CONVENIENCE STORE INVESTMENT DISPOSAL – TESCO EXPRESS, LIVESEY BRANCH ROAD, BLACKBURN

Acting on instructions from Internos Global Investors, Cheetham & Mortimer have negotiated the disposal of a 4,878 sq ft convenience store investment to Synergie Investments Ltd.

The property comprises a former public house which has been converted to provide a modern convenience store, set on a large site area of 1.046 acres.  The property is let at a passing rent of £58,927 per annum with provision for an RPI linked rent review in November 2019. Upon completion, there were 7.5 years remaining until expiry and the property achieved £810,000, reflecting a net initial yield of 6.82%.

Josh Moores, Surveyor at Cheetham & Mortimer commented “The sale is an indicator of continued investor confidence in the convenience store sector from the private investor market.”

May 2017

 

SALE OF MIXED USE INVESTMENT AT 116 MAIN STREET, BULWELL

Cheetham & Mortimer have acted jointly with Harmer Ray Hoffbrand to dispose of a mixed-use retail and residential investment property in Bulwell, Nottingham on instructions from the Landlord, Orange Marlborough LLP.

The property comprises a 1,065 sq ft ground floor retail unit let to Barnardo's on a 10 year lease with effect from July 2015, in addition to 4 x one bedroom apartments at the upper floors which were all let on Assured Shorthold Tenancies producing a total gross income of £36,960 per annum.

The sale achieved a price of £460,000, reflecting a net initial yield of 7.47%. Josh Moores, Surveyor at Cheetham & Mortimer advised “Given the lot size and retail/residential income split of approximately 50/50, it was important to target both private commercial and residential investors. It was particularly pleasing to achieve a positive outcome above our client’s expectations.”

May 2017

ACQUISITION OF PRIME HIGH STREET INVESTMENT - 12/13 BAXTERGATE, WHITBY

Acting on instructions from Orange Properties, Cheetham & Mortimer have negotiated the acquisition of a prime high street investment from Marley Pension Fund.

The investment was originally presented for sale in the Dodecca Portfolio, being marketed by KLM, but was subsequently rejected by their preferred buyer.  The property is predominantly let to Costa on a lease scheduled to expire in 2024 at a modest rent of £39,000 per annum, but also includes two flats on the upper floors let on AST agreements.

The freehold was acquired for a price of £630,000 to show an equivalent yield of approximately 8%.  Robert Millington commented “Whitby is an attractive seaside town with a low void rate and little potential for additional supply.  The property is one of a limited number of units within the town that offers a large and regular configuration.  Costa enjoys near monopolistic trading status as a national coffee retailer and accounts for over 75% of the income.  This investment provides a low risk profile with strong underlying prospects for future rental growth and in our opinion is deserving of a lower yield profile”

May 2017

EVUNA – KNUTSFORD’S FIRST TAPAS BAR

Monkton Properties, part of the Tatton Estate, have completed another landmark letting, this time at the iconic Watsons Building on King Street, Knutsford to established North West tapas restaurateur, Evuna.

Evuna currently trade from two highly successful Manchester City Centre locations on Deansgate and in the Northern Quarter and their high-quality Spanish offer is a welcome addition to the Cheshire’s “Golden Triangle” restaurant scene.

Conor Mulloy, Associate Partner at Cheetham & Mortimer advises “not surprisingly, we received a substantial level of interest for this prestigious property in a highly sought after location in the heart of Knutsford town centre.  We are delighted to have secured such a quality operator as Evuna, who have a great reputation in the region and who we are certain will be a fantastic success in the town”.

Jim McCain, Property Director at TEM Property Group who completed the surrender and supervised the necessary enabling works for the investment commented:

“TEM are thrilled to have worked with a great team to secure another unique investment and operator making Cheshire an even greater place to Live, Work and Visit.  We have secured over 200 jobs in the past year and great brands like Tesla Motors, OKA, Brunning & Price and the Lost & Found.  Evuna further contributes to making Knutsford and the Tatton Estate great places for businesses to locate themselves and their families from elsewhere in the UK and overseas.”

Cheetham & Mortimer acted jointly with Bradys and TEM Property Group on behalf of the landlord.

Evuna is due to open in Summer 2017.

February 2017

ANOTHER UNIT ACQUIRED FOR PADDY POWER

Paddy Power have completed a new lease on Hulme High Street in Manchester.

