PROPERTY


The lifecycle of a high profile property


Derby-based Salloway Property Consultants secured a £1m sale of a high profile training facility on behalf of clients Ivygrove Developments. The premises, located on Royal


Boots Enterprise Zone illustrative view


Regeneration site is ready


One of the most significant regeneration sites in the East Midlands has being officially launched to market. The Boots site, in Beeston, to the west of Nottingham city centre, which is


part of the Nottingham Enterprise Zone, received outline consent for 900,000sq ft of commercial space and up to 675 new homes. It was given detailed consent in December 2014 for a new public


highway and is now being released to market by commercial property agency Innes England. Tim Garratt, Managing Director at the East Midlands firm, said: “This site is


hugely important for the regeneration and growth of Nottingham and one of the most significant to come to market for a number of years.” Mark Chivers, Enterprise Zone Director at Boots, said: “We’re really excited


about the opportunities for the site and its future as a centre for health, beauty and wellbeing businesses.” Sites will be available on a long-term leasehold basis from mid-2016 and


offered from approximately 0.3 to 4.6Ha, though there is the possibility to combine some sites. The total space available for residential development is 11Ha and 20.5Ha for commercial. The Boots Enterprise Zone was one of the first ‘new’ Enterprise Zones to be announced by Prime Minister David Cameron in 2011.


The damage that is trapping tenants


Unfulfilled repairs can trap tenants in unwanted properties, according to commercial property consultant Bruton Knowles. Associate Tom Burton, who is based in its Nottingham office, said that


even though there is currently high demand for lettable property and that it is hard for a landlord to prove actual loss caused by unfulfilled repairs, many are willing to pursue tenants to ensure they honour their contracts. And no matter what the condition of the


property was at the start of the lease, if work needs to be carried out at the end and a tenant had a full maintenance contract, they could find themselves unable to afford to move out. Tom said: “The cost of attending to the


necessary works can be considerable, with landlords seeking the cost of the same from a tenant as damages if the work has not been undertaken before the lease terminates.” In order to ensure that


tenants do not find themselves in a tricky position, Bruton Knowles recommends undertaking a full notional assessment of the possible dilapidations liability at least 12 months before the lease is due to end.


Tom Burton business network May 2016 47 Link point established


Innes England has secured terms with a UK healthcare giant at an Alfreton industrial estate. Acting on behalf of M7 Real


Estate, the firm has completed the letting of unit 7, at Ecclesbourne Park, to Alliance Healthcare Distribution, a wholly-owned subsidiary of Walgreens Boots Alliance. The 4,500sq ft unit will be


used as a ‘link point’ distribution facility to support Alliance Healthcare’s existing network in the East Midlands.


Scot Road, are leased to Training Services 2000 - which provides Government-funded apprenticeships and associated learning courses. Marketing was handled by


Managing Director Stephen Salloway, who has now seen his involvement in the property run from the original acquisition, through to the sale of this investment. He said: “It’s a great feeling to be


advising on a property throughout the various stages of its lifecycle. “After the land was acquired,


Royal Scot Road became one of the major office and business unit developments on Pride Park. “Nevertheless, by the time we


handled the negotiations to lease the premises in 2010, the market was flat and securing a D2 Planning Consent for a training facility was a real coup. “We agreed a lease of the


11,000sq ft building with the prospect of income until 2025. “While the rent, currently set at


£8.78/sq ft, is less than Pride Park office rents, it does offer real opportunity for income growth.”


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