BBRE announce the recent acquisition of Stone Cross, Brentwood from Standard Life Investments for £10,050,000

August 2016, Boultbee Brooks Real Estate (BBRE) are pleased to announce the recent acquisition of Stone Cross, Brentwood, Essex from Standard Life Investments for £10,050,000.

Built in 2002, Stone Cross is let on FRI terms to Canon (UK) Limited until June 2018 with two established sub-tenants also in occupation. The building provides 38,360 sq ft of Grade A office accommodation arranged over ground and three upper floors and also benefits from one of the best car parking ratios in Brentwood, with parking for 130 cars (1:295 sq ft).

Situated on the edge of Brentwood Town Centre, the property is located only a short distance from the amenities of the High Street but also benefits from its close proximity to Brentwood railway station, which provides direct access within half an hour to the City of London via Liverpool Street Station. In addition, rail connections to London are set to improve further by 2018 once the new Elizabeth Line (Cross Rail) opens at Brentwood Station. The town also benefits from excellent access to Central London via the A12 and the wider national motorway network via its proximity to the M25 Motorway.

Commenting on the acquisition, Lucy Boultbee-Brooks of BBRE said, “Stone House is an excellent quality office building in a strong Greater London market which has seen a recent and sizable reduction in its office supply, as various buildings have been converted to residential use under PDR. Brentwood itself is a thriving business location that we believe will continue to prosper as a result of its excellent links to London and these will only improve beyond 2018 with the arrival of Crossrail. As a result, we are confident that occupier demand will continue to remain strong for the foreseeable future.”

Acting on behalf of the purchaser, Robert Cannock of Aurum Real Estate, who advises BBRE, said: “The purchase of this asset continues our strategy of selectively acquiring properties with strong underlying fundamentals, where there are short term opportunities to improve the asset through active asset management.”.

Savills advised Standard Life Investments.

Planning permission granted for 75 Mosley Street, Manchester

OBI Property today confirmed planning permission has been granted by Manchester City Council to London based real estate investor and developer Boultbee Brooks Real Estate (BBRE) which will see 67-75 Mosley Street transformed into high quality office space with new retail/leisure opportunities.

The 66,047 sq ft development is being project managed by OBI Property and designed by PRP. The application brings the two buildings together into one address – 75 Mosley Street. Access to the offices will be via a new central reception and a new 7,189 sq ft seventh floor will span across both buildings and includes a small terrace.

Roger James, BBRE Development Director said: “We’re very pleased to have been granted planning permission for 75 Mosley Street. It is a very exciting development which will bring new life to the buildings and will continue our investment and commitment to schemes in Manchester City Centre.”

At ground level, the Bank of China which occupies 2,788 at 67 Mosley Street will remain; BBRE has also recently secured a new lease to China Visa Services which is set to take the adjacent 2,549 sq ft unit fronting on to Mosley Street. Two new retail/leisure spaces of 3,512 sq ft and 4,081 sq ft will be created on the Nicholas Street side of 75 Mosley Street, facing the art gallery.

Oliver Thomas, Building Consultancy at OBI Property, said: “75 Mosley Street is an exciting project, bringing forward over 66,000 sq ft of office and leisure space which will stand apart from other Manchester schemes. Mosley Street is an important historical artery in the City, linking Piccadilly to St Peter’s Square. The development has already received very positive interest for both the retail and office space.”

The offices above will be refurbished to a Cat A specification and will include exposed services. The East Wing (formerly 73 Mosley Street) will comprise 17,050 sq ft over 5 floors, while there will be 35,401 sq ft of offices over 7 floors in the West Wing (formerly 75 Mosley Street) boasting a fully glazed penthouse office suite spanning over both buildings.

The exterior of 73 Mosley Street will be removed and replaced with a new anthracite zinc façade and will include floor to ceiling height windows while the original Portland Stone exterior of 75 Mosley Street will be fully repaired and restored.
Fiona Sadler, Associate, PRP said: “75 Mosley Street is a truly individual building in Manchester, built in 1964. It’s Portland Stone façade is wonderful and we’re really pleased we are able to repair and restore it as part of the development.”

Zerum provided planning advice, the other design team members are: structural engineers Tier; services engineers and Reds and Stephen Levrant Heritage Architecture. Work should start on site in autumn 2016 and be complete for summer 2017.

Diane Ellis, Associate Planner, Zerum said: “We have pushed to ensure that these buildings can reach their true potential working closely with BBRE, the design team and with Manchester City Council’s planning team. This is great news for the developing story along Mosley Street and we look forward to seeing the finished product in 2017.”

BBRE has invested £28 million into the Manchester City office market. BBRE is a privately owned property company with a development and investment portfolio valued at £350 million. The company is a major investor in London, South East and key regional cities.

