A 3,000 sq ft site at 71 Witton Street adjoining The Works and close to Iceland and In-Store was sold for £165,000 plus Section 106 contribution. Mason Owen and Fifield Glyn acted for sellers and Matthews & Goodman acted for the buyer.

Willan Investments Limited have just let the largest suite in their new building, The HUB @ Gadbrook Park, to London based IT finance solutions provider Syscap Limited. The deal negotiated by the letting Agent, Richard Smith of Cheshire based Chartered Surveyors, Fifield Glyn , will allow Syscap Limited to benefit from the flexible lease terms on offer at the HUB. The building provides 15 high quality suites ideal for those occupiers with a smaller requirement of 1 up to 10 or more people, on short-term flexible leases. Syscap Limited Director Phil Ross says ‘we chose the HUB as it offered us exactly what we were looking for, high quality office space in the right location and for a flexible term’.

Allsop’s March Auction had a success rate of 84% of the lots offered on the room, although 21 of the original 140 lots in the catalogue were withdraw before the auction.

As expected, with no changes to the market or the economy, the results appeared to be broadly similar to February’s auction with long dated income, retail properties and London locations proving most popular.

The auction included 10 bank investments, which produced an average yield of 5.27%. This  compared with 4.8% in February, although the lot sizes were rather higher and there were relatively few lots let to Barclays, which usually attract premium prices.

 

Jeff Rosen BSc FRICS ACIArb of Maidstone Capital LLP Salisbury Capital LLP and Lancaster Properties & Developments Ltd has now become a Consultant to Fifield Glyn. Jeff was  a Director of Grosvenor Square Properties plc for 12 years and Director of Property Services for JC Property Holdings is an experienced, business and client/tenant focussed project management and development advisor and adds considerably to the services being provided for client organisations on behalf of Fifield Glyn. 

Please contact Jeff Rosen on 020 7491 3336 Mob: 07721 429774 or jeff.rosen@fifieldglyn.com

Allsop’s February auction had a success rate 82% compared with 78% in December and 92% in October, so I wonder if vendors are still being tempted to push reserves a little too far ahead of the market.

The Auction included 6 Banks let to Barclays on new 15 year (minimum) leases and the average yield achieved was apparently 4.8% compared with 5.4% in December, although the average lot size was less than £350,000 compared with almost £600,000. A couple of other banks with shorter leases failed to sell.

Once again, the highest demand was for secure, long dated income with retail and properties within London also being very popular, whilst most of the unsold lots were secondary in nature.

With interest rates likely to stay at historically low levels, I believe this is how the market will remain for the foreseeable future, as investors continue to seek secure opportunities offering much better returns than bank deposits.

Allsop’s latest auction only had a success rate of 78%, compared with 92% in October. With prime yields having sharpened over the last few months, I wonder whether vendors were temped to push reserve prices just a little ahead of where the market actually is at present.

The auction included 33 bank investments and Allsop say the average yield was 5.41%, down from 5.16% in October, but a number of lots let to HSBC did have relatively early lease breaks.

 It appears the more secondary lots were the ones failing to sell, which supports the general view that the market has a two tier structure.

County Cuisines have taken a 9 year FRI Lease at No.2 Gadbrook Mews at a rental amount of £13,250 pa from 1^st October 2009. The 1080 sq ft premises provides a farm shop retail area together with an extensive kitchen to provide for both on-site and off-site sales. County Cuisines is open from 10.30am- 6.30pm Monday to Friday and 10am – 3pm on Saturdays. For further information telephone 01606 359 299.

 

Fifield Glyn acted for developers Osborne House. Contact victoria.fifield@fifieldglyn.com 01606 351 351 for more information.

 

 

Businesses on Gadbrook Park, Northwich have approved a proposal for a Business Improvement District from 2009 to 2014.

 

The proposal for a Business Improvement District is the result of 18 months work, led by a number of companies on Gadbrook Park, including Osborne House, Barclays and Roberts Bakery.

 

John Fifield, Acting Chair of the Gadbrook Park BID Group, said: “The Business Improvement District will deliver four themes of work, aimed at reducing crime, improving transport, enhancing signage and ensuring that business support is better coordinated. “The project will also provide a Business Park Manager, who will work closely with the resident companies on a range of opportunities to improve Gadbrook Park as a trading environment.”

 

The five year project will be funded by a supplementary levy on business rates, which was approved by a majority of companies in a secret ballot during September 2009. Some 63% of companies approved the proposal, representing 74% of the rateable value.

 

The project has been supported through a partnership between the businesses on Gadbrook Park, Cheshire West and Chester Council and local environmental Trust Groundwork Cheshire.

 

Cllr Herbert Manley, Cheshire West and Chester Council Portfolio Holder for Prosperity for said:  “This is the second successful Business Improvement District in Cheshire West and Chester. The first successful vote was on Winsford Industrial Estate in 2005, which has since gone on to become a thriving and much improved trading environment for companies, attracting new businesses and retaining many of its long term resident companies.”

 

Greville Kelly, Director for Sustainable Business at Groundwork, commented: “The Business Improvement District will enable Gadbrook Park and its resident companies to realise a range of benefits, which will ensure that Gadbrook Park is able to maintain its position as a location of choice for companies seeking high quality office accommodation.”

 

Yesterday’s auction had a success rate of approx 80% from a catalogue with 161 lots, which is larger than we have seen for a long time. Most of the retail and motor trade properties sold, whilst the majority of unsold lots were offices and pubs.

Three Barclay’s banks with smallish lot sizes sold for 4.0% and 4.75% (two lots). The average at 4.5% is down almost 0.5% from May, but these were small lots. One Lloyds bank with an expiry in 2016 failed to sell, perhaps due to recent announcements about closures and further redundancies within the Group but a £2Million lot with an expiry in 2020 went for 6.25%.

Somerfield (Co-op) PFS’s with convenience stores, with 2027 expires and 2% annual increases sold for 6.75% -7.5%. In May a number of similar lots sold for 1.0% less.

A Wetherspoon on ‘the circuit’ in Bolton and let until 2047 sold at 8.0% (£1.46 Million), which seems a high yield, bearing in mind the covenant.