CROYDON INVESTOR TOUR HIGHLIGHTS BOROUGH’S EXPONENTIAL GROWTH AND FUTURE POTENTIAL

Last week, attendees on Develop Croydon’s Investor Tour were given an exclusive look at Croydon’s vibrant mix of businesses and the development opportunities available to those who see the borough’s potential.

Starting at BoxPark Croydon, this popular fixture in the Develop Croydon events calendar commenced with introductions from Chair of the Develop Croydon Forum and Partner at SHW Richard Plant; Heather Cheesbrough from Croydon Council; Develop Croydon’s Bonnie Stephensmith and Vanessa Clark of Chase Sinclair Clark. 

“The new mayor is committed to the town centre regeneration” commented Heather Cheesbrough, Director of Planning and Sustainable Regeneration at Croydon Council. “The opportunities are there, but we need to feed the pipeline. We want to help you.” 

In what is truly an unprecedented period of economic regeneration for the borough, guests were welcomed at several landmark developments, with a walking tour of the new 1,250,000 sq ft Ruskin Square site – home to HMRC – commencing the tour.  

A coach tour followed, highlighting Croydon’s exponential growth through a number of residential and commercial developments starting at No. 5 Sydenham Road and Canterbury House/Criterion Capital which were both completed under the Permitted Development Scheme; Superdrug’s HQ and 10 Sydenham Road, home to Mott McDonald, the largest private occupier in Croydon. 

The tour continued along Wellesley Road where the scale of opportunity is very evident, before heading up towards Croydon College, which, following extensive refurbishment, now offers huge opportunities to over 13,000 students.  

Croydon’s cultural and creative scenes have also been the linchpin in the borough’s approach to regeneration, demonstrated last week when the tour took guests by the newly refurbished Fairfield Halls. The Fairfield masterplan will also see some 421 homes, shops, new open public space and improved pedestrian access come to fruition, cementing the town’s commitment to better local connectivity. And, Croydon was recently awarded the London borough of culture 2023 – a significant milestone in the borough’s recovery, offering investors a huge amount of potential to capitalise on.  

The tour then looped back towards East Croydon, taking in several residential and commercial offerings, including the affordable Pocket Living development, the iconic One Croydon – known locally as the ‘50p building’ – the extensive Morello Quarter on Cherry Orchard Road and The Island by Regency Homes.  

The tour continued through West Croydon – one of the most interesting investment sites in Croydon. With a unique transport interchange that sees the Overground tube, tram, train and bus station all come together – there’s little wonder London Square’s exciting contemporary development of residential apartments and homes call this vibrant corner of Croydon home when it launches next week.   

Not to be forgotten is Croydon’s industrial and logistics economy, based in and around the Purley Way, which is a big focus for Croydon’s economic renewal. Investors were given the opportunity to visit the new Prologis Park site on Beddington Lane, spanning an impressive 220,000 sq ft across six units.  

The market for industrial space has never been greater – fuelled by the growing need for last mile logistics brought on by the growth in e-commerce delivery. Retailers including Amazon, Argos, Fruitful and Tropic skincare are just some of the big names occupying space in the region.  

 The coach brought attendees back towards the town centre, where Vanessa and Richard highlighted more of the town’s rich mix of new and potential developments opportunities from the Queen’s Quarter and Delta Point, through to UK Border Agency occupied Lunar and Apollo House and the iconic Saffron Square development.   

After a quick stop for coffee at popular West Croydon community spot Matthew’s Yard, the group headed on foot along Croydon’s town centre, where Croydon BID CEO Matthew Sims discussed the high street’s need for regeneration and the “lasting legacy” he hoped the London Borough of Culture 2023 would leave on Croydon.  

“I love Croydon” remarked Mr Sims. “The opportunities here are endless. We are open and ready to work with landlords and developers to make it happen”.  

Recently acquired by Secret Cinema founder Fabien Riggall to become an arts and entertainment space, the group passed the now vacant site of the iconic Allders department store, before being invited into the historic Whitgift Almshouses on the corner of George Street. Built in 1596 by Archbishop John Whitgift as a hospital and school, (with permission from Queen Elizabeth I) the building today serves as residential care. The John Whitgift foundation also use land and assets set aside by their founder to generate income that is put back into the community.    

The tour continued back up towards East Croydon station, passing Tide Construction’s Ten Degrees development, the world’s tallest modular building, and their second (still taller!) scheme behind, before concluding for lunch at one of Croydon’s newly refurbished, Grade A office spaces, Corinthian House.   

Croydon has long presented itself as an attractive prospect for investment, thanks to its connectivity to London and the availability of affordable home and office spaces. With the shift in business practices and the desire for a better work life balance since the pandemic, Croydon has never been a more attractive prospect for living and working. 

If you would like to join the next guided investor tour, please get in touch to register your interest at: https://developcroydon.com/events/  

LOGICOR EXPANDS UK MULTI-LET PORTFOLIO WITH LONDON ACQUSITION

October 13th 2022: Logicor, a leading owner and manager of logistics real estate in Europe, has acquired a strategic development site in West Molesey which will form part of its wider development plans in this established, South West London industrial area.

