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Alder King

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Skanska has exchanged contracts for the sale of its prime, city-centre office development in Bristol – 66 Queen Square – to Aviva Investors Property Trust for £32.7 million.

The property comprises 61,484 sq ft (5,711 sq m) of grade A office space, combining a new five-storey building integrated with a fully modernised and refurbished grade II listed Georgian terrace building. Construction will complete in October 2015.

The scheme is 90 per cent pre-let at present, at a headline rent of £28.50 per sq ft. KPMG has agreed a 15-year term and Handelsbanken has agreed a 10-year term, both without tenant breaks.

Andreas Lindelöf, Managing Director Development, Skanska UK, said: “This is a fantastic result for us. We started this speculative development in 2013, confident that the timing was right for the Bristol office market, and we have been proven correct.

“We have secured an exceptional occupier – KPMG – for the majority of the scheme and we are delighted that Handelsbanken has taken a 10-year lease. We are also close to letting the remaining space. The high quality of the development and great covenant has helped us to achieve a great result in the Bristol market and builds on the confidence in the UK’s regional office markets for developments like 66 Queen Square.

“We are excited about reinvesting the proceeds of the sale into our target markets of Bristol and London, and continuing to develop market-leading, sustainable office buildings.”

JLL and Alder King advised Skanska on the sale of the investment. Knight Frank advised Aviva Investors. Alder King and JLL are also letting agents for the development.

Available to let is the penthouse at 3,272 sq ft (304 sq m), plus the self-contained unit at 72 Queen Square at 3,077 sq ft (286 sq m).

An award-winning project, the development was crowned BIM Project Application Award winner in the annual British Construction Industry Awards 2014.

The 66 Queen Square deal follows Skanska’s successful divestment of its own Bentley Works in Doncaster in 2014, to the Skanska UK pension scheme.

Ongoing is Skanska’s development of The Monument Building in the City of London, where construction is underway and completion is due in the spring of 2016. Recently, the team also announced an off-market deal to purchase the leasehold of 51 Moorgate in London.

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Brendan Kelly and Sinead Kelly-Barber of Kelly Brothers, Huw Thomas of Terramond, and Emma Smith and Andrew Ridler of Alder King

Bristol property company Terramond and Yate-based road marking company Kelly Brothers have jointly acquired a redundant 3.5 acre site and a 50,000 sq ft industrial building in Yate for redevelopment.

Kelly Brothers, which has been looking for new premises in Yate for five years, will take 2.5 acres of the site, at the junction of Armstrong Way and North Road, to construct a purpose-built 6,000 sq ft headquarters and depot.  Work has just got underway with proposed completion and occupation in January 2016.

Terramond, the company behind successful industrial developments at Rockingham Park in Avonmouth and North Bristol Park in Filton, will redevelop the existing building to create 25,000 sq ft of modern production and distribution space.   Work will be complete by the end of 2015.

Huw Thomas of Terramond said: “We have pre-sold half of the space to West Technology Systems Ltd, a specialist vacuum engineering and control instrumentation company.  At 12,500 sq ft, the acquisition effectively doubles West Technology Systems’ floorspace.  The remaining 12,500 sq ft of accommodation is available through Alder King to purchase or lease.”

The sale to Kelly Brothers and Terramond, negotiated by property consultants Alder King, has enabled two successful Yate businesses to expand while remaining local.

Kelly Brothers is currently based on two sites in Yate, on Station Road and North Road, and will consolidate its operation into one building while allowing for further expansion.  West Technology Systems will relocate from Great Western Business Park in Yate.

Andrew Ridler, industrial partner at Alder King, said: “Kelly Brothers’ five year long search for new premises is indicative of the state of the industrial market in many parts of the South West, with companies wanting to move but unable to find suitable premises.  This deal therefore represents the holy grail for Kelly Brothers and West Technology – a site close to their respective existing premises which they can develop to their exact specifications.

“The site also provides Terramond with a redevelopment opportunity in an area experiencing strong demand for quality business space.”

Alder King has now been instructed by Kelly Brothers and West Technology Systems to market both companies’ existing premises, freeing up more space for other occupiers looking to expand.

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One of Swindon’s oldest carpet companies is opening a new outlet in Royal Wootton Bassett High Street, after securing premises through property consultants Alder King.  Charles Geddes Carpets has agreed a new six year lease of Unit 2 Merchants House on the High Street which is prominently located adjacent to the War Memorial.

The unit in Merchants House was previously occupied by The Ninety Niner for 15 years and provides 647 sq ft of ground floor accommodation.  The shop shares an entrance lobby with Bassett Books and includes a separate store room at the rear together with kitchenette and toilet facilities.   There is car parking outside the entrance and a large car park behind the property.

Leroy Wilson, Partner of Charles Geddes Carpets said: “We have been looking to establish a shop in Royal Wootton Bassett for some time and when this property became available we knew it was the one for us.  We will be supplying a wide range of carpets and all types of flooring with an empahsis on high quality customer care.”

