SALE OF FINAL PLOT OF LAND AT BARROW BROOK BUSINESS VILLAGE, CLITHEROE

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Acting on behalf of an LPA Receiver, Cheetham & Mortimer, together with joint agents, Preston O’Herlihy, have sold the final 0.75 acres at Barrow Brook Business Village to Red Rose Holdings Ltd who have planning approval to construct a private nursery.  This follows the sale last year of approximately 1.75 acres to Euro Garages.

Commenting on the sale, Barrie Cochrane of Cheetham & Mortimer says “there was considerable demand from developers and occupiers for these prominent freehold roadside sites.  Such opportunities are rare in this popular location”.

October 2017

RAWTENSTALL RETAIL PARK SOLD TO INSTITUTIONAL INVESTOR

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Acting on instruction from Ropemaker Properties, in a joint venture arrangement with Marcus Worthington Properties, we are delighted to announce the sale of Phase 2 New Hall Hey Retail Park to Kames Property Income Fund. 

Cheetham & Mortimer negotiated the purchase of the land from West Register in January 2016. At the time, the site had planning permission for a leisure scheme. Worthingtons immediately set about getting the planning use changed to Retail use. This enabled us, with our joint agent Lamb & Swift, to arrange lettings to Aldi, Home Bargains, Costa, Domino’s and Card Factory. Worthingtons, acting as contractor, completed the 38,400 sq ft five unit scheme in September this year.  The investment will generate a total income of £577,500 per annum. The sale price of £9,220,000 reflects a net return of 5.85%

Robert Millington, investment partner, commented “It has been very satisfying being part of the team that has helped to deliver this investment from inception through to completion. Our skill base is ideally suited to this type of project. Kames were the natural buyer for this investment. Having acquired phase 1- a former Homebase that had been subdivided and let to M&S, TKMaxx and Pets at Home – this consolidates their ownership in a modern retail asset that is strategically located on the road network and able to accommodate the ongoing shift towards convenience shopping”.

October 2017

LETTING COMPLETED AT 41 CROSS STREET, MANCHESTER

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Acting on behalf of Beaconsfield Estates, Cheetham & Mortimer have let a unit at 41 Cross Street, Manchester to Totally Wicked on a five year lease.  The unit previously traded as Cheque Centre. 

Josh Moores, surveyor at Cheetham & Mortimer, commented "following the completion of the tram works, this letting emphasises the improvement in the pitch as demonstrated by a notable reduction in the void rate".

Cheetham & Mortimer acted for the landlords and Whitelaw Baikie Figes advised Totally Wicked.

October 2017

FURTHER FORMER M LOCAL STORES DISPOSED OF BY C&M

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Acting on behalf of Morrisons Plc, Cheetham & Mortimer have successfully disposed of two additional former M Local convenience stores in Levenshulme and Rochdale.

Cheetham & Mortimer were instructed to dispose of 13 former convenience store sites situatated within the North West following their exit from the convenience sector.  This follows earlier disposals at Birkenhead, Manchester City Centre and Preston, with a further four stores currently in legals.

Josh Moores, surveyor at Cheetham & Mortimer, commented "whilst the disposals have been challenging, we have been able to extract our client from some problematic holdings and significantly reduce their liabilities".

Contact Josh for further information on the remaining available stores.

September 2017

PLANNING PERMISSION SECURED IN OLDHAM TOWN CENTRE

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Planning permission has recently been secured for a 90,000 sq ft retail led regeneration scheme, which will see the transformation of the former Sainsbury’s site on Bloom Street, a derelict plot which has not been occupied since 2004. 

The site is owned by Oldham Property – a joint venture between Oldham Borough Council and the Brookhouse Group.  As well as regenerating the site to provide additional town centre retail facilities, the proposal also includes as 12 storey car park.

Cheetham & Mortimer are joint agents with Stockford Anderson and Barrie Cochrane of C&M comments “the development of this key gateway site will compliment and add to recent developments which have taken place within the town centre and will deliver much needed regeneration of a vacant site”.

September 2017

C&M NEWLY INSTRUCTED ON NOTTINGHAM ROADSIDE DEVELOPMENT

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Cheetham & Mortimer are delighted to be appointed jointly with Savills Nottingham office on behalf of Midlands Land Portfolio Limited in assisting them with the disposal of the Local Centre development site at land off Teal Close, Nottingham.

The site forms part of a substantial new urban extension with planning permission granted for up to 830 dwellings, 18,000 sq m of employment use, care home and hotel, together with Local Centre (Use Class A1-A5).  In addition, it is anticipated that the site will be of interest to roadside operators.

