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Transaction: Investment acquisition of substantial industrial, office and R&D park for Royal London Mutual Insurance Society
Price: £61.5m reflecting a net initial yield of 5.8%
Description: A substantial commercial / industrial park extending to 414,459 sq ft across 58 units. The property is a premier business park destination for Oxfordshire. 83% of total floor area being industrial, with unit sizes ranging from 2,558 sq ft up to 29,667 sq ft and an average unit size of 9,090 sq ft.
Let to 33 tenants producing a rent of £3,820,000 pa. The income is split approximately 69% industrial, 30% offices and 1% car park. Industrial tenants include Orchid Cellmark, Airline Components International, UPS, Topps Tiles, UK Mail, Howdens Joinery Properties and Oxford Engineering. Office tenants include Svenska Handelsbanken, Taylor Wimpey UK, and Hitachi.
Client: Royal London Mutual Insurance Society
Transaction: Disposal of a mixed use multi-let investment with asset management potential
Price: £4.82m, reflecting a net initial yield of 6.25%
Description: The property comprised five buildings let to four tenants (including five A1 covenants with Kwik Fit (GB) Ltd and Johnson Matthey Plc making up 60% of the income) with a WAULT of 6.62 years to expiry and 3.59 years to break. The passing rent was £321,484 per annum, the total floor area was 38,785 sq ft, equating to a low average rent of £8.29 per sq ft
Client: Pigeon
Transaction: Acquisition of a single let office building in the central business district of Milton Keynes
Price: £5.02m, reflecting a net initial yield of 5.6%
Description: Acquisition of a 18,300 sq ft freehold HQ office building in Milton Keynes as a sale and leaseback, let to Christie Group Plc on a new 15 year lease at a rent reflecting c. £18 per sq ft
Client: Confidential
Transaction: Acquisition of two multi-let offices with asset management and redevelopment potential
Price: £5.22m, reflecting a net initial yield of 8.58%
Description: The property comprised two single storey, pavilion-style office buildings, totalling 41,366 sq ft. The property was multi-let to five tenants with a WAULT of 6.97 years to expiry and 4.04 years to break. The total passing rent was £477,879 per annum,
reflecting a low average rent of £11.80 per sq ft. The property is reversionary with an ERV of £13.25 per sq ft
Client: Croudace
Transaction: Acquisition of a refurbished multi-let office opposite Harlow Town train station
Price: £10.5m, reflecting a net initial yield of 7.68%
Description: Prominently situated 65,000 sq ft office adjacent to Harlow Town railway station. The office is substantially refurbished and multi-let over the ground and three upper floors to two tenants, providing a rent of £861,138 per annum. Situated on 3.41 acres, providing a low site cover with potential for
densification
Client: Mantle Estates
Transaction: Sale of 102 branches of HSBC throughout England and Wales
Price: Total price achieved: £50.7 million. Average £500,000 per property - yields ranging from 4% to 10%+
Description: Bidwells sub instructed auctioneers Allsop and Acuitus to sell the properties over 6 auctions. The properties were individually let to HSBC for a further 5 years subject to annual RPI linked rental increases
Client: Charitable Foundation
Transaction: Acquisition of One Clink Street (June 2019)
Price: £18,825,000 reflecting a net initial yield of 5.7%
Description: The freehold property is located in the thriving South Bank district next to Borough Market. Being a former Victorian warehouse, the building extensively refurbished and extended in 2017. It is a mixed-use property including the Clink Street Museum, Gourmet Burger Kitchen, 4 office floors and 3 apartments. The accommodation totals approximately 22,975 sq ft (2,134 sq m).
Client: Nuveen Real Estate’s Central London Office Fund (CLOF)
Transaction: Sale
Price: £3.1m
Description: Sale of vacant former care home with development potential
Client: Abbeyfield
Transaction: Acquisition of a single let office on the Warley Hill Business Park (March 2019)
Price: £6,175,000 reflecting a net initial yield of 5.82%
Description: Freehold office let to the 5A1 covenant of Shawbrook Bank Ltd on a 15-year lease expiring September 2026 giving approximately 7.60 years unexpired, at a low passing rent of £383,460 per annum (£19.84 per sq ft). The property comprised 19,662 sq ft over three storeys including 54 car parking spaces (1:364 sq ft).
Client: CIFCO Capital Ltd
Transaction: Sale of a 5.31 acre site in Chichester with planning consent for c. 521 student beds
Price: £4.25m unconditional
Description: Prime freehold development site just outside of Chichester city centre and within walking distance (c. 25 minutes) to the station. Site area totals c.5.31 acres gross (c.2.15 hectares gross)
The site currently has outline planning permission for 521 student beds. Alternative uses include Residential, Build to Rent, Senior Living or Trade Counter subject to obtaining the necessary planning consents
Client: Osborne Developments Ltd
Transaction: Site acquisition, funding a speculative warehouse, sourcing a tenant, and disposal of a prime single let industrial investment
Price: £4.9m reflecting a net initial yield of 5.12%
Description: Newly developed 31,568 sq ft BREEAM Excellent warehouse within the Golden Triangle. Let to Funrise International Limited for 10 years at a rent reflecting £8.50 per sq ft
Client: Buccleuch Property
Transaction: Disposal of a vacant former school site with development potential.
Price: £5.37m
Description: Located in Lewisham, the site is situated 0.6 miles from Forest Hill Train Station. The former school is on a vacant, 0.80 acre site and had more massing potential for numerous alternative uses including residential, subject to planning. The site sold on an unconditional basis.
Client: London Diocese
Transaction: Acquisition of prime retail property in Oxford
Price: £13m
Description: A 100% prime freehold retail property let to Lloyds Bank for eight years. With long term development potential to the upper floors
Client: Oxford College
Transaction: Funding of a new 180 bedroom hotel in Central Milton Keynes
Price: £23.714m reflecting a net initial yield of 4.24%
Description: Funding of a new hotel with restaurant pre-let to Premier Inn Hotels Limited for 25 years subject to CPI linked rental uplifts
Client: M&G Real Estate
Transaction: Securing operator and development funding to build four-star hotel at Cambridge North station
Price: Confidential
Description: A 217 bedroom Novotel, featuring a restaurant, bar, swimming pool and conference facilities, is due to open in autumn 2020. Managed by AccorInvest and located close to Cambridge North station
Client: Brookgate
Transaction: Forward commitment to acquire Weston Homes Plc’s new logistics facility
Price: £9.70m
Description: A c.73,000 sq ft warehouse with ancillary offices and service yard, situated on a 7.02 acre site. The property is let to Weston Homes Plc for a term of 25 years from practical completion.
