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Alder King

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Property advisers DTZ and Alder King have been appointed to market one of Bristol’s most prominent and largest office developments.

The joint agents will be marketing 78,000 sq ft of vacant grade A space at Templeback on behalf of asset managers Cube Real Estate acting on behalf of Benson Elliot who recently acquired the building.

Located in Bristol’s prime commercial area, Templeback is the largest vacant grade A building in the city and currently one of only two buildings that can provide more than 20,000 sq ft of grade A space. A programme of refurbishment works is planned for the waterfront building to invigorate the letting campaign along with a proactive asset management strategy.

Andy Heath, Director, Office Agency at DTZ in Bristol commented: “We are delighted to be appointed agents alongside Alder King. With the rapidly reducing level of grade A stock in both the city centre and out of town markets, coupled with the programme of works we have planned, Templeback provides one of the few opportunities to acquire grade A waterfront offices with a flexible approach.”

Simon Price, Partner at Alder King said: “Templeback offers a unique office experience, combining historic Victorian architecture with cutting edge contemporary design in a central location. We anticipate there will be considerable interest in the building given the current shortage of grade A accommodation in Bristol city centre.”

Jonathan Lawes of Cube Real Estate added: “We are delighted to have purchased Templeback with Benson Elliot which we believe with the programme of works we have planned, will reposition the asset in the marketplace and make it a very lettable product. With our ‘hands on’ asset management strategy and flexible letting approach, we look forward to undertaking lettings shortly.”

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Commercial property developers Chase Commercial Ltd and joint venture partners Hortons’ Estate have begun construction of a 44,000 sq ft purpose-built engineering, production and office facility for Moog Controls Limited at Ashchurch 9, Tewkesbury in Gloucestershire.

The scheme is expected to take a year to complete and be ready for occupation by Moog in early summer 2015.

The new two storey facility will deliver 23,842 sq ft of manufacturing space with an additional 20,053 sq ft of office space to support both hydraulic and electric motion control applications and service, whilst providing sufficient capacity for future expansion.

Moog will relocate around 100 staff from its UK Industrial Motion Control and Service business to the purpose-built facility together with support teams from IT, sales, HR and marketing.  The new building will also allow Moog to bring together teams who previously have worked from remote sites, providing all staff with a modern and comfortable working environment.

Chase Commercial director Julian Meredith said: “Although we have only recently started on site, we are very pleased with progress achieved to date.  We are working closely with Moog and the contractor Quantum to deliver a first class facility on time and on budget.”

Adrian Rowley, partner at property consultancy Alder King which acted for Chase Commercial, said: “This deal symbolises a robust upswing in the region’s commercial property market.  Gloucestershire now has around 250,000 sq ft of development underway across the county and with greatly improved occupier confidence, the prospects for further development across the region look very promising.”

Ashchurch 9 is a four acre site, strategically located just one mile from Junction 9 of the M5, providing direct access to Gloucester and Cheltenham.

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Property consultants Alder King have agreed an office letting at St Mellons Business Park, Cardiff that has enabled expanding home care and assistance group Right at Home to establish an office in Wales. This follows hot on the heels of another letting at the business park to international consultancy RPS and a further two units are under offer.

Acting on behalf of landlord the Lul Association, Alder King let the 808 sq ft ground floor of Unit 6 Castleton Court, St Mellons Business Park to the international home care group on a new five year lease.   RPS recently took the 1,259 sq ft Unit 5.

Alder King partner Owen Young said: “These units provide value for money office accommodation with good car parking and road links to both the city centre and the M4 motorway.  Ease of access to the road network was a particularly important consideration for Right at Home as staff travel to clients’ homes across South Wales to provide care services.”

St Mellons is home to a range of high quality occupiers including Lloyds TSB, Environment Agency for Wales, Welsh Water, Virgin Media and Opus Consultancy.  Alder King is marketing the remaining units which provide between 8,000 and 15,000 sq ft of modern office accommodation with on-site car parking.

Alder King and Cooke & Arkwright advised the landlord while Right at Home was unrepresented.

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Agents Alder King and JLL, acting on behalf of developer Abacus Deeley Freed, have secured the freehold sale of the first newly-completed building at Phase 6, the latest development at Torbay Business Park, Paignton.  The sale to local company Devon Ceramics marks a significant point in this latest phase of the development, proving the success of the speculative development.

