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