Another tenant for The Create Building as British Airways Holidays signs up

British Airways Holidays has signed up to be the next tenant of The Create Building.

The company has signed a lease for the top (eighth) floor and will move into the building, on The Boulevard in Crawley town centre, in April.

This signing follows the announcement in December that Varian Medical Systems Ltd had agreed a lease for half of the sixth floor and that a lease has been signed for another company to take the whole of the seventh floor.

The Create Building is a nine-storey building with 5.5 floors of Grade A commercial office space. It’s owned by Crawley Borough Council and rental income will help maintain services in the future.

Councillor Michael Jones, Leader of Crawley Borough Council, said: “This signing is fantastic news and comes hot on the heels of the seventh floor being leased.

“I look forward to welcoming British Airways Holidays staff to The Create Building and wish them many years of success in their new home.”

Claire Bentley, Managing Director of British Airways Holidays, said: “British Airways Holidays, one of the UK’s leading, largest, and most trusted tour operators, is looking forward to moving to the very heart of Crawley and becoming the latest tenants of The Create Building.

“With its close proximity to London Gatwick and excellent transport links, The Create Building is the perfect base for our business as we continue to offer great value holidays to our customers.”

Adam Godfrey, Senior Partner of SHW and in the letting team for The Create Building, said: “This is great news for The Create Building and the town centre office market, again demonstrating that the quality of environment and efficiency of operation of buildings are high on the agenda.

“I am sure that British Airways Holidays will enjoy being in The Create Building.

“We are now some 50 per cent let, 15 months from completion, a strong letting record.”

Eurazeo and Arax Properties Submit Planning for 105,000 Sq Ft Urban Logistics scheme in Chessington

Arax Properties, in partnership with Eurazeo’s Real Estate team today announced the submission of the planning application for a new urban logistics development in Chessington, south west London.  Base A will have the following key specification:

• 104,700 sq ft multi let urban logistics scheme

• 7 units of 9,400 – 24,600 sq ft

• 8m eaves

• BREEAM Excellent with photovoltaic power generation and EV charging

• EPC A

• Net Zero Ready

Base Chessington is being developed in joint venture by Eurazeo and Arax Properties, a pan-European operating partner.

Ground is expected to be broken in Q2 2024 with completion due in Q1 2025.  The scheme is being built to a high specification, will provide a range of unit sizes to suit a wide variety of occupiers and is one of the only spec developments at this size along the A3 corridor.

Base A3, Chessington, will be constructed to a BREEAM Excellent standard, achieve an EPC A rating and be Net Zero ready. The scheme will also incorporate a number of environmental and sustainable features targeting energy consumption, power generation and drainage management.

The units will benefit from 19.00 to 28.5m yards, level access doors, 1 car parking space per 1,300 sq ft and a minimum of 10 cycle spaces per unit. Internally the units will provide 8m eaves, 15% roof light content, fully fitted CAT A offices and additional storage mezzanine at first floor with a flexible undercroft beneath.

Giles Morse, Partner, Arax Properties: “We are delighted to be investing into Chessington, bringing new employment opportunities and adding significant economic value to an area starved of high quality industrial development.”

SHW is appointed as letting agent for Base A3, along with DTRE.  Alex Gale, Senior Partner, SHW: “This development of business units will fill a much needed gap in the market for high quality industrial and logistics buildings in a strategic SW London location.”

Partners Group acquires strategic stake in Citivale

Partners Group, a leading global private markets firm, has acquired a strategic minority stake in Citivale Group Holdings Ltd (“Citivale”), a UK real estate developer and asset manager specialising in logistics and light industrial assets. The terms of the investment were not disclosed.

Citivale, which was founded in 2010 by James Appleton-Metcalfe, currently manages in excess of 5 million sq ft of floor area across multiple assets in the UK. The leadership team includes two further partners, Rupert Kay and Rebecca Farnsworth, along with a seasoned team of real estate investment professionals. Citivale manages assets on behalf of a broad group of institutional investors and family offices from the UK, Europe and the Middle East.

Founded in 1996, Partners Group has USD 147 billion in assets under management, including USD 17 billion in real estate. Partners Group has made this investment as part of a new strategy to invest in real estate operating companies and their management teams in order to gain exposure to the full value chain across the asset lifecycle. Investing in operating companies also provides Partners Group with vertical depth in sectors where the firm has long-term thematic conviction, such as logistics in this case. Citivale will continue to operate independently under the management of the three partners.

Partners Group's strategic investment in Citivale will further strengthen their existing Greenbox UK logistics joint venture (JV). The Greenbox platform is focused on the development of market-leading, energy-efficient logistics properties in the UK, with two major projects already underway in Yorkshire (Greenbox Thirsk) and the North-East of England (Greenbox Darlington).

