SHW celebrates RICS APC passes

This year, SHW is celebrating the success of four of its graduates who have passed the RICS Assessment of Professional Competence (APC).

The graduates are: Charlie McKechnie, Surveyor in the agency team, operating in the Surrey, South London and Kent regions; Reece Thorsen, Surveyor based SHW’s East Sussex office, working in the Professional team, Reese is also an RICS Matrics Committee Member; Jack Peacock, Surveyor in the Professional team on the South Coast, specialising in Lease Advisory and work on various asset classes. Jack is also on the Matrics Committee. And Alex Wales, Building Surveyor working in the Building Consultancy team (BCD), based in SHW’s Brighton office.

Luke Longley, Associate at SHW who joined as a graduate, completed his APC in 2019, and who, alongside Director Laura Miles, is supervising and supporting SHW’s graduates through their APC, comments: “We’d like to extend a massive congratulations to Charlie, Reece, Jack and Alex for passing their APC, all on their first go. The result reflects the hard work and dedication they have put in, on top of their day jobs, and we are looking forward to watching them continue to grow within the firm and being part of the future.”

Develop Croydon releases round table report on sustainability and industrial

Held on 24th May 2023, with key participants including Alex Gale, Partner at SHW; Simon Perks, Director at Capital Deployment, Prologis; A spokesperson for Amazon; Alex Hickman, Director, KSP/Gli, and chaired by Bonnie Stephensmith, Associate Director, Develop Croydon, the round table discussion explores the sustainability agenda and how the market is having to shift and adapt to new legislation.

With growing demand across London and the South East, ambitious net zero targets are in place for the market. Fulfilling this demand also necessitates the need to upskill or acquire a workforce with modern and sustainable logistics practices.

“There’s definitely a move to quality for new builds, with sustainability being right up there now in terms of the key criteria for the larger units. Whereas the office market had this three to four years ago, it’s only now just coming through on the industrial market.”

Alex Gale, Partner, SHW

Read the full round table report here. https://developcroydon.com/wp-content/uploads/2023/07/Sustainability-Industrial-Roundtable-2023.pdf?utm_campaign=14044946_Develop%20Croydon%20Round%20Table%20Launch&utm_medium=email&utm_source=Develop%20Croydon%20Forum&dm_i=12GB,8D15E,IB65AC,YGL3U,1

Rents continue to remain robust across the South East Industrial Market

Rents continue to remain robust and in most locations are continuing to rise, according to the latest market research reported in SHW’s Industrial & Logistics Focus Q3 2023.

Tim Hardwicke, SHW’s Partner and Head of Agency, comments: “Due to a number of factors, such as land prices, build costs and softening of yields, rents are healthy however, as expected, the rate of increase has slowed, and we are seeing a marginal increase in incentives across the South East industrial market.

In South London, rents have increased again for new builds from £19.75 per sq ft in 2022 to £21.50 per sq ft so far this year. Take up to date is exceeding the half year figures of 2022 whilst availability has increased to 710,000 sq ft due to new schemes completing. With Logged demand (6.1 million sq ft over the past 12 months) far outweighing availability, rents should remain stable.

In Sutton, Epsom, Chessington and Leatherhead, rents have also risen slightly from £17.50 per sq ft in 2023 to £18 per sq ft. Although take up is low so far this year at 27,000 sq ft, logged demand is far outweighing the available space (540,000 sq ft / 150,000 sq ft), so we should see that figure rising and rents remaining positive for the area.

Redhill and Reigate take up has leapt from 48,000 sq ft in 2022 to 101,600 sq ft so far in 2023 and rents have reflected this achieving £18 per sq ft, a big leap from £13.95 per sq ft in 2022.  There remains a very high demand at 1.1 million sq ft logged, with only 68,500 available. Vamos Invest’s Saltwhistle Business Park in Redhill secured its first tenant before completion earlier this year with good interest in the remainder of the c. 25,000 sq ft space.

Take up in Burgess Hill and Haywards Heath remains level, with 62,000 sq ft let so far this year (128,000 sq ft in total in 2022), with rents increasing from £13.25 in 2022 to £14.50 per sq ft at the end of H1 2023. Logged demand remains very high at 2.3 million sq ft and availability remains very low at 75,250 sq ft.  This available space includes Sussex Junction, Burgess Hill, with just one self-contained unit of 46,500 sq ft remaining available at £14.50 per sq ft, accounting for more than half the total availability in the area, with good occupier interest being shown.

In Crawley and Gatwick, rents have also increased slightly from £16.50 per sq ft in 2022 to £16.75 at the halfway point this year. Demand is still outweighing availability at 3 to 1, however take up so far this year has been relatively slow with just 101,000 sq ft let, compared with a total of 350,000 sq ft in 2022. To help meet the 3 million sq ft + of logged demand over the past 12 months, a number of new build schemes are now on the market to let, including the two units totalling 235,700 sq ft at The Base, plus 65,000 and 18,800 sq ft at Arrow Point, both in Crawley.

Rental levels in Horsham have also risen from £12.50 per sq ft in 2022 to £14.25 per sq ft and highest quoting rents are up to £16 per sq ft. However of the 66,000 sq ft available, only 6,250 sq ft has been let so far this year. Demand remains sky high at a logged 2.7 million sq ft. Billingshurst Business Park, proposing 150,000 sq ft, would provide much needed new business space for the area.

