Posted on October 17, 2011 by John Cronin
Construction company Carillion has been awarded a contract to build a significant new office development in the centre of Manchester.
Beating off competition from the likes of BAM Construction and Kier Group, Carillion has been chosen to build a speculative £60m office scheme at One St Peter’s Square in the city centre.
A 14-storey, 273,000 sq ft landmark building (pictured) is to replace the existing Elizabeth House office block. The ambitious scheme is a joint venture between developers Argent and Greater Manchester Property Venture Fund.
One St Peter’s Square is expected to be attractive to large, blue-chip tenants. A pre-let agreement with KPMG has already been secured for approximately 63,000 sq ft of floor space. KPMG have agreed to a 15-year lease and are taking the top three floors which offer floor plates of over 20,000 sq ft. KPMG are to relocate 700 staff from their current base at St James’ House on John Dalton Street. Rental prices have not been disclosed.
Designed by architects Glenn Howells, the building will offer mixed-use space at ground floor level including public exhibition areas, with 13 floors of office space above. The scheme is expected to achieve a BREEAM ‘Excellent’ rating.
Commenting on the development, James Heather of Argent said: “Whilst we are delighted to have a 63,000 sq ft pre-let to KPMG, we still have almost 210,000 sq ft of Grade A office space available. As one of the only developers currently speculatively building commercial property outside of London it further reinforces our commitment to the scheme”.
Demolition of the existing building is being undertaken by Manchester-based Connell Brothers and construction is scheduled to start in April, 2012.
Posted in Manchester |
Tagged Demolitions, Speculative Developments, Transactions |
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Posted on October 14, 2011 by John Cronin
Empty office space at the headquarters of Scottish Natural Heritage is to be made available to commercial tenants.
Scottish Natural Heritage (SNH) is to make available vacant floorspace within its award-winning headquarters building on a commercial basis for the first time.
SNH already sublets suites within Great Glen House, Inverness (pictured) to the Crofters Commission and Paths for All Partnership, both of which are public bodies.
Great Glen House is a three-storey office building that was completed in 2006 at a build cost of approximately £12m. Constructed on the same basis as for commercial office projects, the build was undertaken on a pre-let agreement at a rental price of £15 / sq ft. SNH subsequently exercised an option to purchase the scheme.
The 65,000 sq ft building comprises of flexible, open-plan office space along with meeting rooms, a library, workshops and fully-equipped gym. Incorporating a wide range of energy-efficient and sustainable construction techniques, Great Glen House is one of the UK’s highest accredited environmental buildings. A BREEAM ‘Excellent’ rating has been awarded and on completion the scheme achieved the highest ever office BREEAM score of 84.01%. In 2007 the building was voted the best corporate workplace in Scotland at the BCO Awards.
Commenting on the surplus office space Joe Moore, corporate services director at SNH said: “[We are] continuously looking at ways of making the property more environmentally, operationally and financially efficient”.
Agents Knight Frank are marketing the second floor suite, extending to 4,898 sq ft, at a headline rental price of £25 / sq ft. Floor space is available for immediate occupation. Serviced office facilities are also available.
Posted in Inverness |
Tagged Awards, Public Sector, Rental Prices, Serviced Offices |
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Posted on October 12, 2011 by John Cronin
Following a pre-let agreement work has now started on a £2m energy-efficient office building in Chippenham.
Having a secured a pre-let agreement developers Summerfield are now pressing ahead with the final office building (artists impression pictured) at Methuen Park, Chippenham.
IT services company Bechtle Direct has agreed to a 10-year lease on Turnpike House, a two-storey, Grade A office building offering 8,200 sq ft of floor space.
Turnpike House will be an energy-efficient building and has been described by agents Alder King as being the “greenest building in Chippenham”. Expected to achieve a BREEAM rating of ‘Excellent’, the building will incorporate a range of energy-saving measures including photovoltaic cells on the roof and air source heat pumps. Summerfield has previously been awarded BREEAM ‘Excellent’ ratings on three other completed office developments.
Turnpike House is scheduled to be completed in 2012 and will be the fourth office building at Turnpike Park, part of the larger Methuen Park. The modern, 3.2-acre site is located in Chippenham and is 3 miles from J17, M4. Existing tenants include Herman Miller and Wincanton Logistics.
Commenting on the pre-let agreement, James Napp, MD of Bechtle Direct said: “[Our] company needs to relocate to larger premises to help us meet future challenges. The reputation of Summerfield and the time to construct the new Turnpike offices fits both our expectations and needs. We aim to be in our new headquarters during the summer of 2012.”
Rental prices have not been disclosed. Other office space within Methuen Park is being marketed at around £14.50 / sq ft.