Stephen McCall, Global Head of Platforms & OpCos, Partners Group, said: "The real estate investment landscape is undergoing a period of significant change. This is presenting new opportunities to capitalise on the evolving demands of tenants driven by growth in sectors such as e-commerce. At Partners Group, we are adopting an entrepreneurial mindset to increase the operational intensity of real estate and build a more integrated relationship with our operating partners and platforms in high conviction sectors. We look forward to working with Citivale, which has a strong track record and extensive local knowledge in logistics."

James Appleton-Metcalfe, Founding Partner, Citivale, said: “We are delighted to strengthen our existing relationship with Partners Group through this strategic minority investment, which will further allow us to continue building out our team and expand the breadth of our client offering, which has delivered year-on-year AuM growth since inception. The significant correction in the UK logistics market since mid-2022 presents a generational investment opportunity for Citivale to accelerate its growth by sourcing opportunities for both existing and new clients. Partners Group's investment is an incredible endorsement of our hard-working team and our established investment and development track record.”

As part of the transaction, Partners Group has appointed George Craven to Citivale’s board as a Non-Executive Director. Mr. Craven, a member of Partners Group's network of Operating Directors, has over 40 years' experience in the UK and European real estate industry, having held senior positions in leading private equity groups (Roundhill), advisory firms (Arcadis), and construction companies (Balfour Beatty and John Mowlem), as well as running his own development company for over 15 years.

George Craven added: “I am excited to join Citivale as it looks to continue the strong growth trajectory that it has achieved to-date as a specialist operating partner. In particular, the focus on delivering best-in-class sustainable buildings in the UK market within the Greenbox JV aligns closely with the urgent need to deliver decarbonized real estate.”

SHW partners with Footprint+ for 2024

For the third year running, SHW is supporting Footprint+ the UK Property Event for a Zero Carbon Future.

Footprint+ is a three-day event – this year held on 8-9th May in London - 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: "“This event offers the perfect opportunity to come together and share experiences of successful projects and new ideas, hear thought leadership pieces and learn more about how the sectors can work together.”

Book your tickets for Footprint+ here.

Leisure and retail property investment expert joins Stockford Anderson

Leisure and Retail Property Investment expert James Welch has joined Stockford Anderson.

The specialist retail warehouse and leisure property advisory firm has appointed James within its Investment team. Based in the firm’s London office, James will be working alongside Matthew Stockford, Tom Watson and Jack Lavin.

With over 35 years’ experience in real estate, James started his career at Jones Lang Wootton (JLL), setting up the leisure business there, before co-founding ASW/Cortex Partners. James has spent the last four years as a Partner at Gerald Eve.

James says: “I’m very excited to be going back to my roots, working in a small, focussed agency practice alongside a great team of out-of-town retail and leisure specialists who cover investment, agency and lease advisory. I’ve known some of the team for many years and look forward to a successful working partnership.”

James works with a variety of clients from institutional investors to family offices. His leisure deals have included the acquisition and the sale of Fiveways in Birmingham for Blue Coast Capital, the sale of Star City Birmingham and acquisition of Brighton Marina for X Leisure, and DTZ Investors’ purchase of Printworks in Manchester.

Matthew Stockford, Co-Founder of Stockford Anderson, says: “Having met James in my Jones Lang Wootton days, it’s great to be working with him again and to add his leisure and retail warehouse knowledge to our team of experts.”

James joins as Stockford Anderson starts a new chapter moving to a new, larger office in London. The London team will now be based at 50 Grosvenor Hill, W1.

Boundary Secures Planning for Landmark Logistics Development in North Leicester

Boundary Real Estate (Boundary) has secured outline planning consent from Charnwood Borough Council for Phase 2 of Watermead Business Park. The development of up to 61,000 sq m (656,620 sq ft) of warehouse/industrial space to provide a gateway location into Leicester.

The new development will inject capital into the region, providing substantial employment and economic growth, along with protecting, enhancing, and extending the area’s networks of green spaces. It is anticipated that up to 918 permanent and 447 temporary jobs will be provided through the development of high-quality employment space, providing an attractive new environment for business innovation and employment.

The 31.06-hectare (76.77 acre) site, part of the Raynsway portfolio, acquired by Boundary in 2022, is located between the towns of Thurmaston, Wanlip, Birstall and Syston, approximately three miles north of Leicester City centre. Since acquiring the portfolio, Boundary has worked hard to continue the ethos of local company growth. Recent investment into the Thurmaston and Syston properties have yielded new lettings including British Red Cross, Eon Next, Soane Britain, and the combination of best-in-class office provision and urban logistics has allowed the Raynsway portfolio to continue to evolve.

