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.