Posted on June 20, 2011 by John Cronin
Commercial agent Lambert Smith Hampton (LSH) has secured a new tenant for a speculative office scheme in the heart of the business district of Manchester.
LSH has signed up recruitment consultancy Sacco Mann for an office suite at the Vantage Point development (pictured – website) in Spinningfields, Manchester. The company have agreed to take a 1,500 sq ft office suite on a 10-year lease. Rental prices have not been disclosed but floor space within the building is quoted at £25 / sq ft.
Vantage Point is an 11-storey office building offering basement parking and 10 floors of office space. The 50,000 sq ft building offers floor plates of 5,031 sq ft to 5,859 sq ft. Office suites are available on either a split or whole floor basis.
A speculative development by Hardman Estates, Vantage Point is located in the popular Spinningfields district of Manchester. With several new-build office developments within close proximity, the area has been described as the “Canary Wharf of the north”. The developers scored an early success at Vantage Point with Allied Irish Bank (AIB) agreeing to a pre-let in 2008 for 16,000 sq ft of space over 4 floors. The rental details for the 15-year lease were not disclosed.
Commenting on the lease agreement, John Sacco at Sacco Mann said: “We wanted a building that was in a highly visible location, within close proximity of the concentration of solicitors and professional firms already based at Spinningfields. Vantage Point delivers exactly that.”
The building has achieved a BREEAM rating of ‘Very Good’. 31,723 sq ft of vacant floor space remains available to let. Marketing agents are King Sturge and CBRE.
Posted in Manchester |
Tagged Rental Prices, Speculative Developments, Spinningfields |
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Posted on June 17, 2011 by John Cronin
New tenants are set to occupy offices at an expanding business park in Monmouthshire later this month.
Charnwood Group, developers of the Wales 1 Business Park at Magor, Monmouthsire are expecting 2 new tenants to move in to brand new office space during June.
Construction works are due to finish on Building 102 (pictured) and Mad Catz, an interactive entertainments company, are to take the 5,000 sq ft 2nd floor of the 3-storey 15,000 sq ft building. The ground floor is to be a conference centre and the top floor remains available. Rental prices have not been disclosed.
The other incoming occupier is Monmouthshire County Council (MCC) who are relocating 200 staff to the 28,000 sq ft Building 104. The Grade A offices were previously part-occupied by serviced offices provider Regus. Regus have relocated to another 15,000 sq ft building on the site. MCC purchased the building in May, 2010.
Steve Greenslade, MCC’s Corporate Director, commenting on the purchase of the new offices said: “The purchase of the Wales 1 building represents an exciting start to Monmouthshire’s new accommodation strategy and will enable us to make cost savings through new ways of working.”
When complete, Wales 1 will offer approximately 255,000 sq ft of high quality office accommodation along with a hotel and a nursery. The smallest office blocks will offer 15,000 sq ft of floor space and the largest building, suitable for headquarters office use will offer 50,000 sq ft of space. There will be a total of 9, 3-storey office blocks within the 17-acre business park. The buildings are BREEAM rated ‘Very Good’. Design and build options are also available.
Posted in Monmouthshire |
Tagged Business Parks, Public Sector, Serviced Offices |
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Posted on June 15, 2011 by John Cronin
A funding deal has been secured for a speculative office development in Cambridge city centre.
Developers Pace Investments have secured development finance from a division of Investec Specialist Private Bank for their speculative Botanic House offices scheme in Cambridge. The actual amount of funding secured has not been disclosed.
The office building, which is already under construction, is the 1st phase of the larger mixed-use development called Botanic Place. The development site is bounded by the University Botanic Garden and is close the railway station.
The lens-shaped office block (pictured) is a 7-storey building offering 53,000 sq ft of floor space with large floor plates of approximately 7,000 sq ft. The offices have been designed by Formation Architects whose other commercial projects include the 200,000 sq ft Octagon offices scheme in Slough.
According to market reports, accountancy giants KPMG are in discussions with Pace Investments regarding a lease of a single floor within the building. There is some speculation that the rental price could reach £31 / sq ft.