Mike Morrison, Founding Partner of Boundary, says: “At Boundary we strive to regenerate and reposition our investments to create sustainable space/accommodation for our tenants to thrive within. We have been working extremely closely with Charnwood Borough Council, Leicester City Council, The Mayor and various regeneration groups, along with our design and planning team, to develop a regeneration that not only provides jobs and growth for the region, but is also is an exemplar in environmental terms.”

The new development will target a BREEAM Excellent rating. A full Life Cycle Assessment with be undertaken, ensuring that the design, construction and operation of the buildings meet the highest environmental standards. Importantly for best-in-class operators/tenants, the buildings will also target EPC A ratings.

Mike adds: “The new development will aim to set best-in-class embodied carbon targets for all the buildings being developed. By focussing on construction methods, we can target Watermead as a Net Zero Carbon development from a construction standpoint and ultimately in use too.”

EV Charging points will be installed, along with electric bikes. As part of the schemes’ Travel Plan, further measures and incentives will be put in place to encourage sustainable travel modes to the site.

SOUTH EAST OFFICE MARKET TAKE UP FOCUSED ON ‘BEST-IN-CLASS’ WORKSPACE

Take up across the South East office market has been focused on Grade A / ‘best-in-class’ workspace as occupiers seek to give staff the best working environments they can afford, according to SHW’s Q1 2024 South East Office Focus.

Tim Hardwicke, SHW’s Partner and Head of Agency, comments: “Across the South East we have seen a healthy year of take up in 2023, following the dramatic improvement in the market across 2022. In key towns where take-up has been low, this has been linked to lack of Grade A space, rather than lack of demand. In prime towns that have seen newbuilds or comprehensive refurbishments, there are a number of transactions bubbling away in the background, waiting for schemes to be completed.

“Relocations have been mainly driven by lease events over the past year, however, there have also been several notable deals as a result of companies expanding or relocating as their office attendance increases, with many workplaces returning to 3 or 4 days as a minimum in the office and in many cases back to pre-pandemic levels. Occupiers adopting these levels are seeing the productivity benefits.”

In London, St James’s has seen the highest, Grade A rents at £149 per sq ft, with Mayfair hot on its heels reaching £130 per sq ft. The City and Southbank saw Grade A rents reaching £75 per sq ft. Incentives, on a 10-year term, are sitting at an average of 24 months. At Strand Bridge House, London WC2, the 5th Floor was let by SHW in 2023 and the 6th floor is now under offer. The team also acquired 6,700 sq ft at Grain House in Covent Garden.

In Bromley, Grade A rents continue to exceed £30 per sq ft, with take up increasingly dramatically to 108,000 sq ft in 2023, up from 8,000 sq ft in 2022, owing to the acquisition of Churchill Court by London Borough of Bromley as their new headquarters offices and to accommodate the local authority’s civic functions. Availability stands at 99,000 sq ft (4.7% vacancy), however demand is currently relatively low at just 40,000 sq ft logged in 2023. Availability of true Grade A space has been very limited, but more is expected to come to market in 2024.

Croydon saw a bumper year of take up in 2023, with 493,000 sq ft transacted, two times the whole take up achieved over the last five years. The sizeable take up was underpinned by the 345,000 sq ft letting of new build offices at Building 2, Ruskin Square, pre-let to the Home Office and completing in 2023 upon practical completion of works. With 650,000 sq ft of availability and 760,000 sq ft of logged demand, rents stayed level in 2023 reaching £36 per sq ft. Substantial refurbishments completing in 2024 are likely to push Grade A rents close to £40 per sq ft.

In Epsom and Leatherhead take up more than doubled to 87,600 sq ft in 2023. Again, rents remained level at £27.50 per sq ft. Availability has dropped slightly to 214,000 sq ft, with a recorded logged demand totalling 190,000 sq ft.

Redhill and Reigate also saw rental levels remain at £27.50 per sq ft. Take up in 2023 dropped from 33,500 to 27,000 sq ft over the year, with availability rising from 210,000 sq ft in 2022 to 288,000 sq ft in 2023. Logged demand shows at 450,000 sq ft, leaving room for potential rental growth. At Grosvenor House, Redhill, only 5,500 sq ft remains available and in Reigate at London Court, 5,800 sq ft of the refurbished space has been let with just 9,700 sq ft still available.