Occupying a prominent corner location on West Molesey Trading Estate, 29 Central Avenue - totalling 1.35-acres - has been purchased with vacant possession from Marchmont Investment Managers and NW1 Partners.

The plot sits adjacent to Signal House, also recently acquired by Logicor, which along with its 1.68-acre site at Armfield Close will be combined to redevelop the total 4-acre site into a new, multi-unit industrial and logistics scheme. Plans are currently being drawn up to create a best-in-class, sustainable development to fulfil the demand for new, high-quality business space to suit occupier requirements in this last-mile logistics location, with a start on site expected in 2023.

Charlie Howard, Logicor’s Managing Director, UK, comments: “As we continue to grow our UK portfolio we have a number of exciting development opportunities across our multi-let, mid-box and big-box schemes, including here at West Molesey. This latest site is part of our company-wide, active asset management strategy to facilitate our customers’ growth objectives, providing the right business space for our whole customer base.”

David Boyle, Director at NW1 Partner, comments: “We are pleased to report another successful outcome with our long-standing partners Marchmont Investment Management, yet again illustrating the ongoing strength of the last mile logistics market in greater London.”

Cameron Fraser, Director at Marchmont, comments: “The opportunity to trade the asset with vacant possession highlights the continued strength of the London urban logistics market and offers Logicor an opportunity to strengthen their foothold within the estate”.

In addition to this combined site, Logicor recently commenced the extensive refurbishment of Unit 3 Central Avenue, its existing 18,000 sq ft detached warehouse in West Molesey which will be available to occupy in Q4 2022.

SHW APPOINTED TO LET CHANCERYGATE & SGN’S NEW 95,000 SQ FT CROYDON URBAN LOGISTICS DEVELOPMENT

SHW and Cushman & Wakefield have been appointed as joint letting agents for Chancerygate and SGN Place’s new 95,000 sq ft, Grade A urban logistics development on Factory Lane in Croydon, South London.

The proposed scheme, on the four-acre former gas works site, will provide 14 units ranging from 1,000 to 14,000 sq ft which will be available on a leasehold basis.

Located on the outskirts of Croydon town centre, the Factory Lane scheme is 10 miles south of central London. Subject to planning approval, work on the proposed development is expected to start in January 2023, ready for occupation in Q4 2023.

Chancerygate’s Development Director Jonathan Lee says: There is very strong demand for high-specification, new-build urban logistics space in the town and the development has been designed to provide best-in-class, last mile facilities with the highest ESG credentials.”

Alex Gale, Partner at SHW, comments: “With neighbouring occupiers including Tesco, Sainsbury’s, Royal Mail and Decathlon, Factory Lane is a well-established and popular industrial location. This new development will provide much needed Grade A, last mile industrial space for the area and we expect a great deal of interest in the properties which are designed to suit a wide range of occupiers.”

Chancerygate is a multi-unit industrial developer and asset manager operating across the UK with more than 3.5 million sq ft of industrial space under construction or ready for development across 32 sites.

SGN Place is a property development subsidiary of SGN, focused on regenerating brownfield land such as gasholders and former industrial sites into prosperous, sustainable residential and commercial developments.

Pluto Finance provides £130m of Low-Cost Development Finance in last 2 months

Pluto Finance closed £130 million of senior development finance in August, at an average margin of 4.1% and an average Loan to Cost of 65%.

For developments located in Kent, Essex, North London and Central London, Pluto concluded four senior development loans in this summer month, ranging from £7m to £51m.  The schemes were a mixture of build-to-sell and build-to-rent.

Justin Faiz, co-founder, and CEO of Pluto Finance, says: “Whilst our team have been busy working across all our lending products, we have been particularly active recently providing Senior Development facilities. At an average margin of 4% for up to 70% LTC, we are now cheaper than the high street banks and able to provide the same, quick turnaround and flexibility that we have historically delivered for our Stretched Development borrowers.”

Backed by some of the world’s largest institutional investors, Pluto Finance provides stretched and senior development loans as well as bridging finance. Pluto Finance is currently funding the development of over 2,000 new homes in the UK.

SHW expands with South East property firm acquisition

SHW has today entered into a definitive merger agreement with South East-based Building Surveying and Architecture firm WSW Consultancy Limited (WSW).  SHW will take over the day-to-day management of WSW, and WSW Consultancy Limited will be rebranded as “Part of SHW LLP.”

Stiles Harold Williams Partnership LLP, trading as SHW, is an independent full-service property real estate advisory business employing c. 200 staff, with eight offices across London and the South East, serving clients across the UK. A wholly owned business with 27 Equity Partners, SHW is well-known in the market for its expertise in Office, Industrial, and Retail property, supported by its specialists in Investment, Town Planning, Development, Rating, Healthcare & Medical, Roadside, Charities, LPA Receivership, Airports, Leisure and Leasehold Reform.

