Agents pick the most significant deals (for the six months to end of March 2016)
50 Sadler Gate, Derby
Type of deal Retail leasing
Landlord Clowes Developments
Tenant Dr Martens
Size 1,300 sq ft
Terms Five-year lease at £16,000 pa
Chosen by Rob Palmer, director, Space RPC
We have witnessed several enticing deals and a measure of positive activity in the East Midlands in recent months. No more so than in Derby, where Dr Martens recently secured a new unit in Sadler Gate. This deal is of significance for anybody who knows their retailing history in Derby. Previously regarded as the prime fashion pitch in the city centre, the street declined after the opening of Westfield (now intu) Derby. However, following a tough few years, it is pleasing to see renewed interest in the area by retailers, such as Dr Martens, that prefer character high street environments.
This trend has been further demonstrated through recent lettings to White Stuff and several quality independents. Other retailers that previously struggled to find suitable pitches in Derby’s city centre are now starting to see Sadler Gate as a viable and up-and-coming location. I would expect more to follow in their retailing footsteps.
One The Brayford, Lincoln
Type of deal Freehold acquisition & development
Vendor Patrizia and Oaktree
Developer Jackson & Jackson Developments
Size 80,000 sq ft
Development value £20m
Chosen by William Wall, director, Banks Long & Co
This notable deal, which will lead to a new speculative, mixed-use scheme, highlights the level of confidence in Lincoln’s residential and leisure sectors. Having acquired the offices formerly known as Mill House and Viking House – the first significant buildings that visitors see when entering the city from the west – Jackson & Jackson has now secured planning consent for 69 apartments, 20,000 sq ft of offices and three new leisure units. This will be the first new private apartment scheme constructed in the city centre since 2008, with pent up demand being driven by the thriving university and growing young professional community.
A host of national restaurant and bar brands also wish to open branches in the city and negotiations are already under way with notable operators that will add to a busy local circuit, fronting Brayford Pool and opposite the University of Lincoln. I believe further landmark projects are likely to follow.
Sinfin Lane Industrial Park, Derby
Type of deal Freehold sale
Vendor Hudson Advisors
Purchaser Harworth Estates
Size 471,500 sq ft
Price £6.95m
Chosen by Nick Hosking, director, Innes England
The recent sale of Sinfin Lane Industrial Park is a significant one for the city because, as one of the largest property and regeneration companies in the Midlands and north of England, Harworth Estates’ commitment to this site signifies the health of the industrial market within Derby. It also gives a good indication of the appetite for quality space from tenants.
The site, which is adjacent to Rolls-Royce’s worldwide headquarters, includes 25 industrial units. Of these, 22 are already let to tenants including Kuehne + Nagel. However, the remaining three will be demolished to enable the development of up to 15 acres of land. Industrial stock is at its lowest since 2007 in Derby and Harworth’s plans to regenerate the older, outdated units there will provide an important boost to the market. The purchase also represents Harworth’s first acquisition of income-generating property with a view to enhancing its business space portfolio across the Midlands and the North.
7 things you need to know
Vital statistics, facts and figures for the East Midlands
300 the number of new jobs being created in Leicester by IBM, which completed its inward investment deal there in Q4 2015
£590m the projected figure for tourism revenue for Leicester by 2020, the ‘Richard III factor’ contributing a rise of £78m
2.1m sq ft the amount of speculative distribution space being built across the East Midlands, representing 10 out of 32 units nationwide. Includes 324,000 sq ft Ted Baker prelet at Derby Commercial Park
63% increase in turnover for Leicester’s digital tech economy
70% of Nottingham’s office deals in Q4 2015 were out of town
£40m cost of the recently completed remodelling of the Victoria Centre, Nottingham
20.6% Nottingham’s projected GVA growth until 2025, compared with 18.8% for Derby and 16.7% for Leicester
Going up
The Boots enterprise zone, near Nottingham, offering 27 acres of residential development and nearly 51 acres of commercial space, was launched at MIPIM. Sites are available from mid-2016.
Richardson Capital put its 520-bed student resi scheme on Tritton Road, Lincoln, up for sale for £45m, reflecting a 5.8% yield.
Severn Trent Water appointed Capita Real Estate to lease its 24,000 sq ft former office building at Anstey Lane, north of Leicester.
Jensco won consent for a 244-bed student resi scheme on Agard Street in Derby city centre.
Team Lincolnshire, a public-private sector contingent led by the Greater Lincolnshire LEP attended MIPIM 2016 to unveil more than 700 acres of development land opportunities.
One of the biggest self-build schemes in the UK was given the go-ahead at Daventry, Northants, where Landform Estates plans to offer up to 24 serviced plots to individual home owners.
Going down
Planners at Northampton Borough Council refused consent for what would have been a third Lidl supermarket in the town. The grocer was seeking permission for a store of nearly 31,000 sq ft on a site on the Towcester Road.
