in the construction of a new mixed use development incorporating a hotel, car dealership, self-store and industrial/trade units. |
| Frontier develops industrial, distribution, office, retail, residential and mixed use schemes in England and Wales. |
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| Frontier Estates – Chiltern Hill Office Development |
| We acted for and provided construction advice to Frontier in relation to the sale of the recently developed Chiltern Hill office development of approximately 4,750 sq m in Chalfont St Peter. |
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| RREEF – Office Building in Hemel Hempstead |
| Maples Teesdale acted for the RREEF UK Office Property Fund in connection with the refurbishment and redevelopment to Cat A standard of an office building of approximately 30,000 sq ft in Hemel Hempstead. |
| RREEF Alternative Investments is the global alternative investment management business of Deutsche Bank’s Asset Management division. |
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| Begg (Nominees) Limited – Refurbishment and redevelopment of former
Carlisle Telephone Exchange |
| We acted for BEGG (Nominees) Limited in connection with the refurbishment and redevelopment of the former Carlisle Telephone Exchange culminating in the construction of a mixed use development of approximately 40,000 sq ft, including a Travelodge hotel, office and retail units. |
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| Begg (Nominees) Limited – Refurbishment and redevelopment of Retail Warehouse in Barrow-in-Furness |
| Acting for BEGG (Nominees) Limited in connection with the refurbishment and redevelopment, including the partial re-building, of a fire-damaged retail warehouse in Barrow-in Furness to provide three new retail units. |
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