Agents pick the most significant Deals (for the six months to the end of June)
Poynt North, Wollaton Street, Nottingham
Type of deal Freehold sale
Developer Henry Boot Developments
Purchaser Blenheim Chalcot
Size 22,894 sq ft
Price Undisclosed
Chosen by Matthew Hannah, director, Innes England
The sale of Poynt North to investment firm Blenheim Chalcot is significant for a number of reasons. Not only has it seen the off-market sale of approaching 23,000 sq ft of office space, but it has taken plans for a multi-million pound tech hub a step forward. This will foster the high levels of technology skills present within Nottingham and drive its growth as a significant contributor to its economy. Blenheim Chalcot has already invested some £40m in establishing three new, local businesses and has set its sights on creating Nottingham’s equivalent of London’s Silicon Roundabout. Accelerate Nottingham – as the building will be rebranded – will initially house those businesses, creating a cluster of technology skills which will, in turn, be attractive to other businesses. A large portion of the building will then be open to third-party occupiers.
Unity Square, Nottingham
Type of deal Land purchase
Vendor Peel Land and Property Group
Purchasers Sladen Estates and Peveril Securities
Size Up to 460,000 sq ft mixed-use
Value Undisclosed
Chosen by John Proctor, managing director, FHP Property Consultants
The emergence of Nottingham’s southern business district has been talked about for the past decade, with the recession halting delivery in its tracks. The announcement earlier this year that the site for the Unity Square development had been purchased by Sladen Estates and Peveril Securities was, in my view, one of the most significant deals for some time. Not only have they purchased the site speculatively, they are progressing with a view to submitting the reserved matters planning application before Christmas. At a time when the Nottingham office market is improving, they are picking up where Peel has left off, driving the scheme forward and programming demolition in early 2016 with the aim of continuing directly into delivery of the first phase. Combined with other initiatives, the potential of this part of Nottingham will finally be released and Unity will be the catalyst.
Optimus Point, Leicester
Type of deal Funding agreement
Developer Wilson Bowden Developments
Investor M&G Real Estate
Size Circa 480,000 sq ft of new warehousing
Chosen by Peter Monks, associate director, industrial & logistics, Colliers International
M&G Real Estate’s announcement earlier this year that it is to fund the speculative development of approaching 500,000 sq ft of new warehousing at Optimus Point, Leicester, a scheme which sits at junction 21a of the M1, highlights the strength of the East Midlands region as a logistics and distribution hub for the UK. With a severe lack of industrial accommodation across the Midlands generally, and particularly along the M1 corridor, this opportunity has enabled two new distribution warehouses of 276,700 sq ft and 205,100 sq ft respectively to be delivered to the market. These have now received planning permission and are due to be completed early in 2016. I believe this important funding agreement shows that there is confidence in Leicestershire and the greater East Midlands area as a location in which institutions from outside the region can invest. It has the potential to provide strong returns, while creating the right product to meet occupier demand.
People, planning and peculiarities
Lincoln celebrates
The 800th anniversary of the Magna Carta has understandably created great excitement in historic Lincoln, home to one of the remaining copies. So it seems fair that animated language should be applied to other aspects of city life. Investments there will “supercharge” its fortunes says local agent Banks Long and a “congestion-busting” link road is under construction. The city also sees the first phase of Cornhill Quarter moving forward. So all in all, enthuses Banks Long MD Tim Bradford: “Lincoln is really punching above its weight now.”
Spiritual quality
Much is said about creating working environments that add to staff wellbeing. So it seems appropriate that the serene setting of an East Midlands church is continuing to fulfil that requirement. Rapidly expanding regional law firm Timms Solicitors has just moved into Derby’s St Michael’s Church. Innes England, which brokered the deal, says the church delivers what the market has been missing and yet craves – quality, open plan space in the heart of the Cathedral Quarter.
Qualified welcome for Corbyn
FHP director Alastair Fearn has been mulling over what Jeremy Corbyn’s election as Labour leader means for the property market and he concludes: “In my mind there is no doubt that the ethos of some of Jeremy Corbyn’s policies are to be lauded…however it is the knock-on effect of these policies which will cause concern for many.”
Stock footage
Amy Tillson, Nottingham branch manager of estate agency Richard Watkinson & Partners, handed a set of keys to a film crew when Kirstie Allsopp and her Location, Location, Location crew rolled into town. They filmed in the popular Aspley district and Amy was quick to highlight the positives of such national exposure for Nottinghamshire’s “great housing stock”.
Dynamic devolution
The East Midlands needs to learn to love devolution says Chamber president Liz Fothergill, or risk becoming an “economic minnow” in the shadow of the northern powerhouse. Meanwhile, an all-embracing approach to power sharing ing the region might have a way to go. Derbyshire and Nottinghamshire are busy buddying up, but say they won’t be content to bide their time while Leicestershire catches up.
Further education for Derby
The University of Derby unveiled plans for an 80,000 sq ft expansion – taking the vacant Friar Gate Square for the Derby Law School and launching a £12m extension to its Markeaton Street campus.
Going large in Leicester
Hastings Direct signed one of Leicester’s largest office prelets, taking 60,000 sq ft at St George’s Central close to the city’s main railway station.
Mattioli walks the Walk
Leicester city council won detailed planning consent for a 50,000 sq ft scheme, including offices prelet to financial firm Mattioli Woods, on the site of its former New Walk home.
Great Bear parks in Vale
Great Bear Distribution agreed a prelet of approaching 500,000 sq ft at Chesterfield’s Markham Vale Business Park with Henry Boot Developments and Derbyshire county council.
Charles Street seeks regen
Charles Street Buildings Group has been in talks with Leicester city council over plans for a 650,000 sq ft mixed-use development on its eight-acre Waterside site.
News that Intu had submitted a planning application earlier this year for a £150m makeover of Nottingham’s Broadmarsh shopping centre met a lukewarm response from some city agents, who spoke of cynicism over the plans ever coming to fruition.
EG gauges the trials and tribulations of the East Midlands property market
