Retail, hotels and leisure Autumn 2015

Transcription

Retail, Hotels
and Leisure
Welcome to our second edition
of our new Retail, Hotels and
Leisure newsletter.
I hope you will find our Autumn
newsletter an interesting read.
Topics covered include the
growing importance of
environmental considerations
to property valuation and
agency, the increasing
development of the aparthotel sector, the rates cost
savings that can be obtained
when refurbishing hotels and
similar property, and significant
portfolio work the division is
undertaking.
Gavin Brent, Managing Director
Retail, Hotels and Leisure
gavin.brent@gva.co.uk
020 7911 2228
We continue to report strong agency
success across the piste – from the
sale of landmark piers to various retail
lettings in significant schemes.
What I hope will be apparent is our
depth and strength across retail, hotels
and leisure and our intention to develop
our offer even further, for the benefit of
our clients.
>>New appointments strengthen our team
>>
We can handle scale!
>>Birmingham’s super September
>>Refurbishing your hotel? Let us help you
save some cash!
>>Snapshot of the UK Apart-hotel sector
>>Our specialist environmental Services
>>
Retail statistics
>>Recent instructions
>>
Current requirements, deals and
instructions
>>Our team
CONTENTS
New appointments strengthen our team
CONTENTS
ball
rn
a Tu
Emm
We are delighted to say that our
Retail, Hotels and Leisure team
continues to grow with several
new appointments.
Anthony Brown
and
Francis Sutherl
b
Matthew Lam
Laura Ewing
Rob Allred
Recently, David Creamore joined as
a new Director of our Hotels Agency
team. David has considerable expertise
and is highly regarded in the hotel
sector. Having been involved in a series
of high value hotel related transactions,
he will add significantly to our team’s
growing offer, working across the UK on
hotel deals.
We are also delighted to announce
that Emma Turnbull has joined our
Newcastle office, as an Associate,
David Creamore
working predominantly in the Leisure
area and, in particular, the licensed
leisure sector. Emma has over 20 years’
experience and joins us from Robertson
Simpson, where she has been involved
in various projects ranging from local
pubs to corporate hotels.
Our Consultancy team has also
appointed Emma O’Driscoll to their
London team. Emma brings with her a
good deal of hotels and international
operational experience.
In addition, four graduates have
recently joined us. Matthew Lamb
has joined our Leeds office, working in
the visitor attraction and holiday park
sector. Francis Sutherland has joined
our London Team and will be working in
our Leisure team, while Rob Allred and
Laura Ewing, also in London, will focus
on retail projects. Finally, Anthony Brown
has joined our Retail Agency team as
an apprentice.
With these recent appointments
we continue to grow and increase
our Retail, Hotels and Leisure offer. It
further strengthens our regional and
national agency offer, and reaffirms our
commitment to providing robust, best
in class, advice to our clients across the
whole of the UK.
Watch this space for further
appointments. n
oll
Emma O’Drisc
RETAIL, HOTELS AND LEISURE NEWSLETTER | AUTUMN 2015
We can handle scale!
CONTENTS
Park Resorts and Holiday
Property Bond
Nuffield Health
Our Holiday Property team specialists
have recently provided a number
of valuations of holiday properties
including a valuation of the Park
Resorts Portfolio, ahead of its merger
with Parkdean Holidays. The team
valued 38 holiday parks, out of their 49
sites in England, Wales and Scotland.
Added to that, we continue to carry
out the annual valuation work for The
Holiday Property Bond.
Nuffield Health
Recent instructions demonstrate
our team’s strong position
and ability to win, develop
and carry out large-scale
portfolio projects. This is now a
considerable area of growth for
the team and wider business.
Below are some of the recent
large instructions we have been
working on and have managed
to secure.
Royal Bank of Scotland
We have been awarded a five year
full service corporate mandate to
advise on the entire RBS/Natwest
occupational portfolio across the UK
and Eire. A significant focus will be
on asset management responsibility,
incorporating major acquisition and
disposal campaigns.
We have recently been instructed by
Nuffield Health to provide full asset
management and property services
on their entire property portfolio, which
demonstrates our expertise in the
Leisure sector and scope for strategic
portfolio and asset management.
All of these major portfolios are clear
examples of the experience and
standing we have in the Retail, Hotels
and Leisure market, and the great work
we undertake to create successful
client partnerships. n
Pub company portfolios
Our Leisure team has been busy over
the summer period carrying out major
pub portfolio valaution work. These
include over 3,750 valuations for Punch
Taverns, over 2,000 pub valuations for
Enterprise Inns and around 230 pub
valuations for Brains. In total, the team
has carried out an impressive 6,000
annual valuations, or thereabouts,
which equates to over 10% of the UK
pub stock.
