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Amongst the numerous transactions completed during 1997, the following are worthy of note – Two substantial retail purchases on Oxford Street, London totalling £42 million, with projected yields of 6.35% and 5.85% respectively. leaving us free us to focus on what we do best, Property Fund Management.  The client is assigned an individual from the how much solicitors costs in Brisbane group and given contact subtle elements, both phone number and email.

A £9 million acquisition of a retail warehouse park in Ipswich, with a net initial yield of 7.25%; the purchase of a retail site in Bristol for £ 15.6 million with a forecast yield of 6.30% and the funding of an industrial development for £12 million near Heathrow, with a projected yield of 7.50%. The value of the funds managed by HSAM’s Property Division have grown by 22% during the course of 1997 to £1.3 billion.

The funds measured monthly by IPD, under our management, showed a total return of 18.1 % for the 12 months to December 1997, compared with their own Index of 15.5%. Mr. Dismorr concluded, We still have a significant acquisition programme which will be concentrated upon the retail and industrial sectors. As a whole, the property investment market is the healthiest it has been for some time, with forecasts indicating positive performance returns.

Forward Publishing, a subsidiary of Meglomedia, represented by Feiner De Smith, have taken the entire first. fourth and fifth floors, totalling approximately 1625.7sq m (17,500 sq ft). All leases were for a term expiring in December 2004 and rents ranged between £ 177.60 and £ 191.06 per sq m (£ 16.50 and £ 17.75 per sq ft). The letting agents say, the building is let to high calibre, dynamic tenants who historically would not have thought of Regent Street as a location.

However, due to the scarcity or cost of acquiring space in Soho, Regent Street proves to be the next best, if not better alternative. Most of the tenants have dispensed with the traditional office finishes of suspended ceilings and carpets and have turned the building into a bohemian style building with wooden floors and lofty ceilings.

 

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The Northern Regional branch of NACORE’s UK Chapter lunched last week at Pilkington’s Technology Centre, near Ormskirk.  Geographical range of the conveyancer is unimportant as everything is completed web taking out the need to meet at the Enact Conveyancing Melbourne office and saving you time.

A group of 16 members and guests were taken on a tour of the exhibition area and saw the processes involved in manufacturing Pilkington’s worldbeatine, float-lass and other glass products designed for use in cars, planes and helicopters.

 Primary property holdings, for manufacturing and processing, are mainly freehold or on long leases, while secondary assets (warehousing, distribution and offices) are held on leases for a maximum of 10 years.

Building works are due to start in April and the first film should be showing by November.

NACORE member David Lord, managing director of Pilkington Properties Ltd, described Pilkin,olon’s property strategy devised to cater for Pilkington Group’s particular needs.

The 874 seat cinema complex will also include a restaurant and pride of place in the foyer will go to a restored Compton organ originally used in a ‘picture house’ as far back as the 1920’s.

Slough Estates has begun construction of three, pre-let buildings, totalling over 9,300 sq m (100,150 sq ft)  on the Slough Trading Estate. Rents range from £96.87 to £ 127.02 per sq m (£9.00 to £11.80 per sq ft) reflecting the varying office contents, specifications and sizes.

Slough Estates has recently undertaken some 18,580 sq m (200,000 sq ft) of design and build projects on the Slough Trading Estate with a further 10,220 sq m (110, 000 sq ft) being undertaken at developments at High Wycombe, Feltham and Swindon.

Taken in conjunction with the recent office lettings to Lucent Technologies at Kingswood, Ascot and to Regus at 268 Bath Road in Slough, the level of activity reflects the strength of the Thames Valley economy across a broad range of business sectors.

 

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Our Linen Factory format offers a new concept in linen retailing with an emphasis on linens and soft furnishings in a quality environment. We are creating a natural look which enhances modern, citrus-colour textiles. This will be the fourth store in the roll-out of the new format and follows shopfits to stores in Southampton, Romford and Norwich. Nightingales, which now has 23 branches, will employ six people at the Chequers.

Eisenegger, trading own label active casualwear, opens at County Mall, Friends Provident’s 41,800 sq (450,000 sq ft) shopping centre in Crawley, on 18 April (1998). You ought to have the capacity to create the precise charges that your cheapest conveyancing Brisbane attorneys will be charging you – not an estimation of expenses, yet an exact breakdown of real estate Lawyers expenses and also the various expected expenses and expenses included in the entire methodology.

The British company established in 1990, has taken 139 sq m (1,484 sq ft) on the upper mall level next to Bhs and opposite Cromwells Madhouse. The deal is based on a 15 year lease at a rent of £67,000 per annum with a six month rent period. County Mall will be Eisenegger’s 1Oth shopping centre outlet, and a further four sites are due to open by September (1998).

