Comments Land Securities' senior surveyor John Grimes, We are well advanced with our upgrade to the retail environment of the centre which includes new mall finishes and signage and this, together with our financial contribution to the pedestrianisation works being undertaken by the local authority in Bartholomew Street, which will improve the pedestrian links to the Kennet Centre, and two excellent lettings make really good news for Newbury.
Contracts are one of the most compelling motivations that the lion's share of individual’s contract on www.esettlementagentsperth.com.au specialists when purchasing or offering property - there is essentially insufficient time to make heads or tails of what every one of those agreement mean. On behalf of R & V Lebensversicherung AG the German insurance company, Catella has sold to an overseas investor the freehold of 4 Tenterden Street, Hanover Square, London W1 for close to £8 million.
4 Tenterden Street is a modern self contained office building off the north west corner of Hanover Square totalling 1,309 sq m (14,093 sq ft). The property is let to EMI Group for a further thirteen years at a rent of £450,000 per annum with the next rent review in March 2002. Strong interest was shown from prospective buyers from both the UK and overseas in the investment in view of the shortage of available product, particularly in locations such as Hanover Square and its environs.
The four storey building comprises 249.16 sq m (2,682 sq ft) of ground floor sales area, with office accommodation arranged over the basement and three further floors above. 54 South Molton Street is held on a 2,000 year lease from the Corporation of London and let on an overriding FRI lease to Reed Personnel Services Ltd at a current rent of £110,000 per annum until the lease expires in June 2007. The premises were formally occupied by Lloyds Bank and comprise a ground floor sales area of 198.5 sq m (2,137 sq ft), with first floor accommodation totaling 82.3 sq m (886 sq ft). In addition, basement stores are provided.
The property was sold to a private individual at a price of £130,000. The sale was subject to the retention of Lloyds TSB's ATM at a rental of £2,500 per annum on the basis of a three year lease. Jonathan Emmerson, acting on behalf of Lloyds TSB, commented: The property is located close to Burton town centre and benefits from 18 on site car parking spaces, this resulted in good levels of enquiries being received for the property and I was pleased to achieve another disposal on behalf of Lloyds TSB.
True has acquired a 999 year lease on a circa 3.23 ha (8 acre ) site on which a new 9,290 sq m (100,000 sq ft) facility will be developed on a turn key basis. True has an option for a further 9,290 sq m (100,000 sq ft) of expansion space. The company produces drinks chiller units for companies such as Coca Cola and the new plant will make chillers for the growing European market as well as stainless steel catering units.True, which has located to the Dearne Valley along with two other refrigeration component manufacturers, Virginia KMP and the British firm, Delfa will bring around 300 jobs to the area.
True's founder and president, Bob Trulaske, commented: When we were looking at for a European location, we found the team approach led by the Dearne Valley Partnership and the financial incentives of Enterprise Zone made the choice simple. The support we have received from the TEC'S, Employment service and Yorkshire Forward has been superb. The Regional Selective Assistance grant from the DTI confirmed that we had chosen the right location.
Chairman of Dearne Valley Partnership, Cllr Keith Billington said: True is bringing jobs in traditional manufacturing activities to the Dearne Valley. I am confident that the company's aspirations will be fulfilled and exceeded by the skilled workers that will be joining the company over the coming months. I wish the company every success in the future. There is now in the region of 4.05 ha (1 0 acres) remaining of the original 12.14 ha (30 acres) to be developed at Fields End. Granada PLC has acquired a 0.4 acre site for £2.75 million at Anchor Road, Harbourside, Bristol for a new 113 bedroom City Centre Travelodge which will be developed by Bristol based Unite Plc to a turnkey finish.
Commencing, rent for the hotel is £150,000 per annum for a term of 35 years with an option to renew for a further 15 years with 5 yearly rent reviews. The lodge will be completed in July 2000. Located on the A4, with easy access to junction 18 of the M5 motorway, Anchor Road is opposite the harbourside regeneration area. The Travelodge will form part of a comprehensive scheme, which includes a large Adult Education College and residential apartments overlooking the harbour with views to the SS Great Britain.