In Burgess Hill and Haywards Heath, though take up dropped by 31,000 sq ft to 35,000 sq ft transacted in 2023, rents rose from £24 to £25 per sq ft. Availability is up to 47,500 sq ft (4.1%) and the logged demand stands at 80,000 sq ft. Like other similar-sized towns, the market has been in the sub-5,000 sq ft sector.

Crawley and Gatwick saw rental levels jump to £37.50 per sq ft in 2023, from £27.50 per sq ft in 2022. Take up remains relatively high at 170,000 sq ft and availability has dropped to 378,000 sq ft from 406,000 sq ft in 2022 (13.01%). Logged demand remains high, recorded at 630,000 sq ft. In 2023, 63,000 sq ft was let at Park House in Crawley, with 48,000 sq ft remaining available to lease, and at The Create Building, Crawley’s newest town centre office building, four floors, totalling 42,500. are under offer with 35,300 sq ft now available and likely to push rents further.

Horsham saw a significant drop in take up from 58,000 sq ft in 2022 to just 5,000 sq ft in 2023, however rents remained level at £20 per sq ft. Availability is currently 37,000 sq ft (3% vacancy) and the current logged demand stands at 150,000 sq ft. St Mark’s Court in Horsham is coming soon to offer Grade A space to let and is likely to increase take-up due to the town’s severe lack of Grade A accommodation.

In Littlehampton, Bognor & Chichester, take up was level to 2022 at 10,000 sq ft and rents also remaining level at £16 per sq ft. Vacancy rate is low at 2.4%, with 90,000 sq ft available, however 2023 recorded no logged demand over 5,000 sq ft which the SHW statistics record.

Brighton and Hove saw the top rent increase from £36 per sq ft in 2022 to £38.50 per sq ft for traditionally let CAT A space, however, take up dropped to 87,000 sq ft (from 220,000 sq ft in 2022). Availability is currently outweighing demand at 580,000 sq ft to 290,000 sq ft, although Grade A availability is much lower at circa 200,000 sq ft, 130,000 sq ft of which is still under construction or refurbishment.

There are two new build office schemes due to be delivered in 2024. The Portland Building is set to complete in Q1, with 50% of the building already spoken for. 10 Middle Street will then provide a further 30,000 sq ft in Q4 2024. The Portland Building is expected to set a new top rent for the city in excess of £40 per sq ft.

In Eastbourne, Hailsham and Polegate, rents also increased slightly by £0.50 to £16.50 per sq ft, with Ivy House, Eastbourne achieving this level. Just 5,000 sq ft of take up was recorded, however vacancy remain very low at 0.6%, leaving just 5,000 sq ft of availability. Logged demand outweighs this at 20,000 sq ft. The majority of this market is in the sub-5,000 sq ft sector and so unrecorded in the South East Offices Focus.

Worthing and Lancing saw a big increase in rental levels from £13.50 per sq ft to £17.50 per sq ft, but with just 5,500 sq ft transacted at Cannon House in Worthing. 81,500 sq ft is available and logged demand is only 30,000 sq ft.

Tim adds: “Environmental, Social & Governance (ESG) continues to be a serious consideration for both landlords and, increasingly, tenants, who are willing to pay higher rents for quality, but also want to benefit from the lower running costs a modern ‘green building’ will offer.”

TWO NEW INDUSTRIAL UNITS LAUNCH AT VAUGHAN PARK IN WEST MIDLANDS

Construction is now complete at Vaughan Park in Tipton, Sandwell in the West Midlands, and two speculatively built, Grade A industrial units totaling 256,148 sq ft are available to let. CBRE and Darby Keye have been appointed as letting agents for the project on behalf of a commingled fund managed by Kennedy Wilson.

Vaughan 153 comprises 153,185 sq ft including 11,287 sq ft of office accommodation. The high specification unit includes a substantial 48.5m yard, 147 car parking spaces, including 14 EV charging stations, the warehouse provides 16 dock level doors, with two double height and 2 level access doors, with a 15m clear internal height.

Vaughan 103 provides 102,963 sq ft of industrial and office accommodation. Specification includes 12m eaves height, 10 dock level doors (two double height) and 2 level access doors leading onto a large, secure yard. This unit has 100 car parking spaces with 10 EV charging points.

Both units are built to BREEAM Excellent and EPC A ratings, with 10% roof lights, LED office lighting,  generous power supply and 24-hour security on site.

Positioned in a key, strategic West Midlands location, Vaughan Park provides excellent accessibility to the motorway network, with Junctions 1 and 2 of the M5 a short distance away accessed via the A457 Tipton Road.