Paddy Power now operate over 600 shops across the UK and Ireland employing over 5,000 people and continue to expand in the nation’s cities and high streets.

Conor Mulloy, Associate Partner at Cheetham & Mortimer, who acted for Paddy Power, advises “We are delighted to secure another site for Paddy Power as part of their ongoing expansion strategy. Hulme High Street is somewhere they have been keen to be represented for some time now and we are certain they will trade successfully from this outlet”.

Russell Morgan of Paddy Power commented “Huge thanks to Conor and the team at C&M for securing another excellent unit.  We look forward to opening just in time for Cheltenham!”

The store is now open and trading.

March 2017

NEW NEXT STORE NOW OPEN AT HANDFORTH DEAN

Cheetham & Mortimer have acted jointly with Jones Lang LaSalle on behalf of CPG to bring Next to a new development at Handforth Dean.

The store opened in November 2016 and completes Phase 1 of a proposed retail park development.

Further information regarding the development can be found on the Properties section of our website.

February 2017

THE GYM GROUP TO JOIN ATLANTIC STREET RETAIL PARK, ALTRINCHAM

Acting on behalf of Altro Holdings Limited, Cheetham & Mortimer have let the 20,000 sq ft former Allied Carpets unit to The Gym Group on a new 15 year lease at a rent based upon £10.00 per sq ft.

The unit sits alongside the 63,000 sq ft former B&Q Warehouse, which closed in December 2016 and is now also being marketed by Cheetham & Mortimer.

January 2017

RED ROSE RETAIL PARK, SALFORD NOW FULLY LET

Acting on behalf of an institutional landlord, joint agents Cheetham & Mortimer and Kenney Moore have let a 10,990 sq ft retail warehouse unit to Jump Ninja on a new 6 year lease at a rent based upon £10.00 per sq ft.

The letting follows recent other lettings to Bathroom Warehouse, Topps Tiles and Brewers Decorating Centres, which means the scheme is now fully let.

January 2017

GENR8 SUBMITS ROCHDALE RIVERSIDE PLANS

Genr8 Developments has lodged a planning application for its long-awaited £60m retail and leisure scheme in Rochdale town centre.

Designed by TP Bennett Architects, the Rochdale Riverside proposal totals approximately 200,000 sq ft, consisting of 24 retail and leisure units ranging from 1,000 to 20,000 sq ft, a six-screen cinema operated by Reel Cinemas and around 350 car parking spaces.

The retail units will all be constructed to a height of around 10 metres to allow retailers to trade from both ground and mezzanine levels. M&S and Next have signed up for 50,000 sq ft and 22,000 sq ft stores respectively.

The application is expected to be considered early in the New Year. Demolition works have begun and construction works are due to start by late summer 2017.

The scheme is being jointly delivered by Genr8 Developments and Kajima in partnership with Rochdale Borough Council. Cheetham & Mortimer and Lambert Smith Hampton are the letting agents.

Warwick Smither, partner at Cheetham & Mortimer, said: “We are in detailed negotiations with a number of major operators who are looking to secure representation in Rochdale Riverside. On top of the tenants already secured, these additional retailers and leisure occupiers will help re-position Rochdale and regenerate the whole town centre.”

Cllr Richard Farnell, leader of Rochdale Council, said: “Rochdale Riverside is an important part of our £250m regeneration programme, which has transformed Rochdale beyond all recognition since 2010. This latest milestone is another boost to our borough’s retail offer, coming just weeks after the submission of a planning application for a brand new Rochdale Market.

“The new stores and high street names will attract new shoppers back to town and give a massive boost to all retailers. It’s a unique mix of retail and leisure which will create 1,000 new jobs and boost the local economy by £17m.”

An exhibition of the proposals will be on display at the Council Offices, No.1 Riverside for two weeks from Monday 28 November.

November 2016

HOLLAND & BARRETT COMES TO CRAMLINGTON

Holland & Barrett have taken the former Shoe Zone unit at 54 Manor Walks Shopping Centre, Cramlington.

Conor Mulloy of Cheetham & Mortimer, who acted for Holland & Barrett on the acquisition, advised that "Cheetham & Mortimer are currently acting on a number of acquisitions on behalf of Holland & Barrett and are delighted to secure an excellent, prominently situated unit in a scheme where they have been actively seeking representation.  Holland & Barrett is the UK's leading retailer of vitamins, minerals and herbal supplements and are actively seeking sites to add to their current 700 UK stores".

