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Argyll buys Bevis Marks House Argyll Property Asset Managers is believed to have bought Bevis Marks House, 22/25 Bevis Marks Street, EC3 from Moorfield Estates for around £28m. The deal reflects a yield of around 8%. The 5,500m2 (59,200 sq ft) building is let to tenants including Willis Caroon and Bank Julius Baer. Morgan Pepper acted for Argyll and Healey & Baker acted for the vendor. Chicago plans tallest skyscraper The City of Chicago has granted planning consent for a 2,000ft skyscraper that will be the tallest building in the world. The scheme is the brainchild of Chicago property investor Scott Toberman. Chicago’s Sears Tower was the world’s tallest building until the development of the Petronas Towers in Kuala Lumpur, masterminded by HQ Business Centres supremo Peter Kershaw. Tops sells all of Basildon scheme Tops Estates has sold the last remaining block on the north side of Town Square in Basildon to Standard Life for £27.28m. The retail and office property generates a gross annual rental of £1.58m. Tops said it sold the property because it no longer met the company’s investment criteria. It plans to reinvest the sale proceeds in its town centre investment and development programme. Colliers Erdman Lewis acted for Tops. Abbey Life moves to London Abbey Life is moving its property investment team from Bournemouth to London following a reorganisation. The move will bring the Abbey Property Fund, the Hill Samuel Life Funds, Gisborne Life Funds and Target Life Funds into the City. Richer Cross, head of investment, will lead the team. E&G in £25m buyout Estates & General has acquired private property company Woodsford Commercial and its mixed portfolio for £25.92m. The 10 properties produce £2.21m pa and the deal reflects a net initial yield of 8.3%. Radisson sells to royalty Qatar’s royal family has bought the Portman Hotel from SAS Radisson for £59m. The 280-bedroom Portman Hotel is on Portman Square, just north of Oxford Street, W1. Birmingham interchange plan Railtrack, Birmingham International Airport and the National Exhibition Centre group are planning a £30m air/rail interchange next to Birmingham International station. They will work with Birmingham city council, Centro and Virgin Trains. Regus takes advice Serviced operator Regus has appointed DTZ Debenham Thorpe and Hodnett Martin Smith to advise on rent reviews. Both agents are on two-year contracts and will undertake arbitration submissions. C&R pays £72m for Epsom retail Capital & Regional has confirmed its acquisition of Standard Life’s 32,528m2 (350,000 sq ft)Ashley Centre in Epsom for £72m, reflecting a yield of 7.3%. Blair Kirkman and DTZ Debenham Thorpe acted for C&R; CB Hillier Parker advised Standard Life. Bright start for Braehead Capital Shopping Centres’ Braehead centre, near Glasgow, received 700,000 visitors in its first week of opening, according to CSC. The £285m centre is expected to take trade from Glasgow city-centre shops. City & St James sells tobacco plants City & St James, formerly Hanson’s property arm and now part of O&H Group, has sold two former Imperial Tobacco factories: one in Bristol to Chartwell Land for £25m; and one in Glasgow to Elphinstone Properties for £2.5m. It also sold a 5.3ha (13 acre) site at Waltham Cross to iO Group for £10m. Cable Data takes Crawley HQ Barwood Developments and Barclay Property Investment have let their 2,872m2 (30,915 sq ft) Shrewsbury House office building in Crawley to Cable Data International. The group signed a 15-year lease at £665,000 pa. Vail Williams, Knight Frank and DTZ Debenham Thorpe acted for BPI and Barwood. Butler Richards advised Cable Data. Britannic heads overseas Strategic Real Estate Advisers, acting for a consortium of private overseas investors believed to be Middle Eastern, has confirmed the purchase of Britannic House in the City of London for over £140m. The deal reflects a yield around 6.5%. BP Amoco has its headquarters at the 17,745m2 (191,000 sq ft) offices at 1-6 Finsbury Circus, EC2. Richard Ellis St Quintin advised the vendor, while Knight Frank acted for SREA. Teesside airport plans get go-ahead Secretary of State John Prescott has given the go-ahead for Moorfield Estates’ development on 101ha (250 acres) at Teesside International Airport. Southside is in line with government policy to encourage the development of regional airports. The first phase of construction will provide 167,220m2 (1.8m sq ft) for airport-related users. The completed project will total 325,150m2 (3.5m sq ft). |
Argyll buys Bevis Marks House
Argyll Property Asset Managers is believed to have bought Bevis Marks House, 22/25 Bevis Marks Street, EC3 from Moorfield Estates for around £28m. The deal reflects a yield of around 8%. The 5,500m2 (59,200 sq ft) building is let to tenants including Willis Caroon and Bank Julius Baer. Morgan Pepper acted for Argyll and Healey & Baker acted for the vendor.
