Acting on behalf of Ropemaker Properties Limited Fisher Hargreaves Proctor have sold Buildings 6A and 6B to local investors for a price of £2,060,000 reflecting a net initial yield of 8.85% of the net income of £192,876 per annum.

The property comprises a self contained detached warehouse totalling 33,904ft² which is let to Ferrari Piston Services Limited and Mel Aviation Limited on the residue of two 10 year leases which commenced in March and July 2007.

Acting on behalf of James Hay Trustee’s, FHP are pleased to announce they have completed the sale of 2 Carolina Court, Lakeside, Doncaster.

The property comprises a pavilion style building erected in 2000/2001 and forms part of a larger out of town office development.  The property is excellently located being less than 5 minutes drive time from J3 of the M18 and approximately 3 – 4 miles due west of Doncaster town centre.  Nearby occupiers include BT Call Centre, EWS Customer Care Operation, Network Rail, Thales Telecom Services and Clyde Materials Handling.

The property which has accommodation arranged on ground and one upper floor is let in its entirety to Grant Rail on a 20 year lease from 2001 expiring 2021 with tenants break clause in 2016 thus having approximately 9 years unexpired.

The rent was reviewed in 2006 to a figure of £82,728 per annum which equated £13.00 per ft².  The purchase price achieved was £1,187,500 to show a yield of some 6.59% after costs.

Noel Roper comments “We were delighted to effect a sale on behalf of a private pension fund. This just shows that there is still a good investment market out there with extremely well let, good commercial office investments where there are prospects for rental growth”.

Robert Alston of Cushman & Wakefield acted on behalf of the purchasers, Central Midlands Estates.

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Acting on behalf of private retained clients, and in conjunction with Fernie Greaves of Sheffield, FHP are pleased to report the completion of the above investment/development situation. The property is situated approximately 2 and a half miles north east of Sheffield City Centre and 1 mile due south west of Junction 34 of the M1 Motorway and close to the Meadowhall Shopping Centre. Lower Don Valley is an area which during the last 10 years has seen a prolific amount of development for B1, B2 and B8 uses.

The property comprises of 3 sites/sections, a purpose built building together with B2/B8 warehouse totalling some 21,500ft², a separate B2/B8 warehouse of some 17,000ft² and a site of 1.15 acres for which planning consent is sought for a development of 25,000ft² of B2/B8 accommodation. In addition the separate warehouse has a tenant’s option to break in 2011 and if this is exercised it will enable the clients to redevelopment this site to provide an additional 20,000ft² to 25,000ft² of B2/B8.

The property was originally offered for sale at a figure of £5,000,000. A sale was agreed at a price in the region of some £4,000,000 to show an initial return of approximately 7.37%. As and when Site 3 has been developed the total income to be received will be something in the region of £475,000 per annum indicating an overall yield before the rents are reviewed of something in the region of 8% – 9%.

FHP represented the purchasers throughout and are retained as managing agents and development consultants in conjunction with the joint agents. The end value of the completed schemes will probably be in excess of some £5,000,000.

Noel Roper comments:

“I have acted on behalf of this client for nearly 25 years. This is one of the most exciting investment/development situations which I have bought for the company. In addition to the vacant site both the other sites are underutilised and subject to planning consent it should be possible to obtain consent for the development of further offices on Site 1 of anything up to 20,000ft² and on Site 2 some 20,000ft² of B2/B8 accommodation. If implemented this will further increase the rental and capital values above £5million”

Acting on behalf of the retained clients, Sant Discretionary Settlement Trust. FHP have negotiated the acquisition of a freehold high quality self contained building on the well known The Point Business Park at Market Harborough. The Point Business Park, Market Harborough is a comprehensive development totalling nearly 100,000ft² located immediately east of Market Harborough Town Centre, developed over the last three years by Westleigh Developments of Enderby, Leicestershire. It consists of 45 self contained office buildings varying in size from 1,500ft² to 15,000ft² let and occupied by a variety of tenants.

