The North East: A foreign affair An influx of overseas investors is diversifying the economy of a region where traditional manufacturing industry continues to decline. In this week’s Focus, Estates Gazette assesses the implications for the North East’s property markets.
Chesterton is expanding its Manchester office. On July 3 the firm will open a healthcare and residential property department employing one fee earner, an assistant and a secretary.
Gazeley Properties has sold The Crumbles Retail Park in Eastbourne to Prudential for £11.85m, reflecting an initial yield of 8.4%. Income is over £1m pa and tenants include MGM Cinemas and Blockbuster. Edgerley Simpson acted for the vendor while Harvey Spack Field advised the purchaser.
Skyes International Group is to develop 80,000 sq ft (7,432m2) of offices on the former Paisley department store site at the corner of Broomielaw and Jamaica Street in Glasgow. Chesterton will be letting agent.
A £4.9m English Partnership injection will allow the first phase of the redevelopment of the former GEC factory site at Witton in Birmingham to proceed. IM Properties plans ten industrial units ranging of up to 50,000 sq ft (4,645m2). Grimley advised IM, while Phoenix Beard is letting agent.