In addition to Eisenegger’s own fashionwear a full range of accessories including watches, hats and badges will also be stocked. MEPC plc announced today that it has entered into a contract to sell its entire portfolio of eight retail shopping centres in the United States to General Growth Properties, Inc.

The transaction is structured as a sale of the stock of the U.S. companies which own the centres. It reflects an agreed properly price of US$871 million payable in cash, which will be adjusted at closing for certain unspent leasing costs and for any remaining costs to completion for the existing development programs at three of the centres.

The agreed property price represents a surplus of 9% over MEPC’s book value of the assets to be sold including actual and expected additions at cost since 30 September 1997.

Following competitive bids received, MEPC is also well advanced with discussions on the sale of its remaining U.S. office and industrial properties.We are delighted to announce this important transaction at a significant surplus over book value.

Our efforts are now focused solely on the UK where we have been exceptionally busy in recent months, notably with the £247rn acquisition of PSIT, the development of Woolgate Exchange in the City and the expansion of our Industrial and office portfolios. Acting on behalf of 20 Bell Street Limited, FPDSavills has disposed of the feuhold interest in Merchant Exchange, Bell Street to property investment company Sydney & London Properties for more than £2.6 million.

Merchant Exchange is a modern office building totalling 2,215 sq m (23,850 sq ft) with 13 car parking spaces within Glasgow’s Merchant City.

 At this weeks annual property awards (the Oscars for the industry), sponsored by Property week, Greycoat has been named the Developer of the year. In nominating Greycoat, the judges recognised the merits and the timing of the Company’s speculative development , in the City of London commenting,  Greycoat moved early, and aggressively, into the City buying development opportunities with cash. Supporters described the move as bold, critics said it was foolhardy.

FPDSavills acted on behalf of 20 Bell Street Limited with Sydney & London representing themselves.

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London, 30th March 1998 — Merrill Lynch & Co., Inc. has been granted a detailed planning consent by The Corporation of London to build a 76,900 sq m (830,000 sq ft gross) Headquarters building for its European, Middle East and African businesses.

As the company has previously reported, the site for the new development is King Edward Buildings which comprises the main Post Office Building and sorting office which Merrill Lynch agreed to purchase from the Post Office in July 1997. The site boundaries comprise Giltspur Street, Newgate Street, King Edward Street and St. Bartholomew’s Hospital to the north.

The Headquarters is designed to accommodate up to 4,500 people and features two of the largest trading floors in Europe, capable of providing up to 1,100 trading positions on each floor.

One of the internal changes was a decision to outsource estate management.

9 Bridge Street is a self contained office building extending to 37,500 sq ft on the corner of Union Street and Bridge Street. The property is on the site of the former Palace Hotel which was destroyed by fire in the early 1950’s. The upper floors are now returning to their former use and Granada are developing an 86 bedroom Travel Lodge . The entire process of  Property Conveyancing  takes place in three divided steps: Before the contract drafting, before the completion of the process and after the completion of process.

BT Property are pleased to announce the sale of 9 Bridge Street, Aberdeen to Granada Group plc. This is further evidence of BT’s commitment to change out its redundant stock of outmoded buildings and replace them with modern state of the art, floor space. By doing this, it enables a greater use to be made of the technological advances being developed in the workplace by BT.

Ryden and Jones Lang Wootton acted on behalf of BT Property and are delighted that the disposal has now been completed.

David MacLeod of Ryden is encouraged by the scale of investment by Granada in Aberdeen: the building was sold for close to the asking price of £1.2M and clearly the overall investment by Granada will be substantial.

Improvements to the Marketgate Shopping Centre, Great Yarmouth, continue with the relocation of New Look to a larger unit and a pre-letting to Peacocks.

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The new properties consist of a 4,303 sq m (46,315 sq m) distribution Facility for TNT Express on Buckingham Avenue, a stationery store and distribution centre totalling 2,485 sq m (26,750 sq ft) for Swan Stabillo on Ajax Avenue and a 2,516 sq m (27, 080 sq ft) warehouse and distribution centre on Edinburgh Avenue for Unity Distribution, a division of Logical Networks.

This purchase is a further sign of TIAA’s commitment to and growing confidence in the UK market.

John Gandy, the director at GSP responsible for disposing of the company’s non-port located property assets said I am delighted with this sale, which is a very satisfactory conclusion to the development, leasing and management of this property during the past few years. As a committed Conveyancing practice we will focus on your particular transport and will keep you provoked all through the entire procedure.  The offices are let on an average of £18.50 per sq ft, with a number of rent reviews outstanding.