Property conveyancing is elevated open to be obtained, a purchaser chooses to buy the property, an offer is submitted and perceived, and the get-togethers push forward to wrapping of the course of action up. This will be the second Granada Travelodge in Bristol, the other being a roadside lodge at Cribbs Causeway, junction 17 of the M5.
Granada's John Bates commented: As part of our expanding acquisition programme, Granada is seeking more and more city centre locations for Travelodge. The location is ideal for business people as it is centrally located but still within easy reach of the M5. Travelodge not only offers value for money but also quality and convenience. Anglo Lamron Plc has started work on its 3,576 sq m (38,500 sq ft) speculative office development, knows as Egale, at 76-80 St Albans Road, in Watford town centre.
The scheme, which is forward funded by clients of Argyll Property Asset Managers, has an end value of £12.5 million. Comprising two self-contained office buildings of 2,031 sq m (21,865 sq ft) and 1,545 sq m (16,631 sq ft), it is due for completion by October 2000. Egale is well located at the junction of Station Road and St Albans Road, 200 yards away from Watford Junction main line station. It has good access to both road and rail networks, public transport and Watford town centre, with Watford's link road providing easy access to the Ml and M25, Heathrow, Stansted and Luton airports.
First Choice Holidays Plc trading as Travel Choice has opened a outlet at the Chequers shopping centre. Maidstone, KENT (ME15 6AT). First Choice has taken a 15-year lease on a 199 sq m (2,144 sq ft) unit in the centre. The unit is located next door to Homestyle and close to Mark One and Dillons. The agreed rent is £60,000 per annum. The 37,160 sq m (400,000 sq ft) Chequers is owned by the Stoneborough Trust and asset managed by Richard Ellis St Quintin. Joint letting agents for the Chequers are CB Hillier Parker and Dalgleish & Co. First Choice was represented by Chesterton.
Private adelaide conveyancing serviecs sa is the genuine piece of buying or offering a house; including the drafting and exchange of assention, trade of money and enlistment of the property with the zone registry. Comments Jeff Penman of CB Hillier Parker: When First Choice started to actively search for representation within Maidstone it identified the Chequers as its location of choice and we are delighted to have been able to accommodate them.
Crest Nicholson Properties (CNP) has let a further 451 sq m (4,856 sq ft) of its 2,868 sq m (30,867 sq ft) office development at Kings Court in Leatherhead to Westminster Health Care Ltd. Westminster Health Care Ltd has taken the space at a rent of £274.50 per sq m (£25.50 per sq ft) on a 15-year lease with no breaks. The company has moved from Central London to CNP's high quality fully air-conditioned office development, which is being let by agents Hurst Warne, Jones Lang La Salle and Richard Ellis St Quintin. Kings Court is located 1/4 mile from junction 9 of the M25 and a few minutes walk from Leatherhead town centre.
ProLogis Kingspark has completed a letting hat-trick at Marston Gate, its speculative warehouse development in Milton Keynes. ANC Parcels has acquired a 7,804 sq m (84,000 sq ft) industrial building on a 15 year lease at a base rent of £54 per sq m (£5.00 per sq ft). ProLogis Kingspark has also secured a letting on a 15-year lease for a 13,935 sq m (150,000 sq ft) facility to UCI Logistics at a rent of £51 per sq m (£4.80 sq ft). In a third deal, Amazon has taken 21,274 sq m (229,000 sq ft) with a further facility to be built for them comprising 46,450 sq m (500,000 sq ft) in about a year's time.
The jointly-owned joint venture company will provide all inclusive serviced office accommodation to the business community, on Arlington and potentially other business parks, throughout the UK. Each party is bringing its own particular skills and resources to the venture, with Arlington providing facilities management and Regus undertaking the management of the serviced offices themselves. The corporate team at D J Freeman was led by partner Jonathan Martin, with property matters being dealt with by partners Liz Goss and Paul Clark.
