Property briefs; Boost for urbanbubble; Wigan estate sold & more

LETTINGS agency urbanbubble has been appointed by FICM, the property company owned by entrepreneur Fred Done, to provide the management for Trinity, a new PRS (private rented sector) development of 380 apartments and townhouses at the junction of Trinity Way and Blackfriars, Salford.

It is the first appointment for urbanbubble on a development of this kind, whereby there is a single asset owner along with a single asset manager.

The homes at Trinity will be ready for occupation by January 2018 and in the run-up to this, urbanbubble will work closely with FICM to develop a robust, efficient and above all, resident-focused management strategy for the development.

Michael Howard, managing director, urbanbubble believes the private rental sector is a great opportunity for his business : “Trinity will be one of the first, true PRS schemes built and will be a huge benchmark for other developments to follow.

“We’ve been working very hard over the past few years to understand the specific challenges and requirements involved in managing PRS schemes, there’s essentially two customers – the asset owner and the residents, and it’s how we look after them, and their homes which will be the makings of a successful PRS development.”

Simon Ismail, director, FICM added:  “urbanbubble’s approach really impressed us, they have a great reputation with the management of their existing portfolio.  They understand the difference between tenants and customers.  With our PRS schemes we offer much more than just an apartment.”

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BURY-based chartered surveyor Nolan Redshaw has acquired Pagefield Industrial Estate in Wigan for £1.9m – representing a 13% yield – on behalf of Time Token.

Situated close to the centre of Wigan and adjacent to the DW Stadium, the estate, consists of a mixture of larger industrial buildings. It accommodates 12 main tenants and currently has five vacant units, which Nolan Redshaw has now been appointed to let.   

Nolan Redshaw director Mike Redshaw said: “We were delighted to assist Time Token with the continued expansion of their industrial portfolio within the North West and are seeing continued strong investor appetite for multi-let industrial estates.”

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LOW voltage enclosures and switchboards manufacturer Cubic Modular Systems is relocating from Salford to Trafford Park in Manchester.

The company has taken a 10-year lease on the 6,700sq ft on Unit 701 King Park 4, Textilose Road at an initial rent of £5.75 per sq ft.

Cubic Modular Systems is moving from Unit 8, Boston Court, Kansas Avenue, Salford.

Joint lettings TFC and Savills acted for the landlord Curtra Property Investment Company and Edwin Hill acted for Cubic Modular Systems.

TFC and Savills are now instructed to let another unit at Kings Park 4 comprising 13,500 sq ft.

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