Property briefs: Green light for Northwich homes, big box take-up…
COMMERCIAL Development Projects has won permission for 146 homes on a 12.5-acre site at Cheshire Business Park near Northwich.
The business, a division of Elland-based construction group Marshall, previously secured planning permission to convert a separate piece of land at the park in Lostock Gralam to residential use following the slow-down in the take up of commercial property.
The application has been handled by Manchester-based planning consultancy HOW Planning.
Conor Vallelly, senior planner at HOW, said: “This is a positive outcome for our client and it is pleasing that members recognised that the site, being sustainably located within the urban area, has an important role to play in helping to address housing supply issues in the borough.
“This decision reflects the views of our community consultation exercise which showed a preference for the site to come forward for residential use.”
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TAKE-UP of North West industrial space remained flat at sub-2011 levels in the second half of 2012, according to Jones Lang LaSalle’s latest UK Industrial Property Trends report.
The UK-wide study reveals that industrial and logistics take-up in the North West totalled around 10.1 million sq ft in 2012 – down 28% on 2011.
Transactions involving units of 100,000 sq ft and over totalled 3.4 million sq ft – down 23% on the previous year. The largest decline was recorded in units ranging in size from 10,000 to 19,999 sq ft, where take-up fell by 40% compared with 2011.
The report reveals that headline rents on prime industrial space have climbed slightly in Trafford Park and Warrington – rising from £5.75 to £6 and £5.50 to £5.75/per sq ft respectively – but have fallen from £4.75 to £4.50 in Liverpool. Rents remained steady at £5.75 in South Manchester.
Daniel Burn, director national industrial and logistics at Jones Lang LaSalle, said: “Over the last six months, the market has remained static at levels significantly below 2010 and 2011 levels, largely because of the on-going supply shortage. In the big box market we are seeing a number of substantial build-to-suit enquiries on both a freehold and leasehold basis. The recent deal to Brake Brothers at Omega in Warrington is the first of a number of transactions currently being negotiated in prime locations across the region.
“Below 100,000 sq ft, the lack of supply of good-quality units is encouraging landlords to reduce incentives and maintain headline rents as voids are being taken up. However, with the continuing economic malaise, occupiers remain very cost sensitive. With the lack of funding for new speculative development remaining for the foreseeable future, we envisage that the problem being experienced with the shortage will only become more acute.”
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A SHOPPING arcade in Ormskirk has been put on the market with a £2m price tag.
Church Walks sits in the town centre between Church Street and Burscough Street and has 15 shop units. On the upper floors there are three office suites, two of which are let, as well as a 90-cover restaurant.
The arcade has a rental income of £204,700 a year, excluding VAT, and this figure could reach £213,600 when fully let.
Sean Seery, partner at agent Smith and Sons said: “This is a fantastic arcade that has proved to be a busy and thriving shopping destination in Ormskirk. It offers a unique buy with an excellent yield and would appeal to a broad range of both local and out of town investors.”
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LAMBERT Smith Hampton (LSH) has been named as a supplier to a Government estates procurement framework. The commercial agent said it will help the public sector to reduce property costs, release surplus assets, and identify savings and opportunities.
James Ogborn, head of planning and development in the North, said: “As a framework supplier, we will work with the Government procurement service, providing management information to help framework users manage their spend effectively and identify further saving opportunities.
“We currently work with more than 250 public sector bodies and at any one time we have approximately 100 full-time staff working in the sector. Our dedicated public sector team help clients use their property portfolios more efficiently, reducing costs and ensuring value for money. This is achieved by combining our in-depth understanding of how the public sector works with our comprehensive range of property market skills.”
The procurement service is an executive agency of the Cabinet Office.
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DUKINFIELD-based Bardsley Construction has won places on social housing frameworks which it says have a potential value of £100m.
Bardsley has been appointed to the First Ark Housing Framework to deliver new build affordable housing of 15 homes and upwards over four years in the Knowsley area of Merseyside with a value of at least £1.5m per project.
It has also been selected as a development and construction partner to deliver affordable homes and extra care projects for the Salford-based landlord City West.
Paul Strutt, managing director of Bardsley, said: “The appointments by First Ark Housing and City West Housing Trust are valued additions to our increasing range of Framework Agreement achievements and provide further recognition of our hard-earned reputation as a specialist provider of social housing and related property throughout the North West of England.”
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TREVOR Hemmings’ property group Northern Trust has joined forces with house builder Fellows Homes to deliver 70 homes in Chorley.
The development, located at Duke Street, follows The Village Garden at Quarry Road, which the two firms have nearly completed.
Director Mike Grindrod said: “Northern Trust has worked closely with Chorley Borough Council on the regeneration plans for the Duke Street site; and we are pleased to be working with Fellows Homes again, in bringing this important new housing scheme to fruition.”
Work on the first phase of the development is expected to start later in the year.