Client: KFIM Long Income Fund
Transaction: Disposal of two warehouse investments in Norfolk and Suffolk
Price: £2.01m (6% net) Thetford & £1.72m (8.24% net) Mildenhall
Description: Thetford is let to Warburtons Ltd (5A1 covenant) for 9 years (without review) and Mildenhall is multi let to 4 tenants in six units with an AWULT of 6.7 years
Client: Property Company
Transaction: Acquisition of a D1 Healthcare and Cancer Research Facility
Price: £2,675,000 reflecting a net initial yield of 5.76%
Description: Freehold cancer care and cytology research unit let to Cambridge University Hospitals NHS Trust for a term of 11 years at a passing rent of £164,000 per annum (£13.80 per sq ft). The property comprised 11,883 sq ft over two storeys plus 47 car parking spaces.
Client: Waypoint Government Income Fund
Transaction: Disposal of a south east Tesla car dealership investment to a private property company.
Price: £2.77m reflecting a net initial yield of 6.15%
Description: Freehold car showroom of 16,737 sq ft on a c 1.08 acre site with 50 forecourt display spaces and 25 secure compound spaces. The property is let to Tesla Motors Ltd on a full repairing and insuring lease, subject to a schedule of condition for a term of 7 years from 8 August 2014, at a current rent of £181,222pa.
Client: Dacre Property Holdings
Transaction: Disposal of a government let office
Price: £4,500,000
Description: Town centre office building comprising c.77,000 sq ft let to the Secretary of State for the Environment (HMRC) until July 2023, with a tenant break clause in 2021. Passing rent of £695,000 per annum.
Client: Curzon Advisers Ltd
Transaction: Acquisition and provision of development funding for a new prime part pre let, part speculative builders merchants and trade park scheme by Ambit Group in Central Milton Keynes.
Price: £9,652,000 reflecting a net initial yield of c5.25%
Description: Newly developed builders merchants and 5 trade park units totalling 4,375.76 m (47,100 sq ft). The development is 58.5% pre-let to MKM Building Supplies and Just Tyres and 41.5% speculatively funded. Once fully let the total expected income rent will be £525,500pa reflecting rents of c £10 to £12 per sq ft.
Client: Canada Life European Real Estate Ltd
Transaction: Acquisition of a rare long let reversionary Hotel and public house in the historic city of York from Royal London.
Price: £6.6m reflecting a Net initial yield of 4.33%
Description: A 90 bedroom hotel and 7,524 sq ft public house, let to Travelodge and JD Wetherspoons until 2035. The property occupies a prominent central location inside the historic walled city of York and has long term redevelopment potential.
Client: Oxford College
Transaction: Acquisition of a new purpose-built retail/trade counter investment pre-let to Wickes Building Supplies Limited for 15 years with five yearly RPI linked rent reviews subject to a collar and cap of 1% and 3%
Price: £6.25m
Description: Pre-let retail/trade warehouse unit totalling 21,500 sq ft including 1,500 sq ft mezzanine on a two-acre site. Situated to the north of Newmarket town centre on the established retail and trade park and opposite a new Tesco food store and petrol station
Client: London Metric
Transaction: Disposal of a prime freehold residential development opportunity
Price: £3.6m
Description: Planning consent for a 2,597 sq ft (increased from 1,142 sq ft) four-bed luxury house with amenity space
Client: Private property company
Transaction: Disposal of a leisure/office investment
Price: £2.52m, reflecting a net initial yield of 7.40%
Description: City centre, freehold leisure and office investment providing bar/restaurant, estate agents and offices at a total rent of £198,500 per annum. 40% of the income is let to Marstons plc until 2034.
Client: Private property company
Transaction: Sub-letting of city centre student accommodation
Price: Confidential
Description: Bidwells advised Bellerbys College on the sub-letting of two prime student accommodation assets on St Ebbes and St Aldates, comprising just over 100 beds in total. Both buildings were sub-let to d’Overbroecks in time for the 2018/19 academic year.
Client: Study Group
Transaction: Investment sale of a prime direct let student accommodation asset
Price: £9.50m
Description: Bidwells acted for the vendor, Maven Capital Partners. The building was 100% let for the 2017 and 2018 academic years. The building provides 116 high quality beds comprising 22 en-suites and 94 studios. The purchaser was a Kuwaiti investment company, advised by 90 North.
Client: Maven Capital Partners
Transaction: Investment sale of a prime direct let student accommodation asset
Price: £14.62m
Description: Bidwells acted for the vendors, Maven Capital Partners and IP Investment Management. The building has been 100% let since it was opened in 2017 and offers high quality studio accommodation and c.6,200 sq ft of ground floor retail. The building provides 103 studios and there is potential to develop additional accommodation. The purchaser was the Malaysian Pension Fund, KWAP, advised by 90 North.
Client: Maven Capital Partners and IP Investment Management
Transaction: Investment sale of a prime direct let student accommodation asset
Price: £25.13m
Description: Bidwells acted for the vendors, Maven Capital Partners and IP Investment Management. The building has been 100% let since it was opened in 2017 and offers high quality en-suite and studio accommodation. It provides 257 bedrooms comprising 227 en-suites and 30 studios, plus c.5,200 sq ft of ground floor retail. The purchaser was the Malaysian Pension Fund, KWAP, advised by 90 North.
Client: Maven Capital Partners and IP Investment Management
Transaction: Acquisition of a freehold office investment, let to Galliford Try Plc
Price: £4.174m
Description: Office investment let to Galliford Try Plc, although occupied by its house building business, Linden Homes, for a further 4.5 years at a passing rent of £298,259 pa. The building is well specified, has a NIA of 13,695 sq ft over ground and three upper floors together with 45 car parking spaces.