The subject property is a self contained high quality building of circa 5,000ft² constructed to an enhanced tenant specification incorporating full air conditioning, double glazing and lifts. The property is let on the basis of a new 15 year lease with 5 and 10 year reviews from April 2007 subject to 5 year reviews and a tenant’s option to break at the end of the 10^th term with no less than 12 months notice. The rent agreed was £71,450 per annum equating to £14.66 per ft². The purchase price agreed was £962,000 to show a yield of approximately 7% after costs.

The property is let to High Fashion (UK) Limited which is a Hong Kong dominated company with offices throughout the world. They are engaged in the design of high class fashion. The building has been completed to an extremely high specification.

FHP were pleased to introduce this to Sant Discretionary Trust and negotiate an open market transaction to shown an attractive yield of some 7%.  The vendors Westleigh Developments were represented by Budworth Hardcastle of Kettering.

Acting on behalf of Langham Park Developments, FHP have finalised terms with Royal Liver (represented by Lambert Smith Hampton) to provide funding for a speculative development of a new distribution unit of approximately 167,000ft² at Temple Normanton, Junction 29, M1.

Onsite construction is due to commence after Christmas with the unit due for completion in June 2008.

Please refer to the Industrial Press Releases section for further information or contact John Proctor at FHP.

Acting on behalf of Wilson Bowden Developments, Tim Gilbertson BSc (Hons) MRICS, Partner of Fisher Hargreaves Proctor is pleased to conclude the sale of an investment opportunity at Blenheim Court, part of Wilson Bowden Developments’ 30 acre Blenheim Park scheme. 

The sale has been concluded of Unit H Blenheim Court which has previously been let to Edmundson Electrical, on a 10 year term, to Silcocks Estates Limited to add to their portfolio. 

Tim Gilbertson acted on behalf of Wilson Bowden Developments with Sally Peet of DTZ in Nottingham acting on behalf of the purchasers. 

The investment sale follows quickly upon the heels of the letting to Edmundson Electrical in this scheme which continues to show terrific success.  Of the 10 units built, only 3 now remain available with strong interest continuing as units can be offered to occupiers on either purchase or rental terms. 

For further information of the availability of the remaining units on the scheme or indeed regarding the remainder of the Blenheim Park site which can accommodate units from 4,000 ft² up to 150,000 ft² please contact the sole agents Tim Gilbertson/John Proctor at Fisher Hargreaves Proctor.

Alan Pearson Associate Partner of Fisher Hargreaves Proctor has sold the long leasehold investment at 69 Bracebridge Drive for £195,000.  The premises are let to a Bargain Booze franchisee on a 10 year lease, from October 2003 at a commencing rental of £13,000 per annum exclusive.  The sale represented a net initial yield of 6.49%.  The premises provide residential accommodation over the first and second floors, which can be separately let.

Alan Pearson of Fisher Hargreaves Proctor commented.  “Strong interest was shown in the subject premises, with Fisher Hargreaves Proctor undertaking a number of viewings at the property.  The eventual purchasers A & H Kavalieros Properties Limited putting forward the best offer and were in a position to move quickly, knowing the parade well and owning adjoining property.”

Midlands Property Advisor of the Year, Fisher Hargreaves Proctor (FHP) have completed the sale of a former textile mill in Hinckley on behalf of their clients The Advent Group.

With three units suitable for retail outlets and eight self contained flats with car parking, the property has proven to be very popular.

Noel Roper of FHP, said: “We’re delighted to be able to achieve a sale of this property in such a short space of time.  The property was popular due to the great potential offered by retail and residential space, as well as the healthy estimated rental value of £57,800 per annum.”  

Terms have been agreed for the sale of the units to Castlemore Capital who are well known for purchasing property of this type.  FHP have been retained to complete the outstanding rent review. 

For further information visit www.fhp.co.uk or call 0115 950 7577.

Acting on behalf of retained client Imagesound Plc, Noel Roper, Managing Partner at Fisher Hargreaves Proctor has concluded the sale and leaseback of Unit 7 Dunston Technology Park, Dunston Road, Chesterfield.