Staples
We provide portfolio strategy advice to
Staples, as part of a wider corporate
mandate. This includes agency,
treasury, rating, lease consultancy,
distribution, offices and portfolio
management. Our Retail Agency Team
is also currently advising on right-sizing
and various asset management
initiatives across the wider portfolio.
Royal bank of Scotland
Birmingham’s super September
Birmingham is currently thriving,
as some of its most important
and high profile developments
begin to come online.
September is the start of an
important couple of months, as
The Mailbox prepares to open,
giving shoppers their first look at
the completed refurbishment. In
addition, shoppers will soon be
able to wander around the 52
stores on offer at Grand Central,
and visit the largest John Lewis
store outside of London.
The excitement in Birmingham,
which has so many retail and leisure
developments underway, or in the
pipeline, makes it the perfect time
to review what is happening in this
prospering market.
Alastair Robertson-Dunn, Director
alastair.robertson-dunn@gva.co.uk
0121 609 8106
The transformation of The Mailbox,
Birmingham’s premier luxury retail
destination, has seen a roof added
to the central mall and a new larger
store for anchor tenant Harvey Nichols.
Owners Milligan and Brockton Capital
have created a holistic luxury shopping
experience supported by a plethora
of high-end bars and restaurants
situated on the canal side at the rear
of the development. Bilfinger GVA is
the leasing agents on The Mailbox
development.
CONTENTS
Nearby is Grand Central that recently
re-opened, which represents the
culmination of a project that has
created a purpose-built retail and
leisure destination. Its combination
of 21st Century architecture, great
location and high footfall has attracted
over 50 occupiers, many of whom will
be using this space to deliver either their
first presence outside of London or, in
some cases, their first in the UK.
On the other side of Grand Central is
Hammerson’s hugely popular Bullring
Shopping Centre. Anchor tenant,
Selfridges, completed a substantial £20
million refit of its store across all three
levels last year, and plans are already in
place for the Bullring to further expand
its food offering into Spiceal Street,
following the successful opening of
three new units there in 2011.
Behind the Bullring is the 34.2 acre
Smithfield development. Representing
one of the largest regeneration
projects in Birmingham’s history, plans
have been lodged for the delivery of
museums, cinemas, art galleries and
music venues. Alongside the recently
approved plans for the development of
the first building on the Beorma Quarter
site, Smithfield will have a significant
impact on Digbeth. Effectively it will lay
the groundwork for the extension to the
south of the city’s core, and will unlock
the potential of this predominantly
industrial area.
Heading back towards the Eastside and
Birmingham City University is Martineau
Galleries, an established mixed-use
destination. The 6.5 acre site already
has planning approval in place for
the delivery of over 900,000 sq ft of
retail and 215,000 sq ft of leisure use,
alongside substantial office and cultural
spaces. Adjacent to this site, and
completing the cluster of high-profile
properties at the head of New Street,
is the Pavilions, an asset that is due to
receive a significant boost following
its purchase last year by Primark.
Already home to M&S and H&M, the
development will also soon be home to
Primark’s new city centre store, covering
150,000 sq ft over four floors, and three
times the size of its current New Street
location.
However, retail and leisure within
Birmingham isn’t confined to specific
sites and developments. It has risen to
become a key factor in investors’ and
corporate occupiers’ perceptions of
the value of buildings. The integration
of amenities of this type into key mixed
use and commercially-driven schemes
is now fundamental, particularly when it
comes to the big name developments
that will be shaping Birmingham’s skyline
over the next few years.
This is evident in the designs for
commercial buildings at Paradise
and Arena Central, as they have so
far featured quality retail space or
restaurant and café provision at ground
level, providing an additional incentive
for occupiers. This trend is also being
transferred into existing commercial
buildings, such as Three Brindleyplace,
whose ground floor will be renovated to
make space for up to three restaurants.
Two of the units have already been
snapped up by operators CAU and Zizzi.
These major projects are the true
engines of change and their effect is
instant throughout the city, particularly in
their immediate areas. As an example,
the relocation of New Street’s main
entrance to Stephen Street, and the
positioning of John Lewis, have had a
positive impact on Temple Street and
John Bright Street respectively, attracting
bar and café operators that see the
growth potential in these locations.
Furthermore, ongoing improvements
to Birmingham’s infrastructure, such as
the extension to the Midlands Metro
Line from Snow Hill, and the promise of
HS2, will contribute to the city’s shifting
retail map. Apple, for instance, has
already shown some interest in taking
the existing Waterstones store on the
corner of New Street and Stephenson
Street, promoting further changes to
the city’s established retail pitches
and encouraging the development of
brand new leisure destinations.
