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.