Client: Tandridge District Council
Transaction: Disposal of a freehold school investment with development potential
Price: £9,500,000
Description: Freehold, city centre school, let to the Cambridge School of Visual & Performing Arts until December 2041, paying a rent of £350,000pa subject to five yearly RPI uplifts (collared and capped at 0.5%-4%) and with potential to develop above the school.
Client: Private property company
Disposal of a freehold business park investment
Transaction: Disposal of a freehold business park office investment
Price: £4,250,000 reflecting a net initial yield of 11.9%
Description: Offices providing 31,003 sq ft let entirely to Lloyds Bank plc until December 2025 subject to a tenant break in December 2020, paying a rent of £539,682 per annum.
Client: Harbut
Transaction: Disposal of a freehold neighbourhood retail and D1/medical investment
Price: £6,688,000 reflecting a net initial yield of 6.4%
Description: Multi-let neighbourhood centre comprising a nursery, community centre, public house, restaurant, 10 retail units, office/D1 medical and residential uses totalling 24,000 sq ft with tenants including Suffolk County Council, Ipswich Borough Council, McDonalds, Ladbrokes, Ipswich Building Society and Subway.
Client: Balvraid Properties
Transaction: Disposal of a retail investment
Price: £3,800,000 reflecting a net initial yield of 8.41%
Description: City centre, freehold retail investment providing two shops on basement, ground and two upper floors. Let to Virgin and Accessorize until October 2018 and April 2019 at a total rent of £340,500 per annum.
Client: Cambridge College
Transaction: Sale of Sainsbury’s anchored newly developed retail investment
Price: £1,570,000 reflecting a net initial yield of 5.78%
Description: Located in the heart of the new Trumpington Meadows residential development and is the local convenience centre for the scheme. Offered on a 999-year virtual freehold, the trio of retail units producing a total income of £96,250 per annum, £60,000 of which was anchored by the strong covenant of Sainsbury’s Supermarkets Ltd, whilst the two additional units were offered with rental guarantees whilst HoTs were being agreed between interested parties. 15-year terms with 5 yearly RPI uplifts (1%-3.5% collar and cap) were agreed across the board.
Client: Barratt Developments
Transaction: Disposal of a retail investment
Price: £5,160,000 reflecting a net initial yield of 6%
Description: Prime city centre, retail building adjoining Primark, provides 9,351 sq ft of accommodation and is entirely let to Fat Face until April 2023 at a current rent of £330,000 per annum.
Client: Cambridge College
Transaction: Sale of 145 student beds with ancillary lecture theatre, dining hall study rooms, law library and children’s day nursery to a Cambridge College
Price: Confidential
Description: Freehold disposal in a core Cambridge College location. The sale will enable the client to further develop its main College campus as part of their ongoing master plan.
Client: Cambridge College
Transaction: Acquisition of a rare city centre retail and office block from M&G
Price: £32,425,000 reflecting a net initial yield of 4.71%
Description: Substantial city centre block providing 21,800 sq ft of retail accommodation over ground and basement, and 28,000 sq ft of office space over 3 upper floors, with basement car parking. Multi-let to 21 tenants at a gross rent of £1,633,000 per annum. Strategic purchase of long leasehold interest on behalf of the freeholder
Client: Cambridge College
Transaction: Acquisition of a retail/residential investment
Price: £1,150,000 reflecting a net initial yield of 6.06%
Description: City centre, freehold retail investment with two flats on an overriding lease to Fat Face until May 2021 at a rent of £74,000 per annum
Client: Private property company
Transaction: Acquisition of a retail investment
Price: £2,000,000 reflecting a net initial yield of 5%
Description: Prime city centre, retail investment entirely let to Bank of Scotland plc (trading as Halifax) until June 2027 at a current rent of £106,000 per annum. The property benefits a substantial yard to the rear and has separate access to the first floor, part of which has been sublet. Halifax have traded from the property for over 25 years.
Client: Private property company
Transaction: An off-market acquisition of a 20,839 sq ft industrial/office unit and additional 8,274 sq ft industrial unit.
Price: £6.25m reflecting a net initial yield of 5.40%
Description: The Jiskoot Technology Centre is a bespoke built warehouse and office facility which is let to the strong covenant of Cameron Ltd, part of the Schlumberger group of companies. The property features fixed uplifts in the lease guaranteeing a minimum reversion in 2021. Also included in the acquisition was Unit 3, an 8,274 sq ft industrial terrace which is single let to COH Bains Ltd. This has potential to be split up into multi-let units.
Client: F&C Fund Management Limited c/o BMO Global Asset Management
Transaction: Investment sale of 16.44-acre town centre industrial investment let to Bosch Lawn & Garden Ltd with development land.
Price: £9.075m reflecting a blended net initial yield of 6.35%
Description: Bidwells acted for the vendor, Beachshow Ltd, and Bray Fox Smith acted for the purchaser, Threadneedle UK Property Authorised Investment Fund. Five Bidwells teams have now provided professional services to Beachshow Ltd. Its multidisciplinary service enabled Bidwells to first value the facility, then negotiate a Schedule of Condition to assist with agreeing a new lease, before offering planning advice for alternative uses for the site ahead of the sale.
Client: Beachshow Ltd
Transaction: Disposal of a 236,000 sq ft multi-let commercial business park with 13.5 acres of additional development land to Royal London Asset Management
Price: £78m reflecting a net initial yield of c 4.9%
Description: Rockspring originally acquired the 112-acre site, in partnership with asset manager XLB Property, in 2014 for £21m, with 80,000 sq ft of existing net lettable space. Since then, Rockspring and XLB have undertaken a significant construction and asset management programme across the site, including the development of an additional 80,000 sq ft of office/laboratory/mid tech space across three buildings, together with 76,000 sq ft of industrial space across a nine-unit scheme called Enterprise 5,000, which completed in May 2018. The asset management undertaken has added significant value and delivered a circa 45% uplift in the Park’s rental tone prior to the sale.
Client: Rockspring Property Investment Managers
Transaction: Investment purchase of 169-bed student accommodation with basement nursery, let to the London School of Economics.
