Latest property articles


April 24, 2018

Elevate Property Group acquires Princes Gate in Solihull


Category: Property News
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Elevate Property Group, the Birmingham-based independent home builder, has been revealed as the buyer of a major Solihull office development which will be converted into residential apartments.

Elevate, along with its joint venture partner Investin plc, has acquired Princes Gate on Homer Road which consists of Consort House, Royal House and Regent House in a deal for an undisclosed sum from New York-based global real estate investment management company Westbrook Partners.

Permitted development has already been secured and work will begin this Spring on the initial phase to convert the three office buildings into 100 apartments while Elevate also considers plans for further residential development on the site of the adjacent and redundant multi-storey car park.

Elevate managing director Steve Dodd said “This is a major acquisition for us and gives us a prestigious site close to Solihull town centre, train station, the NEC and Birmingham International Airport.

Elevate has not announced full details of the scheme, but expects they will provide a mix of studios, one and two bedroom apartments, with a selection of additional penthouses on the top floors subject to planning.

Princes Gate is one of a number of deals that Elevate Property Group and Investin plc have completed in the last 12 months. Sites in other locations include Coventry, Nottingham, Derby and Ashford.

Ends (217 words)

For further information, please contact:
Steve Dodd, Managing Director,
Elevate Property Group, St Pauls House, St Pauls Square, Birmingham B3 1RB
0121 272 5729
http://www.elevatepropertygroup.co.uk
http://www.facebook.com/elevatepropertygroupuk
http://instagram.com/elevatepropertygroup
Editors’ Notes
Elevate Property Group creates exceptional architectural spaces that respect how important your home is for easy living and well being.
Prepared and issued by Andy Skinner of ASAP PR – 01789 490786 or 07990 978257.



April 10, 2018

Norton Property Investments acquires former Carillion offices for £1.45m


Category: Property News
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Six office units at Brooklands Court on Kettering Venture Park, which were formerly owned by Carillion plc, have been snapped up by a fast growing Midlands property investment company.

NPI (Kettering) Ltd, a wholly owned subsidiary of Norton Property Investments Ltd, has acquired the freehold interest in six office units for £1.45 million from Carillion plc.

The deal, which is Norton’s largest to date, provides a combined total of 13,686 sq ft with an initial net yield of 9.95%.

Norton managing director Ben Spickernell said: “Brooklands Court represents an opportunistic purchase for us, with good asset management opportunities in the short term.

“The fact that the market in the Kettering area is constrained, which drives value, was a positive for us.”

Balfour Beatty is already a tenant on the site, and a national professional services firm has just signed to take 1,862 sq ft.

Norton Property Investments Ltd was founded in 2009 by managing director Ben Spickernell who, together with his co-director and brother Tom, is driving the company’s growth as investors in UK regional town and cities.

Norton continues to source and deliver new opportunities and project manages refurbishments and redevelopments.

On Brooklands Court, CBRE Birmingham acted for Norton, and JLL and Prop-Search for Carillion.
he business is operated by brothers Ben and Tom Spickernell and Marcus
Norton was advised by law firm Emms Gilmore Liberson and Clarks Legal advised Carillion.

Ends (232 words)

For further information, please contact:

Ben Spickernell, Managing Director,
Norton Property Investments Ltd,
The Forge, Sutton Maddock, Shifnal, Shropshire TF11 9ND

Tel: 0121 285 0246

www.norton-properties.com

Editors’ Notes

Norton Property Investments Ltd is a Midlands based property investment company which takes an innovative approach to adding value to commercial, residential and mixed-use property via active asset management initiatives and redevelopment.



April 6, 2018

Elevate Property Group profit surges


Category: Property News
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Birmingham-based independent home builder Elevate Property Group has more than doubled its profit in the last two years.

Accounts for its financial year ending 30 November 2017 show sales of £24.7 million with a profit before tax of £7.5 million, against the 2015 figures of £14.4 million and profits of £2.9 million.

Managing director Steve Dodd attributed the surge in profits to the completion of a number of lucrative projects which sold well in 2017.

“In 2014 we started gaining traction with our principal project Concord House on Holloway Head. This was completed in 2015 and a new benchmark for quality properties in the city was set. The record value in the city was also set with the sale of one of the furnished penthouses at nearly £1.8m.

“2016/17 saw the completion of a number of other developments that were snapped up by eager buyers and Elevate Property Group achieved some of the highest prices per square foot at that time.

“These included Birmingham developments Queensway House, St Paul’s House and Honduras Wharf, unique developments of townhouses, apartments and penthouses all in the heart of the city centre,” he said.

Elevate now has a contracted pipeline of almost 1,000 new homes which will generate revenues in the region of £250 million over the next few years.

Steve Dodd added: “The group has a number of projects in its home city of Birmingham but has also expanded its interests to the Midland cities of Coventry, Nottingham and Derby, in the South West the historical towns and cities of Hereford, Cheltenham and Gloucester and in the South East a large-scale apartment scheme and hotel next to Ashford International railway station in Kent.”

In Birmingham Elevate has secured sites and has plans in preparation for another 250 new homes in Tennant Street, Charlotte Street, Camden Street and Cliveland Street plus School Road in Moseley.

Elevate has also acquired Princes Gate, a 65,000 sq ft office development and multi-storey car park near to the railway station in Solihull where they plan to develop another 160 homes.

Steve Dodd said that with HS2 preparatory work underway and the impact of HSBC retail banking division’s move to the city already being felt, he could not see any let up in demand.

“The Commonwealth Games will also put Birmingham in the spotlight, and if we were chosen by Channel 4 that would be the icing on the cake,” he said.

And he pointed out that if plans announced by Peaky Blinders founder Steven Knight for massive TV and film studios with six sound stages come to fruition in the next two years, Birmingham will become even more of a magnet for creative talent.

“Birmingham is attracting new jobs all the time and Elevate Property Group is building to meet that demand,” he said.

