Alder King Property Consultants https://www.alderking.com Mon, 07 Oct 2019 11:12:23 +0000 en-GB hourly 1 Six warehouse units let, sold or under offer in speculative Weston scheme https://www.alderking.com/six-warehouse-units-let-sold-or-under-offer-in-speculative-weston-scheme/ https://www.alderking.com/six-warehouse-units-let-sold-or-under-offer-in-speculative-weston-scheme/#respond Mon, 07 Oct 2019 11:12:23 +0000 https://www.alderking.com/?p=6043 Six out of seven units in a new speculative warehouse scheme in Weston-super-Mare have been let, sold or placed under offer before construction had completed, […]

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Six out of seven units in a new speculative warehouse scheme in Weston-super-Mare have been let, sold or placed under offer before construction had completed, demonstrating the strength of demand for small units in the town.

The 22,000 sq ft warehouse development at 12 Beaufighter Road on Weston Business Quarter has delivered two terraces of small shell condition units.  The first terrace of four units was completed in June and the second terrace of three units has just completed.

It is the third phase of development by developer KMW Trading Limited at Weston Business Quarter.  Alder King are the property agents.

The 2,583 sq ft Unit 1 has been acquired by SMG Screeding which will relocate to the Beaufighter Road scheme from Langford in January 2020.

Unit 2, also 2,583 sq ft, has been let to Prestige Motorhome Hire, a family-run luxury motorhome hire business.  The office area of the unit was built to its bespoke design to provide a high quality environment for clients; the rest of the unit allows its motorhomes to be stored and handed over to clients under cover while also providing safe and secure storage for clients’ vehicles while they are on holiday.

Unit 4 has been let to Mesh Global, a multi-disciplined engineering services and training provider which has relocated from smaller premises on Oldmixon Crescent in Weston-super-Mare.

Units 3, 6 and 7 have all recently gone under offer to two local businesses, leaving just one unit of 4,198 sq ft available on a leasehold or freehold basis.

Associate Emma Smith from Alder King’s industrial agency team, says: “KMW Trading Limited has seen strong demand for all three of its developments in Weston, due largely to the lack of quality stock in the town.  There is a real requirement from the SME market for this type of small unit and KMW’s confidence in proceeding with a third speculative scheme has paid off.”

More information on 12 Beaufighter Road, Weston-super-Mare is available here.

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Planning permission secured for Kingswood’s Masters Church site https://www.alderking.com/planning-permission-secured-for-kingswoods-masters-church-site/ https://www.alderking.com/planning-permission-secured-for-kingswoods-masters-church-site/#respond Tue, 01 Oct 2019 16:01:12 +0000 https://www.alderking.com/?p=6020 Alder King Planning Consultants have secured planning permission for Crossman Homes’ residential redevelopment of the derelict Masters Church site in Kingswood, South Gloucestershire. The scheme […]

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Alder King Planning Consultants have secured planning permission for Crossman Homes’ residential redevelopment of the derelict Masters Church site in Kingswood, South Gloucestershire.

The scheme allows the redevelopment of the Grade II listed Masters Church into 19 one-bedroom apartments and the change of use of its cemetery to a public park. The planning permission also includes the erection of a terrace of three new build houses adjacent to the Chapel House as enabling development to cross-subsidise the scheme.

An added complication to the scheme was the adjoining Grade I listed Whitfield Tabernacle which, according to Historic England, is one of the most at risk buildings in the country.

Despite the complexities of the site, Alder King successfully presented the necessary viability assessment to support the enabling case, and demonstrated to South Gloucestershire Council that the benefits of the scheme would outweigh any harm to heritage assets. In negotiating the planning permission, Alder King also successfully avoided the imposition of both CIL and s106 financial contributions.

Matt Halstead, partner in Alder King’s planning team, commented: “This project involving our viability and planning teams is a great example of our multi-disciplinary approach to complex planning cases and has produced a great result for Crossman Homes and the Kingswood community, giving this site a new future.”

The Whitfield Tabernacle was erected in 1741 at the request of George Whitfield who donated money for the project when he left to preach in America. Whitfield was a contemporary of Charles and John Wesley at Oxford and together with John Cennick of Bristol were largely responsible for establishing Methodism as a separate church of which Wesleyan Methodism was the largest element. Meetings at The Tabernacle became so popular that the building was extended in 1802, and 1851, and in 1851 a new larger church – the Masters Church designed by Henry Masters, a local builder and architect, was erected in 1851 on the west side of the site.  The Tabernacle was transferred to local charity the Whitfield Tabernacle Trust and does not form part of the Crossman scheme.

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Alder King wins Gloucestershire’s Most Active Agent competition https://www.alderking.com/alder-king-wins-gloucestershires-most-active-agent-competition-2/ https://www.alderking.com/alder-king-wins-gloucestershires-most-active-agent-competition-2/#respond Wed, 25 Sep 2019 09:58:10 +0000 https://www.alderking.com/?p=6007 For the 12th year in succession, Alder King’s Gloucester team is celebrating being named Gloucestershire’s most active property agent. The nine strong team, based at […]

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For the 12th year in succession, Alder King’s Gloucester team is celebrating being named Gloucestershire’s most active property agent.

The nine strong team, based at Gloucester Business Park, won the award from property publication Estates Gazette for completing the highest volume of commercial property transactions in the county over the past year.