Price: £68.8m
Description: Bidwells acted for the purchaser, Standard Life Assurance Ltd, and Savills acted for the vendor, Stanhope and Network Homes. Bidwells advised throughout a complex legal process and offered additional building surveying and planning services. The LSE lease runs for a further 9 years with a break in 2021. The rent is significantly reversionary and reflects the client’s investment strategy for value-add assets within the sector.
Client: Standard Life Assurance Limited
Transaction: Disposal of two separate sites each with potential for residential use
Combined Price: £2,515,000
Description: Freehold disposal of two separate freehold sites sold with vacant possession, both having the potential for conversion / development to residential use, subject to planning
Client: London Diocese
Transaction: Acquisition of a single let office in the affluent Royal Borough of Windsor
Price: £7.05m reflecting a net initial yield of 5.30%
Description: Freehold acquisition of a three storey 11,468 sq ft town centre office building let at a current rent of £399,000 per annum with 10.7 years remaining on the lease
Client: F&CGIF
Transaction: Acquisition of single let office near East Croydon Station
Price: £6.155m reflecting a net initial yield of 5.40%
Description: Freehold acquisition of a four storey 12,735 sq ft office building let at a current rent of £354,722 per annum with 3 years term certain to a D&B 5A1 covenant.
Client: F&CGIF
Transaction: Disposal of a freehold business park office investment
Price: £6,560,000 reflecting a net initial yield of 7.25%
Description: Offices providing 34,137 sq ft let entirely to Bibby Financial Services Ltd (5A1 covenant) until September 2028 without break, paying a rent of £507,492 per annum.
Client: Harbut
Transaction: Consultancy advice relating to the off-market disposal of a business park investment to Royal London, the adjoining owner
Price: £3,800,000 reflecting a net initial yield of 5.08%
Description: Business park investment of 9,034 sq ft let to the Internet Watch Foundation for 10 years from May 2014 with a mutual break at year 5. Current rent £203,825 per annum reflecting £22.50 per sq ft.
Client: RO Real Estate
Transaction: Sale of a parade of three shops.
Price: £2,800,000 reflecting a net initial yield of 6.49%.
Description: Freehold parade of three shops let to Joules, Specsavers and a local tenant producing a current income of £193,500 pa.
Client: Cambridge College
Transaction: Acquisition of 325 bed student accommodation
Price: Confidential
Description: Acquisition of 325 brand new student beds for Girton college from Cambridge University. The units comprise extremely high end, college specification, en-suite beds
Client: Girton College
Transaction: Forward commitment purchase of a c. 75,000 sq ft industrial unit with practical completion due in Q2 2018
Price: £9.7m, reflecting a net initial yield of 5.30%
Description: The property will be let to Weston Homes Plc for a term of 25 years with five yearly open market rent reviews
Client: KFIM Long Income Property Unit Trust
Transaction: Sale of a parade of three retail units in Bishop’s Stortford town centre
Price: £1.897m, reflecting a net initial yield of 6.75%
Description: The property is multi-let to Caffe Nero, Phase Eight and Trespass and is situated in the prime shopping pitch on Potter Street. It is a prominent corner block with extensive return frontage.
Client: Private Individual
Transaction: Acquisition of a rare city centre portfolio of four education and student accommodation assets via a sale and leaseback structure
Price: £6,550,500, reflecting a net initial yield of 5.3%
Description: Freehold portfolio of four assets totalling 14,211 sq ft (GIA) of student accommodation, providing 62 beds across three properties, and a teaching facility building totalling 1,693 sq ft (NIA). The properties are let on individual leases extending to two, three, five and 10 years. Three of the four leases have tenant break options producing £370,000 per annum. The assets have underlying alternative use and redevelopment potential.
Client: Howard Group
Transaction: Disposal of a freehold office scheme to Metro PUT c/o Hermes Real Estate Investment Management
Price: £9.85m, reflecting a net initial yield of 6.9%
Description: Multi-let 1990s scheme comprising five office buildings totalling 3,575.62 sq m (38,488 sq ft) located on the south side of Cambridge adjacent to Shelford Railway Station. Producing £725,000 per annum. The sale was the exit from a three year business plan to add value through refurbishment and relating of units and to grow rental value during the hold period.
Client: Buccleuch Property/Wrenbridge JV
Transaction: Acquisition of a modern reversionary distribution warehouse
Price: £4m, reflecting a net initial yield of 6.27%
Description: Freehold distribution warehouse of 48,087 sq ft let to Dart Products Europe Ltd on a lease expiring in 2024 at £267,500 per annum
Client: Legal and General
Transaction: Acquisition of a multi-let retail and residential investment at auction
Price: £3.33m, reflecting a net initial yield of 5.10%
Description: Long leasehold period corner block in the heart of Cambridge. Office pitch comprising five retail, nightclub, restaurant units and six self-contained flats producing £181,000 per annum, with long term redevelopment potential. A strategic acquisition for the freeholder.
Client: Cambridge College
Transaction: Disposal of a south east multi-let industrial/office estate to Petchey Properties
Price: £3.5m, reflecting a net initial yield of 5.06%
Description: Freehold multi let industrial/office estate comprising 39,100 sq ft in five units producing £189,000 per annum. One unit is vacant and the estate has reversionary potential.
Client: Balvraid Properties
Transaction: Acquisition of a freehold international school campus and student accommodation with the benefit of a leaseback to Cambridge Education Group for 25 years.
Price: £11.25m reflecting a net initial yield of 4.7%
Description: The buildings comprise the majority of the CATS College Canterbury campus, a leading international boarding and summer language school operated by Cambridge Education Group on a 25-year lease with RPI uplifts.
Client: Aberdeen Standard
Transaction: Funding of a new retail park in Chipping Norton, by a Private Investor
Price: £8m - reflecting a net initial yield of 5.05%, based on the commercial estimated income of £398,305
Description: M&S food store with three retail units and four residential flats
Client: Simons Developments Limited
Transaction: Disposal of a prime London freehold retail / office investment
Price: £28m, reflecting a net initial yield of 4.2%
Description: Located diagonally opposite High Street Kensington underground station, providing 21,402 sq ft in two retail units plus first floor, grade A offices. 74% of the income secured to Metro Bank Plc and Argos Ltd. Total income of £1,254,000 per annum. Residential upper floors sold off.