Acting on behalf of M A Pye Premises, Fisher Hargreaves Proctor have let two industrial units at the Shipstones Business Centre, Radford Road, Nottingham. Units 3A and 3B, which total approximately 5,500 sq ft of industrial accommodation have been let to Screen Rule Graphics Ltd on the basis of a three year lease at a stepped rental of £13,500 per annum rising to £17,000 at the third year of the term. Letting agent Jonathan Emmerson of Fisher Hargreaves Proctor commented: The Shipstones Business Centre is now close to being fully let, with only two industrial units each totaling 3,133 sq ft now remaining.
Tenants within the Shipstones Business Centre now include Scottish & Newcastle Plc, Status Enquiry Bureau Ltd, Mellors & Glenn Ltd and Alcan, the waste disposal experts. The Automobile Association Ltd have sub-let the entirety of their leasehold premises at 63/65 Foregate Street, Chester to John Menzies Ltd, t/a Early Learning. This will be a resite from the Grosvenor Shopping Precinct for Early Learning, who will trade from the unit, which provides 3,877 sq. ft of sales space with additional storage of 1,488 sq. ft.
Crest Nicholson Properties has let two units totaling 171.87 sq m (1,850 sq ft) within the last week at Prudential's 7,714 sq m (83,000 sq ft) Borough Parade shopping centre in Chippenham, to A&S Trading and The Barber Company. A&S Trading, trading as The Book & Puzzle Shop, has taken 112.69 sq m (1,213 sq ft) on a 15 year lease with 4 months rent free at a rent of £18,500 per annum. Founded in 1991 by Mr & Mrs Benn, The Book & Puzzle Shop offers the very latest in books, CD's and jigsaw-puzzles at greatly discounted prices.
Currently operating three retail outlets located in Clevedon, Bristol and Circencester the company plan to open one further shop before the end of 1999. Anne Benn said, Taking space in Chippenham has long been a major business objective of ours. Borough Parade has a charming old market atmosphere backed up by modern facilities including CCTV and the latest quality retailers certainly has the shoppers pouring in. In addition, The Barber Company, trading as Ye Old Barber Shop, will occupy 59.18 sq m (637 sq ft) on a 15 year lease with 3 months rent free at a rent of £12,500 per annum.
Offering traditional barber services with a modern twist, Ye Old Barber Shop provides unisex hair cutting and hair-care products for all the family. Established in 1992 the company currently operates four outlets concentrated in the South West, with branches in Trowbridge, Salisbury, Winchester, and Wells. Ye Old Barber Shop, which plans to realise a further five outlets by Christmas 1999, opens at Borough Parade next week (11.9.99) employing six staff.
Stephen Baker, partner, said, We are especially looking forward to opening our fifth branch at Borough Parade. Distinctive conveyancing organizations offer diverse installment alternatives. King Sturge & Co, Mansfield Elstob Main, and Donaldsons acted on behalf of Crest Nicholson Properties and Prudential. Walker Son & Packman represented A&S Trading, and The Barber Company represented themselves in the negotiations.
Terrace Hill has forward sold its car showroom at Preston Farm, Stockton on Tees to Prestigic Holdings Limited, for over £1 .9m, reflecting a yield of approximately 7.4%. Dutton Forshaw has signed a 25-year lease for the 1184.48 sq m (12,750 sq ft) car showroom, which will be completed in December 1999 and will pay a rent of £146,625 pa with fixed minimum rental uplifts at the 5th 10th and 15th years. Philip Leech of Terrace Hill commented: This transaction highlights the attractiveness of well let car showrooms as an investment medium.
The store has been designed with the aim of making purchasing mobile phones uncomplicated. The overall look is, consequently, minimalist and creates an open and light atmosphere. The Society of Property Researchers (SPR) this week launched an initiative to help foster greater understanding of e-commerce among property professionals.