Ends (466 words)

For further information, please contact:
Steve Dodd, Managing Director,
Elevate Property Group, St Pauls House, St Pauls Square, Birmingham B3 1RB
0121 272 5729
http://www.elevatepropertygroup.co.uk
http://www.facebook.com/elevatepropertygroupuk
http://instagram.com/elevatepropertygroup

Editors’ Notes
Prepared and issued by Andy Skinner of ASAP PR – 01789 490786 or 07990 978257.



April 5, 2018

Bond Wolfe brokers bright new future for former West Brom Building Society HQ


Category: Property News
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Black Country property specialists Bond Wolfe have brokered the sale of one of the region’s flagship sites.

Society House, the former West Bromwich Building Society headquarters at 374 High Street, West Bromwich, has been sold to a specialist residential developer for £3 million.

Doncaster-based Empire Property Holdings Ltd has acquired the 45,000 sq ft office building from a London-based family investment company and will be converting the building into 100 residential units.

The building was acquired by Empire Property Holdings after the West Bromwich Building Society relocated to newly-built premises at Providence Place, West Bromwich.

Bond Wolfe managing partner James Mattin said: “It is fitting that in the year that Bond Wolfe celebrates our 35th anniversary, we have sold this locally iconic building.

“I am delighted that this building will be brought back to life as West Bromwich continues to progress through inward investment.

“The New Square and Providence Place developments have transformed the landscape in the town and it is important that High Street buildings are put to effective use to supplement the recent development in West Bromwich.”

The acquisition is Doncaster-based Empire Property Holdings’ first in the Midlands, having previously purchased properties in Yorkshire, Lancashire and the North East.

The company has an impressive track record for innovative commercial to residential renovations.

Speaking about Empire’s first investment in the Midlands, managing director Paul Rothwell said: “We are delighted to have been able to acquire Society House.

“The town centre location makes this an ideal property for conversion into residential units with easy access to local amenities and transport links.”

This sale takes Bond Wolfe’s aggregated sales for the month to over £6.5 million as demand for non- city centre opportunities continues to grow.

Ends (285 words)

For further information, please contact:

James Mattin, Managing Partner,
Bond Wolfe, West Plaza, 8th Floor, High Street, West Bromwich B70 6JJ
0121 525 0600 or 0121 524 1172, www.bondwolfe.net

Prepared and issued by Andy Skinner, ASAP PR, 01789 490786, mobile 07990 978257.

Editors’ notes
Bond Wolfe is an established commercial property practice based in West Bromwich. Its services include commercial property sales and lettings, property investment and development throughout the West Midlands.



April 3, 2018

Carillion’s former HQ up for sale for £3 million


Category: Property News
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The former Wolverhampton headquarters of Carillion, the construction and services giant which crashed into liquidation earlier this year, has gone up for sale with a price tag based on offers in excess of £3 million.

Leading Midlands property agents Bulleys and JLL have been jointly appointed to market the property at 84 Salop Street, which is currently known as Carillion House.

The detached building is located on a 0.65 acre site next to the Chapel Ash Island in Wolverhampton city centre, next door to the £55 million Westside leisure development.

There is around 37,338 sq ft of office space over six floors, with 32 car parking spaces on site and direct access onto the A4150 dual carriageway. The property comes with a nearby car park with another 58 spaces on Stephenson Street.

Noel Muscutt, partner at Bulleys, said: “This is a fantastic opportunity to acquire an eye-catching office block in a prominent location that will soon benefit from proximity to the Westside leisure development.

“The offices were comprehensively refurbished in 2015 and provide open plan accommodation that would suit occupation as a whole, on a floor by floor or part-floor basis.

“The building is close to Wolverhampton’s principal city centre business, retail and leisure offer and will be an attractive place to be based.”

The building is offered for freehold sale and is due to be available with vacant possession, although Carillion and its liquidators PwC are currently in occupation, continuing to pay rent of £437,405 pa for both the main and additional site.

Ben Kelly, director at JLL added: “We are seeking offers in excess of £3,000,000 for the freehold interest, which reflects a low capital value of around £80 per sq ft.”

The adjacent £55 million leisure-led Westside scheme encompasses land between Penn Road Island and Salop Street, including the current School Street and Peel Street car parks and the area around Market Square.

Phase one of the development which will deliver a multiplex cinema, 50,000 square feet of additional leisure space, new restaurants covering 40,000 square feet, a 100-plus bed hotel and a multi-storey car park.

Construction phase one is expected to be complete by early 2020, and then phase two will deliver more than 300 new city centre homes and 50,000 square feet of retail and leisure space by 2022.

Ends (384 words)

For further information, please contact:

Andy Skinner, ASAP PR – 01789 490786, mobile 07990 978257

Editors’ notes
Established in 1965, Bulleys is an established commercial and industrial property consultancy covering the West Midlands, Staffordshire and Shropshire. The firm has three offices in Wolverhampton, Oldbury and Telford.



March 20, 2018

REI prospers as rebirth of the Midlands continues apace


Category: Property News
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Real Estate Investors plc (REI), the AIM-listed Birmingham based Real Estate Investment Trust, with a diverse Midlands property portfolio, has reported another impressive set of financial results for the year to 31 December 2017.

Pre-tax profits were £11.3 million, up 37.8%, and underlying profits up 19.2% to £6.2 million. Revenue was up 10.4% to £14.9 million with contracted rental income up 8.7% to £16.2 million.

REI has also increased its dividend payment for five consecutive years, rising a further 19% in 2017, with a final dividend of 0.875p.

Chief executive officer Paul Bassi said: “We are fortunate to be operating in a vibrant and expanding regional economy that is set to re-establish itself as a major national and international powerhouse.

He said that REI’s strong results were recorded against a continuing background of macro-economic uncertainty.

“REI has once again prospered. The continued uncertainty provides an ideal environment in which to secure further criteria compliant assets and make strategic sales by taking advantage of a strong investor market, and our privileged network and market reputation,” he said.