James Gregory, partner at Alder King, commented: “Royal Wootton Bassett’s High Street is always popular with retailers.  We have witnessed a high level of demand from a wide variety of different occupiers which has resulted in our private client benefitting from an established business as  his new tenant.  There was a very short void following the vacation of the last occupier who had traded from the property for over 15 years.”

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Acting on behalf of private clients, Alder King have successfully concluded lease negotiations with Imex Technical Services Limited on Delta 500, a 4,300 sq ft well-appointed office property on one of Swindon’s premier office parks.  After 15 years at its Malmesbury office, Imex has taken the building on a 10 year lease agreement.

The self-contained building provides plenty of space for future expansion of the company and its services.  It has installed a 100MB Ethernet line to provide the bandwidth to support existing customers and the ability to implement new services such as cloud disaster recovery, hosted services and an in-house Disaster Recovery suite.

Alder King, acting for the landlord, oversaw dilapidations negotiations with the previous occupier, ensuring that a well-refurbished property was presented to the market.  Terms were agreed with the new tenant prior to the end of the previous lease, ensuring voids and costs to the landlord were kept to an absolute minimum.

Imex Technical Services Limited was advised by Huw Thomas Commercial in Chippenham and undertook a thorough search of the area before settling on Delta 500 as their preferred office location.  The design and layout of the building was important as was car parking and ease of access.

Martin Baker of Alder King’s Swindon office commented: “The first quarter of 2015 was particularly strong in both the office and industrial markets, with take-up back to pre-recession levels.  The speed of the disposal and level of enquiries received for the property only serve to reinforce the fact that if the property is right, interest will be strong – a much improved position over where the market was even last year.”

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Alder King will show its support for Bristol’s status as European Green Capital by taking part in Business Green Week next week (15 – 19 June).

The firm, which employs over 100 people at its Clifton-based offices, has planned a programme of activities aimed at raising awareness and helping engender a change in work practice and individual behaviour to create a legacy beyond the week and 2015.

Alder King’s Business Green Week Programme

Monday 15 June – Think Global
To kick-off the week, staff will find a green-themed surprise on their desks when they arrive at the office (see notes to editors).  Staff have also been invited to a lunchtime screening and discussion on two or three short films on global and local sustainability issues.  A Big Green Suggestion Competition will also be launched, with a prize of £50 Bristol Pounds for the best energy-saving suggestion received.

Tuesday 16 June – Act Local
All staff will receive another green locally-sourced gift to fuel their day.  The firm will also dig deep for the bees by planting a selection of bee-friendly plants outside its Clifton offices at lunchtime.  Staff will also be encouraged to think about helping establish Bristol as a leading sustainable food city by providing useful tips on where to buy sustainable, locally-grown food and drink in and around Clifton.

Wednesday 17 June – Low Impact Day
On Low Impact Day, Alder King’s offices will turn ‘green’ inside and out with the introduction of new energy-saving LED lights and uplighters.  Staff will also be encouraged to reduce waste and there will be a renewed focus on recycling and energy consumption.

Thursday 18 June – Better Travel Day
Alder King has committed to invest in new electric bikes for business use.  These will be available to all staff who would find it easier to attend appointments by bike rather than car.

To encourage everyone to ditch the car in favour of a more sustainable mode of transport on Better Travel Day, suggestions and incentives have been provided for car sharing, bus and rail travel and cycling.  All those who take up the challenge will enjoy a complimentary breakfast!

Friday 19 June – Feel Good Friday!
To celebrate the end of the week, staff have been invited to Dress Green and join a Big Green Picnic in a local green space, with activities include a Hula Hooping workshop, Green Quiz and Awards Presentation.

Alder King senior partner Martyn Jones said: “We are delighted to be taking part in Business Green Week.  We hope that our programme will be both enjoyable and informative and be the start of a more in-depth look at the issues of sustainability and how they affect our staff, our business and our city.  We are keen to create a legacy that lasts beyond next Friday.”

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Over half of the waterfront retail units off Lime Kiln Road on Bristol’s Harbourside have been let for the first time since they were developed in 2014, a sign of returning confidence in the city’s retail sector.

One unit in the Boat House and three in Purifier House have been let collectively to local entrepreneur Kristian Crews, the man behind the new Spoke & Stringer café/bar and shop, a new brand that promotes ‘ride’ culture and active lifestyles.  The lettings cement the area’s growing reputation as the city’s sport and leisure quarter.

Over 900 sq ft of ground floor retail space in the Boat House has now opened as a Spoke & Stringer shop, specialising in aspects of city cycling, motorcycle customisation, creative surfboard design, clothing and related accessories.

The three ground floor kiosk units totalling 955 sq ft in Purifier House, a Grade 2 Listed former gasworks adjacent to the Boat House, are now trading as a café/restaurant serving food and drink that complement the Spoke & Stringer active lifestyle.