The firm’s joint head of office and partner Adrian Rowley was also crowned the county’s top dealmaker for the fifth year in a row.

He said: “This is a fantastic accolade and testament to the quality of advice, market knowledge and customer service that our team provides to clients.  But we must also acknowledge our gratitude to our developer and occupier clients who appoint us to act on their behalf.  Without their confidence in us, we would not be completing such a consistently high volume of deals year after year.”

Commenting on the market, he added: “Gloucestershire’s property market remains as robust as ever, with strong occupier and investor demand and good levels of speculative development.  However supply of prime, secondary and tertiary stock remains low.

“The county’s manufacturing sector continues to be a major driver of investment.  Significant transactions in which we were involved include two bespoke buildings totalling 330,000 sq ft now under construction at Gloucester Business Park for G-Tekt and Dowty Propellers.

“Arlington’s 65,000 sq ft office prelet to Ecclesiastical Insurance Group, also at Gloucester Business Park, is also worth mentioning.  The largest office prelet in Gloucester for 20 years, it represented a strong vote of confidence in the county as a successful business location.

“But it’s not just the large high profile deals mentioned here; we are just as proud of the many smaller deals we’ve completed for small and medium sized businesses right across the county enabling them to find the premises they need to expand.”

More information about Alder King’s agency services is available from www.alderking.com or from Alder King’s Gloucester office on 01452 623290.

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Alder King announces two promotions https://www.alderking.com/alder-king-announces-two-promotions-3/ https://www.alderking.com/alder-king-announces-two-promotions-3/#respond Tue, 24 Sep 2019 14:44:17 +0000 https://www.alderking.com/?p=6001 Property consultancy Alder King has announced two promotions in its Bristol office.   Adam Davies from the firm’s facilities management team becomes a partner and Portia […]

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Property consultancy Alder King has announced two promotions in its Bristol office.   Adam Davies from the firm’s facilities management team becomes a partner and Portia Banwell is promoted to senior planner.

Adam joined Alder King in 2010 and over the past nine years has significantly advanced the firm’s FM capability and instruction base.  He now advises a wide range of clients on the full spectrum of FM services including strategic advice, procurement, health and safety and environmental management.

Portia joined Alder King’s planning team in 2016 and has played a key role in planning applications for many commercial and residential development projects across the region while also studying towards her Royal Town Planning Institute accreditation.  She successfully qualified as a member of the RTPI in 2018.

Senior partner Martyn Jones said: “Adam and Portia have made a great contribution to their teams and the firm in recent years, demonstrating initiative and hard work.  It is very pleasing to reward their commitment with these promotions and we look forward to supporting their continued career development in the years to come.”

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Network Rail releases Truro city centre site for housing development https://www.alderking.com/network-rail-releases-truro-city-centre-site-for-housing-development/ https://www.alderking.com/network-rail-releases-truro-city-centre-site-for-housing-development/#respond Mon, 16 Sep 2019 09:18:47 +0000 https://www.alderking.com/?p=5958 Network Rail has released for sale a 4.46 acre brownfield site adjacent to Truro railway station for residential development which, if granted planning permission, will […]

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Network Rail has released for sale a 4.46 acre brownfield site adjacent to Truro railway station for residential development which, if granted planning permission, will provide much needed new housing within walking distance of Truro’s main retail and business district.

The site off Station Road is currently occupied by two large dated warehouse buildings totalling circa 72,000 sq ft which are no longer required to support the railway. Property consultants Alder King have been appointed to market the freehold of the site.

Network Rail has already made Pre-Application planning enquiries of Cornwall Council’s planning department and received a positive response to the principle of residential development. Currently accessed via a level crossing off Station Hill, it is anticipated that developers will seek to create a new access off Dobbs Lane to the west of the site.

Tom Duncan of Alder King’s Truro office says this is an important development opportunity for Truro.

“It is unusual for a brownfield site of this size to become available within such close proximity to the city centre. The site therefore offers a major opportunity to create a high-quality sustainable development with good links to public transport and within walking distance of shops and services. Regenerating a brownfield site like this protects valuable greenfield land and offers the best future use of older industrial buildings which are nearing the end of their economic life.”

 David Biggs, Managing Director, Network Rail Property, said: “We’re working hard to find as many sites as possible to release to the market for much needed new housing.

“Releasing land for housing is part of our strategy to drive economic growth and help communities thrive, while generating funds to reinvest back into the railway.”

Interested parties are invited to submit offers to Alder King’s Truro office at 22 Lemon Street.  Further information is available here or from Tom Duncan on 01872 227005 or via tduncan@alderking.com.

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Simon Price elected new senior partner for Alder King https://www.alderking.com/new-senior-partner-for-alder-king/ https://www.alderking.com/new-senior-partner-for-alder-king/#respond Tue, 10 Sep 2019 09:06:22 +0000 https://www.alderking.com/?p=5931 South West property consultancy Alder King has elected Simon Price as its new senior partner.  He will succeed Martyn Jones, who is stepping down after […]

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South West property consultancy Alder King has elected Simon Price as its new senior partner.  He will succeed Martyn Jones, who is stepping down after more than 10 years in the role, on 1 November 2019.