During 2017, REI achieved record gross property assets increasing to £213.1 million, up 5.5% and has agreed terms for a new five year facility of £10 million with RBS, which gives the business £20 million plus in cash and available facilities to pursue future opportunities to acquire properties that fit the firm’s investment criteria.

During the year, REI acquired £18.4 million of new property, net of acquisition costs, and capitalised on a strong investor market with sales of £13.5 million.

Paul Bassi added: “During 2017 we remained focused on capitalising on the opportunities provided by uncertain markets and we continue to build a successful and resilient business, founded on a diverse and carefully risked adjusted portfolio.

“We are selective buyers in a strong investment market and our acquisition strategy is based on our ability to add value through asset management and in securing sustainable income streams.”

He said REI’s impressive progress was in no small way aided by the resurgent Midlands economy.

“We are fortunate to be operating in a reinvigorated regional economy whose strong and arguably contrarian performance is set to benefit further from the arrival of HSBC, HS2 and HMRC.

“These successes, coupled with the success of Birmingham in being awarded the Commonwealth Games for 2022 and Coventry securing the City of Culture for 2021, will re-establish the Midlands economy both nationally and internationally.

“There is no doubt that the region’s manufacturers have benefitted from the added advantage of a weakened sterling.

“The automotive sector has seen continued sales growth at JLR group, with global sales in 2017 hitting 621,109 vehicles, a 7% increase on 2016 and we also continue to be one of the UK regions that is seeing house price growth and falling unemployment.

“We remain confident that we will extract further value from the existing portfolio and see our rental income grow further, enabling us to support our commitment to a progressive dividend policy,” he said.

He added that REI was also poised to take advantage of any market correction, or Brexit “cliff edge” opportunities.

“We anticipate political and economic uncertainty, but we remain confident about the performance of REI in 2018 and we look forward to another year of opportunity and sustainable growth,” he said.

Ends (547 words)

For further information, please contact:

Paul Bassi CBE DL D.UNIV,
Chief Executive, Real Estate Investors plc, 2nd Floor, 75/77 Colmore Row, Birmingham B3 2AP

0121 212 3446

www.reiplc.com

Prepared and issued by Andy Skinner of ASAP, 01789 490786, mobile, 07990 978257

About Real Estate Investors Plc

Real Estate Investors Plc (REI Plc) is a publicly quoted, internally managed property investment company and REIT with a portfolio of 1.5 million sq ft of commercial property, managed by a highly-experienced property team with over 100 years of combined experience of operating in the Midlands property market across all sectors.

The Company’s strategy is to invest in well located, real estate assets in the established and proven markets of central Birmingham and the Midlands, with income and capital growth potential, realisable through active portfolio management, refurbishment, change of use and lettings. The portfolio has no material reliance on a single asset or occupier.

On 1st January 2015, the Company converted to a REIT. Real Estate Investment Trusts are listed property investment companies or groups not liable to corporation tax on their rental income or capital gains from their qualifying activities.

The Company aims to deliver capital growth and income enhancement from its assets, supporting a progressive dividend policy. Further information on the Company can be found at www.reiplc.com



March 1, 2018

Expanding insurance firm moves into former Shropshire court, thanks to Bulleys Bradbury


Category: Property News
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An expanding insurance company from Sussex has moved into a Shropshire town’s former courthouse, thanks to a deal completed by Bulleys Bradbury.

Falcon Insurance Services Ltd, based in Worthing, Sussex, is recruiting up to 11 local staff to work from its new Midlands branch in Suite 1 at The Court, the old magistrates’ building on the outskirts of Wellington town centre.

Terry Mills, managing director at Falcons Insurance, said: “We wanted to expand into the Midlands and saw The Court as very convenient base.

“It’s close to the town centre and good amenities including public transport, which is what we need to get new staff to the office.”

Meanwhile, Rebecca and Bruce Shepherd, who run a private podiatry practice with four associate workers, have moved into Suite 6 in the building at 24 Church Street.

The new deals leave just two offices still to let in The Court including Suite 3, the actual former court room which used to contain the magistrates’ bench.

Richard Bradbury, director of Telford-based Bulleys Bradbury, which is marketing and managing The Court, said: “This is a landmark office building, conveniently located on the immediate outskirts of Wellington town centre.

“The building was developed as multi-let offices 18 years ago and provides six individual suites with onsite car parking to the rear.

“The property is a short walk from the town centre and railway station, and is proving to be a popular target for firms looking for impressive premises.”

Anyone interested in viewing the remaining suites at The Court should call Bulleys Bradbury on 01952 292233 or visit bulleysbradbury.co.uk

Ends (263 words)

For further information, please contact:

Steve Dyson, ASAP PR – 01789 490786

Editors’ Notes
Bulleys Bradbury was established resulting from a merger of Bulleys Telford Office and Bradbury Commercial Ltd. Bulleys were established in 1965 and have built an enviable reputation as local specialists in the field of industrial and commercial property consultancy. Bradbury Commercial was established in 2007 by Richard Bradbury who has over 25 years’ experience in the local commercial property market. The combined companies benefit from a wealth of experience and ability to deliver, making Bulleys Bradbury one of the leading property consultants in the Shropshire and the wider West Midlands.



February 20, 2018

Bond Wolfe sells and lets former Blockbuster site in West Bromwich


Category: Property News
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West Midlands commercial agent Bond Wolfe has concluded a major Black Country investment deal.

The West Bromwich-based firm has sold the former Blockbuster unit at 69 Dudley Street, West Bromwich, to Belwell Property Investments.

The property was purchased for £510,000 representing a net yield of 7%.

Bond Wolfe managing director James Mattin explained: “Our vendor client acquired the former Blockbuster unit after the business went into administration for the second time and collapsed.

“Following the property’s acquisition, we were instructed to market the premises and we managed to secure a let on a new ten year lease.”

The Salvation Army has taken the 3,768 sq ft building, which has on-site parking, at an annual rental of £37,500.