Established in 1994, WSW is an independent consultancy of Chartered Building Surveyors and Architectural Designers, registered and professional members of the RICS. A successful, award-winning practice, WSW works primarily in the Homes Counties and London in both the private and public sectors, along with a number of national, corporate clients throughout the UK.

Based in Fleet, Hampshire, the company was formed by three founding partners who have worked together in providing quality professional service for over thirty years. Taking a holistic approach to architecture, the firm provides full design and project management services, along with a wider scope of services for its clients.

Russell Markham, Managing Partner at SHW, says: “There is a strong demand from our client base for Architectural and its supporting services. This merger with WSW secures - for our team and our clients - exceptional Architectural experience and resource, along with an alignment of Building Surveying expertise that complement each other perfectly, enabling both firms to extend their property services both regionally and sectorally for existing, valued customers and future clients too.”

“Since our initial discussions with the founders and the wider team we have together, already, explored new business prospects, resulting in confirmed instructions and some other very exciting opportunities and look forward to our future growth together.”

Richard Woods od WSW comments: “WSW Consultancy are delighted to be joining forces with SHW and are excited about the opportunities this will bring.  Having created a successful, award- winning Building Surveying & Architectural Design Practice over the past 28 years, the synergy between both companies was the natural step in strengthening the brand under the SHW banner.  

“We have established a proud history of successfully working with a wide range of high-profile businesses, educational establishments, organisations, retail operations and private clients, and the merging of the two companies allows us to further expand a multi-disciplined approach, providing our expertise to meet and deliver Client projects in a highly effective and professional way.” 

The newly merged company will now commence a 3–6-month transition phase and amalgamation of the businesses, planning for future growth within its team and client base.

SHW BOLSTERS BUILDING CONSULTANCY TEAM

SHW has appointed Ashley Reuby as Senior Chartered Building Surveyor within its Building Consultancy Team.

Based in SHW’s Brighton Office, Ashley will be working alongside Partner Ryan Carson and the wider BCD team, bringing his vast experience in building surveying across all service areas to this expanding team, with a particular focus on contract administration, project management and dilapidations.

Ashley joins from Adur and Worthing Councils, a valued client of SHW, where he worked as a Chartered Building Surveyor for two years. Prior to this, he worked within the commercial private sector for Hollis.

Ryan Carson, Partner and Head of Building Consultancy says: “We are delighted to have Ashley joining our expanding BCD team. His experience both in the private and public sectors will be an asset in supporting our clients across the UK.”

Pluto Finance appoints Harley Allen as Senior Associate

Pluto Finance has appointed Harley Allen as Senior Associate, joining Pluto’s eight-strong credit operations team, working with the firm’s originators on underwriting, deal execution and asset management of development and bridging loans.

Harley joins Pluto Finance after spending three years at LT Land as VP of UK and European Real Estate Financing & Investment where he was responsible for UK financing and Investment across multiple asset classes.

Justin Faiz, CEO of Pluto Finance comments: “I am thrilled that Harley has joined the Pluto team.  Harley will make a fantastic addition to our best-in-class credit operations team, delivering quick turnaround and excellent customer service.”

Harley adds: “I am excited to have joined Pluto Finance at what is the start of its next phase of growth. Pluto Finance has a fantastic proposition which is continuously evolving and improving, and I look forward to growing with the firm.”

Pluto Finance is backed by some of the world’s largest institutional investors and is currently funding the development of over 2,000 new homes in the UK. In 2021, the specialist lender announced a strategic investment partnership with the Universities Superannuation Scheme (USS), the UK’s largest private pension fund, to provide financing to SME’s developers, delivering new housing across the UK.

Bridge secures planning consent for Bridge Point Croydon

Bridge Industrial (“Bridge”), the US-based industrial real estate operating company and investment manager, has achieved planning consent for Bridge Point Croydon

Planning approval has been granted by Croydon Council for a new, modern industrial building totalling 62,000 sq ft to serve the last mile industrial and logistics sector.

Located on Factory Lane, the new development will target a BREEAM Excellent rating. Built to a Net Zero Carbon design, the building will be developed using the most sustainable materials and will include solar thermal and solar panels and LED lighting with EV charging infrastructure, cycle storage and new landscaping to improve biodiversity.

Paul Hanley, Bridge’s London Partner, comments: “At Bridge, we create buildings where people want to work. Bridge Point Croydon will deliver high-quality, modern business space, creating a welcoming working environment for employees in a strategic industrial and logistics location to serve the last mile sector.”

Construction is expected to start on site in Spring 2023, with completion scheduled for Q4 2023. CBRE, Colliers and DTRE have been retained as letting agents for Bridge Point Croydon

Bridge acquired the factory Lane site in August 2021. Following the launch if its UK operations in November 2020, the firm now has six development sites within the M25 totalling more than 734,000 sq ft - in Chadwell Heath, Southall, Barking, Uxbridge, Croydon and Weybridge. Bridge Point Barking, Bridge Point Uxbridge and Bridge Point Southall also achieved planning consent this year.

Bridge is actively pursuing land and development opportunities throughout Greater London, the South East, and the West Midlands

Key Worthing Town Centre office let to HSBC

SHW, on behalf of Adur and Worthing Council, has let Cannon House, a key town centre office block on Chatsworth Road in Worthing, to HSBC.

