Property round-up: Downing makes £1.8m Capital investment; and more
DEVELOPER Downing is to spend £1.8m renovating the last remaining office suite at The Capital building in Liverpool.
The work will involve removing back and side walls at the ground floor 25,000 sq ft suite to offer views over Princes Dock and onto the River Mersey.
Downing will also remodel corridors to improve connectivity with the rest of the building.
The Capital is the former Royal & Sun Alliance headquarters which was bought by Downing in 2006 for a reported £50m. Since then, Downing has spent £15m upgrading the 390,000 sq ft building.
John Clegg, head of property management at Downing, said: “This is the final piece in the refurbishment jigsaw for The Capital and the suite will certainly have the wow-factor as a result of the Grade A-equivalent refurbishment and the stunning river views.
“We always knew the space had real potential, but in its previous form it wasn’t fit for office use and felt somewhat isolated from the rest of the building. The suite’s improved connectivity will change this and, along with the re-glazing work, will mirror the high quality office space that features as standard throughout the rest of The Capital.”
DTZ and GVA are joint agents for the 25,000 sq ft suite.
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MANCHESTER-based commercial property firm Scott Frazer has let the 37,000 sq ft Khosla House building at Great Ducie St in Strangeways, Manchester, to Kacoo Fashions.
The building, which is a combined office, showroom and warehouse unit with space for 65 cars, has been let on a five-year lease for an undisclosed rent. It is opposite the new Travelodge on the former Boddingtons Brewery site.
Andrew Frazer of Scott Frazer said: “Having been occupied by my clients Khosla Fashions as their HQ for many years, the unit became surplus to requirement for the Khosla family business.
“After a concerted marketing effort we are delighted to have let this property , enabling Kacoo Fashions, another Manchester business, to expand to a profile location.
“Warehouse occupier demand has been patchy across Manchester in recent times and this deal perhaps reflects how two local business can work together to create a successful outcome.
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A LARGE industrial unit at Trafford Park has been sold by CBRE Global Investors to Marshall CDP for £5.2m.
Units 1 & 2 Westinghouse Road at Trafford Park occupies an 8.5 acre industrial site and is is let to Blagden Packaging on a lease expiring in December 2019 at a rent £435,350 per annum.
Rob Woods, director of Capital Markets at CBRE, said: “A premium price was achieved due to the prime location within Trafford Park. The site offers redevelopment opportunities in due course and will attract strong interest from occupiers.”
CBRE acted on behalf of CBRE Global Investors. B8 Real Estate acted on behalf of Marshall CDP.
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MANCHESTER-based architect Pozzoni and Middlewich firm Pochin Construction have begun work on a new 18,000 sq ft office building at Brunner Mond, Northwich.
The contract, won through a competition, is for a new office building within the company’s existing grounds.
Pochin and Pozzoni have worked together on a number of recent contracts – the latest being the completion of the new 104-bed Travelodge on Upper Brook Street, Manchester. The pair are also building a control & administration facility within the Stublach Gas Storage site.
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SPEEDY Services has bought a 35,000 sq ft superstore on Downing Street, Manchester. The property forms part of the Speedy superstore acquisition programme, and follows the recent opening of other superstores in Leeds, Bristol, Stoke-On-Trent and Nottingham.
The firm was advised on the deal by law firm Cobbetts. Partner Naveen Gupta said: “The demand for warehouse space in the North West has been steadily increasing since the beginning of 2011, and we’re very happy to have been involved in yet another boost to the market in Manchester.”
Head of Property at Speedy Hire, Darren Francis, said, “It has been reallygratifying to watch the acquisition programme take solid form over the last few years, and the rise in the number of superstores will further boost our operational network.”
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HITCHCOCK Wright & Partners have announced a new letting at Junction 8 Business Park in Ellesmere Port to tools and hardware products supplier, Screwfix.
Screwfix has taken a 9,536 square foot trade counter warehouse depot on the business park on a ten-year lease at a headline rent of £4.50 per square foot.
Nick Harrop, partner at Hitchcock Wright & Partners, said: “Junction 8 Business Park is popular with trade counter businesses and this new letting to a national occupier consolidates its position as the leading trade business park in the area.
“The development has excellent motorway links to the Wirral, Chester and Liverpool making this an ideal location for a wide target trade audience.”
Other tenants on the park include Plumb Centre, City Plumbing Supplies, Speedy Lifting, Howdens Joinery, Royal Mail and Newey and Eyre.
CBRE is joint letting agent on the site.
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REGIONAL Property Solutions has let the vacant offices at 25 Stamford New Road, Altrincham, to web design and search engine optimization company Edge Development Systems.
It has taken 1,151 sq ft on a two-year lease, meaning the building is now fully let. The ground floor retail space is let to Sharps Bathrooms.
Regional Property Solutions acted for the landlord, Barton Properties, the tenant was unrepresented.
