Property round-up: English Lakes’ £4m convention centre approved; Europa Court sold for £3.3m; and more
ENGLISH Lakes Hotels’ plans for a £4m green convention centre opposite its Low Wood Hotel on the shores of Lake Windermere have been approved.
The centre, which has been modelled on the Midland Hotel in Morecambe, will have a capacity for up to 600 guests and a 5m-high ceiling so it can be used for boat launches.
It also incorporates ‘green’ energy features such as ground source heat pumps drawing heat from Windermere and a hydro-electricity scheme on the adjacent Holbeck Ghyll stream. Local building materials such as Lakeland stone will be used and a “living wall” that will capture CO2.
Tim Berry, director of English Lakes, said: “We’re delighted that the National Park has made the bold decision to approve this exciting new building on the shores of Windermere.
“This is a development that is fit for the future. It will look great for many years to come; it will blend into the surroundings, create jobs and will be a showcase venue that allows us to show off this wonderful area to future visiting delegates.”
The centre will also lead to five full-time and 30 part-time jobs being created.
Kendal-based architects Savage & Chadwick and planning consultancy Steven Abbott Associates have advised on the project.
Savage & Chadwick director Phil Chadwick said: “The site is significant as one of the few remaining sites to be developed on the edge of the Lake. It required a response in design terms that both recognised its sensitivity and equally looked to the future with a bold statement.”
Brian Barden, consultant at Wigan-based Steven Abbott Associates, said: “English Lakes Hotels have long aspired to provide a first-rate convention centre on part of the land currently occupied by the Low Wood Watersports Centre.
“The need for such a facility has been recognised in a number of economic reports and in the Lake District National Park Authority’s Core Strategy but even so, given the sensitivity of the site, there were very many problems associated with nature conservation, landscape impact, design and traffic to be resolved.
He added that the centre “will greatly enhance this particular site and the facilities provided to assist the tourist business in this part of the Lake District.”
::
TAKE-up of office space in Manchester city centre fell to 170,000 sq ft in the first three months of 2011, with only one Grade A letting completed, according to DTZ.
The firm’s latest Property Times report stated that there were “much weaker” levels of demand for top-grade office space on the prior three months – a trend that has lasted for five quarters since a glut of deals was concluded during the latter half of 2010.
The only Grade A deal completed during the quarter was the letting of 7,000 sq ft at The Chancery building on Brown St to QBE.
Despite this, availability of Grade A space is falling back quickly due to the weak development pipeline. Headline rents are also likely to increase from £30 per sq ft from 2013 onwards with the opening of Argent/GMPVF’s One St Peter’s Square.
However, DTZ’s Manchester-based director Rob Yates described the take-up figure as “resilient” as it showed a 26% increase on the same period last year.
“The most encouraging factor of Q1 was the number of transactions recorded, with 61 deals in total, although only three were in excess of 10,000 sq ft,” he said. “This demonstrates the depth and resistance of the indigenous, smaller occupier market in the city.”
::
MANCHESTER-based property consultancy Scott Frazer has advised on the £3.3m purchase of Europa Court at Europa Boulevard in Warrington for a private client.
Europa Court consists of three warehouse units built in 2002 with integral offices totalling 62,323 sq ft. The sale price represents a yield of just under 10%
Director Andrew Frazer said: “This investment was attractive to our client, having a strong tenant profile, of quality construction and superior location.
Tenants include National Grid Gas and DHL Express. We are actively seeking similar property across the North West for retained clients.”
::
PROPERTY consultancy Dunlop Heywood has been appointed as sole rating agents by high street fashion chain Republic in relation to its national portfolio of shops and premises.
Dunlop Heywood won the three-year contract following a formal tender process and has taken over from incumbents Eddisons with immediate effect.
Republic is a Yorkshire-based chain which is majority-owned by private equity firm Change Capital. The company currently operates from 153 stores across the UK.
Dunlop Heywood founder Stuart Hicks said: “Retail is an interesting sector at the moment that is being affected by the double-dip recession and low consumer confidence. As a result, there are several areas we are currently exploring on behalf of retail clients that are offering a high success rate, specifically in Material Changes in Circumstance rulings.”
He added: “We are obviously delighted to be working with such a high profile brand as Republic and the teams in both Leeds and Manchester will be supporting and engaged on the account.”
::
ORBIT Developments has let a 2,776 sq ft unit on the ground floor of its Gawsworth House building on Crewe Business Park to IT training firm CLM Associates.
CLM offers apprenticeships and IT training for young people both through work-based learning and college courses. The firm has signed a flexible lease for the space at Gawsworth House, which has undergone a major refurbishment since the departure of its previous occupant – the now-defunct DIY chain Focus – in 2010.
Orbit Developments’ leasing director Paul McLeman said: “Whilst we are one of the region’s largest property owners, we are always focused on providing quality business space at a price point which provides value for money.
“We have implemented this at Gawsworth House and as a result we expect other lettings to follow on closely behind the deal with CLM Associates.”
::
::
A 41-bedroom Victorian property which was previously used as a hotel is one of 61 lots being offered at Liverpool auctioneer Venmore’s May sale.
The property, Lot 22, is the former Parkgate Hotel based at Princes Park around 1.5 miles from Liverpool’s city centre and has a guide price of £425,000.
Venmore’s commercial director Geoff Guest said: “This Victorian semi-detached property has a guide price of £425,000 plus and offers an excellent opportunity for a variety of uses – including a conversion into luxury apartments or refurbishment with a view to returning to it its former glory.”
The property, set over four floors, has a large plot backing onto Princes Park and a substantial three-storey extension to the side.
Venmore’s auction takes place on May 30 at Liverpool Town Hall.