Price leads the firm’s agency team, specialising in office agency and commercial development.  He joined the firm as a graduate surveyor in 1988 and was appointed partner in 1997. He is widely recognised in the market for his role in delivering some of Bristol’s most significant office transactions including 2 and 3 Glass Wharf in Bristol’s Temple Quarter Enterprise Zone.

Congratulating his predecessor, Simon said: “Martyn has successfully led the business for over a decade.  During his tenure he has shaped the firm into the strong business you see today and we thank him for his contribution.  He hands the business over in robust shape and I look forward to building on his impressive record.”

Martyn will continue to lead Alder King’s professional services team.  He said: “As a business we have always recognised the importance of planned succession and, after deciding last year that the time was right to pass on the mantle, Simon and I have worked closely together to achieve a seamless transfer of the leadership of the business.  Simon assumes the role with the unanimous support and confidence of the partnership and we all wish him well.”

Alder King is a top 25 UK property consultancy, providing multi-disciplinary advice to private and public sector clients throughout the country on all aspects of commercial property and land.  Established in 1911 and employing around 130 people, the practice operates from seven offices in Bristol, Cardiff, Exeter, Gloucester, Swindon, Taunton and Truro.  It has won the Estates Gazette ‘South West Most Active Agent’ award for 18 consecutive years.

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GRIDSERVE submits first electric forecourt planning application https://www.alderking.com/gridserve-submits-first-electric-forecourt-planning-application/ https://www.alderking.com/gridserve-submits-first-electric-forecourt-planning-application/#respond Mon, 09 Sep 2019 13:22:36 +0000 https://www.alderking.com/?p=5927 Alder King client GRIDSERVE has submitted a planning application to build an Electric Forecourt™ in Braintree, Essex.  If approved it will be the first of […]

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Alder King client GRIDSERVE has submitted a planning application to build an Electric Forecourt™ in Braintree, Essex.  If approved it will be the first of over 100 sites across the UK that aim to make charging an electric vehicle (EV) as easy as using petrol stations. 

Braintree Electric Forecourt®, located next to the Horizon 120 Business & Innovation Park, planned for Great Notley, will offer the world’s fastest charging rates, charging a typical EV in less than 30 minutes.  It will put Braintree at the vanguard of the low-carbon transport revolution. The location of the forecourt will offer direct access to major link roads, while also capturing both regional and last mile travel for homes and businesses.

Alder King was appointed last year to identify prominent sites of between 0.8 and 1.5 acres.  Sites are ideally adjacent to a main road or close to a conurbation and available for occupation for at least 30 years. Rents of up to £100,000 per acre are available for the very best sites.

Alder King’s appointment coincided with the Government’s Road to Zero Strategy which set out plans for the UK to lead the world in zero emission vehicle technology. The plans include a significant roll-out of infrastructure to support the electric vehicle revolution.

Simon Smith, lead energy partner at Alder King, said: “Sales of EVs and hybrid vehicles increased by nearly 35% last year and this trend is set to continue as all car manufacturers launch new EV models.  High quality charging infrastructure that appeals to motorists’ established method of refuelling will be the fastest way to facilitate continued growth.”

Raoul Tufnell, chief development officer at GRIDSERVE, said: “Electric ForecourtsTM  will democratise electric vehicle ownership by making it possible for drivers who do not have space for a charge point at their home to charge their cars at low cost at a dedicated nearby forecourt.  Our Electric Forecourts™ are designed to transform users’ charging experience, giving motorists security both in the location and reliability of our infrastructure.”

Landlords who believe they have suitable sites for an Electric ForecourtTM are invited to contact Simon Smith or Hugh Collins at Alder King on 0117 317 1000.

GRIDSERVE is a rapidly expanding energy services company which has been responsible for the development, construction and operation of more than a gigawatt of solar energy and energy storage solutions, including connecting over 100 utility-scale sustainable energy projects to the UK grid over the past five years.  More information is available from www.gridserve.com

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Crossfit gym to open in Cheswick Village https://www.alderking.com/crossfit-gym-to-open-in-cheswick-village/ https://www.alderking.com/crossfit-gym-to-open-in-cheswick-village/#respond Thu, 05 Sep 2019 08:53:31 +0000 https://www.alderking.com/?p=5915 The new owners of The Square in Cheswick Village in North Bristol have secured their first new occupier since acquiring the mixed use neighbourhood scheme […]

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The new owners of The Square in Cheswick Village in North Bristol have secured their first new occupier since acquiring the mixed use neighbourhood scheme late last year.

London-based The Ironmongers’ Company acquired the investment of the multi-let scheme in December 2018 from the developers Balfour Beatty.  The centre was developed in early 2015 to provide a community focus for the 1,000 home Cheswick Village and the wider developments. The Square is already home to Boston Tea Party, The Cooperative Food, Happy Days Nursery, Barnardo’s and a number of takeaway restaurants.

Letting agents Alder King have now let Unit 8 to local personal training and fitness studio JMPT Ltd.  This will be JMPT’s second studio in the region – they already run the highly successful Crossfit Chew Valley in the Old Cattle Market in Winford. JMPT agreed a 10 year lease and secured change of use consent on the 4,056 sq ft ground floor unit.

This letting leaves just two vacant units of 1,208 sq ft and 1,444 sq ft, both of which are available to rent through Alder King. The remaining units have planning consent for A1-A5 use.

Rebecca Harries from Alder King’s retail agency team said: “The addition of a good quality fitness studio to The Square will be an excellent addition to the line-up, helping to drive footfall and support the existing businesses.