Whatever changes are underway,
or in the pipeline, this is only the
beginning of what is set to become an
exciting period for retail and leisure in
Birmingham, and one that will further
boost the city’s already outstanding
reputation as a key UK destination. n
Refurbishing your hotel? Let us help you save some cash!
CONTENTS
St Pancras Renaissance, London
We provide business rates mitigation advice on this 5* hotel
David Jones, Senior Director,
Business Rates
david.jones@gva.co.uk
020 7911 2389
Hotel refurbishments have
always offered opportunities
to reduce rate liabilities during
works programmes (even if
they are relatively soft). Through
the appeal process and
negotiation with the Valuation
Office Agency (VOA), our
National Rating Team has
had considerable success in
reflecting the temporary hit
on revenue from the loss of
the bedrooms and additional
revenue areas.
Since the beginning of the year,
however, the VOA has refused to
resolve appeals following an unhelpful
precedent set in the Tribunal decision
(Monk V Newbiggin). Unless the hotel
has been structurally altered, softer
refurbishments are now classified by
the VOA as repair and they will not
sanction reductions.
Although we are challenging the
decision, it will take time and does not
help our clients more immediate cash
flow concerns.
All is not lost however! Through an
initiative, we have challenged billing
authority discretionary powers to grant
relief. Fundamental to this approach is
that applications must be lodged while
the works are on-going. Retrospective
applications severely reduce the
prospect of success.
So, whenever you are planning
refurbishments, engage with our Hotel
Business Rates team, led by Senior
Director David Jones, to ensure your
position can be mitigated. n
A recent case study is a well-known
five-star hotel in the theatre district of
London, where we circumvented the
appeal process to secure £200,000
savings in 10 weeks during a three
phase bedroom refurbishment!
Snapshot of the UK apart-hotel sector
Potential Structure of the UK Apart-Hotel Sector
The relative lack of supply, growing
demand (particularly from the
corporate market) and improving
consumer awareness continues
to attract heightened developer
and venture capital interest; largely
stimulated by strong performance
indicators and the efficiency of
Source: AM:PM Hotels
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
Exisitng
nd
Interestingly, behind London, the North
of England and Scotland are the next
most established locations within the
sector; driven by steady developer
interest in key regional cities such as
Edinburgh, Manchester, Glasgow and
Liverpool.
Apart-hotel Room Supply and Pipeline
la
Currently, supply is largely concentrated
in London, which accounts for almost
54% of all apart-hotel rooms across
the UK. London has been the ‘focal
hotspot’ for many of the international
brands who have started to launch and
subsequently grow their apart-hotel
concepts in the UK market.
We are also aware that a large
Australian serviced apartment operator
is currently looking at the market with
ot
As at May 2015, the regional UK aparthotel sector recorded an average
occupancy of 83%, with an Average
Daily Rate (ADR) of £89; representing
healthy growth on the same period in
2014 (data provided by STR Global).
While demand in the London sector
was broadly on par with the regional
UK average for the same period, the
ADR for the sector was almost double
at £174 (May 2015); outstripping the
London hotel market for the same
period (£132).
Sc
Whilst the sector has expanded fairly
rapidly in recent years, it still remains
under represented when compared to
more established U.S., European and
Australian markets.
Continuing the current trend, the North
of England and Scotland display the
fastest regional growth with existing
supply expected to almost double in
the near future. With 1,316 additional
rooms in the pipeline, Manchester is the
fastest expanding city in the extended
stay category in the regions, followed
by Liverpool and Edinburgh (983 and
916 apartments respectively). n
n
The market also continues to perform
well, enjoying high levels of occupancy
and healthy average daily rates, often
higher than their hotel counterparts.
do
With over 19,000 rooms in the UK, the
apart-hotel sector is now beginning to
firmly establish its position within the UK
lodging sector.
Oaktree Capital and SACO recently
merged their serviced apartment
division and jointly announced their
new apart-hotel brand, Beyonder. With
10 developments under construction
across the UK, the properties will start
to open from early 2016 and the
group continues to actively seek further
opportunities for the rollout of the brand.
Lo
n
Scotland
es
London
Scotland
W
al
Wales
h
12%
London
The overall heightened interest and
attractiveness of the sector is clearly
illustrated by the UK development
pipeline which shows a further 11,000
apart-hotel rooms / units which could
potentially enter the market over the
coming years.
ut
South
So
Richard Gaunt, Director
Consultancy
richard.gaunt@gva.co.uk
020 7911 2034
North
rth
Wales
3%
6%
No
South
N.Ireland
1%
d
11%
Ireland
an
North
46%
el
N.Ireland
Central
21%
N.
