LSH News Feed

The Co-op's HQ sale dominates the North West's investment market

Thu, 16 May 2013 00:00:00 +0100

Across the region, this represented a decrease of 25% from Q4 2012 and a marginal drop from Q1 2012 levels of £243m.

One Angel Square sold for £142m

Activity was dominated by one single transaction, namely RREEF Real Estate’s acquisition of a 51% share in the Co-operative Group's new headquarters at One Angel Square for £142m. Other key deals included LaSalle Investment Management’s acquisition of Hermes Parcelnet’s Industrial unit in Warrington for £17.2m and InfraRed Capital Partners’ acquisition of Clayton Square, Liverpool for £14m.

Drop in activity for the retail sector

The office sector accounted for 68% of total investment activity in Q1 2013 with £143.3m worth of transactions, a considerable increase from the previous quarter of £36.15m. However, this was largely due to the sale of The Co-op’s HQ. The retail and leisure sector which accounted for 77% of the total market in Q4 2012 dropped to 20% in Q1 2013 at £42.2m. The industrial sector remained steady, accounting for 12% of the Q1 market at £25.9m.

Growing investor appetite

Abid Jaffry, Northern Head of Capital Markets at LSH commented: “While One Angel Square dominates the figures, it is indicative of a growing interest in regional offices with purchasers seeking value further North as it becomes increasingly difficult to acquire and justify Central London pricing. Paradoxically, a lack of new opportunities in the North West is also creating a growing pressure on pricing and we are seeing healthy signs of investor interest in the marketplace.”

To view our full UK Investment Tansactions (UKIT) report, please click here.

Five-floor offices signed in Euston

Tue, 14 May 2013 17:41:00 +0100

The serviced and virtual office firm has taken a 10-year lease for 22,140 sq ft of the 82,667 sq ft tower, spanning the third to seventh floors at 160 Euston Road. Serviced Office Group will pay £33 per sq ft to landlord Evergreen International, with a 21-month rent-free period.

David Earle, Head of Central London Office Agency, said: "With rent-free incentives continuing to reduce due to lack of quality product, we have done exceptionally well to secure these terms."

Euston-King's Cross: a desirable location

This transaction highlights the trend of serviced occupiers locating in the Euston-King’s Cross corridor. This has gained traction following Google’s announcement in January 2013 to relocate their £1bn global headquarters to the area. The central location within London and proximity to Euston station are attracting development on a large scale to the area.

David added: "The lease of Evergreen House to Serviced Office Group demonstrates the robust micro market of Euston, as our client believes that despite market competition, this location is viewed as an important destination for their portfolio."

"We have noticed a genuine pick up in tenant enquiries and hope this continues to grow throughout 2013."

LSH director wins dealmaker of the year for second year running

Thu, 09 May 2013 15:41:00 +0100

Geoff Gibson, Director in our Industrial & Logistics team, has been named Leicestershire’s Most Active Dealmaker of the Year for the second time in a prestigious property contest.

Geoff was recognised by the Estates Gazette’s online service – EGi - in their annual competition for the country’s most active agents. The Estates Gazette EGi assessment team gathered information regarding deals transacted in 2012, covering all sectors of the market including industrial, office, retail and leisure.

Major commercial property deals recognised

Geoff, who has worked for us for 25 years and is Head of our Leicester office, was involved in several deals including the 70,000 sq ft acquisition of mixed use premises at Braunstone Frith Industrial Estate for Babcock, and the letting of a 73,000 sq ft warehouse at Interlink, Bardon, to MTS Logistics Ltd.

Other deals included the letting of 33,000 sq ft at Harrowbrook Industrial Estate, Hinckley, on behalf of a major property company, and the letting of 30,000 sq ft at Boston Road Beaumont Leys for a private pension scheme.

Strength of LSH offering ensures results

Geoff said: “Although the market has seen signs of improvement, it remains tough, so to get this accolade for the second year running is especially pleasing. Our dedicated team of commercial property consultants know the local market intimately and together with our extensive national coverage, our clients benefit from unrivalled intel. It’s great to see our results receive such prestigious external recognition.”

LSH brings £3m Leicester shopping arcade to market

Thu, 02 May 2013 15:12:00 +0100

We have been appointed to market a historic Victorian shopping arcade in Leicester following an impressive £3 million restoration.

Silver Arcade, which is being marketed by our Leicester and London offices, was built in the 19th century by local architect Amos Hall and is one of only two four-storey shopping arcades in the UK.

20 retail units available in unique city centre location

The magnificent building, located at the heart of the city’s retail centre, comprises 20 retail units located at the entrance to The Lanes - a distinct and unique quarter of the city centre that offers an eclectic variety of retailers.

The refurbished arcade will form a natural link for shoppers from Leicester’s famous open market to other parts of the city’s retail offering including the nearby St Martin’s shopping centre, Malcolm and Royal arcades, and Highcross.

Sympathetic refurbishment for iconic building after 10 years of closure

Martin Herbert, Director in our Leicester office, said: “After being closed for the past 10 years, Silver Arcade has now been refurbished to a very high standard and its close proximity to the city centre’s existing retail offering will appeal to new tenants.

“The current owners have created a vibrant, modern and economically sustainable commercial development capable of benefitting from the unique character and design of the Victorian arcade within which it is located.

“The design strategy has been to restore the original building, enhancing both its inherent character and design integrity whilst at the same time providing new elements that acknowledge changes in the way the building is used and occupied

The accommodation, over four floors, comprises:

Ground floor: Five retail units from 402 sq ft to 1,867 sq ft.

First floor: Seven retail units from 269 sq ft to 1,523 sq ft

Second floor: Six retail units from 277 sq ft to 2,243 sq ft

Third floor: Full planning permission for restaurant/bar use. Two units of 3,165 sq ft and 1,173 sq ft.

Each unit is fully equipped with lighting, plug and telephone sockets, commercial internet points, water connection and drainage systems, intruder and fire alarms, and heating.

The property has two passenger lifts from ground to third floor plus staircases, a separate service lift from the basement to third floor, glazed shopfronts, integrated CCTV and fire alarm systems. Retailers will also have access to an on-site management team.

Significant interest expected from retailers

Martin added: “The building is unique, being only one of two four-storey shopping arcades in the country. After many years spent on a sympathetic refurbishment, we are now seeking expressions of interest from national, regional and local retailers to take space in the arcade.

“There is huge interest locally for what has always been an iconic building within the city. We are already in discussions with some local retailers for upper floor units, involving such uses as designer clothing and home interiors but would welcome further expressions of interest from any party that can add to the mid/upmarket vibrancy this scheme will no doubt bring to the city centre and which the building deserves.”

Rivers House makes its debut on the Leeds office market

Wed, 01 May 2013 10:28:00 +0100

Our Leeds-based Office Agency team has been appointed on the sale of Rivers House, Park Square - the former regional headquarters for the Environment Agency.

First time on the market

The striking building in the city centre has not been available on the open market since its completion in 1949.

The property has the potential to accommodate occupier requirements from 30,000 – 50,000 sq ft across four large, open plan office floors. The building also has 36 basement car parking spaces.

A unique investment opportunity

Adam Varley, Head of Office Agency in Leeds, said: “This type of property presents a unique investment opportunity in the city centre. Once renovated, it could provide much-needed Grade A office space, where demand currently exceeds supply.”

The Leeds office market is reasonably buoyant at present. A number of occupiers have already committed to some very significant lets in the City Centre with recent figures from the Leeds Office Agents Forum showing that total take-up in Leeds city centre reached 235,001 sq. ft across 35 deals in Q1 of this year. The most substantial letting was to the Dart Group (Jet2) who took 71,000 sq ft at The Mint. In the same period, KPMG agreed a pre-let at 1 Sovereign Square (Plot A) of 61,250 sq. ft and Shulmans committed to move into 15,160 sq ft at No10 Wellington Place.

Emergence of a two-tier market

Adam continued: “We are slowly starting to see a split in the market emerging. On one side are those that are able to agree a pre-let on a new office development and on the other side are those that can’t. It is those that aren’t in a position to wait for new space to be built that will be forced to compromise on their requirements when considering relocating.”

“We expect a great deal of interest in this property based on its prime business district location and the lack of available office stock in the centre at present. The fact that it comes with its own secure basement car parking is a huge bonus in this location.

Residential conversion opportunity

“While refurbishment to Grade A office space is the most obvious choice, we are also expecting enquiries from investors with leisure and residential conversion interests.”

The property is currently vacant following the consolidation and relocation of the Environment Agency to Lateral, south of Leeds railway station.

Click here to view the property details.

All systems go for growing IT company

Wed, 24 Apr 2013 00:00:00 +0100

Centrex Computing Services, an IT systems maintenance and repair company, has signed a 10-year lease for the 39,432 sq ft Unit K1 at Pitfield, Kiln Farm.

Our Milton Keynes office acted on behalf of the IT company to find its new premises. Kiln Farm is conveniently located next to the A5 and is 4.5 miles from the M1 junction 14.

The recently refurbished, semi-detached warehouse unit benefits from ground and first floor ancillary offices, a secure yard and separate car parking facilities.

New premises required after period of significant growth

Centrex Computing Services, which has its headquarters in Ashington, north of Newcastle, employs more than 200 staff across the UK. A 65-strong team will be based in Milton Keynes.

Luke Tillison, Senior Surveyor in our Milton Keynes office, said: “Centrex Computing Services has had a presence in Milton Keynes for the past 10 years but, after experiencing significant growth, the company was operating from several units across the town. The company required a new unit with enough space to bring the team together under one roof.”

Unit provides space for future expansion

Mike Heslop, owner of Centrex Computing Services, said: “The unit at Kiln Farm allows us to accommodate our teams in a single unit and provides enough space to support future growth.”

Founded in 2006, Centrex Computing Services LTD enables companies to easily manage their IT services’ supply chains by simplifying the complexities of after sales product support.

BMC signs for office HQ in Winnersh

Mon, 22 Apr 2013 17:54:00 +0100

SEGRO has signed BMC Software for a 36,425 sq ft head office at its IQ Winnersh business park near Reading.

We are retained as joint marketing agents alongside Jones Lang LaSalle to market available office space at the business park. In the latest deal, BMC Software will move from offices in Egham to IQ Winnersh's E2 - the only speculative office scheme in Reading to come forward recently.

New lease signed on two-storey office building

IT management services group, BMC, has taken a 10 year lease on the two-storey office building which SEGRO stripped back to its core in 2012 and refurbished on a speculative basis. The refurbishment was completed in February this year and 75% of the building is now let.

Kate Dean, Customer Development Director for SEGRO, commented: “We took the decision to refurbish E2 on a speculative basis last year. This letting to BMC, so soon after the refurbishment has been completed, demonstrates that there is demand for high quality office developments within the Thames Valley.”

