Property round-up: Auction raises £2.6m; 30,000 sq ft let in Audenshaw; and more

AUCTIONEER Sutton Kersh generated £2.6m in sales at its October auction last week, as 50 of the 65 available properties available sold.

The auction, which took place at the Marriott Hotel in Liverpool City Centre, initially had 73 lots but eight were withdrawn and 11 were sold prior to the auction taking place.

Residential investment properties were the most popular lots, accounting for 74% of total sales. A two-bedroom first floor flat at Bowring Court, near Bowring Park in Knowsley sold for £94,000 – almost £30,000 more than its guide price of £65,000.

Meanwhile, a vacant commercial unit at Fender Way in Prenton sold for five times more than its £10,000 guide price – for £51,000.

Cathy Holt, auction manageress at Sutton Kersh, said: “Activity in the buy-to-let market continues to be buoyant as investors seek a better rate of return than is available through banks and other markets.

“Buying to sell now poses more risk. Investors who are cash-rich, or using bridging funds, are buying distressed property to which they can add value to then obtain a mortgage as part of a refinancing strategy and retain the property longterm to maximise their returns on investment.

“A high proportion of the properties included in our recent catalogue were in need of repair and modernisation, and having already identified this trend, we were optimistic about a good sale.”

The company’s last auction of the year takes place on December 8.

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MANCHESTER-based consulting engineer Stockley and White Arkitekter have been instructed by Salford City Council to work up their plans to detailed design stage for the first phase of their masterplan for the for the 1.5-hectare brownfield site at Greengate, Salford.

THe pair won a RIBA international competition with their masterplan, “Goods and Leadbetters”, which is based on creating a new residential community with approximately 160 new homes, with the emphasis on affordable, family homes for both public and private sector landlords.

Project partners Salford Local Authority and NHS Salford have committed to funding the first stages of the project with additional funding being sought by the design team from INTERREG IVB North-West Europe in a bid which focuses on the management of public realm proposed in the project.

Cllr Peter Conner, Salford City Council, said: “This is a fantastic and innovative housing scheme and it is great to see it recognised for the benefits it will bring to public health.  Salford’s population is on the increase and we want to make sure our residents have access to good quality and sustainable housing, which is what this development will bring to the city.”

Geoff Denton, project architect at White Arkitekter, said: “The Goods and Leadbetters scheme is rooted in a Scandinavian approach which places emphasis on health and well-being. We are working closely with residents of the community of Greengate to bring out the best of their neighbourhood.”

THREE units totalling 30,000 sq ft have been let at Shepley Industrial Estate South in Audenshaw, Tameside.

Unit 6 (10,686 sq ft) has been let to textile manufacturing company Multiple Winding on a five year lease, Unit 20 (25,366 sq ft) has been let to packaging company First Packaging Services on a 10- year lease, while the 9,891 sq ft  Unit 5 is currently under offer.

GVA & Littler Associates are joint letting agents for landlord VALAD.

Remaining units on the site ranging from 3,000-9,000 sq ft are being let with initial rents starting at £1 per sq ft for the first year.

Andrew Pexton, director at GVA, said: “Shepley Industrial Estate is an excellent choice for companies seeking to relocate in East Manchester.

“The estate is in excellent condition, offering a range of unit sizes which have been mostly been refurbished. It is also in a prime location, in close proximity to the motorway network.”

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MULBURY Homes, the Cheshire-based developer of affordable housing, has relocated to a new 1,000 sq ft headoffice in Lymm.

The company has moved to Great Oak Farm – an office conversion in Mag Lane close to the M56 and M6 motorways.

The company specialises in the procurement and delivery of affordable homes across the North and is currently developing around 250 units for various social housing landlords.

These include a £5m development of apartments and houses at St Lukes Road, Weaste, for Great Places Housing Group; a £10m development of homes at Thelwall Lane, Warrington, for Helena Partnerships; and a £1.5m development of 14 homes in Helsby for Cube.

The company has a turnover of £15m. It has moved from its previous base at Heatley House on Mill Lane in the town.

Director Greg Mulligan said: “We are currently developing sites across the region and are also in negotiations on a number of other land purchases that will provide excellent development opportunities for registered social landlords.
“Having easy access to the motorway network is vital to our business and was a key consideration behind our move to Great Oak Farm, which provides excellent office facilities in a great semi-rural location.”

STOCKBROKER James Sharp & Co has taken a 5,700 sq ft office at The Exchange in Bury town centre.

The Exchange is the former Craig House council building at Bank Street which has recently undergone a nine-month, £1.3m refurbishment, which was carried out by Seddon Group.

The firm has taken the top floor of the building. It was advised by the Manchester office of Matthews & Goodman.

Joint office head David Laws said: “This has been a particularly smooth and rewarding transaction which is a credit to all parties involved, particularly considering the extent of the refurbishment works undertaken at The Exchange.

“The accommodation will now provide James Sharp & Co with an attractive, modern and efficient platform for expansion as they continue to build their business”.

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INTERIOR design company Space Invader has just completed a £100,000 fit-out of advertising agency Madhouse Associates’ new space at 196 Deansgate in Manchester city centre.

Designed to bring the agency’s 40 staff together on one floor plate, the new office uses digital projections and screening to showcase client projects and profile the individuals within the business.

Collaborative working environments for brainstorming and breakout sessions have been introduced in central office areas.

The 5,000 sq ft scheme was delivered in just four weeks and was officially opened last Thursday.

Space Invader director, Simon Millington, said: “Madhouse is a forward thinking, creative agency and they wanted a space that reflected both the brand and the personalities behind it.

“Working within a Grade II-listed building had its challenges, but by enhancing what the building already had to offer we were able to deliver a stylish and appropriate working environment for the client.”

Peter Craven, director at Madhouse said: “We are delighted with our new premises, the whole process has been professionally handled by the project team and we are already seeing the benefits of working in a more dynamic environment.”

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CAPTURE 1 Digital Video Productions has relocated from Stockport to new office space in Warrington.

The company, whose directors are husband-and-wife team Brett and Helen Nurse, was set up in August 2000, and after 11 years of successful trading have moved to 11A East View, Grappenhall – a building owned and part-occupied by WireCloth Sales and Development.

Capture 1 Digital Video Productions produces online video content for clients’ websites, working largely in the SME sector.

Helen Nurse said: “We are delighted with our new, much needed premises in Warrington. We are excited about becoming a key part of the Warrington business community.”

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ONE of the first companies to sign up to space at Prospect (GB)’s Meridian Business Park in Hunts Cross, Merseyside, has renewed its lease scheme.
Legal services firm Gilligan Legal Costs Management has signed a new five-year lease on its 1,350 sq ft premises. It has been based at the park since it opened in 2008.

Managing director Paul Gilligan said: “We’ve always been very happy at Meridian. The park is pleasant and well-maintained, and the location is brilliant with great access to both the city centre and the regional motorway network. This accessibility has been valuable in the running of our operation.”

Meridian Business Park has 22 self-contained office units ranging in size from 700 sq ft to 5,400 sq ft, which are available on a freehold or leasehold basis. Joint letting agents are Hitchcock Wright and Keppie Massie.