James Mattin said: “This deal is a classic example of what we do best. Take a vacant building, find a solid, long term tenant, thus adding significant value, and then sell the investment on.

“This is one of a number of investment deals we have in the pipeline and follows our recent £1 million plus sale of Sterry House in Stockport.”

Boss UK acted for Belwell Property Investments.

Ends (186 words)

For further information, please contact:

James Mattin, Managing Partner,
Bond Wolfe, West Plaza, 8th Floor, High Street, West Bromwich B70 6JJ
0121 525 0600 or 0121 524 1172, www.bondwolfe.net

Prepared and issued by Andy Skinner, ASAP PR, 01789 490786, mobile 07990 978257.

Editors’ notes
Bond Wolfe is an established commercial property practice based in West Bromwich. Its services include commercial property sales and lettings, property investment and development throughout the West Midlands.


Bond Wolfe sells and lets former Blockbuster site in West Bromwich


Category: Property News
West Midlands commercial agent Bond Wolfe has concluded a major Black Country investment deal.

The West Bromwich-based firm has sold the former Blockbuster unit at 69 Dudley Street, West Bromwich, to Belwell Property Investments.

The property was purchased for £510,000 representing a net yield of 7%.

Bond Wolfe managing director James Mattin explained: “Our vendor client acquired the former Blockbuster unit after the business went into administration for the second time and collapsed.

“Following the property’s acquisition, we were instructed to market the premises and we managed to secure a let on a new ten year lease.”

The Salvation Army has taken the 3,768 sq ft building, which has on-site parking, at an annual rental of £37,500.

James Mattin said: “This deal is a classic example of what we do best. Take a vacant building, find a solid, long term tenant, thus adding significant value, and then sell the investment on.

“This is one of a number of investment deals we have in the pipeline and follows our recent £1 million plus sale of Sterry House in Stockport.”

Boss UK acted for Belwell Property Investments.

Ends (186 words)

For further information, please contact:

James Mattin, Managing Partner,
Bond Wolfe, West Plaza, 8th Floor, High Street, West Bromwich B70 6JJ
0121 525 0600 or 0121 524 1172, www.bondwolfe.net

Prepared and issued by Andy Skinner, ASAP PR, 01789 490786, mobile 07990 978257.

Editors’ notes
Bond Wolfe is an established commercial property practice based in West Bromwich. Its services include commercial property sales and lettings, property investment and development throughout the West Midlands.



January 15, 2018

Lockley Homes set to deliver nine luxury homes in Colwall


Category: Property News
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Independent housebuilder Lockley Homes has announced its next project – a development of nine luxury houses and bungalows in the exclusive village of Colwall, near Malvern.

The news follows the successful completion of six houses and bungalows in Feckenham, Worcestershire in 2017.

Lockley Homes began trading in 2010 and previous projects include three luxury bungalows at Drakes Broughton and two executive homes in Great Witley.

The new Colwall development will include three 2 bedroom bungalows, two 3 bedroom houses and four 4 bedroom houses.

Prices for the bungalows will be £500,000 with the 3 and 4 bedroom houses ranging from £400,000 to £700,000.

In keeping with locality, the design will be Victorian-led in style and Karl Lockley, joint managing director of Lockley Homes, is confident they will prove popular.

“Colwall is a lovely area, and well liked both by commuters to nearby Worcester and Birmingham and those seeking a beautiful area in which to retire.

“With our latest development, we have aimed to provide a good range of luxury homes, from bungalows to three and four bedroomed houses”, he said.

Colwall nestles on the western side of the Malvern Hills in an official Area of Outstanding Natural Beauty. It has a good range of local schools, shops and restaurants, and is less than 30 minutes by train to Worcester and around an hour into Birmingham New Street.

It sits on the border of Herefordshire with Worcestershire.

Construction on this latest Lockley Homes development will start in March with completion scheduled for October 2018.

More details can be found at www.lockleyhomes.co.uk

Ends (259 words)

For further information, please contact
Karl Lockley, Joint Managing Director,
Lockley Homes, 3b Tournament Court, Edgehill Drive, Warwick CV34 6LG
Tel: 07812 646163
Email – mail@lockleyhomes.com
Prepared and issued by Andy Skinner, ASAP PR – 01789 490786, mobile 07990 978257



December 18, 2017

Major Telford office development back on the market


Category: Property News
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A prominent Telford office building which has been brought back to the market after an extensive refurbishment could attract a major new company to the West Midlands, according to the agents appointed to market the building.
Wilkinson House on Stafford Park is now being marketed by Telford based Bulleys Bradbury and offers from 6,761 sq ft to a total of 13,641 sq ft.
Bulleys Bradbury Director, Richard Bradbury, said the building’s excellent location fronting Stafford Park and very competitive rental would prove attractive not only to a Midlands occupier but also had national potential.
“Telford is in a good place, both economically and geographically and we believe that such a top quality office offering will attract a major company,” he said.
He pointed out that the quoting rental of £10 per sq ft was very competitive compared to Birmingham and wider West Midlands rates, and that the building offered an excellent opportunity to locate to this vibrant business destination.
“It could be let by the floor but we believe that quality office space of this size and this rental is at a premium in the West Midlands so we are hopeful of attracting one occupier.
“Subject to consent, it would also be suitable for showroom use and provides a very good level of onsite parking at 59 spaces," he said.
The extensive refurbishment, decoration, carpeting and a 100MB internet leased line were likely to prove attractive.
Telford is home to many national and international companies such as HMRC, ReAssure Life Insurance, Ricoh, Epson and Stadco.
Bulleys Bradbury are joint agents on Wilkinson House with Towler Shaw Roberts and Andrew Dixon and Company.
Ends (272 words)
For further information, please contact
Andy Skinner, ASAP PR – 07990 978257
Editors’ Notes
Bulleys Bradbury was established resulting from a merger of Bulleys Telford Office and Bradbury Commercial Ltd. Bulleys were established in 1965 and have built an enviable reputation as local specialists in the field of industrial and commercial property consultancy. Bradbury Commercial was established in 2007 by Richard Bradbury who has over 25 years’ experience in the local commercial property market. The combined companies benefit from a wealth of experience and ability to deliver, making Bulleys Bradbury one of the leading property consultants in the Shropshire and the wider West Midlands.