The first two completed units on the 20-acre site were built by Midas Construction Limited as part of a £2.3 million planned expansion to provide around 270,000 sq ft of much needed light industrial, manufacturing, distribution, research and development space in a range of sizes for local companies.

Devon Ceramics acquired the freehold of the 20,000 sq ft (1,858 sq m) building for an undisclosed sum and are already in occupation.

Mark Tyrrell of Abacus Deeley Freed commented: “As part of the wider development at White Rock Business Park, Abacus Deeley Freed committed to delivering 35,000 sq ft of industrial premises. Our confidence in the Torbay market has been proved with this first sale.”

A further 15,000 sq ft (1,394 sq m) building is completed and ready for occupation. It can be split so interest is sought from potential occupiers looking to buy or rent 5,000 sq ft (465 sq m) upwards.

Noel Stevens, partner at Alder King’s Exeter office, says: “The remaining unit represents real value in the current market where construction costs are rising fast.”

Midas Commercial Developments Limited (MCDL) is now working on an additional range of light industrial and warehouse units ranging in size from 3,000 sq ft to 35,000 sq ft, or larger if required, on an adjacent 17 acre site at the business park, with many available to be pre-let or sold in advance so they can be built specifically to order.

Steve Russell, director of Midas Commercial Developments Ltd, said: “Construction work will soon be underway on the remaining 17 acres, and we are keen to talk to any local businesses who would be interested in taking a unit so that we can design them to suit their individual needs.”

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Following recent planning consent, leading UK regeneration specialist, St. Modwen, has awarded a nine month contract, worth £2.9m, to local firm, Barnwood Construction.  Work will start on the first of two new buildings at the 16 acre Gateway 12 development, at Waterwells Business Park, in Gloucestershire, this year.

Scheduled to complete next summer, this first unit will provide 40,942 sq ft of warehouse and industrial space.  The development will also include a new site access road and preliminary ground work in anticipation of start of work on the second unit included in the newly awarded planning consent.

Pete Davies, Senior Development Manager for St. Modwen, the land owner and developer of Gateway 12 says:
“Our £22m Gateway 12 development at Waterwells Business Park is one of four sites being developed by St. Modwen in Gloucestershire.  It sits alongside our £150 million mixed use Littlecome scheme in Dursley; our Quedgeley East Business park off junction 12 of the M5 and neighbouring Quedgeley West Business Park, which is scheduled to complete this December, when the final unit available for purchase or rent is finished.  The initial planning consent at Gateway 12 enables us to provide the first two buildings at the site.  These will provide a total of 80,000 sq ft of prime location warehousing and industrial accommodation, available in units from 13,500 sq ft, for purchase or rent to businesses looking to expand their operations in the South West.”

Businesses interested in design and build opportunities at Gateway 12 or in the purchase or rent of the final 29,000 sq ft commercial unit, when it completes this December, at neighbouring Quedgeley West Business Park, should contact St. Modwen’s joint agents for both schemes, Ash & Co and Alder King.

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Construction of GB House & Son’s new commercial development at Woodbury Business Park, near Exeter, is nearing completion.  The scheme, marketed by property consultants Alder King and Stratton Creber Commercial, will deliver over 20,000 sq ft of new build office and industrial premises, complementing the existing 21 business units already on the site.

Pre lets have already been agreed on the office building.  The last remaining ground floor office suite provides 1,600 sq ft (148 sq m) of modern and well-appointed accommodation with plenty of natural light and rural views across Woodbury countryside.

The industrial/distribution premises are available ranging from 800 sq ft (74.32 sq m) – 8,000 sq ft (744.87 sq m).  Constructed to a high standard these units will be suitable for a range of uses and are available on new leases.

Lee Southan from Alder King’s Exeter office comments:  “These new high quality buildings will be completed before the end of the year and have generated a high level of interest.  The location is well-established and picturesque and conveniently located a short distance from J30 of the M5.”

Existing occupiers at the business park include Ocean Physio & Rehab, Marlow & Co Accountants, Thumbprint Tuning, House-It Selfstore and Oakloft Furniture.

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Property consultancy Alder King has finalised an office letting in Bristol city centre enabling Bristol-based café/bar/restaurant group Loungers to relocate its head office to larger premises.

Loungers will relocate from its current base on St Thomas Street to 15/16 Lower Park Row following a period of rapid expansion.