In Bognor & Chichester rents have remained stable at £12.50 per sq ft. Again, demand is extremely high at almost 3.5 million sq ft required. As such, take up has already far exceeded 2022 levels at 52,500 sq ft (compared with a total of 20,600 in 2022), however availability is still very low at 80,000 sq ft, demonstrating the continued need for new and refurbished industrial space.

On the Sussex Coast, in Brighton, rents for sub 5,000 sq ft units have risen to £18.50 per sq ft, with rents for units of over 5,000 sq ft taking a while to catch up. Take up is encouraging at more than half last year’s figures so far in 2023 (42,750 sq ft for 2023 so far / 75,000 sq ft for 2022), however only 52,000 sq ft remains available and there is still over 2 million sq ft of logged demand. Panattoni Park Brighton, Shoreham Airport is progressing to provide a total of 268,000 sq ft of new space for availability in Q2 2024. Units 4 and 5 Brighton Works, Brighton offer a rare opportunity for immediately available warehouse/trade unit space totalling 17.630 sq ft.

In Eastbourne and the surrounding areas rents remain at £12.50 per sq ft and with only 185,000 sq ft of immediately available space, take up is only at 25,500 sq ft this year (total 89,000 sq ft in 2022). But again, demand remains extremely high at 2.25 million sq ft.

In Hastings, St Leonards and Bexhill, rents have jumped slightly to £9 per sq ft (£8.50 in 2022). Take up is relatively low at only 11,000 sq ft let so far this year. Again, logged demand far outweighs availability at almost 2.4 million, compared with 179,000 sq ft available, including 109,083 sq ft at Ivyhouse Lane in Hastings.

Lewes, Newhaven and Peacehaven rental levels have increased from £11.50 per sq ft in 2022 to £12.50 per sq ft. Take up is at 10,000 sq ft so far this year (compare with a total of 31,000 sq ft in 2022) and demand is logged at 240,000 sq ft, compared with current availability of 91,000 sq ft.

In Rustington & Littlehampton, rents are level with 2022 at £12.50 per sq ft. Take up has already matched 2022 levels with 24,000 sq ft let so far this year. Demand is logged at 780,000 sq ft, with continue low availability of 70,500 sq ft.

In Worthing, like most of the South East regions, rents have also increased from £11.50 to £12 per sq ft. Take up is at just 5,500 sq ft so far this year and logged demand is a high 1 million sq ft compared with availability of 274,000 sq ft. And finally in Shoreham & Lancing, rents remain static at £14.50 per sq ft. Most of the available space at has snapped up with 44,300 sq ft let this year and only 15,000 sq ft available and demand remains high at r 540,000 sq ft.

Tim adds: “Due to investment yields softening, developers are having to reprice land purchases in order to make appraisals stack up, but many speculative newbuild schemes are still continuing at pace in locations with low supply. Of these, ESG and particularly, strong green credentials are a must for new development.”

Canmoor Welcomes Bestir to Dunstable

Bestir has become the latest occupier at Canmoor’s Insignia Park in Dunstable, taking the new warehouse space to house its coffee machine service and distribution business.

Unit 2, totalling 9,831 sq ft, with a 7,770 sq ft warehouse and 2,061 sq ft fully fitted first floor office, has been let to Bestir on a new 10-year lease to accommodate its expanding business.

Inisgnia Park, situated on Luton Road in Dunstable, comprises of eight, new, high specification units, constructed with sustainability at the forefront of development. Built to BREEAM ‘Very Good’ standard, and EPC A rating, each unit provided with solar PV panels on each roof and EV charging points, with enhanced heating and cooling systems and low energy LED lighting, offering energy efficiencies and therefore major cost savings for its occupiers.

With units ranging from 9,831 to 19,993 sq ft, Units 5, 6 and 7 have also been snapped up by occupiers including Golden Saffron (Anjoman Food) and Top Op Foods.

Mehrdad, Managing Director of Golden Saffron Limited (Anjoman Food), which produces and supplies organic, high-quality, and fresh Middle Eastern and Mediterranean food products for a global market, comments: “Insignia Park was the perfect choice for our business, providing new, sustainable and energy efficient space within close proximity to London. Having moved from the Park Royal area, our new premises offers much more value for money for our business space, both in terms of rents and running costs, therefore enabling us to expand our business whilst continuing to provide our high-quality products to a global clientele. The location of the park also provides the amenities our staff require making it a desirable place for them to work.”

As well as top-quality business space, Insignia Park also houses a Greggs and a Starbucks retail unit, with the benefit of a drive through option. Immediately opposite, occupiers have access to a Lidl supermarket and McDonalds is just a stone’s throw away.

Fronting the A505 Luton Road, within an established employment area, close to the Luton to Dunstable guided busway, and within 1.6 miles of Junction 11 of the M1 Motorway, Insignia Park is within 4.5 miles of Luton train station and 7 miles from London Luton Airport. The development is also well-located in relation to the new Woodside Link which provides direct access to Junction 11a of the M1.

Patrick Clews, Asset Manager at Canmoor says: “This is a strategic location for business space serving London, the Southeast and a national and international marketplace, with excellent connectivity at a dramatic price, differential to London.  As such, we have had great interest in the units with the park now 63% let and we are very pleased to welcome Bestir as the latest occupier to make Insignia Park their home.”

Out-of-Town Retail & Leisure continues to be best performing sector of the retail property market

The Out-of-Town Retail and Leisure market has continued to be the best performing sector of the retail property market, according to SHW’s Retail Focus Q3 2023.