Luke Thacker, Director of CBRE, comments: “We are excited to officially launch Vaughan Park to the market, providing much-needed high-quality industrial space, immediately available in a key location to serve the major destinations of Birmingham, Walsall, Wolverhampton, Tipton, Oldbury and Dudley, and further afield via the wider motorway network.”

Rob Ferguson, Senior Asset Manager at Kennedy Wilson, says: “With strong levels of demand and limited supply for Grade A space in the Black Country and wider West Midlands, we are very pleased to practically complete on these two new units to meet the needs of the manufacturing and logistics sectors.”

Ashleigh Hayes, Associate Development Manager for Tungsten Properties adds: “Vaughan Park, Tipton is Tungsten Properties’ third project with Kennedy Wilson and again we have delivered two highly specified, Grade A industrial units. The units have been designed with the end occupier in mind and have generated a good level of interest from tenants this far, which is a testament to the location and quality of build.”

Bailey Power Services ‘charge’ into The Meridian Industrial Estate.

SHW on behalf of IPIF, have let Unit B6 with a 2380 sq ft on a new 5-year lease at The Meridian Industrial Estate, Peacehaven to Bailey Power Services.

The Meridian Industrial Estate, principal business area is within Peacehaven, and is located adjacent to the Meridian Centre and Peacehaven Leisure Centre, approximately ½ mile to the north of the A259 South Coast Road. Brighton is located approximately 6 miles away, with Newhaven sitting approximately 4 miles.

The property comprises of a purpose-built steel framed light industrial/warehouse unit with part brickwork and part blockwork walls and a concrete floor. The refurbished unit has an up and over loading door, forecourt and loading area with an option to fence off to create a secure yard.

Jasmine Dean-Milward SHW Surveyor comments “I am very pleased to have had the opportunity to work with IPIF and secure them a long-term tenant with Bailey Power Services. The Meridian Estate is an excellent place for Bailey Power Services to use to take their company on the next phase of their journey. I look forward to working with both parties again in future.”

SHW completes successful letting of refurbished Croydon warehouse

SHW, on behalf of a private landlord, has secured the letting of a high-quality refurbished warehouse unit in Croydon.

Unit 12, Commerce Park at 19 Commerce Way in Croydon, has been taken on a new 5-year lease by a Research and Development company.

The 3,244 sq ft, fully refurbished, detached unit provides a 2,424 sq ft warehouse with 820 sq ft of first floor office space. Refurbished to a high quality, the unit is located prominently at the front of the Commerce Park industrial estate, just off the A23 Purley Way.

Charlie McKechnie, Surveyor at SHW, says: “We are delighted to kickstart the year with this successful letting. This is a prime example of a top-quality refurbishment leading to a top rent achieved.”

Work continues apace at Charles House following SHW acquisition for Sterling Rose

Conversion work continues apace at Charles House in Bromley following SHW’s successful acquisition of the Freehold on behalf of their client, Sterling Rose.

The former offices of Batchelors Solicitors were acquired in the second half of 2023 with the benefit of Permitted Development Rights to convert the offices to create 14 flats. It also incorporated 2 no. shop units whilst a further planning application for an additional 6 new build flats had been submitted (and has since been approved).

The former owners, Batchelors have since merged with Birketts LLP on who’s behalf SHW acted in identifying and negotiating terms for their new office in Sevenoaks which was successfully opened last year.

David Marcelline, Head of the SHW SE M25 Office comments: “We were delighted to negotiate the successful transfer of the Freehold interest in Charles House, and I am pleased to see development work progressing so well to revitalise the building to provide much needed new accommodation to the heart Bromley Town Centre”.

RSK Group signs for Midpoint 23

SHW, on behalf of Mileway, has let Unit 1 at Midpoint 23 in Pease Pottage to RSK Group, on a new 10-year lease.

RSK Group, a global engineering and environmental company, has taken the 9,832 sq ft 50/50 office and warehouse space, boasting 22 car parking spaces and 2 EV charging ports.

This follows on from the recent letting of Unit 4 at Midpoint 23, comprising a 9,592 sq ft warehouse, let to Clip ‘n Climb - the leader and creator in fun climbing - and Unit 2c, let earlier this year to freight and logistics company, Rioz Global.

The recently completely Midpoint 23 has been developed in an attractive wooded setting, with nine warehouse and light industrial units built with wellbeing in mind, designed to blend into their surroundings. Offering space from 9,800 to 62,000 sq ft, the scheme is located just off the M23 at J11, offering easy access to London and the Southeast, with Gatwick airport just 8.4 miles away.

Laura Miles, Director at SHW, says: “Midpoint 23 has been sustainably built to offer attractive industrial space to suit a range of occupiers. With low running and maintenance costs, it’s not surprising that these three units have already been snapped up, with good interest in the remaining units.”