Ir
Ireland
nd
1%
3%
5%
Central
54%
Simultaneously, other leading hotel
groups such as Accor and IHG plan to
actively expand their operations in the
European apart-hotel sector and the UK
specifically.
la
15%
Earlier this year Starwood Capital
announced its acquisition of a portfolio
of four Think Serviced Apartments,
alongside a residential complex, for
£206 million. Starwood has retained
Go Native as the operators of the
properties which are located in Tower
Bridge, Bermondsey, London Bridge and
Earls Court.
Ire
10%
plans to launch their brand within the UK
in the near future.
l
1%
10%
the apart-hotel business model, to
generate a healthy profit.
tra
1%
en
(with pipeline schemes)
C
Apart-hotel Rooms/Units
Structure of the UK Apart-Hotel Sector
CONTENTS
Pipeline
Our specialist environmental services
Instructing environmental
surveys may not necessarily be
the first thing to consider when
disposing of retail and leisure
premises, but experience has
shown how valuable such
surveys are in concluding
property deals.
Environmental risks need to be
understood and quantified as they
can detrimentally affect value, impact
on the continued use and, in some
instances, cause the regulatory
authorities to take an active interest in
the property.
Paul Nixon, Director
Minerals, Waste, Energy and Environmental
paul.nixon@gva.co.uk
0121 609 8226
CONTENTS
A carefully planned, vendor-led
environmental due diligence exercise,
will often require an assessment of the
following issues:
• Contamination and clean-up liability
• Flood risk and drainage
• Hazardous substances
• Regulatory compliance
A good example is the case of the sale
of a retail outlet in central Coventry that
we have recently been involved with.
The client was already in possession of
previous environmental reports written
in 2011 and was keen to provide these,
rather than commission new work as
part of the sales process.
The existing reports identified that the
property was located within a flood
• Health and safety issues
• Future capital expenditure (CAPEX)
requirements.
Environmental due diligence is not
only useful in situations where there
are known or perceived risks, but a
growing number of property funds and
financial institutions will only invest in
properties where a low environmental /
flood risk assessment has been carried
out. In these situations, environmental
due diligence reports are considered
essential to verify the level of risk.
Persuading a vendor to carry out and
pay for environmental due diligence is
usually an uphill struggle, particularly if
they have not previously undertaken a
similar exercise.
Often clients will want a potential
purchaser to undertake their own
environmental investigation at their
own cost, rather than incurring costs
themselves, with no obvious or
guaranteed return. In such cases,
there is the chance that some vendors
become like Oscar Wilde’s cynic,
knowing “the price of everything and
the value of nothing”.
risk zone with a surface water culvert
running beneath the property.
Our specialist environmental services
These risks were such that a number of
potential purchasers pulled out of the
deal on completion of their acquisition
due diligence. We advised that further
assessment should be undertaken,
in terms of ground contamination/
flood risk, to better understand the risk
to the property and whether it had
altered since the original reports were
undertaken. Our Environmental Team
was instructed to undertake a fresh suite
of surveys on this basis.
No new issues from a ground
contamination perspective were
identified, but more recent flood
modelling data had been generated
by the Environment Agency, which
confirmed that the risk of flooding had
been downgraded since the original
reports had been produced.
By undertaking this work we were able
to reflect this improved position and
present a better risk profile in the vendor
pack. Subsequently, the vendor was
able to conclude the deal quickly and
without any reduction in the sale price.
In conclusion, we believe the
benefits of undertaking vendor due
diligence are substantial, and can be
summarised as follows:
Control – The vendor can
independently assess and determine
the cost of the issues that are likely to
have a material effect on a sale. In
contrast, purchaser-led due diligence
removes control from the vendor
and could result in price-chipping,
time-wasting and multiple requests for
access to the property.
Confidentiality – The vendor can
ensure confidentiality by managing
the release of information, avoiding
unnecessary and potentially costly
investigations.
Cost – It may be cheaper for the
vendor to carry out the investigations,
using their own consultant to present an
accurate picture of environmental risks
and their associated costs.
Speed – Carrying out due diligence,
before a proposed sale is announced,
can speed up the sale process
because environmental issues will not
be subject to last-minute negotiations.
CONTENTS
sales process far outweigh the initial
outlay of costs. Generally, we are able
to undertake such reports for a few
thousand pounds and prevent pricechipping, which in some cases can run
into hundreds of thousands of pounds. n
We were the first leading UK property
consultancy to establish a dedicated
in-house environmental capability
to strengthen our existing property
disciplines. Our specialist team
operates across the UK and Europe,
and forms part of the national Energy
and Natural Resources team, who are
market leaders in these sectors.