The new Internet & E-commerce special interest group will hold a series of seminars, speaker meetings and discussion groups focusing on the growth of the Internet economy and the implications for the property market. Headed by Jon Snow, Central London analyst at Weatherall Green & Smith, the Group proposes to cover a diverse range of issues including the property requirements of e-commerce companies, development opportunities, covenant strength, and the marketing of property and surveying services on the world wide web.
Jon Snow comments, The Internet presents a great number of challenges and opportunities for the property professions. To fully capitalise on these requires an understanding of e-commerce business models, the language and culture of Internet companies, as well as their approach to real estate as a strategic resource. An agenda setting meeting for new members is planned for early in the new year, with membership open to all with an interest in the future of the property market.
Acting on behalf of a private client, Stephen Kane & Company has let 23 Romilly Street, London W1V 5TG, to Upstart Bars Ltd for a major new restaurant and private members club which already boasts a celebrity laden membership. Internet is a decent place to search for a decent cheap conveyancer services brisbane lawyer.
The self-contained property, which comprises a basement, ground and three upper floor levels (which previously accommodated around 100 covers), is located on the north side of Romilly Street between its junction with Dean Street and Frith Street. Upstart Bars Ltd has taken a 25 year lease on the 262.5 sq m (2,825 sq ft) unit at a rent of £120,000 per annum. Comment Terence Watt of Upstart Bars Ltd: We are delighted to have acquired this prime location for what will be a very exciting new club. 23 Romilly Street will offer members superb private drinking and dining facilities as well as a whole host of other services and will act as an excellent venue for meeting with friends and business colleagues at any time.
Comments Jonathan Cowan of Stephen Kane & Company: The demand for private members clubs in Soho has risen considerably in the past 18 months due to lack of viable properties for mainstream clubs combined with increased market requirement for this type of venue. PRICOA Property plc ("PRICOA") the holding Company of PRICOA Property Private Equity Limited ("PPPE"), PRICOA's UK & European merchant banking division, announces that it has appointed Jonathan Short as managing director of PPPE.
Jonathan Short was previously the director at Lazard Brothers & Co Ltd ("Lazard") responsible for the delivery of corporate finance and financing advisory services to the bank's real estate clients, which include PRICOA. PRICOA also owns PRICOA Property Investment Management Ltd ("PPIM"), the UK's most active property investment management business with 2.31 billion of fund commitments and property assets under management.
Situated some four miles north west of Bedford, Highfield Parc offers three blocks of steel-frame units with brick and blockwork lower elevations in a modem landscaped business park environment. Property conveyancing course is the structure for performing change of properties sensible to goodness title starting with one individual then onto the running as a safely joined unit with and this entire sensible and complex theory is performed by master conveyancers who are all around called settlement heads.
With a combination of industrial space and office accommodation, the units come in two standard sizes of 279 sq m (3,003 sq ft) and 324 sq m (3,488 sq ft) and are designed to be occupied individually or in combination to provide up to 1,116 sq m (12,012 sq ft). Highfield Parc is just one-third of a mile from the A6 north/south trunk road, and will have direct access to the forthcoming Clapham by-pass, approved and due to be constructed during the next three years.
Highfield Parc is the only new development of business units in the local area for some years so this is great news for North Bedfordshire commented Andrew Clarke of agents Douglas Duff. Work on site is to start shortly, and the units should be completed for occupation by next summer. Baring, Houston & Saunders (B,H&S) the property advisory arm of the ING Group, has announced that it has invested 10 million in Eagle Wharf to be developed by its partner on the fund, London Town. This is the first acquisition by the B,H&S Residential Fund a recently launched property unit trust aimed at giving institutional investors the opportunity to invest in UK residential properties.