Gary Parkinson at RSK Group, said: “RSK have taken space in the Midpoint 23 development as a strategic location in the South of England where we can bring together some of our individual businesses.  Richard Allitt Associates and Leap Environmental will lead the way, allowing them to collaborate more effectively and offer our clients a coordinated service offering.”

SHW is joint letting agent at Midpoint 23, along with JLL and KBA.

Greenbox, a UK logistics JV between Partners Group and Citivale, announces its second development acquisition in Darlington

Greenbox, a platform specialized in green grade A logistics space in the UK, has acquired a 24-acre development site in Darlington, its second for the Portfolio. Greenbox is backed by Partners Group, a leading global private markets firm, acting on behalf of its clients, and Citivale.

The Greenbox Darlington scheme is a development of three new Grade A industrial/warehouse units in the Tees Valley. The site benefits from detailed planning consent for up to 402,150 sq ft (37,361 sq m)of manufacturing and logistics space, and the three consented units are scheduled to be delivered and ready for occupation from Q1 2025.

In line with Greenbox’s ESG commitments, the project will target an EPC ‘A’ and BREEAM ‘Excellent’ rating and will also aim to achieve a Net Carbon Zero in Construction development.

Located in one of the North East’s longest-established industrial centres, Darlington has a strong reputation for engineering, offering fast links to seaports and airports. Local manufacturing occupiers include British Steel, Cummins Engines, Nobia (Magnet Kitchens) and Whessoe Engineering. With 1.25 million consumers living within 45 minutes by van, Greenbox Darlington is also a proven last-mile location.

Greenbox Darlington follows on from the platform’s debut acquisition, Greenbox Thirsk (https://greenbox-thirsk.co.uk/); a development in North Yorkshire of three new industrial / warehouse units delivering to the same sustainability standards and totalling 825,000 sq ft (76,645 sq m).  In September 2023 detailed consent for Unit 1 (365,500 sqft (33,956 sq m)) was secured with the remaining 2 units having outline consent.

Romain Ruiz, Member of Management, Private Real Estate, Partners Group, says: "We are excited to announce this new project which aligns perfectly with our commitment to developing new Grade A warehouses and promoting the decarbonisation of the supply chain as part of our Greenbox platform. With this new add-on, Greenbox will be able to expand its footprint in the North East region and offer modern facilities that are built to meet the highest sustainability standards. This acquisition is part of our broader strategy at Partners Group to strengthen our presence in the UK logistics sector and to offer robust and eco-friendly solutions to our clients."

Alex Reynolds, Development Director at Citivale, says: “This Darlington site is perfectly placed for the Greenbox portfolio. In a highly visible and strategic location for UK wide distribution and last mile, to be able to add an ‘oven-ready’ site to our portfolio sets us up to quickly move forward to provide top-class, sustainable space in a stock deprived market. We already have occupier interest for Greenbox Darlington and with detailed planning permission in place, this will be Greenbox’s first net carbon in construction development to complete, ready for occupation at the end of Q1 2025."

Savills advised vendors, Premcor Estates Ltd, on the sale of the Darlington site. WSB Property Consultants LLP and Cushman & Wakefield advised the JV. Savills and Cushman & Wakefield are appointed as letting agents for Greenbox Darlington.

Joinery firm sets up business on Mill Lane, Croydon

SHW has completed the letting of Unit 2 Mill Lane at Mill Lane Trading Estate in Croydon on behalf of fund clients.

Painted Ltd, has taken the 9,554 sq ft warehouse on a 5-year term. The industrial building also houses first floor offices, with covered loading and onsite parking.

Alex Bond of SHW comments: “I am delighted to have completed this transaction having worked closely with all parties to secure the perfect place for Painted Ltd to be able to grow their company. I hope to work with them again in the future. The transaction highlights the need for economically priced units of this size in the South London market.”

SHW secures strategic London office space for Taylor Woodrow

SHW has secured new office space for Taylor Woodrow in Southwark, London for its strategically placed new workspace.

Taylor Woodrow has signed a new lease on Units 2 and 3 on the ground floor of Latimer’s 90 Blackfriars Road, totalling 2,508 sq ft of EPC ‘A’ rated, self-contained office space with two private entrances.

Known as ‘The Boulevard’, 90 Blackfriars Street is a new, mixed-use development situated in a prominent location with frontage and entrances along both Blackfriars Road and Ufford Street, just to the South of Southward Tube Station, and just 5 minutes’ walk from Waterloo station.

