BBRE Sells TWB in Reading for £51 M

From Insider Media Limited –

A centrally located eight-storey office building in Reading has been acquired in a deal worth about £51m.

UK Commercial Property (UKCP) REIT, which is managed and advised by Aberdeen Standard Investments, has bought White Building, a multi-let office asset on King’s Road, from Boultbee Brooks Real Estate (BBRE) in partnership with a client of CBRE Global Investors.

The property, which reached practical completion after a comprehensive refurbishment in 2017, comprises 95,903 sq ft with a modern reception area, communal roof terrace and flexible and virtually column-free floors with new floor to ceiling glazing.

Currently 82 per cent let to nine tenants, the building has a weighted average unexpired lease term of five years to break and is expected to deliver an annual rental income of about £3m once fully occupied.

It has attracted a strong occupier mix, including international cybersecurity company Carbon Black, financial management and human capital management software business, Workday, international pharma company Pharma Cosmos, and flexible office provider Work.Life.

Located in the town centre, approximately six minutes’ walk from Reading Station where the Elizabeth Line is due to open in 2019, White Building is also three minutes’ walk to Reading’s main retail destination, The Oracle.

UKCP REIT also announced the disposal of 1 Rivergate, an office building on Temple Quay in Bristol city centre, to West Midlands Pension Fund for £27.6m, reduced to £26.6m net allowing for a rental top up.

1 Rivergate is entirely let to energy technology company and supplier OVO Energy.

Will Fulton, lead manager of UKCP REIT at Aberdeen Standard Investments, said: “The acquisition of the White Building in Reading, which is effectively a new office and has proven enormously popular amongst

tenants, is in line with our strategy to acquire prime assets with an earnings focus; we fully expect that the property will continue to benefit from the wider infrastructure investment being undertaken in Reading, most significantly the Elizabeth Line links to central London and improvements to the public realm.”Whilst the Elizabeth Line continues to be an attraction for a diverse range of occupiers, the ongoing evolution of Reading as a technology cluster remains the mainstay of activity and, we believe, positions the town well for the future.”

Clive Brooks, managing director of BBRE, added: “The sale of the White Building to UKCP REIT concludes one of our most exciting office refurbishment projects to date and we are very pleased with the completed building.

“In 2014 we took the bold step to acquire the vacant and dilapidated Kings House out of Receivership and in conjunction with our partners at CBRE Global Investors, we created an exciting workspace with exposed services that has set itself apart from other office buildings in Reading.

“The completed product has been extremely well received by agents and occupiers alike and that is a credit to our architect, SPPARC and the rest of our development team.”

UKCP REIT was advised by Knight Frank on the acquisition of the White Building and by Colliers on the disposal of 1 Rivergate.  BBRE and CBRE Global Investors were advised on the disposal by BBRE’s retained portfolio investment adviser, Aurum Real Estate Partners.

New urban warehouse style workspace comes to central Reading

Boultbee Brooks Real Estate (BBRE) is undertaking a back to frame redevelopment of 35-43 Greyfriars Road to create a new urban, warehouse style workspace, which shall be known as The Brick Works.

The Brick Works building represents a rare chance to acquire a self contained 20,000 sq ft office in central Reading or 2,400-4,300 sq ft suites and is only a minute walk from the new £850m Crossrail station. The specification will be outstanding including concierge, shoreditch ‘style’ exposed services, feature spiral stair double height reception, parking, lockers, bike storage, electric car charging and importantly ready-to-go fibre connectivity. There will also be a communal roof terrace, subject to planning.

Alex Aitchison, Director at BBRE says “Following the immense success of recent Boultbee Brooks developments, we are excited to see The Brick Works take shape over the next 6 months and are already presenting to interested occupiers. The White Building is 85% let and Forbury Works is 100% occupied already, so we expect a similar level of occupier demand for this unique workspace.”

Tom Fletcher from LSH Reading comments “The Brick Works is a rare opportunity for an occupier with ambition, high standards and a sense of style to acquire a self-contained workspace on either a leasehold or freehold basis. It is unusual to find a building of this quality and style in Reading and so close to the station. We completed six lettings at The White Building and Forbury Works prior to works completing, so are keen to discuss opportunities with like-minded pioneering companies in advance of completion of the works.”

Construction has started and The Brick Works building shall be completed in September 2018 with a guiding rent of mid £30s per sq ft.

Lambert Smith Hampton and Savills are the letting agents for Boultbee Brooks Real Estate.

 

 

 

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.

The Sky’s the Limit in Brentwood as Boultbee Brooks Let Stone Cross Building

Boultbee Brooks Real Estate (BBRE), advised by Savills and Aurum Real Estate, has pre-let Stone Cross, its 40,000 sq ft office building in Brentwood, Essex to Sky CP Ltd, a subsidiary of Sky plc.
The property is set to undergo a comprehensive refurbishment this summer to create new Grade A specification offices, allowing Sky to relocate their R&D and office operations from their existing Kings Road, Brentwood office. Sky has agreed to a new 15-year lease for the entire property and will pay an annual rent of circa £1.1 million, equating to £28.25 per sq ft (£304 per sq m), with an additional rent allowance on the reception.

Alex Aitchison, Director at BBRE, comments: “We are very pleased to have let Stone Cross ahead of the existing tenant’s upcoming lease expiry, which is testament to the strength of the building’s location and excellent car parking provision. Our continued strategy to invest and develop best in class, amenity rich and well connected property, has successfully secured the letting ahead of business plan. With office supply remaining critically low in Brentwood, plus the new Elizabeth Line connection and the excellent town centre amenities on the door step, the building is unparalleled in Brentwood and we were able to set a new headline rent as a result.”

