Wrenbridge Land Limited – 50 Kimpton Road,
Luton LU2 0NB |
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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. |
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| 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”. |
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| The unit will be comprehensively refurbished to provide a facility which would suit a variety of uses for distribution, manufacturing or similar. |
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| Originally built to a modern specification in 1993 the unit will be ready in September 2005 with works due to start on site imminently. |
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| 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
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| 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. |
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| 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. |
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| 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 |
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| 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. |
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properties sold were: |
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•
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. |
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| The
transaction was completed in five weeks,
and the sale price was close to £170
million. |
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| Standard
Life Investments – Pollen
Development |
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| 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. |
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| 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. |
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| 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.” |
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| Fineman
Ross acted for Standard Life Investments,
GVA Saxon Law acted for City & West
End, and Drivers Jonas acted for the
Pollen Estate. |
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| 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 |
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| Maples
Teesdale has acted for Gort Securities
Limited in their recent acquisition
of the Waterdale Shopping Centre
in Doncaster. |
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| 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. |
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| 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”. |
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| Doncaster
is a strong regional retailing
centre. |
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| Durham
Retail Park |
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| 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. |
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| 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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