Commercial property

Commercial property news from Swindon and Wiltshire.

Trading estate sold for £3.46 million

Written by Peter Davison.

Nursteed Road Trading Estate

 

Worldwide Estates has sold the freehold investment of Nursteed Trading Estate in Devizes for £3.46 million. The multi-let industrial estate was acquired by the private investment group Maybrook Properties.

Alder King and Strakers represented the vendor while Kenningtons acted for the purchaser.

Nursteed Trading Estate, located to the south east of Devizes, is arranged in three blocks and provides a total of 41,685 sq ft of accommodation on circa 3.86 acres. All 10 units are let to occupiers including Mole Valley Farmers, City Plumbing Supplies and Varivane Industries. The estate produces a passing rent of £237,500 per annum.

Property agent cuts a deal with hairdresser

Written by Peter Davison.

Neighbourhood Centre, Swindon

 

A ground floor retail unit at the Neighbourhood Centre in Swindon's St Andrew's Ridge will remain as a hairdressing salon.

The 633 sq ft unit, previously The Works salon, has been let to independent hairdresser Danielle Thomas in a deal negotiated by Kilpatrick & Co.

Daniel Pitt, Kilpatrick & Co’s office manager, said: “We are very pleased that the sale of Unit 4 Neighbourhood Centre has completed and that we were able to achieve a good sale price for our client.

Employment land snapped up at Solstice Park

Written by Peter Davison.

UEOS 1A Solstice ParkDevelopment land on the strategically-located EOS section of Amesbury’s giant Solstice Park business area has been sold.

Property consultancy Myddelton & Major successfully negotiated the sale of the 1.75-acre (0.71-hectare) EOS 1A commercial development plot to Nationwide Engineering Group.

Quoting price for the parcel of land fronting Sun Rise Way, adjacent to the A303 and suitable for B1, B2 & B8 Uses was £700,000.

Myddelton & Major partner Philip Holford said: “Salisbury-based Nationwide Engineering Group is a construction focused service provider with dedicated integrated companies for building, rail, air, energy, professional services and health and safety training.

“Following their successful development of the 36 unit Bluestone Centre, I was pleased to facilitate the sale of this parcel of land which further demonstrates the attraction of Solstice Park as the premier business park in the region.

“We anticipate that the developer will earmark the site for specific design and build opportunities for commercial occupiers.”

Solstice Park is an established 160-acre business park situated alongside the A303 dual carriageway. It offers strategically-located development opportunities for industrial, distribution, trade, roadside, and office users.

 

Politics hits demand for commercial property

Written by Peter Davison.

Andrew Kilpatrick

 

Demand for office and retail space has declined while the clamour for industrial and warehouse property is waining, according to the latest Commercial Market Survey for RICS, the Royal Institution of Chartered Surveyors.

The Brexit impasse has become increasingly detrimental to market activity, along with challenges to the retail sector, says the report.

Construction starts at Chippenham industrial park

Written by Peter Davison.

Neil Bannerman of Winvic, Andy Ridler of Alder King, Peter Davies of St Modwen, James Gregory of Alder King, Richard Bailey of St Modwen, Alistair Cunningham of Wiltshire Council, Gary Kwant of Prosurv, and Ben Shearman of WinvicDeveloper St Modwen has broken ground on a 106,000 sq ft speculative unit with plans to complete the site wide preparation and bring forward a further phase in 2020.

The site, formerly known as Chippenham Gateway, secured planning permission from Wiltshire Council in August 2018 and has permission to build a variety of units ranging from 100,000 sq ft to 1,000,000 sq ft.

Once completed, the whole site is expected to create around 1,300 jobs once complete as well as skills, training and apprenticeship opportunities through a planned partnership with Wiltshire College.

Longer term, St Modwen Park Chippenham will generate significant inward investment for the local area with a growth potential of around 1,000 jobs once the site is fully operational.

