Property round up: Orion Park; CEG; Colliers & more
A SPECULATIVELY built industrial scheme at Orion Park in Crewe has been sold in a deal worth more than £2.5m.
Acting on behalf of Black and White Developments, commercial property agent Legat Owen Incorporating Lamont sold the 36,000sq ft scheme to Quasar Real Estates, a new joint venture and part of Guernsey-based Jovilet Group.
It comprises five units, four of which have been let prior to practical completion to a mixture of warehouse, light industrial and trade counter operators.
It marks the second, speculatively built development within the last 18 months to be completed by Black and White at Orion Park, which is also home to occupiers including Bentley Motors, Parcelnet and H2E Commerce.
The scheme has achieved headline rental levels for Crewe, with the average rate per sq ft being approximately £5.75.
Legat Owen director Matthew Pochin said: “Black and White has been ground breaking in its approach to speculative development in the North West, with few other developers being as confident in the strength of demand that agents are seeing throughout the market.”
“The rental values once again reflect the strength of demand for Crewe and lack of opportunities available in the area. The last remaining unit, offering approximately 4,500 sq ft, is close to going under offer, which will bring the space to 100% occupancy.”
Simon Storer principle at Jolivet Group, said: “We are looking to grow Quasar through quality commercial investments and development opportunities throughout the UK and are on target to achieve an asset base in excess of £100m within 12 months.”
The portfolio will be managed by the Group’s associated Warrington based property asset manager, JPM Real Estate.
Quasar was unrepresented.
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COMMERCIAL Estates Group (CEG) has completed the disposal of two office schemes in Liverpool city centre and Knowsley, Merseyside.
Occupying a prominent position in the city’s central business district, 60 Old Hall Street was sold to Signature Living for £1.8m by WHR Property.
The eight-storey scheme promises 49,991sq ft and was sold with vacant possession.
Prior to its sale, CEG drew up proposals to remodel the building, which included plans to increase the space to 58,018sq ft.
Rupert Barron, partner of WHR Property, said: “60 Old Hall Street is indicative of where the market currently stands. Vacant buildings being brought back into use is a strong indication of recovery, which has been rippling out of London, into the regions with Liverpool attracting its share of attention.
“We had a number of interested parties that were looking at alternative uses, such as residential for PRS or Student. Many of these were locally based developers, which understand the Liverpool market.”
Meanwhile, Commercial Estates Group has completed the investment sale of two modern, detached office buildings at Puma Court in Knowsley, Merseyside, to Harperhouse Group, in a deal reflecting a net initial yield of 11.36%.
Puma Court is situated off the A57 (Liverpool Road) and forms part of Kings Business Park. Unit 2 comprises 8,213sq ft of office space and is partially let to i-Paye, which occupy the first floor (4,141sq ft). Knowsley Primary Care Trust is the sole tenant of unit 4, which provides 7,405sq ft accommodation and is under occupation until 2020.
Oliver Rowe, associate partner of WHR Property, which advised Commercial Estates Group on Puma Court, added: “Having acquired the buildings a number of years ago as part of a larger portfolio, my client felt it was the right time to sell and re-invest the proceeds into other opportunities in the North West.
“The investment will sit well within Harperhouse Group’s portfolio, exactly matching their requirement to acquire offices with scope to add value through asset management.”
Andrew Owen of newly-formed Worthington Owen acted on behalf of Signature Living whilst WHR Property represented CEG in the sale.
Harper House Group was unrepresented.
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PROPERTY company Colliers International has been drafted in following St Modwen’s purchase of Tesco’s entire holdings in Kirkby town centre on Merseyside for £35.8m.
Colliers will advise on the on-going development which will see the town centre transformed by a multi-million pound retail-led regeneration scheme.
St Modwen’s acquisition includes 400,000sq ft of retail and leisure space, which is currently leased to 80 tenants including New Look and Home Bargains.