Pace Investments first unveiled their plans for the site in 2006. Existing buildings on the site, including a former building also called Botanic House, have been demolished. The £70m mixed-use development was the first speculative office development in this specific area of Cambridge for 15 years. It is somewhat smaller than the CB1 office development that Microsoft have recently agreed to lease.
Commenting on the funding, Johnny Vincent, Chief Executive of Pace Investments said: “We have taken the initiative to start the project speculatively, which underlines our belief that there is strong demand for new high quality offices in central Cambridge”.
Posted in Cambridgeshire |
Tagged Rental Prices, Speculative Developments, Transactions |
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Posted on June 13, 2011 by John Cronin
Motor insurance company Admiral has secured planning consent for new headquarter offices in Cardiff.
Cardiff Council have given planning consent for a 12-storey building that will offer approximately 220,000 sq ft of floor space. The development will include basement parking and ground-floor retail units. The offices will accommodate up to 3,000 staff. The firm already has 2,000 staff in other existing offices in Cardiff.
The planned development has been the subject of some objection. The owners of the nearby Motorpoint Arena Cardiff on Mary Ann Street objecting to the plans suggesting: “that the massive office development will increase congestion, lead to a loss of open space and overshadow the arena’s administrative offices.”.
The landowners had improved the vacant site by grassing-over the muddy, former car park. The site was subsequently perceived as being a public space and locals objected to the plans which seemingly resulted in a loss of a popular meeting place. The design of the building has also received criticism with one local councillor describing it as “looking like a convection heater”.
Developers for the £58m scheme are Stoford and architects are Glenn Howells. Admiral report that the design of the office block has been endorsed by the Design Commission for Wales (pdf download). The 50m tower is expected to have low CO2 emissions and to achieve a BREEAM rating of ‘Excellent’.
Commenting on the planning consent Henry Engelhardt, Admiral Group CEO said: “This new building will allow us to continue to grow as a company and truly cements our commitment [to Cardiff].”
Construction work is expected to start by late summer with a target completion date of spring, 2014.
Posted in South Glamorgan |
Tagged Planning |
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Posted on June 10, 2011 by John Cronin
The final brick has been laid during a ‘topping out’ ceremony at a new office building in West Bromwich.
The 5-storey block at Providence Place (pictured) is the first new-build office in West Bromwich for more than 3 decades. Offering some 70,000 sq ft of floor space, the building is the first of potentially 5 new office schemes totalling 245,000 sq ft.
The development site was originally known as All Saints but was rebranded earlier this year. Developers behind the multi-million pound scheme are Birmingham-based Stoford.
In a joint public-private sector venture, BT and Sandwell Council are to occupy the new offices. 500 members of staff from Transform Sandwell are to occupy the building along with BT employees. A hot-desk system is being implemented along with flexible working practices to maximise office usage.
Commenting on the new building, Councillor Ian Jones, Sandwell’s cabinet member for jobs and economy, said: “It’s fantastic to see this superb building completed. Providence Place is a vital part of the redevelopment of the town as high quality office space will help attract new investment.”
It is likely that construction of subsequent phases at Providence Place will only commence once pre-let agreements have been secured. That was certainly the view of Jon Andrews of Stoford who, when plans for the development were first submitted in late 2008 said: “We are now in discussion with other potential blue chip occupiers that are interested in pre-letting the remaining [space]”. Mr Andrews also suggested that rental prices of around £20 / sq ft would be approximately 30% less than those for comparable office space in central Birmingham.
The offices are expected to be officially opened in October.
Posted in West Midlands |
Tagged Public Sector, Rental Prices |
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Posted on June 9, 2011 by Nell Frizzell
Lord Sugar is “passionate about new money-spinning ideas,” says the voiceover, as Episode Six thrusts its way on to our screens. Sadly, Lord Suga-ga is still only just waking up to the commercial potential of steam locomotion and indoor plumbing.
