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deals

Click here to return to recent Commerical Property Deals >>>

Wrenbridge Land Limited – 50 Kimpton Road,

Luton LU2 0NB


Acting for Wrenbridge Land Limited in the purchase of a 66,047 sq ft production warehouse facility. It is on a secure site and is ready for a comprehensive refurbishment. The unit is prominently situated in Luton’s prime industrial area directly opposite the old Vauxhall Motor site upon which a new mixed use scheme is proposed.
 
Wrenbridge Associate Director, Nick Moore, commented as follows “We were attracted to the quality of the location within Luton and the site characteristics, having an excellent frontage”.
 
The unit will be comprehensively refurbished to provide a facility which would suit a variety of uses for distribution, manufacturing or similar.
 
Originally built to a modern specification in 1993 the unit will be ready in September 2005 with works due to start on site imminently.
 
The unit was purchased with vacant possession by Wrenbridge and funded by Palmer Capital Partners in a development fund designed specifically for investors to share in the returns from speculative property development.

Wrenbridge specialises in refurbishing buildings for local and regional industrial occupiers on a national basis.

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Ravenhurst Court, Warrington
Maples Teesdale acquired Ravenhurst Court, Warrington for a fund client. It is a modern 21 unit light industrial and distribution warehousing estate with opportunities for asset management by way of re-gearing of existing leases and further development/construction of units.

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Swindon Distributrion Warehouse Sold for £27m

UBS Global Asset Management (UK) Limited has bought the freehold tenure of the Woolworths Distribution Centre at the Dorcan Industrial Estate, Swindon for £27 million. The property was sold by F&C Property Asset Management. The deal reflected a net initial yield of 7 per cent.
UBS Global Asset Management (UK) Limited has bought the freehold tenure of the Woolworths Distribution Centre at the Dorcan Industrial Estate, Swindon for £27 million. The property was sold by F&C Property Asset Management. The deal reflected a net initial yield of 7 per cent.
The 607,000 sq ft (56,392 sq m) distribution warehouse is let to Woolworths plc at a rent of £2 million per annum. Woolworths has just over 10 years remaining on the current lease.
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Portfolio Sale to Standard Life Investments
Maples Teesdale acted for Sun Alliance and London Assurance Company Limited (advised by F&C Asset Management) in the sale of four substantial properties to The Standard Life Assurance Company and Standard Life Investment Funds Limited.
The properties sold were:
• 125 Colmore Row, Birmingham, a substantial City centre office building block;
• Gallows Corner Retail Park in Romford, a retail warehouse park comprising seven units;
• The B&Q Warehouse at Trimdon Street in Sunderland, and
• The B & Q Store forming part of Standard Life’s Ladymead Retail Park in Guildford.
The transaction was completed in five weeks, and the sale price was close to £170 million.
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Pollen Estate
Standard Life Investments – Pollen Development
Standard Life Investments is to jointly develop City & West End’s latest project totalling 40,000 sq ft of office and 12,000 sq ft retail space. The project involves demolition and complete refurbishment behind the main Old Burlington, Clifford Street and Savile Row facades. The project is due to start in spring 2005 with completion in mid 2007 and will have a total value of some £40 million.
The scheme is located in the heart of the Pollen Estate and they are retaining control of the retail space. This development is a key element in the regeneration of Savile Row, as well as providing top quality offices. It follows on from the development of 4/6 Savile Row where development is already underway.
David Paine, Development Director at Standard Life Investments said: “We are extremely pleased to be working with City & West End and to have secured another prime West End development opportunity. This acquisition follows closely behind our purchase of 200 Piccadilly and reflects our confidence in the future of the West End market.”
Fineman Ross acted for Standard Life Investments, GVA Saxon Law acted for City & West End, and Drivers Jonas acted for the Pollen Estate.
Maples Teesdale acted for City & West End (Declan Power and Louise Jones, with Anna Rabin assisting in respect of construction aspects); Addleshaw Goddard acted for Standard Life and Eversheds acted for the Pollen Estate.
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Gort Securities Acquires the Waterdale Shopping Centre, Doncaster
Maples Teesdale has acted for Gort Securities Limited in their recent acquisition of the Waterdale Shopping Centre in Doncaster.
 The Centre comprises a substantial part of Doncaster City Centre with over 85,000 square feet of retail floor space and 403 car parking spaces. The site also includes 37 residential flats, over 29,000 square feet of leisure accommodation and 5,157 square feet of office accommodation.
Henry Gwyn-Jones, managing director at Gort, said “the Waterdale Centre provides an excellent opportunity for both long and short-term developments. We will be looking at various innovative asset management initiatives to raise the Centre’s profile and its standing in Doncaster’s retail hierarchy”.
Doncaster is a strong regional retailing centre.
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Waterdale Doncaster

dcrp
Durham Retail Park
Maples Teesdale acted for Friends Provident Life & Pensions Limited advised by ISIS Property Asset Management in the forward funding of the Durham City Retail Park. Mark Bryan and Chris Wilkinson advised on property and Paul Matcham and Anna Rabin on construction.
Planning permission for a retail warehousing scheme has been granted consisting of 190,000 square feet of retail space including a B&Q superstore, eight other retail units and two fast food restaurants.
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