The site is strategically located off junction 17 of the M4 in the heart of the south west logistics triangle, serving both Bristol and Swindon. Mainline rail links provide access to London Paddington in just one hour and 15 minutes.

Peter Davies, development director at St Modwen Industrial & Logistics, said: “St Modwen Park Chippenham is a key industrial and logistics site in the south west region. We have already had a significant amount of interest due to its excellent location and we are able to meet specific occupier requirements with build to suit solutions in addition to our high-quality speculative build programme.”

Alistair Cunningham, executive director at Wiltshire Council, said: “St Modwen Park Chippenham is an important site with real potential for growing employment in the north of the county. Once complete, the site will drive economic development as well as bring job opportunities to the area.”

Construction work is being carried out by Winvic Construction Ltd. Operations manager Ben Shearman said: “Our relationship with St Modwen has gone from strength to strength and we look forward to commencing work on site and continue working in partnership to deliver quality units across the UK.”

The joint agents for the site are Alder King, DTRE, and JLL.

High yielding commercial investment comes to the market

Written by Peter Davison.

College CourtThe freehold of Swindon's College Court has come to the market with commercial property consultants Kavanaghs and London consultants Allsop.

College Court comprises of Imperial, Trinity, and Oxford Houses.

Imperial House comprises a ground floor shop and first and second floor offices and is currently occupied by Advance Insurance. The lease expires in 2031 and the passing rent is £34,000 pax.

Trinity and Oxford Houses are currently occupied by Allen & Harris estate agents who occupy the combined ground floor units and all of the first, second and third floor offices. They have five years unexpired on their lease and the rent payable is currently £120,000 pax.

Thereafter there is the reversionary opportunity of potentially re-gearing the current lease and possibly redeveloping the upper parts. Both units have their own allocated car parking on site.

Kavanaghs' commercial property Manager, Stephen Brickell, said: “We are delighted to be bringing to market College Court and are once again pleased to be working with Duncan Moir of Allsop.

College Court comprises of Imperial, Trinity & Oxford Houses.

The property is to be sold in the December Allsop auction on Monday, December 9 at The Berkeley Hotel in Knightsbridge although offers are invited prior to the auction.

Duncan Moir of Allsop said: “I am once again pleased to be working with Mr Brickell again who is one of the most effective and proactive agents in the South and South West and have no doubt that between us we will be able to deliver a successful outcome for our client.”

To view the property or for further information please contact Stephen Brickell on 01225 341490 or Duncan Moir of Allsop on 0207 543 6704.

Office accommodation makes way for luxury flats

Written by Peter Davison.

14 Rollestone Street SalisburySix new luxury apartments are likely to be created following the sale of offices in an historic Grade II* listed building in Salisbury city centre to a developer.

Swiftsure Property Holdings Ltd has acquired 14 Rollestone Street in a deal brokered by city property consultancy Myddelton & Major.

The freehold price for the 4,008 sq ft (372.34 sq m) building remains undisclosed.

Myddelton & Major partner Dean Speer said: “This attractive three storey Grade II* Listed building, which retains many original features, was sold to a developer who will be looking at turning it into six apartments.

“We considered that the building, which has a large amount of space over three floors and an impressive entrance hall/reception area with a central stairwell, was ideally suited to residential conversion.

“It is part of a continuing trend for city centre commercial premises to be converted to residential as more professional people seek to live close to their place of work.”

The building also has a basement and a rear courtyard.

Rollestone Street is situated in the heart of the city centre, close to the Market Square and public car park facilities at Salt Lane, Culver Street multi-storey and Central Car Park.

It houses a mixture of commercial offices and residential uses, including the redevelopment of the former bus station by Churchill Retirement Living.

The property, parts of which date back to the 1700s, was constructed as a single building along with its neighbour, number 12.

It was previously the headquarters of the British conservation charity Plantlife, which works to save threatened wild flowers, plants and fungi. The charity has relocated to Salisbury's Milford Street.

It was marketed as office accommodation before being sold to Swiftsure Property Holdings.