Thomas Tarn, Associate at SHW, says: “Our client had a requirement for c.2,000 sq ft of office space and was looking to be located close to Southwark underground station and its key corporate client, to allow for easy collaboration and regular face-to-face meetings.

“We identified a number of options which were filtered to establish the most suitable properties and the best options were inspected. With Units 2 and 3 at 90 Blackfriars Road coming out on top, particularly in terms of location and quality of space for staff, terms were negotiated and agreed for an agreement for lease, subject to the Landlord undertaking Cat A works.”

In addition, SHW undertook a pre-acquisition survey to identify any issues and ensure these were rectified prior to occupation.

Thomas adds: “We are delighted to have worked closely with Taylor Woodrow to find the best possible space for their team to grow and thrive and look forward to continuing our work with our valued client.”

BLUELEAF CARE HOMES IN ON ARROW POINT, CRAWLEY

Arrow Capital Partners, the specialist investor, developer and manager of real estate in Europe and Asia-Pacific, advised by SHW, has signed a long-term lease with Blueleaf Care, the care home supplies and services provider, for Unit 1 at Arrow Point in Crawley.

Arrow Point is a sustainable development with an EPC Rating of ‘A’ and a BREEAM ‘Very Good’ certification. Developed for Arrow’s Strategic Industrial Real Estate (SIRE) joint venture with Cerberus, the asset includes dedicated parking with associated electric vehicle chargers, self-contained secure yards and photovoltaic panels on the roof, making it one of Crawley’s premium buildings.

The location in the established Manor Royal Business District, adjacent to the Manor Royal and Gatwick Roads, provides excellent connectivity to London, Brighton, Gatwick Airport and the M25 motorway.

Blueleaf Care has taken the entire 65,000 sq ft of warehouse space in Unit 1, leaving the remaining 19,000 sq ft of space in Unit 2 available to let.

Commenting on the letting, Rob Howe, Head of European Real Estate at Arrow Capital Partners, said: “When selecting a site to develop Arrow Point Crawley, one of the reasons we were attracted to Manor Royal Business District was the diversity of occupiers already established in the location. This letting to a care home supplies provider confirms that decision and is reflective of the interest we’ve received from a variety of businesses looking for the sort of modern, sustainable space that Arrow Point provides.”

Nick Frogbrook, CEO of Blueleaf Care, commented: “Arrow Point Crawley has all the features we require to support the growth of our business in the UK. We were looking for a light industrial unit that provided a combination of strong location and flexible space, together with the sustainability credentials key to the culture of our business.”

Arrow Capital Partners was advised on this letting by Knight Frank, DTRE and SHW.

A specialist investor, developer and manager of real estate, Arrow Capital Partners targets equity and debt opportunities, specialising in cross-border transactions where it can use its platform and balance sheet to invest with US and Asia-Pacific investors into Europe, as well as European and US investors into the Asia-Pacific region. Arrow has a team of 60, globally based out of 12 countries.

Charities Act changes

Changes affecting the way Charities have to go about disposing of the property assets have been introduced by the Charities Act 2022 (the Act), which amends the Charities Act 2011. The changes came into effect on 14 June 2023 and all charities need to be aware of how they will be affected and what they need to do when considering selling or letting any property assets.

Charities must comply with certain legal requirements before they dispose of charity land. Disposal can include selling, transferring or leasing charity land. The Act simplifies some of these legal requirements that applied previously.

The changes include widening the category of ‘designated advisers’ who can provide charities with advice on certain disposals. Whereas this could previously only be provided by an RICS qualified Chartered Surveyor, it can now also be provided by a Fellow of the Central Association of Agricultural Valuers or a Member of NAEA Propertymark (the professional membership scheme for estate agents). The advisor can also be a qualified (as above) charity trustee, officer or employee who has experience in the type of property and in the location concerned. However, in each case, the designated advisor has to confirm that they are acting exclusively for the charity and have no conflicts of interest. This can make such advice cheaper and more specific depending on the nature of the property, but depending on the complexity of the disposal, trustees would be well advised to continue to appoint RICS qualified surveyors to prepare the report on a risk management basis. Trustees will continue to have an obligation to select persons reasonably believed to have adequate experience and ability in providing such advice.

The designated advisor’s report is produced to confirm to the Trustees that the terms of the sale are the best for the charity at the time of the sale or transfer. While a valuation is part of that advice, the report also has to make recommendations on how the property should be marketed, whether it could be sold in separate lots to achieve a better result, and whether or not the Charity should undertake improvements or repairs prior to marketing. The report should therefore be commissioned as soon as a decision to sell is made and before any marketing commences. However, the charity is no longer legally obliged to adhere to the designated advisor’s marketing advice, although any departure from their recommendations must be justified and documented. If the advice is to conclude a sale without prior marketing, the report must state the reasons and why, in the advisor’s opinion, this would give a better result.

