The East Midlands
Londonmetric Sells £11 Million of Long Income Assets
LondonMetric Property Plc (“LondonMetric”) announces that it has sold two long income assets let to M&S and Wickes in Derby for a combined consideration of £11.1 million at a blended NIY of 6.0% and a 7% surplus to the last reported book value.
The disposals comprise: • A 15,000 sq ft M&S Foodhall, sold by way of a forward commitment to an overseas private investor for £6.2 million. The asset is let for 15 years at a rent of £25 psf. Completion of the sale is expected at the end of the year
• A 34,000 sq ft Wickes store, sold to an overseas property company for £4.9 million. The property was acquired by LondonMetric three years’ ago as part of a portfolio and is let for a further 11 years. Completion of the sale is expected in August.
Smartroof Boosts Offsite Production
Smartroof, UK manufacturer of offsite, panelised ‘room in roof’ systems, has completed a £1.2 million investment in its Derbyshire production facility to drive efficiencies, improve quality and meet the growing demand for its modular roof system.
The company is an award-winning manufacturer of ‘room in roof’ systems, providing a cost effective, safer and more efficient method of constructing roof structures. The investment at the company’s Swadlincote facility will see manufacturing capabilities increase by an impressive 150%. It means they will have the ability to produce up to 25 plots per day.
As part of the investment at the 48,000ft2 production facility, attention has been paid to layout and flow of materials. Five state-of-the-art fabrication bays have been installed along with 18 new overhead cranes. To further increase the efficiency of production processes, new automated CNC saws enable safe, accurate and fast cross-cutting.
Begbies Traynor Group Acquires Expert Property Finance Broker
Begbies Traynor Group has acquired leading finance broker, MAF Finance Group, an expert in arranging finance for the property sector, in a deal worth up to £11.75m.
Under the deal, the nationwide firm of finance brokers headquartered in South Normanton, Derbyshire, which was previously known as Midlands Asset Finance, will become part of the Begbies Traynor Group.
It brings a highly experienced 46-strong team of finance experts, as well as comprehensive industry expertise spanning construction, engineering, manufacturing, healthcare, agriculture and renewables, fleet management and vehicle leasing.
Working with a large panel of banks and alternative funders, MAF supports clients in accessing finance by arranging facilities for investment in new asset purchases, including equipment, vehicles and property, together with both refinancing and restructuring existing facilities.
It has a proven track record of success in the field, having successfully arranged finance in excess of £150million for clients during the last financial year alone, with funding secured for the property sector to help it through the pandemic. The team has grown rapidly in recent years, having invested in recruitment of experienced employees and broadening its product and sector expertise.
COMMERCIAL PROPERTY MONTHLY 2021
Triton Completes Derby School Rescue Project
Triton Construction has completed the transformation of vacant office premises in Derby to provide a temporary new school for St Mary’s Catholic Voluntary Academy following a devastating arson attack.
The deliberate fire destroyed the primary school building in Darley Abbey last October and St Ralph Sherwin Catholic Multi Academy Trust undertook a procurement process to assemble a team able to replace the teaching facility as soon as possible with a medium-term solution until a new school could be built.
Along with the consulting team which included GNA Surveyors and CBP Architects, Triton managed to renovate three floors at St James House off Mansfield Road in Derby to deliver new classrooms, toilets, canteen facilities and play space for 350 children in just 15 weeks from start to finish.
Ian Chapman, Construction Director at Triton Construction, said, “We are delighted to complete this project to allow St Mary’s to prepare for and resume teaching after the Easter break. This really was a ‘Challenge Anneka’ style rescue project where value engineering played a significant part in being able to deliver a speedy solution with budget restrictions.
“The project involved the stripping out and complete refurbishment of the existing office layout on the first, second and third floors, comprising 22,500 sq ft. We also delivered a separate entrance way, new car parking and external play areas with security fencing. The school’s ability to respond quickly and make speedy decisions, allowed us to complete the project in just 15 weeks, despite working in consideration of existing occupiers in the building.”.
In the last few years Triton has seen a significant increase in work across the education sector.Over the last 12 months it has completed 9 school extension or upgrade projects valued at over £30 million with 3 ongoing.
Chesterfield Showing No Sign of Slowing Down
Amidst the pandemic, Chesterfield in Derbyshire has made significant progress with £1 billion of investment in the borough with major projects at Northern Gateway and Chesterfield Waterside and The Glass Yard all coming out of the ground.
Construction began on offices at One Waterside Place and the Northern Gateway Enterprise Centre, as well as on office and retail space at The Glass Yard in 2020; and all are on track for completion in 2021.
PEAK, an all-year leisure, education, wellness and entertainment destination set in 300 acres of reclaimed parkland, also made progress. Its indoor activity centre, The Summit @PEAK, is also set for completion in 2021.
PEAK, together with additional hotel and leisure developments at both Chesterfield Waterside and Elder Way, will also enable the town to capitalise on its proximity to the Peak District National Park. Already, visitors contribute £175million to Chesterfield’s economy each year and experts believe that just a 5% increase in beds would deliver a 50% increase in spend.
In addition to major schemes in the town centre and at Chesterfield Waterside,
regeneration is taking place throughout the borough. The town recently celebrated receiving £25.2million from the Government’s Town Deal programme for Staveley. It is being billed as one of the largest economic programmes in the borough in recent history.
Peter Swallow, Chair of the town’s inward investment campaign Destination Chesterfield, said: “Chesterfield has proved time and time again that it is a resilient and strong town which consistently performs well in the face of adversity.
“During the pandemic, major projects have come out of the ground which is testimony to our forward-thinking council and a key reason why investors from outside the area are keen to do business with us on major projects like PEAK, Waterside and HS2.
“We have attracted investment, jobs have been created and a plan is in place to ensure not only that we recover quickly from the pandemic but that we are stronger because of it. There is much to celebrate now and for the future of Chesterfield.”
To find out more about investing in Chesterfield visit
www.chesterfield.co.uk
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