LondonMetric has exchanged conditional contracts with CDP Ltd, the development arm of the Marshall Construction Group, for the purchase and forward funding of a new 524,000 sq ft retail distribution centre development in Wakefield for £39.4 million. The distribution centre has already been pre-let to Poundworld Retail Ltd on a 15 year... Read More
A Tyneside building surveyors and project manager is reporting a “significant” rise in commercial commissions — with this year’s half-yearly figure already outpacing the same period in 2014. Silverstone directors, Ben Hunter (left) and Richard Farrey. Newcastle-based Silverstone Building Consultancy — a specialist firm of... Read More
Cardiff’s Fairwater Industrial Estate is now fully let after four local businesses agreed terms on the remaining five units. The latest additions to the occupier line-up are; First Stop Car Sales which has taken a 1,600 sq ft unit, Cardiff Windows Direct which has agreed terms on a 4,200 sq ft unit, Label Needs Ltd which is moving... Read More
A landmark £30 million leisure development in Perth city centre is expected to create jobs and attract over 300,000 visitors every year. The Mill Quarter development will bring together restaurants and bars, speciality shops, a gym and a new cinema, along with a new multi-storey car park. Although a planning application for the... Read More
Although spending has climbed steadily since the end of the recession, consumer confidence has remained relatively subdued due to a combination of weak pay growth and lingering fears over the economy. However, in June, consumer confidence took an unprecedented turn for the better, climbing by 6 points to reach its highest level since the... Read More
Harvest Partnership — a joint venture between Land Securities and Sainsbury's — has filed two planning applications for what is claimed to by Birmingham’s longest-stalled regeneration project. Work finally started last autumn to decontaminate the city’s 30-acre Battery Park area which once housed an iron foundry, gas works and... Read More
LondonMetric Property has announced the acquisition of Next’s Doncaster distribution warehouse for £29 million, reflecting a net initial yield of 6.3per cent. The off-market purchase, from a private property company, will be funded from London Metric’s existing resources. Located two miles north west of Junction 38 of the A1 in South... Read More
The developer behind a scheme to breathe new life into the Lime Street area of Liverpool has confirmed it has revised its plans following a month-long public consultation. Neptune Developments says the new project will do more to combine the city gateway’s “history and future”. The regeneration specialist is working in... Read More
Regeneration specialist St Modwen Properties has announced a huge 306 per cent rise in profits for the six months to May 31 2015. The increase takes profits before tax to £203.1 million, in comparison to £50 million for the corresponding period in 2014. The group also reports a 21 per cent increase in NAV per share to 394p and a... Read More
The South East office market, defined as the Western Corridor and the markets to the north and south of the M25, witnessed a surge in take-up during the second quarter of the year. According to new data released by Strutt & Parker, take-up between the end of March and the beginning of July 2015 rose by 41 per cent compared to the... Read More
Orchard Street Investment Management has completed the purchase of 10 Templeback in Bristol city centre for £58.5 million. The waterfront office building, competed in 2008, was acquired from Benson Elliot on behalf of St James’s Place. 10 Templeback, which has a BRREAM “excellent” rating, provides 124,198 sq ft of Grade A... Read More
Rockspring Property Investment Managers LLP has announced the expansion of its management team, with José Pellicer and Michael Pryer, joining the partnership with immediate effect. This brings the total number of partners on Rockspring's management board to fourteen, led by CEO Robert Gilchrist and Edmund Craston, MD. Pellicer (above)... Read More
LaSalle Investment Management has purchased the freehold interest in 60 London Wall on behalf of an overseas client. The confirmation of the acquisition comes in a joint statement from LaSalle and the vendor Deutsche Fonds Holding AG. The global real estate investment manager paid £197.5 million for the prime City office and retail... Read More
The University of Southampton is responding to the “unprecedented demand” for space at its Test Valley science park by building more high-tech offices. There is already a waiting list for space at the Hampshire university’s Chilworth science and technology campus with all the 17 existing buildings and facilities fully let. It has... Read More
A leading European investment fund has made its second UK acquisition with the £18m purchase of a City of London office block. AEW Europe — which bought 65-68 Leadenhall Street on behalf of its Europe Value Investors Fund (EVI) — has not named the vendor. The asset manager recently purchased 24-28 Martin Lane, close to The... Read More
Starwood’s Luxury Collection, one of the fastest-growing luxury hospitality brands in the world, is to invest $300 million into the expansion and enhancement of its North American hotel portfolio. The Luxury Collection is investing in additions to the portfolio and major renovations in a number of US locations, including Lake Tahoe,... Read More
New York City’s tech sector will thrive in areas outside of Manhattan, according to the Spring 2015 Gotham Commercial Real Estate Monitor, a survey conducted by accounting firm Marks Paneth. More than 100 New York commercial property owners, as well as brokers, agents, accountants and attorneys specialising in commercial real estate... Read More
South Australia has pledged to phase out the stamp duty on commercial property sales over the next three years. Tom Koutsantonis, the Treasurer, stated that he was looking for a way to stimulate the business sector in the state, which has the highest unemployment rate in the country. Doing away with the stamp duty on the 6,000... Read More
Britain’s third biggest hotel chain has confirmed it is pumping £100m into the expansion of its Scottish business. The programme will see Travelodge adding around 30 hotels to its portfolio north of the border and creating more than 500 jobs. News of the investment came as the group’s chairman, Brian Wallace, was in Edinburgh to... Read More
The European real estate industry has expressed its concerns over draft guidelines from the European Banking Authority (EBA) which could limit how much banks can lend to real estate. The guidelines could also lead to real estate funds being inappropriately caught by future shadow banking regulations. The EBA has been involved in... Read More
Bridges Ventures has announced an early closure of its Bridges Property Alternatives Fund III after strong interest from European and US institutions. The company says it will apply gearing to its closing £212m commitment to give it a potential investment capacity of more than £500m. The property fund attracted major support from... Read More
The third and final phase of Birmingham’s Snowhill development — Three Snowhill — is expected to start this September after developer Ballymore Properties awarded the £90m contract to BAM Construction. BAM, the Dutch group behind the city’s Barclaycard Arena and Beorma Quarter redevelopments, will deliver the 16-storey... Read More