We have successfully demonstrated to
our clients that the benefits of instructing
environmental surveys as part of the
Retail statistics
CONTENTS
Retail sales volume, August 2015
Economic indicators, September 2015
3 months on
previous 3 months
3 months on same
3 months a year ago
Total retail sales
0.4%
3.9%
Food stores
-0.3%
1.4%
Non-food stores
0.3%
4.2%
Source: ONS (Excluding automotive fuel)
• The volume of retail sales in June-August was 0.4% higher than in the previous
three month period, which is the lowest three month on three month growth
since November 2013. Compared with the same period a year ago, sales
volumes rose 3.9% pa (June-August). The latest figures show a gradual slowing
of this underlying rate from around 5.5% pa at the start of the year.
•The recovery in food sales appears to have stalled, with sales falling month on
month since June. This has resulted in negative growth of -0.3% June-August,
compared with the previous three months, and pulled down the underlying rate
of growth from around 2.9% pa in March to 1.4% pa. Growth in non-food sales
has also eased since the end of 2014, although remains fairly robust at 4.2% pa
June-August, with strong deflation remaining within the sector.
• Internet sales (by value) continue to outpace in-store sales by a considerable
margin, with an average online weekly spend in August of £800m. This is a 7.4%
increase on August 2014, significantly higher than the equivalent 0.2% pa rise for
in-store sales. It is however the lowest rate of growth in internet sales since November
2012. By value, internet sales currently equate to c.12% of total retail sales. n
2016
Consensus forecast
Consensus forecast
Inflation – CPI (% pa)
0.3% (Q4)
1.7% (Q4)
Inflation – CPI (% pa)
1.2% (Q4)
2.8% (Q4)
Unemployment
(Claimant count, millions)
0.74 (Q4)
0.71 (Q4)
Base rate
0.5% (Q4)
1.2% (Q4)
House prices (%pa)
6.5% (Q4)
5.8% (Q4)
2.6%
2.5%
GDP (% pa)
• The sustained period of growth in retail sales volumes has continued throughout
2015. There has however been a marked easing over the last few months. This
is despite zero inflation and steady wage growth, which typically have a positive
effect on consumer spending.
2015
Source: Consensus compiled by HM Treasury, September 2015
• T he UK economy continues to grow at a robust pace, underpinned by
consumer spending and is set to be one of the fastest growing G7 economies
in 2015. Forecasts show overall growth of 2.6% pa, close to trend, and a similar
2.5% pa in 2016.
• T he labour market remains fairly resilient, although has cooled a little over
the summer. Figures for July show total employment was up for both full-time
(+361,000) and part-time (+52,000) employees compared with a year ago,
with the unemployment rate standing at 5.5%.
•W
ages are continuing to grow, which coupled with zero inflation and the
expectation that interest rates will not rise until early next year, should help
to support consumer spending. The recent slowing of sales growth however
suggests a steadier pace rather than a return to some of the more exceptional
levels of spending in recent years. n
Retail statistics
CONTENTS
Retail property performance indicators, August 2015
% year on year
Forecasts 2016
Rental
growth
Capital
growth
Total
return
Rental
growth
Capital
growth
Total
return
Standard shops
1.4%
5.0%
11.1%
2.2%
4.0%
8.6%
Shopping centres
-0.5%
3.7%
11.1%
1.1%
2.4%
7.2%
Retail warehouses
0.5%
3.2%
9.4%
1.6%
1.9%
7.4%
•C
ontinued investor demand for prime high street locations has seen prime
standard shop yields move downwards by a further 20 basis points over the
first half of the year to 4.0% in Q2 2015, according to the IPD Quarterly Index
(taking the top quartile as a proxy for prime). Year-on-year the downward
movement in standard shop yields has been 50 basis points. The latest index
figures suggest prime retail warehouse and shopping centre yields have
remained static since the end of 2014.
Source: IPD Monthly Index (August 2015), Forecasts from REF/GVA (September figures)
Retail yields (prime/secondary equivalent yields)
Q2 2015
Prime
Secondary
Standard shops
4.0%
9.4%
Shopping centres
5.2%
11.8%
Retail warehouses
5.2%
7.9%
Source: IPD Quarterly Index Q2 2015
•R
ental growth, according to the IPD Monthly Index has continued to improve
for standard shops, rising to 1.4% pa in August. The overall figures however
mask a stark contrast between rental growth of 14% pa in central London,
dropping to 1.2% pa in the rest of London, 0.7% pa in the South East and
-0.3% pa for the rest of the UK. UK retail warehouse rental growth has remained
fairly static at around 0.5% pa, whilst shopping centre rental values appear to
have bottomed out.
• S econdary high street yields (standard shops) have remained largely static
since Q4 2014 according to IPD (taking the bottom quartile as a proxy for
secondary), with an overall year-on-year compression by 40 basis points.