Jeremy Good, Director at SHW, which recently merged with Ashwell Rogers, says: “Whilst the sector suffered from rental falls in the period leading up to and immediately after the Covid-19 pandemic, the rebasing of rents has been coupled with a period of greater stability. Until Wilko announced their plans for a CVA in July 2023, there had been a three-year period without any significant CVA activity or retailer failures and this, coupled with demand from food and non-food sectors, has led to a drop in national vacancy rates.”

The latest figures show a national rate of 5.4% (Trevor Wood Associates, July 2023) down from 8.4% in Q2 2022 but this figure is propped up by some long-term vacancies in obsolete stock.

Jeremy adds: “From our involvements across the country, it is clear that the true vacancy rate in some areas is virtually zero, especially in the 7,500 sq ft to 10,000 sq ft sector. Retailers continue to see the benefits of an out-of-town location and whilst recent activity is mainly in the discount sector, both food and non-food, there remains a balance between supply and demand. The gym operators continue to make their presence felt in retail park locations where rents are more affordable.”

The Retail Focus Q3 2023 reports that there is little new stock coming on stream in the out-of-town retail market and, whilst there is not significant unsatisfied demand, new requirements are beginning to put pressure on rents and incentive packages. The trend for larger units to be taken out of the sector has continued, especially inside the M25, with a number of logistics operators and developers buying existing buildings for their future development plans.

The area of greatest activity in the sector remains the drive-thru restaurant and coffee shop sectors. A number of new entrants over recent years have led to intense competition in certain locations which is beginning to drive rents upwards. The new names including Tim Hortons, Popeyes, Taco Bell are continuing to compete with established occupiers such as McDonalds, Burger King, KFC and Costa pushing rents upwards into the £70/£75 per sq ft territory in some key areas. Again, the limited supply of new sites is increasing competition along with competition from other uses such as EV Charging Centres.

In terms of investment activity in the sector, Jeremy says: “This has slowed over recent months, but the combination of reasonably large lot sizes, with good covenants and often on longer leases, has seen yields hold up reasonably well with yields for prime opportunities remaining relatively static.”

In the South East, on the high street, prime retail continues to struggle in most key towns and, as a reflection, rents are reducing in order to create activity. Richard Pyne, Partner at SHW says: “Demand for well-positioned secondary and tertiary units remains driven by the ‘buy local’ trend which has continued despite many workers returning to the office. As a result, prime and secondary rents have remained broadly static following a repositioning over the last few years and we expect this to remain throughout 2023.

“Many retailers continue to reinvent the way they trade in order to survive. For the traditional high street to remain vibrant and viable, owners and local councils need to work with tenants to keep shops open and consider diversification to ensure footfall is increased.”

To read more and to see the latest retail rental values, the Retail Focus is available upon request.

MRP TOPS OUT AT THE PORTLAND BUILDING

Developers MRP today (5th July) ‘topped out’ their latest office development, The Portland Building, holding a ceremony attended by The Mayor of Brighton & Hove and representatives from the local council, to mark the milestone.

Work began on the four-storey building, on the corner of Church Street and Portland Street in Brighton, in November last year to develop 30,000 sq ft of Grade A, sustainable office space.

Designed by AJ100 architects, TODD Architects, The Portland Building will have exemplary sustainability and technological features and is built to achieve a BREAAM Excellent rating, making it one of Brighton’s most attractive new offices. Once complete, it will also feature photovoltaic roof panels, secure cycle spaces accessed via a dedicated cycle ramp, shower facilities, a private courtyard and a communal roof terrace offering panoramic views.

The all electric, low carbon scheme will achieve an EPC ‘A’ rating and RIBA 2030 Operational Net Zero Carbon compliance.

Celebrating the building reaching its highest point in construction, Ben MacPhee, Development Manager at MRP said: “It’s great to mark this stage of construction today as we bring forward this best-in-class, highly sustainable new office building which is revitalising a city centre site that has lain vacant for more than 20 years.

“MRP are long-standing investors in Brighton, having completed two other major offices developments here in recent years, attracting new occupiers to the city and helping local businesses grow and upgrade their workspace. It is critical for businesses to occupy modern and well-designed office space for their teams to thrive, and to satisfy their personal ESG goals and commitments.

The Portland Building is a rare opportunity for businesses to do just that, and we are pleased to continue our partnership with the Brighton community to support this thriving economy.“

Jackie O’Quinn, The Mayor of Brighton & Hove, said: “I am delighted to see first-hand the construction progress of The Portland Building and itis exciting to imagine perhaps this time next year, this new office building will be occupied with over 300 people and bustling with activity.

“It is critical we continue to support investments such as this to ensure Brighton as a city can attract and retain local and international businesses to contribute and secure a thriving economy.

“What has also stood out for me is how the scheme has been designed with sustainability and wellbeing at its core – we need our built environment to reflect the important transition we are making as a society to reducing our carbon footprint – and The Portland Building will represent how new offices here in Brighton can be energy efficient and proactively designed to reduce its environmental impact.”

Emma Ormiston, Partner of SHW, letting agent on The Portland Building, added: “We are continuing to see a flight to quality by occupiers, and The Portland Building provides this much needed high-quality and energy efficient space in Brighton, in a central location, presenting a real opportunity for occupiers to secure first-class business space where they can thrive and grow.”

Scheduled for completion at the end of this year, The Portland Building will offer flexible floorplates from 6,000 to 9,000 sq ft.

For letting enquiries, please contact joint agents Knight Frank and SHW.

