| November 2007 |
|
| Frontier Estates – Enfield |
|
| Frontier Estates instructed us on their acquisition of the GE Lighting site in Enfield for an undisclosed sum. |
| The site is a prime freehold 8.1 acre development site with around 375,000 sq. ft. of dilapidated industrial buildings on it. Frontier are planning to redevelop the site as a mixed use scheme to include self storage, hotel, car show rooms, trade and business units. A planning application will be submitted shortly. |
| back to top >> |
|
|
| September 2007 |
|
| P & O Estates – joint venture with Property Merchant Group to redevelop prime West End site |
|
 |
| Maples Teesdale are acting for P & O Estates, in a joint venture with Property Merchant Group, to redevelop three adjoining buildings at the junction of Regent Street and Margaret Street, London W1. |
| The buildings occupy a prime West End corner site of around 76,000 sq ft and present an exceptional mixed use redevelopment opportunity of over 100,000 sq ft of offices retail and residential behind a retained Regent Street façade. |
| The joint venture is preparing a planning application for the proposed redevelopment. The value of the scheme, once redeveloped and let, is likely to be in excess of £175 million. |
| back to top >> |
|
|
|
|
| Arcadia House, Southampton |
|
|
| Resolution Asset Management (as agents for Phoenix Life Limited) have purchased Arcadia House, Southampton for £7.65m. Arcadia House is a substantial purpose built office building overlooking the Marina in Southampton's Ocean Village. It is let to BDO Stoy Hayward. |
| Maples Teesdale acted for Resolution Asset Management and Phoenix Life Limited. |
| back to top >> |
|
 |
|
|
|
|
|
| City & West End, Cardiff |
|
 |
| City and West End Properties have completed the sale of 24 Windsor Place, Cardiff. |
| The office building is located in the heart of Cardiff's premier business district. The building was sold to Fred Watkins (Estates) Limited for £2.58 million and is fully let to government tenants. Citifinancial Europe plc and Ultralase Limited. |
| back to top >> |
|
|
|
|
|
| Bradford & Bingley signs up at Imperial Place, Borehamwood |
|
| Bradford & Bingley has become the latest high profile tenant to sign up at Imperial Place in Borehamwood, Hertfordshire. |
| The leading UK-based financial services provider joins Signet, Pizza Hut and Groupama Insurance, who already have their headquarters at the four-building office complex, which is owned by The Property Merchant Group and Europa Fund II, a pan-European real estate fund managed by Europa Capital. |
| Bradford & Bingley has taken 32,256 sq ft (2,996 sq m) in IP4 on a new 16-year lease at a rent of £18.25 per sq ft (£196.44 per sq m). |
|
 |
|
| The deal reflects a recent independent report into suburban office locations, which placed Borehamwood at the top of the league table when compared with 14 other centres within the M25 and M4 markets. The research identified business’ ideal choice of office location using key criteria such as accessibility, property and labour costs, crime rates, housing costs and educational facilities. |
|
| Miff Chichester of The Property Merchant Group comments: “We are delighted that Bradford & Bingley has chosen Imperial Place for its new headquarters. The scheme provides great quality accommodation and flexible leasing solutions, which is why one of the UK’s leading financial service providers and FTSE 100 Companies chose us.” |
|
| back to top >> |
|
|
|
|
| The Summit Industrial Estate, Hanworth Road, Sunbury |
|
| O&H Limited have sold The Summit Industrial Estate at Hanworth Road Sunbury to the Merrill Lynch Property Fund. Tenants include Thorn Security and UCS Systems. The Estate, which is approximately 98,000 sq.ft. was sold for £13m. |
| back to top >> |
|
|
|
| Logistics Park at Gateway, Peterborough – £140 million |
|
 |
| Gateway Partnership LLP, a joint venture between Peterborough based Frenbury Properties and Simons Developments of Lincoln, is to develop Gateway Peterborough, a £140 million warehouse and distribution park, in partnership with Milton (Peterborough) Estate Company on Milton’s 119 acre site adjacent to the A1 at Alwalton Hill, Peterborough. A planning application has been lodged. Work should commence on site this year and be completed by 2010 creating approximately 2,500 jobs. |
