PlaceFirst — a developer better known for regenerating empty houses — is dipping its toes into the commercial market with the conversion of a Victorian bath house to a business hub. The Didsbury-based company acquired Ashton Old Baths, which have been empty for more than 40 years, from Manchester’s Ask Developments for an... Read More
The demolition of a 1950s Edinburgh office block — ignored by thousands of passers-by — has attracted the attention of historians after claims that a 200-year-old wine cellar belonging to one of Scotland’s most prominent thinkers may well be intact below the rubble. Sixty years ago the former home of 18th century philosopher... Read More
With Manchester quickly becoming one of the leading cities for growth and innovation in the UK, local authorities have been examining means of boosting its reputation for excellence in education and training. This has led to Nuffield Health being granted planning permission for a new private hospital, which will involve collaboration with... Read More
After the Sealine boat building firm entered administration in May 2013, resulting in the loss of 234 jobs, its premises in Kidderminster were left unoccupied. Now a buyer for one of the empty factories has now been found, with family business Quantum Mouldings pledging to create employment and re-introduce fibreglass manufacturing to the... Read More
The four-way partnership which owns a 26-storey office and retail building on Manhattan’s Fifth Avenue has to agreed sell the prestige property for a reported $595m (£349m). The current owners of 530 Fifth Avenue — Rockwood Capital, Jamestown, Murray Hill Properties and Crown Acquisitions — acquired the building, two blocks west... Read More
Irish lender Permanent TSB Group Holdings Plc has hired Morgan Stanley to sell its commercial real estate and subprime residential mortgage loan books, which have a combined face value of approximately €2.6bn. Most of the loans are non-performing and are valued at a discount on TSB's balance sheet after bad-debt provisions. The... Read More
Bewley’s has had its “landmark” victory against endless upward only rent rises overturned by the Irish Supreme Court. The coffee company says it now faces a €1.5m (£1.2m) annual rent bill for its flagship Dublin premises. Last year the company won a test case against Ickendel Ltd, the owner of its Grafton Street cafe, which... Read More
GVA this week completed the largest office transaction of the year so far in Birmingham, securing the top four floors of the New Technology Institute (NTI) for Birmingham City University. The 28,000 sq ft space on Bartholomew Row in Eastside will become home to the university’s official headquarters. In order to prepare the office... Read More
Although Chinese takeaways are popular fixtures of almost every high street the length and breadth of the country, these outlets tend to be independent and do not utilise the “strength in numbers” marketing technique of rival chain food stores such as McDonald’s, KFC or Burger King. However, one firm which has enjoyed huge success in... Read More
Apollo Commercial Real Estate Finance, Inc. (ARI), which specialises in high performing US property, has announced that it has closed on two commercial loan transactions worth $93.4 million. The company has also acquired commercial mortgage backed securities (CMBS) with a purchase price of $50.2 million. In the year to date, Apollo has... Read More
Councillors in Leeds have this week overwhelmingly thrown their support behind a project to create a six storey office block in the city centre. The development, situated on a plot currently being used as a car park, is a joint venture between developers Bruntwood and Kier Property, who submitted the initial application back in April.... Read More
Since the implementation of the 2012 Finance Bill began on the 1st of April this year, commercial property owners have gained unprecedented access to tax relief which, if claimed, could bring financial relief to new buyers. However, recent data from the UK’s largest capital allowance firm Catax Solutions has revealed that only a minor... Read More
Silverstein Properties' $2.3 billion development of Richard Rogers’ 3 World Trade Center has taken a major step forward after the Port Authority of New York and New Jersey gave the go-ahead for an amendment to the financial agreement between the two parties. The Port Authority was looking for more private sector money, which would... Read More
Despite a £16m plunge in the value of its property portfolio, Urban Splash — the company behind Birmingham’s landmark Rotunda and Fort Dunlop regeneration projects — has at last crept back into the black. The Manchester-based firm, which rose to success with the revival of decaying industrial warehouses and Victorian mills, had... Read More
A prime London site that has lain dormant for more than a decade looks set to get new high-rise development at the third attempt. The first application to build on the site at 20 Blackfriars was submitted in 2002 but knocked back after a public enquiry. Seven years later the recession killed off an enlarged mixed-use development on the... Read More
Amid the changing consumer habits in the UK at present, discount stores are expanding at a previously unknown rate as households attempt to cut down on spending and stick to a weekly budget. This has played a huge part in Poundland’s hugely successful year, with the retailer reporting rising sales and growing profits thanks to its tactic of... Read More
One of Birmingham’s tallest buildings, Five Ways Tower, has been placed in receivership after standing empty for more than a decade. Corporate recovery specialists Craig Povey, David Oprey and Richard Toone, from accountancy firm Chantrey Vellacott, have been appointed joint-receivers. They will now seek a buyer for the property, though a... Read More
As the referendum for Scottish independence looms ever closer, commercial property market analysts are finding the challenge to predict future trends somewhat difficult due to the number of variables in play. It may come as a surprise to some, then, to learn that the value of farm land north of the border rose significantly in the... Read More
Stoke-on-Trent,which last year saw 14 international companies move into the area, is hoping new links with China will attract inward investment and create hundreds of jobs. Already one of the fastest growing areas of the UK, the city is now courting businesses and potential investors from Chongqing — one of the world’s fastest... Read More
The fate of Ireland’s tallest commercial building is once again in doubt after the 22-storey Belfast office block was put on the market with a guide price of £5m. Owned by the National Asset Management Agency (NAMA), Windsor House is situated in the heart of Belfast’s office district and was acquired in 2007 by Lauderdale... Read More
The second phase of the redevelopment of Longbridge has been approved. The latest scheme involving St Modwen’s 468 acre site, the former home of MG Rover, will see the construction of a 150,000 sq ft Marks & Spencer store along with 45,000 sq ft of additional retail space. There will also be a combination of surface and multi-storey car... Read More
Since the end of the recession, the number of high street retail administrations has reduced markedly, leading many analysts to hope that recovery is in full swing within the retail sector. Unfortunately the latest news from La Senza indicates that there is still some way to go before retailers can feel secure about their financial status, as... Read More