The last half of 2014 saw stronger yield compression for secondary retail
warehouses and shopping centres in particular, with the first half of this year
seeing only a marginal further compression by 10 basis points.
• The IPD Monthly Index shows annual capital growth peaked in the retail sector in
October 2014, and with the downward movement in yields easing, has slowed
during 2015. Growth has eased to around 5% pa for standard shops and
3.7% pa for shopping centres, with a much sharper drop for retail warehouses
to 3.2%, (less than half the rate at the end of last year). Total returns have
moderated correspondingly to around 11% pa for both standard retail and
shopping centres, with a larger drop to 9.4% pa for retail warehouses.
•O
ur forecasts suggest the year ahead will see sustained rental growth across
the retail sector, up to 2.2% pa for standard shops by the end of 2016, and
a return to positive rental growth for shopping centres. We forecast capital
growth and total returns to continue moderating over the next 12 months as
the downward movement in yields eases further. n
Recent instructions
CONTENTS
Hunstanton Pier Family Entertainment Centre
Lydiard House and Park
Roi-Mar Park Home Estate, Bournemouth
Our Retail, Hotels and Leisure team has been instructed
by CHS (Amusements) to offer Hunstanton Pier Family
Entertainment Centre to the market. This family
entertainment and adult gaming centre, located on the
site of the town’s former pier at the heart of Hunstanton in
Norfolk, offers all round family entertainment. It includes
a modern amusement arcade and eight lane ten-pin
bowling facility. n
We have been appointed by Swindon Borough Council
to identify and secure interest from joint venture partners
to develop all commercial aspects of Lydiard House,
previously referred to as the council’s ‘jewel in the crown’.
Detailed proposals are being sought from investors
and operators to work in partnership with the council to
develop the potential of this extremely important asset,
while maintaining public access to the site. n
Our Holiday Park team has been instructed to sell Roi- Mar
Park Home Esate, a beautifully kept and well established
park home comprising 29 privately owned park homes.
The park home estate is situated in a prime residential
area in Bournemouth and is being marketed for the first
time ever in over 60 years. n
Please click here for more information.
For more information, please contact David Creamore.
Please click here for more information.
To view more properties visit our website by clicking here.
Current requirements, deals and instructions
CONTENTS
Current requirements
Recent deals and instructions
The Mailbox
Standard Life Investments
Jelson
Mendip District Council
Hembrey and Isherwood
As appointed joint agents on the newly
refurbished Mailbox development in
Birmingham, which is due to open in October
of this year, we are currently working to attract
some of the key high-end retailers in the
region and beyond. Key retailers that have
recently taken space include: Tommy Hilfiger,
Calvin Klein, Hugo Boss, Armani, Jaeger and
LK Bennett. There are still a few opportunities
available. Please contact Alastair RobertsonDunn for more information.
Acting on behalf of Standard Life Investments,
our Retail Agency team has recently
completed a letting to H&M Hennes &
Mauritz of a new 25,000 sq ft flagship store for
Swindon in The Parade.
We have helped Jelson to secure a new
13,497 sq ft Aldi supermarket in Leicestershire,
as part of its development in the village
of Broughton Astley. The new store will
complement Aldi’s existing stores nearby
and will offer the same range of high-quality,
award-winning products found at other Aldi
stores in the Midlands.
We have completed the letting of Mendip
District Council’s leisure portfolio to Fusion
Lifestyle, following an open marketing
campaign, which generated significant
interest. Fusion Lifestyle took over the operation
of the portfolio, which comprises Frome Leisure
Centre, Wells Leisure Centre, Strode Swimming
Pool & Fitness Centre, Tor Sports & Leisure
Centre and Shepton Mallet Lido.
We have been instructed by private
developers, Hembrey and Isherwood to
market 45,000 sq ft of leisure and retail space
fronting Ipswich Marina, which pays host to
Fairline Yachts, Suffolk University and many
new residential developments, restaurants
and hotels. What is most exciting about the
scheme, is that it was purchased from the
Administrators and is thus largely complete
and ready to occupy. The units directly
adjacent to the quayside are double height
and offer stunning views over the marina.
Eddie Catz
We are currently looking for suitable sites for
Eddie Catz, a soft play and entertainment
centre for children in Greater London and the
South East. Please contact Charlie Ready for
more information.
ZIP World and Treetop Nets
Our Leisure team is working with two relatively
new adventure concept companies: ZIP
World and Treetop Nets, to find suitable
sites for their expansion in the UK. Both
leisure brands are looking to expand rapidly
over the next couple of years, having
already established successful trading
models in North Wales and the Lake District
respectively. Please contact Richard Baldwin
for more information.
