Property Round-up: Jolivet buys Skem sheds, Downing, Colliers
GUERNSEY-based Jolivet Investments has spent £2.5m on 15 warehouse units at the West Pimbo Industrial Estate in Skelmersdale.
The deal for the units, which cover 130,600 sq ft, reflects a net initial yield of around 12%, according to Jolivet.
It has bought them from the Graico Property Company. It follows a £2.2m deal in October for a 132,000 sq ft industrial unit at Wirral Business Park.
It also owns Quay Business Centre in Warrington, Moorgate Point in Knowsley and International House in Speke. The business is led by Simon Storer, who previously worked at Lambert Smith Hampton and Brady Chartered Surveyors in Manchester.
Mr Storer said: “This is an excellent, high-yielding investment that will sit nicely within our rapidly growing portfolio. Potter Place is situated in an area that has proven to be an established and successful industrial destination which, together with the variety of tenants, means that it will prove to be a valuable asset that we can continue to nurture and improve going forward.”
Stewart Montrose acted on behalf of Jolivet. GVA represented the vendor.
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LIVERPOOL property group Downing has won planning permission for a 354-bedroom student block in Cambridge.
The plans are part of a £75m scheme which involve Downing delivering three six-storey blocks totalling 586 bedrooms.
Designed by architects Falconer Chester Hall, work is due to start on site in spring 2013 and complete in autumn 2014.
Paul Houghton, development director at Downing, said: “Downing has delivered a number of high-profile student accommodation schemes to cities across the UK and we are pleased to bring this high-quality development to Cambridge.
“This is one of the most desirable university cities in the world with a vibrant and expanding student population. Our scheme will provide the highest-standard affordable accommodation to keep up with growing demand.”
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LAKE District guest house Linnett Hill is being refurbished after being sold from an asking price of £645,000.
Andrew and Amanda Watson acquired the business in Keswick but closed it immediately for a refurbishment of its 11 en-suite bedrooms. They plan to reopen at Easter.
The couple, who previously operated chalet accommodation in France, moved to Linnett Hill from Nottingham after buying the business from Caroline Glennon, who has retired to Ireland.
Haydn Spedding, associate director hotels in the North West office of Colliers International in Manchester, advised Caroline Glennon on the sale.