Joint marketing agents are Alder King and Jones Lang LaSalle.
Posted in Wiltshire |
Tagged Business Parks, Rental Prices, Transactions |
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Posted on October 10, 2011 by John Cronin
A pre-let agreement has been finalised on offices formerly occupied by Bath and North East Somerset Council.
Trimbridge House (pictured) has been let in its entirety to specialist finance company Ascentric. The firm agreed to a 10-year lease in a pre-let agreement. Rental prices have not been disclosed.
The former 1970’s council offices building offers just under 21,000 sq ft of floor space over four floors. Floor plates range from 4,723 sq ft to 5,652 sq ft.
Trimbridge House closed as council offices in October last year when the existing lease expired. Agent and works manager Lambert Smith Hampton (LSH) has since overseen a £1.2m refurbishment project that has included new windows, a new glazed frontage and a full interior refit.
Owners and landlords Henderson Global Investors were confident that their speculative investment in the refurbishment works would generate strong interest from prospective tenants. Henderson purchased the centrally located Bath offices in 1999 and the premises were last refurbished in 1993. The accommodation was marketed as being available on either a whole-building or floor-by-floor basis.
Commenting on the letting Marcus Langlands Pearse, property fund manager at Henderson UK Property Unit Trust, said: “The fact that Henderson is happy to spend substantial amounts of money on the renovation works is a feature of its belief in Bath as a commercial centre combined with the excellent location of the building. We are delighted to have let the building in its entirety to Ascentric, a quality tenant.”
The offices were formally opened by local Bath MP, Don Foster. Ascentric has relocated 160 staff from existing offices elsewhere in Bath.
Posted in Somerset |
Tagged Renovations |
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Posted on October 7, 2011 by John Cronin
Earlier this week, His Royal Highness The Duke of Edinburgh officially opened the new Ordnance Survey headquarters in Southampton.
The visit of The Duke of Edinburgh marks the official opening of the new building (pictured) that was completed earlier this year. Over 1,000 staff have already relocated from the existing headquarters in Maybush, Southampton.
Ordnance Survey (OS), an independent non-ministerial government department, now has start-of-the-art headquarter offices that cost approximately £40m. Main developers Kier began construction in April 2009 at a 15.5-acre site at Adanac Park, close to the M271.
Adanac Park is a new, modern business park set in 75-acres of landscaped grounds. When fully-developed the site will offer approximately 825,000 sq ft of floor space within several two, three and four-storey office buildings. Developers Barker-Mill Estates are appealing against a planning application refusal for construction of a private hospital within the business park.
The innovative 180,000 sq ft OS office building is located on plot 4 of Adanac Park. Consisting of a large three-story atrium with four connected blocks, has been designed to minimise carbon emissions and to be energy efficient. The range of sustainable construction methods deployed include a rainwater harvesting system, natural ventilation and lighting systems and a large ground source heat pump that cost £2.5m. The building has achieved a BREEAM rating of ‘Excellent’.
Commenting on the new headquarters, Vanessa Lawrence CB, Ordnance Survey director general and chief executive says: “Our new head office will safeguard Ordnance Survey’s long-term future as an innovative and world-class organisation based in the Southampton area. “
Posted in Hampshire |
Tagged Business Parks, Public Sector |
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Posted on October 5, 2011 by John Cronin
International property developer Hines has completed its Cannon Place development in City of London.
The landmark Cannon Place building (pictured – website) offers approximately 400,000 sq ft of prime office space and incorporates the redevelopment of Cannon Street station.
The multi-million pound, city office scheme is a joint venture with Network Rail and London Underground. The station, one of the busiest in London, serves 27m passengers a year.
The modern glass and steel building replaces two office blocks that Hines purchased in 2002. The speculative scheme offers eight floors of Grade A office space with floor plates ranging from 45,250 sq ft to 49,765 sq ft. It is estimated that the offices can accommodate about 4,000 staff. Floors are predominately column free and are considered ideal for trading floor use. The building has achieved a BREEAM rating of ‘Very Good’.
Hines are expected the scheme to be multi-let and market reports suggest a rental price of around £57 / sq ft is being sought. Cannon Place will be competing for potential tenants with the nearby 445,000 sq ft Walbrook office scheme that has remained empty since completion last year.
Commenting on the Cannon Place development Mark Swetman, project director for Hines said: “We are incredibly proud of this building, which we believe complements its illustrious surroundings. Our vision was to create a landmark office development tailored to today’s exacting occupier requirements, but which also enhances the urban fabric of the City of London”.
Elsewhere in London, Hines is constructing a speculative Midtown-based office scheme known as 280 High Holborn.