The major bank will be moving from its existing Farncombe Road administration centre into the newly refurbished, detached, three-storey office building.

The Council bought Cannon House, the former office of the Worthing Herald newspaper, as it moved to accelerate proposals to develop the adjacent Union Place location, fully refurbishing the office block to attract employees and jobs to the area, and in this case to enable HSBC to remain in the Borough.

Part of an ongoing programme to bring new homes, businesses and retail into the town centre as an attractive place to live, work and play, Worthing Borough Council’s Cabinet Member for Regeneration, Cllr Martin McCabe, said: "I’m delighted we have been able to provide an excellent workspace for HSBC and keep them and their staff in the town. It’s a great example of partnership working to support the local economy.
Melanie Bayliss, HSBC’s workspace manager said: “We’re pleased to be moving to a new home in the town centre and to maintain our long-time link with Worthing. Our new office space provides an excellent modern workplace for our colleagues and gives us the flexibility and space we need to continue to serve our customers.”

CBRE worked with SHW to secure the letting.

SHW sells two South East sites on behalf of Marshall Motor Group

SHW has sold two sites housing a former Audi showroom and a repair garage in Bromley and Beckenham on behalf of Marshall Motor Group who have relocated to a new, combined facility in Elmers End.

The Bromley repair garage, totalling 7,644 sq ft, at 2-14 Tylney Road has been sold to Stephen James Automotive Ltd. And the car showroom at 237 Croydon Road in Beckenham has been purchased by an investor who will lease the 10,681 sq ft space to another car sales operator.

David Marcelline, Partner at SHW, says: We are delighted to have concluded the sales to an owner occupier and an investor, both of which will use the existing building and site layout going forward.

“The successful disposals have enabled our valued client Marshall Motor Group to move into its new, combined facility in Elmers End to continue its client service in automotive sales and repair in a one-stop-shop.”

SHW APPOINTS NEW DIRECTOR TO RATING TEAM

Daud Sadiq has joined SHW’s Rating team as Director, based in the firm’s Crawley / Gatwick office.

Joining from Colliers International where he spent seven years as Associate and Director, Daud has over 10 years’ experience as a Rating Surveyor having previously worked for the Valuation Office Agency.

Specialising in the valuation of car showrooms, office, retail and industrial properties, Daud has worked with many landlord and developer clients to mitigate and delete the rates liability on all types of vacant property, including those undergoing development.

Daud comments: “I’m pleased to be joining SHW’s rating team and the wider agency and professional specialists to assist the company’s valued clients in their ratings matters. My initial focus will be on working with landlords to claim back business rates paid on empty properties and those undergoing refurbishment. We have a window of six months to appeal for rebates and there are many substantial sums to be reclaimed across property types.”

Richard Bull, Partner and Head of Professional Services at SHW, says: “We are delighted to welcome Daud to our 200-strong team based in the South East and working across the UK. His wealth of experience, particularly in the reclaiming of rates on empty properties, will be invaluable in making savings for our existing and future clients.”

B&Q EXTENDS LEASE AT ITS 800,000 SQ FT DONCASTER DISTRIBUTION CENTRE

Logicor, a leading owner and manager of logistics real estate in Europe, has secured a new 10-year lease with B&Q, the UK’s leading home improvement retailer, to stay at its 800,000 sq ft Redhouse Distribution Centre in Doncaster.

Located at Redhouse Interchange, adjacent to the A1(M), this is one of B&Q’s largest distribution centres employing over 700 employees.

The new lease will start at the end of B&Q’s existing lease in December 2023. The retailer is committed to continue occupying the property until the end of 2033, with no breaks.

Demonstrating its commitment to the area, B&Q has significantly invested in the site over recent years, including extensive landscaping to provide areas for employees to enjoy outside and improving biodiversity. Committed to reducing its carbon footprint, initiatives have included the installation of solar panelling on the roof and LED lighting throughout to reach an EPC rating of an A.

Tom Blakely, Logicor’s Director, Asset Management, comments: “Redhouse is a well- established base for B&Q, who have been a valued customer since 2003. We continue to work closely with the team to evaluate and implement further sustainable and wellbeing initiatives now and for the future.”

Peter Daniel, B&Q’s Property Management Surveyor, comments, “We are delighted to continue working with Logicor to remain at one of our largest B&Q Distribution Centres for a further 10 years, as our business grows, and we continue to support our customers with exceptional service, inspiring project ideas, expert support and clever solutions.”

Pluto Finance fires starting pistol for regional expansion with funding for £22m Elevate Property Group scheme in Gun Quarter, Birmingham

Pluto Finance has completed its third loan with Elevate Property Group, providing development finance for 85 new residential units in the up-and-coming Gun Quarter district of Birmingham. 

Steeped in character and heritage, the Gun Quarter is described as the City’s most attractive area for residential development and is just 11-minutes’ walk from the City Centre.