December 11, 2017

REI sells prime city centre office investment


Category: Property News
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Real Estate Investors plc (REI) has moved quickly to take advantage of market conditions by selling one of its prime Birmingham city centre locations.

The AIM-listed business has sold 24 Bennetts Hill, Birmingham, to Dunmore Ltd for £4 million, representing a 5.9% net initial yield. The investment property was acquired by the company in December 2014 for £2.06 million.

The announcement follows the recent news that REI had also completed a major letting of 14,291 sq ft in Peat House, Leicester, a prime city centre office building.

The building is now fully occupied and producing a total rental income of £573,466 per annum with occupiers including everythingbranded.co.uk, Bellrock FM, Innes England and KPMG.

REI CEO Paul Bassi, said: “We are delighted to complete the sale having added significant value through asset management and our Peat House asset is now fully let which completes an excellent year of activity where we have been active as a buyer, seller and transacted significant lettings.

“We have achieved a record occupancy throughout the portfolio of 95%, which will provide the foundation for further dividend growth in line with the company’s stated progressive dividend policy.

“Our market reputation, available capital and banking facilities, will allow the company to capitalise on market opportunities in 2018 and continue to grow our property portfolio,” he said.

Ends (218 words)

For further information, please contact:

Paul Bassi CBE DL D.UNIV, Chief Executive Officer,
Real Estate Investors plc, 2nd Floor, 75/77 Colmore Row, Birmingham B3 2AP
0121 212 3446

www.reiplc.com

Prepared and issued by Andy Skinner of ASAP, 01789 490786, mobile, 07990 978257

About Real Estate Investors plc

Real Estate Investors plc is a publicly quoted property investment company with a portfolio of 1,400,000 sq ft of commercial property managed by a highly experienced property team with over 100 years of combined experience of operating in the Midlands property market across all sectors.
The Company’s strategy is to invest in well located, real estate assets in the established and proven markets of central Birmingham and the Midlands, with income and capital growth potential, realisable through active portfolio management, refurbishment, change of use and lettings. The portfolio has no material reliance on a single asset or occupier.
On 1st January 2015, the Company converted to a Real Estate Investment Trust (REIT). Real Estate Investment Trusts are listed property investment companies or groups not liable to corporation tax on their rental income or capital gains from their qualifying activities.
The Company aims to deliver capital growth and income enhancement from its assets with the view to implementing a progressive dividend policy. Further information on the Company can be found at www.reiplc.com



December 8, 2017

Developers pledge New Year start as High Town site gets green light


Category: Property News
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Plans to bring a fire-ravaged part of High Town in Hereford back to life have cleared the final hurdle.
Elevate Property Group, the Birmingham-based developer, has been granted detailed listed building and planning consent by Herefordshire Council to redevelop 16-18 High Town.
Work will start early in the New Year on the project, now known as Alban House, to build a total of 18 residential dwellings and two ground floor retail units.
The development will offer 8 one bedroom apartments, 6 two bedroom apartments and 3 two bedroom penthouses, together with one refurbished cottage, and associated parking.
The original buildings, which had their origins in the 15th and 16th centuries, with 18th and 20th century additions, were gutted by fire and have stood empty since October 2010.
For more than six years, attempts to redevelop the site failed until Elevate Property Group took a hand earlier this year and purchased the site.
The breakthrough in the six year saga came with an historical appraisal produced by Philip Belchere of Hereford architects Hook Mason Ltd.
In a report first produced in October 2015 and revised in May 2016, he secured agreement with Historic England that, in effect, the damage was too serious to warrant insisting on extensive retention of the existing fabric of the buildings.
The project will be managed and overseen by development managers BACE Construction Consultants.
A local contractor will be announced shortly.
Steve Dodd, managing director of Elevate Property Group, said: “It has been a long slog to get to this stage, with so many issues to be resolved, but I am now delighted that Herefordshire Council has given us the go ahead.
“We have worked closely with planning officers who have been supportive in understanding our vision for this site and helping us to create a satisfactory solution.”
Elevate has a tremendous track record in tackling renovation and refurbishment projects, especially in city centres. In the past two years, it has completed four such projects in Birmingham city centre now including some of the city’s most desirable homes.
Other projects include homes in Malvern, where the sympathetic yet contemporary conversion of the former Holywell chapel and music rooms in which Edward Elgar played and taught were rightly acclaimed as well as Well House school.
Steve Dodd added: “We are looking forward to bringing this site back to life and delivering new homes and shops that Hereford residents will welcome.
He said provisional prices were £135,000 for the one bedroom apartments, ranging up to £350,000. Selling agents are Arkwright Owens in Hereford on 01432 267213.
For more information, see http://www.elevatepropertygroup.co.uk/developments-grid/alban-house/
Ends (432 words)
For further information, please contact:
Steve Dodd, Managing Director,
Elevate Property Group, St Pauls House, St Pauls Square, Birmingham B3 1RB
0121 272 5729
http://www.elevatepropertygroup.co.uk
http://www.facebook.com/elevatepropertygroupuk
http://instagram.com/elevatepropertygroup
Editors’ Notes
Elevate Property Group creates exceptional architectural spaces.
Prepared and issued by Andy Skinner of ASAP PR – 01789 490786 or 07990 978257.



November 9, 2017

Clarke Oil targets further growth thanks to John Truslove


Category: Property News
Click for larger image
Ben Truslove with Emily Clarke, Steve Dixon and Paul Clarke from Clarke Oils.

A Midlands distributor has hit the expansion trail as it grows its presence oiling the wheels of the region’s industry and commerce.