Robert Cannock, Director at BBRE’s retained portfolio investment advisor, Aurum Real Estate, adds: “having identified this property in 2016 as having strong underlying fundamentals that would appeal to potential future tenants, BBRE has subsequently worked hard to secure the letting to Sky and that in turn has justified our collective belief in the location and the property itself. The result is the creation of a high quality office investment that is both valuable and eminently tradable. The asset offers not only excellent income security but also good future rental growth potential from a sub £30.00 per sq ft base, which in turn offers excellent value to Sky compared to other Greater London or Thames Valley locations’.
Mike Storrs, associate director at Savills, adds: “Stone Cross provided Sky CP with an excellent opportunity to consolidate into one building within the town, which remains a popular business location outside of London. Whilst last year the market was largely characterised by sub 20,000 sq ft transactions, potentially due to the lack of availability, this latest deal is further indication that corporate activity is set to resume in the region in 2018.”
Sky CP Ltd was advised by Cushman & Wakefield.

BBRE is pleased to announce Paul Jenkins as Asset Manager

Paul starts his role in January 2018 and we would like to welcome him to the team. He will join the asset management team working with James, Chris, Emma, Emily and Debbie.

Paul has a proven track record in managing real estate assets across the UK and Central Europe. He previously headed up the Asset and Property Management team at Deloitte Real Estate and was Managing Director of Mayfield Asset and Property Management for over 15 years.

Latterly, he has been teaching Real Estate at Oxford Brookes University where he continues as an associate lecturer as well as acting as both an APC assessor and external examiner at Nottingham Trent University.

 

BBRE is Recruiting a Property Manager

We are recruiting

We have a vacancy for a RICS qualified Property Manager with minimum 3 Years PQE.  The applicant will be proactive, enthusiastic, independent and experienced Property Manager with facilities management experience.

Role based in Hereford with nationwide travel (UK Portfolio).

Competitive salary plus benefits dependent on experience.

For a detailed job description, please email helen@bbre.co.uk.  To apply, please send covering letter stating current salary and notice period with CV to helen@bbre.co.uk

Closing date: 3 January 2018

West London & Thames Valley Office Winners 2017 | CoStar Agency Awards 2017

BBRE attended the CoStar Agency Awards on 17th October, after a letting to the Roc Search at The White Building, Reading was shortlisted.

We are pleased to announce that we won the ‘Deal of The Year’ award for West London & Thames Valley Offices. A fantastic result for all those involved on this project.

 

BBRE wins Top National Award from British Council For Offices CONCORDIA WORKS, LEEDS

The British Council for Offices (BCO) has named Boultbee Brooks Real Estate’s Concordia Works in Leeds the best national office development up to 1,500 sq m.  The property, where Savills is instructed as letting agent, was also crowned winner in this size category for the North of England, North Wales and Northern Ireland region.

Concordia Works, which dates back to the early 20th Century, offers 13,922 sq ft (1,294 sq m) of warehouse-style office space.  Tenants include Caldero Limited, Yonder Consulting and Bark & Bite.  Original features such as exposed brickwork, cast iron beams and columns were maintained throughout during a major refurbishment, while modern facilities including cycle storage and showers were added.

The building is located on the southern fringe of Leeds city centre, adjacent to the urban garden recently created in Sovereign Square and numerous restaurants, coffee shops and bars.  Leeds Station and the city’s main retail pitch are both a short walk away.

BCO judges commented: “This building could so easily have slipped into obscurity, but it has been restored and revived and is now a vibrant part of 21st Century Leeds.”

Paul Fairhurst, head of Savills Leeds, comments:  “The combination of quirky period features, high spec office space and a central location at Concordia Works is proving attractive to a wide range of occupiers.  The property is truly a one off and certainly deserving of this prestigious accolade.”

 

We are recruiting an Asset Manager!

We are recruiting

We have a vacancy for a RICS qualified Asset Manager with minimum 5 Years PQE.  The applicant will be proactive, enthusiastic, independent Asset Manager with experience leading a team.

Team and role based in Hereford.  Secondary Location: London/Nationwide (UK Portfolio).

Competitive salary plus benefits.

For a detailed job description, or to apply, please email helen@bbre.co.uk.

Closing date: 19 October 2017

BBRE is Recruiting an Estates Administrator in Hereford!

BBRE is looking to hire an Estates Administrator to work within a small asset management team in Hereford.

Are you a calm, polite, proactive, confident individual who can work well under pressure with excellent attention to detail? Are you proficient in Microsoft office? Do you have a general knowledge and basic understanding of property management and a willingness to learn new skills? Do you have experience providing support and administration to a management team?

If so we would like to hear from YOU!

Duties will include: providing support to the Property Asset Manager in all aspects of the property transaction and management cycle, along with providing administration to the team; updating databases; filing; helpdesk management; tenant queries and applications; preparing reports; attending and arranging meetings and minute taking; assisting with due diligence; managing insurance, utilities, bills and tenants charges; setting up and processing supplier invoice approvals

Please email christine@bbre.co.uk for a full job description or to send in a cover letter and CV.

Salary details TBC

Closing date for applications is 18 August 2017

 

For more information contact:

Christine Elsasser

Boultbee-Brooks Real Estate

+44(0) 20 73498454

Email: Christine@bbre.co.uk

www.boultbeebrooks.co.uk