Thames Valley office enquiry levels up in Q1

Nick Coote, Head of our Thames Valley team, added: "BMC’s choice of IQ Winnersh illustrates how access to amenity is important to occupiers; IQ Winnersh has its own railway station and a corporate focussed Holiday Inn hotel with full facilities including restaurant, gym, pool and a conference centre.

"The transaction reflects a very encouraging start to 2013 - in Q1 we saw a 39% increase in enquiry levels and are managing more transactions at one time than we have seen for many years."

Existing tenants at IQ Winnersh include Virgin, Atos, Jacobs Engineering, QlikTech, Microchip, Valspar, Pure Circle and Harris Engineering.

BMC Software was advised by DTZ.

CDM-Coordination at Didcot Power Station

Fri, 19 Apr 2013 13:22:00 +0100

In response to the Large Combustion Plant Directive (LCPD 2001/80/EC), RWE npower - one of the largest electricity producers in the UK - is to demolish Didcot A Power Station in Oxfordshire.

We have been appointed as CDM-Coordinator for the demolition of the power station, with our Health and Safety Consultancy Services team leading the commission.

Didcot A is currently operating as an ‘Opted Out Station’ under the LPCD. This means Didcot A can operate for up to 20,000 hours between 1 January 2008 and 31 December 2015, when the station will have to close. Decommissioning is programmed to commence this month (April) with the demolition works starting in January 2014. The demolition programme is set to last three years.

Large scale demolition project

Built between 1964 and 1968, Didcot A has been in commercial operation since 1970. The station is a dual-fired facility capable of generating 2,000MW of electricity – enough power to meet the needs of some two million households.

Since its design as a four unit coal-fired power station three of the four 500MW generating units have been converted to dual-firing, enabling the station to use natural gas as an alternative to coal. In addition to the main units, the station has four gas turbines capable of providing additional support to the National Grid system when required.

Project marks new phase for the site

Mark Chandler, our Head of Health and Safety Consultancy Services, said: “Didcot A Power Station has been an iconic landmark since its development in the late 1960’s. The demolition of this landmark will greatly affect the landscape of the area – but it signals the start of a new phase for the site.”

Nationwide appoints LSH to manage property portfolio

Fri, 19 Apr 2013 09:33:00 +0100

Their portfolio comprises of approximately 800 properties including offices, retail outlets, administration premises and ATMs.

Ezra Nahome, CEO, commented: “We are proud and excited to be working for one of the UK’s leading high street brands. We look forward to working closely with Nationwide to help them develop and implement their property strategy.”

Full estates management contract

LSH will provide Nationwide - the world's largest building society as well as the second largest savings provider and a top-three provider of mortgages in the UK- with a full estates management service – offering strategic advice, identifying opportunities to run their estate more efficiently and maximising cost savings. The contract will run for five years, with the possibility of a one year extension.

LSH natural fit for Nationwide

Chris Shott, Head of Property & Corporate Services for Nationwide explained why LSH were selected: “LSH were the natural fit for us as we continue to grow as an organisation. They have demonstrated a deep understanding of our business and a commitment to delivering solutions that will drive value and achieve efficiencies.

“Their expertise across the UK, combined with their strategic understanding of estates management, provides us with confidence that they will deliver. We look forward to building a successful partnership.”

LSH expands its northern Planning and Development Team

Thu, 18 Apr 2013 00:00:00 +0100

High profile work across the North

Adam Mirley has been promoted to Director and Head of the Manchester team and Daniel Bolton to Associate Director, advising on residential development and land disposals. Director James Ogborn will now be responsible for managing the wider Northern region.

The promotions come following a successful period for the team. We have won several high profile instructions over the past 12 months, including advising the Homes and Communities Agency (HCA) on due diligence relating to its Get Britain Building Programme and advising on the disposal of two key housing sites at Cottam Hall, Preston and the former Lancaster Moor Hospital.

Expert residential land and development advice

Adam said: “We are witnessing increasing levels of activity, particularly within the residential sector, as interest and demand returns to the marketplace. Our track record in providing strategic development advice across the North West, particularly for some of the region’s most complex projects, provides us with a robust platform to grow this area of the business.”

Daniel commented: “LSH’s residential offering is developing at an important time for the sector, with the government agenda for housing growth helping to drive development. Working alongside our public and private sector clients, we provide the expertise that unlocks value and ensures that our clients achieve the maximum from their land and property interests.”

Convert obsolete offices and create 11,500 new homes

Mon, 15 Apr 2013 09:00:00 +0100

Our research analysed 32 regional markets and found that 27% of total regional availability is obsolete (11.7m sq ft) and of this stock 7.4m sq ft is suitable for conversion.

Modern workplace trends change occupier requirements

Explaining why we have so much obsolete office stock, Tony Fisher, National Head of Office Agency said: “Modern workplace trends have changed office occupier’s requirements – they need flexible, open plan space and crucially less of it. In the last 20 years, the amount of allocated space per person in an average UK office has halved.

“Office occupier requirements will continue in this vein, meaning any stock that does not meet modern workplace trends is unlikely to ever be let again and while not every obsolete building can be converted a fair proportion could be.”

Planning permission no longer needed for office to residential conversion

Tony continued: “In the past getting planning permission to convert an office into residential accommodation could be costly and time consuming. This is no longer the case in England following the government’s recent announcement that they will allow office space to be converted without planning permission.”

The incentive to convert is greatest in London, where the gap between office and residential values is highest. However, the gains to be made from conversion are substantial across the UK. Average capital values for UK residential space are approximately £155 per sq ft, compared to average secondary and tertiary office values which range from £30 to £80 per sq ft.

Top five regional centres with greatest conversion opportunities

Our top five centres from the 32 we analysed, where there are buildings in the right locations, with suitable layouts and residential demand are:
1. Birmingham
2. Edinburgh
3. Nottingham
4. Slough
5. Manchester

Tony said: “Put simply, obsolete office space is a drag on our market and offering investors and developers little or no value. However, the return from converting to residential accommodation is far greater and with the headache of planning permission now removed from England the conversion route is an obvious step for any investor or developer and would go some way towards providing additional homes for our already over-crowded nation.”

Decorum Estates secures further investment

Mon, 15 Apr 2013 00:00:00 +0100

Midlands developer Decorum Estates is beginning a new phase of development at its Swan Valley Business and Innovation Centre in Northampton.

Ideally situated just south west of Northampton off M1 Junction 15a, the second phase of development is underway following the successful sale of all seven properties within phase one.

£2 million development acquired by contractors MV Kelly Ltd

MV Kelly Ltd, a civil engineering and building company specialising in infrastructure, groundworks and other building services, was contracted to create the roads into the Swan Valley estate. While working on the site, the company saw the geographical benefits it would have for its Northampton regional office and bought 10,000 sq ft of space.

LSH, which is marketing the site along with agents Prop-Search and North Rae Sanders, liaised with Decorum Estates and MV Kelly Ltd to agree the terms of the £2 million development. Construction work on MV Kelly Ltd’s office is now set to complete in the second quarter of 2013.

Location provides excellent motorway links and access to vast workforce

Chris Carlisle, Director of Decorum Estates, said: “Swan Valley’s strategic location puts a working population of 1.1 million within an hour’s drive. The site also has good transport links with Luton, Birmingham International and Heathrow airports approximately an hour away. After working at the site, MV Kelly saw the potential the site had for its office requirements.”

Gavin Jones, Regional Manager for MV Kelly Ltd, said: “The proximity to the motorway junction and associated transport links was key for us. The quality of the scheme reflects our aspirations for our regional office”

Four acres of land available for design and build opportunities

There is approximately four acres of land available at Swan Valley Business and Innovation Centre for design and build opportunities.

Chris added: “We’ve seen a positive increase in the level of enquiries from companies interested in acquiring business space on the site. The development’s proximity to the motorway and new links to M1 junction 16 are proving popular with businesses. There has been sufficient interest for us to proceed with further infrastructure to open up the balance of the site, which has now completed.”

David Grove, Senior Surveyor in our Northampton office, said: “The lack of Grade A office opportunities within Northampton is now starting to affect the market. Occupiers of both local and national standing are considering design and build schemes on sites where planning permission has been granted. They can have significant input from the onset into the scheme and the ultimate fit out which makes it very attractive.

“The excellent location that Swan Valley offers in terms of access on to the M1 motorway as well as the direct link into town makes it an ideal opportunity for an occupier.”

Decorum Estates is fast becoming one of the Midlands’ most proactive developers, creating innovative mixed use, office, industrial and retail developments in the area.

Pictured: (from left) Gavin Jones, MV Kelly, Chris Carlisle, Decorum Estates, and David Grove, Lambert Smith Hampton, at the Swan Valley development site in Northampton.

New regional home for residential developer Annington

Mon, 15 Apr 2013 00:00:00 +0100

We have found London-based residential developer Annington a new regional home in Bedfordshire, providing a more central location for the company to operate from.

Annington Homes, one of the largest private owners of residential property in the UK, has signed a 10 year lease - with a break option in year five - for 4,000 sq ft of ground floor office space at Derwent House. Derwent House is a two-storey detached office building located in Cranfield University Technology Park, Cranfield, Bedfordshire. The property has a high specification throughout and sits within an attractive, mature landscape with generous parking facilities.

Our Milton Keynes office acted on behalf of Annington Homes to acquire its new office space, as well as providing building consultancy services.

Move enables improved access to UK-wide portfolio

Holly Dawson, Associate Director in our Office Agency team, said: “Annington Homes has relocated its regional office from the village of Warmington in Peterborough to Cranfield in Bedfordshire. The move allows the company to have better access to its UK-wide portfolio.”

Sally Parsons, Property Director at Annington Homes, said: “As we operate across England and Wales, we needed an office with strong transport links to our head office in central London and the national motorway network. Derwent House is centrally located and provides the connections we were looking for.

“LSH sourced a few potential properties in the area but Derwent House was the most suitable. The agents’ wealth of market knowledge ensured we secured favourable rent terms.”

Over 17,000 homebuyers helped by Annington Homes to date

Annington became one of the UK’s largest private owners of residential property following the purchase of 57,434 homes from the Ministry of Defence (MoD) in 1996. They have since invested time, money and expertise to regenerate thousands of these homes and return them to the national housing stock. To date, the company has helped over 17,000 homebuyers, many of which were first time buyers and key workers.

New Waters HQ shortlisted for Insider’s North West Property Deal of the Year award

Tue, 09 Apr 2013 00:00:00 +0100

A new Global Research and Development Centre in Manchester

We advised US-based scientific company, Waters Corporation, on finding a new facility to accommodate a Global Centre of Excellence for Research and Development in Manchester. From four shortlisted schemes, Waters selected a 35 acre site in Wilmslow as the preferred option and in early 2012, we concluded the transaction.

Works commenced on site in summer 2012, with a planned occupation date of mid 2014.

