Regional News
Trio Of Promotions at CBRE Leeds
The Leeds office of CBRE has announced three promotions across its Operational Real Estate, Industrial and Property Management teams following another strong financial year for the business.
Sam Potrykus and Lee Robertshaw have been promoted to Associate
Director within the Operational Real Estate and Property Management teams respectively, while Sophie Angus has been promoted to Senior Surveyor within the Industrial team.
CBRE’s Operational Real Estate division has grown by a third and the Leeds business has also launched dedicated Project Management and Residential Sales divisions to further enhance its client service offering.
Managing Director of CBRE’s Leeds office, Richard Sunderland, said; I am pleased to announce the latest round of promotions across CBRE Leeds. After a strong start to 2019, we are working towards an eighth consecutive year of growth which is indicative of the high calibre of staff we employ and the value we place on their career development. We look forward to the continuing success and growth of the business throughout 2019 and beyond."
Palace Capital Appoints ....
Palace Capital (LSE: PCA) has recently appointed William Hagger as a Senior Portfolio & Asset Manager to support the implementation of the Group’s portfolio strategy. He will report to Executive Property Director Richard Starr.
Will, who is experienced in full-cycle investment and capital development, with a strong track record of acquisitions, disposals, and value-accretive asset management, joins Palace Capital from the London Diocesan Fund. As Head of Property Investment at the Fund, he was responsible for a circa £105 million diversified charitable property investment fund including strategy, sourcing investment opportunities, asset management and divestment. Under Will’s stewardship, the Fund outperformed the IPD All Property Index and leading charity property funds over the five year period to December 2018.
Before joining the London Diocesan Fund in September 2013, Will spent ten years at CBRE.
Commenting, Richard Starr, Executive Property Director at Palace Capital said: “At Palace Capital, we have very clear ambitions to grow the size of our portfolio in line with our strategy, but importantly to also maximise the value we create from those real estate assets that we so carefully invest in. Will has a first class set of experience that is ideally aligned to our objectives and the team is very pleased to have him on board.”
Will is a member of the Royal Institution of Chartered Surveyors. He holds a PG Dip in Estate Management from London South Bank University and a BA Hons in Modern European Languages from the University of Durham.
Lease Surrender in Birmingham
Palace Capital has contractually agreed the surrender of the occupational lease at Priory House, Gooch Street North, in Birmingham.
The tenant, Forensic Archive Ltd, has agreed to surrender its lease, which runs to December 2027 at a rent of £322,000 per annum, and to pay effectively all rent due to expiry, totalling £2.85 million. The contract for surrender will complete on 31 May 2019, with the tenant continuing to pay all outgoings until then. The Company will continue to be liable for empty rates and insurance.
Forensic Archive Ltd vacated the building in 2012 and it has remained unoccupied since then. The lease surrender will allow Palace Capital to move forward with a business plan for the property, with all options to maximise shareholder value currently being assessed.
Neil Sinclair, Chief Executive of Palace Capital, commented: “This is another example of our team’s keen asset management skills. To have secured vacant possession and received all rents due up front puts us in a strong position to be able to fully evaluate our options for this property, which include a potential refurbishment or redevelopment in conjunction with the freeholder, or alternatively the sale of our leasehold interest. The transaction also further boosts our cash balance giving us more flexibility in terms of investment opportunities.”
Palace Capital acquired the leasehold of the 63,000 sq ft property, held until December 2027 at a rental of £100 per annum, from Quintain in October 2013 as part of the Sequel Portfolio. As at 30 September 2018, the Company’s interest in Priory House was valued at £2.2 million.
6 COMMERCIAL PROPERTY MONTHLY 2019
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