Rose Court on the market
Ho Bee Land has instructed Savills to sell Rose Court on the South Bank, SE1. The 157,144 sq ft office block is being offered for £98m – a 4.35% yield. The building is let to the Department for Communities and Local Government until September 2018 and generates a passing rent of £4.3m pa.
Related pockets 50% stake
Related Companies, the developer behind New York’s Hudson Yards, has bought a 50% stake in London micro-flat developer Pocket Living. The deal values Pocket at £25m. It marks Related’s first venture into the UK affordable housing market.
Crest and Starr for King Alfred
Crest Nicholson and Starr Trust have been selected for the £200m redevelopment of the King Alfred site in Hove, East Sussex, by Brighton and Hove City Council. The JV was selected ahead of Bouygues to build a new sports centre, 560 flats, community facilities and commercial space.
Green REIT offers Glas Collection
Green REIT has appointed JLL to sell Irish property portfolio the Glas Collection for around €168.7m (£128m) – a 6.6% yield. The Glas Collection comprises more than 750,000 sq ft of commercial space across six assets. Four of the properties are in Dublin and two are in Limerick and the total passing rent is around €11.5m pa.
Property veteran Martin dies
Bob Martin, former group head of NFU Mutual, has died aged 62. Martin helped set up Salmon Harvester in 1994. He left NFU six years ago to set up Martin Commercial Properties. The Brewery, a mixed-use scheme in Cheltenham, Gloucestershire, was his most recent development. His son Phillip will continue his work.