Biggest commercial property deal of the year in South Manchester

The deal is one of five in the running to be crowned Insider’s North West Property Deal of the Year.

Peter Skelton, Strategic Development Director commented: “This was the biggest commercial property deal of the year in South Manchester and we are extremely proud to have been a key part of the project team, providing a comprehensive service to deliver a key strategy over a four year period.”

The winners will be announced at Insider’s North West Property Awards dinner on Thursday 23 May 2013 at Manchester Central.

Leicester letting secured for Howes Percival LLP

Mon, 08 Apr 2013 15:34:00 +0100

Acting jointly with FHP on behalf of Bassi Properties Limited, we have secured a significant Leicester letting to a prestigious law firm.

Howes Percival LLP has signed a 10-year lease for Unit 3, The Osiers, at Braunstone. The 13,349 sq ft unit offers prime office accommodation with a high quality specification throughout.

The property is located at Meridian Business Park, which is strategically situated adjacent to the M1 Junction 21 and the M69.

Extensively refurbished building boasts ample quality facilities

The two-storey detached building was extensively refurbished and boasts fully raised access floors, new suspended ceilings with inset LG7 lighting, new carpets throughout, a lift, fitted kitchen facilities, and 60 on-site car parking spaces.

Howes Percival LLP was previously based at Bede Island Business Park on the edge of Leicester city centre.

Jane Taylor, Director in our Office Agency team, said: “After considering a number of options available to them, we believe Howes Percival was attracted to The Osiers due to the building’s unique qualities. It is a high-quality, self-contained building suitable for the company’s headquarters with excellent parking facilities and links to the motorway - yet is set within a quiet, landscaped location.”

The Osiers benefits from frequent public transport services and excellent amenities including the adjacent Hilton Hotel with Fosse Retail Park and Sainsbury's Triangle nearby.

New location supports future business growth

Matthew Talbot, Partner at Howes Percival LLP, said: "The lease on our offices at Bede Island was coming to an end and as a firm we felt it was time to relocate to a location that was more convenient for our clients.

“To be so close to the M1/M69 junction has now made us a lot more accessible to our clients and contacts on the M1 corridor, as well as Birmingham and the West Midlands. The new office provides us with a fantastic space to accommodate our current set up as well as supporting future growth.’’

A welcome addition to Bassi Properties' commercial property portfolio

We acted jointly with FHP on behalf of Bassi Properties Limited for the letting, while Budworth Hardcastle acted for Howes Percival LLP.

Avinash Bassi, Managing Director of Bassi Properties Limited, said: “Unit 3 is our second purchase in the thriving Meridian Business Park, which has been let to a strong covenant. Additionally, the fully refurbished building is an excellent addition to our existing commercial property portfolio. Working with LSH proved to be beneficial for all parties involved.”

Howes Percival LLP is a leading commercial law firm with offices in Leicester, London, Milton Keynes, Northampton, Norwich and Manchester. The company is renowned for its top quality service and is recognised as forward-thinking, innovative providers of expert legal advice.

Next phase of development to start at Victory Park

Thu, 04 Apr 2013 12:35:00 +0100

First speculative scheme since the downturn

The £3m scheme in the Lower Don Valley is the first major speculative industrial and logistics development to take place in the region since the onset of the economic downturn.

Plans for the 13-acre mixed-use park include the existing Pre Let deal to Elliott Group as well as the speculative 50,000 sq ft manufacturing building. This will leave the potential for a further unit up to a maximum of 80,000 sq ft on site to complete the site.

Construction works commenced early this year, with the new premises available for occupation by summer 2013 on a leasehold basis.

Increased demand for industrial units over 50,000 sq ft

Our Sheffield-based Industrial and Logistics Agency team is marketing the scheme on behalf of Property Alliance Group.

Lee Charnley at Property Alliance Group said: "Our marketing agents have experienced a significant increase in enquiries for industrial premises in the 50,000 sq ft size range, which has prompted our decision to forge ahead with the speculative construction of this unit.

“We anticipate this will become the catalyst for further speculative development, both here at Victory Park and across the wider region, which will provide a significant boost for both manufacturing and logistics businesses looking to relocate or expand within the region.”

Shortage of high quality, modern stock

Ed Norris, Industrial and Logistics Agent in our Sheffield office, commented: “There is a significant shortage of available high quality/modern manufacturing and logistics buildings across South Yorkshire, which has led to a build up of strong occupational demand.

“Early discussions look positive towards a potential deal being agreed on the unit prior to practical completion, which is further positive news for the scheme and builds upon the existing Pre Let deal to modular buildings business Elliott Group.”

LSH facilitates joint venture for £200m scheme at Edinburgh’s Haymarket

Thu, 04 Apr 2013 11:15:00 +0100

£200m scheme will be catalyst for regeneration

In a joint venture with current landowner Tiger Developments (“Tiger”), Interserve will progress the £200 million development, which will bring together a mix of high quality office, hotel and retail space with the potential to create 3,500 jobs.

Interserve will initially invest £10.5m in the project and the construction contract is for £150 million.

The site already has full planning consent, with tenants already signed up for the initial development phase - including Tesco and serviced apartments provider Staycity. Food chains Prezzo and Pret A Manger are already committed to the second phase, together with advanced discussions with other occupiers for a further 70,000 sq ft of retail and office space.

Strategic gateway to the city centre

Welcoming the launch of the new joint venture, Adrian Ringrose, CEO of Interserve, said: “Edinburgh’s Haymarket site remains one of the best city centre development schemes to be found anywhere in the UK. It will provide a strategic gateway for the city centre, linking seamlessly with one of Scotland’s busiest railway stations as well as being adjacent to the city’s new tram network.

“The proposals for a mix of leisure, retail and office space, linked by open public spaces, will act as a catalyst to regenerate the commercial heart of the area as well as create jobs.

“Our involvement and financial commitment to this project underlines Interserve’s ability in creating value by structuring asset-based funding in combination with the design and delivery of large scale projects.”

Tiger will partner with Interserve in managing the marketing and development of the Haymarket site, building on significant interest already received in the scheme so far.

Best solution for a challenging site

Simon Fox, Development Director with Tiger, said: “Throughout the planning process we have worked hard to develop our proposals in line with the needs of the city and the local community. Our team has devoted a significant amount of time and energy so far in designing a scheme which now represents the best solution for this challenging site.

“So far we have received significant commercial interest in the site from a wide range of UK operators, on top of the existing tenants already signed up. We are now looking forward to working closely with our development partners Interserve to finally give the Haymarket area the high quality of mixed-use development which it so richly deserves, providing a critical balance to the overall development of Edinburgh’s city centre.”

Chris Dougray, Head of our Edinburgh office, said: “The Haymarket is a very exciting development opportunity- not only for the partners involved but for the city as a whole. This is a trophy deal and instruction for Lambert Smith Hampton.”

Architectural design praised by business leaders

Detailed planning approval was granted in March 2011 following an extensive consultation programme with the local community, with the scheme gaining backing from the city’s business leaders as well as praise by planners for the high quality of its architectural design.

Proposals include four contemporary office buildings offering around 400,000 sq ft of space designed to meet the fast-growing demand in Edinburgh for high-quality city centre space capable of accommodating large-scale occupiers on single floors. There will also be a mix of retail, food and leisure developments – including retail units and a food store as well as bars, cafes and restaurants.

The city's new business and transport hub

The new Edinburgh tram system, which is due for completion later this year, runs adjacent to the site and Haymarket railway station, further cementing the location as a principle business and transport hub for the city.

The plans highlight the open and accessible public space, creating a mix of continental style boulevards and pedestrian-friendly public areas. The scheme has been designed to create an easily accessible ‘walk-through’ layout from different directions, emphasising its strategically important location, connecting the city centre to the capital’s second busiest railway station and new tram network - as well as to Edinburgh International Conference Centre and the new exhibition centre.

The project will be delivered by Interserve’s local construction team, based in Livingston. Around 250 Interserve employees will work on the project – employed either directly by the company, or by its local supply chain and specialist sub-contractors.

Further information on the site is available at www.thehaymarketedinburgh.com.

Appointment on Government Procurement Service Estates Professional Services Framework

Tue, 02 Apr 2013 16:26:00 +0100

A full range of property related services can be procured through the framework, including strategic advice, building surveying, agency, lease advisory, development consultancy, business rates advice, valuation, CPO and planning services.

Easy access to Lambert Smith Hampton’s public sector expertise

As a framework supplier, we will support the public sector in reducing their property costs, releasing surplus assets, identifying savings and opportunities to generate income from land and buildings.

Stephen Armitage, Head of Public Sector Services said: “As a framework supplier, we will work with the Government Procurement Service, providing management information to help framework users manage their spend effectively and identify further saving opportunities.”

Stephen added: “We currently work with more than 250 public sector bodies and at any one time we have approximately 100 full-time staff working in the sector. Our dedicated public sector team help clients use their property portfolios more efficiently, reducing costs and ensuring value for money. This is achieved by combining our in-depth understanding of how the public sector works with our comprehensive range of property market skills.”

Find out more about our work in the public sector.

Estates Professional Services Framework: Delivering value for money

The framework is fully EU compliant and provides easy access to property services, saving public sector clients time and money. It can be used by organisations across the UK public sector including central government, local government, health, education, devolved administrations, emergency services, defence and not for profit organisations.

The Government Procurement Service is an executive agency of the Cabinet Office. Its priority is to provide procurement savings for the UK public sector. In 2011– 12 the Government Procurement Service managed £8.4bn of public sector spend, delivering price / demand savings of £759m.

Contact our Public Sector team on 020 7198 2000 or gpsframework@lsh.co.uk to find out more.

Shortlist for prime Marylebone site announced: Moxon Street car park

Tue, 02 Apr 2013 09:38:00 +0100

Five bidders on shortlist

After 230 organisations registered their interest, CIT, Delancey, Howard de Walden, Ridgeford and St George have all made the cut for the second round of bids, which are now being considered.

Winning bid will be announced summer 2013

The final stage in the bidding process comes at the end of April, when three bidders will be selected to work with Westminster planners to put together a pre-application submission. The winning bidder will then be selected and announced this summer.

London’s most popular shopping and dining streets

Westminster City Council anticipated widespread interest in the site given the recent resurgence of Marylebone High Street, which has gone from a retail backwater to one of London’s most popular shopping and dining streets in the space of two decades. The transformation of the street can be attributed to a careful strategy of building a mixed and attractive retail and restaurant offer, focused on quality independent retailers alongside selected flagships.

The effects have been dramatic, not least on the residential market. The area has been accepted by many commentators as part of prime central London. Prices for apartments around Marylebone High Street and the W1H postcode area averaged at £1.04m for the first half of 2012. This represents a 60% increase on the £650,845 listed for 2008. The best locations in Marylebone are now achieving in the region of £2,000 per sq ft.