Client: Cambridge College
Transaction: Disposal of a prime development site with planning permission in South West London
Price: £2.525m
Description: Located on the exclusive Coombe Estate in Kingston–upon-Thames. Site of 0.61 acres with planning permission for four houses totalling 14,574 sq ft
Client: Forge Earth
Acquisition of a south east multi-let industrial and trade counter estate.
Transaction: Acquisition of a south east multi-let industrial and trade counter estate.
Price: £13,925,000 reflecting a net initial yield of 5.34%.
Description: Freehold industrial and trade estate totalling 100,387 sq ft across 26 units. Multi-let to 18 tenants with an unexpired lease term of 3.28 years to break and 7.06 years to expiry producing a current income of £794,225 pa (£7.83 per sq ft overall).
Client: Universities Superannuation Scheme
Transaction: Acquisition of a multiplex cinema adjacent to Grafton Shopping Centre, Cambridge
Price: £13,000,000 reflecting a net initial yield of 5.13%
Description: 8 screen multiplex cinema of approximately 32,100 sq ft let to Vue Entertainment Ltd on a lease expiring in 2022. The acquisition merges the asset into Legal and General’s wider ownership of
the Grafton Centre, a 420,000 sq ft shopping scheme currently undergoing major refurbishment by the fund
Client: Legal and General
Transaction: Acquisition of a prime retail block
Price: £5,150,000 at a net initial yield of 5.4%
Description: Retail parade of 4 shops including upper parts above with 86% of the income derived from Skipton Building Society and Cotswold Outdoor
Client: Private property company
Transaction: Speculative funding and sale of new industrial scheme to M&G Real Estate
Price: £22,000,000
Description: Totalling 155,000 sq ft, this is the largest speculative warehouse development to be built in Cambridge since 2002, comprising four warehouse units currently under construction
Client: Barwood capital and Goya Developments
Transaction: Investment sale of 102 bungalows in Lakenheath, Suffolk
Price: Confidential
Description: A PRS portfolio of 102 bungalows let on ASTs close to Mildenhall and Lakenheath RAF and USAF bases in Suffolk. The portfolio had been in the same family ownership for over 50 years and has potential to add value through refurbishment or break up
Client: Holywell Row Properties
Transaction: Student income strip funding advice for 277 beds, let to St Edmund's College
Price: Circa £72m
Description: A former office building known as Mount Pleasant House is due to be demolished and developed into 277 student beds in time for the 2019/20 academic year. St Edmunds College will take a long lease on the finished building with annual RPI uplifts capped at 4% and collared at 0%
Client: Legal & General
Transaction: Sale of student accommodation and children’s nursery
Price: £3.1m
Description: Sale of the freehold interest in a children’s day nursery with student accommodation above.
Client: St Hilda’s College, Oxford
Transaction: Site sale with planning permission for 102 student beds
Price: GDV circa £12m
Description: A development opportunity with planning permission for 102 student studios in central Bournemouth. The property was available by way of a forward funding or site sale and it was crucial to secure a suitable purchaser quickly, given the scheme is due for Practical Completion in time for the 2018/19 academic year
Client: Stamford Hinton
Transaction: Forward sale and full funding of a new pre-let high specification shell and core laboratory building by Tesco Pension Trustees Ltd
Price: c£63m reflecting a net initial yield of c4.8%
Description: Development of a new 100,000 sq ft shell and core laboratory building on world class Cambridge Biomedical Campus for Abcam Plc pre-let on a new 20 year lease at £3,030,000 per annum
Client: Cambridge Medipark Ltd, a JV between Liberty Property Trust and Countryside Properties Plc
Transaction: Disposal of a freehold distribution warehouse to Legal and General
Price: £3,877,500 reflecting a net initial yield of 6.41%
Description: 1990’s distribution warehouse totalling 42,500 sq ft located in the heart of East Anglia. Let to Hermes Parcelnet Ltd on a lease expiring in October 2022 at £265,000 per annum (£6.23 per sq ft).
Client: Private investor
Transaction: Acquisition of a freehold multi-let industrial estate adjacent to A14, north of Cambridge
Price: £11,600,000 reflecting a net initial yield of 6.25%
Description: Freehold 1980s multi-let industrial estate totalling 158,790 sq ft across 21 units. Mult let to 13 tenants with an unexpired term of 3.4 years to break and 5.6 years to expiry producing £774,325 per annum exclusive (£4.87 per sq ft overall)
Client: Legal and General Property
Transaction: Sale of a freehold multi-let warehouse / trade counter estate with immediate access to A47 Norwich bypass
Price: £4,755,000 reflecting a net initial yield of 6.63%
Description: Freehold. 3 units providing 3,831.17 sq m (41,238 sq ft) built between 2008 and 2016 and a surfaced yard of 0.405 hectares (1 acre) with future development potential (subject to planning). Let to 3 tenants producing a total income of £336,000 per annum. Average weighted unexpired lease term of 7.1 years.
Client: Citygate
Transaction: Acquisition of a freehold office on established out of town commercial centre
Price: £2,000,000 reflecting a net initial yield of 6.99%
Description: Modern office totalling 1,026 sq m (11,045 sq ft) built in 2007 let in its entirety to an established accountancy partnership, Bulley Davey, with an unexpired term of approximately 5.6 years at £148,500 per annum
Client: Cambridge City Council
Transaction: Acquisition of a freehold office on established out of town commercial centre
Price: £5,224,250 reflecting a net initial yield of 5.84%
Description: Modern office totalling 1,982 sq m (21,340 sq ft) built in 1995 let in its entirety to an Anglian Water Services Ltd with an unexpired term until 2032 at £325,000 per annum with fixed uplifts at the rent reviews in 2021 and 2026
Client: Cambridge City Council
Transaction: Forward funding purchase of 179 student beds in Lancaster city centre
Price: £14,341,000
Description: Part Grade II listed building with planning permission for 80 studios and 99 en-suite cluster rooms. The scheme is to be developed by Robertson and will provide the best quality student accommodation in the city
Client: KFIM on behalf of Lancashire County Council Pension Fund
Transaction: Acquisition of a prime retail/office block on the corner of Clarence St and Castle St.