The property is situated on the highly successful Dunston Technology Park, which lies to the north west of Chesterfield, where a number of buildings have been developed in recent years.  The property comprises of a  modern, purpose built office building erected in 2002, providing some 8,800ft² of high quality air conditioned office accommodation with car parking for 39 cars. 

The property was to be let for a term of 10 years with a 5 year review, at a rent of £114,500 per annum, equating to £13 per square foot.  The sale price achieved of £1.6million, showed an initial yield of some 6.77% after normal costs. 

Noel Roper of FHP commented, “We were delighted to have the opportunity to act on behalf of Imagesound to affect this sale and leaseback transaction.  The property was offered to a limited market and a number of offers were received within a relatively short period of time.”

The purchasers, who represented themselves, were a Manchester based consortium. 

Alan Pearson, Associate Partner at Fisher Hargreaves Proctor has sold 48 Upper Parliament Street, Nottingham on behalf of private clients for £470,000.  This represents a net initial yield of 5.62%.  The premises comprised of a ground floor and basement retail unit let to Age Concern by way of a new 10 year lease from October 2005, at £23,500 per annum exclusive.  The second floor office suite was let on a 2 year lease from October 2005 at £4,160 per annum

Alan Pearson of FHP commented, “Due to the relatively small lot size for the investment, there was considerable interest shown by private investors for their pension funds.  I undertook several viewings at the property and due to the strong interest I was able to proceed to best and final bids within 6 weeks of going to the market, with the eventual sale being agreed at £470,000.”

Fisher Hargreaves Proctor have been involved in a number of transactions on Upper Parliament Street in recent months and are currently marketing the freehold investment of 14/18 Upper Parliament Street, which is let to Haart Estate Agents and Cookieshake, by way of new 10 and 15 year leases respectively.  The property is available at £1,500,000, representing a net initial yield of 5.5%. 

For further information or advice please do not hesitate to contact the FHP Retail & Leisure Team on 0115 950 7577.

Alan Pearson of Fisher Hargreaves Proctor has sold 2-4 Wilmot Street, Heanor, a residential investment, on behalf of Gladstone Developments.  The property comprised of 2 former houses, converted into 4 flats, producing an income of £14,700 per annum.  The property was sold at £180,000, reflecting a net initial yield of 7.95%. 

Alan Pearson of FHP commented, “The premises came surplus to my clients requirements, and placed on the market.  The property generated a significant interest and a sale was concluded with Mr Brough at £180,000.”

Jeff Dickman of Gladstone Developments commented, “We are pleased with the efforts of FHP and would like to thank them for bringing this matter to a successful conclusion”.

Fisher Hargreaves Proctor, acting on behalf of private clients, have sold 662 Mansfield Road, Sherwood, a freehold sales shop let to Nottinghamshire Hospice Limited for a term of 3 years from 24^th June 2005 at a rental of £11,500 pax.  The shop provides an area of approximately 740 ft² with first floor stores of 663 ft² used by Nottinghamshire Hospice as a charity shop.  The property was sold to a private investor in the sum of £180,000 representing a net initial yield of approximately 6.2%. 

Steve Gillott of Fisher Hargreaves Proctor acted for the vendors, the purchasers for themselves.  For further information, please contact Noel Roper or Steve Gillott at the Investment Team at Fisher Hargreaves Proctor, telephone:  0115 9507577.

Acting on behalf of The Adams Group Limited, Units 1 & 2 Lydford Road, Meadow Land Industrial Estate, Alfreton, Derbyshire have been sold to The Trustees of CCS Limited Pension Fund in the sum of £330,000.  The property is let until 29^th September 2007 under a full repairing and insuring lease at a rental of £24,000 pax at £4 per ft² and comprises 6,000 ft².

Steve Gillott of Fisher Hargreaves Proctor acted for The Adams Group Limited, the Trustees for themselves. 

For additional information, please call Steve Gillott of our Investment Team, telephone: 0115 8411133.