Greg Dunne, Pluto Finance’s Lending Director, says: “We are delighted to be backing this exciting project and working again with the highly regarded Elevate team as we expand our lending beyond the southeast.”

“This loan follows Pluto’s previous funding for Elevate’s £55m 219-unit scheme in Ashford, Kent, and highlights the focus Pluto puts on repeat business with our clients, recognising the excellent customer service, pricing and flexibility that we offer.”

Steve Dodd, founder of Elevate Property Group comments “We are delighted to have recently completed another Loan with Pluto Finance. It is a relationship that is continuing to grow, and we look forward to working with them on more schemes in the future.”

Bridge Industrial Breaks Ground at its First UK Development Site

Bridge Industrial has broken ground at its 2.28-acre site in Barking, in an event hosted by Wilten Construction. With PC scheduled for December 2022, this will be Bridge’s first development site to complete in the UK.

Bridge Point Barking will offer 50,246 sq ft of last-mile logistics space in a detached, self-contained unit available to let following completion of works.

A Net Zero Carbon development, the site is being built to a BREEAM Excellent rating, with roof mounted Solar Photovoltaics generating more than 140,000kWh per year. The building orientation has been optimized with glazing and fabric to reduce energy consumption and associated emissions, with low-flow, efficient water fittings to reduce water consumption.

Bridge Point Barking with also benefit from on-site cycle parking, electric car charging points and car sharing spaces.

Located on Alfreds Way, Bridge Point Barking is immediately linked to the A13, linking to the M25, the A406 (North Circular) and Central London, in an established industrial location popular with self-storage and trade counter operators. DTRE and Colliers have been retained as letting agent.

Paul Hanley, Bridge’s London Partner, said: “We are delighted have broken ground on what will be our first development to complete in the UK. We are pleased to be working with Wilten Construction to deliver this best in class, last-mile logistics building on a speculative basis.”

Naim Basha, Managing Director at Wilten, said: “We are pleased to be on site for Bridge Industrial delivering their first UK development. Bridge is a key client for Wilten Construction, aligned to our future ambitions, and we are looking forward to setting the standard with our fully managed design service and best in class delivery, building our successful mutual future and developing our relationship as a preferred supply chain partner.”

The build is supported by project partners Everson (agent), engineers Burrows Graham and architect Chetwoods.

Bridge launched its UK operations in November 2020. The firm now has six development sites within the M25 totalling more than 734,000 sq ft – in Chadwell Heath, Southall, Barking, Uxbridge, Croydon and Weybridge. Bridge Point Barking, Bridge Point Uxbridge and Bridge Point Southall all achieved planning consent this year.

Bridge is continuing to actively pursue land and development opportunities throughout Greater London, the South East, and the West Midlands.

Bridge Industrial continues UK team expansion

Bridge Industrial (“Bridge”), the US-based industrial real estate operating company and investment manager, is continuing its UK expansion appointing Faisal Shaffique as Property Manager and recruiting Klara Dowds within the UK team’s undergraduate internship programme. 

Faisal will be responsible for the financial and operational aspects of Bridge’s sites across the UK. Previously working within the property division of Cargiant Ltd as Senior Real estate Manager, Faisal provided end to end management of the used car dealership’s UK portfolio, with a value in excess of £500 million consisting of industrial and retail property and rural land.

At Bridge, Faisal will be working closely with London Partner Paul Hanley, Vice President Chris Doloughty and the wider team on the firm’s development sites within the M25.

Paul Hanley, comments: “We are pleased to announce the appointment of Faisal to steer the strategic property management of our current and future developments which are focussed on best in class, last- mile logistics buildings.”

“Three of our UK developments have broken ground this year, with our first – Bridge Point Barking – due to PC in December, and we are excited to bring forward other sites in 2023 and beyond.”

Bridge’s intern Klara is a third-year student at Nottingham Trent University, studying Property Development & Planning. The UK team of property professionals will be working closely with Klara providing opportunities for learning and mentorship to help lay the foundations for a future career in real estate.

Paul says: “At Bridge we are fully committed to developing future talent within the industrial and logistics real estate sector. Encouraging early engagement at grassroots level is crucial to the success of the next generation within the property industry and we are delighted to have Klara with us for the next 12 months.”

Bridge launched its UK operations in November 2020. The firm now has six development sites within the M25 totalling more than 734,000 sq ft - in Chadwell Heath, Southall, Barking, Uxbridge, Croydon and Weybridge. Bridge Point Barking, Bridge Point Uxbridge and Bridge Point Southall all achieved planning consent this year.

Bridge is continuing to actively pursue land and development opportunities throughout Greater London, the South East, and the West Midlands.

All Day Bar and Restaurant to Open in Ten Degrees, Croydon

East Croydon will this autumn play host to one of the most exciting openings of the year as

the owners of Mr Fox announce the launch of a second Croydon site.

Renowned for their quirky interiors, exceptional cocktail menus and locally sourced, fresh

food, Fern will open on the ground floor of the Ten Degrees building

on George Street, Croydon.