Price: £4,955,000 reflecting a net initial yield of 5.6%
Description: Retail parade of 5 shops over ground and basement, with three floors of self contained offices above. Producing an income of £312,880pa with 50% derived from Starbucks until 2023
Client: Private property company
Transaction: Disposal of a vacant care home with development potential.
Price: £1,675,000
Description: 4,000 sqft of vacant care home on a 0.12 acre site with redevelopment potential in a prime North London location.
Client: Abbeyfield
Disposal of a freehold multi-let office and industrial site.
Transaction: Disposal of a freehold multi-let office and industrial site.
Price: £3,850,000 reflecting a net initial yield of 7%
Description: 38,785 sq ft of retail, office, industrial and lab space with redevelopment potential. Let to four tenants with an unexpired term of 2.91 years to expiry, producing a current income of £286,703 pa.
Client: CBREGI
Transaction: Acquisition of the long leasehold interest in two warehouse units for a Cambridge College from Westbrook Partners
Price: £8,600,000 reflecting a net initial yield of 7.82%
Description: This long leasehold property comprising 207,003 sqft of distribution accommodation, laid out in two terraces and let in their entirety to John Good & Sons Ltd, guaranteed by Felixstowe Warehousing Company Limited. The annual rental income is £717,800
Client: Cambridge College
Transaction: Acquisition of a multi-let city centre office building
Price: £5,000,000 reflecting a net initial yield of 5.25%
Description: Totalling 10,623 sqft, this property is let to 6 tenants and produces £278,614 per annum exclusive.
Client: Longmead Capital LLP
Transaction: Sale of single let office building for Pigeon to a Private Investor
Price: £13,950,000 reflecting a net initial yield of 7.1%
Description: This freehold property comprising 65,405 sqft is let in its entirety to Anglian Water Services Limited for a further 11.25 years at an annual rental of £1,057,995.
Client: Pigeon East of England Property LP
Transaction: Sale of multi-let industrial estate for Dencora Estates Limited to a UK Institution
Price: £12,000,000 reflecting a net initial yield of 6.75%
Description: Totalling 62,000 sqft, this predominantly 1970’s industrial estate is multi-let to three tenants, producing a total rental income of £865,000 per annum exclusive.
Client: Dencora Estates Limited
Transaction: Disposal of a freehold out of town business centre office to the occupational tenant
Price: £7,000,000 reflecting a net initial yield of 9.1%
Description: A modern 2000 construction, 33,500 sq ft office building immediately adjacent to junction 14 of the M1 let to Regus until August 2021 at £685,397 pa
Client: Fund
Transaction: Disposal of a freehold vacant care home with development potential
Price: £3,625,000
Description: Vacant residential care home of 12,075 sq ft located on site of 0.63 acres with potential to redevelop and increase massing substantially in line with neighbouring properties
Client: Abbeyfield
Transaction: Acquisition of a freehold warehouse/R&D production unit east of the city centre
Price: £7,050,000 reflecting a net initial yield of 6.32%
Description: A 48,908 sq ft production/warehouse unit on a self-contained site extending to 2.04 acres in an established industrial area. Single let to Inca Digital Printers Ltd at £475,000 pa with an unexpired term of 5.5 years
Client: Standard Life Investments
Transaction: Acquisition of a substantial freehold multi let industrial estate
Price: £9,340,000 reflecting a net initial yield of 6.4%
Description: Multi let industrial estate comprising 29 units in three terraces totalling 126,500 sq ft let to 23 tenants with a total rent of £642,812 pa. The WAULT is around 4.19 years to breaks and 4.91 years to lease expiry. The scheme has 3 vacant units to be let and many asset management angles
Client: Dacre Property Holdings
Prime freehold development opportunity with planning permission
Transaction: Prime freehold development opportunity with planning permission
Price: Confidential
Description: Prime development opportunity with planning permission for 11,253 sq ft of new development including 9 residential apartments
Client: Confidential
Transaction: Acquisition of a freehold public house in heart of Notting Hill
Price: £5,500,000 reflecting net initial yield of 3.4%
Description: Prominent period building totalling 4,746 sq ft over basement, ground and two upper floors let in its entirety to Mitchells & Butlers Retail (No 2) Ltd with 30 years unexpired at £198,734 pa with 5 yearly RPI rent reviews, collared and capped at 2% and 4% per annum compounded
Client: Oxford College
Transaction: Securing development funding from Aviva Investors acting for Aviva Life and Pensions UK Ltd for a new speculative office building at the CB1 mixed use scheme adjacent to Cambridge Station
Price: Approximately £87,000,000 reflecting a net initial yield of 6.0%
Description: Totalling 163,000 sq ft, this grade A office scheme forms a key part of the CB1 masterplan and is the largest speculative office building to be developed in Cambridge city centre
Client: Brookgate
Transaction: Disposal of a long leasehold industrial estate
Price: £5,850,000 reflecting a net initial yield of 4.21%
Description: 1970s industrial estate totalling 59,963 sq ft in 8 units, underlet to Greenwich Council on a lease expiring in 2104
Client: Mountcharm
Transaction: Disposal of a vacant care home with development potential
Price: £3,300,000
Description: Vacant early 1990s care home of 9,717 sq ft on a site area of 0.22 acres with development potential for residential town houses or apartments
Client: Abbeyfield
Description: Consultancy advice to acquire and develop an additional 200 beds for the University
Price: Confidential
Client: University of Bedfordshire
Description: Acquistion of the former Cambridge Union Society building in Cambridge city centre for conversion to student accommodation and commercial space
Price: Confidential
Client: Trinity College, Cambridge
Transaction: Acquisition of a multi-let freehold office investment
Price: £16,550,000 reflecting a net initial yield of 4.41%/£394 per sq ft capital value
Description: 41,954 sq ft 1990s office building with 20 car spaces, producing £772,720pa. Short/medium term potential for residential conversion, subject to planning permission
Client: Galliard Homes
