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 |
Leave a comment
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 |
Leave a comment
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 |
Leave a comment
Posted on June 2, 2011 by Nell Frizzell
We’re five episodes in and it is starting to dawn on me that all Apprentice contestants are grown in a cesspit, far below the surface of the earth. Just watch the credits; there’s Gavin, taking the escalator up from some sort of stainless steel hell, here is Susan popping out on the pavement like Mole at the beginning of Wind in the Willows. Until finally they reach the swooping city skylines and kaleidoscope of grey.
Seriously, this is the greyest programme the 21st Century has ever known. It’s like watching television through a slate.
“I’m not looking for bloody sales people. I’m looking for someone who’s got a brain,” yaps the pugman, instantly offending 80% of his audience. Good one Sugarbabe.
On the table, alongside the genitalia of all those contestants who unwisely mixed the old balls on the line/ cards on the table adage, is a “50/50 partnership with the nation’s toughest investor”. No, not George Osborne. Or even Bernie Madoff. They’re talking about the inventor of the self-inflating fax machine, Sr’Alanstrad Sugarpuff.
“This is one life-changing opportunity,” urges the voiceover person. Like hepatitis, then. Or death.
It’s 6am in the house and both Shrek and Ms “I can’t find my knickers” Natasha are sneaking about the corridors in just their towels. The plot, like Karen’s bouffant, thickens.
The apprentices are off to Fitzrovia to meet a creative agency called, rather surprisingly, NWA. Oh, no, sorry, TBWA. Which presumably stands for Trigger Biggers With Attitude.
If I were the lynchpin of an entire BBC series, do you know how I’d conduct my interviews? By projecting a giant 2D cartoon of my head on to a ill-lit blank wall. Like Holly from Red Dwarf, but with more fulsome jowls. In your face 3-dimensions. So, the floating Sugavatar tells his assembled interns that they are going to spend the next few days elbows-deep in meaty chunks and gravy.
They’re making pet food. Which means, according to my rules, that the first person to make a ‘dog’s breakfast’ joke gets spayed.
Vincent is chosen to “head up” Logic. Which is a bit like asking Fabio to head up Rationale. Glenn, meanwhile, is to be in charge of Venture. A task he’ll be more than qualified for after that whole venture he went on with Donkey and Puss in Boots.
“My confidence and charisma can overwhelm some people,” smarms Vincent. At least, I think that’s what he says. It’s hard to hear him over the pneumatic pounding of my heaving bosom every time he comes on screen.
Both teams are sent off, in to their groups, to have the inevitable brainstorm. Vincent suggests Pal, which would be brilliant if it wasn’t already the second bestselling pet food in Britain. Never mind. With Pal already taken they could always go for, oh I don’t know, Chum?
Glenn, meanwhile, describes himself as “a catalyst” as he proposes some sort of Valley of the Dolls-style cat spa. Cat-alyst? Excuse me while I push my ribs back in to place. “No guts, no glory,” he continues, revealing probably more about his list of ingredients than the manufacturer had hoped.
Back in their brainstorm, Vincent announces that, “Small dogs, big dogs, we’re trying to hit everything.” Well, that’s encouraging. Especially as they’re off to have a focus group with a vet. Maybe they’ll appreciate the extra business.
The Airedale sitting in on the meeting obviously heard about Vincent’s demolition dog derby as it makes a noise at him like the antichrist. The rest of the room looks like a forgotten passage from the Bible: “The kitten also shall dwell with the dog, and the cat shall lie down with the puppy; and a little child shall lead them.” Well, he’s got the business acumen of a four year old, anyway.
With team names like Venture and Logic, choosing a pet food name was always going to be a painful process. Lucky Fish is seriously suggested as a name for chicken you feed to cats, before the teams settle on Catsize and Everydog. Ah yes, Ev’rydog: the unlikely hero of Elizabethan drama. As for Catsize; if you want to sell slimming food for felines just call it Special K-at and stick up a picture of a kitten in a skimpy red swimming costume.
