Gracechurch sale boosts Cushman & Wakefield

CUSHMAN & Wakefield has helped shape an £88m deal which saw one of the region’s biggest shopping centres change hands.

The Gracechurch shopping centre in Sutton Coldfield has been sold by London-based Capital & Regional to M & G Real Estate. Cushman & Wakefield advised on such matters as rental advice, tenant demands and due diligence.

The Birmingham office of the property consultancy has also been retained as joint letting agent for the centre, along with London firm KLM.

The Gracechurch shopping centre, which has 90 shop units in 535,000 sq ft of space, first opened its doors in 1975.

Rob Alston, retail partner at Cushman & Wakefield in Birmingham, said: “It is great to see a major institutional investor investing so heavily in the West Midlands in a quality location such as Sutton Coldfield.

“This is also an excellent addition to our existing list of shopping centre instructions, which is growing all the time.”

One of them is Solihull’s Mell Square, which has recently been bought by IM Properties. After a re-pitch, Cushman & Wakefield was retained by the shopping centre, along with joint letting agent BWD.

The other scheme is Northfield shopping centre, which has been sold to clients of La Salle Investment Management. The centre was built in 1967 as the Grosvenor Centre, and is a development of 167,000 sq ft.

Cushman & Wakefield is now letting agent at 19 major shopping centres in the Midlands, and Mr Alston said: “This confirms that we are one of the most active retail agents in the region, and certainly the leading shopping centre leasing agent in the locality.”

BCH fundraisers take up residence in REI’s Colmore Row building

THE fund-raising arm of Birmingham Children’s Hospital has taken space in Real Estate Investors’ 102 Colmore Row building. It has opted for 200 sq ft of office accommodation on a five-year lease.

REI senior asset manager Ian Clark said: “We are delighted to be able to facilitate the needs of one of Birmingham’s leading charities.”

The charity joins Centrick Property, LM Recruitment and Ashfield Land in the complex, leaving just five suites still available.

St John Ambulance expands in Worcestershire

ST JOHN Ambulance has announced plans to expand its training venues in Worcestershire by opening a new base in Redditch.
 
From September, the charity’s training arm will offer workplace first aid courses at the town’s Business Centre in Edward Street.
 
The centre will offer courses in first aid at work and refresher training, emergency first aid at work, and paediatric first aid.

The venue was chosen for its easy to reach location as it is next to the railway station and a short walk from the shopping centre and bus station.

John Cavanagh, Regional Director of St John Ambulance’s Commercial Training Division said: “Redditch is an ideal new location for us to meet the demand that we have for our courses in Worcestershire and south of Birmingham. It will make St John Ambulance training courses more accessible.”