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Despite a volatile stock market and problems in the Far East, real estate continues to be attractive to institutions. John Stephen explains “Although the financial fall-out in the Far East removed a number of key players from the UK scene, the institutions are seeing additional competition from well-financed US and continental European sources. The LIK as an investment destination is robust and compares favourably with other European countries.

These figures disguise the money that institutions, where they are unwilling or unable to make new purchases through open competition, are spending by focusing on extracting performance from their existing portfolios Malcolm Nalsh concludes, “Portfolios are being managed actively and revenue received from selling ex-growth stock, often by way of portfolio sales to property companies, is being reinvested in the sector.

Nearly 50% of call centre operators forecast their call centre throughput would increase by 15% or more over the next 12 months after good telecommunications. Michael Haddock, Senior Researcher of Grimley said, “The most surprising results from the survey was the actual size of the call centres 60% of those replying to our questionnaire ran call centres with less than 50 staff.

However, large call centres still represent the majority of demand for staff and property Call centres with more than 200 employees represent 61% of ail employment in Call centres. The results of our survey suggest that the demand from call centre operators will be for a number of different types of property, and not restricted to the large, stand alone units, which have received the greatest press coverage.

Grimley undertook the research to spotlight the current and future requirements of the call centre sector and identify areas where their property requirements were not being adequately satisfied Jeremy Brookes, National Head of Call Centres for Grimley said, “This research provides us with the means to move forward in terms of providing clients with the right property to suit their growing requirements and the in right location This sector is undergoing an explosive surge in growth and call centre operators are required to make rapid changes to their expanding environment in order to adapt and grow Brisbane Conveyancing.

As Andrew Richards comments ‘There is a certain irony about it! For both Steve and myself, its a bit like coming home Bridges are one of the few remaining independent agents in Reading. and., far from suffering the fate of some of the major corporate chains which sprung up in the 1980’s and subsequently sprung down again in the 1990’s Whereas the major corporates are governed and restricted by endless policy memos we are able to react to the market.

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Whatever markets we think are available to us He continues, “Obviously, without the substantial funding afforded by the corporates to their various offices, we have to be careful with finances We consider very carefully our marketing and promotion policies. Whilst all our instructions are guaranteed a certain amount of publicity. we ensure that it is well targeted. and, above all. Productive Bridges recipe has certainty provided success.

As offering property conveyancing year on year their numbers of instructions and deals concluded has risen hey now are entering a new phase in the practice’s growth and say “while it is always tinged with sadness to leave a successful office, our new base will substantially improve our corporate image. and certainly be more ‘client friendly.

English Partnerships has supplied the land for development at a cost of £90,000 North Norfolk District Council is putting £116,000 into the scheme and £152,000 has been forthcoming from the European Regional Development Fund in respect of the Objective 5b programme after regeneration strategy surveys showed this size of accommodation was in most demand in order to meet the demands of Fakenham’s manufacturing business community A building contract has now been signed and construction is due to start in the New Year, with completion anticipated for early July 1998.

Neil Colvill, English Partnerships’ Senior Development Executive for the Eastern Region commented The town of Fakenham is the main provider of employment and services for a surprisingly large rural catchment area, and there is a clear demand for industrial premises here 1 am delighted that English Partnerships’ investment has enabled this land to be acquired for development and to provide a boost to the local economys.

The two units will be suited to manufacturing or warehouse/distribution uses, and companies interested in the premises should approach the Economic Development Unit at North Norfolks.

 

 

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The contract with builders Draper and Nichols marks another important step in the regeneration of Fakenharn as a whole It is hoped the new factory space will give Fakenham’s economy a boost, while complementing the work being done to preserve and enhance the town’s character.

 

Land Securities has passed the first hurdle in achieving its aim to redevelop a 2.5 acre site for leisure use in the heart of Newcastle which will now be referred to the Department of the Environment Land Securities’ director John Maynard is confident of the outcome. “We are very pleased with the Council’s decision We have worked very closely with the Council and English Partnerships to make it happen,” he said.

The scheme will provide some 19,230 sq m (207,000 sq ft) of mainly leisure space on ground, first and second floors, and parking for 400 cars at basement and lower basement levels We hope to start on the new scheme in the middle of 1998 with completion early in the Millennium” adds John Maynard Land Securities’ architects for the scheme are William Gower Partnership, and Rapleys are the letting agents the conveyancing property.

Royal Quays in North Shields and South Shields Riverside are to receive investments totalling more than £12 million from English Partnerships, the govemment-sponsored urban regeneration agency for England Almost £2.8 million has been earmarked for a package of civil engineering and environmental improvement works at East Quayside to create development sites for a hotel and housing.

English Partnerships will also invest £2.1 million to complete the reclamation of the Albert Edward Dock at Royal Quays Announcing the investment package, the Minister said The transformation of the River Tyne over the last 10 or so years has been remarkable. The fact that this work will continue and new development sites will be made available is very good news.