James Pye of Holland & Barrett commented "we have been looking to secure representation in Manor Walks for some time and are delighted that, courtesy of Cheetham & Mortimer, our efforts have finally come to fruition.  We are confident that our new Cramlington shop will prove to be a worthy addition to our store portfolio".

September 2016

THE KING IS DEAD? NO - LONG LIVE THE KING!

Acting on instructions from AXA Real Estate, Cheetham & Mortimer have completed their second investment sale along King Street within the last 12 months.  

The freehold interest in 20-22 King Street, Manchester has been sold to a local property company for a price of £1,400,000.  The entire property was let to Quill Restaurants Ltd for a term certain of 4 years, albeit the tenant had ceased to occupy the unit in the summer.  The price reflected an equivalent yield of 6.75%.

In our opinion, this sale demonstrates that investor confidence in King Street is continuing to strengthen and broadly tracks the ongoing trend within the occupational market.

September 2016

BALANCING THE INVESTMENT

Through our retained position with Marks & Spencer Plc, Cheetham & Mortimer have successfully bought in the freehold interest in 60-64 High Street, Maidenhead - a traditional variety store - from a consortium of private investors.

The majority of the floorspace (62,000 sq ft) was occupied by M&S on a lease with an unexpired term of 950 years at a geared passing rent of £185,000 per annum.  Ordinarily, M&S do not commit capital expenditure to acquiring relevant freeholds but in this instance, the requirement to account for the annual rental commitment over the length of the lease made for compelling exception.

July 2016

KATY DEAN APPOINTED AS VICE CHAIRMAN OF RICS MATRICS GREATER MANCHESTER COMMITTEE

Lorna Pass, a surveyor in CBRE’s Manchester Specialist Markets team, has been appointed as chairperson for the RICS Matrics Greater Manchester committee.

Pass has been a member of the committee since 2014 and was appointed chairperson at the AGM on the 5th July 2016 from her former position of vice-chair.

As chair, Pass will now steer the committee and look to increase the number of members in the group, leading the CPD team which holds a minimum of 15 CPD seminars throughout the year and continuing to manage social events to provide opportunities for new and existing members to develop and expand their networks and promote careers in surveying and the RICS.

Pass said: "The RICS Matrics plays such an integral role in the surveying profession and offers an invaluable service to newly qualified surveyors, trainees and students whilst our events are hugely popular within Manchester’s property industry.

“I am delighted to be taking on the role of chairperson and to be working with such a fantastic Board to promote the work of the RICS. We already have some great social and CPD events lined up for Autumn 2016 with high-profile national expert speakers, with lots more planned for the forthcoming year.”

Taking on the position of vice-chair is Katy Dean, a Graduate Surveyor at Cheetham & Mortimer Surveyor’s in Manchester from her previous role within the events team of the committee. Dean will support Pass whilst leading the organisation of a number of annual social events. Together they will deliver regular networking opportunities to enable local property professionals to expand their networks.

RICS Matrics was created to look after the interests of new members entering the profession of surveying. It provides members with a network, support and voice and enables its members to grow and feel like an integral part of the wider RICS. Its continued success relies on members getting involved and sharing their views.

Victoria Hampson, RICS Regional Director, North & Midlands said: “The property industry is continually changing and is currently facing a skills epidemic. This is why the work of the RICS Matrics Greater Manchester group is so important. They exist to help those in the industry keep up-to-date with the latest initiatives and trends, and inspire the next generation by engaging with young people. I wish Lorna and Katy the very best of luck in their new roles.”

July 2016

Cheetham & Mortimer Acquire Premises for Paddy Power

Cheetham & Mortimer are delighted to report the recent acquisition of premises on Lees Road, Oldham and Bellhouse Road, Sheffield for Paddy Power.

The new premises provide circa 1,100 sq ft of ground floor retail space and form part of Paddy Power's highly successful acquisition strategy in the region, which Cheetham & Mortimer are very much involved in.

Conor Mulloy, Associate Partner at Cheetham & Mortimer comments "these sites are exactly what Paddy Power are looking for. We have numerous other similarly exciting sites currently in the pipeline for 2016 and are continuing to seek even more".

Chris Green & Russell Morgan of Paddy Power quote "Conor and his team have yet again sourced two great new sites for Paddy Power and C&M are key to our ongoing expansion in the North".

Paddy Power operates over 600 retail betting shops across the UK and Ireland and are one of the largest betting businesses in the UK, with a keen appetite for further expansion of their retail estate nationwide.

