Yesterday’s auction had a success rate of approx 80% from a catalogue with 161 lots, which is larger than we have seen for a long time. Most of the retail and motor trade properties sold, whilst the majority of unsold lots were offices and pubs.

Three Barclay’s banks with smallish lot sizes sold for 4.0% and 4.75% (two lots). The average at 4.5% is down almost 0.5% from May, but these were small lots. One Lloyds bank with an expiry in 2016 failed to sell, perhaps due to recent announcements about closures and further redundancies within the Group but a £2Million lot with an expiry in 2020 went for 6.25%.

Somerfield (Co-op) PFS’s with convenience stores, with 2027 expires and 2% annual increases sold for 6.75% -7.5%. In May a number of similar lots sold for 1.0% less.

A Wetherspoon on ‘the circuit’ in Bolton and let until 2047 sold at 8.0% (£1.46 Million), which seems a high yield, bearing in mind the covenant.

 

Charles Fifield, a Director of Chartered Surveyors Fifield Glyn, was elected a Fellow of the RICS on Friday 3rd July 2009.

Charles specialises in Landlord & Tenant and Agency, together with Valuation and Rating work for clients throughout.

In addition, his Fellowship also recognises his work within RICS over the past decade, primarily with the young surveyors of RICS matrics, he was National Chairman in 2007/8, Hon Secretary 2002/5 and Chairman of Greater Manchester 2002/3.

Charles also served on RICS International Governing Council 2006/8, RICS Strategy & Resources Board 2008, RICS Council of England 2005/6 and a LionHeart Trustee 2006/7. He was elected a Member of the Manchester Society of Land Agents & Surveyors in 2009.

 

Fifield Glyn, acting jointly with Lamont, have advised Andrews Property Investments in negotiating terms for their tenants, a new Lease with Cheshire Post & Column Ltd. on Road Four, Winsford.

The Agents have negotiated a new 12-year Lease on Post & Column’s existing premises with the inclusion of a new letting of the adjacent premises which will mean they now occupy in excess of 30,000 sq.ft. The deal involved a step rent rising to 120,000 pounds per annum.

 

Acting on behalf of British Waterways, Fifield Glyn have successfully arranged a disposal of a former canalside Warehouse and Lock-Keeper’s Cottage in the centre of Middlewich, which, it is envisaged, will provide a new “Gateway” for the Town.

It is anticipated the sale to Developers, P. J. Leggate, will regenerate Middlewich Townbridge Wharf to provide a scheme which will include a canalside café, visitor centre, educational meeting rooms, heritage display and boating facilities, together with new offices for the Town Council.

Richard Smith of British Waterways’ retained Agents, Fifield Glyn, comments: “This has been a problematic site for British Waterways for many years despite previous efforts by them to find a Developer wishing to take on this project. We are delighted we have managed to secure a deal, within such a short space of time following our instruction, that will provide the residents of Middlewich with an exciting opportunity to develop a new Gateway to the Town, building on the success of the newly upgraded canal towpath, providing Regeneration, whilst retaining the sites Heritage.”

The deal, which is subject to Planning, was concluded for an undisclosed sum.

Fifield Glyn have acquired freehold premises for “The Vets’ Place” Veterinary Surgery in Wilmslow, Cheshire, following instructions to identify and acquire new freehold premises in the mid/north Cheshire area.

Following an exhaustive search Fifield Glyn were able to identify a number of suitable premises leading to the acquisition of Chestnut House, Upcast Lane, Wilmslow, a former retail and office property of 311 m² (3,350 sq.ft.) over ground, first and second floors.

For further details about Fifield Glyn’s property acquisition services please contact: Charles Fifield or Victoria Fifield

Fifield Glyn have advised Andrews Property Investments on the freehold sale of Units 2 & 3, Road 4 Winsford Industrial Estate to Combined Tyres.

It is proposed the two Units, which total 9,100 sq.ft. (845 m²), will provide Combined Tyres,who are currently located at Wallace Court on Road Three, the improved premises in a more prominent trading location. The price was around £400,000.

Osborne House; developer of Gadbrook Park together with Fifield Glyn and Poppyseed Cafe Bar, invited St. Luke’s (Cheshire) Hospice onto the business park to promote their fantastic brand new Ford Fiesta Style to buy for just 1pound!

The £1 raffle tickets were sold over two days, raising £207.00p. The money raised will allows the Hospice to continue treatment and support for people suffering with life-threatening illness in a calm and loving environment.

 

Phil Cooke FRICS formerly of McArthur Glen, Miller Developments, CBRE and P&O Shopping Centres has become a Consultant to Fifield Glyn and can be contacted on 020 7491 3336 or phil.cooke@fifieldglyn.com

 

 

 

Tudormen Limited have purchased from Receivers 45 Watergate Row, Chester comprising row level shop let to Reed Employment with four flats over for £185,000 – 7% initial yield. Fifield Glyn acted for Tudormen and the Receiver was represented by Bolton Birch.

For further information please contact John. G Fifield FRICS on 01606 351 351 or email john.fifield@fifieldglyn.com

 

Fifield Glyn have successfully completed the purchase of Carleton Court, Lord Street, Fleetwood on behalf of their client, Townson Estates Plc of Bolton. The property comprises a modern building with 3 ground floor retail units and 4 office suites at first floor level.  Tenants include Poundstretcher, Subway, YMCA, Lancashire County Council and Blackpool & The Fylde College.

The purchase was agreed at £1,925,000, which represents a net initial yield of 9.2% based on the rent roll £189,644.