Other than the disposal of property by way of a lease for less than 7 years (unless for a premium), charities do not need to obtain an order or designated advisor’s report if the disposal is to another charity. However, this exception only applies where the acquiring charity has the same aims and objects as your charity.

As was previously the case, if no report is obtained or it is not sufficient in content, it is possible that a transaction is null and void and the contract unenforceable. This is a complex area of law and charities should check with their solicitor before making any decisions.

Office market amps up at AMP House, Croydon

SHW and BNP Paribas Real Estate are marketing up to c.35,000 sq ft of high-quality refurbished workspace available to let at Schroders Capital’s AMP House, Dingwall Road, Croydon.

AMP House is a landmark Croydon building, comprising approximately 100,000 sq ft of office space, in the core East Croydon office market.  Located on the junction of Dingwall Road and George Street, opposite Box Park, and above national food & beverage operators such as Pret a Manger, Caffe Nero and Nandos with new food and leisure occupiers to be announced soon, the building is ideally positioned for modern office occupiers by East Croydon Station, which provides regular services to London, Gatwick and the South Coast.

Thomas Tarn, Associate at SHW, says: “Being fully let from 2018 to 2023, AMP House has always been a popular offer for a variety of businesses looking to position themselves where their staff want to be. As lease events have occurred, the landlord has taken the opportunity to carry out a comprehensive refurbishment to continue to provide the top-quality office space that businesses demand in this fantastic location.”

As a further testament to the enduring appeal of the building, there have been a number of successful lease renewals throughout the course of this year, with tenants including WT Partnership and Isio. The c. 35,000 sq ft that is due to come back to the landlord will make up the newly available Grade A space.

The refurbished floors will offer a variety of workspace from 861 to 35,622 sq ft and will be available in a range of specifications to include open plan Cat A space and fully fitted and furnished ‘turnkey’ Cat A + solutions. The communal spaces are also undergoing comprehensive upgrades to provide a striking new reception, alongside new WCs with shower facilities. The building also offers bike storage and EV Charging points.

Thomas adds: “The 3rd Floor North, comprising 6,555 sq ft, which is due to PC in November, will boast new linear LED lighting, black window frames, and will be newly redecorated and recarpeted. Following this, a range of sizes will be offered from 861 sq ft to wings of 6,500 sq ft and whole floors of circa 10,000 sq ft. The space will be ready to occupy in Q2 2024.”

For further information, please contact SHW and BNP Paribas Real Estate.

SHW sells Hailsham warehouse to Sussex-based removals and storage firm

SHW, on behalf of private client, has sold Units G4-G5 at Ropemaker Park, South Road, Hailsham, to Britannia Beckwith, a removals and storage service company that specialises in both domestic and business removals.

The family-run company, established for over 90 years, operating across Sussex, has acquired the unit for its own occupation to house its range of removals and storage solutions for the local area.

Ropemaker Park is a purpose-built trade park on Hailsham’s principal industrial estate, with existing occupiers including Howdens, Tesco, KFC, Cablecraft and Marlow Ropes. Located on the A22, the main London to Eastbourne Road, within 2 miles of the A22/A27 junction, the park provides easy access to Brighton and Hastings.

Max Perkins, Surveyor at SHW comments “We were delighted to conclude this sale at Ropemaker Park. With its prime location and modern build, it is the perfect place for Britannia Beckwith to expand its services in the area.”

SHW’s graduates clock up two more APC passes

Following in the footsteps of the four graduates who passed their APC’s earlier this year, SHW’s Kieran Edwards and Matt Morris are celebrating the successful outcomes from sitting their RICS Assessment of Professional Competence at the end of October.

Kieran Edwards joined the firm’s Professional team in June 2021 as a graduate, focussing primarily on lease advisory and rating matters. Now a Surveyor, based in the SHW Crawley/Gatwick office, Kieran is also a member of the RICS Matrics Brighton Committee, responsible for overseeing support groups for graduates and arranging networking events for young surveying professionals.

Matt Morris now also holds the title of Surveyor. Matt joined SHW in 2018 as an apprentice and works within the Development Consultancy and Retail departments. Specialising in agency, valuation and consultancy instructions, Matt is based in SHW’s South London office.

Luke Longley, Associate, supervisor and support for SHW's graduate programme, says: “These passes are very well deserved and reflect the hard work and focus both Kieran and Matt have put into their studies alongside their day jobs. We have a few more graduates sitting their APC over the next month and hope to be able to announce many more successes by the end of the year.”