SHW merges with Ashwell Rogers to expand London agency and national reach

SHW has today entered into a definitive merger agreement with Ashwell Rogers. From 1 July 2023 SHW will take responsibility for the day-to-day management of the London-based, privately owned surveying practice, Ashwell Rogers, which will initially trade as ‘SHW, incorporating Ashwell Rogers’.

Stiles Harold Williams Partnership LLP, trading as SHW, is an independent, full-service real estate advisory business employing c. 200 staff, with nine offices across London and the South East, serving clients across the UK. A wholly owned business with 23 equity partners, SHW is well-known for its expertise in Office, Industrial and Retail property, supported by its specialists Property Management in Investment, Town Planning, Development, Rating, Healthcare & Medical, Roadside, Charities, Airports, Leisure and Leasehold Reform.

Ashwell Rogers LLP is a multi-disciplined practice of Chartered Surveyors. Offering a wide range of expertise in commercial property, the team is well-known for its focus on the London office market and national in and out-of-town retail sectors in both agency and professional services, with clients including Columbia Threadneedle, Abrdn, Peel Investments, Freshwater, Silchester International Investors LLP and Cats Protection.

Currently based on Beak Street in London’s West End, Ashwell Rogers’ team of six will move into SHW’s new West End office on Berners Street where they will work together with the London office agency team and SHW’s other South East offices to expand SHW’s capabilities in both the London office market and out-of-town retail coverage across the UK.

Russell Markham, Managing Partner at SHW, says: “The Ashwell Rogers’ team ethos is very much aligned with ours, with a Partner-led approach allowing its individuals to provide clients with straightforward, honest, and commercial advice. We already have an existing client synergy, and this move will allow us to better service these clients, and others, across the UK with our agency, management, building consultancy and professional services expertise.

“The merger will also bolster our growth within Central London agency, particularly with Ashwell Rogers’ strong office and national retail coverage, and we are delighted to welcome the team to the SHW family.”

Roger Dunlop and Jeremy Good, Partners at Ashwell Rogers, say: “Having worked with various members of the SHW team over the years, we are delighted to be joining forces with a business that has a similar mindset and ethos to our own.  We are excited about the opportunities this merger will bring, allowing us to better serve our existing clients across the UK by offering them a full suite of advisory services.  We look forward to working with the SHW team to develop wider client relationships across our combined service lines.”

Panattoni kickstarts spec development of Brighton logistics scheme

Panattoni has commenced the speculative development of its 268,063 sq ft last-mile logistics development in Brighton.

Panattoni Park Brighton, which is situated adjacent to Brighton City Airport, will be built to BREEAM Excellent and an EPC A rating and offer seven units, ranging from 19,834 sq ft to 55,632 sq ft.

David McGougan, development director at Panattoni, said: “This development presents a very rare industrial and logistics opportunity. Panattoni Park Brighton is the ideal location for last-mile delivery operations looking to address consumer markets clustering the south coast. 

“We look forward to bringing forward these speculative units. Brighton and Hove is predicted to become one of the UK’s top 10 fastest-growing economies by the end of 2023.” 

Panattoni Park Brighton is scheduled for completion in the second quarter of 2024.

SWH are letting agents for the scheme. For more information please contact Tim Hardwicke

New tenant secured for Crawley’s Business Quarter

SHW, on behalf of Doosan, has completed a 60,000 sq ft letting to a new occupier at Park House, Crawley Business Quarter in Manor Royal.

Located just a mile and a half from Crawley town centre, and adjacent to Gatwick Airport and Station, Park House is in a prime location with a retail park right next door.

Park House totals 117,575 sq ft of light-filled, Grade A office space across two interlinked buildings. Each building has a dramatic double height reception area with substantial parking provision on a prominent position within the Crawley Business Quarter.

Just 48,000 sq ft of office space is remaining, with floorplates from 7,000 sq ft and terraces on the first and second floors.

Please contact Laura Miles, lmiles@shw.co.uk or Adam Godfrey, agodfrey@shw.co.uk for more information.

SHW secures Redhill’s largest industrial letting

SHW on behalf of The Ranmore Group, has let units 1 and 2 Redhill Aerodrome on Kings Mill Lane, Surrey in one of the largest industrial lettings in the area for the last five years.

The 29,807 sq ft industrial/warehouse space has been let to a classic car storage company on a new five-year lease. All of the industrial space at Redhill Aerodrome is now occupied, with the only remaining office space within the main Business Centre and Aero 16.

Units 1 and 2 Redhill Aerodrome comprise two interconnecting warehouse units, tiered over two levels with a ramp between the two. The units form part of the Redhill Aerodrome located 1.7 miles south of the A25 at Nutfield, a couple of miles east of Redhill town centre.

James Griffiths, Surveyor at SHW, comments "As sole agents at Redhill Aerodrome, we are thrilled to have completed on this industrial letting - the largest in Redhill for many years. With occupier demand bring extremely high we now only have limited office space available at Redhill Aerodrome."

Vengrove Acquires Prime Birmingham Industrial Asset

Vengrove has completed the acquisition of Erdington Industrial Park, Birmingham, from Federated Hermes, for £27.2m.

The asset was acquired on behalf of Vengrove’s second discretionary fund, VRE Opportunity Partners II.

It is located less than one mile from Junction 5 of the M6 in urban Birmingham and comprises 216,874 sq ft of multi-let industrial across 13 units, as well as 6.1 acres of development land.

The multi-let estate provides multiple asset management opportunities, including two recently vacant units, and the development land has full planning consent for two mid-box units of 42,000 and 57,750 sq ft.

