Boultbee Brooks Sells Amersham Office to TEAL Property Holdings for £5.2m

Boultbee Brooks Real Estate (BBRE), the privately-owned investment and development company, has sold Latimer House, Anglo Office Park, Amersham to TEAL Property Holdings (TPH) for £5.2m (£235 psf).  The 2002 built office property, which was formerly occupied by the Bank of Scotland until their lease expiry in November 2017 will become the new corporate headquarters for the UK’s largest independent toy retailer, The Entertainer.

 

The property, located less than a mile to the east of Amersham town centre, provides direct access to Junction 18 of the M25 and junctions 1 and 2 of the M40, and is a short drive from Amersham Rail station and Chalfont & Latimer underground station.

 

Arranged across two floors and split into two separate wings, Latimer House provides circa 22,000 sqft of flexible modern accommodation with 83 car spaces offering an excellent parking ratio of 1:268 sqft.

 

Lucy Boultbee Brooks of BBRE, said: “Having acquired Latimer House in 2015 as a high yielding office investment with a short unexpired term, our original business plan had been to proactively refurbish the building at the end of the Bank of Scotland lease.  We subsequently however received the TPH approach via Chandler Garvey, who we had retained to advise on the local occupational market. It soon became clear they were keen to acquire the property for their own occupation and we were happy to engage with them and agree an earlier than planned exit.”

 

Robert Cannock of Aurum Real Estate Partners; BBRE’s retained portfolio investment advisor, further commented, “We regularly review opportunities within BBRE’s portfolio and whilst this sale wasn’t planned, we are happy to opportunistically dispose of the asset as it returns equity to the business at a time when we are actively seeking new speculative opportunities throughout the South East and strong regional centres.”

 

BBRE were advised by Aurum Real Estate and Chandler Garvey.

 

Alliance Sells York Property to BBRE for £5m

Property Alliance Group has sold a mixed-use property in York for £5m to Boultbee Brooks Real Estate (BBRE), a privately-owned property investment and development company.

Spanning 23,091 sq ft, 16-24 George Hudson Street includes Grade A office space spread over three floors with retail units on the ground floor. Tenants include My Knowledge Map, bus operator First York, and engineering consultancy Halcrow, which has recently been acquired by Jacobs.

The property produces a current income of £393,208 per annum and benefits from an AWULT of approximately six years.

The Manchester and Leeds offices of Cushman & Wakefield jointly represented Alliance. BBRE was advised by Aurum Real Estate.

Rob Peill, head of offices at Alliance said: “This is prime asset conveniently located less than a five-minute walk away from York Station. Since acquiring the property, we’ve invested in an extensive refurbishment to meet the huge demand for high-quality Grade A office space in York, including remodelling the reception area. This has attracted a steady flow of new tenants with strong covenants making it an ideal investment opportunity.”

Simon Marshall of C&W Manchester said: “We are delighted to have been able to work with Alliance on 20 George Hudson Street. The sale represents the culmination of a long-standing relationship between C&W and Alliance on this property. Following a best in class refurbishment, Alliance was able to achieve an excellent tenant line up and pass the asset on to BBRE offering the opportunity to build upon a healthy day one yield with a number of active asset management opportunities.”

Richard Brooke of C&W Leeds added: “The centrally-located Grade II listed building offers some of the most attractive office space in York and its popularity with occupiers is evidenced by the lettings achieved by Alliance since refurbishment. We fully expect that the asset will continue to perform well for its new owners BBRE.”

Lucy Boultbee Brooks of BBRE, said: “The acquisition of George Hudson Street adds another high quality, multi-let office building to our growing investment portfolio and complements our other holdings in the City. Given the short supply of quality offices in York, we believe the property is well placed to deliver further rental growth in the short to medium term.”

Commenting on behalf of the purchaser, Robert Cannock of Aurum Real Estate, who is BBRE’s retained portfolio investment advisor, said: “This acquisition continues our drive to invest in strong regional office markets with sound fundamentals. BBRE have further equity available to commit to this type of transaction and we will be continuing to target similar opportunities this year.”

Planning Application for 79 Mosley Street

Applications submitted to transform 79 Mosley Street, Manchester

Planning and Listed building consent applications have been made for the transformation of the Grade II Listed 77-79 Mosley Street and 14-16 Princess Street, to be known as 79 Mosley Street, into 26,890 sq ft of new office space and ground floor and basement retail and leisure space.

Boultbee Brooks Real Estate (BBRE), the UK based real estate investor/developer, bought the building in 2015 and has spent two years working with architects PRP, OBI Property and Zerum and liaising with Manchester City Council and Historic England to determine a viable proposal for the building’s future.

The plans submitted to Manchester City Council propose to retain and fully restore the facades onto Mosley Street, Princess Street and Back George Street but completely rebuild the internal floors from the basement up to a new zinc clad mansard roof extension.

The completed 79 Mosley Street will comprise 19,021 sq ft of new office space over four floors; a 5049 sq ft retail and leisure opportunity on the ground floor and part basement; a 2820 sq ft retail/leisure unit in the basement with bike storage including showers and lockers. The building will accommodate approx. 220 people in offices and potentially create up 81 jobs in the retail/leisure units.

Roger James, development director at BBRE said: “Our proposals to transform 79 Mosley Street will provide flexible floor space required for modern occupiers while retaining the external aesthetics of the original building. We aim to bring this long vacant and inactive, yet significant building back to life and to complete the jigsaw of the transformation of St Peter’s Square.”

Alistair Weir of architects PRP said: “The decision to completely rebuild the internal floors was not taken lightly but due to years of alterations and the limitations of the original floor plates, it is the only feasible option. We are thrilled to be restoring the original facades – 79 Mosley Street marks the transition between the large modern commercial developments and civic buildings of St Peters Square, with the smaller scale, ornate Victorian warehouse buildings of Princess Street.”

79 Mosley Street was built circa 1870 as a speculative office, warehouse and retail building. It has been vacant for nine years and previous owners have failed to bring any schemes to fruition. OBI Property is providing project management and cost consultancy to BBRE.

Martin Gizzie, building consultancy, OBI Property said: “We have been working with BBRE and the team for over two years, in close consultation with the city council and Historic England to find a workable future for 79 Mosley Street. The proposals submitted, we believe, provide an exciting solution which will see the building facades preserved for the long-term while new, flexible office, retail and leisure space will attract occupiers looking to take advantage of the prestigious and busy location of St Peter’s Square.”

Diane Ellis, Associate Planner, Zerum said: “No one takes the decision for such significant alteration of a listed building lightly, but working with the forward thinking and dedicated building owner and project team we’ve submitted the proposals we know is the best option for its future.”

BBRE is a privately owned property company with a development and investment portfolio valued at approximately £350 million. The company, which is a major landlord in the Shoreditch and Clerkenwell areas of London where many of its tenants are fast growing digital and creative firms, also owns 75 Mosley Street and 30 Brown Street in Manchester.

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.