Mixed-use development opportunity

Cllr Jonathan Glanz, Westminster City Council’s Cabinet Member for Housing and Property, said: “This site presents a fantastic opportunity for the creation of much needed new homes, shops and community facilities for the area, in a flagship mixed-use development which will be a fantastic addition to Marylebone.

“We think that the sensible redevelopment of this site could help to lift property prices in the area; while providing community space for local residents.”

London market still strong

Tim Shaw, Director of Public Sector said: “We have established a short list, each of whom have a wealth of expertise and experience to deliver a superb new destination in London’s West End.”

The prime central London residential market has performed exceptionally well over the past three years following the global credit crisis with prices rising by almost 40%. But the top end of the London market has also performed well in the long term seeing average capital growth of 9.4% each year over the past 20 years.

New schemes worthy of note where pricing benchmarks are being set in prime central London residential market are One Hyde Park and The Lancasters – where the highest quoting price of £16.5m equates to £3,792 per sq ft.

LSH has jointly acted on behalf of Westminster City Council.

Premier Inn for obsolete Portsmouth offices

Wed, 27 Mar 2013 12:15:00 Z

Acting for LaSalle Investment Management, we have completed a Portsmouth commercial property deal which will see Premier Inn, the UK’s largest budget hotel chain, sign a 25-year lease on a new 84-bedroom hotel.

The Portsmouth development by LaSalle Investment Management will replace the obsolete Midland House office block at Dugal Drummond Street, next to Portsmouth and Southsea station, and will create around 35 jobs. There will also be two retail units on the ground floor.

Regeneration for obsolete Portsmouth office building

A planning application has been submitted for the project, which has been designed by architects, PLC.

The Midland House site occupies a prominent and very central location on the busy thoroughfare linking Guildhall Square’s civic offices, university faculty buildings and bars to the shops in Commercial Road. Built in the 1970s, it was vacated by HSBC in 2004 and has stood virtually empty since.

Scheme to prompt further redevelopment of Portsmouth property?

Andrew Derry, Development Director at LaSalle, commented: "The proposed 84-bed hotel for a new Premier Inn is excellent news for Portsmouth, and heralds a significant change in fortune for the city centre which should encourage redevelopment on other local sites. The local authority masterplan has identified this area as requiring special attention and, within the plan, this landmark site is earmarked for redevelopment to remove the unsightly and unsafe undercroft and to infill the ground floor to accommodate a variety of potential new uses including retail, cafe, restaurant and coffee bars.”

South expansion for Premier Inn

John Bates, Head of Acquisitions, UK and Ireland, Whitbread Hotels and Restaurants, added: “Premier Inn is one of the UK’s leading brands and we are expanding rapidly as we respond to strong demand from our customers for more Premier Inn bedrooms in great locations. We have more than 52,000 Premier Inn bedrooms across the country and we are continuing our record rate of expansion to achieve our goal of 65,000 bedrooms by 2016.

“We’re investing in projects right across the South and this latest deal adds to further hotels we are developing at Farnham, Farnborough, Gosport and Winchester. The new hotel in Portsmouth is in an ideal location with its proximity to the civic offices, university buildings and nearby shops and, subject to planning permission, we look forward to opening our doors to customers in 2014.”

Property redevelopment welcomed by local authority

Robin Dickens, Director in our South Coast Agency team, concluded: “Midland House had become an eyesore within Portsmouth city centre and the Premier Inn scheme is welcomed by the local authority to kick-start regeneration activity. It will also encourage redevelopment on other derelict sites.

"We have advised LaSalle Investment Management on this building for over 15 years, and have come close on several occasions to agreement a pre-let. It is therefore particularly rewarding to see this redevelopment opportunity become a reality.”

We acted on behalf of LaSalle for the hotel letting, while Hughes Ellard represents LaSalle for the ground floor retail space. Peter Spelman Consultancy acted on behalf of Premier Inn.

Maidenhead offices secure international occupier

Tue, 26 Mar 2013 11:09:00 Z

Acting for Standard Life Investments, we have secured a new tenant for Thames House on Marlow Road, Maidenhead.

inVentiv Health Clinical is an international health services provider to the pharmaceutical and biotechnology industries and a leader in drug development services, with operations in 40 countries around the world.

The company has signed a new 10 year lease for 33,500 sq ft of office space at Thames House in Maidenhead. This move consolidates its two existing locations in the area (Grenfell Island in Maidenhead and Glory Park in Wooburn Green) into a single site.

Lease surrender agreed with existing occupier

Cliff Jackson, Director and Head of Agency in our Maidenhead office, commented: “We were able to intervene early in the process to secure a new lease on the whole building for inVentiv, which had upcoming lease events on its existing premises. We were also able to agree early access to part of the offices, with the business due to make the full move to Thames House in September.”

As part of the deal, the existing head lease between Standard Life Investments and the outgoing tenant, PGS Reservoirs, has been successfully surrendered and the two current sub-tenants are also relocating to other nearby locations.

Lease events driving commercial property transactions

Cliff added: “We are constantly monitoring a large and evolving database of lease events for tenants across the UK, and with that information at our fingertips we are able to address a company’s relocation needs early. In this particular transaction, having such knowledge has enabled us to create the perfect match, whereby one local employer is making way for another.”

Thames House is a modern self-contained office building on the edge of the town centre, offering 33,500 sq ft over the ground and two upper floors. The specification includes a contemporary reception, raised floors, air conditioning, a roof terrace, as well as on-site parking for 100 cars.

Fleetmatics acquires office space in Reading

Mon, 25 Mar 2013 16:39:00 Z

Acting on behalf of Fleetmatics UK Ltd, we have acquired new offices in Reading.

Fleetmatics is a leading global provider of fleet management solutions for small and medium-sized businesses. Its solutions offer real-time insight into vehicle activity, reducing operational costs and improving customer service. It serves more than 17,000 customers worldwide.

Fleetmatics’ offices span Ireland, USA, Glasgow, Dublin and Reading – with this latest office acquisition in Reading supporting its business relocation and expansion in the UK.

Relocation within Reading

Fleetmatics is currently based in Beacontree Plaza on Gillette Way, Reading, and will relocate to 8,418 sq ft of Reading office space at Imperium on Imperial Way in April. A rent of £19 per sq ft has been agreed on a new 10 year lease, with the deal being driven by Fleetmatics’ business expansion following its recent IPO (initial public offering) on the New York Stock Exchange.

One of first out of town Reading office deals in 2013

Nick Coote, Head of our Reading office, commented: “This is one of the first deals in Reading's out of town office market to complete this year, and it sees Fleetmatics double the amount of office space it occupies in the town.

"Imperium offered the ideal relocation solution – the right size suite, close to where staff are currently based, and competitive lease terms agreed with the landlord."

Improved office market confidence

"Our team in Reading alone has a further 60,000 sq ft of out of town transactions currently in solicitors hands, illustrating improved market confidence in 2013.”

LSH finds the great indoors for Lowe Alpine

Fri, 22 Mar 2013 11:49:00 Z

We have let a 30,000 sq ft warehouse unit in Derbyshire to outdoor clothing and equipment specialists Lowe Alpine UK.

The warehouse facility will shortly be occupied by Lowe Alpine UK following the successful negotiation of a new lease. The premises comprises 31,181 sq ft of open span storage featuring heating, lighting, sprinklers, level access loading, 5.5m internal eaves, generous parking and office accommodation, benefitting also from 24/7 manned security provided by the business park.

International growth ambitions for company

Lowe Alpine is an iconic brand at the forefront of the design, manufacture and sale of back-packs, outdoor clothing and associated equipment. The Equip Group acquired Lowe Alpine in 2012 and its strategy is to grow and develop the Lowe Alpine brand alongside the Rab brand, which is already based in Alfreton.

The move to the Englender Business and Distribution Park at South Normanton, near Alfreton, located adjacent to junction 28 of the M1 motorway, supports the company’s international growth ambitions.

Sean Bremner, Director in our East Midlands Industrial and Logistics team said: "This deal follows recent successes for us in and around J28, consolidating what has been a good start to 2013."

He added: “This is an excellent deal for all concerned. Lowe Alpine UK Limited had a number of choices in and around J28, but our client has worked hard to create and maintain a well managed, and highly secure business location, which clearly proved an attractive opportunity for the company to grow its business. We are pleased to welcome them to the park alongside other national brands such as Alliance Healthcare and Morgan Sindall.”

High quality site will support expansion plans

Ryan Bennett, Finance Director for the Equip Group, said: “We were looking for a high volume and efficient site at competitive prices. It was a pleasure to work with Sean Bremner who helped us to locate the right site and pull together a deal which worked for Lowe Alpine and the landlord. We are very happy to have found a local, high quality site that will support the international growth ambitions of the Lowe Alpine brand.”

The landlord, S Englender Limited, undertook some pre-contractual works to satisfy the requirements of Lowe Alpine. We are also marketing an excellent warehouse facility of 24,199 sq ft featuring five dock-level access loading doors, heating, lighting and spinklers.

A key feature of the business park is the manned 24/7 site security and CCTV system. In addition there is a 4,732 sq ft refurbished open plan, air-conditioned office suite with generous parking provision available. Together, or separately, they can provide an excellent property solution on a well managed business park.

Pictured L-R: The great indoors - Lee Bridges, Warehouse Director of Lowe Alpine UK, Sean Bremner, Industrial and Logistics Director at LSH and Ryan Bennett, Financial Director of Lowe Alpine UK

Copper Court fully let following Care Co letting

Fri, 22 Mar 2013 10:11:00 Z

Acting for the landlord, we have negotiated a five year lease on the whole of the top floor (3,800 sq ft) of Copper Court which fronts onto Phoenix Way.

Tracscare provides individual care packages for adults with challenging or complex needs and has relocated to the Enterprise Park building from Axis Court in Swansea Vale in order to accommodate its expansion needs. It employs 1000 staff nationally with 30 staff based at its new Swansea HQ.

Room to grow, accessible location

Comments Tracscare Chief Executive, Eric Millard: “We hope to take on more staff this year so needed a base that could allow us room to grow but also benefitted from good parking and an extremely accessible location which I’m pleased to say Copper Court does”.

South Wales Chamber of Commerce moved into the 1980s detached two storey building last October (2012) as it too needed more space. Each occupier benefits from separate entrances and reception areas in which to meet and greet customers and clients.

A TITAN deal for Harworth Estates

Thu, 21 Mar 2013 00:00:00 Z

Acting on behalf of commercial property landlord Harworth Estates, we have completed a storage land deal in Leicestershire for a growing multi-national business.

A one-acre plot has been let to TITAN Boxtainer Ltd, part of TITAN Containers A/S Group of companies. The site at Asfordby Business Park, located on the immediate fringe of Melton Mowbray town centre, is to be used by TITAN for open storage of shipping containers with associated handling and crane transport.