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English Partnerships is committed to investing over £20 million in finalising TADC’s flagship schemes which will provide tremendous economic and environmental benefits for people living and working in these areas These schemes will be fully integrated with existing area regeneration strategies, and will ensure that the North East is home to some of the finest examples of wholescale urban regeneration in the country We wish our successors.

English Partnerships and four local authorities – well and urge them to work with the local communities and businesses as we have done, to ensure the end results secure regeneration and not just redevelopment English Partnerships has also acquired TWDC’s landholdings in South Shields at Viking Industrial Park thus ensuring the continued marketing and development of the sites the Best conveyancing Price in Brisbane.

Has taken the final unit on the ground floor level, known as White Lion Walk at Castle Mall, Friends Provident’s 35,300 sq m (380,000 sq ft) shopping centre in Norwich The 175.8 sq m (1,892 sq ft) unit is due to open in early January (1998) In addition, Sports Soccer has increased its sales space by taking 1 89.8 sq m (2,043 sq ft) on the first floor level.

Hughes TV & Audio has been secured on a 15 year lease with 5 yearly upward only rent reviews at a commencing rental of £62,500 per annum exclusive and is located next to Volume One and Superdrug at the Spoils and Argos end of the Mall.

This is Hughes TV & Audio’s fifth outlet in the Norwich area. Hughes has 35 outlets in total, making it the country’s largest independent in-town electrical retailer selling a variety of goods from televisions and stereos to microwaves and washing machines.

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Francis Darrah, of retained agents Smith-Woolley, comments, Hughes has been steadily expanding over the past ten years, improving the quality, location and size with each new outlet, and this latest shop at Castle Mall is no exception Hughes TV & Audio is well-known in the Norwich area, and the company believes the new outlet is in an ideal position to maximise its sales potential.

 

Sports Soccer has taken a new 15 year overriding lease at a rental of £135,000 per annum exclusive It has 50 units nation-wide and sells a full range of sports merchandise from clothes and trainers to sports equipment like Low cost conveyancing Sydney Sports Soccer has been very pleased with trading levels at its existing unit and was very keen to expand within the centre to capitalise on this Smith-Woolley represented Hughes TV & Audio, and Healey & Baker represented Sports Soccer in its negotiations.

The property arm of the Allied Domecq pension fund has confirmed retailers’ continuing interest in the 325,000 sq ft scheme Birthdays, Thorntons and Flight Centre have all signed up for units in the centre – which is currently celebrating its fifth year.

Card and gift retailer Birthdays has taken Unit 34, located on the Upper Concourse close to Next and Monsoon which provides 1,281 sq ft (119 sq m) of trading space The unit provides 356 sq ft (33.1 sq m) and has been taken on a 15 year lease at a rent of £15,000 per annum.

Finally, Belgian chocolatiers Thorntons has taken Unit 51 A on the Upper Concourse alongside top retailers Marks & Spencer, Bay Trading and River Island. The 460 sq ft (43 sq m) unit has been let on a 10 year lease at a rent of £30,000 per annum Letting agents for The Peacocks are Daigleish & Co and Gooch Cunliffe Whale.

Retail chain stores Sports Soccer and Superdrug are moving into and around The Chequers Centre, Superdrug, already well established in the centre, is relocating to a new, larger unit on the Upper Mall level The retailer has taken a 15-year lease at £145,000 per annum for a store comprising 511 sq m (5,500 sq ft) of retail space with a further 204 sq m (2,200 sq ft) of storage space.

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The unit is one of several created as part of the centre’s on-going £4 million programme of improvements. Superdrug will surrender the lease on its former 455 sq m (4,900 sq ft) unit in the Lower Mall to the landlords The Stoneborough Trust, which has agreed a simultaneous letting to Sports Soccer on a new 10 year lease at £95,000 per annum Sports Soccer, which is making a return to Maidstone after previously operating from a temporary unit elsewhere in the town, intends to open its store in the New Year.
 
 

As part of its move, Superdrug will introduce a new store design concept which features softer lighting, wooden floors low shelving units and rounded gondola aisle ends Property Conveyancing Adelaide Externally, the retailer, which has 720 stores in the UK and Ireland will be distinguished by its new blue and magenta corporate fascia which features the company’s starfish logo. The new store is expected to open before Christmas.

Sports Soccer is the latest in a series of new retailers who have taken space in the centre which is asset managed by St Quintin Thorntons, Supercuts, Perfume Shop and Leather City have all opened stores – while rapidly expanding high street retailer Wilkinson opens on 14 November Meanwhile, Radio Rentals, Nightingales, City Camera Exchange Model Aerodrome and the creche operation Monkeymania relocated into larger units in the centre earlier this year he Chequers already features Bhs, J Sainsbury, Next, Dillons, Superdrug, Boots, Miss Selfridge and Adams amongst its tenant line-up.

Bidders from all over the world are expected to compete for the chance to own one of London’s most famous theatres Since it became known that the current owners, the Mirvish Corporation, were prepared to part with the theatre in London’s Waterloo Interest is coming not just from the theatre world and entertainment business, but from all sectors on an international basis.