SHW advised landlords Greystar Europe Holdings and Henderson Park on the letting of the 2,140 sq ft retail unit – Unit 1, George Street – located directly opposite East Croydon Station, one of the busiest locations in Croydon.

Richard Pyne, Partner at SHW, comments “SHW are delighted to Act for Greystar and Henderson Park on such a prestigious development in the heart of Croydon. The offering that Fern will bring is exciting and contemporary and fits in perfectly the new Starbucks offering - opening soon within the scheme. There is just one more retail unit available, which will front the building on College Road.”

Fern is the third venue from Bart & Taylor which is owned by dynamic couple Aiste Bart and

Andrew Taylor who own Mr Fox Croydon, and Adam & Eve Northumberland, with two

further venue openings planned for 2023.

Interiors have been inspired by the beautiful buildings of downtown New York and will

feature exposed brickworks, rooms filled with plants, reclaimed barn wood flooring,

terracotta tiles, floor to ceiling windows, six foot antique French chandeliers and rustic wall

lighting.

Guests will enjoy an expertly curated drinks list, with the focus on classic cocktails, spritzes

and refreshing highballs, in addition to some of the world’s finest spirits.

The open kitchen will serve colourful sharing plates of modern European dishes, with an

emphasis on locally sourced farm produce.

Open from dawn ‘til dusk, 7 days a week, Fern will be the perfect place for guests to start

the day with breakfast, enjoy a team lunch, grab an afterwork drink and spend the evenings

& weekends with friends and family.

REGAL LONDON SECURES FUNDING FROM PLUTO FINANCE FOR £95m CITY OF LONDON DEVELOPMENT PARTNERSHIP WITH 4C HOTELS

Regal London has partnered with 4c Hotels to deliver The Haydon, a residential tower of 87 apartments in Aldgate in the heart of the City of London. Pluto Finance has provided a £44.5m loan for the £97m development which is due to complete in 2024.

Designed by Acme architects, The Haydon is a playful tower set within a beautifully secluded, landscaped courtyard, creating a light, serene oasis in the city for residents. Residents will have access to the spa, cinema, gym and roof terrace with extensive views across London. 

Regal London has an extensive pipeline of c6,000 residential units, including the recently acquired 100 and 100a Chalk Farm Road next to the Roundhouse, significant residential and student accommodation schemes in Brent and the regeneration of North Finchley town centre in Barnet.

Marc Eden, Investment Director of Regal London said: “We’re delighted to be partnering with 4c Hotels, who approached us to deliver a residential vision on their land, The Haydon, the next in a long line of iconic buildings in the City of London. Pluto Finance have bought into the strength of the partnership and provided the required finance for the project.

“We work very closely with our partners, both financial and landowner, to make sure that we deliver value across our projects.”

Al-karim Nathoo, CEO at 4C Hotel Group, said: “We’re partnering with Regal London for our first purpose built residential development in this vibrant part of London. This is a further milestone of our wider redevelopment of the Minories estate.”

Justin Faiz, Partner at Pluto Finance said: “We are delighted to have completed this loan for Regal London and 4C Hotels to assist in the development of what is sure to be a standout residential scheme in the heart of London. We look forward to continuing to strengthen our relationship with the partnership.”

SHW advises Hastings Borough Council on development site sale for 100% affordable housing scheme

SHW, on behalf of Hastings Borough Council, has sold a 12.35-acre site on Harrow Lane, Hastings, East Sussex to ilke Homes to deliver 140 affordable homes with excellent green credentials.

The Freehold interest in the site was sold with outline planning consent for 140 homes. ilke Homes has partnered with Orbit Homes to deliver the affordable accommodation with works expected to start on site in the autumn of this year, the first homes being installed in summer 2023 and completion of the whole scheme in 2024.

Situated to the north of Hastings in a fantastic, elevated position, the site is located approximately 0.25 miles from the A21, providing great access into Central London via the national rail and road network, as well as to Brighton and Eastbourne to the west.

The entire scheme, which will deliver a mix of apartments and houses ranging in size from one to four bedrooms, will be gas-free, running on renewable power generated from air source heat pumps (ASHPs) and solar panels which will combine to help heat the homes more sustainably. 84 of the 140 homes will be zero-carbon, with every home fitted with an ASHP and solar panels which, when combined, will provide clean energy.

Peter Coldbreath, Partner at SHW, comments: “We are very pleased to have achieved a sale at above asking price on behalf of Hastings Borough Council, delivering a buyer providing hugely important 100% affordable sector dwellings for the region and exceeding expectations for the carbon net zero proportion of the units.”

Cllr Maya Evans, deputy leader and portfolio holder for housing, commented: “We are absolutely delighted with the progress of this project, we have ensured these homes are affordable for local people, alongside addressing the climate emergency. We are very impressed with ilke Homes who have gone above and beyond in ensuring 84 homes are zero carbon, this means the energy they use will be 100% renewable, on top of fabric first sustainable building materials. Hastings Borough Council are now seeing the fruits of our vision, to provide high quality homes for people on low incomes, while playing an active role in reducing carbon emissions in our town. This is a very proud moment and just the start of more to come.”