“The new owners are focused on attracting a diverse and complementary tenant mix to serve the day to day needs of local residents.  The scheme is now 90% occupied and we have encouraging interest in the remaining two units.”

Carter Jonas have also recently completed a letting on The Square on behalf of Southern Co-op. Bessellscotts Barber Lounge & Wine Bar has taken a sub-lease on circa 1,500 sq ft.  It is currently fitting out and plans to open the barber shop and bar later this year.

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Proposals submitted for redevelopment of Silverthorne Lane in Bristol https://www.alderking.com/proposals-submitted-for-redevelopment-of-silverthorne-lane-in-bristol/ https://www.alderking.com/proposals-submitted-for-redevelopment-of-silverthorne-lane-in-bristol/#respond Thu, 22 Aug 2019 15:45:43 +0000 https://www.alderking.com/?p=5868 Alder King Planning Consultants have submitted major development proposals for the regeneration of a 4.2 hectare site on Silverthorne Lane in Bristol’s Temple Quarter. The […]

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Alder King Planning Consultants have submitted major development proposals for the regeneration of a 4.2 hectare site on Silverthorne Lane in Bristol’s Temple Quarter.

The planning application, submitted on behalf of Square Bay, proposes new accommodation for the University of Bristol, a 1,600 pupil secondary school, new homes, student accommodation, office space and associated leisure uses. The proposals also include the restoration of a number of derelict listed buildings.

Matthew Halstead, partner at Alder King says: “This is an absolutely fantastic project to be involved in and one that will completely transform this part of Bristol Temple Quarter.  A great deal of time and effort has been spent working with the Council and other key stakeholders to design the proposals, which I am confident will create a new vibrant and exciting development for Bristol.”

Silverthorne Lane has been allocated by Bristol City Council for redevelopment with a variety of uses as part of its plans to regenerate Bristol Temple Quarter as an enterprise zone.  It is anticipated that the development proposals will create £375 million GVA and circa 4,350 jobs for the local area as well as providing 367 new homes.

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Newly refurbished office space let to recruitment business https://www.alderking.com/newly-refurbished-office-space-let-to-recruitment-business/ https://www.alderking.com/newly-refurbished-office-space-let-to-recruitment-business/#respond Wed, 21 Aug 2019 11:56:29 +0000 https://www.alderking.com/?p=5863 The Bristol branch of independent recruitment company, Interaction Recruitment has relocated to larger and more prominent premises in the heart of the city’s Broadmead shopping […]

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The Bristol branch of independent recruitment company, Interaction Recruitment has relocated to larger and more prominent premises in the heart of the city’s Broadmead shopping area.

The branch, which specialises in commercial, construction, driving, finance, industrial and IT sector opportunities, has leased the second floor suite at 42 Union Street, above the corner Pret a Manger unit.

The accommodation had previously been used as a hair salon and tattoo studio for many years and recently underwent a comprehensive refurbishment to create good quality office space. The refurbishment included a complete strip out, redecoration of the access staircase, new front entrance doors, exposed mechanical services, suspended LED light fittings, metal skirting trunking, painted plastered walls and ceiling finishes and a carpet floor finish. New WCs and a kitchen were also installed as part of the programme.

Alder King’s office agency team secured the letting of the 1,200 sq ft suite on a new 10 year lease on behalf of clients of Fletcher King.

Rebecca Harries of Alder King said: “This suite is very well-located in the heart of Broadmead, making access convenient for staff, clients and candidates.  The accommodation is now open plan and looks great following the refurbishment. The suite is highly prominent and has excellent natural light, with a wall of windows overlooking the junction of Broadmead and Union Street.”

Interaction Recruitment is one of the UK’s fastest growing independent recruitment businesses, operating through a growing network of 25 locations nationwide.  The Bristol office was previously based at Marsh Street and they have relocated as part of their growth programme.

Andrew Gilchrist, MD of Interaction said “These are fabulous premises and my Bristol team are so excited. I have to thank Rebecca Harries and her team for their professional approach, and the landlord for going above and beyond in the refurbishment works.”

Interaction Recruitment were unrepresented in the transaction.

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Gloucester’s Speedy Hire unit sold to private investor for £1.9 million https://www.alderking.com/gloucesters-speedy-hire-unit-sold-to-private-investor-for-1-9-million/ https://www.alderking.com/gloucesters-speedy-hire-unit-sold-to-private-investor-for-1-9-million/#respond Thu, 01 Aug 2019 13:35:37 +0000 https://www.alderking.com/?p=5690 City Monument Properties, advised by Alder King, has sold the freehold of the Speedy Hire unit on Gloucester’s Goodridge Trading Estate for £1.9 million, representing […]

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City Monument Properties, advised by Alder King, has sold the freehold of the Speedy Hire unit on Gloucester’s Goodridge Trading Estate for £1.9 million, representing a net initial yield of 5.62%.

The industrial unit has been acquired by a private investor represented by Warwick Martel.

The property is let to Speedy Asset Services on a new 10 year lease agreed in March 2019 at a rent of £113,500 per annum.

Located in an established commercial area in Quedgeley, the 18,923 sq ft property occupies a site area of 1.95 acres, giving a very low site cover of 22%.  The single storey detached unit includes integral offices, five roller doors and a large surfaced yard to the front and side of the building.

