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Bowden teams up for Glasgow Wilson Bowden has teamed up with Taylor Clark Properties to build one of the largest speculative developments in the centre of Glasgow. The 5,896m2 (63,470 sq ft) eight-floor building will be Wilson Bowden’s first major office scheme in Scotland. Debenhams signs for East Kilbride British Land and Stannifer Developments have signed up Debenhams as anchor tenantfor the £90m Centre West shopping centre in East Kilbride. Debenhams hasagreed a 25-year lease for the 7,432m2 (80,000 sq ft) store. The scheme is scheduled toopen in autumn 2002. One2One buys 167 outlets Mobile phone service provider One2One has acquired 167 high street outlets through its £73m purchase of the Pocket Phone Shop. A One2One spokeswoman said the company had no plans to offload any of the stores. Old Mutual inherits advisers Financial Services group Old Mutual has acquired – via its $1.46bn merger with United Asset Management – two US property investment advisors, Heitman Financial and L&B Realty Advisors, which together manage around $9bn of property assets. Old Mutual is understood to be targeting UK property businesses. Asseta Home onlines up 3,500 AssetaHome, Commercial General Norwich Union’shome-buying portal, is claiming 8.5m hits per week since launching five weeks ago. It claims it has agreements with 3,500 estate agents to postonline details of their properties for sale. JLL ties up £30m in deals Jones Lang LaSalle this week completed the £19m sale of the 17,930m2 (193,000 sq ft) Wellington Shopping Centre in Aldershot for USS to London & Cambridge Properties. JLL also handled the £10m acquisition of the 5,110m2 (55,000 sq ft) Maghull centre in Liverpool. Slough site up for sale Akeler’s Wellcroft House in Slough has been brought to the investment market shortly after Infobank took space at the 4,460m2 (48,000 sq ft) building at a rent of £301 per m2 (£28 per sq ft) on a 20-year lease. It is expected to fetch around £20m, at a yield of 6.25%. Lambert Smith Hampton and Healey & Baker are marketing. LSH also advised Infobank. Rental high at Arlington Software firm Content Technologies has leased a 4,088m2 (44,000 sq ft) building at Arlington Business Park in Theale. The phase three building has been let at £307 per m2 (£28.50 per sq ft). The last block on the previous phase went to Vodafone at the same rent. Logica goes large in Leatherhead Logica has leased the first 3,066m2 (33,000 sq ft) building at Frogmore’s Leatherhead Office Park and taken a prelet on the second of 3,716m2 (40,000 sq ft). It is also thought to have an option on 3,066m2 (33,000 sq ft) of space. Hurste Warne and Holley Blake are marketing. Team-up fuelled by forecourts Capita Property Services has teamed up with Rotch Property. The alliance will work on a number of acquisitions, including Petrotech, Rotch’s joint venture with the United Arab Emirates’ government to buy petrol stations. SW1 scheme finds another taker Diageo has completed a further letting at 21 St James’s Square, SW1. The 850m2 (9,147 sq ft) second floor has been let to JO Hambro Investment Management on a 15-year lease at £395,000 pa, with six months rent free. CB Hillier Parker acted for Diageo. DE&J Levy represented JO Hambro. Self-storage firm bagged Mentmore Abbey has bought British Self-Storage for £27.5m. BSS, which Mentmore claims is the UK’s third-largest self-storage operator, works from six sites: two in Stockport, two in Bristol and one in both Bath and Reading. It has a total capacity of 48,308m2 (520,000 sq ft), of which 25,176m2 (271,000 sq ft) is let. In the year to 30 April, BSS achieved profits of £1.3m, turnover of £3m and had assets of £1.9m at year end. Site to pull in smaller investors A website aimed at modernising and widening the small investment market was launched last week. PrimePitch (www.primepitch.com), a joint venture between CBGA and Churston Heard, will sell commercial investments up to £10m. It is being supported by clients that include Frogmore, Warner Estates, Great Portland Estates and Standard Life. £3m Winchester deal MNOPF Trustees has sold its freehold retail investment in 29 High Street, Winchester, to Queen’s College, Oxford, for £2.8m. The deal reflects a net initial yield of 5.33%. The property provides 372m2 (4,000 sq ft) of space and is let to Woolwich for 20 years from December 1999 at £157,500 pa. Churston Heard advised the MNOPF. Holland Mitchell acted for Queens College. |
Bowden teams up for Glasgow
Wilson Bowden has teamed up with Taylor Clark Properties to build one of the largest speculative developments in the centre of Glasgow. The 5,896m2 (63,470 sq ft) eight-floor building will be Wilson Bowden’s first major office scheme in Scotland.
