28 property
Property market gears up for growth, says LSH
Enquiries have continued to increase, across all size bands, says Lambert Smith Hampton (LSH) on the Thames Valley property market in Q1 of 2015.
According to LSH this has yet to translate into take up, which is expected to accelerate in Q2. The diminishing amount of grade B space remains the key
supply issue, and the investment market in Q1 was dominated by larger than usual transactions (74% of the total Q1 value was attributable to just four deals).
Nick Coote, LSH head of the Thames Valley, explained: “The high level of enquiries carried through Q1 2015 from Q3 and Q4
2014 makes us confident that we will see a significant pick-up in transactions in Q2 and that actual take-up levels through the first half of 2015 will be positive.”
In terms of the investment market, Charlie Lake, LSH director of capital markets for the Thames Valley, added: “With £111 million already under contract and over £600m of available investment opportunities, we are expecting Q2 to build further on the strong start to the year, albeit dominated by a small number of significant transactions.“
Details:
www.lsh.co.uk
Carter Jonas acts for landlord on significant city centre letting
Oxford city centre’s largest letting in two years has been agreed by Carter Jonas on behalf of landlord Lothbury Investment Management at Clarendon House in Cornmarket Street, Oxford.
Oxford Policy Management (OPM), one of the world’s leading international development consultancies headquartered in Oxford and with offices in nine further countries, is set to double its floor space in Oxford when it moves its team in the second half of 2015 from St Aldates to the approximately 18,000 sq ft offices in Clarendon House, which is in the city centre’s heart above the prominent Clarendon Shopping Centre.
The deal represents the largest office letting deal since the letting two years ago to Natural Motion, a leading games and technology company based in Oxford, London, Brighton and San Francisco, which took 18,857 sq ft at Ramsay House, St Ebbe’s Street, Oxford at a reported rent of £15.50 per sq ft.
Jon Silversides, partner in Carter Jonas’ commercial team, said: “The letting to OPM is significant as it both removes the largest single available
www.businessmag.co.uk
£11 million warehouse acquisition announced
McKay Securities plc, the only real estate investment trust specialising entirely in the South East and London office and industrial markets, has acquired a freehold distribution unit for £10.7m. The property was acquired from Patron and APAM following their recent purchase from Goodman.
The 96,850 sq ft distribution facility is located at Junction 12 of the M4 motorway, adjacent to the Arlington Business Park at Theale in Berkshire. This recognised distribution location is on the edge of Reading and 45 miles west of Central London.
The unit is let to Kuehne & Nagel, the international logistics and warehousing specialist, from where it runs a dedicated frozen distribution operation providing logistics support for Waitrose. The annual rent of £750,000 pa, which is equivalent to a low rent of £7.74 per sq ft, represents an initial yield of 6.6% on the purchase price, increasing to 7.1% off an estimated ERV for the existing building of £8.25 per sq ft.
Clarendon House
suite and also demonstrates a continuing demand for the city centre. It’s great news for the city that a company such as OPM is remaining in Oxford’s heart.”
David Williams, director at Meeson Williams Phillips, who advised OPM, said: “Oxford Policy Management is a perfect example of the need for office buildings in Oxford city centre. The company had its origins in the University of Oxford and intends to retain its close linkages with
the city. It simply has a strong business case to stay in the city centre. OPM is by no means unique, and over the past three years my firm has worked with seven companies searching for offices in the city centre with a cumulative floor area of 62,000 sq ft.”
The quoting rent at Clarendon House was £19 per sq ft. The terms of the deal were confidential.
Carter Jonas acted on behalf of the Clarendon Centre; Meeson Williams Phillips acted on behalf of OPM.
The distribution facility was built in 1984. It comprises a steel framed warehouse of 83,225 sq ft with office and workshop facilities totalling 96,850 sq ft on a six-acre site. The low site cover results in the property benefiting from a large, secure yard.
In addition to continued use for distribution, the property has planning consent for 209,992 sq ft redevelopment to office space as an extension of Arlington Business Park.
Haslams and Whitmarsh Holt Young acted for McKay. Tudor Toone acted for Patron and APAM.
THE BUSINESS MAGAZINE – THAMES VALLEY – JUNE 2015
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56