The fund will acquire 24 flats, which on completion, will be rented out and managed by London Town, the AIM-listed residential property fund manager and developer. It is anticipated that the flats, when complete, will have a value of approximately 13.8 million based on net current valuation. Nick Cooper, Director responsible for Investment Funds at Baring, Houston & Saunders, said: As one of the first residential funds to be successfully launched, this acquisition demonstrates that we intend to exploit our relationship with London Town to the full by both developing and acquiring standing investments with refurbishment potential in order to achieve added value for the Fund.
I believe that the Eagle Wharf acquisition will prove to be an excellent investment for the Fund, providing impressive returns for its investors. The B,H&S Residential Property Fund has already received a commitment of 11 million from existing pension fund clients and will invest initially in the London residential market, aiming to raise up to 100 million by the end of the Fund's life. DTZ Financial Services Limited are launching an industrial property investment fund on behalf of Gazeley.
The Gazeley Industrial Investment Partnership will purchase standing investments on five sites being developed by Gazeley in south-east England. The initial size of the fund is expected to be 70m but, with gearing of up to 60% loan to value, it could grow to 175m. Real estate Conveyancing www.enactconveyancingsydney.com.au authorities help you recognize the distinctive costs that you can recover through the compensation.
This will give us a stake in the investments we create. We will receive a regular income and participate in capital growth. We expect to see industrial rents rise, particularly in the south east. Duggan expects the fund to be attractive to investors for several reasons. Firstly, it is an opportunity for investors to participate in the ownership of new industrial stock for which there is currently a high level of demand and a shortage of supply. Thirdly, the management approach will be "hands on" and customer focused, aimed at building close relationships with occupiers, from which opportunities to add value are expected to arise.
Duggan points out that investors will benefit from the firm's expertise in creating high quality standing investments at prime locations. Gazeley is a leading UK developer of industrial property. We have extensive experience of creating institutional investments and our proven management team will endeavour to satisfy both investors and occupiers. The first standing investment that Gazeley will sell into the partnership, in the first quarter 2000, is expected to be a 52,618 square foot production facility at Southampton International Park. This unit has been pre-let to Pratt & Whitney Canada (UK) Limited on a 20 year lease at a rent of 415,554 per annum.
With the £9 million transformation of Standard Life Investments' Regent Centre in Hamilton now almost completed, retailers are snapping up the few remaining units and the centre is presently 97% let. A 15 year lease has been agreed at an annual rent of £160,000 and New Look will trade from the ground and first floors with a combined selling area of 716 sq m (4,367 sq ft). The unit was previously occupied by Mothercare who are moving out of the scheme. New Look will open in February 2000.
Computer games retailer, Softworld Limited has moved into unit 19. An annual rent of 50,000 has been agreed on a 15 year lease and the space comprises 146 sq m (1,570 sq ft). As a result of this acquisition our nine shopping centres now account for more than 75% of our total property investment portfolio.
Lambert Smith Hampton and Jones Lang Lasalle have let the first floor of Electus Northampton Business Park, to Scottish & Newcastle. The offices comprise approximately 2,434 sq m (26,200 sq ft) together with 126 car spaces. This acquisition will provide accommodation for head office functions following corporate acquisitions including Greenalls and pending a relocation of the existing Scottish & Newcastle retail headquarters in Northampton.
The transaction closely follows Scottish & Newcastle's acquisition of a 3,900 sq ft office suite at 500 Pavilion Drive, also on Northampton Business Park, which is now up and running as a central reservations office, co-ordinating hotel bookings throughout the country. No announcement has yet been made with respect to the new headquarters, but it is strongly rumoured that the company will be taking a new development and will be remaining in Northampton. Montagu Evans represented Scottish & Newcastle on both recent acquisitions and is retained by the company on the headquarters project.
This deal represents the second major letting at Electus within six months, Scottish & Newcastle joining Axus UK, a subsidiary of Ford, which took approximately 18,000 sq ft in June 1999. Colliers Erdman Lewis, acting for Comet Group Plc, has successfully completed the letting of unit B2, at Pentrebach Retail Park, Merthyr Tydfil, to FR Dunlop Services Ltd, trading as Tiles R Us. The lease on unit B2, which extends to 7,200 sq ft (669 sq m) has been assigned to Tiles R Us. The passing rent is £57,000 per annum with the next review in 2001. There are 17 years unexpired on the lease.