Expanding UK network for company

In addition, TITAN will also develop a container ‘self-store’ on the site, with Melton Mowbray now adding to the company’s growing UK network which also includes Grays in Essex, Cambridge, Hull and Southampton – the latter site also negotiated by LSH.

Phil Brewer, UK Director for TITAN, said: “We chose Asfordby because the site was perfectly situated to grow our business in the East Midlands, close to Melton Mowbray and the main roads linking Leicester, Loughborough and Nottingham. It will be convenient for the local community, container transport operators and other related businesses such as removals, clothes recycling and charities, that need cheap and secure storage facilities.”

The region is less well-served than Birmingham and the West Midlands, which influenced TITAN`s decision to locate in Melton Mowbray – an area famous for its food related activities such as pies and cheese. TITAN is a major player in the refrigerated container and cold-store rental business.

Improved access and reduced costs for customers

Phil added: “This will benefit TITAN with lower overall handling and transport costs, also our customers with better access and reduced container delivery costs. Our brand new 20`crane lorry and drag is now operational and we have a variety of ambient and refrigerated containers in stock for hire and sale, plus of course for self-store which means that Asfordby will fill the role of TITAN`s container centre for the East Midlands.”

In an effort to embrace the local community at Asfordby, TITAN Containers is sponsoring local football team Holwell Sports FC.

Sean Bremner, Director in our Industrial team, said: “We are delighted to secure the interest of TITAN to Asfordby. Their use is a great fit for the town of Melton Mowbray. We are pleased to bring another fantastic occupier to the park, alongside Sandicliffe, London Underground, Caldic and Benninghoven and are in discussions with TITAN about other sites within the Harworth Estates portfolio.”

Asfordby Business Park

Asfordby Business Park has availability for warehousing up to 50,000 sq ft office suites from 100 sq ft to 2,500 sq.ft., storage land plots up to 10 acres and build to suit with rail connections, high power capacity and high levels of water abstraction.

Apogee Corporate Ltd chooses Bedfordshire for new national distribution centre

Wed, 20 Mar 2013 12:30:00 Z

A growing digital office solutions provider has chosen a Bedfordshire warehouse unit to locate its new national distribution centre.

Apogee Corporation Ltd has signed a 10-year lease for 3a Woodside – a 25,958 sq ft semi-detached warehouse unit at Humphrys Road, Dunstable.

First industrial warehouse transaction in the area this year

Acting on behalf of Canmoor, we secured the letting - the first industrial warehouse transaction to be completed in the area this year.

The unit has been extensively refurbished to include high quality offices and has a substantial yard to the front and side. It is also near the M1 Junction 11, providing excellent connections to the national motorway network.

New location will enable future growth plans

Lloyd Spencer, Regional Director in our Industrial and Logistics team, said: “We are pleased to welcome Apogee to Dunstable as part of the company’s expansion plans. The company required a unit with good links to the motorway and enough space to accommodate its current team, as well as any new recruits. The Humphrys Road unit meets their requirements perfectly.”

Rob Large, Head of Asset Management at Canmoor, said: “Woodside continues to go from strength to strength. We are pleased to have secured Apogee as a customer and hope we are able to accommodate their future growth plans within the estate.”

Apogee Corporation Ltd expands to internet-based retail

Apogee Corporation Ltd is a leading UK digital office solutions provider offering an all-encompassing, tailored solution. Packages include digital document devices, software, workflow, and telecoms and IT infrastructure, which together form the communication channels within a business. More recently, the company has expanded its sales avenues to Internet-based retail. For more information, visit www.apogeecorp.com.

Kyocera acquires Reading office space

Wed, 20 Mar 2013 12:17:00 Z

Acting on behalf of Mapeley Estates, we have completed a 25,617 sq ft office letting in Reading which will see one of the town’s major occupiers relocate and expand its premises.

Kyocera Document Solutions, one of the world’s leading document output management companies, has signed a lease expiring in January 2021 at Eldon Court, London Road in Reading. Kyocera is currently based in Beacontree Plaza on Gillette Way.

Longstanding UK headquarters in Reading

Kyocera is a Japanese company, established in 1959 and headquartered in Kyoto. Its UK headquarters have been based in Reading since 1988, and the company has since established a support centre in Milton Keynes and a technology suite in London. It sells and supports its product range in the UK and Republic of Ireland, through a network of authorised distributors, dealers and resellers.

Tom Fletcher, Associate Director in our Reading Agency team, commented: “The size of the deal, and the relocation of a prominent occupier within the town, make this an important office transaction for Reading and will give the town centre’s office take-up figures a boost."

Lease break fuelling acquisition and expansion

"With a lease break looming later this year the company recognised that current market conditions could be used to its advantage in being able to upgrade its accommodation. Its current offices total around 15,000 sq ft, so taking 25,617 sq ft at Eldon Court also gives flexibility for growth.”

Duncan Jarvis, Senior Asset Manager at Mapeley Estates, added: “We are delighted to have assisted Kyocera Document Solutions in its continued success in Reading, and to have achieved another significant letting this year within Mapeley’s office estate."

Town centre deals expected to boost 2013 office take-up

Tom added: “Looking at the Thames Valley as a whole, total office take-up reached 1.53m sq ft in 2012 – compared to the 1.7m recorded in the previous two years. While this dip was seen as much in Reading as in other centres in the region, there are now a number of large town centre deals in progress that we expect to boost 2013 take-up figures considerably."

LSH, Savills and Campbell Gordon acted for Mapeley Estates, and Campbell Gordon acted for Kyocera Document Solutions.

Speculative office development unveiled

Mon, 18 Mar 2013 12:11:00 Z

We have been appointed to market Leicester’s first large out of town speculative office development for more than 10 years.

Three Grade A, two-storey office buildings, totalling around 30,000 sq ft, will be built on a two-acre site at Watermead Business Park, Syston, by Marlborough Property Company.

The 63-acre Watermead Business Park is situated in North Leicester adjacent to the A46, which provides easy access to Nottingham, Derby and Loughborough. It is also just 15 minutes’ drive from J21a of the M1 and 30 minutes from East Midlands Airport.

High profile occupiers at the site, which is an ideal location for company headquarters, include LaFarge, Dunelm Mills, Bentley , Flogas and Amec.

Major vote of confidence for Leicester

Jane Taylor, Director in our Leicester Office Agency team, said: “This will be the first speculative office development of more than 10,000 sq ft out of town for over 10 years and it represents a major vote of confidence in Leicester as a destination to attract high quality office occupiers.

“It is an exciting development and one which I am sure will prove to be popular as it will offer Grade A accommodation in a fantastic location, adjacent to Watermead Country Park, with first class transport links and excellent parking provision. At this stage we are still able to tailor buildings to meet specific occupier requirements and invite interested parties to discuss their needs with us. The offices are expected to be completed in spring 2014.”

Picture: An artist's impression of the new offices at Watermead Business Park, Syston, Leicester.

Southampton expansion for Richmond Cars

Mon, 18 Mar 2013 11:49:00 Z

Acting on behalf of a private client, we have secured the sale of an industrial unit in Southampton to a major car dealership.

Ocean House on West Quay Road has been sold to Richmond Cars (Southampton) Ltd, an established and well-renowned car dealership selling new and used vehicles.

£589,000 sale secured

Richmond Motor Group’s Managing Director, Michael Nobes, has bought the premises to expand his Hyundai and Renault car sales and service centre, which is situated next door. The unit, which totals 7,723 sq ft, has been sold for £589,000.

Mr Nobes saved 34 jobs when he bought the dealership in 2009 and transformed it into a thriving business, taking on more staff within six months.

He commented: “You could not ask for a better situation than our West Quay Road premises, sandwiched between West Quay shopping centre and IKEA. When the opportunity presented itself to buy these premises we leapt at it; it allows us to expand our business as we need to, and to provide the latest hi-tech facilities that the motorist expects from a modern car sales and service centre.”

Freehold investment is vote of confidence for Southampton industrial market

Adrian Whitfield, Director in our South Coast Industrial & Logistics team, added: “Richmond Cars’ investment in the freehold of its premises is a real vote of confidence for the area’s industrial market. The company has benefited from current property values in order to expand its operations, which will pay dividends as the economy continues to recover.”

The property is prominently situated on West Quay Road, close to other motor dealerships and trade occupiers, IKEA, LeisureWorld and West Quay Retail Park.

Hemel Hempstead offices prepare for more lettings

Mon, 18 Mar 2013 11:41:00 Z

Since its re-launch last year, a major office development in Hemel Hempstead has gone from strength to strength by attracting a number of new occupiers.

With further investment from the landlord, the scheme is now gearing up for more occupational transactions in 2013.

IMEX in Hemel Hempstead

We are jointly retained by Commercial Estates Group (CEG) to market IMEX – a 52,000 sq ft, newly refurbished office scheme on Maxted Road in Hemel. Since its full refurbishment, more than 18,000 sq ft of space has been let with companies such as Abbey Pynford, Wembley Menswear, Wacom and Strategic Consultants International all secured as tenants to the building.

Changing needs of modern office occupiers

Claire Madden, Director in our Hertfordshire Agency team, commented: “Hemel has witnessed steady office take-up over the last few years. While the economy has undoubtedly been challenging, the needs and requirements of commercial occupiers have continued to evolve – namely the need for quality office space.

“CEG has always acknowledged this within its property portfolio, and its refurbishment of IMEX has delivered that quality business environment, in a building which offers value for money, flexible suite sizes, full management and easy access to the M1 motorway network. We already have interest in a further 8,500 sq ft.”

Investment made to technology infrastructure

As marketing of the remaining office space progresses into 2013, investment in IMEX’s technology infrastructure has also been made in order to continue to secure high calibre tenants. The building is now connected to fibre, meaning high-speed internet and network access for all tenants.

Remaining space being marketed

IMEX has been divided internally to provide a range of size options. On the ground floor suites from 100 sq ft are available on an ‘all inclusive’ rent basis, with the larger suites on the upper floors from 1,000 sq ft and open plan wings from 5,558 sq ft having a quoting rent of £9 per sq ft. Brasier Freeth is retained as the joint marketing agent.

For more information about IMEX, please visit www.imexofficespace.co.uk, www.facebook.com/imexhemel or follow at www.twitter.com/imexhemel.

Lloyds Register signs for Bracknell offices

Fri, 15 Mar 2013 00:00:00 Z

Lloyds Register has signed a sublease on office space at 5 Arlington Square, Bracknell, in the scheme’s latest transaction.

We are jointly retained alongside Knight Frank by Mapeley to market the available space at the office scheme in Bracknell. In this latest deal, Lloyds Register has signed for 25,000 sq ft of office space within the 96,900 sq ft 5 Arlington Square.

Lloyd's Register, the maritime classification society, has sub-let the space from loan management firm, Paratus, which holds the space until 2023 with a break option in 2018. Mapeley has been asset managing the disposal of the lease for Paratus. A rent of just under £20 per sq ft has been agreed.