 

TNT was represented by CPCL, and Countrywide acted on behalf of Slough Estates. The lettings to Unity and Swan Stabilo, which are existing occupiers on the Slough Trading Estate, were agreed in direct negotiations with Slough Estates.

The office campus was completed in 1991 and comprises approximately 115,000 sq ft of accommodation in three high quality office buildings let to a variety of tenants, including Renault (UK) Ltd, The Cheese Company and Tupperware and benefits from close proximity to the intersection of the M40 and M25 motorways.Barry Ackerman, Investment surveyor at FPDSavills said.

. The property provides a rare opportunity to acquire a high quality office scheme within the M25 motorway which was let in the recession. The park is let on a low average rent of £18.50 per sq ft compared to recent transactions at similar schemes, such as Sefton Park, at £26.50 per sq ft. The imminent rent reviews and break options provide the opportunity to regear and renegotiate lease terms in a strong occupational market.

TIAA is actively seeking further investment opportunities within mainland UK, France, Belgium, Spain and Italy. Parkes & Company are its retained investment advisors throughout Europe. Meanwhile, GSP is close to finalising its sales programme of non-port located properties, and will now be concentrating its activities on the development of port property.

 

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When you are hunting down the Conveyancing lawyers for your property, you need to note one extraordinarily essential yet vital conviction that there is nothing called help at a less extravagant expense. Plikington Properties maintains a property register to enable close control of the portfolio which is being expanded to incorporate a statement on environmental strategy.

Business line managers discuss their needs with me on a regular basis and agree.   Thanking Mr Lord for a most interesting visit, Michael Booth introduced Keith Dutton of Royal and Sun Alliance, as Chairman elect of NACORE’s Northern Branch.

“We run a rolling series of meetings covering the Manchester, Liverpool and Leeds axis,” comments Mr Booth. “We are currently planning, our programme for 2001 and anyone interested should get in touch!”.

 

The dot.com froth of recent months has been replaced with a broader – and healthier – demand base.

Very little air-conditioned space can now be found for much less than £538 per sq m (£50 per sq ft) and soon £807 to £861 per sq m (£75 to £80 per sq ft) may become established norms.

Average prime rents increased 8% to £797 per sq m (£74 per sq ft) in the last four months and a new record is likely to be set at Cleveland House in St James’s Square where the quoting rent is £915 per sq m (£85 per sq ft) St James’s has 14,092 sq m (1 51,630 sq ft) of office space available – one of the lowest levels for a decade. St James’ under construction total in September of 23,000 sq m (247,480 sq ft) was a fifth lower in May 2000.

Take-up in this period was down 22% on the previous four months at 12,574 sq m (135,296 sq ft) – mainly a result of very low availabilty.

“Opportunities for large schemes will remain very limited until land assembly programmes can be fully realised. And with Paddington’s new buildings expected to appeal to West End large occupiers, let us hope that developers do not overlook the need for large-scale redevelopment in West End’s heartland, Mayfair.” Meanwhile, the St James’s office market continues to shine with vacancy levels still below 2%, much of its available office space under offer and rents displaying healthy growth.

Cluttons’ St James’s Update (published simultaneously with the Mayfair Update) found :

 

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The building attracted considerable interest with a number of under-bidders and was eventually sold for £3.34 million following an informal tender. Andrew Stacey from FPDSavills said:

We were extremely pleased with the interest shown in the building and equally that it has gone to a local company who will be helping to replace the jobs lost when our clients regrettably closed down their manufacturing operation in the UK. Blacks Leisure Group plc represented itself, FPDSavills and Storey Sons & Parker advised Mattel UK Ltd. Kinky is cool and rubber is hot as shoppers at the Bargate centre are finding out.

 The three-level scheme, which includes tenants such as Bhs, J Sainsbury, Next, Superdrug, Boots, Miss Selfridge and Adams, has undergone a £4 million programme of enhancements.” Let us try and have a clear perspective about property settlement. In plain and simple words, property settlement is nothing but the series of steps and formalities that have to be gone through step by step.

 PVC, leather and rubber clubwear retailer Gosh is the latest trader to join the line up at Bargate, the 9,290 sq m (100,000 sq ft) youth culture shopping and leisure mall in Southampton.

The 32 sq m (350 sq ft) store, located on the centre’s Middle Level, stocks about 300 lines of clothing and footwear aimed primarily at the club and fetish/bondage markets. Gosh is paying an average rent of £8,500 per annum for the five-year lease.