Clarke Oil has moved from Studley to Redditch in a deal brokered by property agents John Truslove, who acted for landlord South Street Capital.

The business has taken 4,810 sq ft at 28 Dunlop Road, Hunt End, on a five-year lease.

Clarke Oil supplies high quality oil and greases to customers within the agricultural, automotive, commercial, plant & off-highway and industrial sectors.

Emily Clarke, a director of the family business, said: “We were looking for a bigger unit – our previous premises were 3,200 sq ft – and a site more accessible to our customers.

“We wanted somewhere close to Studley and near to local motorway networks. Dunlop Road fits the bill. Making this investment will enable us to push forward with our long term growth plans.”

Ben Truslove, a director of John Truslove, said: “It is great to see an ambitious local firm expanding rather than sitting on their laurels.

“I wish Clarke Oil every success because they are slick operators who have built a fantastic reputation over the past decade, I am sure this will be a good move for them.”

The company acts for two major players in the market. Fuchs Lubricants is the largest lubricants manufacturer in the world and Exol Lubricants is the largest UK-based manufacturer.

Clarke Oil was recently awarded Exol’s Distributor of the Year for 2016.

“We were thrilled to receive the award, Clarke Oil was incorporated in 2007 supplying local end user business with relatively small volumes, today we distribute in excess of 1 million litres a year across the UK and are still growing!” said Mrs Clarke.

Ends (286 words)

For more information, contact:

John Truslove, Daralbee House, Archer Road, Redditch, B98 8DJ

01527 584242

Prepared and issued by John Duckers of ASAP PR, 01789 490786, mobile, 07791 978705



November 8, 2017

REI reports record rent and new acquisitions


Category: Property News
Click for larger image
Birmingham-based property group Real Estate Investors plc (REI) has reported record contracted rent and a rise in overall occupancy in its latest trading update.

The AIM-listed real estate investment trust has also announced nearly £10m of successfully completed acquisitions.

REI chief executive Paul Bassi said: “These acquisitions have come through our longstanding regional network and against a stock-starved marketplace.”

They total £9.48m, providing a combined initial yield of 9.86%.

They include:

Market Place, Nuneaton, which was acquired for £1.98m, reflecting a net initial yield of 9.03% and comprises a 100% prime retail investment on the pedestrianised section of Market Place.

The property provides 29,051 sq ft of flexible retail accommodation and is let to Poundland Ltd until August 2022.

Venture Court, Wolverhampton was acquired for £2.5m at a net initial yield of 8.37% producing £222,565 per annum.

The property comprises a modern office on a busy business park and is let to Santander and Persimmon Homes with 1,952 sq ft of vacant offices to let and a WAULT of 4.0 years.

1-11 Park Street & 82-87 Bradford Street, Walsall was acquired for £5m at a net initial yield of 10.93%. The property comprises a prominent, unbroken retail parade on the prime pedestrianised retail pitch in Walsall town centre.

Approximately 85% of income is secured against multiple national tenants, with a WAULT of 6.10 years to expiry. The investment is fully let with a current passing rent of £582,720 per annum.

New tenants include Thomas Cook, Smart Ideas, Game Retail Ltd, Luda Bingo Ltd (guaranteed by Mecca Bingo Ltd), Shoe Zone Ltd, Robsco Solutions Ltd (Cash Converters), Paddy Power, Toni & Guy (North) Ltd.

REI has also sold £1.24m of property, bringing total 2017 sales to date to £13.64m.

These include:

1 Dutton Road, Coventry to Coventry City Council for a total consideration of £944,000 at a net initial yield of 8%. REI recently completed a five year lease extension with the occupational tenant (Personal Hygiene Services). The property was held on a long leasehold basis to Coventry City Council with 69 years remaining.

And 46 High Street, Bromsgrove, which was sold for £300,000.

Paul Bassi said: “We have additional properties under offer and anticipate completing further sales by the year end at book value or above.

“After allowing for £13.64m sales in 2017 and with the benefit of new acquisition and lettings from within our existing portfolio, our contracted rent has risen to a record £16.481 million per annum, up 10.6% since 31 December 2016.

“Overall occupancy is up at 95.1%, which compares favourably with 92.6% as at December 2016.”

He added that REI had fixed its existing variable £41m RBS facility at 2.75% until 20 January 2021, secured against a portfolio of property.

“This provides us with stability of cost, and 87% of our debt is now fixed. We are also in discussion to restructure our existing £20m Lloyds facility,” he said.

And he was particularly upbeat in his assessment of the vibrant Birmingham and Midlands economy

“Overall the Company’s portfolio is performing well and a significant part of our portfolio which was acquired during the downturn has excellent potential to add value from rental growth to current market levels.

“Furthermore, the regional investment market remains strong and we anticipate further sales in Q4, on properties upon which we have completed our asset management initiatives.”

“We continue to benefit from our investment strategy of investing in Birmingham and the Midlands into asset management opportunities for income and capital growth against the backdrop of a vibrant Birmingham and Midlands regional economy that is in the process of rebirth following decades of stagnation,” he said.

He pointed out that Inward investment, the relocation of HSBC headquarters, HS2, The Inland Revenue, the Commonwealth Games nomination, significant transport and infrastructure improvement at Birmingham Airport and Birmingham’s Grand Central Station, together with a growing economy, which is benefiting from Sterling depreciation, all provided a positive outlook for REI’s strategy and its ability to deliver a progressive dividend, which has grown year-on-year over the last five years.

He said: “With the benefit of sales, existing cash and bank facilities, we remain well positioned to capitalise on any market unrest due to Brexit negotiations and continue to purchase criteria compliant property acquisitions to grow our portfolio further.”