Bracknell offers best value for money to office occupiers

Nick Coote, Head of our Thames Valley team, commented: “Lloyd Register’s acquisition of 25,000 sq ft at 5 Arlington Square is another vote of confidence for this office building, which in most experts’ eyes is the best available space in Bracknell.

"It is also significant good news for the town itself, which offers occupiers the best value for money when it comes to Thames Valley office space. This deal represents a significant inward investment win for Bracknell.”

Goodman owns the building, which includes a £10m data centre. LSH and Knight Frank advised Mapeley and Paratus, while CBRE advised Lloyd's Register.

North West leads UK Industrial and Logistics market

Thu, 14 Mar 2013 00:00:00 Z

However, activity was down 12.4% on the previous year’s levels and the lowest since 2007 according to our latest research report, Industrial and Logistics Market 2013.

SMEs cause take-up to fall by 50%

The most significant downturn in activity was seen in Greater London and South East markets where activity was down by 41% and 45% respectively but the North West proved more resilient aided by improving levels of demand from the manufacturing sector.

Take-up of medium sized business units up to 50,000 sq ft fell significantly with overall activity in the UK down 34% on the previous year. The North West registered a decline in excess of 50% on the previous year’s figure. This is partly explained by the lack of stock, but also due to the performance of the SME sector being greatly affected by the buoyancy of the economy.

Grade A demand up, but dwindling stock is a hindrance

Prime rents continued to remain stable in the North West with secondary rents also stabilising. Availability increased 6% but grade A supply continued to reduce, falling to 3.2m sq ft. This was reflected across the UK as a whole with only 10% of grade A stock available on the market despite attracting 30% of overall demand.

Manufacturing and Internet retail markets push take-up

The manufacturing sector was particularly active in 2012 with companies such as Tygavac, Ferguson Polymer, and Comfy Quilts all taking expansion space in the North West. Other key deals included Asda’s purchase of a 600,000 sq ft distribution centre in Rochdale for £325,000 per acre and the letting of 405,365 sq ft industrial unit in Ellesmere Port to Jaguar Land Rover for £4.45 psf.

After a decade in obscurity the Mid Box market (c50,000 to 100,000 sq ft) appears to have made a resurgence with both manufacturers and particularly internet related logistics companies taking space in this category.

Speculative development will return to satisfy demand

Andrew Aherne, Head of Industrial & Logistics in our Manchester office commented: “We believe the lower levels of activity in 2012, were due to the reduced stock of grade A space, down 60% from 5 years ago. Several developers have begun preparing sites for the next development cycle. Canmoor, owners of SEGRO’s Trafford Park and Heywood portfolio, are preparing sites for development and it is anticipated that there will be further small scale speculative schemes starting in 2013 to meet increasing levels of demand.

“At the large scale logistics end, Lancashire County Developments has commenced building a 336,000 sq ft crossed docked facility 1.5 miles from junction of M6 M61 & M65 interchange and comprises the largest speculative development in the country. The unit is designed to be able to sub divide if necessary and reflects the resilience of this sector of the market in the NW”.

Demand for grade A industrial space across Yorkshire doubled in 2012

Wed, 13 Mar 2013 00:00:00 Z

Read the full Industrial & Logistics Market 2013 report here.

Dwindling grade A supply hampering some locations

Demand across Yorkshire has focussed heavily on grade A stock, with almost double the amount acquired than the previous year; 31% of overall take-up was focussed on grade A. Despite this, total take-up fell to 7.4m sq ft in 2012, a drop of 27% on the previous year and its lowest level since 2007.

However, only 8% of the stock now available on the market is grade A, which is largely comprised new build logistics units over (100,000 sq ft) across South Yorkshire, where there is currently an oversupply.

Robert Whatmuff, Head of Industrial and Logistics in the North, said: “The lack of stock is holding back the market and occupiers of small and medium sized units are struggling to find any suitable space to accommodate their future plans. Occupiers now have very limited options, with no speculative development occurring over the last few years and the flight to prime mentality in terms of recent occupier requirements.

"This has left us with less than one months supply of small to medium grade A accommodation. In the larger size ranges this is less of an issue as there remains a strong supply of Grade A units over 100,000 sq ft, particularly in South Yorkshire. We have witnessed an increase in Design & Build from those occupiers with more bespoke requirements however, for the smaller occupier this is generally not an option that is palatable or deliverable.”

Prime rental values increase, but take-up will be constrained in 2013

Despite the 27% fall in take-up, every major centre across Yorkshire* registered growth in prime rental values. We expect to see this trend continue as the majority of markets see a reduction in quality stock, but demand still exists.

Predicting what lies ahead, Robert said: “There is already a shortage of choice for occupiers and, due to the lack of speculative development, occupiers will struggle to find suitable properties either in terms of location or specification. Consequently, Design and Build opportunities will need to be considered; the likes of which have already been seen at Woodhouse Link in Sheffield where Home Decor has recently taken occupation of its new 110,000 sq ft bespoke manufacturing and administrative facility.”

'New dawn' approaching as speculative development looks set to return

In certain key locations where there is a demand for stock there are signs that we will see speculative development this year. There is a recognised shortage of grade A accommodation in the region, with availability falling 44% to 3.4m sq ft – its lowest level since 2008. Ed Norris, Industrial and Logistics Agent in Sheffield, added: “Recent take-up of prime space suggests we are fast approaching a new dawn. Whether it be the onset of speculative development or a trend towards high quality refurbishment of existing stock, it is clear there is strong demand for quality product in the right locations.”

* Centres covered include Doncaster, Rotherham, Sheffield, Hull, Bradford, Leeds and Wakefield.

The Range signs for retail warehouse in Portsmouth

Tue, 12 Mar 2013 12:39:00 Z

On behalf of Hargreaves Properties Ltd, we have completed the letting of a major retail warehouse unit in Portsmouth to The Range.

A new 20 year lease has been signed on a 32,000 sq ft retail unit on Portfield Trade Park in Portsmouth, with The Range opening up a new destination store. This follows a full refurbishment and upgrade of the building, which was formerly occupied by MFI.

The Range expands presence on South Coast

The Range is recognised for its variety, with more than 65,000 quality products across 16 departments including DIY, homeware, furniture, lighting, arts & crafts and garden. The opening of this new store, which is situated on the principle trading estate in north Portsmouth, will further expand the presence of The Range on the South Coast, adding to its existing units in Worthing, Gosport, Southampton and Bournemouth.

Demand for retail warehousing remains high

John Butt, Director in our Retail Agency division, commented: “Demand for retail warehousing remains relatively high, with The Range’s expansion on the South Coast being positive news for Portsmouth as well as the wider region. This letting brings Portfield Trade Park up to full occupation, and follows recent improvements made by Hargreaves to units across the estate.”

Existing occupiers on Portfield Trade Park include Avis Rent-a-Car, Edmundson Electrical, Breeze Motor Group, Plumb Centre, Newey & Eyre Electrical Wholesalers and Graham Group.

Appointment won on large Southampton industrial unit

Mon, 11 Mar 2013 09:30:00 Z

We have been appointed by F&C REIT Asset Management to market unit 1 Strategic Park in Southampton.

The modern industrial unit, totalling 68,348 sq ft, is to be marketed to large industrial & warehouse occupiers - specifically those with forthcoming lease events and other relocation requirements within and outside of the area.

Current shortage of large industrial units along M27 corridor

Adrian Whitfield, Director in our South Coast Industrial & Logistics Agency team, commented: “This is a significant appointment for us, at a time when the M27 corridor is seeing a shortage of available large, quality industrial units but occupier demand for such space remains high.

"As a result, we anticipate high levels of interest from warehouse occupiers looking to upgrade their premises and relocate to or within Southampton.”

Warehouse and distribution facility for industrial occupiers

Strategic Park is located off Comines Way in Hedge End, immediately adjacent to junction 7 of the M27. Unit 1 comprises a high quality detached warehouse and distribution facility with secure yard, 158 car parking spaces and air conditioned offices. These attributes make it ideal for light industrial occupiers, with the 1MV electricity supply also likely to appeal to storage and distribution businesses.

Northgate drives expansion plans

Fri, 08 Mar 2013 09:56:00 Z

Northgate Vehicle Hire has signed a 10-year lease for 18 Cosgrove Way – a 9,875 sq ft trade counter/warehouse unit – in Luton.

Marketed by our Luton office, the unit will be a new location for Northgate as it looks to expand and provide efficient and effective fleet solutions to meet the needs of businesses in the region.

Cosgrove Way sits within the Dallow Road area, close to the M1 Junction 11 and Luton town centre. Nearby occupiers include B&Q, Aldi, Kwik Fit, Plumb Center and Partco.

The unit, which has recently been fully refurbished, has a 0.41-acre secure yard providing servicing and parking and is situated on one of the main trade counter destinations in Luton.

New branch to create more than 10 full-time vacancies

The new depot is ideally equipped to service the needs of Northgate’s growing fleet size in Luton, with up to 80 vehicles housed there at any one time, and is expected to eventually hold full workshop facilities. The new branch is set to create seven jobs in the first year of operation and a further 10 full-time vacancies from year three onwards.

Businesses to act fast to secure remaining unit at Cosgrove Way

The Northgate deal follows other recent lettings at the industrial estate, such as Mr Clutch Autocentres and Euro Car Parts. There is now just one vacant unit (4,425 sq ft) remaining.

Dan Jackson, senior surveyor in our Industrial team, said: “Cosgrove Way has attracted a lot of interest, with four lettings completed last year. Supply within Luton and Dunstable, especially of new or refurbished stock, continues to be limited so businesses will need to act fast if they want to secure the last unit.”

We acted jointly with Birmingham-based roadside and trade park specialists Bartlett Properties to secure the letting on behalf of Dunmoore Properties. Vail Williams acted on behalf of Northgate Vehicle Hire.

LSH let second Screwfix store in Swansea

Fri, 08 Mar 2013 00:00:00 Z

We negotiated the deal following the refurbishment of two units contained within one building. Halfords Auto Centres was the first tenant, taking Unit A on a 15 year lease, with Screwfix later occupying the 4,361 sq ft Unit B on a ten year term.

Screwfix is the largest multi channel trade supplier of tools, plumbing, electrical, bathrooms and kitchens in the UK.

New Cut Road is the second Screwfix store to open in Swansea and, prominently located backing on to phase two of the retail park Parc Tawe, it is well placed to serve the city centre market. The first store is located in the Enterprise Park.

Jason Thorne of LSH comments: “Despite difficult market conditions, there are opportunities for re development in and around Swansea and this deal demonstrates the value of refurbishing properties to a high standard and incorporating good quality trade centre frontages.”

LSH wins South East Agency award

Tue, 05 Mar 2013 14:02:00 Z

We have again won the ‘Most Active Agent’ title for Offices and Industrial markets in the South East (excluding London) from leading trade publication, Estates Gazette.

