News


Labtech Appoints New Retail Asset Manager for Hawley Wharf Camden


Leading London property investment company, LabTech, has announced the appointment of Jonny Perkins as Retail Asset Manager for its new 580,000 sq ft development, Hawley Wharf Camden, and LabTech’s other Camden holdings.Perkins joins LabTech from CBRE where he spent six years in the central London retail leasing team, advising institutional and private landlords, including The Crown Estate, Great Portland Estates, M&G, Sirosa, and CBRE GI on their retail and leisure strategies.


The appointment comes at a pivotal time for the business as LabTech finalises Hawley Wharf Camden, with phase one due to launch later in 2021. The 580,000 sq ft mixed-use development is a revolutionary retail and leisure destination in the capital. Jonny’s role will focus on positioning Hawley Wharf Camden as a must visit F&B, leisure, entertainment, and retail destination at the heart of LabTech’s Camden estate.LabTech owns and manages over 2.2 million sq ft of real estate across Camden, Holborn and Kings Cross.


Workman Appointed by Brookfield on Major Retail Park Portfolio


Workman, the UK’s largest independent commercial property management and building consultancy firm, has been appointed by Brookfield as property manager on a portfolio of 9 major retail assets including Central Retail Park in Falkirk, Cleveland Retail Park in Middlesbrough, Cyfarthfa Retail Park in Merthyr Tydfil and Rugby’s Elliott’s Field Shopping Park amongst others.


Brookfield recently acquired the 232,195 sq m retail portfolio in transactions with Hammerson and Nuveen Real Estate, which includes over 280 occupiers.


Nick Hilton, Partner - Workman Retail & Leisure, commented: “Being appointed by Brookfield on this significant retail portfolio is testament to the skills and expertise we have demonstrated in managing these assets.”


Hammerson Disposes of Retail Parks Portfolio


Hammerson has exchanged unconditional contracts on the portfolio sale of its seven retail park assets to Brookfield for £330m cash proceeds, representing an 8% discount to the 31 December 2020 book value of £357m. This transaction concludes Hammerson’s exit from the UK retail parks sector.


As previously announced, Hammerson has also recently disposed of Brent South Shopping Park (£22m at Hammerson share) and its minority interests in Nicetoile and Espace Saint Quentin for £73m, these were in line with 31 December 2020 valuations. The transaction announced today takes the total gross proceeds of Hammerson’s disposals in 2021 to £403m at an average discount to 31 December 2020 valuations of 6%.


Rita-Rose Gagné, Chief Executive of


Hammerson, said: “As highlighted at the full year results, our immediate priority is to strengthen the balance sheet. This latest disposal is a positive step. Alongside this, we continue to focus on delivering operationally.


We have successfully


welcomed back our customers in England to our flagship venues, with footfall levels well above the June 2020 reopening, and look forward to reopening our other destinations as local restrictions allow over the coming months.”


COMMERCIAL PROPERTY MONTHLY 2021


SMEs Offered Reduced Rate Owner-occupied Commercial Mortgages as Part of Allica Bank Commitment to Lend Additional £50 Million


Allica Bank has committed to lend £50 million at a reduced margin of 3.5% during an 8-week promotion targeted at SMEs looking for owner-occupied commercial mortgages.


The promotion has been designed to help the commercial property industry in supporting established SMEs access the finance they need to achieve growth. Qualifying owner-occupied mortgages are between £150,000 and £5 million with a loan-to- value of up to 60% and where debt service coverage ratio is more than 2.0x.


Conrad Ford, Chief Product & Strategy Officer at Allica, says with the opportunity for growth and recovery at a high, it is the ideal time to be offering support: “At 3.5%, it is the kind of rate generally only offered by high street banks. We’re extremely pleased to be offering this rate in conjunction with the quick and reliable service of our expert local relationship managers who are armed with slick technology that makes our customers’ lives easier.”


Allica also provides commercial investment mortgages (not part of this promotion) and asset finance loans of up to £500,000.


Borrowing through Allica Bank involves entering into a mortgage contract


secured against property. Your Property may be repossessed if you do not keep up repayments on your mortgage.


Anyone looking to enquire on the promotion can call 0330 094 6666 or contact hello@allica.bank and expect a call back within a business day.


Warehouse Reit £20M Industrial Estate Acquisition


Warehouse REIT has completed the acquisition of Cambridge South Industrial Estate, comprising 68,000


sq ft of newly built multi-let industrial units and an adjacent development site, located on the wider Dales Manor Business Park, just seven miles south of Cambridge city centre, six miles north of Chesterford Research Park and within four miles of both the Wellcome Genome Park and Granta Park. The purchase price of £20.15 million reflects a net initial yield of 4.15% on the apportioned price for the completed buildings.


The property offers an attractive mix of strong day one income and the longer-term opportunity to add value through ground up development, benefitting from the chronic supply


/ demand imbalance industrial space in Cambridge.


Andrew Bird, Managing Director of the Investment Advisor, Tilstone Partners Limited, commented: “This is a rare opportunity to acquire a modern, multi-let warehouse estate in one of the UK’s fastest growing business and employment hubs, with additional development land allowing the Company to pursue ongoing discussions with potential users, with a view to securing pre-lets that will deliver enhanced returns over and above the built stock.” More details from: www.warehousereit.co.uk


of modern


CBRE Global Investors Completes £16M Shopping Centre


CBRE Global Investors has announced the completion of its £16m shopping centre refurbishment of Angel Central, London. The works, designed by international architects Haskoll, have been delivered by RED Construction and development managers Queensberry.


The redevelopment has also seen the creation of a pedestrian link bridge and balcony extensions on the first floor, above a fully glazed kiosk within the central plaza, and enhanced lighting, paving, and balustrading. The iconic, 12-tonne ‘Angel Wings’ have been elevated by 3.5 metres at the heart of the scheme, using an innovative process introduced by RED Construction.


With an emphasis on sustainability, Angel Central has recently become one of only three shopping centres in the world, and the second UK asset, to achieve a 2-star rating in the latest Fitwel framework, the world’s leading certification system for optimising building design and operations, to support human health and well- being.


James Coulsey, Development Director, Queensberry, added: “It is fantastic to see the development at Angel Central complete. We have managed to transform the centre, introduce some great new occupiers, and create new inviting spaces.”


CBRE and CWM represent Angel Central for both retail and leisure enquiries.


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