Posted in London |
Tagged Rental Prices, Speculative Developments |
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Posted on October 4, 2011 by Nell Frizzell
“For the last nine weeks the dragons have been in formidable form,” utters Evan Davis, like a whippet vicar giving the eulogy at the graveside of business-based television programming. But like relationships, train journeys and football pitches, all good Dragons’ Den series must, eventually, come to an end.
The first pair of entrepreneurs trying to charm blood from a stone is Chris and James. Chris has come dressed as a ‘businessman’, while James has taken the precaution of growing luscious nasal hair and the slightly ruddy, wild air of an ‘inventor’. So far, so good. With the Peculicar game cube, the two men are hoping to win £80,000 investment in exchange for 10% ownership. As he guides the Dragons around this Rubics-Cube-cum-Stickle-Brick James starts making unexpected and possibly involuntary karate movements and rudimentary dance moves. It’s like watching Ian Curtis make a health and safety presentation.
“The pair are looking for £80,000 of dragon cash,” says David. Is Dragon Cash like Monopoly money? Because, if so, I’d love to be the banker. “Have you approached any retailers?” asks one of the Dragons. Preferably not while doing those snake or karate moves.
“I can’t give you concrete numbers because it’s not an exact science,” says James. Of course it’s not. It’s a multi-coloured plastic art cube. It’s magic. It’s transcendence. It’s philosophy. “This invention is going to set the toy world on fire,” he continues. That or choke them on small parts.
“It’s the most boring game I’ve ever seen” says Hammertime. Ouch. And so as Dragon after Dragon pulls out like a rat pulls out of a drain, it is left to Evan Davis to explain: “They may have won the affection of the Dragons, but not their cash.”
Next up is medicines direct. Oh I can’t possibly see how that could go wrong. Tempazepan takeaway? Methodone to your door? Dial-a-morphine? Where do I sign.
We are then treated – and I use the word loosely – to the sight of a woman in her knickers sweating away on a series of exercise equipment. Apparently it’s an octathlon, coming from the Latin ‘octo’ for ‘lycra’. “Honestly, most people in the gym are fed up and bored,” she pitches. Wow. Way to attract the investment of a gym owner. Unsurprisingly, she goes home empty-handed.
Now we come to the 25-year-old shoentrepreneur Tim Smith from Manchester. In a pretty audacious move, Tim asks for a whopping £300,000 in exchange for just 10%. That, in the words of Cicero, is a shit load of money. Tim’s family footwear business makes and sells foldable shoes, developed with a podiatrist so they’re comfy and possibly on some News of the World list.
“Can I have a boot please Tim? Can I have a shoe Tim please?” Can I have a vowel please Carol? Oh sorry, wrong programme. Each boot costs £6 to make and is sold for £20. Yet, somehow, despite this mark up Tim seems to be hiding something. Oh there you are: three years of whopping losses from their other, holding company owned by Tim, his brother and Papa Smith.
Interestingly, it seems to be this very family connection that puts the Dragons off, and they wilt away like horny second cousins at a family wedding.
Our next entrepreneur has literally reinvented the wheel. As well as the bra. And the house. In fact, he’s got about 785 patents pending. None of which have a gerbil in hell’s chance of winning any Dragon cash.
Finally we come to surveyor Helen Waterson and her valiant medieval meat. With £70,000 for a 10% share, Helen hopes to bring her Roast Cosy to the ovens and open spit fires of the nation. As you may have guessed, the Roast Cosy is basically a small chain mail drape that you put over meat instead of tin foil.
Helen actually began by laminating her oven blankets. This, for me, would be a pretty sure-fire sign that it’s time to call a constable. However, the Dragons don’t seem to be wrapping her in a restraint jacket just yet.
Instead they are, completely oddly, balking at the £29.99 sale price of the Roast Cosy. In a market where pans and knives cost hundreds of pounds, they seem to be under the misapprehension that a 30 quid cover, with a lifelong guarantee, is too much. Even though that is basically the cost of the 10 rolls of the tin foil it would replace.
Perhaps the problem is that almost none of the panel can actually cook. Deborah is fed by her husband and Theo looks like he lives off a diet of walnuts and Sunny D. In the end it is up to Peter to make an offer, albeit for half the money and 24% of the company, which Deborah very kindly matches.
And so, like a pair of curtains as you walk absent-mindedly of the shower; things should probably be drawn to the close. Collectively, the Dragons have offered over £1million in investment and made the dreams of literally hundreds crumble in front of their very eyes.
Which is what it’s all about. Now, if you’ll excuse me, I’m off to tweezer my baby’s snot, give myself a spray tan and eat some Crips.