Lucy Costain, associate in Alder King’s investment team, commented: “Demand for good quality investment opportunities across the South West remains high, with activity only constrained by the limited number of opportunities coming to market.

“This disposal was timed to capitalise on the particular demand for industrial assets with long-term income potential, and with the benefit of a new 10 year lease agreed in March, we were able to dispose of this low-density property for a price in excess of the guide price.”

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1.7 million sq ft of new industrial space powers South West commercial property market https://www.alderking.com/1-7-million-sq-ft-of-new-industrial-space-powers-south-west-commercial-property-market/ https://www.alderking.com/1-7-million-sq-ft-of-new-industrial-space-powers-south-west-commercial-property-market/#respond Wed, 10 Jul 2019 14:28:41 +0000 https://www.alderking.com/?p=5653 Newly completed industrial and logistics schemes in Bristol, Exeter, Gloucester, Swindon, Taunton and Truro are powering activity in the region’s commercial property market, say property […]

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Newly completed industrial and logistics schemes in Bristol, Exeter, Gloucester, Swindon, Taunton and Truro are powering activity in the region’s commercial property market, say property consultants Alder King in its latest Market Monitor report.

Developers including Chancerygate, St Modwen, Trebor and Richardson Barberry have injected over 1.7 million sq ft of new industrial accommodation into the market across the region, providing businesses with much-needed expansion opportunities.

Industrial take-up across the region in the first half of 2019 totalled 2.09 million sq ft, up 27% from 1.6 million sq ft in the same period last year. The increase was partly due to some significant transactions in Swindon, where industrial rents have risen from £7 to £7.50 per sq ft, and a growing number of pre-lets and pre-sales on newly developed space.

The region’s office market was more subdued, constrained once again by a lack of supply and, in some sectors such as financial and professional services, by the continuing political and economic uncertainty.  Half-year take-up reached 740,000 sq ft, its lowest mid-year figure for seven years.  However a number of sizeable transactions are in solicitors’ hands and should boost the total in the second half of the year.

Next year supply will be boosted by a number of new speculative office developments and refurbishments in Bristol, Exeter, Gloucester, Swindon and Taunton.  These include The Distillery at Glassfields and The Assembly on Temple Way, two new Grade A developments under construction in Bristol city centre.  Both are guiding rents in excess of the current £34.50 per sq ft headline rent for the city centre.

Alder King head of agency Simon Price said: “After a robust performance in 2018, the commercial property market has continued to perform well in 2019.  Supply levels in both the industrial and offices market have risen this year after hitting historically low levels in 2018.  This is very welcome news for occupiers who in recent years have been unable to find the accommodation they need.

“Strong enquiry levels and an improved development pipeline in both the office and industrial sectors bode well for the second half of the year.”

New speculative industrial schemes which have come on stream include St Modwen’s Access 18 development where 221,000 sq ft has been delivered in three buildings and Chancerygate’s Vertex Park and Warmley Business Park in Bristol where a combined 228,000 sq ft of quality space has just reached practical completion.  The 107,000 sq ft 11 unit Vertex Park is now 38% pre-let while the 15 unit, 121,000 sq ft Warmley Business Park is 57% pre-sold/pre-let.

In Exeter, Matford Green Business Park is offering 30,000 sq ft of new space while in Gloucester, two major bespoke manufacturing projects at Gloucester Business Park for Dowty Propellers and G-TEKT are progressing well.  St Modwen has been particularly active in Gloucester, delivering nearly 300,000 sq ft of new space at Gateway 12 and St Modwen Park.

Swindon’s office and industrial markets saw 120,000 and 730,000 sq ft of take-up, both higher than each of the past three years.  One of the town’s most significant transactions was DHL’s acquisition of 80,000 sq ft at the Ignition scheme, setting a new record rent for the town at £7.50 per sq ft.

Alder King’s Market Monitor Mid-Year Update reviews the commercial property activity in 10 key centres across the South West and South Wales including Bristol, Cardiff, Exeter, Gloucester, Bath, Bridgwater, Plymouth, Swindon, Taunton and Truro.

Download the report here.

 

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Law firm signs new 16 year lease on Plymouth office https://www.alderking.com/law-firm-signs-new-16-year-lease-on-plymouth-office/ https://www.alderking.com/law-firm-signs-new-16-year-lease-on-plymouth-office/#respond Tue, 09 Jul 2019 15:13:14 +0000 https://www.alderking.com/?p=5648 Womble Bond Dickinson, advised by Alder King, has agreed a new lease on its Plymouth office at Ballard House in Millbay until 2035. The law […]

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Womble Bond Dickinson, advised by Alder King, has agreed a new lease on its Plymouth office at Ballard House in Millbay until 2035.

The law firm, which currently occupies 32,660 sq ft on the fourth floor at Ballard House, has signed a new 16 year lease for the fifth and sixth floors of the building totalling 26,003 sq ft.

It will now undertake a £1 million refurbishment of both floors to transform the cellular office layout into a modern open plan working environment.

Noel Stevens, partner at Alder King’s Exeter office, commented: “Last year, having considered available options in the market, WBD decided to remain at Ballard House, its base for the past 23 years.

“We have successfully negotiated positive terms for them with the new landlord, Plymouth City Council.  This has helped retain a major employer in the city and secured a significant investment in Ballard House, one of Plymouth’s largest office buildings.”