Transaction: Acquisition of a 121 bed direct let asset in a prime position in Kingston
Price: £25.7m reflecting a net initial yield of around 4.6%
Description: Modern, direct let investment comprising 121 beds and 1,800 sq ft of D1 space, developed in 2014
Client: LaSalle Investment Management
Transaction: Disposal of a freehold multi-let business park
Price: Price: £16,440,000 reflecting a net initial yield of 8%
Description: 1980s multi-let office park comprising circa 124,000 sq ft in 6 buildings on a 17 acre site
Client: Private property company
Transaction: Secured speculative development funding and forward sale of new office and retail development to Railway Pension Nominees Ltd. Completed subsequent letting of all office and retail accommodation
Price: £80 million, reflecting 6.00% net initial yield
Description: 145,000 sq ft of Grade A offices
Client: Brookgate
Description: Acquisition and funding advice for the development of 152 student beds in Nottingham city centre. Sold to Empiric Plc
Price: £18.8m
Client: Frontier Developments
Transaction: Disposal of a portfolio of neighbourhood retail centres to London & Cambridge Investments
Price: £5.015m reflecting a net initial yield of 8.10%
Description: Portfolio of three local centres anchored by Tesco / One Stop in new residential developments at Woodfield Plantation, Doncaster; Fernwood Park, Newark-on-Trent; Celtic Point, Worksop
Client: Royal Bank of Scotland
Transaction: Acquisition of a major shopping centre from M&G Real Estate
Price: £99m reflecting a net initial yield of 5.18%
Description: Cambridge’s second city centre shopping scheme comprising 500,000 sq ft of retail and leisure arranged over 84 units having 1,150 car spaces. Anchored by Debenhams and BHS with retailers including H&M, Next, New Look, Topshop and Boots. Acquired with plans to enhance the centre through active asset management
Client: Legal & General Property
Transaction: Acquisition of a town centre multi-let office from Clearbell
Price: £16.65m reflecting a net initial yield of c 7.50%
Description: A late 1980s office building comprising 96,135 sq ft and predominantly let to Bourne Leisure for a further 15 years producing £1,282,877 per annum.
Client: Floreat Real Estate Limited
Transaction: Acquisition of a prime retail warehouse investment from Aberdeen Asset Management
Price: :£21.8m reflecting a net initial yield of 6.20%
Description: Flagship 82,500 sq ft retail warehouse in city centre cluster at Winterhill. Let to Homebase Ltd with an unexpired term of around 14.5 years producing £1,420,000 per annum
Client: Dacre Property Holdings
Transaction: Disposal of a multi-let industrial estate to Canmoor
Price: £5.73m reflecting a net initial yield of 7.57
Description: 1980s built industrial estate comprising 33 units and covering 97,000 sq ft. Currently let to 15 tenants generating around £460,000 per annum equating to £4.75 per sq ft overall
Client: Grovemere Property Ltd
Transaction: Disposal of freehold multi let industrial estate
Price: £2,100,000 reflecting a net initial yield of 7.23%
Description: 67,471sq ft over 10 warehouse units constructed in 2006. Second round of best bids achieved £200,000 over asking.
Client: Square Metre Properties Ltd
Transaction: Disposal of M25 business park offices to Threadneedle
Price: £8.39m reflecting a net initial yield of 8.22%
Description: Two adjoining office buildings totalling 37,917 sq ft. Multi-let with an AWULT to lease expiry 7.6 years / AWULT to break 3.5 years producing £729,362 per annum equating to £19.23 per sq ft overall
Client: CBRE Global Investors
Transaction: Acquisition of the Cambridge Research Park from Clearbell on behalf of Rockspring
Price: £21m
Description: The site includes 78,000 sq ft of office space in addition to 26 acres of undeveloped land. Construction is underway to deliver an additional 80,000 sq ft of office and mid-tech space. Rockspring will retain Bidwells as letting agents on the Park
Client: Rockspring
Transaction: Disposal of a multi-let industrial, office and R&D park in Oxfordshire’s Science Vale
Price: Confidential
Description: Over 60 companies in buildings comprising 170,000 sq ft with 15.2 acres of development land. Asset management opportunities to increase rental tone, enhance income profile and improve the AWULT
Client: Private investor
Transaction: Acquisition of a freehold retail investment on behalf of a private property company
Price: £2.23m reflecting a net initial yield of 6.4%
Description: Property let to fashion brand Timberland and The North Face for a further ten years at a rebased rent of £152,000 per annum
Client: Private Property Company
Transaction: Acquisition of two securely let, vibrant restaurant investments in Bury St Edmunds
Price: £2.8m reflecting a net initial yield of 5.25% rising to 5.6% in year five
Description: The property in the town centre, was formerly a Barclays Bank, but is now occupied by restaurant groups Bill’s and Côte Brasserie
Client: Cambridge College
Transaction: Acquisition of a prime city centre multi-let office and retail investment
Price: c.£23m reflecting a net initial yield of 9%
Description: Multi let office of 121,410 sq ft on five floors above ten retail/restaurant units on ground with 44 car spaces producing over £2m per annum
Client: Private Property Company
Transaction: Disposal of a wholesale warehouse investment on behalf of M&G Real Estate
Price: Sold for £3.175m reflecting a net initial yield of 7.4%
Description: Warehouse let to Booker Ltd, a leading wholesale provider, for a further four years with a rent of £250,000 per annum (£4.37 per sq ft)
Client: M&G Real Estate
Transaction: Disposal of hotel, retail parade and restaurant investment to David Samuel Properties
Price: £6.36m reflecting a net initial yield of 7.8%
Description: 51,218 sq ft comprising a newly refurbished Travelodge Hotel, nine retail units, two restaurants and 29 car spaces producing an income of £525,172 per annum
Client: evolve Fund Services
Transaction: Acquisition of a prime distribution warehouse
Price: £3.7m reflecting a net initial yield of 6.49%
Description: Modern distribution warehouse located at Junction 41 of the M1, let to Macfarlane Group for an unexpired term of 10 years at £254,000 per annum which equates to £4.74 per sq ft
Client: The ACT Foundation
Description: Consultancy advice for the development and sale of c.135 student beds and commercial space.