OBI Property is an established real estate consultancy which provides innovative solutions to its landlord and occupier clients which include AO.com, NCC Group, Rentalcars.com, Allied London, Bruntwood, LJ Partnership, British Airways and CBRE Global Investors.

The award winning team at OBI provides advice to its clients across its multi-discipline services which include interior design, project management, dilapidations, ratings, leasing and investment consultancy. The collection of services is known as the OBI Difference.

Boultbee Brooks to Develop First Speculative Office in Watford for 15 Years

Boultbee Brooks Real Estate (BBRE), the privately owned investment and development company, is delighted to announce the purchase of the consented office development site at 36 Clarendon Road, Watford from VFund (Watford) Limited. BBRE will speculatively develop the new Grade A office totalling 25,000 sq ft (2,322sq m), that will be the first new build office scheme in Watford town centre for 15 years. Construction will commence by August this year, and practical completion is expected Q4 2017. Savills and JLL are the appointed letting agents.
The new build development will comprise a six storey Grade A office development with the latest exposed services design features, and will differentiate/revitalise the existing more traditional stock currently available on Clarendon Road. The speculative scheme will be available as a whole, or on a floor by floor basis, and is set to achieve record rents for Watford and the North M25 office market.
The scheme takes advantage of adjacent amenities in Watford Town Centre, as well as strong connectivity with Watford Junction Station, road and international airport links also near by. Rail times to central London (Euston) from 14 minutes.
Alex Aitchison, Development Director at Boultbee Brooks Real Estate, comments: “We are delighted to secure the purchase of this rare development opportunity on Clarendon Road and will quickly start construction to take advantage of the non-existent new build supply in the town centre. Watford has been undervalued in comparison to surrounding M25 towns and we will aim to capitalise on the depth of occupational market demand to secure a letting before practical completion”.
Acting on behalf of the purchaser, Robert Cannock of Aurum Real Estate, who advises BBRE, said: “The purchase of this site continues our strategy of selectively acquiring properties in those established occupational markets where there are short term opportunities to deliver strong returns. The ability to commence the development within a couple of months was of particular interest as we believe there is a current strong level of underlying tenant demand for the location.”

Andrew Willcock, director in the South East office agency team at Savills, adds: “36 Clarendon Road will provide the first new Grade A space in more than 15 years, revitalising stock and setting record rents for the area. We expect healthy pent up demand from professional and corporate occupiers already based in Watford. Additionally, with central London rents continuing to rise, we expect significant interest from more London centric occupiers seeking better value premium office accommodation in established and connected locations such as this.”
Peter Domb, Development Director at VFund (Watford) Limited, commented: “We are delighted to announce this sale following our recently obtained planning consent for this new Grade A office space on Clarendon Road, the heart of Watford’s central office provision. The local authority have been supportive throughout of our plans to see the first speculative office built in central Watford for over 15 years and we wish BBRE every success in the scheme. The design makes this a unique and desirable building that will create a statement upon Clarendon Road, and VFund are grateful for all of our teams efforts, especially our architects PRC, planning consultant Woolf Bond and our advisors Perry Holt & Co, LSH and JLL.”
Boultbee Brooks Real Estate were represented in the purchase by Aurum Real Estate. Savills and JLL are the appointed letting agents.
V Fund (Watford) Limited were represented in the sale by JLL, Perry Holt & Co, and LSH
For further information, please contact:

Andrew Willcock, Savills Tel: +44 (0) 20 7409 8866
Hannah Pollack, Savills press office Tel: +44 (0) 20 7299 3034
Christine Elsasser, BBRE Tel: +44 (0) 20 7349 8454

Boultbee Brooks is proud to introduce its new Group Financial Controller Lee Thompson

Lee joined Boultbee Brooks Real Estate in 2006 and has a BA (Hons) Degree in Business Management from the University of Worcester. Lee has worked his way up through the ranks at BBRE to become Group Financial Controller.
Outside of work, Lee enjoys spending time with his young family and is a keen cyclist.

For more information contact:
Christine Elsasser
Boultbee-Brooks Real Estate
+44(0) 20 73498454
Email: Christine@bbre.co.uk
www.boultbeebrooks.co.uk

Boultbee Brooks is proud to introduce its new Property Asset Manager Emma Bradley

Emma joined Boultbee Brooks Real Estate in April 2016, as Property Asset Manager to work closely with James Whitcher, Chris Winn and the Asset Management team.

Emma has worked for BNP Paribas Real Estate, a Canadian client – Realstar Group and more recently Buccleuch Estates Limited managing diverse portfolios of multi-tenanted and mixed use property assets and estates; more specifically high end office, residential, retail, leisure units, GP centres and hotels nationwide although predominantly in London. Prior to this, she graduated in Land Management from The University of Reading. We have no doubt Emma will be a very valuable asset to BBRE.