The annual competition collects deal data from across the UK, spanning office, industrial, leisure & hotel, retail and investment market sectors, to award the regional ‘Most Active Agent’ accolades across the country.

Landslide win

For the 13th year running, LSH’s South East office and industrial agents have won the award by a landslide, with the publication itself reporting that “...it will be a long time before LSH loses its crown in the highly-competitive South East market. It has comprehensively out-performed all challengers, thanks to its remarkable performances in offices and industrial.”

More than 1.1m sq ft of offices transacted

Nick Coote, Regional Director in our Office Agency division, commented: “This is an important win for the whole Agency team, and testament to the strong footprint we’ve stamped on the market in recent years. While the lack of grade A office space remains a challenge, there are still deals to be done – demonstrated by the 1.1m+ sq ft of South East office deals completed by our team in the last 12 months.”

3.1m+ sq ft of industrial deals secured

Robin Dickens, Regional Director in our Industrial & Logistics Agency division, added: “LSH’s Industrial and Offices teams have bought home this South East award since the competition began in 2001 – a significant achievement, especially in a recovering but volatile market. Despite this undeniable challenge, our South East Industrial & Logistics team transacted more than 3.1m sq ft of industrial space in 2012 – bucking the general market trend and keeping well ahead of our competition across the region.”

First auction of the year far exceeds industry standard

Fri, 01 Mar 2013 14:42:00 Z

A number of lots sold for far in excess of their guide price – in particular lot three which was sold for a high street bank for nearly 100% more than its guide price at £285,000. All of the LPA receivership lots were sold – reinforcing that the auction room really is the best route for such stock.

For one of our longest standing clients, Essex County Council, we sold 100% of their featured lots, some of which were sold for three times their guide price.

Location is key

One of the most popular lots in the auction was lot 40, a freehold workshop investment, owned by the London Borough of Camden, in West Hampstead, London. Explaining, Oliver Childs, Head of Auctions at LSH said: “We always knew this lot was going to be popular, even prior to the auction over 100 copies of the buyers pack for this lot were downloaded, which is significantly above the average. After much activity in the auction room the lot sold for £251,000, well above its guide price of £110,000.”

Commenting on why this lot was so popular, Oliver said: “It really was down to location. It is in a popular residential area in London, offering an investor the chance to place their money in what is regarded as a ‘safe haven’ location.”

Buying at auction offers chance for return on investment

Concluding, Oliver said: “Buying an asset at auction is particularly attractive to savvy investors. It offers them a real opportunity to get a return on their money – something few saving accounts, gilts or bonds can offer them at the moment. I expect as we continue through 2013 we will see an increased number of returning and new investors in the auction room.”

Dublin City Council rating revalution announced

Fri, 01 Mar 2013 00:00:00 Z

LSH today announced that all commercial properties within the jurisdiction of Dublin City Council (DCC) are to be re-valued for rating purposes as prescribed under the Valuation Act 2001. The relevant date for valuation purposes has been set as the 7th April 2011.

Proposed Valuation Certificates were issued between October 2012 and February 2013 by the Valuation Office confirming the proposed rental value placed on each property in the jurisdiction.

At this juncture Occupiers have the opportunity to make representations to the Valuation Office. The Valuation Office have a period of up to six months from the date of receipt of representations prior to issue of Final Valuation Certificates having regard to representations made.

Upon receipt of this document and as provided under the Valuation Act 2001, each Occupier will have a final opportunity to lodge a Formal Appeal (within 40 days) to the Commissioner of Valuation. Lambert Smith Hampton have made representations on behalf of a wide range of clients in the industrial, office and retail sectors.

For further information contact Deirdre Bonus or Sarah Winters in our Professional Services Department.

Retail Agency appointment for South Coast team

Wed, 27 Feb 2013 13:40:00 Z

We have appointed Simon Cooper as a Surveyor to our South Coast Retail Agency team.

Simon previously worked at Robert Stephens & Co, acting for Volkswagen Group UK in providing acquisitions, management, professional and investment advice on its UK portfolio. During his time here he was instrumental in the sale of multimillion pound portfolios for this client. From here Simon went on to teach Geography at a British International School in Peru, where he also project managed volunteer teams on construction projects for the Mission Latin Link.

Expansion to support South Coast's retail developers and occupiers

Simon joins John Butt in our Southern Retail Agency team, focused on out of town and roadside retail development, acquisitions and disposals for the South Coast’s retail developers and occupiers. Some of his first projects will be the marketing of the Tesco Northarbour site in Portsmouth, the Sainsbury’s site in Farlington, as well as the ex-Comet site in Eastleigh for Eastleigh Borough Council.

Retailers looking to increase market share

Simon commented: “As retailers look to increase their share of the market, there are some exciting opportunities for retail agents in the region. Over the next few years we anticipate a lot of interest from successful retail operators looking for specialist advice as they acquire space and expand their businesses, and we should start to see former industrial and secondary motor and trade schemes taking on a more retail-orientated outlook. Collectively, this will both boost local economies while supporting retail property values.”

Strong Agency appointments in the last year

Graham Holland, Head of our South Coast team, added: “Simon’s arrival to LSH marks the latest in a run of strong agency appointments for us in the last 12 months. Our investment in our Agency team over the last year is paying dividends to the deals and instructions we are winning, with Simon’s arrival being a further boost. He brings a wealth of knowledge to our South Coast team that includes specialist roadside and motortrade retail experience, allowing us to refocus our efforts on this sector.”

Our South Coast Agency team has been recognised as the ‘Most Active National Agent in Hampshire, Dorset and Wiltshire’ for the last six years by leading trade publication, Estates Gazette.

Birmingham Enterprise Zone plans unveiled

Tue, 26 Feb 2013 08:17:00 Z

New city centre development plans for Birmingham have been announced, aimed at boosting the area's property market, attracting investment and creating more jobs.

The developments, which will make up the city centre enterprise zone, are set to give the Greater Birmingham economy a £2.8 billion annual boost, create 40,000 jobs and establish the city as a ‘global centre for inward investment’.

Birmingham City Council leader Sir Albert Bore and Andy Street, chairman of the Greater Birmingham & Solihull Local Enterprise Partnership (LEP), were joined by Chancellor George Osborne and Tory grandee Lord Heseltine to unveil the Prospectus at Birmingham Town Hall to more than 200 property and investment professionals.

Collaboration is key to Birmingham's future

Ian Kibble, Head of our Birmingham Office, said: “The launch of the Prospectus demonstrates just the kind of joined-up thinking that Birmingham and the West Midlands needs if it is to return to being the economic powerhouse it once was.

“The inward investment strategies outlined in the proposals could provide the impetus needed to kick-start the region’s renaissance and attract major companies to locate here, bringing much-needed jobs and prosperity.”

The enterprise zone initiative, which is being led by the LEP, has the potential to use powers agreed by the government to generate income for further investment in infrastructure and skills.

Comprising of 26 sites across the city centre, the zone covers 168 acres in seven clusters focused on the business and financial services, ICT, creative industries and digital media sectors.

Significant investment to boost business growth

An investment plan worth more than £125 million to kick-start the city centre zone was approved by the LEP board in July 2012.

The first phase of activity for the zone included an investment of more than £60m into infrastructure to help unlock developments, such as Paradise Circus; £25m for the extension of the Metro from New Street to Centenary Square; and £40m to support site development and business growth activity.

Ian added: “Birmingham City Council is already working on a number of big projects, including the New Street station refurbishment, the Metro extension, new road building, and improvements to the public realm, which will improve the city.

“The new development opportunities as part of the enterprise zone will further enhance Birmingham’s offering which, in turn, will attract more investment.”

Reading offices purchased in £10.85m deal

Fri, 22 Feb 2013 09:18:00 Z

A joint venture being set-up between Lumina Real Estate Capital and Wrenbridge has purchased Reading Bridge, a freehold office investment in Reading.

Reading Bridge, a 115,000 sq ft iconic office building close to Reading Station, has been purchased for £10.85m - equating to £94 per sq ft. The building is partially let to Royal London, Unit 4 Business Software, Throgmorton, and Scisys Ltd.

There is 69,000 sq ft of vacant accommodation, 57,000 sq ft of which will now be refurbished to offer some much-needed grade A stock into the central Reading office market this year.

Driving value through asset management

Mark Potts of Lumina commented: “The strong property fundamentals and the opportunity to drive value through asset management mean that the investment perfectly fits Lumina Special Situations Fund’s requirements.”

Jeff Wilson of Wrenbridge added: “Reading Bridge offers an exciting opportunity. Reading’s town centre office market is becoming increasingly important, due to the significant infrastructure investment in the railway and station. The station improvements include a new entrance almost opposite Reading Bridge, which opens in March 2013.

"This, and the prospect of the Western Rail Access to Heathrow (WRAtH) in 2018/20, establishing a direct rail link between Reading Station and Heathrow, will make Reading town centre an even more significant office employment centre.”

Quality refurbishment to feed office supply chain at critical time

Our Agency and Capital Markets teams advised Lumina and Wrenbridge on the transaction. Nick Coote, Head of our Reading office, added: “The refurbished office space in Reading Bridge has proven to be very popular with occupiers as it ticks all of a tenant’s wish list: quality space, prominent location and low total occupancy cost. The purchase of the building will bring about the next phase of quality office refurbishment, which will feed the supply chain at a critical time.

"Through our Agency and Capital Markets teams we were able to offer the client the in-depth local knowledge as well as the insight into the broader investment market to bring the deal through to completion."

The property was sold by Edward Symmons on behalf of Law of Property Act Receivers, having been proactively managed by the Asset Management team at Edward Symmons for 18 months.

Appointment to market the UK’s largest speculative shed development

Thu, 21 Feb 2013 00:00:00 Z

The scheme by Lancashire County Developments Limited will replace a 450,000 sq ft building which was destroyed by fire in December 2011 and is the largest new industrial and logistics scheme to take place nationwide since the onset of the economic downturn.

First units to complete summer 2013

Construction works are well advanced, with the first units to be completed for July/August this year. Three buildings are to be constructed, providing in total 390,000 sq ft. Two adjoining units (12m clear headroom) of 166,000 sq ft can be combined to provide 332,000 sq ft in total, or can be subdivided from 80,000 sq ft.

The third unit (6m clear headroom) provides 50,000 sq ft and can be subdivided from 5,000 sq ft. Planning permission has been obtained for a fourth unit of 60,000 sq ft currently available on a build to suit basis.

Discussions are also ongoing with the two existing tenants about continuing their tenancies.

Excellent opportunity for the North West region

Andrew Aherne, Head of Industrial and Logistics in our Manchester office, said: "We are delighted to be instructed on this high profile scheme which comes at a time when there is a real shortage of available new/modern manufacturing and logistics buildings across virtually all size ranges in the key locations of the North West."