Vengrove expects to be on site with the mid-box development by the end of Q3 this year, delivering highly specified units with best in class ESG credentials, targeting EPC A and BREEAM Excellent.

Will Hunting, Partner at Vengrove, commented “We are delighted to have completed the first close of our second discretionary fund and subsequently to have completed this transaction. This demonstrates our ability not only to raise and deploy institutional capital, but also to deploy that capital into an off-market transaction in an investment market that is currently very tight on the supply side. As well as being the kind of proactive asset management opportunity that we thrive on, it also gives us the opportunity to use our vertically-integrated development and project management capability to develop 100,000 sq ft of new mid-box supply in a Tier 1 UK city that has an acute shortage of this type of stock.”

Vengrove was advised by Atlas Real Estate and Greenberg Traurig. Federated Hermes was advised by TT&G Partners and Herbert Smith Freehills.

Act Now. Don’t Delay Extending your Lease

SHW is advising leaseholders not to wait to extend their lease, following the start of the Government’s rollout of leasehold reforms.

Marie Bultitude, Associate at SHW, who specialises in Leasehold Enfranchisement, says: “Whether you have a one bed flat, a leasehold house, or a large portfolio, now is the time to extend your short leases as we have no certainty as to when further leasehold reforms will come into place.”

“With every year that passes, your lease diminishes and so does its value, so don’t delay in obtaining expert advice on how much it will cost you to enfranchise.”

The Leasehold Reform (Ground Rent) Act 2022 came into force on 30 June 2022, with all new leases granted after this date commanding zero ground rent. “However, this is the only policy that has officially been put in place so far, surrounding leasehold reforms,” Marie explains.

The newly appointed Housing Minister in February, Rachel Maclean, is the sixth Minister to hold this role within a year and with this level of instability within Government, further delays in leasehold reform seem likely.

Interestingly, Marie has already noticed an impact for landlords who invest in freehold interests. Those agreeing informal lease extensions are now unable to charge ground rent on the extended term, which means landlords are concerned for the value of their investments for future generations.

Michael Gove commented this month that despite speculation, he will not be abolishing the leasehold system, but will reassess the process to enable leaseholders to extend their lease through a ‘simpler and cheaper’ process.

Marie says: “One of the big questions is how the government will create their proposed online calculator to ensure one size fits all. Enfranchisement is an ever-changing area and it makes a lot of sense to gain advice to save time and money. Another key question is how the government will compensate freeholders in the calculation for the removal of marriage value. But until further announcements, it’s business as usual, so don’t delay in finding out your options as they stand now.”

Develop Croydon’s Investor Tour showcases the borough’s growth and upcoming regeneration

Develop Croydon’s 23rd Investor Tour on 11th  May provided attendees with an exclusive look at Croydon’s history and showcased the borough’s burgeoning development opportunities.

Starting at BoxPark Croydon, the tour began with introductions from Richard Plant, Develop Croydon Forum Chair and Partner at SHW; Bonnie Stephensmith, Develop Croydon’s Associate Director and Associate Director at White Label; Vanessa Clark, Managing Partner at Chase Sinclair Clark. 

Richard Plant said: “Today is about challenging preconceptions you may have about Croydon and demonstrating not only has it massively changed for the better, but the best is still to come. Indeed, there are still opportunities waiting for the right parties but they are going fast.”   

The first stop on the tour was Ruskin Square, a landmark East Croydon development by Schroders Investment Management Ltd and Stanhope Plc promising a home to HMRC and The Home Office. 1,250,000 sq ft (net) of new accommodation, up to 625 residential units and 100,000 sq ft of retailing, cafes and restaurants are planned.

Moving forward, the group heard about many developments on the trail including Carolyn House, AMP House, Tide Construction’s ground-breaking modular buildings, Corinthian House and Mott House.

Delegates then boarded an electric coach starting at No. 5 Sydenham Road and Canterbury House/Criterion Capital, which submitted a new application for a 13-storey extension including a two-storey roof extension to provide a further 97 units and a pocket park. They then headed to One Lansdowne Road, now bought by Greystar and also saw London South Bank University (LSBU) and Croydon College highlighting the booming education sector in Croydon. 

Then on Addiscombe Grove, attendees observed Croydon’s exponential growth through a number of residential and commercial developments including the affordable Pocket Living development, the iconic One Croydon – known locally as the ‘50p building’, Addiscombe Square the former Royal Mail site recently purchased by Network Rail and the extensive Morello Quarter on Cherry Orchard Road and The Island by Regency Homes. 

The tour continued running north through West Croydon station, London Road forming the heart (or perhaps the spine) of West Croydon; lined with shops, cafes, and restaurants, and threaded with buses. Experiencing the international shopping area and seeing the Croydon Voluntary Action, Zodiac Court which is awaiting a new community garden and cafe and five new flats, Broad Green, Griffin House, Concord House- 126 studio flats, Mayday/Croydon University Hospital and the Caridion scheme. 

Croydon’s industrial and logistics industry, centred around the Purley Way was the next port of call, which is 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 area also features Prologis Park Beddington with 213,130 sq ft of industrial space available, and Prologis Park Beddington 2 which has recently secured planning permission for their 4-unit scheme ranging from 12-40,000 sq ft. 

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 development 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.  

Taking a break for coffee at London Square’s Sales Suite, where the group networked and heard from the Mayor of Croydon, Jason Perry, about his hopes and vision for Croydon. It was an opportunity for investors to ask important questions about the borough and learn about the engaging leadership there.

