Richard Smith of Fifield Glyn reports considerable activity at Gadbrook Park, near Northwich where acting behalf of ABS Bodyshop Services Ltd., Fifield Glyn have acquired the Freehold interest of Meridian House, Gadbrook Park, which was formerly owned by Avecia Biotechnology for an undisclosed sum.

 

The building, which was formerly used as laboratories and offices, comprised a gross internal area of approximately 24,400 sq.ft. (2,266 m²) on a 1½ acre site with 65 car spaces.

 

ABS Bodyshop Services Ltd. have retained Fifield Glyn to advise them in connection with the ‘strip out’ of the laboratories, offices, plant and air handling systems and the subsequent total refurbishment to provide a significantly increased net usable area of new fully-fitted open plan and cellular offices, new Entrance, WC, kitchen and staff facilities and reconfigured car parking for up to 79 cars. 

 

Fifield Glyn have already agreed terms on behalf of ABS to pre-let approximately 6,000 sq.ft. of surplus office accommodation.  Lambert Smith Hampton advised Avecia Biotechnology in connection with the sale.

 

Fifield Glyn acting on behalf of Osborne House have agreed to sell a 1.2 acre development plot on Gadbrook Park to Willan Developments for approaching £300,000 per acre.

 

Willan Developments propose to speculatively develop two separate two-store self contained office buildings totalling 26,000 sf (>) capable of sub-division from 2,000 to 5,000 sf together with 100 car spaces which will be offered Freehold or Leasehold. The Agents will be Fifield Glyn and DTZ Debenham Tie Leung.

Osborne House, through Fifield Glyn, have also agreed a sale of 3.2 acres to Roberts Bakery at around £250,000 per acre. Frank R. Marshall advised Roberts.

 

Acting on behalf of Osborne House Ltd., Fifield Glyn have arranged a simultaneous surrender and new letting of No’s 1 and 2, The Stables, Gadbrook Park comprising approximately 7,400 sf (gross) plus 46 car spaces, to Connexions, the Government’s youth education and careers advisors.

 

They will enter into a new 10 year FRI Lease with a 5 year Rent Review at a rent rising to £100,000 per annum, equating to £13.50 psf.

 

Richard Smith of Fifield Glyn advises that in view of the high level of enquiries from both Tenants and owner-occupiers he will shortly be advising his Clients, Osborne House, on a new speculative 6,000 sf single storey office development known as 4-6 Royal Mews, Gadbrook Park, which can be sub-divided to provide units of 1,500 sf and 3,000 sf and which will be available for sale or to let.  Quoting prices are £145 psf Freehold and £14.50 psf Leasehold.

Acting on behalf of Osborne House Ltd., Fifield Glyn have agreed a simultaneous surrender and new letting of Nos. 1 and 2, The Stables, Gadbrook Park, comprising approximately 7,400 sq.ft. (gross) plus 46 car spaces, to Connexions, the Government’s youth education and careers advisors. They will enter into a new 10-year Full Repairing and Insuring Lease subject to a Rent Review at the end of the 5^th year of the term at a rent rising to £100,000 per annum, equating to £13.50 psf.

Richard Smith of Fifield Glyn advises that in view of the high level of enquiries from both Tenants and owner-occupiers, he will shortly be advising Clients, Osborne House, on a new speculative 6,000 sq.ft. single-storey office development known as 4-6 Royal Mews, Gadbrook Park, which can be sub-divided to provide units of 1,500 and 3,000 sq.ft. and which will be available for sale or to let. Quoting prices are £145 psf Freehold and £14.50 psf Leasehold.

Acting on behalf of ABS Bodyshop Services Ltd., Fifield Glyn have acquired the Freehold interest of Meridian House, Gadbrook Park, which was formerly owned by Avecia Biotechnology for an undisclosed sum.

 

The building, which was formerly used as laboratories and offices, comprised a gross internal area of approximately 24,400 sq.ft. (2,266 m²) on a 1½ acre site incorporating 65 car spaces.

