Fifield Glyn
Chartered Surveyors Commercial and Residential Property Consultants
The Sheffield Mutual Friendly Society, clients of Fifield Glyn, have purchased 10 Packers Row, Chesterfield, a freehold retail investment, for £557,500 equating to 7.63% net yield.
The property is let to Ready Made Curtains on a 15 year Full Repairing and Insuring Lease from 24 June 2002 at £45,000 per annum exclusive with 5 yearly Rent Reviews.
RICS Greater Manchester JO’s Annual Charity Ball on Saturday, 19 October 2002 took nearly 300 Surveyors and guests “Back to the 70s” at the Jarvis Piccadilly in Manchester and raised £6,050 for the NMC in Winsford, Cheshire.
The NMC provide physiotherapy and support for people with Muscular Dystrophy and other neuromuscular conditions and is the only centre of its kind in the North West.
The photograph shows Sarah Kelly of the NMC receiving the cheque from JO Chairman, Charles Fifield of Fifield Glyn (left) and JO Vice Chairman Phil Cooke of Roberts & Roberts (right) who will be organising the next JO Charity Ball to take place in mid October 2003.
Acting on behalf of Evans of Leeds, Fifield Glyn have sold the freehold 29,900 sf Retail Warehouse with 89 car spaces let to MFI Properties Ltd.in Barrow-in-Furness.
The property is let on a 25 year FRI Lease from 25 November 1988 (11.5 years unexpired) with 5 year Rent Reviews at a current rental £200,000 p.a. (£6.69 psf) and was sold to BEGG (Nominees) Ltd for £2,655,000 (7.123% net).
After being asked to acquire a number of small, well secured investments Fifield Glyn have purchased 3 varying properties for a private investment client since February.
The properties comprise a high street bank let to Nat West in Smethwick, Birmingham, a new office building let to Tees and North East Yorkshire NHS Trust in Hartlepool and a modern warehouse unit let to Edmundson Electrical Ltd at Park Farm Industrial Estate, Redditch.
The properties are let with unexpired terms ranging from 12 to 16 years at a combined rent of £86,500 pa and the investments show a net return of 7.5%, based on a combined purchase price of over £1.1m.
Commenting on the acquisition, Steve Jones said “with interest rates so low at present, there is a huge demand for small, well secured investments of this type and asking prices are now frequently exceeded in competitive bid situations. Two of these properties were purchased in this way, but my client has now added to his portfolio with a good range of quality investments, which is exactly what he wanted”.
Charles Fifield of Gadbrook Park based Surveyors, Fifield Glyn has got a busy year ahead of him after being elected Chairman of the Junior Organisation of the Royal Institution of Chartered Surveyors in Greater Manchester, he has also been elected Honorary Secretary of the National Junior Organisation.
The Junior Organisation covers all Chartered Surveyors aged 35 years and under as well as those training to become Chartered Surveyors, anyone wishing to find out more about Surveying should contact Charles Fifield at Fifield Glyn 01606 351351.
On behalf of James R. Knowles Ltd, Fifield Glyn have arranged a disposal of their Headquarters Offices on Gadbrook Business Centre forming part of Gadbrook Park, a 65 acre Business Park set in a landscaped setting on the outskirts of Northwich. Langdale House provided a part single storey, part 2 storey self contained modern office building totalling 473m2 (5,090 sq.ft.) net plus 30 car spaces.
Fifield Glyn negotiated the termination of James R. Knowles’ existing Lease which was held on Full Repairing and Insuring Terms from 1 April 1998 at a rent of £68,000 p.a. which involved agreeing new terms for PDZ Consulting to take a new Lease from the Landlords, Vale Royal Borough Council. James R. Knowles have relocated their HQ to Vistorm House, Daresbury Park, Warrington.
Fifield Glyn have successfully negotiated on behalf of Balfour Beatty Construction Ltd an assignment of ONDEO Nalco Ltd’s Leasehold Interest held in Oakland House, Gadbrook Business Centre, Northwich. Oakland House, comprising 427m2 (4,600 sq.ft.) together with 20 car spaces was held on a 5 year Full Repairing and Insuring Lease from 23 March 1998 at a passing rent of £55,000 p.a.
Evans of Leeds have sold the B & Q Retail Warehouse at Currock Road, Carlisle to Clients of Fifield Glyn (01606 351351). Purpose built in 1982 it extends to about 29,484 sq.ft. with 175 car spaces and is let to B & Q (Retail) Ltd. on a 35 year FRI Lease from 25 December 1982 at a current rental of £191,300 p.a. The purchase price was £2.1 million (8.6%).
Acting for Topland Group, Fifield Glyn have acquired a freehold retail warehouse investment at Wharton Retail Park, Winsford, Cheshire.
The property comprises a modern retail warehouse of 22,000 sq. ft. with garden centre. It is let on a Full Repairing and Insuring Lease to Focus DIY for a term of 25 years from 29 September 1994 (over 17.75 years unexpired) at a current rent of £171,128 p.a. subject to 5 yearly upward only rent reviews.
The purchase price of £2.13 million represents a net initial yield of 7.6%.
Commenting on the acquisitions, Stephen Jones of Fifield Glyn said “my clients were pleased to secure the purchase of this property in the face of competition from other interested parties. The investment provides an attractive net initial yield, particularly when you consider the reversionary passing rent, which equates to only £7.78 PSF and which provides the platform for further rental growth”.
Edward G. Fifield, BSc, MRICS has become a Director at Fifield Glyn (01606 351351) where he will continue to be responsible for Property Managment matters.
Edward was born in 1972 and commenced practice in 1995 with King Sturge & Co. after graduating from the Royal Agricultural College, Cirencester. He was elected an Associate of the Royal Institution of Chartered Surveyors in 1997.
In 1997 he joined Fifield Glyn Ltd where he is responsible for Property Management throughout England and Wales.
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