Posted in Misc |
Tagged Dragons' Den Blog |
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Posted on October 3, 2011 by John Cronin
Royal BAM Group has submitted a planning application for the redevelopment of an office block in the centre of Glasgow.
BAM Properties has, as anticipated, submitted plans (ref: 11/02064) for the redevelopment of the prime site at 110 Queen Street, Glasgow.
The 1960’s office block (pictured) was purchased by BAM in 2010 for £7.25m following a competitive bidding war. Lloyds Banking Group sold the building with planning consent granted in 2009 for an office-led, mixed-use redevelopment.
BAM is proposing a £28.5m speculative development comprising of a nine-storey office block offering 143,000 sq ft of office floor space. The building will also include ground-floor retail space. Total floor space will be approximately 225,000 sq ft. Architects Cooper Cromar, who were also behind the successful G1 office scheme, have designed a modern, curved-glass building. The existing, 50,000 sq ft former bank branch and cash centre is considered by many as being unattractive. The building has been vacant for some time and is now set to be demolished.
Commenting on the development, Michael Smart, Development Director, BAM Properties, said recently: “110 Queen Street is a significant and very exciting project for our business. It’s a great opportunity to replace an uninspiring building developed back in the sixties into a modern building which will greatly enhance the visual impact of this prime area.”
Asbestos removal works are currently being undertaken at the building with demolition scheduled for early 2012. A target completion date of 2014 has been muted for the new office block.
The holding page for the official website indicates that the new building will be available for letting or sale.
Posted in Glasgow |
Tagged Demolitions, Planning, Speculative Developments |
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Posted on September 30, 2011 by John Cronin
A significant mixed-use development for a former surface mine near Stirling has received planning consent.
RJM Developments (Scotland) has been granted permission for a proposed £33m office and leisure development at Pirnhall near Bannockburn (plans pictured).
The scheme comprises of six office blocks and a leisure centre. The plans were first submitted in March 2007 and followed a previously unsuccessful application for a livestock auction centre on the undeveloped site. Consent is subject to agreement over public highways works as the site is close to a busy M9 interchange.
The modern office buildings will be two or three storeys high and in total will offer floor space of 176,640 sq ft, less than the originally proposed 196,500 sq ft. The leisure complex will be approximately 18,000 sq ft. The offices are to be constructed using energy sustainable measures including ground-source heat pumps, rainwater harvesting and natural ventilation.
Architects Jackson, Graham Associates originally estimated the scheme could accommodate between up to 2,000 staff. Following the reduction in the total floor space a revised figure of just under 1,300 staff has been suggested. The scheme will be developed on a speculative basis and will be constructed in four phases.
Commenting on the scheme planning consultant Stuart Winter, from Jones Lang LaSalle, said: “Notwithstanding the current tough market conditions, the proposed development could well provide a significant economic boost to Stirling, generating a significant number of both direct and indirect jobs for the local and regional economy.”
A start date for construction works has not been disclosed.
Posted in Stirlingshire |
Tagged Business Parks, Planning |
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Posted on September 28, 2011 by John Cronin
Commercial property investors CLS Holdings plc has announced the purchase of two adjacent office blocks in Hounslow.
CLS Holdings (CLS) has completed a £5.5m acquisition of the two office buildings on Staines Road, Hounslow. Falcon House (pictured) and Quest House are both multi-let to a range of blue-chip tenants.
Falcon House is a modern, five-storey office building with floor plates of between 6,183 sq ft to 10,263 sq ft. Total floor space is 25,036 sq ft. One floor of the building remains unoccupied.
Quest House, previously known as Nixdorf, is a 1970’s, five-storey building offering total floor space of 25,584 sq ft. The building is currently running at full occupancy. Previously quoted rental prices have been £15 / sq ft and current rental income equates to an average of £13.95 / sq ft. The building is multi-let on 5-year leases. Tenants at the offices include airlines Aer Lingus and Alitalia and network provider Telefonica O2.
The two Hounslow offices were part of a larger property portfolio managed by Glebe Holdings. Glebe also owns Ashley House in Hounslow, a mixed-use retail and office building totalling just over 18,100 sq ft. One suite of 440 sq ft remains unoccupied with short-term lease agreements available.
Commenting on the acquisition, Sten Mortstedt, Executive Chairman of CLS Holdings plc, said: “[This acquisition continues] our strategy of focusing on high yielding, cost effective offices that provides us with reliable diversified cash flow from solid tenants. Being well financed places us in a very strong position to take advantage of the current market conditions for this type of acquisition”.
Last November CLS purchased a second office building in New Malden for in excess of £21m.
Posted in London |
Tagged Rental Prices, Transactions |
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