Flux Freestyle
We are actively looking for new premises,
open warehouse space, in London and
the South East for this indoor trampoline
concept. For more information please
contact Charlie Ready.
Crown Entertainment Centres
Our leisure specialists have successfully
completed the sale of Blackpool Central and
Blackpool South piers on behalf of established
leisure operator Crown Entertainment Centres.
The piers, which were on the market for a
combined £8.1 million, have been acquired
by Peter Sedgwick and his family, who
purchased the town’s North Pier in 2011. The
sale follows our sale of Llandudno Pier in May,
as part of the same portfolio.
Aberconwy Resort and Spa
We have recently completed the sale
of Aberconwy Resort and Spa on the
North Wales coast to Darwin West Country
(Guernsey) Ltd, for an undisclosed sum.
Aberconwy will now join the ‘Darwin Escapes’
collection of luxury holiday resorts and
retreats, comprising 292 holiday pitches.
Lewisham Hospital
We have secured four new retailers on behalf
of Lewisham Hospital for the development’s
newly revamped entrance space. Muffin
Break has taken 1,001 sq ft on a ten year
lease at £55,000 pa, while Boots has taken
1,109 sq ft, also on a ten-year lease, at
£100,000 pa. The remaining two units are
under offer on ten-year leases to Martin
McColl and Café Qualita.
SA Brain
We have been instructed by SA Brain, the
Welsh based brewery, to dispose of five
pub properties in locations from Cardiff
to Swansea as a result of their on-going
rationalisation programme. The pubs offer
potential for alternative uses and are located
in a mix of urban and rural locations.
Build-A-Bear Workshop
It has been a very busy year for Build
-A–Bear Workshop. They have relocated in
Meadowhall and re-geared in locations such
as Uxbridge, Canterbury, Bristol, Southampton
and Doncaster. Recently we acquired their
first two outlet stores in the UK. Both are
McArthurGlen schemes. One is theSwindon
Designer Outlet store and the other is the York
Designer Outlet store. If these are successful
they may look to expand into further outlets
across the country.
Scottish Development International
Our Scottish Retail, Hotels and Leisure
Consultancy team were delighted to be
awarded a three year contract from Scottish
Development International (SDI) to provide
investment support on a number of hotel
developments. Projects for both owners and
developers will range from city centre hotels to
rural golf and spa resorts. Our role will include
researching and identifying the “best-fit” product
positioning, scaling and facility mix to meet
the market opportunity. We will then appraise
the opportunity from an investment viewpoint,
including detailed financial projections and will
assess suitable brands and operators.
Lane 7
Our Retail Agency team in the Midlands has
secured the sole national acquisition work for
Lane 7, a new concept stylised bowling alley
with American dining and ping pong, plus a
trendy bar and restaurant. Shortly we expect
to be under offer on their second venue in
Birmingham, following their successful first
venue in Newcastle.
Ipswich Marina
Our team
CONTENTS
Retail Agency
Gavin Brent
Jason Sibthorpe
Managing Director
London
020 7911 2228
gavin.brent@gva.co.uk
Chairman of Retail,
Hotels and Leisure
London
020 7911 2740
jason.sibthorpe@gva.co.uk
James Burt
David Hooper
Bradley Searle
Jessica Hawes
Susannah Moss
Rob Allred
Director
London
020 7911 2268
james.burt@gva.co.uk
Director
London
020 7911 2950
david.hooper@gva.co.uk
Director
London
020 7911 2113
bradley.searle@gva.co.uk
Senior Surveyor
London
020 7911 2409
jessica.hawes@gva.co.uk
Senior Surveyor
London
020 7911 2628
susannah.moss@gva.co.uk
Graduate Surveyor
London
020 7911 2219
robert.allred@gva.co.uk
Laura Ewing
Anthony Brown
Liam McAuley
Paul Brewer
Alastair Robertson-Dunn
Gary Bucknall
Graduate Surveyor
London
020 7911 2354
