Agents pick the most significant deals (six months to end of April)
Nuposto, West Street, Brighton
Type of deal Letting
Landlord Travelodge Hotels
Tenant Nuposto
Size Circa 2,500 sq ft
Price Undisclosed
Chosen by Kate Dowd, negotiator, Fleurets (Brighton)
The arrival of independent pizza bar operator Nuposto in West Street, Brighton, demonstrates that the location, despite being recognised as the city’s clubbing area, is undergoing a subtle transformation. With its direct route from the station to the beach, West Street would appear to be a suitable target for branded operators, but Brighton, like London, has very specific commercial zones. These do, however, ebb and flow over time and the trick is to pre-empt these trends in the way Nuposto has managed to do here. With a severe lack of sites and locations to match branded operators’ requirements in the city, unlocking potential and taking a slightly more off-pitch location, perhaps even a smaller size venue, may have to be the way forward for many other potential new occupiers. We are starting to see this strategy emerging through other more established brands acquiring sites in areas considered to be secondary just a few years ago.
One Valpy, Reading
Type of deal Office leasing
Landlord Landid and Brockton Capital
Tenant Rio Tinto
Size 3,500 sq ft
Rent Confidential
Chosen by Ollie McLeod, senior surveyor, South East office agency, JLL
Mining company Rio Tinto branching out to open a 3,500 sq ft satellite office at One Valpy, Reading, highlights a recent step-change in occupier decision-making outside of central London. This letting is an example of a corporate occupier opting to take office space in a refurbished building with exposed services in preference to traditional grade-A offices with suspended ceilings. Buildings of this specification are more common in central London, however One Valpy is proving that occupiers outside the city have the aspiration to be in less traditional buildings. Aided by the landlord creating exceptional concierge/ front-of-house services, One Valpy has been integral to driving rental growth in Reading town centre. The development is the forerunner to a series of Landid and Brockton Capital buildings in the Western Corridor including Thames Tower, Reading, which are looking to capitalise on these changing attitudes to office space.
Former BMW site, Ellesfield Avenue, Bracknell
Type of deal Freehold acquisition
Vendor BMW
Purchaser SEGRO
Size 13 acres
Price £15m
Chosen by Philip Hunter, director, industrial & logistics, Lambert Smith Hampton
My choice is SEGRO’s purchase of a prime 13-acre development site in Bracknell. The company fought off stiff competition from several developers to make this acquisition. Formerly BMW’s UK headquarters, the site lies within the town’s southern industrial estate and is less than a mile from the A329(M). It is also strategically located close to junctions on the M4 and M3. The site became vacant following BMW’s relocation to Farnborough and its redevelopment by SEGRO will be a welcome boost to the town, together with the regeneration of the town centre and upgrading of junction 10 of the M4. There is an increasing level of demand for good-quality industrial and logistics space that cannot be satisfied due to an acute lack of supply across all size ranges in the region. This site coming forward, where SEGRO is thought to be planning a 225,000 sq ft industrial scheme, is therefore very welcome news for potential occupiers.
M25 drives down office rates
The M25 office market showed its lowest vacancy rates since 2001, according to a report by Knight Frank, which showed grade-A space availability of just 4.2% in Q1 2015. Meanwhile, take-up in the Thames Valley rose by 8% in Q1 to approaching 500,000 sq ft, said Colliers International.
Hemel resi agreement signed
Endurance Estates and RG Carter signed a development agreement with Dacorum borough council for a £41m regeneration scheme that would see 207 flats built in Hemel Hempstead town centre, Herts.
Metro drops new anchor
Metro Bank was in advanced talks to take a 150,000 sq ft office as the anchor for the first phase of Schroders’ and Stanhope’s Ruskin Square scheme in Croydon.
Hackett debut at Bluewater
At Kent’s Bluewater, Hackett London announced it would be opening its debut South East store, while at Whiteley in Hampshire Tiger homeware was expanding and Pandora and stationery specialist Smiggle were moving in.
Boost for Bracknell retail
The new Northern Retail Quarter in Bracknell received a boost from Arcadia’s 20,000 sq ft signing for four of its brands.
Oxford reflects resi issues
Housing sector problems were being reflected in Oxford. Soaring prices having given it the title of ‘least affordable place to live in the UK’ and local council surveys were estimating a requirement for 100,000 new homes by 2031. But opposition to green belt development remained strong.
