Firstly, Happy New Year from all of us at Legat Owen! We have got off to a flying start in 2020, with new instructions and deals completing over January.
A new investment instruction received this month is for the sale of Crewe House, Oak Street, Crewe. The property comprises a 16,047 sq ft three storey office building with car parking on a site of 0.55 acres, suitable for refurbishment or redevelopment subject to planning. Offers are invited in the region of £750,000 plus VAT for the benefit of the freehold interest subject to the existing tenancies.
In our Nantwich office, the retail investment of 20 Swine Market, Nantwich has completed, however, the investment of 18 Swine Market is still available for sale at £225,000.
Another new investment instruction received was for the sale of Prudential House, Blackpool. The office building of circa 48,000 sq ft is a freehold investment/development opportunity considered suitable for continued office use and/or conversion to alternative use (subject to the necessary consents and permissions).
We have also been instructed to market the retail investment at The Co-Operative, The Red Lion, Hawarden Road, Hope, Flintshire. The property provides a total ground floor area of 4,175 sq ft GIA on a large site of c. 0.35 acres with ample parking for 18 vehicles. It is let to Co-operative Group Food Limited on a FRI lease for a term of 15 years from practical completion. Initial rent of £68,470 per annum (based on £16.40 psf of GIA).
Our office team have received some new instructions this month, including Halladale House, the newly refurbished prime office on Chester Business Park. Offices ranging from 5,000 – 20,000 sq ft are available immediately, with competitive terms and incentives!
In addition, St Marks House in Chester has been brought to the market for sale. The detached purpose built two storey office building comprises 6,182 sq ft and the freehold is available for sale with vacant possession or ground floor tenant.
In the first week in January, we completed lettings on two industrial units, proving the small industrial market remains strong. We let the 1,016 sq ft U11-U12 Tir Llwyd Industrial Estate in Rhyl with joint agent BA Commercial and the 1,500 sq ft unit at U17 Engineer Park, Sandycroft.
We saw some construction progress on some of our industrial units. Firstly, at Riverview 3, Bromborough.
Redsun Projects and their contractor Portal Construction are making excellent progress on site. 65% of the scheme has been pre-sold to a local occupier. Unit 1 – 14,000 sq ft – is available to let and Unit 2 – 15-30,000 sq ft – is available either for sale to let.
Another site under construction is Aviator125, Hooton. Caddick Construction are making great progress on the unit, which is due for practical completion in Feb 2020. The 125,000 sq ft warehouse/manufacturing unit is being developed by Redsun Projects Ltd. Aviator is situated in the Cheshire Science Corridor and qualifying occupiers are eligible for enhanced capital allowances.
Our retail team have completed a number of deals in January, including the lettings of the former VAO in Sale and at Liscard Way, Wallasey.
We are delighted to have acted for the landlord in the letting to Mano a Bocca at the former VAO in Sale. The unit looks fantastic and it is a credit to how hard the team have worked!
Acting on behalf of retained clients, we have negotiated the surrender of the Moneyshop lease and agreed terms for a new letting to Ramsdens Financial at Liscard Way, Wallasey. Barker Proudlove acted for Ramsdens.
In our Nantwich office, a number of deals have completed throughout January. There has been further office lettings at Verity Court, Middlewich after the letting of Unit 3 completed to Rainford Precision Machines. Another office letting was at Rail House, Crewe where we completed a letting of a 3,000 sq ft office to Balfour Beatty.
On the industrial side, a sale was completed of circa 25,000 sq ft of industrial space to a local developer for redevelopment at Wistaston Road, Crewe.
Building Surveying News
Development finance and investment involves significant risk and a reliance on the developer to perform. Acting as Independent Monitoring Surveyors, our Building Surveying team can develop confidence in a project through detailed analysis of the development pre-commencement and monitoring throughout the construction stage. Contact one of the team today for more information!
Our Property & Asset Management department has a new addition, and we welcome Sam to team LO! Sam will assist in the accounts department.
January saw four of our team celebrate their birthdays, including a very special 40th birthday for our Director Natalie Tansey! Team LO celebrated with a meal at BarLounge in Chester!
Also, Happy Birthday to our senior surveyor Heather Lutton, Associate Director Tom Creer and Associate Director Mark Eastwood.
Our Legat Owen football team took part in the Knights Chester Cup on 30th January! Congratulations to team LO for coming in 2nd place, after a tight final against RSM!