Chicago plans tallest skyscraper
The City of Chicago has granted planning consent for a 2,000ft skyscraper that will be the tallest building in the world. The scheme is the brainchild of Chicago property investor Scott Toberman. Chicago’s Sears Tower was the world’s tallest building until the development of the Petronas Towers in Kuala Lumpur, masterminded by HQ Business Centres supremo Peter Kershaw.
Tops sells all of Basildon scheme
Tops Estates has sold the last remaining block on the north side of Town Square in Basildon to Standard Life for £27.28m. The retail and office property generates a gross annual rental of £1.58m. Tops said it sold the property because it no longer met the company’s investment criteria. It plans to reinvest the sale proceeds in its town centre investment and development programme. Colliers Erdman Lewis acted for Tops.
Abbey Life moves to London
Abbey Life is moving its property investment team from Bournemouth to London following a reorganisation. The move will bring the Abbey Property Fund, the Hill Samuel Life Funds, Gisborne Life Funds and Target Life Funds into the City. Richer Cross, head of investment, will lead the team.
E&G in £25m buyout
Estates & General has acquired private property company Woodsford Commercial and its mixed portfolio for £25.92m. The 10 properties produce £2.21m pa and the deal reflects a net initial yield of 8.3%.
Radisson sells to royalty
Qatar’s royal family has bought the Portman Hotel from SAS Radisson for £59m. The 280-bedroom Portman Hotel is on Portman Square, just north of Oxford Street, W1.
Birmingham interchange plan
Railtrack, Birmingham International Airport and the National Exhibition Centre group are planning a £30m air/rail interchange next to Birmingham International station. They will work with Birmingham city council, Centro and Virgin Trains.
Regus takes advice
Serviced operator Regus has appointed DTZ Debenham Thorpe and Hodnett Martin Smith to advise on rent reviews. Both agents are on two-year contracts and will undertake arbitration submissions.
C&R pays £72m for Epsom retail
Capital & Regional has confirmed its acquisition of Standard Life’s 32,528m2 (350,000 sq ft)Ashley Centre in Epsom for £72m, reflecting a yield of 7.3%. Blair Kirkman and DTZ Debenham Thorpe acted for C&R; CB Hillier Parker advised Standard Life.
Bright start for Braehead
Capital Shopping Centres’ Braehead centre, near Glasgow, received 700,000 visitors in its first week of opening, according to CSC. The £285m centre is expected to take trade from Glasgow city-centre shops.
City & St James sells tobacco plants
City & St James, formerly Hanson’s property arm and now part of O&H Group, has sold two former Imperial Tobacco factories: one in Bristol to Chartwell Land for £25m; and one in Glasgow to Elphinstone Properties for £2.5m. It also sold a 5.3ha (13 acre) site at Waltham Cross to iO Group for £10m.
Cable Data takes Crawley HQ
Barwood Developments and Barclay Property Investment have let their 2,872m2 (30,915 sq ft) Shrewsbury House office building in Crawley to Cable Data International. The group signed a 15-year lease at £665,000 pa. Vail Williams, Knight Frank and DTZ Debenham Thorpe acted for BPI and Barwood. Butler Richards advised Cable Data.
Britannic heads overseas
Strategic Real Estate Advisers, acting for a consortium of private overseas investors believed to be Middle Eastern, has confirmed the purchase of Britannic House in the City of London for over £140m. The deal reflects a yield around 6.5%. BP Amoco has its headquarters at the 17,745m2 (191,000 sq ft) offices at 1-6 Finsbury Circus, EC2. Richard Ellis St Quintin advised the vendor, while Knight Frank acted for SREA.
Teesside airport plans get go-ahead
Secretary of State John Prescott has given the go-ahead for Moorfield Estates’ development on 101ha (250 acres) at Teesside International Airport. Southside is in line with government policy to encourage the development of regional airports. The first phase of construction will provide 167,220m2 (1.8m sq ft) for airport-related users. The completed project will total 325,150m2 (3.5m sq ft).