ABS Bodyshop Services Ltd. have retained Fifield Glyn to advise them in connection with the ‘strip out’ of the laboratories, offices, plant and air handling systems and the subsequent total refurbishment to provide a significantly increased net usable area of new fully-fitted open plan and cellular offices, new Entrance, WC, kitchen and staff facilities and reconfigured car parking for up to 79 cars.  Fifield Glyn have already agreed terms on behalf of ABS to pre-let approximately 6,000 sq.ft. of surplus office accommodation.  Lambert Smith Hampton advised Avecia Biotechnology in connection with the sale.

The Preston Brook Partnership acquired Units 1 & 2 Wellfield Business Park, Preston Brook, Cheshire from Glanmore Property Fund for £1.98 million equating to 8.18% net yield. 

 

Unit 1 extends to 7,147 sf with 27 car spaces and is let to Zymark Ltd on a 15 year FRI Lease from December 1996 with 5 yearly upward only Rent Reviews at £86,000 pa (£12.03 psf inc. parking). 

 

Unit 2 extends to 6,091 sf offices with 34 car spaces and is let to Allied Dunbar Assurance Plc on a 15 year FRI Lease from December 1996 with 5 yearly upward only Rent Reviews at £76,000 pa (£12.48 psf inc. parking).

Subsequently Unit 1 (pictured above) has been sold on to United Estates Services Ltd for £1.03 million equating to 7.9% yield.

 

Fifield Glyn (01606 351351) acted for The Preston Brook Partnership throughout, Cardales (020 7629 6604) acted for Glanmore Property Fund and Lambert Smith Hampton (0161 228 6411) acted for United Estates Services Ltd.

British Waterways have acquired the freehold interest of Attercliffe Works and Pinfold Works in Attercliffe, Sheffield.  The property totalling approximately 5,295m² (57,000 sq.ft.) comprised two former steel mills adjacent to the Sheffield and Tinsley Canal.

The property has subsequently been let to a number of tenants producing an income of around £150,000 p.a. The purchase price was £1.05 million.  The purchasers, British Waterways, were advised by Fifield Glyn.

 

For further information please contact: Richard N.D. Smith, BSc, (Hons) MRICS, Fifield Glyn 01606 351351.

Acting on behalf of private Landlord Clients, Fifield Glyn have arranged the re-letting of 20 Ralli Courts, West Riverside, Manchester.

Following complete refurbishment, the self-contained offices comprising 213m² (2,300 sq.ft.) together with 5 car parking spaces has been let to Catalyst Securities on a new 10 year Full Repairing and Insuring Lease subject to a Rent Review at the end of the 5^th year of the term at an initial rental of £38,000 p.a. equating to £178m² (£16.50 psf).

For further information please contact: Richard N.D. Smith BSc, (Hons) MRICS, Fifield Glyn 01606 351351

Osborne House has sold its 60,000 sf business centre on Belasis Hall Technology Park, Billingham, to Northern Office Investments Ltd for just under £2.5 million.  The centre produces a current net income of approximately £200,000 pa and benefits from a 75% occupancy level.

Fifield Glyn (01606 351351) represented Osborne House and Mason and Partners (0151 227 1008) represented Northern Office Investments Ltd.

Clients of Fifield Glyn have purchased a freehold shop investment at 12 Packers Row, Chesterfield, for £652,000 (7.6%).  It is let to Connaught House Ltd on a 15 year FRI Lease from 18 July 2003 at £52,500 pa.  The shop has ITZA 721sf and first floor 1,009 sf

 

Fifield Glyn represented the Purchasers, a private investor consortium managed by John Faulkner and James Hollington, ex-Partners of Healey & Baker.

Private investment clients of Fifield Glyn have purchased a freehold retail investment at 44 Bridge Street, Worksop at a price of £467,500, reflecting a net initial yield of 6.85%.

 

The ground floor of the property is let to Done Brothers (Cash Betting) Limited on FRI Terms for 10 years from 25 December 2002 at a rent of £33,500 p.a.

Jean-Luc Baroni Ltd have taken a 8 year FRI Lease from August 2003 on this property at a rental of £35,000 pa. The ground floor comprised 725 square feet, the basement 403 square feet. The Tenants were represented by Fifield Glyn (0207 932 0505).