Outside of work, Emma is a keen sportswoman participating in horse riding, country pursuits, skiing, tennis and swimming.

For more information contact:

Christine Elsasser

Boultbee-Brooks Real Estate

+44(0) 20 73498454

Email: Christine@bbre.co.uk

www.boultbeebrooks.co.uk

Boultbee Brooks Real Estate sells Queenstown Road to TH Real Estate for £7.7 million

London, 11 April 2016 – Boultbee Brooks Real Estate has announced the sale of 220-220A/B Queenstown Road, London to TH Real Estate, for £7.7 million.

220-220 A/B Queenstown Road comprises two attractive multi-let period buildings comprising 14,500 sqft of office space arranged over ground and four upper floors, located in the popular area of Battersea in the London Borough of Wandsworth.

Situated on the east side of Queenstown Road at its junction with Ingate Place, circa 200 metres from Queenstown Road mainline railway station, the buildings benefit from quick and direct access to London Waterloo, Vauxhall and Clapham Junction overland railway stations, as well as being a short walk to Battersea Park railway station, providing direct access to Victoria.

Since acquiring the property in 2014, Boultbee Brooks re-geared various of the occupational leases and also achieved prior approval for conversion of part of the premises to residential under the Town and Country Planning (General Permitted Development) Order 2015.

Acting on behalf of the vendor, Robert Cannock of Aurum Real Estate, who advises Boultbee Brooks, said, “Since acquiring the property for our client we received a number of interesting approaches from various parties keen to acquire it. Battersea is a rapidly improving area of London and many of the nearby commercial premises have been converted to residential, but in addition to that potential, these buildings offer small floor plate sizes that are ideally suited to the improving local office occupier market. TH Real Estate made a strong proposal that took account of the building’s future potential and accordingly we were happy to accept their proposal, as it allowed our client to exit ahead of their intended business plan period and with an attractive return on their investment.”

TH Real Estate were advised by Springer Nicolas.

Boultbee Brooks Real Estate sells business park in Hemel Hempstead for £7.5m

London, March 2016 – Boultbee Brooks Real Estate (BBRE) has sold Hemel Park, Boundary Way in Hemel Hempstead to Metric Distribution Limited for £7.5 million after originally acquiring the site in March 2011.

Built in 1987 and extensively refurbished in the last five years, Hemel Park is a high-quality business park comprising a two-bay detached industrial unit extending to 65,404 sq. ft. with two-storey offices to the front. The specification comprises steel frame construction, extensive car parking and a self-contained secure yard. It has been designed to achieve BREEAM ‘excellent’.

The business park provides easy access to nearby motorway networks and airports; the M1 is located one mile away and the M25 is three miles away, and Luton and Heathrow airports can be reached within 12 miles and 25 miles respectively providing excellent access for global businesses.

Hemel Hempstead is a significant industrial and commercial centre in Hertfordshire that attracts large occupiers. Activity has been buoyant with the recent completion of major infrastructure works to the M1 motorway, which has further enhanced the town as a popular business and distribution area.

Lucy Boultbee Brooks at Boultbee Brooks Real Estate said: “Hemel Park is situated in an established industrial location offering high-quality, refurbished space with modern accommodation. We’re pleased with the sale and to have achieved a good return on our investment.”

Iconic St Paul’s House, Leeds Sold for £23.7 million

Boultbee Brooks Real Estate (BBRE) has announced the sale of St Paul’s House, one of Leed’s most iconic office buildings, for £23.7m, representing a 6% net initial yield.
The 65,000 sq ft magnificent Grade II*listed building was purchased by Michael and Steven Elghanayan’s London-based property investment company EPIC UK in an off market deal, following completion of BBRE’s comprehensive refurbishment and 24,000 sq ft letting to DAC Beachcroft LLP.
James Whitcher at BBRE commented, “We are delighted to have restored St Paul’s House to its former glory. The disposal to EPIC has allowed us to achieve a very attractive return on our investment that was not only ahead of business plan but also fully justifies the speculative costs we incurred in the comprehensive refurbishment of the property. As with all our disposals, we will now look to opportunistically re-invest the proceeds of the sale into new projects as and when they arise.”
Michael Elghanayan of EPIC UK said: “We are very proud indeed to have acquired one of the most magnificent office buildings in the city of Leeds. Following its extensive and sensitive refurbishment, we believe St Paul’s House is a very attractive investment, given its superb location, excellent facilities, including parking, and impressive occupiers.”
Commenting on the disposal, Robert Cannock of Aurum Real Estate who advises BBRE said “we acquired St Pauls House for BBRE two years ago with the intention of repositioning the property within the Leeds office market and creating an investment of Institutional standard that would then appeal to a long term investor. Having completed the refurbishment and achieved the key letting to DAC Beachcroft, we were pleased to receive a couple of strong approaches from interested investors and we were very happy to agree the sale to EPIC, as they have an excellent reputation and track record of performance.”
Graham Foxton, investment partner with Knight Frank, commented: “We are thrilled to have acquired a great Leeds landmark and arguably the most striking building in the city centre for EPIC UK following a lengthy search for the right asset in Leeds. “It boasts a high-quality Grade A office specification internally which, when combined with the stunning exterior façade and its unrivalled location, offers one of the most attractive working environments in Leeds. Boultbee Brooks did a wonderful job”.
Aurum Real Estate advised BBRE. Knight Frank Leeds Office advised EPIC UK.

