Agents pick the most significant deals
Norman Collett House, Paddock Wood, Kent
Type of deal Freehold purchase
Vendor Norman Collett
Purchaser PMJ Foods
Size 36,523 sq ft
Price Undisclosed
Chosen by Mark Coxon, director, Caxtons Chartered Surveyors (Kent)
My choice is the freehold sale of Norman Collett House – a state-of-the-art, bespoke cold store complex. The relatively short marketing period highlights the requirement for speculative development in the industrial/warehouse market in Kent, now prevalent in some locations due to a lack of land. Also, sector-specific cold stores rarely come to the market and will be viewed by myriad companies with or without specific requirements. PMJ Foods was looking at options including existing buildings, design-and-build facilities and land. Following an extensive search, during which the lack of available land within the fruit-growing region of the county became clear, it was decided to purchase the building. The purchaser is a European company, albeit with a local office, which also highlights the appeal of Kent due to its proximity to Europe, infrastructure and property asset opportunities.
Tamesis, The Glanty, Egham, Surrey
Type of deal Office prelet
Landlord Royal London Asset Management (RLAM)
Tenant Gartner
Size 107,000 sq ft
Rent Confidential
Chosen by Tom Leeming, partner, Cushman & Wakefield
Three years ago, IT research and advisory company Gartner sought property advice on office sites in the Thames Valley which could accommodate around 100,000 sq ft. The search was triggered by obsolescence in its existing buildings, rapid growth and impending lease events. A shortlist of four, ranging from Windsor to Weybridge, was identified, eventually leading to the negotiation of an agreement with RLAM, Gartner’s existing landlord at its Egham site. The resulting deal now represents the largest leasing agreement in the Thames Valley so far in 2015. This solution worked well for both parties – retaining an excellent tenant for the landlord and enabling Gartner to procure a state-of-the-art EMEA HQ for a growing workforce. Its 15-year pre-commitment to Egham also demonstrates the attractiveness of the Thames Valley to tech businesses.
Point, Market Street, Maidenhead, Berkshire
Type of deal Lease
Landlord Capella/Kames Capital
Tenant Maersk Line
Size 40,000 sq ft
Terms £35 per sq ft/£33.50 per sq ft
Chosen by Ed Smith, head of national markets office agency, Strutt & Parker
Capella and Kames Capital’s ability to command new record rents for Maidenhead signifies this deal’s importance. Until recently, the success of newly developed or comprehensively refurbished South East offices has been benchmarked by rents achieving pre-recession levels. Point represents a progression from this, as rents there surpass previous highs and new records are being established. Also significant is the rental gap emerging between the town centre and out-of-town market, which on the same quality buildings has historically seen parity. Prime rents in Maidenhead town centre now stand at a premium of about 35%, far exceeding the gap emerging in other South East towns, which is largely attributable to the quality of new developments, the amenity offer and the Crossrail link the town will gain in 2019. Equally important, the deal sees Maersk Line relocating from central London. While it is a much-talked-about trend, this is the first significant example of it happening.
People, planning and peculiarities
Council’s rental route
Portsmouth city council has given the green light to a £30m pot to be spent on buying up properties for rental.
But it is not the first authority in the area to go down the landlord route. In nearby Fareham, an £8m budget has already proved that “every little helps” – being used to snap up several supermarkets for their rental income.
Castle still stands
The long-running saga of Surrey farmer Robert Fidler and the mock Tudor “castle” he built without planning permission rumbles on.
The property, constructed in 2002 and famously secreted behind hay bales, was the subject of a High Court ruling which demanded its demolition by 24 June.
The date has come and gone with every brick remaining intact. So what next for the planners at Reigate & Banstead borough council? They have now given officers the go-ahead to pursue contempt of court proceedings.
Record mansion
The east of England is chasing the South East’s crown for house price rises, with the Land Registry reporting 8.8% and 9.1% increases, respectively.
But for property auctions, the South East is proving it’s still well ahead of the pack, with a West Sussex mansion making a record guide price of £4.5m.
Bidwells merger
Bidwells has merged with Meeson Williams Phillips to form one of Oxford’s largest multi-disciplined consultancies – at the same time adding extra shine to its business strategy of focusing on the “golden triangle” of Cambridge, Oxford and London.
Telecom twins
Town twinning agreements have more traditionally been the preserve of ceremonies involving mayoral offices. Nowadays they are tools of industry.
Witness the buddying up between Reading in Berkshire and Richardson in Texas – both major telecoms clusters.
Economic development company Reading UK CIC recently played host to US dignitaries for the signing of a memorandum of understanding which will see them develop investment, share knowledge and grow business.
Pretty in Portsmouth
How times change. Portsmouth used to “enjoy” unwelcome notoriety as home to one of Britain’s ugliest buildings – the Tricorn Centre.
Today it boasts a ‘best public building award’ for Somerstown Central, a £10m community facility designed by BAM Design.
Council leader Donna Jones says: “We are incredibly proud to have such an iconic building.”
Going up
SSE’s current search
Scottish and Southern Electric announced a search for 150,000 sq ft of office space between the M3 and M4 in a bid to consolidate its existing South East operations.
Bracknell office sale
Goodman brought in Strutt & Parker to sell 5 Arlington Square in Bracknell for £31.3m, representing a yield of 7.25%.
Investment surge
Investment worth £1.3bn poured into the South East during Q2 2015, according to Knight Frank research, a 135% increase on Q1.
College retainer
Carter Jonas was retained by Magdalen College and M&G Real Estate to work on the next phase of development at Oxford Science Park.
Dover tenants
Next, taking nearly 17,000 sq ft, and Travelodge, signing up for a 108-bed hotel, became the latest tenants to acquire space at the 120,000 sq ft St James development in Dover.
Going down
Heathrow lags
Research by Colliers International showed supply of industrial and logistics freehold stock in the areas around Heathrow airport at its lowest level for two decades.
