Commercial property

Commercial property news from Swindon and Wiltshire.

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.

 

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.

Skyscraper plans to be submitted to council

Written by Peter Davison.

Plans to build two skyscrapers in the middle of Swindon are about to be submitted to the borough council.

FI Real Estate Management, which owns The Brunel Centre, wants to remodel the area around Wharf Green and Canal Walk with two tower blocks consisting of 300 residential units, and 3,000 sq ft of leisure space including restaurants, bars, and cafes.

The proposed tower blocks would be 24 and 20 storeys high. The development will also include a 'pocket park' for residents.

The development would see the retail unit currently occupied by House of Fraser, and the spiral ramp of the adjoining car park, demolished.

The company carried out a public consultation exercise in July. It says 84 percent of respondents were either supportive (65 percent) or partially supportive (19 percent) of the proposal.

A spokesman said: "We had a lot of positive feedback following the summer consultation and we have refined our plans to ensure that the majority view is accommodated, whilst continuing to maximise the space and remaining true to the development design appraisal.

"This is a bold and ambitious project which will help transform the town centre, attracting new residents with high-quality homes and a more diverse and varied leisure offer to further boost the local economy.”

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.

New occupants confirmed for Swindon’s 'Snoasis'

Written by Peter Davison.

Investment and development company SevenCapital has secured new occupiers for its upcoming £500 million North Star retail and leisure destination in Swindon – dubbed the "Snoasis'.

The new occupiers, including a KFC restaurant with inside and outside seating and a 29,500+ sq ft Gravity Active Entertainment centre join The Snow Centre, Hollywood Bowl, Ellis Brigham and Empire Cinemas who previously confirmed pre-let agreements at North Star Village.

The new deals mean the development is now circa two-thirds pre-let, with the new tenants collectively occupying a further 32,000+ sq.ft, which will generate an additional £700,000 annual income.

John Watkins, director at SevenCapital, said: “These are fantastic tenants that will prove to be popular attractions within the North Star Village, bolstering the development’s already growing appeal.

"They demonstrate the confidence and desire within the industry for game-changing leisure and retail destinations in the UK and we’re thrilled to have them on board.”

Councillor Dale Heenan, Swindon Borough Council’s cabinet member for the town centre, said: “SevenCapital is quietly working hard and getting on with making the North Star leisure complex a reality.

“Today’s news on which companies are signing up is a big milestone, and one of the reasons why I have confidence that Swindon will become a regional leisure destination.”

Seven Capital was given planning permission by the council for the development on the site directly across the street from the Oasis leisure centre a year ago.

Work is expected to start next Spring.

Volcanic-themed fashion retailer bursts onto scene

Written by Peter Davison.

FamaraContemporary artist Elizabeth Harwood has burst onto Marlborough's retail scene – with a shop inspired by her love of a volcanic island.

Famara has opened at 11 Hughenden Yard, selling clothing and accessories of silks and satins alongside active-ware, aimed at the adventurous woman.

The brand is inspired by Playa de Famara, a beach of sand and volcanic pebbles on Lanzarote. It is well known as a destination for surfers, while the cliffs that loom over the beach – which peak at over 600m – are a haven for wildlife and fauna.

Letting was agreed on behalf of the landlord by property consultant Kilpatrick & Co.

Office manager Daniel Pitt said: "“We are delighted to welcome Liz and Famara Ltd to Hughenden Yard. It has been a long time in planning in terms of finding the appropriate opportunity and available unit in which Liz could operate from. At last the time was right and we wish Liz every success.

"This really is an exciting opportunity not just for Liz but for all the community of Hughenden Yard. All the tenants are showing such energy and creativity in generating interest and bringing in new shoppers and visitors to Hughenden Yard and having Famara as part of this community can only be of great benefit.”

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