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Recent projects include Euston Square, No 1 London Wall and 280 Bishopsgate. A chartered surveyor, Sven previously worked for Jones Lang LaSalle. Jon Emery (33) has been appointed Director of UK Development. Since joining Hammerson in 1989, Jon has been responsible for the project management of several city offices before moving over to the retail sector.
Jon is a Board Member of the DETR sponsored Movement for Innovation and the Department for Culture, Media and Sport sponsored City and Town Centres Initiative. Miller Developments has appointed Andrew Wagstaff BSc ARICS as development manager in its London office, in order to assist with and expand the development programme following the recent acquisition of the CRS portfolio. Previously with Harrovian Property Holdings and Whitbread Property, Andrew gained vast experience in the leisure industry, which will be a key asset to Miller's commercial development plans in London and the south east.
Simon Frost, the director in charge of the London office says; I am delighted to welcome Andrew on board and am confident that, given his experience in the leisure and retail sectors, our position as a major player in these fields will be greatly enhanced. At 30th June 1999, MWB's latest year end, Kensington Village was valued at .5m (of which .7m related to Phase I), producing a revaluation surplus of 7m in the June 1999 accounts.
Real estate Conveyancing company - you will always receive the highest level of service and expert conveyancers or lawyers' advice in preparing conveyancing melbourne report. This favourable financing of Phase II which was enhanced by the pre-let to MacManus, has enabled the Group's cashflow to be increased by the fill amount of the surplus proceeds received from the sale of Phase I, amounting to approximately .7m.
The sale of Phase I is subject to shareholder approval and a circular giving fill details of the proposed sale will be sent to shareholders as soon as is practicable. Bourne End Properties plc ("Bourne End") today announces that it has exchanged contracts to acquire the 230,000 sq ft Fleet Walk Shopping Centre in Torquay from Scottish Widows for £15.lm cash, reflecting a net initial yield of 6.4%.
Plans for the city's beacon of sporting pride, its £36 million Community Super Stadium, will be driven forward in 2000 by leading stadia development experts Drivers Jonas. The project management consultants, at the forefront of numerous major UK stadia projects, have been re-appointed by the City council to take the helm, steering proposals for the Super Stadium complex onwards through to an outline planning application.
The firm has worked on top schemes including Sunderland's Stadium of Light, the Britannia Stadium in Stoke, Southampton's St Mary's Stadium, Middlesborough Football Club's Riverside Stadium along with preparing the functional specification for the English National Stadium to be developed on the site of the existing Wembley Stadium. Divers Jonas will now work on planning studies encompassing traffic, environment and retail impact assessments.
James Bulley, a partner in Drivers Jonas Stadium Development Team commented: We are thrilled to be involved in the next stage for the implementation of the exciting proposals for the Community Super Stadium. This appointment recognises our track record and experience in advising on the impact of stadia development. We recognise the importance of finding solutions that minimise the effect of the development in the Circle to local residents and commerce. The traffic study to be undertaken will look in detail at access to the Community Super Stadium for people from around the city and the region, and for visitors expected from across the country.
The environmental study will consider the remodelling of West Park as well as the impact of the proposed Stadium complex at the Circle, Anlaby Road together with the creation of additional facilities on nearby land. There are also plans for a further consultation with residents and businesses close tot he Circle site prior to the submission of the planning application.
Simon Stevenson has been appointed Commercial Investment Manager and will be based at the firm's Newark Office from where he will spearhead the future growth of Hodgson Elkington's Investment Brokerage services. Mr Stevenson who has a first class honours degree in law, brings with him a wealth of investment brokerage experience, honed primarily in the United States. A former Special Projects Director based in Denver, Colerado, where he was one of the region's top commercial real estate brokers.