Tom Heathcote, Executive Director of Development at ilke Homes, says: “We have enjoyed working closely with Hastings Borough Council’s Estates Team and the local authorities planning department to bring forward our proposals for the site at Harrow Lane. Subject to the clearance of pre-commencement conditions, we are excited to commence on site later this year.”

SOUTH EAST OFFICE MARKET ON THE UP FOLLOWING A TOUGH 2021

SHW’s South East Office Focus Q3 reports that, following a tough 2021, the first half of 2022 has seen a dramatic improvement for many locations across the region.

Tim Hardwicke, SHW’s Partner and Head of Agency, comments: “A number of companies have relocated to improve the quality of their offices, whilst taking the opportunity to downsize due, in part, to continued home working. This has been mainly driven by lease events, however, there have been a number of notable deals as a result of companies expanding.

“It’s encouraging to see firms investing in buildings to provide staff with the best quality space they can afford and, as a result, we are seeing an increasing pattern of staff wishing to return to the office rather than being directed to do so. Despite this, we predict an ongoing element of working from home with the ‘new norm’ of 3 or 4 days a week in the office.”

In Bromley, the first half of 2022 reported zero take up of office space. Q1 and Q2 saw only 40,000 sq ft of logged demand and 100,500 sq ft available. However, the start of Q3 saw two new lease events at T Bromley with RSM and Hanson Regan taking a combined 8,000 sq ft at the recently refurbished office.

In Croydon, although only 16,500 sq ft has been transacted so far this year, there has been a total of 1.37 million of logged demand over the last four quarters. With availability at 525,000 sq ft, we expect continued strong take up with rents remaining high at around £34 per sq ft.

While in Redhill & Reigate, take up is also relatively low at 12,000 sq ft. Logged demand is at 360,000 sq ft and availability at 200,500 sq ft, so we will likely see remains remaining lower than 2020’s highest figure (£31.50) with quoting rents at £29.50 per sq ft.

Conversely, in Burgess Hill & Haywards Heath take up has almost tripled that of the whole of 2021, with 66,000 sq ft already transacted this year. With 180,000 sq ft of logged demand and 42,000 sq ft available, rents may rise from the static £24 per sq ft seen over the last four years.

Similarly, Gatwick & Crawley has seen a dramatic uplift in take up, at almost triple figures in H2 2022 compared with the whole of 2021. Rents will push to the mid to high £30s when The Create Building completes construction (up from last year’s £27.50 per sq ft). In the first half of this year SHW completed the largest office letting in Crawley for some three years, with Bramble Energy taking the whole 33,978 sq ft at Atrium Court. This was topped by another 58,000 sq ft letting carried out by the office agency team.

In another strong market, Horsham’s take up rate is already nearly topping 2021 figures, currently standing at 58,000 sq ft. Availability is currently half that of logged demand and rents are predicted to rise from the £20 per sq ft seen over the last three years. In parallel, Eastbourne and the surrounding areas have seen a match in 2021 figures already and, with only 5,000 sq ft available, demand is far outstripping supply, pushing the quoting rent up to £19 per sq ft - with this figure already being achieved in Polegate.  Littlehampton, Bognor & Chichester’s take up rate is also currently matching the 2021 figures however, demand has tailed off at present.

Worthing & Lancing has also made a dramatic U-turn this year. Based on zero take-up in 2020 and 2021, 5,000 sq ft has already been transacted and logged demand is double that of supply, pushing the highest quoting rent to £17.50 per sq ft, compared with the last five years’ highest rents achieving around the £13 per sq ft mark.

Lastly, Brighton & Hove, which saw take-up figures bounce back last year, has been performing very well with take-up 30,000 sq ft over 2021’s figures already (2021: 70,000 sq ft / 2022: 100,000 sq ft). Agreements for lease have also been signed on 83,000 sq ft at Edward Street Quarter which will complete upon PC of the building later this year. Logged demand for the last four quarters stands at over 1.2 million, with availability at 315,000 sq ft, pushing quoting rents up to £37.50 per sq ft (2021 highest rent was £29 per sq ft).

Tim concludes: “Despite the increase in working from home. Long-sighted investors are seeing the advantage of office occupation and the versatility of the buildings and are still keen to acquire assets in this sector. Many landlords are taking ESG very seriously as this becomes a key, driving force for occupiers wanting to lease and buy building. This is also true for property companies looking at purchasing investments.”

STRONG OCCUPIER DEMAND CONTINUES IN THE SOUTH EAST INDUSTRIAL MARKET

SHW’s Q3 Industrial & Logistics Focus reports that the first half of 2022 continued where 2021 left off, with good occupier demand for both freehold and leasehold premises across the South East. Once again, areas reporting lower take-up than expected are due to lack of stock, rather than lack of demand. 

Tim Hardwicke, SHW’s Partner and Head of Agency, comments: “This strong demand continues to be linked to logistics / B8, rather than B1 manufacturing, due to the continued need for space to serve online retailing / last mile logistics and, as a result, rents are continuing to rise in many cases between 10-20%.