July 2016

REEL CINEMAS SIGN IN ROCHDALE

Following fast on the heels of M&S and Next comes the announcement that Reel Cinemas has also committed to Rochdale Town Centre.

The retail and leisure scheme was given a further boost with the news that the cinema operator has exchanged contracts and will open a new six screen, 20,000 sq ft (1,858 sq m) cinema in the development. This will underpin the leisure element of the centre, which will provide bars and restaurants, as well as new retail units.

Reel is a national operator with 15 existing outlets. Every Reel Cinema plays an important role in supporting the communities they service, through offering choice and great customer service and the business prides itself on running special events and money raising activities to support good causes. Each screen will be available for private hire.

The letting, together with the two anchor signings, will kick start more than 200,000 sq ft (60,970 sq m) of planned new retail and leisure accommodation in the centre of Rochdale, which is being delivered by Rochdale Borough Council’s joint venture partners Genr8 and Kajima Partnerships. The scheme has been branded as Rochdale Riverside and represents the next phase, alongside the re-opening of the River Roch, of Rochdale’s £250m town centre regeneration programme.

Chris Morgan Giles of Reel Cinemas said:

“We’re delighted to be signing up to this exciting retail and leisure development, which will undoubtedly help reposition Rochdale, stop leakage and attract people to the town centre from a much wider catchment. We look forward to working closely with Genr8, the developers, over the forthcoming months whilst they go through the planning process and commence works on site.

Our operations in this region have recently grown significantly and as we are looking to continue to expand our business for the foreseeable future, Rochdale is an ideal place to do this.”

Steve Rumbelow, Chief Executive of Rochdale Borough Council, said:

“This deal is further demonstration that the development is gaining momentum and of the Council’s commitment to the regeneration of the town centre. We expect to make further exciting announcements about new retailers and leisure occupiers coming to Rochdale in the near future.”

A detailed planning application will be submitted over the summer and it is anticipated that works will commence on site later this year.

April 2016

HOME BARGAINS TO JOIN WHITE CITY

white-city-retail-park-old-trafford-february-2016-resized_640_360_84.jpg

Home Bargains is set to become the latest addition to White City Retail Park in the Old Trafford area of Manchester.

The discount retailer has agreed terms with Derwent Group to take Unit 14, which spans 14,140 sq ft, on a 15-year lease.

The Home Bargains store is scheduled to open just after Easter 2016 where it will join fellow new arrival M&S Foodhall. Tenants already located at the park include Currys, Dreams, Furniture Village, Halfords, Sofaworks, SCS and Costa.

Derwent is also in negotiations with further tenants, which it said it should be in a position to announce in the coming weeks.

James Maule-Ffinch, senior asset manager at Derwent Group, said: "Home Bargains is a welcome addition to White City's tenant mix. The refurbishment work we've undertaken is paying real dividends and some really exciting retailers are already in negotiations for the last remaining units at the park."

White City Retail Park consists of 210,570 sq ft of retail space and 658 free car parking spaces. The joint agents for the scheme are Cheetham & Mortimer and CSP (Curson Sowerby).

February 2016

M&S and Next to Anchor Rochdale’s New Retail & Leisure Quarter

Retail heavyweights Marks & Spencer and Next are signing up for more than 70,000 sq ft (6,503 sq m) of new retail space in Genr8 Developments’ town centre regeneration scheme in Rochdale.

M&S has completed an agreement to relocate to a new 50,000 sq ft (4,645 sq m) store close to its current store in the town, more than doubling its retail sales floor space, whilst Next, not currently represented in Rochdale, is expected to do so imminently, and will occupy more than
22,000 sq ft (2,044 sq m) over two floors.

The two anchor signings will kick start more than 200,000 sq ft (60,970 sq m) of planned new retail and leisure accommodation in the centre of Rochdale, which will be delivered by a joint venture between Genr8 and Kajima Partnerships. It represents the next phase of major investment in  the town  following completion of  the  new Council headquarters at  No.1
Riverside together with the new transport interchange which has connected Manchester’s

Metrolink system to the heart of the town centre. An M&S spokesperson commented:
“We are delighted to be part of Rochdale’s regeneration. The store will create a bigger and better shopping experience in Rochdale and we look forward to welcoming existing and new customers when the store opens.”