Catsize is then followed up with the intriguing tag line, “See their light.” See their light? I had a cat who used to lick his light all the time. It looked like he was playing the cello.
Equipped with a stinkload of bad names, some meaty chunks and the kind of gravy that always made me doubt that dogs really do have a sense of smell four times stronger than a human, it’s time for the teams to concentrate on marketing.
Adverts are made (with one rather awkward audition by a malicious rat posing as a cat), pitches are prepared and rallying cries are given by members of the team. Well, except by Leon. Which is understandable. I mean, it must be hard to pitch a feline diet food to a room full of advertising executives and business people while feverishly avoiding the term ‘fat cats’.
Once everyone is called back to the boardroom, Lord Sugaga weighs up their efforts. Who came up with the name, he asks Vincent? “We threw a lot of ideas in to the bowl.”And then flushed, presumably. Glenn’s efforts for Venture are deemed well thought through, but not very well executed. Which is about as perfect a business oxymoron as you’ll ever find. Logic’s branding, on the other hand, is deemed “insulting to pet owners”. Imagine insulting your market? Like, oh I don’t know, calling sales people brainless.
To celebrate their victory, Glenn and his adventurous buddies are off to play tennis with Pat Cash. Which seems odd, until you realise that Lord Sugar probably believes Pat Cash is named after his ability to shit money.
Which means that Tom, Natasha, Ellie and Vincent are back in front of the Finger of Doom once more. “Never mind Logic. You should be branded Tragic”. This man is a bloody poet.
Amazingly, Jedi Jim manages to wriggle out of the final three once more. Probably because Vincent believes him to be “strong in certain areas”. Which is giving me images of an Irish Greyhound doing unspeakable things to a King Charles Spaniel, behind a set of Biffa bins.
Talking of which, Lord Sugar announces, rather out of nowhere, that “I like people who focus on the task, not on their arse.” Glad we got this sorted out. Although it makes me wonder why he picked a bunch of arseholes for his recruitment drive.
Vincent takes Ellie and Natasha back in for the final three. It’s dog eat dog. So, who’s the, ummm, hungrier dog? “I do not for the life of me understand why Natasha is in this room,” says Lord Sugarpuff. I’m starting to see why he gave Eagle-nosed Nick such a tricky time PR-wise. The man’s memory is even worse than his puns.
Ellie is, unsurprisingly, fired for being boring telly. But what’s this? The Finger of Doom is not sated? It seeks new blood? Surely not. It’s coming to rest on… Please God no! Not Vincent! Think of the other Musketeers!
I am, brave readers, rendered speechless by grief.
Posted in Misc |
Tagged Apprentice Blog |
1 Comment
Posted on June 1, 2011 by John Cronin
A first tenant has been secured for new offices in Oxford Street, London.
Property investors and developers Salmon Harvester and their partners NFU Mutual have signed the first office tenant at 175 Oxford Street (pictured – website).
The speculative redevelopment, offering 11,925 sq ft of floor space, is to be part-occupied by Korean oil company SK Energy. The firm has agreed to a 10-year lease for the 3,195 sq ft 3rd floor at a rental price of £47.50/ sq ft.
The smallest 5th floor, offering 2,367 sq ft at a headline rental of £49.50 / sq ft is also under offer. If this lease is secured 6,363 sq ft of floor space would remain unoccupied.
The original mixed-use building was badly damaged in a fire in April 2007 and has since been redeveloped. Planning consent was granted in 2008 for the demolition of the existing structure and for the construction of a new building.
The new building is used as a fully-let retail unit on the first 3 floors with 4 floors of office space above. There is 8,500 sq ft of retail accommodation over basement, ground and first floors. The office floors can be sub-divided and the largest floor plate is 3,195 sq ft. The building has been re-fitted with various energy-saving measures such as a brown roof, complete with bat and bird boxes, and has achieved a BREEAM rating of ‘Very Good’.
Architects for the redesigned building which actually occupies 175 – 179 Oxford Street were 3DReid. The scheme was completed slightly ahead of schedule in January 2010 and has an estimated value of £40m.
