Agents pick their most signifcant deals (six months to the end of March)
St Martin’s House, St Martin at Palace Plain, Norwich
Type of deal Office pre-letting
Landlord Bussey & Sabberton Bros Ltd
Tenant Howes Percival (Solicitors)
Size 15,900 sq ft
Rent £16.50 per sq ft
Chosen by William Jones, partner, Bidwells (Norwich)
After a number of years of relative inactivity in the Norwich office market, I see the pre-letting of St Martins House as a clear indicator of an improving market. The number and size of requirements is increasing and grade-A space in the city centre has fallen considerably over the last year.
The deal, which is the first office pre-let in Norwich for more than five years, is a direct result of occupiers having a limited choice of high-specification offices in multi-let properties and virtually nothing to choose from in self-contained buildings of over 10,000 sq ft.
The building is central, close to Norwich Cathedral and within easy access of both the city centre and the inner ring road. It is scheduled for completion in early 2016. Its letting will prove a major boost to the local market and will hopefully encourage other owners to carry out office refurbishments on the back of steadily improving demand.
Cambridge Commodities building, Lancaster Way Business Park, Ely
Type of deal Land sale
Owner/developer Grovemere Property
Purchaser Cambridge Commodities
Size 3.07 acres for 80,000 sq ft Price Quoting £250,000-£300,000 per acre
Chosen by Philip Woolner, director, Cheffins Commercial
I think the deal late last year that has led to the building of an 80,000 sq ft headquarters for Cambridge Commodities is a great example of what happens in the wider region as the Cambridge business space market grows hotter.
Locations in the sub-region that offer access and availability also begin to heat up, and schemes within them that have planning in the bag and infrastructure in place can attract companies not wanting to pay Cambridge prices, but desiring to be within striking distance of the city and the A14.
At Lancaster Way Business Park, Cambridge Commodities’ new headquarters is nearing completion. Designed for the nutritional products firm and existing park occupier, the resulting building will also be notable for other reasons. It will be one of the largest built within the region in the past five years. It also marks an important milestone in the growth of Lancaster Way where major expansion is now planned.
Parkside Place, Cambridge
Type of deal Leasing
Landlord Grosvenor
Occupier Espresso Library
Size of unit 2,000 sq ft
Rent Undisclosed
Chosen by Richard Janes, director, Savills Cambridge
A deal that stands out for me and also represents the finishing touch to a prime redevelopment site in Cambridge is the leasing of the retail unit at Parkside Place to deli and coffee shop Espresso Library.
As well as marking the completion of the scheme, which overlooks Parker’s Piece, it further adds to the wider rejuvenation of this part of the city centre.
Espresso Library opened in February 2015 to quickly become a haven for cyclists and coffee lovers. It was chosen after a vigorous selection process during which Grosvenor was keen to avoid chains in this location, preferring instead a strong independent that would complete its flagship residential development.
It is now part of what was a much needed regeneration of the tired, old Cambridge Fire Station into a luxury mixed-use development, where off-plan sales that averaged at £525 per sq ft would now have a resale value north of £700 per sq ft.
Triangle given go-ahead
Planning permission was granted for The Triangle, a 450,000 sq ft office complex in Shaftesbury Road, Cambridge, where exams group Cambridge Assessment will house staff now at 11 sites.
Felixstowe park sails in
Port of Felixstowe owner Hutchinson Ports unveiled plans for a 1.5m sq ft logistics park on 68 acres at the site.
Queensgate serves up another
Queensgate in Peterborough signed up Handmade Burger Co for close to 4,000 sq ft – taking to eight the number of brands to sign up in the first year of Invesco’s ownership and Lend Lease’s asset management of the centre.
CJ shows confidence
Carter Jonas snapped up New Square Holdings Group comprising commercial specialist Januarys and residential business Bradshaws. CJ’s National Commercial Edge predicted Cambridge’s offices market would outperform the national market for the rest of the decade.
Travelodge puts down roots
Travelodge announced three new hotels worth £11.5m through partnerships with local authorities’ planning regeneration schemes –
including one at Thetford.
Cambs may pay Crossrail fare
Councils in Cambridgeshire learned they could be among those having to help pay for the proposed Crossrail 2 linking north-east and south-west London, as counties close to London may have to contribute to the estimated £27bn project cost.
EG gauges the trials and tribulations of the East of England property market