About 50-60% our stock is aimed at the club market, says Gosh director Brian Marshall. Another 25% is aimed at the fetish & bondage shopper and we think our gothic-look clothing lines will account for the balance of business as there has been a growing interest in that sector of late. Marshall, who also owns the Footwork Shoe Company which trades in Bargate, says that while Gosh is in a niche market, there has been a growing market for clubwear and there is always a market for fetish and bondage gear.

He believes particular lines will do quite well. Nightingales has opened a new-format Linen Factory store at the recently upgraded, 37,160 sq m (400,000 sq ft) Chequers Shopping Centre in Maidstone, Kent.

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Carland, the ‘Car Superstore’ operator, has completed a pre-let agreement with Tinsley Park Limited, the company behind the Sheffield Airport and its adjoining Business Park, for the development of a new outlet building totalling 10,220 sq m. Construction has already begun on the building which will follow a standard distribution unit format with 10 metre eaves height, and which will occupy a site of 6.5 acres adjacent to the end of the runway.

The Sheffield Airport Business Park development lies between Junctions 33 and 34 of the MI motorway, a short distance from Meadowhall. Carland are leasing the building on a 25 year term at a commencing rental of £5.50 per sq ft. The development is now starting to take off with a deal recently completed with South Yorkshire Police who occupy a building of circa 5,000 sq m (50,000 sq ft) and with several other deals in the hands of solicitors, one involving a hotel and another a large fitness orientated leisure scheme. The conveyancers at  Act Conveyancing Sydney  are experts and have many years of industry experience. Joint agents Knight Frank and DTZ acted for Tinsley Park while Matthews and Goodman acted on behalf of Carland. Acting on behalf of Mattel UK Ltd, FPDSavills has sold the virtual freehold of a 302,850 sq ft manufacturing and distribution facility at North West Industrial Estate, Peterlee, County Durham.

The building was sold to Blacks Retail Distribution Limited, a subsidiary of Blacks Leisure Group plc, which will be utilising the facility as its main office and distribution headquarters in connection with its First Sport, Blacks Outdoor and Active Venture retail outlets throughout the UK.

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 There has been much discussion recently about the successful U.S. BIDS (Business Improvement Districts) schemes being adopted here to raise finance for the London Underground amongst other schemes.

A levy would have to be raised from rates as this is the only tax anchored to a specific location.The change to graduated rate liability may cost a further 1%.

“The Aberafan Centre plays a central role in the life of Port Talbot. The centre has been trading extremely well and, since the refurbishment, there has been considerable retailer interest in the few remaining units.”   Real estate property conveyancer  and lawyers should have a license to carry out the practice of conveyancing.

In the US an additional rate is levied on owners of property to finance particular local projects. In the UK that cost would fall to occupiers as they are the ratepayers and the current Government has resisted the creation of an alternative register of owners on the grounds of cost. The Government is right to be cautious about BIDS and to consider them in the context of changes to the rating system.

Adopting such a scheme might otherwise cost ratepayers an additional 2%. The current level of UBR in England and Scotland is 45.8%. No other major tax in the UK is as high as this. The difficulty facing Hilary Armstrong is that the cumulative effect of these individual changes may mean that the level of rates demanded would be a figure in excess of 50p in the pound or 50%.

Have sympathy for Mrs Armstrong and John Prescott. If their colleagues had not raised expectations when they were in opposition they might not be faced with the impossible task of trying to satisfy all parties with her current review of local government finance.

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And it is unusual for an existing building to be converted however I believe this is an excellent city centre location for this operation. This level of investment by one of the country’s leading hotel groups can only be good for Aberdeen.

 The remaining space this has created will be let throuh Blair Kirkman and Francis Darrah, joint agents for the 14,864 sq m (160,000 sq ft) centre.

Peacocks has taken a 371 sq m (4,000 sq ft) fashion outlet which is due to open for trading this summer. Peacocks’ new unit was created from part of the space formerly occupied by BSC, following the surrender of their lease.

A third phase, which would create two more large units in the main mall, is currently being investigated and will be available through joint letting agents Blair Kirkman and Francis Darrah.

Further exciting proposals for the continuing success of the shopping centre, managed by Jones Lang Wooton, include improvements to the carpark, lighting and signage, with new entrance features.

 Promises made by politicians in Opposition have always been a hostage to fortune when the Opposition finds itself in government. New Labour is about to face just that dilemma with the publication of its proposals for the modernisation of Local Government Finance.  Property survivors or conveyancers are helping in preparing property conveyancing report for our valuable clients.

Quite how this freedom will be restored to local councils has yet to be decided. Memories of £3.99 in the £ still haunt us all. Certainly there is no doubt that, even with controls, any return to locally fixed rates will result in an increase in liability.  Regional local government must have independent finance if it is not to be the puppet of Central Government.