Joint marketing agents are Knight Frank and H2SO.
Posted in London |
Tagged Demolitions, Renovations, Rental Prices, Speculative Developments |
Leave a comment
Posted on May 31, 2011 by John Cronin
A commercial property developer has opened additional serviced office accommodation in a listed building in Manchester.
Anvic Developments has now released new serviced office accommodation at their Piccadilly House building in Manchester city centre. Anvic have refurbished the 6th floor of the Grade II Listed building that offers 30,000 sq ft of serviced office space.
Anvic has spent approximately £3m converting the 6-floor building in to “boutique style” serviced offices and meeting room facilities. Flexible office suites are available from single up to 40 workstations. Breakout facilities are available on each floor. The majority of the floor space within the building is now dedicated to serviced office clients.
Anvic report that Piccadilly House is popular with professional services companies. Paul Dawson, Managing Director said: “It’s a listed building and we’ve stylishly refurbished it to the highest possible specification. We have already had plenty of inquiries from businesses in media, recruitment and professional services who want to reap the benefits of such a prestigious city centre presence.”
Recent tenants at Piccadilly House include PR ageny Refresh and Beattie Group who recently relocated from the ING Real Estate, mixed-use Royal Mills development in Ancoats.
Anvic also manages other serviced office centres in Manchester and the Northwest. Suites at the nearby City View House building range in size from 100 sq ft for single workstation use up to self-contained units of around 2,000 sq ft. Along with 3 offices in Burnley, Anvic manages a total of 150,000 sq ft of floor space.
Posted in Manchester |
Tagged Listed Buildings, Renovations, Serviced Offices |
Leave a comment
Posted on May 27, 2011 by John Cronin
Internet retailing giant Amazon has agreed to take additional office space at a landmark building in the centre of Edinburgh.
Amazon has signed a 10-year lease for 58,000 sq ft of floor space at the Waverley Gate building in Edinburgh city centre (pictured). Amazon needs the space as it plans to recruit several hundred staff for a new customer service centre. Rental prices have not been disclosed.
Amazon has received a grant of £1.8m from Scottish Enterprise which is being used to fund both staff training and an office fit-out. Amazon is expected to occupy the offices in August.
Owners Highcross have previously let 10,000 sq ft of space at Waverley Gate to the internet retailer. Highcross purchased the 207,000 sq ft building in May 2010 from the administrative receivers of Castlemore (Edinburgh) Ltd and have since undertaken a major, interior refurbishment programme.
Commenting on the new lease, Mark Evans, head of Highcross’ Scotland office said: “This latest significant letting to Amazon means that more than 150,000 sq ft is now occupied at the building, compared with 12,000 sq ft at the beginning of 2010.”
Other significant tenants at Waverley Gate include Microsoft, NHS and Creative Scotland with the latter signing 15-year lease last autumn for just over 13,000 sq ft of 1st floor space. Waverley Gate has been the source of much of the letting activity in the Edinburgh offices market over the last 12 months. Allan Matthews of CBRE, Scotland has described the landmark building as being “one of Edinburgh’s biggest letting successes”.
Montagu Evans and CBRE are joint letting agents. Amazon was represented by Cushman & Wakefield.
Posted in Edinburgh |
Tagged Renovations, Transactions |
Leave a comment
Posted on May 26, 2011 by John Cronin
Bradford City Football Club has purchased an office block adjacent to their stadium in an attempt to reduce rental expenditure.
Bradford City have announced that a deal to purchase the office block (pictured) that the club occupies next door to the Valley Parade ground has been secured with owners Prudential Property Investment Managers (Prupim). The purchase price has not been disclosed.
The football club, which is in poor financial health, rents the office block along with the stadium for an annual rental of approximately £1.3m, with the offices costing £370,000. Fans feared that the club might have to enter a ground-share agreement with the Bradford Bulls Rugby Club in order to reduce expenditure.
The football club will now not have to pay the rental on the office space it uses for ticket sales and administration. Having purchased the offices, known as Bantams Business Centre, club owner Mark Lawn hopes more local businesses will support the club by taking floor space at the building.