The group then headed on foot along Croydon’s town centre, passing by Centrale and the Whitgift Centre which has been recently acquired by Unibail-Rodamco-Westfield (“URW”). It completed the acquisition of Hammerson’s 50% stake in the Croydon Partnership, a 10-hectare parcel which includes the shopping centres as well as high street retail frontage, office blocks and multi-storey car parks in the heart of the designated GLA Opportunity Area in South London. 

The tour then entered an ‘oasis’ on the high street, 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 with over 100 residents. 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 Chief Executive, Martin Corney, spoke passionately about the premises’ purpose as a safe space and a source of pride for the Croydon community.

The tour continued up towards East Croydon station, then crossing over to Fairfield Halls. Culture and creativity have also been a key component of Croydon’s regeneration efforts. Croydon’s year as London Borough of Culture 2023/2024 is a significant milestone in the borough’s recovery and presents investors with a huge amount of opportunity to capitalize. Fairfield Halls will be the major venue for #ThisIsCroydon events this year.  

Finally concluding with networking over lunch at 69 Park Lane, a landmark building occupying a prominent corner site in the heart of Croydon which has recently undergone a comprehensive refurbishment including new glazing, an enlarged entrance, a gym, café, showers and secure bike storage. 

With its connectivity to London and affordable office and home spaces, Croydon has long been an attractive investment destination. Since the pandemic, Croydon has never been a more attractive prospect for living and working because of the shift in business practices and a desire for a better work-life balance. 

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

Partners Group and Citivale launch Greenbox JV

Partners Group, a leading global private markets firm, acting on behalf of its clients, has formed a new joint venture with Citivale, a UK specialist logistics developer and operator, to launch Greenbox, a real estate platform to provide new-build industrial and logistics schemes with market-leading environmental credentials.

Greenbox will combine Partners Group’s extensive, international experience in the industrial and supply chain sectors with Citivale’s deep UK logistics expertise to deliver sustainable assets in strategic locations. The platform’s assets will achieve BREEAM Excellent and EPC A ratings and target net-zero carbon in construction.

Romain Ruiz, Member of Management, Private Real Estate, Partners Group, says: “We have strong conviction in enhanced traditional logistics, particularly in the UK where our thematic research shows that occupier demand has remained resilient. We are delighted to be working in partnership with the Citivale team to build an industrial logistics platform to serve the UK market that will lead the way in sustainability, reflecting our focus on ESG.”

James Appleton-Metcalfe, Founder of Citivale, says: “It’s an exciting time to be launching Greenbox, as the market is pushing forward in sustainable industrial development to provide much needed new, quality and future-proofed green industrial space to meet the strong tenant demand across the UK. In partnership with Partners Group, the JV will be actively seeking opportunities to scale the platform through development while creating a lasting, positive impact.”

Greenbox’s first venture is Greenbox Thirsk, a development of three new industrial / warehouse units in North Yorkshire, which set the standard for Greenbox’s commitment to exceptional sustainability practices.  The site has outline planning consent for up to 825,000 sq ft (76,645 sq m) of manufacturing and logistics space, scheduled to be ready for occupation from Q3 2024.

Greenbox Thirsk is located in an established distribution and manufacturing hub, less than 5 minutes from both J49 of the A1(M) and the A19 at Thirsk, with access to the North East, Teesside and Tyneside. Neighbouring occupiers include Cargill, Inspired Pet Nutrition (IPN), Severfield PLC, Cleveland Steel & Tubes, Wetherby Group and I’Anson.

The scheme will provide three prime industrial / warehouse units, ranging from 182,000 to 365,000 sq ft (16,908 to 33,909 sq m), with enhanced specifications including 15m haunch heights, 55m yard depths, 50Kn / m2 floor loading, a mix of ground level and dock loading doors and high-quality office space.

In line with Greenbox’s ESG commitments, schemes will target net-zero carbon in construction, BREEAM Excellent and EPC A ratings. The roofs will be 100% photovoltaic panel ready, 10% of parking spaces will be for electric cars (future-proofed for all spaces), and CAT-A fitted office space is proposed with LED lighting and air-source heat pumps. Bespoke units, built to individual occupiers’ specific requirements, can also be accommodated.

Colliers and Carter Towler have been appointed as letting agents for Greenbox Thirsk.

Simon Hill, Colliers’ Associate Director, Industrial & Logistics, comments: “We are delighted to be appointed by Partners Group and Citivale to market this well positioned logistics and manufacturing hub. Greenbox Thirsk will help address the supply/demand imbalance of employment space in North Yorkshire by providing premium quality industrial stock. Occupiers locating here will benefit from first rate ESG credentials, a large employment catchment and excellent highway connections.”

Simon Hill adds: “The development plans have been well received with several enquiries to date. We are in live discussions with a number of occupiers who are considering locating here and bringing new employment to the area.  We look forward to progressing these discussions further.”

SHW instructed to let newly refurbished office space in Tunbridge Wells

SHW has been instructed by Ashill Commercial to market the newly refurbished office space at Crescent Court in Royal Tunbridge Wells.

Crescent Court, located at 11-12 Crescent Road, in the heart of Tunbridge Wells town centre, within easy walking distance to local shops and the main train station, offers sustainable, contemporary office space ranging from 4,139 to 16,940 sq ft. Spread over four floors, the accommodation has been refurbished to a high standard to meet the requirements of modern occupiers with open plan, rectangular floor plates and a range of tenant amenities.