He was later head-hunted and appointed Vice President of sales and marketing for a consultancy group closely related to the commercial real estate field in Las Vegas. Chris Burford-Bradshaw has been appointed Senior Building Surveyor and will be based at Lincoln where he will head up the firm's new Building Division. Both these appointments reflect the expansion and development of investment property turnover and increases in related property management and professional work, said partner Christopher Hodgson.
Barrie Tankel Partnership plc is advising Bee Bee Developments on a £6m redevelopment of the Grade 2 listed former Holborn Town Hall in Camden, North London, that will commence construction early this year. Get online property conveyancers to change ownership of commercial or residential properties. Cost planning and quantity surveying services undertaken by Barrie Tankel Partnership have demonstrated the viability of this ambitious and prestigious project that combines sensitive refurbishment of the existing 40,000sq.ft.
Designed by architects Christian Garnett Associates, the scheme succeeded through planning largely on the basis of its retention of the character of the original building and its dynamic integration of office, community centre and restaurant uses. The new building connects High Holborn to Stukeley Street at the rear. Entered from High Holborn, the "Connection" is designed to appeal to younger staff with its vibrant glazed walkways and innovative layout.
Two agreements for lease have been signed by Britax for 25 years on an FRI basis at rents of 90 per square foot for the industrial unit and The payment of the total income of 2,000 per annum will commence after rent free periods of 6 months.Fletcher King Plc, the property and construction services group, has appointed Gavin E Hubrich as a senior portfolio manager in the property asset management department. Gavin Hubrich joins Fletcher King from The Crown Estate where he was a Management Surveyor for Regent Street.
His responsibility at The Crown Estate included the management of 400 tenancies with a capital value of £690m; tenant management; Commenting on the appointment, David Fletcher, Chairman of Fletcher King, said: We are delighted to welcome Gavin Hubrich to the group, his dynamism, combined with his valuable experience in property asset management, will make him of great value to Fletcher King.
Hermes, on behalf of Britel Fund Trustees Limited has acquired Saltley Business Park, Birmingham from developers A & J Mucklow Group Plc, for £41.2 million. This is because the entire legal process which is also referred to as property conveyancing or property settlement is extremely complicated and difficult to handle for the ordinary person. Hermes is to rebrand and upgrade the one million sq ft park which is arguably the most prominent business park in Birmingham.
Occupiers include Benjamin Priest Limited, Rover Group Limited, International Metal Services UK Limited, British Telecom Plc and Booker Cash & Carry. There are presently only two units available, one of 23,716 sq ft and one of 20,851 sq ft. Career Care Ltd the expanding recruitment consultants, have taken a new lease of 430 sq m (4,626 sq ft) of Grade A office accommodation on the fourth floor of The Crown Estates building at 39 George Street. The ingoing tenants have taken a lease of some 12 years subject to a break in 2007 at an initial rental of 7,000 per annum together with 5 car-parking spaces.
Roxburgh & Company acted on behalf of Career Care and CB Hillier Parker acted on behalf of The Crown Estate. They have been searching for the right space for sometime and we believe that this accommodation gives the right type of space and the right type of location given the nature of their business and the number of visitors they receive. Stewart Taylor of CB Hillier Parker said "Had we openly marketed the suite we believe it would have attracted considerable interest due to the current lack of high quality accommodation. Career Care were willing to pay a rental reflecting this and to take occupation the day after the previous tenant vacated. The transaction was therefore sufficiently attractive for the Crown Estate to agree terms at an early stage.
Phase 1 of the park is now completed and trading, with the second phase already currently under construction with an expected completion in December 2000. Both phases are 100% fully let and will generate approximately £1 .4m a year in rental income from a range of tenants that include Cine UK, Stakis, Forte and City Centre Restaurants. These latest purchases take total commitments by the Fund to more than £60m in only three months. National construction agents Wakemans are sailing on the crest of a wave in Newcastle-upon-Tyne where they have been appointed to project manage a £5 million Granada Travelodges project on Quayside.