Commenting on the deal, Mr Lawn said: “I’d be keen now to talk to all the businesses around Bradford. I’d say to them ‘if you’ve got an office space in Bradford, come and talk to us and we can get you an office in our Bantams Business Centre'”.
The business centre offers fully-serviced offices, available from single workstations upwards. There is a staffed reception area and conference facilities are also available. Rental prices of £85 / week for a 218 sq ft office suite have been previously quoted.
Posted in West Yorkshire |
Tagged Rental Prices, Serviced Offices, Transactions |
Leave a comment
Posted on May 26, 2011 by Nell Frizzell
According to the official Apprentice twitter profile, tonight’s episode would see “the teams attempt to sell beauty products, fake tans and treatments to punters in Birmingham.” For those of you who don’t speak fluent TV, this basically translates as “thirteen jobless fools rub warm shells and cold gravy over the unwary of Birmingham.” That’s right; it’s a health and beauty trial.
“It’s about you providing your own salary,” nasals Lord Sugar over the opening credits. Provide your own salary? Is Lord Sugarbage actually just looking for an intern? Because there are easier ways of doing that, you know.
At his usual ungodly hour, the Suganator calls the contestants to a meeting at The British Museum. I suppose that in the context of the raping and pillaging of thousands of years worth of civilisation, his approach to recruitment will seem slightly more humane.
“What’s in the British Museum? Just like dinosaurs and stuff” asks Susan. Oh come on. This is like shooting fish in a soup bowl.
Standing in front of Aphrodite, goddess of youth and beauty is that epitome of physical allure, Lord Alanother Sugargantuan Tool. He is here to inform the teams that, this week, they are to choose two beauty treatments, get professionally trained and then descend on Birmingham to try a bit of mugging-by-proxy.
Birmingham? The words ‘bull’ and ‘ring’ bring to mind several things. Absolutely none of them even remotely resemble beauty.
The teams are once again jiggled around like unwanted puppies in a wet sack. Team Venture, led by Zoe, contains Susan, Shrek, Orblando Baggins and Edna. Oh, and that mute brunette again, whoever she is. Actually, who is she, and why is she dressed like a synchronised swimmer in a wool coat?
Team Logic, made up of Gaston Disney, Greyhound Jim, spectacled Tom and Moonwalking Melody, is led by Felicity – of top hat haggling fame.
So, how do the contestants feel about selling beauty to Brum? “I’m not what you’d call a polished girl” says matt-look construction worker Ellie. Never mind, Ells – maybe we can give you a quick going over with an industrial sander. That should bring out your natural shine. Vince, on the other hand, is like a pig in tinted shit, described by his colleagues as the show’s “most feminine man.”
With the teams selected, it’s time to trial those products. Tom is invited to lie down on a bed and put on blackface. Oh no, sorry, that’s a chocolate facial. Of course. That makes complete sense. Painting chocolate on your face. I, for one, moisturise using only mayonnaise and bread sauce.
Both teams rattle through blow dries, mud wraps, man make up, spray tans, hot shells and an unholy clip-on fringe wig called a ‘winge’. Or ‘forehead merkin’ if you prefer. Then Glenn attacks Susan’s face with a burning hot dildo. No idea why.
On team Venture, Zoe appears to have been mainlining temazepam. That, or she is now acting as a spiritualist medium for Rocky Balboa.
Once they’re in to their shopping centres, do both teams fly in to a flurry of activity? Of course they don’t. Although Zoe is rubbing cold clay in to the cankles of Birmingham’s Pat Butcher. Lucky girl.
In her treatment room, Helen orders her customer to, “Start with your arms up, like strong man” as she fiddles around on the floor with a reverse-hoover full of Bovril. I’m sure that wouldn’t be awkward at all.
Despite her repeated, and I mean repeated, assertions that she makes her living from selling skin and beauty treatments, Susan seems about as adept at selling tanning lotion as Boris Johnson is at selling Speedos. “If you set yourself up for something you’re not, then you’re heading for a big fall,” says Karen. This sounds impressive, until you remember that this is the very woman who sets a talking tortoise up as one of Britain’s most impressive entrepreneurs.