laura.ewing@gva.co.uk
Apprentice Surveyor
London
020 7911 2510
anthony.brown@gva.co.uk
Senior Surveyor
Belfast
02890 316121
liam.mcauley@gvani.co.uk
Director
Birmingham
0121 609 8431
paul.brewer@gva.co.uk
Director
Birmingham
0121 609 8106
alastair.robertson-dunn@
gva.co.uk
Associate
Birmingham
0121 609 8027
gary.bucknall@gva.co.uk
CONTENTS
Retail Agency
Hotels and Leisure
Chris Wright
Lewis Sinclair
Tom Merrifield
Richard Padley
Stephen Cowperthwaite
James Ratcliffe
Faye Heeley
Director
Bristol
0117 988 5254
chris.wright@gva.co.uk
Graduate Surveyor
Bristol
0117 988 5436
lewis.sinclair@gva.co.uk
Associate
Cardiff
0292 024 8917
tom.merrifield@gva.co.uk
Director
Leeds
0113 280 8014
richard.padley@gva.co.uk
Senior Director
Liverpool
0151 471 6734
stephen.cowperthwaite@
gva.co.uk
Surveyor
Leeds
0113 280 8006
james.ratcliffe@gva.co.uk
Assistant Surveyor
Liverpool
0151 471 6735
faye.heeley@gva.co.uk
David Creamore
Chris Dallison
Adam Lansdown
Martin Taylor
Rachel Whaley
Andrew Dowell
Richard Gaunt
Director
Agency
London
020 7911 2155
david.creamore@gva.co.uk
Director
Valuation
London
020 7911 2923
chris.dallison@gva.co.uk
Consultant
Agency
London
0131 469 6059
adam.lansdown@gva.co.uk
Director
Planning
London
020 7911 2220
martin.taylor@gva.co.uk
Associate
Planning
Leeds
0113 280 8081
rachel.whaley@gva.co.uk
Graduate Planner
Planning
London
020 7911 2782
andrew.dowell@gva.co.uk
Director
Consultancy
London
020 7911 2034
richard.gaunt@gva.co.uk
Max Gaunt
Emma O’Driscoll
Poppy Bell
Clara Tisseau
Andrew Renouf
Ian Derrick
Director
Consultancy
London
0131 469 6022
max.gaunt@gva.co.uk
Consultant
Consultancy
London
020 7911 2353
emma.o’driscoll@gva.co.uk
Consultant
Consultancy
London
020 7911 2533
poppy.bell@gva.co.uk
Consultant
Consultancy
London
020 7911 2237
clara.tisseau@gva.co.uk
Associate
Consultancy
Edinburgh
0131 469 6026
andrew.renouf@gva.co.uk
Associate
Consultancy
Edinburgh
0131 469 6028
ian.derrick@gva.co.uk
CONTENTS
Pubs/Licensed
Charles Kaminaris
Ruth Chaffer
Andrew Moore
Emma Turnbull
Senior Director
Cardiff
0292 024 8932
peter.constantine@gva.co.uk
Associate
Cardiff
0292 024 8933
charles.kaminaris@gva.co.uk
Assistant Surveyor
Cardiff
0292 024 8931
ruth.chaffer@gva.co.uk
Associate
Manchester
0161 956 4024
andrew.moore@gva.co.uk
Associate
Newcastle
0191 269 0072
emma.turnbull@gva.co.uk
Richard Baldwin
Matthew Lamb
Jonathan Marshall
Nigel Talbot-Ponsonby
Andrew Whiteford
Charlie Ready
Director
General
Leeds
0113 280 8039
richard.baldwin@gva.co.uk
Graduate Surveyor
General
Leeds
0113 280 8060
matthew.lamb@gva.co.uk
Consultant
General
London
jonathan.marshall@gva.co.uk
Consultant
General
London
07920 571 040
nigel.talbot-ponsonby@
gva.co.uk
Associate
Agency
London
020 7911 2362
andrew.whiteford@gva.co.uk
Surveyor
Agency
London
020 7911 2047
charlie.ready@gva.co.uk
Francis Sutherland
Ben Allen
John Mitchell
John Anderson
Martin Reed
Peter Smith
Graduate Surveyor
Agency
London
020 7911 2521
francis.sutherland@gva.co.uk
Director
Golf Clubs
London
020 7911 2360
ben.allen@gva.co.uk
Director
Holiday Property
London
020 7911 2489
john.mitchell@gva.co.uk
Consultant
Holiday Property
London
0113 280 8032
john.anderson@gva.co.uk
Senior Surveyor
Holiday Property
London
020 7911 2227
martin.reed@gva.co.uk
Director
Holiday Property
Leeds
0113 280 8075
peter.smith@gva.co.uk
Leisure
Peter Constantine
London
Birmingham
Bristol
Cardiff
Dublin
Edinburgh
Glasgow
Leeds
Liverpool
Manchester
Newcastle
Published by Bilfinger GVA.
65 Gresham Street, London EC2V 7NQ.
©2015 Copyright Bilfinger GVA
Bilfinger GVA is the trading name of
GVA Grimley Limited and is a principal
shareholder of GVA Worldwide Limited,
an independent partnership of property
advisers operating globally. Bilfinger GVA
is a Bilfinger Real Estate company.
08449 02 03 04
gva.co.uk

Retail, hotels and leisure Autumn 2015

Transcription

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