But back to the show. The birds are singing, the dawn is cracking, the phone is ringing and there is yet another preposterously big bunch of flowers by the handset. Seriously, it’s like Dawn of the Triffids down there. I fully expect for Glenn to one day rush down the stairs, only to discover a ringing phone, an empty six litre bottle of Baby Bio and Susie’s decomposing legs disappearing down a stamen. Luckily Edna gets away from the Frankenbloom unscathed, telling the apprentices to don their high-vis vests and head to West London.
When was the last time I saw this many brain cells wearing high vis vests? Back stage at a N-Dubz gig? Down a sewer? At a Handy Andy fan club reunion? Who knows. But this time they’re off to a rubbish dump. This is what Ruskin would have called pathetic fallacy and I would call a pathetic collection of phalluses.
“You can make money from just about anything,” says the Baron of Clapton. Old Sugarnuts is actually there in person for a change, rather his usual craggy hologram. Sadly, he slightly ruins the corporeal effect by adding, “This is rubbish.”
So, this week they’re selling waste. Next week: old rope. The week after: a dead horse.
After being briefed, the teams are taken to a carpark lecture on “The business potential of rubbish.” Which must be the MA Course listed just below “The philosophical potential of offal.”
Before any of the real shit-shovelling can begin, both teams must elect a leader. “In terms of experience I’ve got nothing at all…” admits Susan with what is either startling honesty or startling psychopathy. So, instead Zoe gets to be PM. Which stands for project manager, but with a voice like hers – a voice like heavy chains rubbing across broken train tracks – perhaps a future in politics beckons?
“Helen stood out for me because she put her strategy right on the table” says Natasha. Well, we’ve all been to hen dos like that, I suppose.
For Logic, Jim takes the interesting approach of driving around the suburbs threatening homeowners over a tannoy, before trying to steal their barbeques. The women, on the other hand, are sitting in the back seat of a car in full overalls and high vis. Be safe, be seen, be stupid.
“I feel like Melody has just said, here’s a big plate of blame, fancy a bite?” says Natasha, to camera. You know how I eat off a bit plate of blame, Natasha? With a giant spoon of passive aggression and a colossal fork of denial.
For Venture, Zoe is pure positivity: “Listen to me when I say this, I know nothing.” Out of the mouths of babes. Or, in this case, female John Lennon lookalikes.
Back on the streets of West London, Jim and Tom are creating possibly the most surreal Baywatch parody I’ve ever seen; two black-haired, thyroid-imbalanced mentrepreneurs running up a residential hill in ill-fitting red overalls. Sexy.
“Waste management is an industry full of tricks” says Nick, sagely. No, no Nick. You’re thinking of close-up magic and prostitution.
As her team gradually realise that they have spent a whole day collecting about 80p worth of gravel and chewing gum wrappers, Zoe grabs the bull of opportunity by the horns and sits openly weeping in an ill-lit MFI showroom. She’ll probably write Imagine about this later with her husband Noko Nono.
Luckily, the next day Edna, Zoe and Orblando Bloomers agree to clear an alleyway full of unbagged shite in return for three waist-height copper thermos flasks. That strikes me as a little like agreeing to worm your own dog in return for a packet of used blu-tac, but hey, what do I know? I mean, it’s Edna who’s “the brains and the brawn as”.
Over at team Logic HQ (a rubbish-strewn garden somewhere in South London) a Battersea builder is sneaking extra bags of rubbish into their load. Greyhound Jim tries to complain, but to no avail. Never take on a fat man in a builders’ yard-branded t-shirt behind a privet hedge, Jim. You will always lose.
And so the task draws to a close. Waste is loaded in some sort of flat-bed reverse-birth with shouts of “Push! Push!” metal is weighed and priced using the blinding science of, well, a magnet and prices are negotiated. A quick word of advice: When negotiating a deal always make sure you do a jumping high five and shout “Awesome!” as soon as they suggest a price. It really is the only way to get the best deal.
“It felt so good to see dirt on me and dust in my eyes,” says Melody before going in to the boardroom. Pervert.
As they take their assembled seats, with Susie standing behind the rest of the team pulling a face like a cat’s arse, it’s time for Lord Sugarmort to call in the results.