The carbon neutral building has an EPC B rating, with LED lighting throughout, onsite EV car charging points as well as superloos and shower facilities on each floor.

Thomas Tarn, Associate at SHW, said: “We are delighted to have been instructed by Ashill Commercial to market Crescent Court. The refurbishment provides much needed Grade A space in a market that is deprived of good-quality options.

“The changes made, including energy efficient air conditioning and new M&E, benefit potential occupiers with low running costs and service charge, as well as providing an inviting workspace in a location where employees want to work.”

SHW is joint letting agent with Hurst Warne.

Crescent Court | Refurbished, sustainable, modern office space TO LET

Property details for Crescent Court, 11-12 Crescent Road, Royal Tunbridge Wells, Kent, TN1 2LU Office | SHW

GLi secures planning for Ultra-Sustainable Logistics Hubs in Croydon

GLi – a joint venture between KSP and PATRIZIA – has been granted planning permission for development of two of its signature ultra-sustainable warehouses located at the heart of the Croydon industrial area.

CR1 (52,605 sq ft) and CR2 (55,165 sq ft) are situated between Imperial Way and Queensway, a prime location for companies serving London and rapidly involving as the prime location for businesses of the future. CR1 and CR2 provide ideal opportunities for businesses looking to serve the South London and Southeast market and could be combined into a single 107,770 sq ft unit.

This scheme is the first GLi development to achieve planning outside Park Royal and furthers GLi’s aim to meet the increasing market demand for sustainable last-miles logistics space within the M25. Both units are designed to save occupier costs and are 100% electric with maximum rooftop PV coverage. CR1 and CR2 will also be delivered with batteries included as standard, allowing the units to store solar energy and collect cheaper off-peak electricity from the grid – offering occupiers energy cost savings of approximately £1.50 per sq ft.

100% of the parking spaces have access to EV charge points allowing businesses to convert to all-electric van fleets at a per annum potential saving of £2-3,000 per vehicle. CR1 and CR2 will also deliver biodiverse landscaping and rainwater harvesting.

David Johnson, Chief Executive Officer at KSP, said: “Croydon is a perfect location for our first units serving Croydon, South London, and the Southeast. Our designs help occupiers to save energy and operating costs and deliver to their customers with even more efficiency. It also provides businesses with an ultra-sustainable building that will adhere to strict government energy efficiency targets.”

Luke LeBrun, Director, Asset Management at PATRIZIA, said: “Delivering modern, high-quality logistics assets is absolutely essential for addressing the challenges of urbanisation and decarbonisation. Through our GLi platform, we are developing a portfolio of best-in-class urban logistics properties from the ground up, accelerating London’s ability to respond to these challenges while also generating significant value for our investors, tenants and Londoners more broadly.”

Alex Gale, Partner of SHW, letting agents for CR1 and CR2, comments: “We are delighted to be working with GLi to bring forward these buildings that will be at the forefront of a new generation of ultra sustainable and super-efficient warehouses coming to South London, which will reduce running costs and meet future eco requirements.”

GLi is a partnership between London-based asset manager and developer KSP and global real asset investment manager PATRIZIA. The GLi platform aims to invest a further GBP 640 million in urban logistics assets in strategic locations across Greater London.

SHW partners with Footprint+ for 2023

Following the success of the inaugural Footprint+ conference in 2022, SHW will again be supporting The UK Property Event for a Zero Carbon Future as Partnership Sponsor.

Footprint+ is a three-day event, to be held on 6-8th June 2023 in Brighton, gathering representatives from every sector of the UK property market to discuss and discover how to action state of the art methods to achieve Net Zero in real estate.

The exhibition will enable stakeholders and experts to meet face-to-face, learn from each other and build the relationships required for putting sustainable solutions in place.

Adrian Dack, SHW's Partner and Head of Property Management, comments: "We are delighted to announce our participation at Footprint+ in the month we are dedicating to ESG/Sustainability.  Following our participation in the first, event held in 2022, we are excited to again be part of the event that brings together like-minded people and companies dedicated to working together to achieve carbon neutrality."

Book your tickets for Footprint+ here.

Read more about SHW's work around Sustainability & ESG by clicking here. 

PLANNING SUBMITTED TO DEVELOP REMAINING PLOTS AT GLOUCESTER BUSINESS PARK

ARA Europe, on behalf of Straits Real Estate Pte. Ltd. (“SRE”), a subsidiary of The Straits Trading Company Limited, has submitted 4no. Reserved Matters Planning Applications to Tewkesbury Borough Council to develop c. 350,000 sq ft of new industrial/warehouse space on the remaining vacant plots of land at the established Gloucester Business Park.

Following public consultation, ARA Europe has applied for detailed consent for Plots 1-5 on the 276-acre site, located at Junction 11A of the M5 motorway. Plot 6 is being targeted for a cafe use via a separate full planning application, to be submitted in due course.

The established business park, acquired by ARA Europe, on behalf of SRE, in December 2022 already includes 522,000 sq ft of fully let office and industrial space. Home to occupiers including those across the energy, cybertechnology, financial services, and healthcare sectors, with the tenant line-up including EDF Energy, Ecclesiastical Insurance, GE Aviation, and Lockheed Martin, Gloucester Business Park has a robust mix of office, industrial and logistics properties, supported by strong retail and commercial offerings in a thriving community.

The proposed development land has existing outline consent for employment use.