Craig Moore, partner and head of WBD’s Plymouth office, said: “With an office in Plymouth since 1881, we know that the city and the South West region are a great place to do business.

“There is an enormous amount happening here and we are delighted to confirm the extension of our lease of Ballard House for the next 16 years and a refurbishment investment of over £1 million.

“Our Plymouth office continues to go from strength to strength, providing clients with a unique offering of national and international experience on their doorstep.  Our long-term commitment to Plymouth is a reflection of the growth in our clients and the value we bring to them.  We look forward to growing the business further.”

Ballard House is a seven storey detached office building with basement car parking and recently refurbished entrance and common parts.  Occupiers include Plymouth City Council which in March 2019 acquired the 43,500 sq ft building as part of an investment package designed to save £2.25 million.

The property occupies a commanding position overlooking Plymouth Sound and lies adjacent to the 19 acre Millbay regeneration area, a 2 million sq ft mixed use scheme including a new marina, school and residential.

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Bristol Offices Mid-Year Market Report https://www.alderking.com/bristol-offices-mid-year-market-report/ https://www.alderking.com/bristol-offices-mid-year-market-report/#respond Mon, 08 Jul 2019 10:09:06 +0000 https://www.alderking.com/?p=5713 Bristol Offices Mid-Year Market Report: July 2019 Take-up of office space in Bristol in the first half of 2019 was subdued in comparison with recent […]

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Bristol Offices Mid-Year Market Report: July 2019

Take-up of office space in Bristol in the first half of 2019 was subdued in comparison with recent years, primarily as a result of a lack of good quality stock in the city centre ready for immediate occupation and, in some market sectors, by ongoing Brexit uncertainty.  However the strong level of named enquiries and the number of viewings on existing space point to an underlying strength in the market and a number of significant transactions including pre-lets are in solicitors’ hands and should transact during H2.

Demand remains strong in the co-working/serviced office sector which accounted for circa 31% of H1 city centre take-up, together with the TMT and financial services sectors.

Significant H1 transactions included the acquisition by Spaces of 35,000 sq ft at Programme in the city centre.  In north Bristol, St James’ Place acquired 40,760 sq ft at 2610 Aztec West and Elbit Systems acquired 12,760 sq ft at 600 Aztec West.

Both the city centre and out of town markets continue to suffer from a severe lack of new or newly refurbished Grade A accommodation.  This will be partly alleviated by two new Grade A developments under construction in the city centre, both of which are due to complete in 2020.  At The Distillery, Glassfields, Royal London Asset Management is on site with 90,000 sq ft in three buildings and at The Assembly on Temple Way, AXA is on site with a first phase building comprising 200,000 sq ft.

In addition high quality new refurbishments are underway at The Landing on Redcliff Street by L&G and at Merchants House by Bellborough Ltd.  CSL Limited is advancing proposals for circa 37,500 sq ft of high quality refurbished accommodation at 37-39 and 41 Corn Street.

In north Bristol, further refurbishment projects are planned as a result of the recent success of Buildings 600, 730 and 800 Aztec West where lettings were achieved following speculative refurbishments.

The top headline rent achieved in Bristol city centre for brand new Grade A accommodation now stands at £34.50 psf, with both new speculative developments currently underway guiding in excess of this level.

In north Bristol the letting of Building 600 Aztec West in Q1 2019 set a new headline rental high for this cycle at £23 psf.  In addition, the level of incentives granted in both the city centre and north Bristol markets has fallen as a consequence of reducing supply.

Office Take-Up 367,000 sq ft
Office Supply 775,000 sq ft
Headline Rent City Centre £34.50 psf
Headline Rent Out of Town £23 psf

For up to the minute advice on opportunities in Bristol, contact Simon Price who leads our Bristol office agency team on 0117 317 1084.

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Investment Market Report: July 2019 https://www.alderking.com/investment-market-report-july-2019/ https://www.alderking.com/investment-market-report-july-2019/#respond Mon, 08 Jul 2019 09:24:04 +0000 https://www.alderking.com/?p=5705 The volume of investment sales between January and May 2019 stands at circa £15 billion, down 30% from the same period in 2018.  The leisure […]

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The volume of investment sales between January and May 2019 stands at circa £15 billion, down 30% from the same period in 2018.  The leisure and alternative sectors made up over 40% of activity, while volumes in the retail sector continue to decline.  The UK is selecting its third Prime Minister in four years and the possibility of both a general election and a no deal Brexit weigh on market sentiment.  Therefore it is difficult to envisage 2019 investment volumes reaching the five year average of £63 billion.

Office investment volumes so far in 2019 are circa £4.6 billion compared to the £7.2 billion transacted over the same period a year ago and the weakest level since 2008.  Despite attractive currency exchange rates, overseas investors have taken a more cautious approach, accounting for only 38% of all office investment in Central London, down from 72% in 2018.  Overseas investors and UK institutions are reducing their exposure to the sector and are a net seller of office assets so far in 2019.

Sentiment in the retail sector remains very negative and consumer confidence is fragile.  Retail investment volumes stand at £1.8 billion so far this year, down from the £2.3 billion during the same period last year.  With more administrations and CVAs expected, there will be further downward pressure on rents.  Shopping centres are trading particularly poorly and only seven shopping centre deals have been reported so far in 2019, some with yields of circa 10%.  Activity is likely to remain subdued in the short to medium term amid continued uncertainty.