Ends (711 words)

For further information, please contact:
Paul Bassi CBE DL D.UNIV,
Chief Executive, Real Estate Investors plc, 2nd Floor, 75/77 Colmore Row, Birmingham B3 2AP
0121 212 3446
www.reiplc.com

Prepared and issued by Andy Skinner of ASAP, 01789 490786, mobile, 07990 978257

About Real Estate Investors plc

Real Estate Investors plc is a publicly quoted property investment company with a portfolio of 1,400,000 sq ft of commercial property managed by a highly experienced property team with over 100 years of combined experience of operating in the Midlands property market across all sectors.
The Company’s strategy is to invest in well located, real estate assets in the established and proven markets of central Birmingham and the Midlands, with income and capital growth potential, realisable through active portfolio management, refurbishment, change of use and lettings. The portfolio has no material reliance on a single asset or occupier.
On 1st January 2015, the Company converted to a Real Estate Investment Trust (REIT). Real Estate Investment Trusts are listed property investment companies or groups not liable to corporation tax on their rental income or capital gains from their qualifying activities.
The Company aims to deliver capital growth and income enhancement from its assets with the view to implementing a progressive dividend policy. Further information on the Company can be found at www.reiplc.com



November 6, 2017

Bulleys successfully sell five Black Country industrial units


Category: Property News
Click for larger image
Commercial property specialists Bulleys has succeeded in selling five industrial units in the Black County with a total space of more than 8,500 sq ft.

The chartered surveyors sold four adjacent units at Willow Court, Crystal Drive, Smethwick, part of Sandwell Business Park, and a larger unit at Credenda Road, West Bromwich.

The properties were all sold to different local businesses for figures which Bulleys said were either at or very close to the asking prices.

Angela Holland, part of the agency team at Bulleys’ Oldbury office who sold the Willow Court properties, said: “The four units sold quickly, reflecting the real shortage of smaller units on the market across the region.”

Max Shelley, a senior surveyor at Bulleys, which has offices in Wolverhampton, Oldbury and Telford, said: “The Credenda Way property was under offer within a month of Bulleys being instructed.

“Demand is good for units in this size bracket but the supply is continually reducing, so we’re keen to get more smaller unit instructions which we’ll be able to sell or rent swiftly.”

Meanwhile, Bulleys is now marketing the rental of a 2,987 sq ft unit at Kelvin Way Trading Estate, West Bromwich, at £5.50 per sq ft – or £16,500 per annum.

Mr Shelley added: “We’ve already had some good interest in this property and so anyone who’s keen in a unit in this area should contact us soon.”

Ends (229 words)

For further information, please contact

Steve Dyson, ASAP PR – 0781 8004575

Editors’ Notes

Founded in 1965, Bulleys is an established commercial and industrial property consultancy covering the West Midlands, Staffordshire and Shropshire. The firm has three offices in Wolverhampton, Oldbury and Telford.



November 2, 2017

Birmingham’s property hotspot status drives auction success


Category: Property News
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Birmingham’s reconfirmed position as one of Europe’s leading property hotspots is helping to drive the success of auctions in the West Midlands, an expert has claimed.

The 2018 Emerging Trends in Real Estate Europe report, published today [2 November] by PwC and the Urban Land Institute, once again ranks Birmingham as one of the highest-ranking UK cities for investment prospects – ahead of London and Edinburgh.

Based on the opinions of over 800 real estate professionals in Europe, Birmingham was ranked 21st, up one place from last year and ahead of Edinburgh at 26th and London at 27th.

The news comes just after SDL Auctions Bigwood raised £17.6 million at its latest auction in Birmingham on 18 October – the second highest total ever recorded in the West Midlands.

Rory Daly, auctioneer at SDL Auctions Bigwood, said: “With substantial infrastructure investment from HS2, the extension of trams and major investment in commercial property projects, it’s hardly surprising that Birmingham continues to climb the league table of Europe’s top cities.

“This ongoing prestige means that property auctions in the city are becoming more and more popular, as investors want a slice of the valuable cake that’s been baked in this great city.”

A total of £135 million has been raised by SDL Auctions across the UK so far in 2017 with £70 million raised in the SDL Auctions Bigwood Birmingham auction alone. Another busy auction room is expected at the next auction at Villa Park on 14 December.

The new 2018 Emerging Trends report suggests that Birmingham’s improved position could be in part due to investor cautiousness of overpriced properties in London, with regional cities being seen to provide better growth prospects.

Mr Daly added: “Despite Brexit uncertainty hitting London, there’s a confidence exuding from Birmingham that spreads across the West and the East Midlands, and this is something SDL Auctions Bigwood is seeing as a major growth factor in its business.

“There certainly couldn’t be a better time for owners seeking to sell their properties, and we’d like to invite them to join us on what we think will be another bumper day next month.”

Property owners interested in entering a property in the next SDL Auctions Bigwood auction on 14 December can request a free auction appraisal by calling 0121 233 5046 or emailing Birmingham@sdlauctions.co.uk.

Ends (387 words)

* Each property is subject to a Reserve Price which may be different from the Guide Price. For full definitions see www.sdlauctions.co.uk/glossary.

For further information, please contact:

Chrissie Watterson, Head of Marketing & Communications, SDL Auctions
chrissie.watterson@sdlauctions.co.uk
0115 902 1020

Prepared by Steve Dyson of ASAP PR – 0781 8004575

About SDL Auctions
SDL Auctions is one of the UK’s largest auction networks. It offers both conditional and unconditional lots via traditional in-room and online auctions and sells a wide range of residential and commercial properties on behalf of both private individuals and corporate clients from investment properties and vacant houses to building plots, mixed use buildings and others.

In 2016, SDL Auctions sold over 1,300 lots and raised more than £150m in sales for vendors. Throughout 2017 SDL Auctions will hold 30+ auctions at Villa Park in Birmingham, Pride Park Stadium in Derby, Chester Racecourse, Nottingham Racecourse, the King Power Stadium in Leicester, the bet365 Stadium in Stoke and the AJ Bell Stadium in Manchester.



November 1, 2017

Bulleys named TWICE as ‘Most Active Agent’ in the Midlands


Category: Property News
Click for larger image
Commercial property specialists Bulleys has been named twice as the ‘Most Active Agent’ in the Midlands in separate awards.