“That said, due to recent external market factors, demand is starting to tail off in some locations and although we don’t predict any immediate rental re-balancing, occupiers are beginning to be more cautious, taking longer to make decisions. As a result, marketing voids are starting to extend.”

In Croydon and the surrounding areas, stock availability dropped from 1.1million reported in 2021 to 710,000 sq ft in the first half of 2022. SHW has recorded over 1.5m sq ft of demand so far this year, take up is currently at 242,000 sq ft to date, compared with a total of 430,000 sq ft across the whole of 2021. With vacancy rates standing at 5.7%, achieved new build rents are reaching just shy of £20 per sq ft, with second hand stock circa £16-17 per sq ft.

In Sutton, Epsom, Chessington and Leatherhead, take-up is at a low level so far this year at 24,500 sq ft. With 102,000 sq ft reached in 2021 there is a way to go to match these levels. Vacancy rates stand at 2.6% and with a reported 196,000 sq ft available and 670,000 of logged demand. Due to lack of stock, SHW predicts new build rents pushing through and beyond the £20 per sq ft mark.

Redhill and Reigate has seen take-up at 32,000 sq ft so far this year, up on the whole of 2021. Although logged demand remains high at 820,000 sq ft, with only 86,000 sq ft available, it’s unlikely we will reach the heady heights of 2021 (195,000 sq ft), but we may see rents increasing again from £13.95 per sq ft in 2021.

As we move into Q3, the vacancy rate in Burgess Hill and Haywards Heath has decreased further to just 1.2% (from 2.5% in 2021), with 54,992 sq ft already transacted, leaving just 27,400 sq ft available. Logged demand is high at nearly 1 million sq ft so far this year which could see rents rising again from £12.95 per sq ft in 2021. In turn, new industrial space in development, such as the 46,500 sq ft remaining available at Sussex Junction, is gathering a lot of interest from occupiers.

In Crawley and Gatwick, quoting rents remain at £16.50, with the highest rent hitting that level this year (compared with £13.75 per sq ft over the last two years).  Though take up is only at 152,000 sq ft so far this year, 803,000 sq ft of existing stock remains available with demand at over 1.7 million which should see the current vacancy rate of 6.6% dropping this year. The Base in Crawley, which will provide two new highly specified units of 147,000 and 88,700 sq ft, available in September 2022, will provide the largest units for occupation in 2022.

Horsham has seen a strong level of take up so far this year at 56,000 sq ft (compared with 76,000 sq ft for the whole of 2021). However, with 450,000 sq ft of logged demand and just 18,000 sq ft available (vacancy rate of 0.9%), new industrial space is very much needed.

On the Sussex Coast, demand remains high, with availability comparatively low. Brighton and Hove has just 84,000 sq ft available (1.7% vacancy) with 1.1 million sq ft of demand. Take up is at just 10,000 sq ft so far this year. In Bognor & Chichester, the vacancy rate is even lower at 0.8%. Availability is down to 39,000 sq ft and demand is a whopping 1.68 million sq ft. However approximately 200,000 sq ft of new development is about to start at The Saltbox in Bognor.

In Eastbourne and the surrounding areas, availability is at a relatively healthy level of 241,00 sq ft. With over 1 million sq ft of logged demand, and 60,600 sq ft transacted so far this year, take up may get to near the 2021 levels (288,000 sq ft) and rents are likely to remain high (£12 per sq ft in 2021). 

In Hastings, St Leonards and Bexhill, take up continues to soar, with 118,000 sq ft away already this year, compared with a total of 76,500 sq ft for the whole of 2021. This leaves only 179,000 sq ft available, with a 1.1 million sq ft of logged demand which should keep rents at around the £8 per sq ft figure. 1-9 Ivy House Lane in Hastings makes up much of the available space, offering 109,083 sq ft, which may be split depending on demand.

in Lewes, Newhaven and Peacehaven, take-up looks likely to remain at 2021 levels (35,500 sq ft), with just 15,500 sq ft transacted so far this year. SHW is reporting 380,000 sq ft of logged demand with just 105,000 sq ft available. In contrast, in Rusington & Littlehampton, take up is up by 200% already this year on 2021 figures (17,500 sq ft / 5,500 sq ft), with a very high demand of 760,000 sq ft and just 62,000 sq ft available.

The Shoreham and Lancing area has reported 17,000 sq ft of take up so far this year, following a relatively healthy take up of 54,500 sq ft in 2021. Again, low levels of stock at 84,000 sq ft are dwarfed by the high demand of 740,000 sq ft. And lastly, in Worthing take up is low so far this year at 13,500 sq ft (42,000 sq ft for whole of 2021), with 850,000 sq ft of demand and 293,000 sq ft availability, albeit 261,000 sq ft of available space is in just one building.

Tim concludes: “Despite ever increasing build costs, developers are still continuing apace with speculative newbuild schemes to meet the high demand for good quality space as overall stock remains low. New build stock must offer good sustainability credentials and landlords are taking ESG very seriously as this becomes even more of a key, driving force for occupiers wanting to lease and buy buildings.”