Debenhams signs for East Kilbride
British Land and Stannifer Developments have signed up Debenhams as anchor tenantfor the £90m Centre West shopping centre in East Kilbride. Debenhams hasagreed a 25-year lease for the 7,432m2 (80,000 sq ft) store. The scheme is scheduled toopen in autumn 2002.
One2One buys 167 outlets
Mobile phone service provider One2One has acquired 167 high street outlets through its £73m purchase of the Pocket Phone Shop. A One2One spokeswoman said the company had no plans to offload any of the stores.
Old Mutual inherits advisers
Financial Services group Old Mutual has acquired – via its $1.46bn merger with United Asset Management – two US property investment advisors, Heitman Financial and L&B Realty Advisors, which together manage around $9bn of property assets. Old Mutual is understood to be targeting UK property businesses.
Asseta Home onlines up 3,500
AssetaHome, Commercial General Norwich Union’shome-buying portal, is claiming 8.5m hits per week since launching five weeks ago. It claims it has agreements with 3,500 estate agents to postonline details of their properties for sale.
JLL ties up £30m in deals
Jones Lang LaSalle this week completed the £19m sale of the 17,930m2 (193,000 sq ft) Wellington Shopping Centre in Aldershot for USS to London & Cambridge Properties. JLL also handled the £10m acquisition of the 5,110m2 (55,000 sq ft) Maghull centre in Liverpool.
Slough site up for sale
Akeler’s Wellcroft House in Slough has been brought to the investment market shortly after Infobank took space at the 4,460m2 (48,000 sq ft) building at a rent of £301 per m2 (£28 per sq ft) on a 20-year lease. It is expected to fetch around £20m, at a yield of 6.25%. Lambert Smith Hampton and Healey & Baker are marketing. LSH also advised Infobank.
Rental high at Arlington
Software firm Content Technologies has leased a 4,088m2 (44,000 sq ft) building at Arlington Business Park in Theale. The phase three building has been let at £307 per m2 (£28.50 per sq ft). The last block on the previous phase went to Vodafone at the same rent.
Logica goes large in Leatherhead
Logica has leased the first 3,066m2 (33,000 sq ft) building at Frogmore’s Leatherhead Office Park and taken a prelet on the second of 3,716m2 (40,000 sq ft). It is also thought to have an option on 3,066m2 (33,000 sq ft) of space. Hurste Warne and Holley Blake are marketing.
Team-up fuelled by forecourts
Capita Property Services has teamed up with Rotch Property. The alliance will work on a number of acquisitions, including Petrotech, Rotch’s joint venture with the United Arab Emirates’ government to buy petrol stations.
SW1 scheme finds another taker
Diageo has completed a further letting at 21 St James’s Square, SW1. The 850m2 (9,147 sq ft) second floor has been let to JO Hambro Investment Management on a 15-year lease at £395,000 pa, with six months rent free. CB Hillier Parker acted for Diageo. DE&J Levy represented JO Hambro.
Self-storage firm bagged
Mentmore Abbey has bought British Self-Storage for £27.5m. BSS, which Mentmore claims is the UK’s third-largest self-storage operator, works from six sites: two in Stockport, two in Bristol and one in both Bath and Reading. It has a total capacity of 48,308m2 (520,000 sq ft), of which 25,176m2 (271,000 sq ft) is let. In the year to 30 April, BSS achieved profits of £1.3m, turnover of £3m and had assets of £1.9m at year end.
Site to pull in smaller investors
A website aimed at modernising and widening the small investment market was launched last week. PrimePitch (www.primepitch.com), a joint venture between CBGA and Churston Heard, will sell commercial investments up to £10m. It is being supported by clients that include Frogmore, Warner Estates, Great Portland Estates and Standard Life.
£3m Winchester deal
MNOPF Trustees has sold its freehold retail investment in 29 High Street, Winchester, to Queen’s College, Oxford, for £2.8m. The deal reflects a net initial yield of 5.33%. The property provides 372m2 (4,000 sq ft) of space and is let to Woolwich for 20 years from December 1999 at £157,500 pa. Churston Heard advised the MNOPF. Holland Mitchell acted for Queens College.
