Private Investment Clients of Fifield Glyn have acquired a recently completed Freehold “Drive Thru” Restaurant Investment at Hyndburn Road, Accrington from Developers Arrowcroft North West Ltd.

The property comprises a new “Drive Thru” Restaurant of 2,550 sq.ft. let to Kentucky Fried Chicken for a term of 25 years at £45,900 p.a.

The acquisition price of £590,000 represents a net initial yield of 7.36%.

Private Investment Clients of Fifield Glyn have acquired an Office Investment at 37 Monkgate, York.

The refurbished Grade II Listed office building is let to the Secretary of State for Health on a new 15 year Lease, subject to a Tenant’s only Break at the end of the 10th year at £70,000 p.a.

The purchase price of £880,000 represents a net initial yield of 7.52%.

Fifield Glyn, acting on behalf of Danesborough Properties Ltd., have completed the acquisition of Oldham West Business Centre from Park Lane Estates.

The property comprises a modern development of 3 industrial units, extending to 18,450 sq.ft. let to Bohle Ltd., Newey and Eyre Group Ltd. and IES Ltd. at a current rent of £75,500 pa.

The acquisition price of £740,000 represents a net initial yield of 9.65 %.

No. 6 Ralli Courts, West Riverside, Manchester

North Consulting have taken a new 5 year full repairing and insuring Lease of No. 6 Ralli Courts, West Riverside, Manchester at an initial rental of £35,500 p.a.

The offices which comprise 2,240 sq.ft. together with 5 designated car parking spaces form part of a modern, 3 storey Georgian style development of 14 self-contained offices overlooking a communal courtyard with mature landscaping.

The offices were fully refurbished prior to North Consulting taking occupation and the rent, after allowing for car parking, equates to £151.37 per m² (£14.06 per sq.ft.)

Fifield Glyn advised the Landlords, The Whitehouse Group (Watford) Ltd in relation to the refurbishment and re-letting.

Elkesley Park, Gamston

Canute Haulage Group Plc who service the 171 Wilkinson Hardware Stores nationally from Manton Wood, Worksop, have acquired a further, separate, strategic Transport & Distribution site adjacent to the A1 at Elkesley Park, Gamston, Nr Worksop, Notts for a consideration of £1.4 million.

The site, which comprises 14 acres and includes 3 separate industrial buildings totalling approximately 5,574 m² (60,000 sq.ft.), was bought subject to obtaining Outline Planning Permission for a new 6,920 m² (74,500 sq.ft.) distribution warehouse and a separate 2,600 m² (28,000 sq.ft.) office and workshop facility, together with tractor and trailer parking for 230 vehicles. This was recently granted by Bassetlaw District Council.

Fifield Glyn advised in connection with the Purchase and Outline Planning Application for Canute Haulage Group Plc.

Osborne Assets have acquired the freehold interest of No. 10 North Lynn Business Village, King’s Lynn from Clifton Jones, for a consideration of £100,000.

The property comprises a modern self-contained 2 storey office building, totalling 1,275 sq.ft. (118 m²) plus 5 car spaces.

The purchase was conditional upon a simultaneous letting to Fosters Refrigeration (UK) Ltd on a 12 year FRI Lease subject to 4 yearly upward only Rent Reviews at an initial rental of £13,000 p.a. There was a Tenants option to break at the end of the 4th year.

Osborne Assets now own the freehold interests of Nos. 5-12 North Lynn Business Village inclusive.

Fifield Glyn advised the purchasers, Osborne Assets, in connection with the purchase and the letting.

Stonemartin Corporate Centres Limited Partnership with Hermes and and Morley, have purchased the freehold of the 80,000 sq.ft. office building from Hammersons for £9.35 million representing an initial yield of 7%.

Stonemartin intend to take the building back to a “shell” for a full refurbishment to provide top quality space as an IoD Corporate Centre in units from 100 sq. ft. – 5,000 sq. ft. (9m² – 465m²) on flexible leases.

There are 48 basement car spaces. In addition, it is proposed that the ground floor extending to 12,589 sq.ft. will be earmarked for a top quality restaurant(s) and it is anticipated that a “top flight” London or international restaurateur(s) will take the space.

Completion is envisaged Summer 2003.

FPD Savills acted for Hammersons and DTZ, Fifield Glyn and Simon Bitmead Associates acted for Stonemartin.

Acting on behalf of private clients, Fifield Glyn have arranged 2 lettings at 19 West Market Place, Cirencester.

The highly visible Unit 1 has been let to Café Rocco, on a new 12 year FRI Lease at an initial rental of £20,000 per annum, which equates to Zone A £412 per m² (£38.30 per sq.ft.).   Moore Allen & Innocent acted as Joint Agents on Unit 1.

Meanwhile, at Unit 3, Encore Designer Clothes Agency has taken a 12 year FRI Lease at an initial rental of £15,000 per annum, which equates to Zone A £350 per m² (£32.50 per sq.ft.).

Fifield Glyn, acting on behalf of Millfield Estates (Bolton) Limited, have acquired a Long Leasehold Office Investment at Building C, Hampton Court, Manor Park, Runcorn from PACE, the property advisers to The Civil Estate.

The property comprises a modern office building of 6,200 sq.ft. let to Fresenius Kabi Ltd for a term of 10 years from 25 December 1999, subject to a break at the end of the fifth year, at a rent of £60,400 p.a.

Acting on behalf of a Family Trust, Fifield Glyn have arranged a letting of Durham House, 4 Castlecroft Court to Bolton Training Group.

The fully refurbished, self contained office comprising 208m² (2,240 sq.ft.) plus 5 car parking spaces has been let on a new 15 year FRI lease with 5 yearly upward only rent reviews and a Tenant’s Break Option at the end of the 10th year at an initial rental of £22,000 p.a. exclusive, equating to £105.72 per m² (£9.82 per sq.ft.)

Fifield Glyn also acted as Project Managers in relation to the refurbishment.