Property round-up: Mandarin Court attracts £2.5m price tag; Designer Room opens at The Lowry; and more

KNIGHT Frank has been appointed to sell three modern office buildings at Mandarin Court in Warrington on behalf of Henderson Global Investors.

The buildings, which are based within Warrington Centre Park, are being sold as an investment package. The units – Buildings Two, Four and Five – are all currently occupied and collectively produce a total annual rent of £305,455 per annum.

THQ Digital Studios currently has four years left of a lease on 6,066 sq ft at Building Two, Latium Digital Marketing has nine years left of 7,972 sq ft Building Four and Cogent SSC has five years left on the 6,037 sq ft Building Five.

Each unit is a modern detached. two-storey office building with their own designated car parking facilities.

Warrington Centre Park is located on the southern edge of Warrington town centre, close to the M56, M6 and M62 motorways. Existing occupiers at Warrington Business Park include Bank of Scotland, New Balance, Torex, Group 4 Security, Countryside Homes and Rotary.

Steve Carrick, partner at Knight Frank said: “We are instructed to seek offers in excess of £2.5m, which reflects an attractive net initial yield of 11.54% after purchaser costs of 5.8%.

“These three buildings are being marketed as a package. However, our client may also consider offers for the buildings on an individual basis.”

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PLANS by housbeuilder Taylor Wimpey to convert the former Whittingham Hospital site in Preston into 650 new hmes have been approved.

The approval means that the firm can now move forwards with the Homes & Communities Agency (HCA) with its plans to bring the now derelict hospital site back into life.

Gareth Owen, Taylor Wimpey North West’s regional land and planning director, said: “Following extensive consultation with all the key stakeholders, we are delighted to have been given final approval for this scheme.

“We are very pleased with the unanimous support given by the City Council’s planning officers and committee members to our proposals, which will now enable this site to become a reality.

“We are now looking forward to commencing work on the site, which is expected to start in spring 2012.”

The firm said that this will be a benefit to the local community, who will see the site brought back into life after years of uncertainty. It will also bring new community facilities including a community building, sports pitches, a bowling green and affordable housing to the area.

Deborah McLaughlin, North West executive director at the HCA, said: “It is great news that the Whittingham Hospital scheme has been given the green light.

“I’m now looking forward to seeing work start on this important scheme that will bring new homes, improved community facilities, transport links, and open spaces to the area. “

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GMI Construction has completed construction of a new £6m bus depot in Wigan for FirstBus.

More than 300 First Bus staff will be based at the new depot on Lockett Road, which includes a new bus maintenance facility with a premier pit cover allowing engineers to work in a safe environment.

There is also a more environ,mentally-friendly bus wash system which is designed to limit water use.

An administration block has been refurbished, with a new mess room, drivers’ rest area, modern toilets, locker rooms and offices. A new learner centre, which allows staff to take qualifications in a range of subjects when off duty, including English and maths, has also been added.

Dave Alexander, regional managing director, said: “Wigan is an important operating area for our company.

“This new, excellent, facility represents a multi million pound financial investment by First and shows our commitment to the safety and comfort of our staff and customers, as well as nearby residents and businesses.”

Stannah Lifts has taken a new lease on a 3,090 sq ft uniot at Cinnabar Court at CDP’s Daresbury Park development.

Paul Smith from Jones Lang LaSalle said: “Whilst interest in the scheme has always been good, actual commitment to the speculative development at Cinnabar Court has really picked up with another four units presently under offer in addition to the letting secured to Stannah. 

“17 speculative units were constructed on the development and these additional lettings will make a massive impact on the scheme’s availability.”

Meanwhile, Smith has also advised landlord IVG on its letting of a 3,129 sq ft unit on the 10th floor at Manchester’s 1 Marsden St office building following a refurbishment of the main reception and vacant office space.

He said: “The letting to Brooks Macdonald at 1 Marsden Street is great news for the Grade A sub  10,000 sq ft office market which has suffered over the past 12 months and provides proof that where high quality refurbished Grade A accommodation is created there will be demand!.”

The letting leaves only the 5,511 sq ft first floor and 2,447 sq ft of the 8th floor available to let.

Chapman Law represented Brooks Macdonald and WHR are joint agents for IVG. Knight Frank is joint letting agent at Daresbury Park.

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FASHIONWEAR retailer The Designer Room has opened a new 3,089 sq ft unit at the Lowry Outlet Mall.

The ground floor unit will employ six members of staff and will offer a collection of mens’ and women’s clothing from labels such as French Connection, Silent Angels, Y London, Folia and H Morgan. Prices range from £5 to £40.

The Orbit Investments-owned mall said that in recent months total sales and footfall have increased by 8.8% and 8.5% respectively.

Centre manager Robert Hallworth said: “The Designer Room has an impressive fashion offering; providing good quality items at value prices.

“We are confident that this is a strong addition to the Mall’s current retail portfolio. Also, with MediaCityUK taking shape, we are seeing a steady increase in footfall during the weekdays.

“In total, 2,800 BBC staff will be relocated to MediaCityUK by November this year. This is in addition to an influx of other companies who will also be relocating to the area.”

Pradeep Sharma from the Designer Room said: “We feel the new opening at the Mall is a key stage in the Designer Rooms’ ongoing growth and development.”

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The signing of a new contract betweek Yorkshire-based Dransfield Properties and Manchester City Council is set to pave the way for the second phase of redevelopment at Lime Square in Openshaw.

The deal which was signed between Dransfield subsidiary Openshaw Regeneration and the council will kick start a further 37,000 sq ft of retail space alongside the new Morrisons supermarket which opened last November.

Retailers such as B&M Bargains, Poundland, Store Twenty One and Greggs have already taken space in the development, which is expected to be complete by Christmas. The development has also been funded by Barclays Bank.

A team led by JMW’s commercial property partner Ian Gordon and corporate partner Chris King have advised Dransfield on the deal.

Gordon said: “With the first phase completed with the opening of a new Morrisons and phase 2 now underway we believe that this development will generate many new and exciting opportunities for Openshaw and its surrounding areas.”