The group, which opened its first venue on North Street in the Bedminster area of Bristol in 2002, now runs nearly 50 restaurant/café bars across England and Wales with new venues opening regularly.  It has taken the 4,694 sq ft office property on a five year lease off a quoting rent of £10 per sq ft.

Tom Dugay, office specialist at Alder King, said: “Loungers is a well-known and very successful restaurant/café chain that has expanded beyond Bristol to other locations across the UK.  Its rapid growth over the past 12 years, together with its ambitious expansion plans, required it to have a larger office base in its home city and the premises at Lower Park Row will serve them well.”

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Property consultancy Alder King has successfully steered a boutique retail scheme in Wales through its development life cycle, culminating in the recent completion of a lease agreement for the last remaining unit.

First appointed in 2009, Alder King has worked closely with family firm RS Bird throughout the development of Birds Lane, a foodstore-anchored retail scheme in Cowbridge, west of Cardiff, providing development consultancy, planning, project management and retail agency services.  Alder King is retained as managing agent.

Alder King has let the final unit to independent café operator Aroma.  The coffee shop joins anchor store Waitrose, fashion retailers Fat Face and Rohan and Caffe Nero at Birds Lane located adjacent to Cowbridge High Street.

Emma Smith of Alder King’s retail agency team said: “It is very satisfying to see this boutique development receive such positive validation in the market and achieve full occupancy in spite of the challenging market conditions that have prevailed in the retail sector over the past few years.

“The scheme has greatly enhanced Cowbridge’s retail credentials and has helped to raise both the town’s profile and footfall.”

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Children’s day nursery, Happy Days Day Nursery Limited have agreed to take the lease on Barratt House, Almondsbury Business Centre.

Happy Days Nurseries have 16 centres located throughout Cornwall and Devon and this is their first acquisition in the Bristol area. The company has been awarded outstanding for their latest nursery launched in Exeter earlier this year and this will form the blueprint for this brand new nursery in Almondsbury. It is due to open in the two-storey office building in January 2015, following the completion of the conversion works. The 5,422 sq ft building will accommodate 100 children from the age of 0 – 5 years and will open 7am to 7pm Monday to Friday.

Barratt House is located within Almondsbury Business Centre, adjacent to Woodland Lane and within a two minute drive of the M5 and M4/M5 interchange. It forms part of an office campus and will provide a great amenity to the area and neighbouring businesses.

Mark Barden of Caisson Investment Management, managing the site for the owners, The IO Group, said: “We are delighted to welcome Happy Day Nurseries to our Park, it will provide a high quality service for all the office occupiers in the locality as well as for our existing tenants on the park and will be an additional attraction for businesses looking to move to the area.”

Natalie Bennett of letting agents, Hartnell Taylor Cook LLP said: “We are offering further space to let within the Almondsbury Business Space with suites from circa 1500 sq ft available. We expect Happy Days to be seen as a positive facility for companies looking to move into the estate.”

Happy Days Nurseries has taken the self-contained building on a new 25 year FRI lease, subject to a 10 year break clause at a rental of £11.50 per sq ft.

Hartnell Taylor Cook LLP and Alder King are the joint letting agents for the IO Group. Happy Days Nurseries were unrepresented but have appointed Hartnell Taylor Cook LLP’s agency team to acquire future premises for them throughout the south west moving forward.

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Property consultants Alder King have let an industrial unit in Portishead to British power tool company CEL UK which required additional capacity for its design and development centre.

Previously based on Harbour Road Industrial Estate, the company, which develops, manufactures and markets high quality power tools, garden tools, floor care products and household appliances, had outgrown its premises but wished to remain local.  It has now relocated to Unit 3 Harbourmead in Portishead.

“CEL wanted to remain local but discovered that there’s a distinct lack of quality industrial space in Portishead,” said Emma Smith of Alder King’s industrial agency team.

“However after viewing this unit, they swiftly agreed terms to secure the premises and we completed the transaction within two months, enabling them to relocate as quickly as possible.”

The modern end of terrace unit, owned and previously occupied by Novatech, provides 5,041 sq ft of warehouse/trade counter space, with separate pedestrian entry to one side and plenty of parking.  CEL took the property on an eight year lease.

Alder King represented the landlord Novatech.  CEL was unrepresented.

“We have also been marketing a similar unit in Portishead which again came under offer very quickly due to the lack of choice in the market,” added Smith.  “Occupiers are clearly being very decisive, very quickly in order to secure the right premises.”