Catherine Collis, associate in Alder King’s retail agency team, who secured the lettings to Spoke & Stringer on behalf of Linden Homes, said: “The Harbourside has developed into Bristol’s leisure quarter, with large numbers of residents, employees and visitors participating in cycling, running and a variety of watersports.   The lettings of these units to Spoke & Stringer follow previous lettings to the Triathlon Store and Pure Gym last year and reinforce Harbourside’s reputation as a lively and active part of the city.”

Kristian Crews of Spoke & Stringer said: “The location and architectural style of these units embody the ‘ride culture’ of our new brand.  There is always something going on in Bristol’s Harbourside and we look forward to adding to the area’s lively atmosphere.”

The remaining three retail units in The Boat House are still available through Alder King.  Two units provide 498 sq ft of retail space each, while the smallest unit provides 421 sq ft.

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The former Blockbuster store on Stroud’s George Street has re-opened as a Coffee# 1 store.  The letting, secured by property consultants Alder King, will revitalise the prominent corner building and the lower part of Stroud town centre.

Since first opening in Cardiff in 2001, the chain now has branches across Wales, the South West and the South Coast.  The new unit at 1-2 George Street, Stroud is its 51st branch.

The premises occupy a prominent corner plot at the junction of George and King Streets, with large fully glazed shop fronts to both facades.  The property provides 1,488 sq ft of ground floor accommodation with a further 736 sq ft of basement storage.

Coffee#1 has taken the accommodation on a new 20 year lease.

John Hawkins, associate at Alder King’s Gloucester office, said: “Stroud is a thriving market town with a wider catchment of around 100,000.  The arrival of Coffee# 1 will be a welcome addition and have a positive knock-on effect on this part of the town centre.”

Richard Duffield, acquisitions manager of SA Brain & Co, said: “We’re delighted to be opening our Stroud branch in such a distinctive character building in the heart of the town centre and look forward to becoming part of this vibrant community.”

Alder King advised the private landlord; Coffee# 1, part of Welsh drinks and hospitality group SA Brain & Co, represented itself.

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Property investors are active in the South West property market with the latest transaction being the sale of Endurance House, Parkway Court, Plymouth.

The property was acquired by private clients of Vickery Holman for a purchase price of £870,000 which reflects a net initial yield of 8.48% allowing for normal purchaser’scosts at 5.8%.

The entire property is let to Solicitors Lyons Davidson for a term of 15 years expiring on 31 October 2024.  The lease is full repairing and insuring at a current rent of £78,300 per annum exclusive reviewable every 5 years. Lyons Davidson sub-let part of the property to Westcountry Housing Association Ltd.

Parkway Court is one of Plymouths most popular out of town office parks close to Marsh Mills and the Devon Expressway.
Constructed in the early 1990’s the building provides 6,654 sq ft (618.13 sq m) of offices on two floors with 30 car spaces on the estate. The building provides the flexibility of sub-division in to three units.

Mike Oldrieve, head of Vickery Holman’s Investment Department, comments:
“The property investment market has seen values rise over the past 12 months due to the lack of quality stock.  Fortunately offices which suffered most in the recession are still looking undervalued and to get an 8% plus return secured for a 10 year period looks very attractive for our clients.  This follows hard on the heels of Vale House at Pynes Hill, Exeter, an office investment which Vickery Holman have recently sold”.

The Vendors were advised by the Bristol Office of Alder King.

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The investment interest in a Bristol city centre office building has changed hands for £17.34 million. Advised by Bilfinger GVA, Epic UK has acquired the freehold of 1 Linear Park, Temple Quay, out of receivership from PwC. The price reflects a net initial yield of 6.15%.

Situated in the heart of Bristol’s business quarter, 1 Linear Park is let to Simmons & Simmons, DNV and Kaplan Financial. The property extends to 52,000 sq ft over 6 floors, and is fully occupied with a WAULT (weighted average unexpired lease term) of 4.6 years.

Richard Howell, Investment Director at Bilfinger GVA in Bristol says, “Temple Quay is a vibrant area, and there are strong prospects for rental growth at 1 Linear Park as confidence in the occupier market continues to improve.  There is a significant amount of further development planned for Temple Meads, within the Enterprise Zone and the Arena site, and this will all assist in ensuring Temple Quay remains the focus for prime office development in the city going forward.”

Bilfinger GVA acted on behalf of Epic UK,  Alder King and Savills acted on behalf of the vendor.

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Alder King has completed two office deals in Devon Square, part of the historic centre of Newton Abbot in Devon.

34 Devon Square, a period office building amounting to 1,871 sq ft (173.95 sq m), has been let to GoBe Consultants, a marine planning and environmental consultancy which has relocated from offices on Denbury Road in the town.  The company has taken the offices on a new lease for a term of six years at £18,500 pa.

The second property at 20 Devon Square was sold to Centurion Books Limited off an asking price of £250,000.

Lee Southan of Alder King’s Exeter office says: “Both organisations carried out an extensive search of office properties in the Newton Abbot area and agreed terms on these properties due to their location, layout and quality of accommodation.  These deals show there is certainly confidence in the market in office stock of this size.”