As a consequence of this diversity of interest, the theatre and its annexe will be sold by informal tender with interested parties being asked to submit sealed bids The successful purchaser will not just take possession of a magnificent theatre they will also become a vital part of London’s theatre world and take their place in The Old Vic’s vibrant history.

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As the dedication and commitment of the Mirvishes has demonstrated, The Old Vic has a value which encompasses more than just bricks and mortar Ed Mirvish and the Mirvish Corporation have lavished huge care and resource on the 180-year old theatre. After buying it in 1982 they spent around £2.5m on a pains-taking restoration and refurbishment and received two major awards from the R.I.B.A.

 

The Civic Trust The firm still had the moulds in which the work had been cast, and were able to reinstate the interior to its former glory To complement this work the foyer areas have been opened out and new facilities installed for patrons Best conveyancing lawyers Melbourne .

The Mirvish Corporation’s decision to relinquish ownership of the theatre has been prompted by the group’s growing business commitments in Canada which have increasingly precluded the company from giving The Old Vic the attention it deserves.

The sale incorporates both the 1,067-seat Old Vic Theatre and the adjacent 16,000-sq.ft. modern annexe building at 83 The Cut Built in the 1950s, the annexe building is currently home to The Old Vic Box Office and part of the Royal National Theatre’s studios and offices However, there is scope in the medium term for the building to be converted to other uses .

The Mirvish Corporation, Nelson Bakewell and Sotheby’s International Realty are currently carrying out an international marketing campaign, and will shortly announce the deadline for the tender bids ,The Shopping Centre, Milton Keynes was short listed in the top three nominations for best shopping centre and received comments from the public such as All shops easily accessed …. wide arcades … there is space to move even when busy … good disabled parking and toilet facilities.

 

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Andrew Martin of landlords Hermes, commented: “We are delighted with this commendation as we have been keen to ensure that our facilities meet the needs of everyone This good news follows the recent recognition of the Centre’s success when leading research consultancy Retail Directions ranked Milton Keynes ‘the UK’s Number 1 Shopping Centre The Centre Management Team are planning further improvements through relocation of existing facilities and additional amenities for which planning permission has now been received de Havillands is a Manchester based commercial property management and agency company. It will be merged with Savills’ Manchester office which was opened in 1996, making it one of the leading practices in the city The consideration for the whole of the issued share capital of de Havilands is £805,000 subject to adjustment depending, inter alia, on the net asset value of de Havillands at completion However, the total consideration will not exceed £1.11m. The consideration has been, and any deferred consideration will be, satisfied by the issue of loan notes.

Our Tax Depreciation Savills’ Manchester office currently concentrates on investment and agency work with a small management operation The addition of the business of professional management and agency practice of de Havillands will enable us to provide a fully integrated service to our clients in the north west region.

The Directors believe that this merger will give Savills the platform to consolidate its position and make appreciable progress in de Havillands practice areas in conjunction with Savllls’ established investment business from pension fund clients of Schroders Property Investment for £1.4m to show an initial yield of 6.6% .

The two units are let to Monsoon and Boots Opticians with some nine years unexpired and are rack rented at about £80 per sq ft Zone A This property represented a good opportunity to acquire a rack rented retail investment in a strong town with unsatisfied retailer deman.

 

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The recent refurbishment of the Debenhams department store strengthens this end of the High Street, and we were pleased to achieve a running yield at more than 2% over the prime rates prevailing , At a time when property is widely perceived as a ‘buy’, by a number of large institutions there are good buying opportunities at the smaller lot size end of the market and this represents a good example of that We are confident of the prospects for both rental growth and yield enhancement over the near term , Another 42 sq m (452 sq ft) of refurbished space on the first floor has been let at the same rental level to Directory Publishing Ltd .

Landlords AXA Equity & Law have also set aside 1,115 sq m (12,000 sq ft) of offices on the ground floor with possible further expansion up to approximately 1,858 sq m (20,000 sq ft) for conversion to leisure use, including a possible gymnasium or bar/restaurant , Edward Rooney, of sole agents Richard Ellis, said We are offering generous incentives on the remaining 908 sq m (9,780 sq ft) of office space available within the building which is also included in the programme of refurbishment capital budgeting application .


The major facelift project at the ten-storev building has included the installation of new high performance windows with solar control, double glazing and opening lights , A survey of 100 banks has revealed that 71 % expect to increase their property loan book over the next 12 months The research shows that a similar percentage of banks increased their property book during the past year with new loans accounting for more than half of the business.

The popularity of property is good news for would-be lenders. Nelson Bakewell director Tim Crossley-Smith observes As banks compete to take a position in the sector they are proving to be more flexible on loan-to-value ratios Since the survey was conducted last year, the number of respondents willing to lend on a maximum loan-to-value ratio of between 70-80% has increased by nearly 20% As the competition between lending sources increases, there now appears to be a greater willingness to offer loans on even more than 80% of value, although loans at such high ratios increasingly involve equity participation from the bank involved.