All in all, Team Venture earned a respectable £706, but Logic finally bucked their losing streak with a mighty £712 profit. Suck on those six big ones, Venture. Six entire pounds. To celebrate, Helen et al are off to a thermal spa. Which is where you have a bath wearing your longjohns, for any tourists taking notes.
Which must mean that it’s time for Crappy-go-Sucky Zoe and the rest of her team to gather in the Café de Despair. Such is the weight of disappointment that I’m sort of expecting one of them to stick a fork through their eye and asphyxiate themselves with a squeezy bottle of HP. Some hope.
Zoe takes Susie and Edna back in to the boardroom with her. Go sisterhood! Each woman takes a different tact to self-defence. Susie puckers her underbite in to something approximating a piranha’s anus, Zoe rolls her eyes like John Lennon having an acid flashback and Edna curls up her silver lips like someone who’s just discovered a dead dog in their pop sock.
“Anybody can make a phonecall.” Lord Sugar admonished Edna. He’s obviously never met a middle aged mother with a new mobile phone.
“You were not good for team morale, Zoe,” lambasts Susie. “You sat in the corner crying.” One day this passage will be reproduced in management textbooks everywhere.
To be honest, all three are presenting about as attractive a business prospect as a biro up the nose, but amazingly Lord Sugarbabes manages to sack just one of them.
Which one you ask? Edna ‘S&M gloves’ Agbarha. Which just goes to show; three degrees isn’t always the best training for shovelling bags of gravel and flogging dog food. Put that in your university prospectus and smoke it.
Posted in Misc |
Tagged Apprentice Blog |
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Posted on June 8, 2011 by John Cronin
Three new tenants have been secured for a multi-suite office development in Glasgow.
Joint marketing agents Knight Frank and Glen & Co have secured tenants for the 28,000 sq ft Elliot Street Mews office scheme in Glasgow.
The development consists of 2 adjoining buildings located approximately 0.5miles from Glasgow city centre. The buildings, originally the Cranstonhill Iron Foundry, were redeveloped in 2002 and offer a combined total floor space of 28,000 sq ft. There have been several office developments in Elliot Street in recent years including the 40,000 sq ft office complex at 144 Elliot Street. Scottish property developer Steven Shear is behind both developments.
Quoted rental prices for suites at 144 Elliot Street at £18.50 / sq ft. Only the 11,450 sq ft 1st floor remains available.
The Glasgow Chamber of Commerce reports that Monkey Agency has leased 3,200 sq ft of first floor space at Sovereign House. Xero Energy Ltd has agreed to let the 2,123 sq ft 2-storey self contained office building at 60 Elliot Street. The final new tenant is Isa Music, who has let a 769 sq ft suite at 46 Elliot Street Mews. Agreed rental prices have not been disclosed but the quoted headline rental for accommodation at Sovereign House is £13.70 / sq ft.
Stephen Shear of developers Sovereign Properties said: “By offering the suites to the market in walk-in condition, and with us being able to accommodate the flexibility that seems to be demanded by tenants … I am delighted to have added another three tenants to the development.”
Three office suites within the development ranging in size from 1,668 sq ft to 5,654 sq ft remain unoccupied.
Posted in Glasgow |
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Posted on June 6, 2011 by John Cronin
Reduced rental prices for office space at a converted sugar warehouse in Edinburgh have attracted a new tenant.
Property developers Highcross have secured a second tenant for their Sugar Bond development at Leith, Edinburgh. The developers are hoping that the reduced headline rental price of £7.50 / sq ft, a discount to rentals for city centre Edinburgh offices, will attract additional tenants in the near term.
The Sugar Bond (pictured) is one of 2 former bonded warehouses that have been converted in to modern office accommodation. The offices are located in an established business location, approximately 1.5miles from Edinburgh city centre.
There are 2 other mixed-use office and residential buildings in the area and commercial tenants include Toshiba and NHS Scotland.
The Sugar Bond, an 8-storey building, offers 21,756 sq ft of floor space and is smaller than the adjacent Bonnington Bond building, also owned by Highcross, which offers 24,685 sq ft.
