Extra time looms for Gunners
Arsenal’s £400m stadium scheme plan has been stalled by secretary of state Stephen Byers. The DTLR issued a section 14 holding order this week asking for more time to consider the scheme beyond its deadline of 17 January. The move threatens to delay the stadium’s scheduled opening in August 2004.
H&B’s Fox heads to Westbrook
Nic Fox has left Healey & Baker and its investment advisory arm HBIA after more than 10 years. He has joined Westbrook Partners, the US-opportunity fund that recently closed a £365m acquisition of a mixed portfolio across the UK. Fox will join managing principal Jeff Kaplan in Westbrook’s Berkeley Square, W1, office.
Maidenhead office fetches £18m
US computer firm Symantec Financing has bought Hines’ Meadow office scheme in Maidenhead for its own occupation, allowing Nortel Networks to surrender its lease. Landlord Alecta, a client of Aberdeen Property Asset Managers, sold the 55,000 sq ft (5,000m2) office for £17.6m at a yield of 6.7%. CB Hillier Parker represented Aberdeen. DTZ advised Symantec.
Colliers CRE head office sold
USS has paid £16.9m, a 6.7% yield, for Colliers CRE’s head office in Marylebone Lane, W1. The 26,000 sq ft building was sold by Delancey, which was advised by DTZ. Jones Lang LaSalle acted for USS.
Western Corridor rents to fall 10%
Demand for office space in the Western Corridor has slumped dramatically – with prime rents set to decline by up to 10% this year, according to CB Hillier Parker research.
Kingfisher takes plunge in W2
Kingfisher is expected to sign up for around 50,000 sq ft at Development Securities’ PaddingtonCentral scheme, W2, in the next two weeks. It will pay around £40 per sq ft. FPDSavills and Jones Lang LaSalle are letting agents.
Halman sets up in Manchester
Gary Halman, formerly Insignia Richard Ellis’s chief executive for the North West, has set up his own Manchester-based planning consultancy, called HOW. He will be assisted by his former colleague Andrew Watt. Halman was, until his surprise resignation in November 2001, head of IRE’s Liverpool and Manchester operations, and responsible for the agent’s UK branch network.
Tate Modern neighbour shelved
London Town has withdrawn its plans for a 32-storey residential tower next to London’s Tate Modern. The developer dropped its £55m plans after meetings with Southwark’s planning officers. The meetings followed opposition to the scheme from local residents.
£40m facelift for Rotherham
Rotherham town centre is set for a £40m makeover following the allocation of £10m in European funding. The Urban Centre project comprises 106 acres (43ha) of development land spread over 19 sites. Rotherham Industrial Development Office is bringing forward the mixed-use scheme.
Berkeley sells shop portfolio
A private investor has bought a portfolio of 12 shops across the country from Berkeley Estates for £5.8m, a yield of 8.36%. Berkeley was advised byMichael Elliott. CBGA acted for the purchaser.
Pearl takes The London Portfolio
David Pearl’s Structadene Group has bought The London Portfolio from Urbanwood for £11.1m. The portfolio comprises 14 residential buildings and offices, mainly in central London. Jones Lang LaSalle advised Structadene; Lewis &Partners acted for Urbanwood.
Harris jv buys retail brace<</font>
The Trustees of the Manny Davidson Trust in a jv with Harris Ventures, has bought two retail warehouses in Neath and Newton Abbott for £7.7m, let to B&Q and Homebase respectively. Harvey Spack Field and Healey & Baker advised the jv; Baring Houston & Saunders and Matthews & Goodman advised the vendors.
SW client nabs park feuhold
A client of Scottish Widows Investment Partnership has bought the feuhold in phase III of St Catherine’s retail park in Perth from Robertson Property for £7.25m. FPDSavills advised Scottish Widows. Eric Young & Co acted for Robertson Property.
Carried away in Barking
Bestway Cash & Carry has bought a 3.6-acre (1.2ha) site at Alfreds Way, Barking from Blagden Packaging for £2.2m. Bestway will build a cash-and- carry shop on the site. GVA Grimley acted for Blagden Packaging. David Menzies Associates acted for Bestway.
Newspaper group ties up prelet
Guardian Newspapers has completed its prelet for the 41,000 sq ft development in Herbal Hill, EC1. It is thought to be paying around £30 per sq ft. Pater & Goodman acted for the developer Millennium Lofts; Edwin Hill represented Guardian Newspapers.
