Providian on the move
Providian National Bank is to move its headquarters to 16-18 Monument Street, EC3. The 1,823m2 (19,620 sq ft) office is thought to be let to PNB at £549 per m2 (£51 per sq ft) on a 15-year lease. CB Hillier Parker acted for the landlord. BH2 represented PNB.
Minories House sold
A Far Eastern private client of Kleinwort Benson has sold Minories House, 2-5 Minories, EC3, for around £9.4m to Scottish Widows. The building is let to P&O Properties with the deal reflecting an initial yield of 7.25%. Knight Frank acted for the vendor. Gerald Eve represented Scottish Widows.
Temple Square CPO in place
Chartwell Land has secured the CPO it required to develop its 28,520m2 (307,000 sq ft) Temple Square shopping park in Manchester. It has prelet a 9,300m2 (100,000 sq ft) anchor warehouse to B&Q. Work on the Cheetham Hill site is expected to start in spring 2002, with completion planned for Christmas 2003.
Hotels agent checks into Insignia
Insignia Hotels has appointed Dominic Murray as associate director. Murray was formerly an associate partner at Knight Frank, where he headed the London hotel agency team.
Moss Bros hires back building
Moss Bros has completed a sale and leaseback of its distribution warehouse in Waterden Road, Stratford, E15. Private clients of Franc Warwick paid £4m for the 13,065m2 (140,000 sq ft) building. The 35-year lease produces £250,000 pa, rising to £500,000 pa after five years. Moss Bros was advised by Michael Elliott.
Guernsey lands big deal
IRE’s Jersey office has completed one of Guernsey’s largest investment deals on Le Bordage, St Peter Port, on behalf of a private client. A 4,035m2 (43,441 sq ft) scheme was sold for £11.35m to a private client of WG&S. Its financial tenants deliver a yield of 8.95%.
Taylor Woodrow sells EC2 interest
Taylor Woodrow Developments has sold its long leasehold interest in 26 Throgmorton Street, EC2, to clients of Aberdeen Property Asset Managers for around £11m. The deal reflects a 7.5% yield. Strutt & Parker advised Taylor Woodrow; Morgan Pepper acted for Aberdeen.
New chemical formula for Saltend
Nippon Gohsei will submit a planning application in November for a £65m chemical plant near Hull in Humberside. It will consist of 20,000m2 (215,285 sq ft) of factory space with 2,000m2 (21,528 sq ft) of warehousing and offices. The site lies within BP’s Saltend chemicals site.
Shires units sold
Lothbury Property Trust, advised by Atlantic Fund Management, has paid £7.4m for two 1,393m2 (15,000 sq ft) retail warehouse units on the Shires Retail Park, Leamington Spa. They are let to Currys and Mothercare for £167 per m2 (£15.50 per sq ft). Edgerley Simpson Howe advised the vendor. Cardales represented Lothbury.
RCC rebrands as Christie First
RCC, the business mortgages, commercial insurance, life and pensions company, has rebranded itself as Christie First to show its affiliation with sister surveying firm Christie & Co. Christie First is due to open a Birmingham office soon.