Boultbee Brooks Real Estate announces the sale of Castlefield Chapel in Manchester for £2.9m

London, March 2016 – Boultbee Brooks Real Estate (BBRE) has sold Castlefield Chapel to Shirestone Estates Ltd for £2.9 million in Manchester.

Castlefield Chapel, which was acquired by BBRE as a property investment in July 2015 as part of a property portfolio deal worth £16 million, is a Grade II Listed building located in Castlefield’s Urban Heritage Park and less than 100 metres away from Deansgate Railway Station and Metrolink. The building was designed by architect, Edward Walters, and originally opened as a congregational chapel in 1858. Since then, it has undergone significant refurbishment work to provide contemporary, high specification workspace in one of Manchester’s most desirable locations, and now comprises 12,132 sq. ft. of space over the lower ground, ground, first and second floors.

James Whitcher, Asset Manager for BBRE, said: “Manchester’s prime commercial property market is thriving and the Castlefield Chapel is a unique office building located in a popular area. We’re pleased with the sale and look forward to continued work in the area.”

OBI Property acted for Boultbee Brooks and Knight Frank acted for Shirestone Estates.

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For more information contact:
Kim Taylor/Lisa Northcott
M: 07718 158 800/07885 980 154
E: kim@holisticgroup.co.uk/lisa@holisticgroup.co.uk

Congratulations Lucy Boultbee Brooks

Lucy participated in the Greatwood Charity Race with her horse Vivaccio on 5th March 2016 at the  Newbury Racecourse, Newbury, Berkshire.

Not only did Lucy exceed her fundraising target for the Greatwood Charity, she also came in first place ahead of 10 other participants to take home the trophy.

Her winning Hereford trainer was Venetia Williams.

The owners of the horse (and also her parents) are Clive and Charmaine Boultbee-Brooks.

Well done Lucy!!!! and a big congratulations to you all!!!

 

Boultbee Brooks Real Estate sells 126 Back Church Lane

London, February 25 – Following the recent successful letting of the 25,200 sq ft building to Diabetes UK for 10 years, Boultbee Brooks Real Estate (BBRE) has sold the freehold interest in the prominent Aldgate property to the Charities Property Fund c/o Savills Investment Management, achieving a yield of circa 4.75%.

Commenting on the disposal, Robert Cannock of Aurum Real Estate who advises BBRE said “After deciding to accept a letting of the whole building to Diabetes UK as opposed to progressing our originally intended multi-let strategy, we received a number of strong approaches from investors keen to acquire the property development. This allowed us to consider an early disposal of the asset which we were happy to do.”

James Whitcher, Asset Manager, at BBRE, said; “While we continue to be very interested in adding to our portfolio in the City Fringe markets, we are prepared to recycle equity opportunistically through sales of assets, once we have executed our business plan. We are very happy to hold multi-let investments that offer future active asset management opportunities in the short to medium term, but once Back Church Lane was fully let to a single occupier, it made sense for us to sell. We will look to re-invest the proceeds of the sale into new opportunities.”

Angy Benitz, Portfolio Manager of the Charities Property Fund commented: “The migration of tenants within Central London to more affordable and growth locations is a theme that has informed our buying strategy – this fund now owns seven London office buildings in locations such as Shoreditch, Farringdon, Camden and now Aldgate let at an average rent of less than £40 per sq ft in fully refurbished or newly developed buildings. Aldgate has attracted significant investment in recent years and Crossrail’s arrival at Whitechapel will further add to its attraction for occupiers and investors. Boultbee Brookes Real Estate has delivered an excellent building and it’s no surprise that a high profile tenant such as Diabetes UK has chosen this location for their new headquarters.”

For more information contact:
Kim Taylor/Lisa Northcott
M: 07718 158 800/07885 980 154
E: kim@holisticgroup.co.uk/lisa@holisticgroup.co.uk