Industrial has been the strongest performing sector so far in 2019 with a 6.9% year on year total return.  Demand for prime single and multi-let industrial assets is very strong with competitive bidding situations leading to prices in excess of quoting terms being achieved.

Investors are approaching the secondary end of the market with a greater degree of scepticism.  Demand is strongest for long and secure income streams, with a focus on assets providing longer term income and opportunity that can withstand Brexit concerns.  Assets with redevelopment and repositioning opportunities are attracting investors attempting to see opportunity in uncertainty.

All regions bar London posted below average volumes.  Investors continue to move away from the three main sectors (office, retail, industrial) unless offering attractive added value opportunities towards the secure long-dated income offered by alternatives, with hotels and build-to-rent opportunities proving popular.

For the latest investment advice, contact John Benson who leads our investment agency team on 0117 317 1100.

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Keybridge acquires Bristol Oxfam store building https://www.alderking.com/keybridge-acquires-bristol-oxfam-store-building/ https://www.alderking.com/keybridge-acquires-bristol-oxfam-store-building/#respond Wed, 12 Jun 2019 10:49:43 +0000 https://www.alderking.com/?p=5594 Bristol-based property investors Keybridge Associates have expanded their South West portfolio with the acquisition of the ground floor retail and basement premises at 62 Cotham […]

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Bristol-based property investors Keybridge Associates have expanded their South West portfolio with the acquisition of the ground floor retail and basement premises at 62 Cotham Hill and 26a Aberdeen Road in the Cotham area of Bristol.

The property, held on a 999 year long lease dated 5th April 2016, was sold by Alder King on behalf of Andrew Sheridan and Gareth Morris of FRP Advisory LLP, in their capacity as Administrators, for £271,000, representing a NIY of 6%.

The premises, which form part of a parade of retail units, are let to Oxfam on a 15 year lease at a rent of £16,750 per annum.

Nigel Hooton of Hootons Commercial who acted on behalf of the purchaser, said: “Keybridge purchased this property due to its good location and the strong covenant strength of the tenant. This property now forms part of a portfolio located in the South West.”

Rebecca Harries of Alder King said: “Demand for good quality investment properties remains strong and resulted in competitive interest in this well-located retail property.  To secure the best outcome for the vendor, we brought the sale to a close by inviting best bids resulting in the successful disposal to Keybridge.”

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Principal Designer – a role still not well understood four years on https://www.alderking.com/principal-designer-a-role-still-not-well-understood-four-years-on/ https://www.alderking.com/principal-designer-a-role-still-not-well-understood-four-years-on/#respond Mon, 10 Jun 2019 14:40:47 +0000 https://www.alderking.com/?p=5548 In April 2015, the Construction (Design and Management) Regulations 2015 came into effect, with one of the most significant changes being the replacement of the […]

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In April 2015, the Construction (Design and Management) Regulations 2015 came into effect, with one of the most significant changes being the replacement of the CDM Coordinator with the Principal Designer.  Four years later, the effects of this change are not always well understood and can lead to unexpected costs on a development project.  James Jacobs, a chartered building surveyor experienced in delivering the Principal Designer role, sets out some of the key areas impacted by this regulation change, focusing on the duties and responsibilities of the client and Principal Designer.

What must a client do?

Following the changes to the regulations, the CDM Regulations now apply to both domestic and non-domestic building works of all sizes where there is more than one contractor appointed, or it is foreseeable that more than one may be working on a project.  In this circumstance, the client must appoint:

  • a Principal Designer
  • a Principal Contractor

If the client fails to appoint either role on a commercial project, the client takes on the responsibility of both.  This is to ensure that project leaders engage in the process and ensure their entire design team follows the process.

When must a client appoint?

Under the Regulations, the roles should be fulfilled as soon as the design works commence.  In practice however, we still see many projects where the role is picked up well past the initial concept design stage.  This can sometimes lead to costly changes to the building fabric in order to meet the necessary standards of safe design.  Even so, this can be a very difficult thing for clients to balance, particularly where projects may be speculative in nature.

The principals of prevention (ERIC)

ERIC stands for “Eliminate, Reduce, Inform and Control”, and relates to the principals of prevention.  Simply put, it is a flow chart for risk management:

  • First try to eliminate risk
  • If it cannot be eliminated, then reduce it where possible
  • Ensure that there is adequate information and control measures in place for any residual risks that exist following the process of design

To be clear, this is not a new concept, and the designers have been responsible for adhering to this principal in both this and the previous versions of the Regulations.  The Principal Designer must have sufficient influence over the design process if it doesn’t comply with the principals of safety.  The emphasis of the process is the end product, and not simply the process of construction.

 

Alder King as Principal Designers

Alder King has considerable experience as Principal Designer, with numerous projects underway across the country with a total value of circa £230 million.  Individual projects range in value from £1m to £50 million and include hotels, large student accommodation schemes, school projects and stadium enhancements.

We work with established design teams acting as Principal Designer directly for a client, or as a sub-consultant to the lead designer (typically the architect).  We pride ourselves in working collaboratively with the existing team, helping to identify avoidable risks early to prevent costly changes later, and of course to reduce opportunities for accidents.