For team Venture, Leon has resorted to lassoing passing women with his penis. Sorry, I mean finger.
Amazingly, over at Team Logic, two men have taken up the offer of a free massage and chance to get on telly. Unfortunately for them, they are greeted by Jim, who gives them the wild-eyed stare of a greyhound in a glue factory.
All in all, winges are sold, hot shells are rubbed over water-skiing geriatrics, bows are bought and fake tan is sploshed around like gin at a royal wedding. Can you imagine the sodium glow that came off Birmingham 12 hours after this bunch of jokers fled the city? It must have looked like a Dorito with motorways.
Back in the boardroom, Lord Sugaga tells his assembled disciples that, if he hadn’t made his fortune selling coal-powered computers, he would have gone in to the beauty industry. What as? A toe separator?
It’s time for the final figures. Venture managed to make £203 profit, while those Logical masterminds pulled off a stunning £246 loss. Bang.
So the winners go off to dance with the stars of Strictly Come Dancing. Dining with Masterchef and dancing with Strictly? If only there were something – say a national television network – that linked all these prizes together. Ah well.
Over in Café de Despair, blame is passed around like a used wet wipe, with Melody and Ellie accusing Felicity of treating them like the mad women in Jane Eyre’s attic.
“Every single one of you should have said ‘what is going on?’” Lord Sugar tells the losing team. He’s quite right. They should have said “What’s going on? Why have I quit my job to rub hot shells over old ladies and sell face merkins to complete strangers?”
“If that were me, I’d be shaking my colleagues around the neck.” He really does sound like the dream boss, doesn’t he?
For the final three, Felicity brings back Ellie and Natasha. “I was sweating all day,” screeches Ellie in her defence. Good idea. That’s what I want in a business partner – perspiration. Although, amazingly it works, as it is pearly-eared Felicity who is given the boot by His Royal Sugarcubes. One more contestant for the dole queue.
Finally, may I just say how astonished I am that it’s taken me twelve episodes to notice that Lord Sugar’s hairline is a perfect recreation of the batman symbol? God knows what I’ve been looking at all this time, but now I’ve noticed I can’t tear my eyes away. And neither, I’ll wager, can you.
Posted in Misc |
Tagged Apprentice Blog |
3 Comments
Posted on May 25, 2011 by John Cronin
An award-winning office scheme in the heart of London has been purchased by Invesco Real Estate in a multi-million pound transaction announced yesterday.
The Invesco Real Estate property fund has paid £141.5m for the striking office scheme at One Finsbury Circus, London EC2.
The Grade II* Listed building (pictured – website), originally designed by famed architect Lutyens, is a multi-let office scheme offering 187,000 sq ft of prime, Grade A space over 11 floors.
In 2009 the office conversion was awarded the annual Heritage Award by the City Heritage Society and the Worshipful Company of Painter-Stainers. The scheme was also shortlisted for a British Council of Offices award in the same year.
The offices were once the former City headquarters of BP and were known as Britannic House. BP occupied the offices twice, spanning the periods 1925 – 1967 and 1991 – 2003. Law firm Stephenson Harwood is now the significant tenant having relocated to the building from its One St Paul’s Churchyard offices last month. The firm agreed to (subscription) a 15-year lease for 132,000 sq ft of floor space over 8 floors. A rental price of approximately £35 / sq ft was agreed although incentives were included.
In 2009 professional services group Alvarez & Marsal agreed to a 10-year lease for 22,600 sq ft of floor space. The agreed rental price was £47.50 sq ft and included a 33-month rent free period (pdf link).
Vendors Hermes Real Estate and Property Merchant Group had previously acquired One Finsbury Circus in 2005 for £165m and invested over £30m in an extensive renovation programme.
Knight Frank represented Invesco. GM Real Estate acted for the vendors.
Posted in London |
Tagged Awards, Listed Buildings, Renovations, Transactions |
Leave a comment
Newer posts →
← Older posts