| The five buildings at Gateway Peterborough will total 1.817 million square feet and will put Peterborough on the map as a logistics centre. |
| back to top >> |
|
|
|
|
|
| Echo Park, Banbury (Unit 3663) |
|
| ISIS Property Trust 2 Limited, the Guernsey based investment property trust managed by F&C Property Asset Management, have regeared their lease of their 200,000 square feet distribution unit 3663 at Echo Park, Banbury with tenant BFS Group for a further 20 years. |
| The initial rent is in excess of £1.1 million per annum and the substantial additional capital value created has been shared between ISIS Property Trust 2 Ltd and BFS. |
| back to top >> |
|
|
|
| Colmore Court, Birmingham |
|
| Phoenix & London Assurance Limited have let part of their new office scheme at Colmore Court, Birmingham to Fuller Peiser at a rent in excess of £250,000 (£26 psf). This is the highest rent achieved for refurbished offices in Central Birmingham. |
| Back to top >> |
|
|
|
| Grosvenor Business Park, Stockport |
|
| Acting for City & West End on the purchase of Units 1/5 Grosvenor Business Park, Stockport. Lawrence Graham acted for the vendor, Legal & General. |
| The property comprises five industrial units mainly let to Astron, one of Europe’s leading providers of document outsourcing solutions. Grosvenor Business park is part of Bredbury Industrial Estate, one of the largets industrial estates serving the South Manchester conurbation. |
| back to top >> |
|
 |
|
|
|
|
| Linkway Retail Park, Cannock, Staffordshire |
|
 |
| We have just completed the sale of Linkway Retail Park in Cannock, Staffordshire on behalf of F&C Property Asset Management at a price of £21.6 million to investment clients of Arlington Securities. The deal reflected a net initial yield of 4.86 per cent (with outstanding rent reviews) and an equivalent yield of around 5.6 per cent. |
| The bulky goods retail park comprises approximately 96,097 sq ft (8,927 sq m) of retail warehousing and 424 car parking spaces. It commands an annual rent of just over £1.1 million with outstanding reviews providing an immediate reversion. |
| Set out as a terrace of five units, the park accommodates DFS, Currys, Focus Do It All, Klaussner and Halfords. In addition there are two stand-alone fast food restaurants at the entrance to the park, let to Pizza Hut and McDonalds. The retail units are let on leases expiring in 2013, 2014 and 2019. |
|
|
| George Cotton, Head of Out of Town Retail at F&C Property, says; “The park generated a high level of interest and we are very pleased with the sale price achieved. The decision to sell is in response to the requirement to realise profit for the fund, which we were able to achieve very effectively as a result of the keen market in the out of town retail sector.” |
| back to top >> |
|
|
|
| Westside, Hemel Hempstead |
|
| We have just completed the sale of offices at Westside, Hemel Hempstead on behalf of F&C Property Asset Management (then called ISIS Property Asset Management) at a price of £45.9 million to a private buyer. |
| The offices are let to BT for a term certain of 16 years at an initial rent of £3.4 million. The offices have been occupied by BT since 1994, but this sale follows on from the regearing of the lease in April 2003, which was also handled by Maples Teesdale and had to be turned around in only 5 days. |
| back to top >> |
|
|
|
| Portman Towers, London W1 |
|
| Acting for new client The Targetfollow Group in its acquisition of the ground lease of the Portman Towers in London W1. Fuschia Properties were selling the interest. |
| This significant property interest comprises a Radisson SAS Hotel, 89 flats in two 12-storey towers and two car parks. |
| back to top >> |
|
|
|
| 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. |
| back to top >> |
|
|
|
| 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. |
| back to top >> |
|
|
|
|
|
| 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. |
| 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. |
| back to top >> |
|
|
|
| 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. |
| back to top >> |
|
|
|
| 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. |
| back to top >> |
|
|
|
| Gort Securities Acquires the Waterdale Shopping Centre, Doncaster |
|
|
|
|
|
| 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. |
|
 |
|
| back to top >> |
| |