All our Principal Designers are fully qualified and chartered building surveyors, meaning we have the necessary skills and expertise to understand the pre-construction process, and the technical knowledge to interact effectively with the wider design team.

Our skills, knowledge and expertise help us guide clients on the compiling of all necessary information to safely progress a project, as well as work closely with the appointed principal contractor, assisting in the review of the Construction Phase Plans.

Want to discuss your construction project?

If you need to appoint a Principal Designer for your construction project, contact James Jacobs who heads up the team for an informal chat.

You can find out more about our building consultancy services here.

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Brownfield site in Fishponds, Bristol sold for potential redevelopment https://www.alderking.com/brownfield-site-in-fishponds-bristol-sold-for-potential-redevelopment/ https://www.alderking.com/brownfield-site-in-fishponds-bristol-sold-for-potential-redevelopment/#respond Thu, 06 Jun 2019 08:19:02 +0000 https://www.alderking.com/?p=5534 A major brownfield site in the Fishponds area of Bristol has been sold to a London-based investor/developer for potential mixed use redevelopment. Frontdoor Properties acquired […]

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A major brownfield site in the Fishponds area of Bristol has been sold to a London-based investor/developer for potential mixed use redevelopment.

Frontdoor Properties acquired the Filwood House site from New Station Developments.  The vendor was advised by Alder King.

The six acre site, located between Filwood Road and Forest Road in Fishponds, includes a complex of occupied and redundant industrial buildings and structures.

The most notable building is Filwood House, a 150,000 sq ft part single storey, part three storey commercial building dating from the early 1960s.  It was previously part of the former DRG factory complex but is now occupied by a number of small businesses on short-term leases.

Significant parts of the site have fallen into disrepair and are in need of remediation and redevelopment.

The new owners have instructed Alder King’s planning team to prepare and submit a planning application for a sensitive mixed use redevelopment of the site, which aims to preserve the same (if not greater) levels of employment.

Chris Haworth, partner at Alder King, said: “These old industrial buildings are reaching the end of their economic life.  The new owner hopes to regenerate the site to create a vibrant mixed use scheme, similar to the Paintworks development on the Bath Road.

“The intention is to retain and enhance employment provision on the site while also creating new housing, primarily though effective master planning and design efficiency.  The proposed new scheme would also deliver significant environmental enhancements, not just to the site but the wider area.”

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Sex Education production company secures series two film consent at former Caerleon campus https://www.alderking.com/sex-education-production-company-secures-series-two-film-consent-at-former-caerleon-campus/ https://www.alderking.com/sex-education-production-company-secures-series-two-film-consent-at-former-caerleon-campus/#respond Wed, 05 Jun 2019 16:25:27 +0000 https://www.alderking.com/?p=5530 The production company behind the hit Netflix show Sex Education has secured planning permission to film a second series at the University of South Wales’ […]

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The production company behind the hit Netflix show Sex Education has secured planning permission to film a second series at the University of South Wales’ former Caerleon campus.

Starco 2 TV was asked by Newport City Council to make a formal planning application ahead of filming a second series.  It had not needed planning permission for the first series as the site was only being used temporarily.  Alder King acted as planning consultants and secured consent for filming at the Grade II listed site up until the end of 2020.

The former Caerleon campus doubled as the fictional Moordale Secondary School in the critically acclaimed comedy drama which starred Gillian Anderson and Asa Butterfield as a renowned sex therapist and her awkward teenage son.

Alder King previously acted on behalf of the University of South Wales with the submission of a planning application for a residential-led redevelopment of the site. The application was refused by Newport City Council based on highway and air quality concerns.  A planning appeal has subsequently been lodged by Alder King.

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Bovis Homes acquires Wellington site for 205 new home scheme https://www.alderking.com/bovis-homes-acquires-wellington-site-for-205-new-home-scheme/ https://www.alderking.com/bovis-homes-acquires-wellington-site-for-205-new-home-scheme/#respond Tue, 04 Jun 2019 09:36:07 +0000 https://www.alderking.com/?p=5509 National housebuilder Bovis Homes has exchanged unconditional contracts on a consented greenfield site at Rockwell Green on the edge of Wellington in Somerset.  The 25.8 […]

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National housebuilder Bovis Homes has exchanged unconditional contracts on a consented greenfield site at Rockwell Green on the edge of Wellington in Somerset.  The 25.8 acre site was sold by private landowners and Gladman Land, represented by Alder King.

Gladman was granted planning permission at appeal by Somerset District Council in 2018 for up to 205 dwellings and 60 bed apartments with care on the site.  The permission also included public open space, landscaping, a sustainable drainage system and vehicular access.  25% of the new homes will be affordable housing.

Simon Smith, partner at Alder King, said: “This edge of village site had been used for agricultural purposes for many years.  Working closely with the landowner, we facilitated a partnership with Gladman who went on to secure planning permission for the site.  This allowed us to maximise the value of the site for the landowner without exposing them to the costs and risks involved in securing planning permission.”

John Parry, regional land director at Bovis Homes added: “We would like to express our gratitude to all involved in getting this over the line. We anticipate a start on site at the end of 2019, and look forward to building out our new Phoenix House Type range in this lovely location.”

Landowners interested in exploring the value of their land for residential development are invited to contact Simon Smith in Alder King’s Bristol office on 0117 317 1000 for an informal discussion.

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