Property briefs: Jolivet buys again, plus, Downing and RED Partnerships
GUERNSEY-based Jolivet Investments has bought a large industrial unit on Wirral Business Park for around £2.2m.
It has acquired the 132,226 sq ft site, known as Bromborough Point, from Morley Estates.
Jolivet Investments has recently bought several properties in the North West including Quay Business Centre in Warrington, Moorgate Point, Knowsely and International House in Speke. A spokesman said it is planning to spend a further £40m over the next 18 months.
The business is led by Simon Storer, who previously worked at Lambert Smith Hampton and Brady Chartered Surveyors in Manchester.
He said: “Bromborough Point represented an excellent opportunity to acquire a high yielding property in an excellent location and we were pleased with the deal that we managed to negotiate, which included new lease terms for one of the existing occupiers meaning that the forthcoming breaks were removed.
“Over the last year we purchased investments currently worth in the region of £10m and Bromborough Point is the latest addition to our latest portfolio. Our aim is to continue to add to this portfolio through the acquisition of similar sized properties – in particular good quality secondary industrial stock – over the next 18 months to build the property portfolio by in excess of £50 million and we currently have several more properties under offer.”
Bromborough Point has three tenants: Inspirations Wholesale, Same Day Beers and TWA Logistics. The building was being marketed at £2.2m, reflecting a net initial yield of 14%.
B8 Real Estate acted on behalf of Morley Estates. Jolivet represented itself.
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LIVERPOOL developer Downing has won planning permission for a student scheme in south London.
It is planning 553 student rooms in a 32-storey tower. A public 25-metre and leisure centre is also part of the scheme.
It has been designed by Feilden Clegg Bradley Studios, which designed Downing’s Broadcasting Place student accommodation scheme in Leeds.
Development director Paul Houghton said: “The scheme represents a significant investment in the area, not only through the £4.5m swimming pool and leisure facility, but also through the in excess of £1.5m of contributions that will benefit the local area.
“The proposals will redevelop a brownfield site and provide a major boost to local businesses through the increased spend that the students will deliver.”
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SALFORD developer RED Partnerships has amended its proposals for an £18m regeneration scheme in Darwen.
Changes have been made to the scheme following a pre-application consultation in July.
The project has been commissioned by Lucite International – part of the Mitsubishi Chemicals group which makes and designs acrylic-based products. It has had a presence in Darwen for over 70 years.
The main elements of the plans remain the same and include the creation of a new research and development facility for Lucite, a 25,000 sq ft food store and the relocation of local businesses Equipe Tyre and Autocare into a new purpose-built building.
The changes include the preservation of parking bays on Duckworth Street, the inclusion of further landscaping and the relocation of the entrance to the new Equipe Tyre building to move it away from residential properties. RED Partnerships will now submit a new application in mid-October.
Managing director Damian Flood said: “We had over 100 responses and whilst the majority of the comments were positive, there were some issues raised that we have tried to address by making amendments to the plan. By consulting on the proposals pre-application we have been able to gather local knowledge, which has helped us improve the original proposals and will enable us to deliver the best scheme possible for Darwen.”
RED said the project will create up to 150 jobs during the construction phase and up to 200 full and part-time jobs at the food store when it opens in 2015.
