News

Telereal goes to work on BT portfolio opportunities

News

Estates Gazette

10 August 2002

Jv set up with Bovis to redevelop redundant exchange as apartments
Adam Coffer

Land Securities’ and the Pears Group’s jv, Telereal, has agreed several deals this week as it exploits its £2.4bn acquisition of the BT property portfolio.

Telereal has created a joint venture with Bovis Homes to develop a giant telephone exchange and adjoining land in the centre of Tunbridge Wells.

The 3.6-acre Kent site was identified by Telereal as surplus to BT’s requirements and the new Bovis jv has submitted a detailed planning proposal for a 120-unit private housing and sheltered retirement scheme.

Telereal has also sold its 13-acre Bordesley Green site in Birmingham to MarPlant. MarPlant plans to develop part of the site into a building for its own occupation. The remainder will be converted to light industrial use. It could provide over 500,000 sq ft of space.

The Tunbridge Wells and Birmingham deals will net Telereal over £11m.

BT has also sold its former telephone exchange in the Lace Market area of central Nottingham to an SPV called Lace Market Properties, which plans to redevelop the 50,000 sq ft building into flats. Telereal has also secured the sale of BT’s long leasehold interest in the 65,000 sq ft (6,039m²) Edinburgh House office complex in Kennington to J Sainsbury Developments.

Both sites were part of the small number withheld from the 15,000-site portfolio acquired by Pears and LandSec.

However, Telereal advised BT on the sales as part of its contract to provide consultancy and estate management services to BT.

Ray Jenkins, managing director of Telereal, said: “These transactions demonstrate our commitment to maximise returns as soon as possible from our newly acquired estate. We are actively working to develop other opportunities to bring to market.”

Telereal has also assigned BT’s lease for the 45,000 sq ft 17-19 Rochester Row, SW1, to Capita Business Services.

The lease expires in September 2007. The rent is £1.38m pa, equating to £31 per sq ft.

Telereal was represented by DTZ, and Capita Business Services by Tuckerman.

Jv set up with Bovis to redevelop redundant exchange as apartments Adam Coffer Land Securities’ and the Pears Group’s jv, Telereal, has agreed several deals this week as it exploits its £2.4bn acquisition of the BT property portfolio. Telereal has created a joint venture with Bovis Homes to develop a giant telephone exchange and adjoining land in the centre of Tunbridge Wells. The 3.6-acre Kent site was identified by Telereal as surplus to BT’s requirements and the new Bovis jv has submitted a detailed planning proposal for a 120-unit private housing and sheltered retirement scheme. Telereal has also sold its 13-acre Bordesley Green site in Birmingham to MarPlant. MarPlant plans to develop part of the site into a building for its own occupation. The remainder will be converted to light industrial use. It could provide over 500,000 sq ft of space. The Tunbridge Wells and Birmingham deals will net Telereal over £11m. BT has also sold its former telephone exchange in the Lace Market area of central Nottingham to an SPV called Lace Market Properties, which plans to redevelop the 50,000 sq ft building into flats. Telereal has also secured the sale of BT’s long leasehold interest in the 65,000 sq ft (6,039m2) Edinburgh House office complex in Kennington to J Sainsbury Developments. Both sites were part of the small number withheld from the 15,000-site portfolio acquired by Pears and LandSec. However, Telereal advised BT on the sales as part of its contract to provide consultancy and estate management services to BT. Ray Jenkins, managing director of Telereal, said: “These transactions demonstrate our commitment to maximise returns as soon as possible from our newly acquired estate. We are actively working to develop other opportunities to bring to market.” Telereal has also assigned BT’s lease for the 45,000 sq ft 17-19 Rochester Row, SW1, to Capita Business Services. The lease expires in September 2007. The rent is £1.38m pa, equating to £31 per sq ft. Telereal was represented by DTZ, and Capita Business Services by Tuckerman.