Edward Amery, Asset Management Director at ARA Europe, comments: “We have been working closely with our project team and stakeholders to propose the right development plans to continue Gloucester Business Park’s legacy as a thriving employment area in the region, and we look forward to taking our vision forward, building on the strength of the park.”

Gloucester Business Park is well connected to key transportation nodes with direct access from Junction 11A along the M5 Motorway linking Birmingham to the north, Bristol to the south, and London to the east via the A417 trunk line which leads to the M4 Motorway.

Alder King and CBRE are retained as letting agents for Gloucester Business Park. CBRE is advising as planning consultant.

Gloucester Business Park covers 276 acres and is situated to south east of Gloucester City Centre, adjacent to M5 motorway.

ARA Europe is asset manager for SRE, retained to run Gloucester Business Park, taking forward the future development of the scheme

SHW adds two new Partners to its South East-based team

SHW has announced that it has promoted two of its Directors to Partner level, taking its Partner total to 25 as of 1st April 2023.

Gemma Quinn will take the title of Partner and Head of the Professional Services Team covering SHW’s London and South London offices. Having joined SHW in 2017, Gemma was promoted to Director in 2021. With her expertise focusing on Valuations and Leasehold Enfranchisement, Gemma works primarily as a Registered Valuer. SHW is on the valuation panel for most high street mortgage lenders and Gemma and her team carry out secured lending valuations on a broad variety of asset classes, most notably Residential, Commercial and Industrial, as well as specialist valuations of nurseries, GP practices, churches, and HMOs, for Family Trusts and private individuals. As part of her lease extension work, she has successfully represented her leaseholder clients against a number of London-based, landed estates, as well as representing freeholders in lease extension negotiations and collective enfranchisement claims.

Since joining SHW, Gemma has grown the Professional Services team, doubled its headcount and expanded its services in Ratings, as well as Valuations, increasing profits year on year. Aside from her day-to-day responsibilities, Gemma organises SHW’s annual lunch for SHW’s female clients as well as speaking at a number of professional events throughout the year.

Duncan joined SHW in 2013 from a local independent surveyor, appointed as a Property Manager and promoted to Senior Property Manager in 2015. In 2017 he was promoted to an Associate and became RICS qualified and in 2021 was promoted to Director. Heading up the Private Rented Sector (PRS) department at SHW, Duncan has combined the two regional PRS teams within the firm (the South London and East Sussex offices) and helped to increase the total properties managed from 300 to now over 600 and is looking to continue to grow the department further.

Since taking on the role of Head of PRS, Duncan has revamped the teams’ procedures and protocols, making use of technology where relevant, streamlining processes and bringing uniformity across the department which has freed up fee earners time away from the administration tasks. Duncan has increased profits year on year across his team’s service line, with the team, its clients and properties under management continuing to grow. The majority of the team’s work covers Central and Greater London, down to and across the South coast, with the wider portfolio stretching all across the UK from Cornwall to Yorkshire.

Russell Markham, Managing Partner at SHW, comments: “Both Gemma and Duncan’s experience, ideas, and dedication to the business - and to their teams - has enabled SHW to grow its Professional and PRS services exponentially, significantly contributing the overall growth of the firm. By leading by example, their support for all levels across their teams is inspiring and their promotion to Partner very much deserved. Speaking on behalf of my fellow Partners, I am delighted to acknowledge their hard work and am confident they have much more to give in their new positions.”

Law firm Birketts acquires office space for expansion into Kent

SHW have advised Birketts on the acquisition of the third floor of One Suffolk Way, Sevenoaks, Kent, as part of the law firm’s expansion into the South East region.

The full service, UK Top 50 legal firm has taken the 3,825 sq ft office space on a new five-year lease. With five offices already across East Anglia, Essex and central London, this new space was required to support the firm’s expansion into Kent and the South East following its merger with local firm Bachelors Solicitors.

Thomas Tarn, Associate at SHW, said: “We started the search for the right space last year, working closely with the Birketts team to identify their needs in terms of office size, specification, and location. At the early stages of the search confidentiality was crucial, and by conducting the search on behalf Birketts we were able to keep their identity under wraps until negotiations were well progressed. Confirming One Suffolk Way as the preferred site, we then entered into negotiations with the landlord, negotiating the best terms for our client. In parallel, SHW’s BCD team commenced a pre-acquisition survey to identify any repair and Health & Safety issues in need of rectification.”

RO Properties’ One Suffolk Way has recently undergone a full refurbishment of all common areas, as well as the third floor. Providing generous on-site car parking, the office space also benefits from cycle parking, a shower room, lockers and changing facilities and is the first Fitwel certified building in Sevenoaks.

Thomas adds: “Identifying a high-quality office space, where employees want to be was high on the agenda for Birketts, alongside the ability to grow its team within the new space. As well as the strong specification, the building’s prominent position in Sevenoaks town centre provides convenience for visiting clients and for staff.

“We very much enjoyed working with Birketts to accommodate their expansion and look forward to continuing this relationship as their business continues to grow.”

Jeanette Wheeler, Partner and Head of Employment and Immigration at Birketts, who is leading the firm’s expansion into the South East, said: “I’m really excited to be bringing our high quality, pro-active, client-centric and friendly brand of legal advice to the people and businesses of Kent and beyond. This is an extremely positive time for the firm, and our new office in Sevenoaks is the perfect base for our continued growth. We look forward to inviting our existing and new clients and contacts in the region to visit and meet with us. Our thanks goes to SHW for their assistance in our expansion.”

RO Properties was advised by Michael Rogers.