"Over 5m sq ft of new speculatively built Big Box Logistics buildings, which were developed prior to the downturn, have now been taken up and there will shortly be no new buildings of 100,000 sq ft and above available in the North West as a whole."

The development will provide a huge boost for both manufacturing and logistics businesses based in Lancashire and the wider North West region.

LSH and Jones LaSalle are joint agents.

Romford industrial unit sale

Tue, 19 Feb 2013 09:12:00 Z

Acting on behalf of Tonbridge Investments Ltd, we have secured the final tenant for an industrial scheme in Romford, Essex, and subsequently sold the scheme to investors.

Tonbridge Works on Tonbridge Road in Romford is a multi-let industrial development, based on the established Harold Hill Industrial Estate close to junction 28 of the M25. Our Essex team was appointed alongside Kemsley LLP to market the last available unit, which has now been let to an existing occupier on the Harold Hill Industrial estate in order to expand its business.

Sale secured close to £1.52m asking price

With the estate fully let, we have now sold the 35,773 sq ft scheme on behalf of Tonbridge Investments Ltd to Petchey Holdings PLC, for close to the £1.52m asking price - reflecting a net initial yield of 10%.

Daniel Harness, Senior Surveyor in our Chelmsford office, commented: “Working with our Capital Markets team, we were able to offer Tonbridge Investments strategic disposal advice when the scheme became fully let. We were subsequently appointed to sell the investment opportunity alongside Kemsley LLP, and after a short marketing period terms were agreed extremely close to the asking price with Petchey Holdings PLC - a high profile property investment company.”

Demand for industrial investment opportunities inside M25

Daniel added: “The sale of Tonbridge Works demonstrates the continued demand for industrial investment opportunities inside the M25, with property firms seeking good yielding, established industrial estates in which to invest.

"Like many other UK centres, the shortage of quality industrial units in all size ranges presents occupiers in Essex and East London with a major challenge when they are looking to relocate or upgrade their business premises. This is a focus for us as we continue our work with developers, investors and occupiers in the public and private sectors.”

Marie Curie hospice dream becomes a reality

Tue, 19 Feb 2013 08:58:00 Z

Employees in our Birmingham office have helped plans for a new £20 million hospice in the West Midlands become a reality after donating more than £7,000 to its fundraising drive.

Our office contributed £7,158 towards the Marie Curie Cancer Care Big Build Appeal, which had a target of £7 million, to build its new facility in Solihull.

Marie Curie Big Build Appeal

The hospice, which opened in January, aims to support thousands of local cancer sufferers, their families, and patients with other serious illnesses.

Staff raised the substantial figure by staging a series of office events including cake bake offs, dress down days, raffles, themed events for national celebrations such as the Queen’s Jubilee, and a Christmas fair.

Debbie Hyland, who leads the charity and social committee in our Birmingham office, said: “The Marie Curie Big Build Appeal has been our office charity for the past three years and, after organising lots of little events, the pounds have soon added up.

“We are really proud to have contributed to the charity’s £7 million target and know that, with our help, the hospice is now up and running and can support many local cancer sufferers.”

Improved facilities for patients and families

Emma Bryant, capital appeal corporate development manager at Marie Curie Cancer, said: “It has taken over 18 months and 140,000 man hours of construction to build, but we are extremely proud to announce that the hospice is now open.

“Two-thirds of people in the West Midlands die in hospital – the place they least want to be. With 24 en-suite single bedded rooms and expanded facilities for day patients, the hospice will provide the most modern of facilities for those who require our care and support. We are very grateful to LSH’s Birmingham office for their support.”

Two new appointments strengthen Birmingham Agency team

Thu, 14 Feb 2013 16:47:00 Z

Our Birmingham Agency team has secured two new recruits.

Surveyor Ankur Chadha, will work alongside Senior Surveyor Jon Hinton, and Regional Director Ian Leather. Ankur, from Sutton Coldfield, has two years’ post qualification experience in property, working for his father’s successful restaurant business Jimmy Spice’s.

As Head of Property and Branding, the 25-year-old led the restaurant chain’s national expansion programme, managing rating appeals, rent reviews and service charge disputes. The City University graduate’s experience also includes two years as a surveyor at GVA Grimley in London.

Graduate Surveyor Sam Mountford has joined our Capital Markets team, led by Associate Director Adam Ramshaw. In the last three years he has gained valuable experience in office and industrial agency.

Sam, aged 26, from Worcestershire, has also spent time within the valuation department working on loan security and pension fund valuations, and with the lease advisory team dealing with rent reviews and lease renewals in the retail sector.

Ian Kibble, Head of the Birmingham office, said: “Ankur and Sam are two very talented young surveyors with great careers at LSH ahead of them. Ankur, with his wide-ranging experience, will bolster the Office Agency team, while Sam will provide valuable support to Adam Ramshaw in the Capital Markets team.”

Financial services firm signs for Slough office space

Thu, 14 Feb 2013 13:40:00 Z

Acting on behalf of DTZ Investment Management, we have signed a new tenant for Landmark Place on Windsor Road, Slough.

Neilson Financial Services has signed a new five year lease on 9,070 sq ft of office space at the modern office development. Neilson Financial Services distributes a range of life insurance products to enable UK residents to quickly and easily take care of their financial needs. A rent of £17 per sq ft has been agreed.

Office move supporting business expansion

Landmark Place gives the company the opportunity to expand from its former 2,500 sq ft of space, with its growth and success in recent years driving its expansion plans forward.

The company’s relocation from Regal Court, High Street, Slough will create new jobs for the town, with Landmark Place also providing room for further growth in the future.

Limited grade A office space in Thames Valley

Richard Duncan, Senior Surveyor in our Maidenhead team, commented: “Landmark Place’s location in the town centre, proximity to High Street amenities as well as Slough station, and the high parking ratio collectively offer occupiers the ideal office environment from which to operate.

"Currently, only 30% of available office space in the wider Thames Valley is classed as grade A, Landmark Place being one of those grade A schemes. As a result we are seeing a lot of interest from tenants moving to or within Slough.”

Space is still available between 3,864 and 28,300 sq ft, and we are retained jointly with CBRE to market the office space. For further information about Landmark Place please visit www.landmark-place.co.uk

Birmingham bucks trend with £107 million office deals

Thu, 14 Feb 2013 09:05:00 Z

Birmingham bucked the national trend with three major office deals amounting to more than £107 million during Q4 2012.

Outside London, the city accounted for more than 10% of total regional office transactions, which fell from £1.55 billion in 2011 to £1.03 billion last year.

Offices most desirable asset in 2012

Adam Ramshaw, Regional Head of Capital Markets, said: “Offices proved to be the most desirable asset throughout 2012, which was largely due to significant volumes of deals in Central London where the total value of transactions increased from £8.43 billion in 2011 to £11.64 billion in 2012.

“In the rest of the UK office transactions are down from £1.55 billion to £1.03 billion. However, Birmingham bucked the trend and accounted for 10% of this total with just three deals alone and we expect to see more deals being done in the first half of 2013. There are currently two other buildings in the CBD under offer at a total price of around £16 million.

“Sellers and potential buyers seem to be a lot closer now on valuations and the current market represents good value and presents good opportunities for investors.”

The three major transactions in the city were:

Baskerville House (195,000 sq ft) sold for £40.475 million to Hermes
115 Colmore Row (80,000 sq ft) sold for £32 million to CLAL Insurance
The Cube (113,000 sq ft) sold for £35 million to Tristan Capital

London continues to dominate

Meanwhile, investment in London accounted for more than half of the total market (£30.3 billion) in 2012 at £17.4 billion. Overall commercial property investment remained flat with a mere 1% increase on 2011’s total of £29.9 billion.

Ezra Nahome, our CEO said: “This is the first time London has recorded such a high percentage of the investment total. Throughout the year London has continued to attract investment, particularly from overseas investors in search of a safe haven.

“In fact, prime Central London offices alone accounted for almost 40% of the transactional market in 2012. If London was the top location for investment, then the office sector was the asset class of choice; more than £15 billion was invested in UK offices last year – a 24% increase in comparison to 2011.”

Retail sector struggled

Countering this, retail investment fell by 40% in 2012 in comparison with 2011. The one sub-sector of the retail market to perform strongly was the supermarkets; where over £1.1 billion of deals were recorded at a weighted average yield below 5%.

Investment in the UK industrial market also remained low throughout 2012 with a 40% drop on 2011. That aggregate figure hides the underlying trend though, which was that investment levels for standard multi-let industrial units and parks remained level, and investment volumes for distribution warehouses fell by 60%.

There was a 26% drop in investment outside London in 2012, equating to an annual decrease of £3.1 billion.

Overseas buyers were net-investors to the tune of £7.7 billion, making them the only major net-investors in UK commercial property in 2012. In response to the strong demand from overseas investors, the major UK investors were net-sellers in 2012.

Predictions for 2013

The key investment trends that emerged in 2012 will persist throughout much of 2013. Overseas investors will continue to seek trophy assets in Central London, although transaction volumes could be limited by the availability of prime assets.

Ezra explained: “The base of overseas investors seeking exposure to Central London will widen even further. For example, we know some of the Australian super-funds are looking to return to the market for the first time since the recession of 2008-09. However, an increase in activity is reliant on the debt being available to the investors.”

Largest Essex office letting in 10 years completes

Wed, 13 Feb 2013 00:00:00 Z

Acting on behalf of Braintree District Council, we have completed the largest single office letting in Essex in the last 10 years.

Mayland House in Witham has been let in its entirety to Cofunds, which operates the UK’s largest independent investment platform. Cofunds has signed a new 15 year lease on the 70,444 sq ft building and will relocate from Chelmsford towards the end of the year. Around 600 staff will make the move to the new premises.

Paul Bullock, Associate Director in our Chelmsford office, commented: “This is a significant deal for Witham and the wider Essex office market, with a prominent tenant committing to the area."

Lease event driving occupier relocation

Paul continued: "With Cofunds’ lease on its existing building coming to an end, this was an ideal opportunity to upgrade its business premises and allow for future business expansion. Mayland House is arranged over four storeys and was built around 1980. It is to be substantially refurbished, upgraded and fitted-out ready for Cofunds’ arrival later in 2013.”

Martin Davis, Chief Executive Officer of Cofunds, added: “Our architects are working-up some exciting designs for the extensive refurbishment of Mayland House, and we see great potential for really putting our mark on the building to make it a ‘home’ fit for our long-term plans. We’re very much looking forward to working with local businesses so we can really be a part of the Witham community.”

Positive start to 2013 for Essex office market

Paul concluded: “The wider Essex office market has got off to a positive start in 2013, with an encouraging level of occupier interest and activity. As with many other UK centres, the shortage of grade A stock will be the main challenge for occupiers seeking new space. This will therefore maintain the pressure on landlords to refurbish secondary stock in order to meet the expectations of the modern office occupier.”