Full marketing material and brochure is currently being prepared for wider circulation to the market and for further information contact Barrie Cochrane.

September 2017

TRINITY RETAIL PARK, BOLTON NOW FULLY LET

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Acting on behalf of Trinity Holdings, Cheetham & Mortimer have let the last unit on the scheme to Ninja Nation, who have taken a new 10 year lease which completes the line up of Toys R Us, Staples, Jump Xtreme and Burger King.

Cheetham & Mortimer acted for the landlords and Stockford Anderson advised Ninja Nation.

September 2017

B&M TAKE NEW STORE AT GATEWAY RETAIL PARK, OLDHAM

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B&M Stores have taken a new 15 year lease on a new build 23,000 sq ft unit (plus garden centre), following relocation from their old premises on the same site.  

The old premises will be demolished during September and make way for a further 30,000 sq ft of planning consented non-food retail warehouse units, available from Summer 2018.

Cheetham & Mortimer acted for the landlords, Copley Square and Burns Property Consultants advised B&M Stores.

August 2017

PLANNING GRANTED ON £10 MILLION RIPON RETAIL PARK

Harrogate Borough Council's Planning Committee have approved the £10 million Rotary Way Retail Park in Ripon.

The proposed edge of centre A1 retail development, located on the A61 Ripon bypass, will comprise of approximately 29,000 sq ft and will be anchored by a 16,000 sq ft M&S Foodhall. 

Units ranging from 3,000 sq ft up to 13,000 sq ft are available to let via Cheetham & Mortimer or our joint agents, Savills.

Harrogate Advertiser News Article - 25th July 2017

July 2017

DEVELOPMENT SITE DISPOSAL ADJACENT TO WAITROSE, BOUGHTON, CHESTER

Acting on behalf of Waitrose, Cheetham & Mortimer and their joint agents Harvey Spack Field have sold a development site of approximately 0.83 acres adjacent to Waitrose in Chester to Moxy Hotels, who will be developing out a circa 170 room hotel.

Commenting on the disposal, Barrie Cochrane of Cheetham & Mortimer said that "there had been strong interest from developers and occupiers who are keen to acquire a site in Chester. Chester has a strong tourist market and a growing business market, and a premium hotel in this location will help to service those requirements".

July 2017

NEW APPOINTMENT FOR CHEETHAM & MORTIMER

Cheetham & Mortimer are delighted to have been appointed by Easy Access Self Storage to acquire suitable sites in the North West of England.

They are ideally seeking sites of between 1-3 acres close to a high density of businesses or houses, with a population of over 40,000.  Sites with existing buildings of between 15,000 and 40,000 sq ft with good eaves height will also be considered.

Please download our requirements flyer for more information or contact Barrie Cochrane.

July 2017

FURTHER LETTINGS AT PRESTON TRADE PARK

Howdens are the latest addition to the refurbished Preston Trade Park.

The operator has taken Unit 2, which measures 6,415 sq ft to expand its existing operation.  Other operators include Benchmarx and Euro Car Parts.

The remaining two units, 5 and 6 are both under offer to national and regional operators.

Barrie Cochrane at Cheetham & Mortimer commented "this recent letting demonstrates the quality of the scheme refurbishment to attract national operators".

On completion, the scheme will be fully let.  Cheetham & Mortimer are joint letting agents for the scheme with Kenney Moore.

July 2017

RETAIL INVESTMENT DISPOSAL - CORAL BOOKMAKERS, 5 WARWICK ROAD, CARLISLE

Acting on instructions from Internos Global Investors, Cheetham & Mortimer have negotiated the disposal of a Coral bookmakers retail investment in Carlisle to a private investor.

The property comprises a two storey mid-terrace shop unit let in its entirety to Coral Estates Limited with first floor self-contained offices.  The property provides an income of £25,393.86 per annum with an unexpired term in excess of seven years.  The property was sold for a figure of £340,000, reflecting a net initial yield of 7.1%.

Josh Moores, Surveyor at Cheetham & Mortimer commented "this is the second investment sale we have successfully achieved for Internos this year.  Despite Brexit uncertainty, private investors remain reliable purchasers for secure income".

July 2017

WREN LIVING JOIN WHITE CITY RETAIL PARK

Wren Living are the latest addition to White City Retail Park in Manchester.  

The retailer has taken Units 6 & 7, which measures 12,707 sq ft and will sit alongside other retailers such as Bensons for Beds, Multiyork and Sofology.

Only two units now remain on the recently refurbished scheme.  Cheetham & Mortimer are the joint letting agents for the scheme with CSP.

Download marketing brochure

June 2017

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