The new tenant is online marketing firm Caliber Interactive, who have agreed to take the whole 7th floor which offers 2,594 sq ft of open plan accommodation. A 5-year lease has been agreed with a break year 3. The other tenant at the building is charity L’Arche who signed a 10-year for the whole 1st floor in September last year.
Commenting on the lease, Caliber Interactive’s Commercial Director Francesca Kosina said: “[We] are very pleased with the relocation to our new offices at Sugar Bond. The move reflects a sustained period of growth for the company, and the space is well-suited as we continue to expand our operations team in Edinburgh.”
Marketing agents are Ryden, Montagu Evans and CWPC.
Posted in Edinburgh |
Tagged Renovations, Rental Prices, Speculative Developments |
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Posted on June 3, 2011 by John Cronin
One of the tallest office blocks in Leeds is set to undergo a refurbishment programme just months after ownership of the building changed hands.
West Riding House (pictured) is a 19-storey mixed-use tower block located in Leeds city centre that was constructed in the 1970’s. The current owners are joint-venture partners Moorfield Group, a real estate investment company, and Holbeck Land who are commercial property developers. The partnership purchased the office block in February from the administrative receivers of a Luxembourg private investment company. The purchase price was not disclosed.
The landmark, mixed-use building offers some 65,000 sq ft of retail space, a multi-storey car park and 76,000 sq ft of office space. For nearly 30 years West Riding House was the tallest building in Leeds. It lost this accolade in 2005 when the mixed-use, residential and office tower Bridgewater Place, nicknamed The Dalek, was topped-out.
Market reports indicate that approximately 43,000 sq ft of office accommodation remains unoccupied at West Riding House. Current tenants include Capita Business Services, the Court Service and recruitment consultancy Badenock & Clark. The new owners believe that the large floor plates of 5,100 sq ft within the building would be suited for corporate and professional tenants as well as those from the public sector.
Commenting on the acquisition, Marc Gilbard, CE of Moorfield, said: “A scheme of this size in such a prime location made West Riding House a very interesting investment opportunity. There is the scope to further asset manage this building by attracting new occupiers and exploring the opportunity to extend existing facilities.”
Office suites in the building starting at 1,500 sq ft have previously been marketed by agents King Sturge at a rental price of £13.50 / sq ft. Rental prices are expected to rise once the refurbishment is complete.
Posted in West Yorkshire |
Tagged Renovations, Rental Prices, Transactions |
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Posted on June 2, 2011 by John Cronin
The future of a landmark office block in Maidenhead remains uncertain after an application for listed status was declined.
The imposing Commonwealth War Graves Commission (CWGC) Headquarters building (pictured) is the subject of redevelopment plans.
The CWGC consider the offices are too big for their head count of around 75 staff and are no longer suitable for their needs. CWGC want to relocate to new offices and sell the existing building for redevelopment. Plans have been drawn up to demolish the offices and replace them with an 11-storey apartment block, although a planning application has not yet been submitted.
Established by Royal Charter in 1917, the CWGC pays tribute to the 1,700,000 men and women of the Commonwealth forces who died in the two world wars. The commission manages war graves and cemeteries in 150 countries.
The substantial, 5-storey CWGC offices were designed by architects Fitzroy Robinson & Partners and were recognised in 1974 with a RIBA ‘Excellence of Design” award. A campaign to save the building from redevelopment, often described as “fortress like”, was started by local residents. The building features include a dug out entrance, a pillbox structure and a gatehouse with portcullis.
An application by English Heritage to have the building listed was rejected last week by Heritage Minister John Penrose. Campaigners, who plan to appeal, suggest that Mr Penrose is ignoring the architectural merit of the building. Local campaigner Mr Peter Bell said of the CWGC headquarters: “It is the nearest thing to a castle that we have in Maidenhead”.
The campaign to save the building is backed by The Royal Borough of Windsor and Maidenhead. The council originally agreed to support the application for listed building status in 2010.
Posted in Berkshire |
Tagged Demolitions, Listed Buildings, Public Sector |
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