NO.1 PRINCES DOCK, LIVERPOOL WATERS - RETAIL/COMMERCIAL SPACE

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Cheetham & Mortimer are delighted to be solely retained by Peel, as the letting agents for the highly prominent, commercial space within No. 1 Princes Dock.

Princes Dock is the first phase of Liverpool Waters, located adjacent to the iconic Royal Liver Building.  With its prestigious location and panoramic views over the River Mersey, Princes Dock is a quality business destination and leisure complex located in the heart of the city.  Already an established office location, the neighbourhood also provides multi-storey car parking facilities, three residential buildings and is located in the heart of the rapidly expanding Liverpool Waters development.  Upon completion, Liverpool Waters will provide in excess of 3.4 million sq ft of high quality business space.

With household names such as MalMaison, Crowne Plaza and Bean Coffee already located within the development, this property provides an excellent opportunity for leisure operating retailers alike seeking to gain representation in this highly sought after location.

For further information regarding the available accommodation, please download our brochure here.

January 2018

COSTCUTTER PORTFOLIO SOLD WITHIN 2 WEEKS

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Acting on instructions from Costcutter Supermarkets Group Limited, Cheetham & Mortimer have successfully arranged the sale and leaseback of a portfolio of village 'C' stores situated in the North East of England to Pride View Properties Limited. 

By planning in advance, the deal was able to be concluded within 9 working days from the agreement of terms.

Costcutter have been impacted by the failure of their suppliers, Procter & Harvey, but with a new agreement with the Co-Op due to take effect in the Spring, the company is now on a firmer footing.  Costcutter entered into 15 year leases with fixed rental increases every 5 years, based on 2% per annum compounded.  The deal reflects an initial return of 7.5%.

January 2018

DROP IN VALUES GIVES PE MALL OWNERS FOOD FOR THOUGHT

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Guy Montague Jones has provided a sobering Analysis in Property Week this week (15.12.2017) of the prospects facing the secondary shopping centre market based on the outcome of an investment sale in Falkirk.

This sector of the market was destined to be a car crash – Private Equity buying debt at a discount to value based on a cyclical play but without proper regard to the trends shaping the retail market. Only this time it’s different. The change is structural and the resulting destruction in value is happening on an unprecedented scale in mid-sized towns across the UK – witness schemes in Wrexham and Rochdale.

It’s simply a demonstration of the basic Economic principles of “Supply and Demand”- and not even the local councils, armed with cheap cash and misplaced civic pride, are able to defy market forces.

However, on an island where land is supposedly in short supply, there must be viable alternative uses. Residential and Social care are obvious choices. Such provision will require clever wholescale re-development and careful planning, but this process cannot commence until those parties with vested interests come to terms with their inevitable fate and values are allowed to be trashed. The sooner this process can begin, the better.

Robert Millington, Partner, Cheetham & Mortimer
21st December 2017

CHRISTMAS HAS ARRIVED!

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With only 2 days left until you can open the first door on your advent calendar and the Christmas tree arriving at the C&M office, it’s now officially Christmas!

This year we are partaking in the Estates Gazette Christmas Greetings Charity Page which, to date, has raised more than £1.35m for charity.  In lieu of sending business Christmas cards this year, one of the charities we are donating to is The Joshua Tree, who support families across the North West living with childhood cancer (www.thejoshuatree.org.uk).

The team at Cheetham & Mortimer would like to wish everyone a healthy, happy and enjoyable Christmas period.

November 2017

ST. MODWEN COMPLETES £1.77M SALE OF BRANSTON SQUARE

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National developer St. Modwen has completed on the investment sale of its Branston Square site, which has been sold to a private investor for £1.775m.

The shopping parade, in Branston, near Burton upon Trent, which was constructed in 2015, comprises a terrace of five fully let shop units, including a Co-op food store, Birds bakery, tanning salon, restaurant and Barnardo’s charity shop.

Ian Romano, Development Director at St. Modwen, said: “We received strong interest from investors, and the completion of the sale of Branston Square demonstrates that a combination of capital value, income profile and projected return is ideally suited to the requirements of a private investor. Our focus is now on the next phase of speculative industrial development at Burton Gateway.”

The sale follows the recent news that St. Modwen has submitted plans for more than 100,000 sq ft of industrial space in the next phase of development at its 1m sq ft Burton Gateway commercial business park – one of the largest warehouse developments in the Midlands.

Branston Square forms part of a 175-acre mixed use urban extension which, once completed, will comprise 660 new houses and 1m sq ft of industrial, storage and distribution units.

Formerly a 280-acre wasteland, St. Modwen carried out extensive highway works to support the regeneration of the area and, in turn, develop a key location for commercial and residential development.

For more information on Burton Gateway, visit www.burtongateway.co.uk

For more information visit www.stmodwen.co.uk

Cheetham and Mortimer represented St. Modwen in the sale.

Peter Hale & Associates and Savills represented the purchaser and the investment manager was Prideview.

November 2017

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