| the north east
STRONG START TO 2016 FOR NEWCASTLE’S NAYLORS T
he North East’s leading independent commercial property consultancy, Naylors, has reported a strong first quarter to 2016 across all departments. The firm, which turned 25 last year, has recently undergone a major re-brand and recruited a number of new staff to assist in delivering a five-year growth strategy and extending its services lines.
Since the start of 2016 Naylors has announced a raft of new deals and instructions across all sectors. Its industrial agency department has been appointed by developer, Citrus Durham Ltd, to market Integra 61, a major industrial scheme in County Durham, which has recently received outline planning permission. The proposed development will transform a 200-acre site at J61 of the A1(M) into a mixed-use commercial scheme, which will include up to 2m sq.ft of employment space comprising large industrial and distribution units, a 70- bedroom hotel, a residential care home, restaurants, a GP surgery, retail units and up to 270 new homes along its boundaries closest to Bowburn village. Keith Stewart, head of industrial agency at Naylors said: “We are very excited to have been appointed to market Integra 61, which is set to become one of the largest developments of its kind in the North East.
The scheme has the capacity to accommodate individual units of up to 1 million sq.ft, making it ideal for occupiers with large space requirements and addressing the region’s severe shortage of big sheds.” "We are aware of a number of sizeable requirements in the market right now and there are few, if any, other comparable schemes in the North East that can accommodate these, so we are very confident Integra 61 will appeal to major occupiers particularly given its location immediately alongside the A1(M).” The firm’s office agency team has recently let a 20,000sq.ft office building in Sunderland to leading technology transfer company, RTC North. They also let a 10,000sq.ft office suite at Lighthouse View in Seaham to vintage bridal wear business, House of Mooshki. Simon Taylor, head of office agency at Naylors said: “Total office take-up in the region for the first quarter stands at 172,747 sq.ft, which is a positive start to the year and we are confident there will be further improvement in the figures over the course of the year. Whilst city centre availability is gradually diminishing there are still fantastic opportunities in the out- of-town market and that is where the majority of large transactions are taking
ACE HIGH
in commercial property focusing on areas outside London. Its strategy is to utilise its Directors’ detailed knowledge of the market and long-standing connections with the industry to locate properties which offer the opportunity for an increase in value by imaginative change of use or realisation of development potential. Formed in 2007, Ace began to invest
A
in the post-recession market in 2012 with the benefit of additional equity investment from high-net-worth individuals mainly resulting from the association with LiBank (Levant Investment Bank) s.a.l. based in Beirut. From this start, Ace has created a portfolio worth £30m with an annual income in excess of £2m. To date four properties have been profitably sold on for redevelopment.
The North East of England has
featured heavily in the Company’s activities with current holdings in Sunderland, Doncaster, Leeds, and Gateshead. Ace’s CEO, Ismail Ghandour has a long- standing association with the North-East and a high regard for opportunities in
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ce Liberty & Stone plc is an ISDX- listed company which actively invests
that area, having made acquisitions there in the past. Accordingly the company has purchased – and then sold on – New Bank House, Sovereign House and Telephone House in Sheffield as well as Princegate House, Doncaster and Hume House, Leeds. Ace expects the UK Government’s
Northern Powerhouse initiatives to not only benefit major cities in the region such as Newcastle and Leeds, but also in surrounding areas through snowballing effect. Our portfolio in the region will ensure we benefit from both the
anticipated growth in property capital value, as well as high income generated by growing demand for office and accommodation space. Not content to rest on its laurels, Ace
will continue to seek out additional acquisitions as well as opportunities to extract value from the existing portfolio. Future plans include further acquisitions; transactions involving realisation of existing assets; and renewing financial facilities to permit on-going development of the portfolio. Ace values the support it receives
The North East of England has featured heavily in the Company’s activities with current holdings in Sunderland, Doncaster, Leeds, and Gateshead.
from its diverse shareholder base and in February 2016 raised £3.5m through an Open Offer to existing shareholders to enable further expansion. As a publicly- quoted company, it has sought to reward shareholders by declaring a dividend at the increasing level of 2.4%, 3% and 3.3% over the past three years, made possible by its increasing scale and profitability. With a secure portfolio, sound management and a supportive shareholder base, Ace faces the future with confidence and expects its existing strategy to generate increasing returns to shareholders. For more information visit
http://acelibertyandstone.com/
COMMERCIAL PROPERTY MONTHLY 2016 place.’’
Naylors’ investment department has also completed a number of deals including the acquisition of a retail parade on Gosforth High Street for £3.2m on behalf of Halcyon Group, the acquisition of a warehouse in Bowburn for £3million, the sale of multi-let industrial Estate in Washington for £850,000 on behalf of IO and the sale of Cleveland Business Centre in Middlesbrough on behalf of Buccleuch. Fergus Laird, head of investment at Naylors said: “Whilst competition for product within the market place is increasingly aggressive and there is pressure from other regional centres, there is certainly interest in the right product at the right price. The industrial investment market remains particularly strong throughout the region and there is a high level of demand for prime office and retail space, particularly in Newcastle. There has been a notable slow down at the larger end of the scale due to the uncertainty surrounding the EU referendum.” Naylors has also been busy within its property management, building consultancy, lease advisory and valuations departments, and has been instructed on a portfolio of rent reviews and lease renewals on behalf of UK Land Estates in relation to a range of properties.
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