Price: Confidential
Client: Wrenbridge
Transaction: Securing pre-let, and development funding and forward sale of c.217 key Ibis Hotel, ancillary retail space and commercial space. The development included the UK’s largest purpose built cycle park for the benefit of Network Rail
Price: £33m reflecting a net initial yield of around 4.6%
Description: Development of a new pre-let 231 bed Ibis hotel, 491 sq m (5,282 sq ft) of leisure/retail accommodation, 3,000 space cycle park facility and cycle shop - the first of its kind in the UK.
Client: Brookgate
Consultancy: Funding, planning, building consultancy and strategic advice for the University’s existing student accommodation portfolio and future developments
Client: UEA
Transaction: Disposal of five warehousing units on Cambridge Commercial Park.
Price: £5.914m reflecting a net initial yield of 5.5%
Description: Multi-let trade counter industrial estate producing circa £344,000 per annum.
Client: F&C REIT Asset Management Dublin
Description: Description: Site sale subject to planning for c.220 direct let beds in Norwich city centre
Price: GDV c.£22m
Client: Telereal Trillium
Transaction: Investment sale of 310 Cambridge Science Park
Price: Confidential
Description: High quality office and fully fitted laboratories let to Astra Zeneca
Client: Trinity College, Cambridge
Transaction: Portfolio Sale of six retail / leisure assets in Brighton and London
Price: £42,000,000
Description: A retail and leisure portfolio with four assets in Brighton and two in London (Hampstead and East Ham), in town centres positions, let to good covenants including Carluccios, Tesco, Starbucks, Giraffe, Nationwide Building Society, Pizza Express, State Bank of India, Wagamama and Jigsaw
Client: Mountcharm
Forward sale of pre let development at Gateway, Peterborough scheme J17 A1(M)
Transaction: Forward sale of pre let development at Gateway, Peterborough scheme J17 A1(M)
Price: Confidential
Description: New 37,000 sq ft parcel delivery distribution warehouse pre let to Geopost (UK) on a new 20 year lease
Client: Roxhill
Transaction: Acquisition of a substantial distribution warehouse investment
Price: £47 million reflecting a net initial yield of 13.89%
Description: A 971,500 sq ft high bay distribution unit located in the “Golden Triangle” let to Howdens Joinery Group Plc producing £6,905,113 per annum
Client: The Prudential Assurance Company Ltd
Transaction: Site sale with outline planning permission for over 500 student beds and ancillary retail units adjacent to Cambridge Rail Station
Price: £9 million
Description: A mixture of ensuite cluster flats and studios in three separate blocks - in addition to the 511 beds already developed at CB1. The scheme ‘The Vega’ completed in August 2014.
Client: Brookgate
Transaction: Sale and leaseback of a portfolio of supermarkets
Price: £440 million, individual assests ranging in value from around £1 million to £71 million
Description: 11 supermarkets nationwide
Client: Cambridge College
Transaction: Lease restructuring and a simultaneous sale of the investment
Price: £21.3 million, reflecting 7.5% net initial yield
Description: 150,000 sq.ft call centre
Client: Cowell Group
Transaction: Full funding and sale of Microsoft’s new European research centre at the CB1 scheme in central Cambridge
Price: £40 million, reflecting 6% net initial yield
Description: 78,000 sq.ft of Grade A offices
Client: Brookgate
Transaction: Funding of a Travelodge hotel and Waitrose supermarket development
Price: £17.4 million, reflecting 6% net initial yield
Description: 148 bedroom hotel and 6,000 sq.ft supermarket
Client: Salmon Harvester Properties
Transaction: Acquisition of mixed use investment
Price: :£4.3 million, reflecting a 5.3% net initial yield
Description: 28,688sq.ft mixed use showroom and residential units
Client: Lumina Real State Capital
Transaction: Acquisition of the former bus station site in Norwich and securing planning permission for 228 student beds. The first purpose built student accommodation in Norwich city centre
Price: c. £16m
Client: Alumno Developments
Transaction: Letting on behalf of Hult for a 346 bed student accommodation scheme and c.40,000 sq ft of teaching accommodation on Commercial Road, Aldgate
Rent: £5.5m pa
Client: Hult International Business School
Transaction: Forward sale and pre-let student accommodation scheme in central Cambridge. 59 en-suite beds, four 1 bed flats and four 2 bed flats let to the Master and Fellows of Lucy Cavendish College
Price: £8.75m
Client: Bondsway
Consultancy: Finance, funding and building consultancy advice on the potential development of 65 student beds adjacent to campus
Value: c. £8m
Client: Hughes Hall
Transaction: Secured nomination agreement with ARU and development funding for over 511 student beds and ancillary retail units adjacent to Cambridge Rail Station from LaSalle Investment Management on behalf of Possfund
Price: £35 million
Description: A mixture of ensuite cluster flats and studios in three separate blocks let under a nomination agreement to Anglia Ruskin University
Client: LaSalle Investment Management
Transaction: Full funding of 228 student beds for Alumno Developments
Price: £16m reflecting a net initial yield of circa 5.75%
Description: Planning, letting and funding of the first substantial, purpose-built student accommodation development in Norwich City Centre.
Client: Alumno
Transaction: Sale of restaurant with flats above
Price: £1.170m
Description: Freehold, ground floor and basement restaurant with 9 flats above sold off (4 flats with expiries in 2055)
Client: Mountcharm
Transaction: Development funding and forward sale to Tesco Pension Fund of a pre-let office development at Brookgate’s CB1 scheme in central Cambridge
Price: £32m, reflecting a net initial yield of 6.30%
Description: 65,000 sq ft prime Grade A office fronting Station Road pre-let to Mott MacDonald and Birketts
Client: Brookgate
Transaction: Funding of a pre-let Accor Hotel scheme being developed by Jansons Property, located in Edinburgh Park, Edinburgh
Price: £9.1m, reflecting a net initial yield of 5.75%
Description: A new Accor Hotel development comprising 161 beds to trade as an IBIS - this has been pre-let on a new 20 year lease with uplifts
Client: AXA
Transaction: Acquisition of a multi-let office investment let to nine tenants
Price: £7.83 million, reflecting 6.75% net initial yield
Description: 25,672 sq.ft office
Client: TR Property Investment Trust Plc
Transaction: Investment Sale of Galileo Portfolio
Price: Confidential
Description: Sale of 21 quality high street properties
Client: Trinity College, Cambridge
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