A spokesperson for Next commented:

“We have been waiting for a long time for the right opportunity for representation in Rochdale. We think Genr8’s town centre proposals are really exciting and we’re delighted to confirm that Next are about to complete on a major store of 22,000 sq ft. We are confident that Genr8’s proposals will not only form a comprehensive, sustainable retail and leisure destination previously lacking in the town but will also ultimately reverse leakage and reposition Rochdale in the retail hierarchy.”
 

The scheme has been designed by TP Bennett Architects and will link the historical prime retail areas (Yorkshire Street, the Wheatsheaf Centre and The Exchange Shopping Centre) with stunning new public realm, complementing the major investment recently initiated by Rochdale Council which is reopening the formerly culverted River Roch to public view. The scheme will provide a contemporary retail and leisure destination of the highest standards that will attract further national retail names and significantly raise the town’s regional profile.

Genr8’s retained agent Cheetham & Mortimer is in dialogue with a number of additional occupiers and further announcements are expected very shortly.

Mike Smith, Partner at Genr8 Developments comments:

“This is a huge vote of confidence in the town and represents a major step forward. The scheme will be very much mixed use in nature – both leisure and retail – and we are now into the stage of detailed design that will result in a planning application in the next few months and a start on site in 2016.

“We are delighted that both M&S and Next are confirming their commitment and we will be making further announcements in the next few weeks. Rochdale is going from strength to strength. Through our partnership with the Council we aim to deliver a retail and leisure environment which will be a magnet for both occupiers and consumers.”

Rochdale Borough Council Leader, Richard Farnell, said:

“This is a really momentous day and the start of the re-birth of Rochdale town centre. It is the result of a lot of people working incredibly hard to make it happen and I hope it will at last convince people that Rochdale is serious when it says ‘we are on the up’. There is already a strong retail district in Rochdale but the Town Centre East development means we are going to have a completely new offer with lots of new big name shops that will make it even bigger and better.”

November 2015

GOSFORTH'S M&S UNIT IS SIMPLY BETTER THAN 5%

Acting on instructions from Worthington Properties, Cheetham & Mortimer have successfully sold the freehold interest of the new standalone M&S Simply Food unit that was constructed last year in this popular suburb of Newcastle-Upon Tyne.

The property was purpose built for M&S and was let for a term of 20 years at a rent reflecting approximately £22.70 per sq ft.  This property exemplifies all the active requirements for modern convenience retailing; namely a strong regional centre, a prominent position fronting a main arterial road and opposite a bus/train travel interchange, adjacent to a large foodstore (Asda) and a supply of on-site car parking.  After a competitive bidding process, terms were agreed with a trust fund at a price reflecting a net initial yield of 4.7%.

Robert Millington, lead Partner of investment, commented “the outcome of this sale exceeded our expectations and underlines the strength of demand for high quality product that is synonymous with the M&S brand”.

October 2015

Cheetham & Mortimer Agrees Prime Freehold Sale in Manchester City Centre

Acting on instructions from Standard Life Investments, Cheetham & Mortimer has arranged a sale of the freehold interest at 74 King Street and 39-41 Cross Street in this imposing mixed-use retail/residential investment to a private client of Christopher Dee for £3,020,000 to show a net return of 8.4%.

The building comprises the Grade II Listed former Royal Sun Alliance offices that were subdivided and refurbished in 2001.  It occupies a very prominent corner position opposite the pedestrianised section of this renowned street.

The basement, ground and first floors provide approximately 6,500 sq ft (604 sq m) of retail accommodation.  The majority of the floor space is let to international fashion brand, Diesel, for an unexpired term of approximately 10 years at a passing rent of £200,000 per annum with two additional smaller units fronting Cross Street, generating an additional income of £69,000 per annum.  The upper floors comprise 12 residential apartments that have been sold off on a long leasehold basis.

Robert Millington, Partner at Cheetham & Mortimer comments:

"Increasing levels of occupier demand for representation along King Street have finally helped to stabilise rental values.  In turn, this has generated renewed investor confidence in the pitch, albeit yields are reflective of the huge disparity between rack rental values and the historic rental tone. King Street would be a beneficiary of a rating revaluation and we anticipate that more investment deals will flow during the course of the next 12 months".

CHEETHAM & mORTIMER RETAINED BY EE

Cheetham & Mortimer have been retained by EE to acquire new units for them on retail & fashion parks across the North of England.  

Typically, units will measure in the order of 1,250-2,000 sq ft.

In addition, Cheetham & Mortimer will be acting for EE on town centre acquisitions and relocations across the North West of England.