Property News: Industrial estate sold; NOMA, FWP
A WARRINGTON industrial estate has changed hands for £3.51m.
Ignis Asset Management has sold Ravenhurst Court, near the M62 on Birchwood Way, to an unnamed buyer.
BNP Paribas Real Estate, which acted for Ignis, said the deal value represented net initial yield of 8.57%.
The 95,014 sq ft estate, which has an average unexpired term of around three years and 10% vacancies, was sold to a private client of DTZ.
BNP Paribas’s Graham Foxton said: “This industrial estate provides a solid investment opportunity with a good spread of risk, which is why we were able to complete the
sale in a timely manner at a strong market price. The site itself comprises an industrial estate of 21 units of varying sizes throughout four terraces. It also provides ample parking and yard areas.”
Simon Lowe, associate director in DTZ’s Manchester investment team, added: “Our client had a researched requirement for multi-let industrial and this asset fitted the mould, offering income diversification in an excellent location as demonstrated by the occupancy level.”
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ARCHITECTURE and design practice the Frank Whittle Partnership (FWP) has been appointed by Berwick Rangers to carry out a feasibility study into building a new purpose-built stadium for the club.
It is the latest in a string of sporting contracts sealed by FWP, which has also worked on plans for Fleetwood Town, Oldham Athletic, Carlisle United and Swindon Town.
Berwick Rangers, which plays in the Scottish League despite being an English side, has been based at its Shielfield Park ground since the mid-1950s. It is now looking at the possibility of moving to a new site less than a mile away from its present home.
Richard McGonigal, senior architect at Preston and Manchester-based FWP, said: “We will be looking at all aspects of the project, including possible sources of funding to enable development to take place. The project is at a very early stage.
“As with all the sporting projects of this kind that we have been involved in, we will look to create a masterplan that will not only deliver a modern stadium for spectators and players alike, but will be a real asset to the local community.”
The potential site for Rangers new home has been identified on land between the Tesco supermarket in Tweedmouth and the A1 Berwick bypass at East Ord. Berwick Rangers’ current home is owned by Northumberland County Council and has a capacity of just over 4,000 spectators.
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NOMA, the Co-operative Group’s £800m regeneration scheme, has been shortlisted in the MIPIM Awards.
It is in the running for the ‘Best Futura Mega Project’ award at the international property conference MIPIM, which is being held in Canne, next month.
In addition, 1 Angel Square – the Co-op’s new head office – is shortlisted in the ‘Best Office and Building Development’ category.
Previous best office winners have included the World Trade Centre in Amsterdam and the headquarters of Le Monde in Paris, whilst last year’s Mega Project award was won by the Express Rail Link West Kowloon Terminus in Hong Kong.
David Pringle, director of NOMA, said: “For NOMA and 1 Angel Square to be nominated for these awards is a remarkable achievement, and we are understandably delighted to be in the running.
“NOMA faces stiff competition from the 5 Lagoons development in the Maldives – as well as projects in Beijing and Stuttgart – so it will be incredibly difficult to win, but hopefully we can become the first British recipient of this award.”