The chartered surveyors, with offices in Wolverhampton, Oldbury and Telford, was declared the Most Active Agent by Number of Disposals in the Midlands Industrial list of the CoStar Agency Awards 2017.

These awards, presented on Thursday 12 October, recognise the UK’s top commercial property agencies through a detailed analysis of thousands of deals collected by CoStar over 12 months.

Then on Friday 13 October Bulleys was named as the Most Active Agent in West Midlands for 2017 by the Estates Gazette, another highly-respected industry-watcher.

The latest award for Bulleys, which has offices in Wolverhampton, Oldbury and Telford, comes after the company was named both ‘Industrial Winner’ and ‘Overall Winner’ for the West Midlands in the EGi Deals Competition for 2016, announced in March this year.

Rod Spiby, partner at Bulleys, said: “We were delighted to receive these latest awards from CoStar and Estates Gazette, which both recognise the ongoing hard work undertaken by our dedicated agency team.

“We feel the awards highlight our widely respected reputation as local and regional specialists in the field of industrial and commercial property consultancy across the Midlands.”

Giles Newman, managing director of CoStar Group Europe, said: “We would like to congratulate everyone at Bulleys for their much-deserved award in the Midlands Industrial market.”

Mr Spiby said that the Midlands market has remained “very active” in 2017, and that Bulleys had matched the year-on-year levels of deals transacted in the first nine months of last year.

Speaking at the CoStar awards ceremony at the Council House in Birmingham, he said: “We have a strong manufacturing base and skilled workforces in and around the Black Country, identified by Jaguar Land Rover’s 2m sq ft new engine plant on the i54 Business Park in South Staffordshire, for which we are the sole agents.

“This significant investment in the region creates a magnet to other developments and there are many other businesses doing well in the area, which means the market remains very strong, despite potential concerns about Brexit.”

Mr Spiby added: “From the smallest local unit to multi-million pound schemes, Bulleys provides the right blend of skills and personalities.

“Our hands-on approach – which benefits from more than 50 years’ experience – continues to prove vital when it comes to working efficiently and effectively to exceed client requirements and expectations.”

Ends (400 words)

For further information, please contact

Steve Dyson, ASAP PR – 0781 8004575

Editors’ Notes

Established in 1965, Bulleys is an established commercial and industrial property consultancy covering the West Midlands, Staffordshire and Shropshire. The firm has three offices in Wolverhampton, Oldbury and Telford.



October 5, 2017

Janice upcycles her new career with the help of John Truslove


Category: Property News
Janice Nicholson “retired” to sunny Spain but got so bored she returned to the UK to go back into business.

Now, with support from property agents John Truslove, she has opened a second outlet in Bromsgrove.

First to launch was Upcyclists, a shop stocking reinvented old furniture, run in conjunction with colleague Gary Miller, at the Strand Center. With upcycling of furniture – painting, re-design, re-upholstery – currently all the rage, it has been doing well.

Now Holt House Vintage Interiors is up and running at Holt House, 49 Birmingham Road.

The 1,420 sq ft unit has been secured on a five year lease.

It too sells renovated pieces but also kitchen products, garden items and other goods.

The complex is effectively an emporium because others have also taken space there, with clothing, soft furnishings, vintage china and vintage toy retailers all under the one roof.

There is a coffee shop cum café called the Lite Bite and a further attraction is the serving of afternoon teas.

Ms Nicholson once worked in customer service for a leading supermarket but also operated on Ludlow Market.

She went on: “I retired to Spain for 12 years but got so bored I was working on the markets there too, specialising in large ladies clothing.

“I have always had an eye for putting things together and long been into upcycling … which is how the Upcyclists came about.

“But we needed something bigger and then Holt House became available. With a new Marks & Spencer store going up across the road we knew this was the place to be, where there would be a lot more footfall.

“Trade is progressively improving.”

Ian Parker, a director of John Truslove, said: “The emporium is just amazing – Bromsgrove has never seen anything like it.

“Hopefully Janice makes a big success of the venture.”

Holt House is described as a character building in a prominent position not far from the main High Street.

Ends (324 words)

For more information, contact:

John Truslove, Daralbee House, Archer Road, Redditch, B98 8DJ

01527 584242

Prepared and issued by John Duckers of ASAP PR, 01789 490786, mobile, 07791 978705



October 3, 2017

Quantuma administrators appointed to Herne Bay wind power company


Category: Property News
Click for larger image
Administrators at corporate recovery and business advisory firm Quantuma have been appointed at a Kent wind power company that has collapsed.

Quantuma partners Simon Bonney and Andrew Hosking are seeking to sell the intellectual property rights of X-Wind Power Ltd after attempts to rescue the business via an earlier Company Voluntary Arrangement failed.

The Herne Bay business, which was founded in October 2010, was set up to design and manufacture medium scale vertical axis wind turbines.

Following the acceptance of the Company Voluntary Arrangement, management made seven employees, including the directors, redundant and sought significant investment into the business. However, this was ultimately unsuccessful.

Simon Bonney and Andrew Hosking were then appointed administrators on 8 September 2017.

Simon Bonney said: “The company was in the early stages of its life cycle, involved in research and development, and therefore had not got to the stage of manufacture and sales.”

Expressions of interest in acquiring the intellectual property rights of X-Wind Power Ltd can be sent to simon.bonney@quantuma.com, or call 0203 856 6720.

Ends (172 words)

For further information, please contact:

Marie Wadeson, Head of Marketing,
Quantuma LLP, Vernon House, 23 Sicilian Avenue, London, WC1A 2QS
Tel: 07464 545678

www.quantuma.com

or Andy Skinner, Managing Director, ASAP PR – 07990 978257

Notes to Editors
Quantuma LLP is a leading corporate restructuring, insolvency and business advisory firm delivering partner-led solutions to businesses and individuals facing financial distress with offices in London, Southampton, Marlow, Watford, Brighton, Birmingham, Bristol and Manchester.


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