This week may have flown by, but we all get to enjoy a lovely long weekend this bank holiday. While many will sit back and relax, many others will be working away as usual.
Last time we looked at rises in commercial investment around the UK, Scotlands hotel sector booming, a campaign against the Network Rail arches sale and held-back hotel plans in Birmingham.
This time we’re looking at Sports Direct’s £31.6m purchase in Newcastle, a new business hub in Port Talbot, the L&G Deansgate Square deal is confirmed and a rise in South Korean investment in the UK.
Newcastle’s Biggest Ever Retail Deal
Mike Ashley, owner of Sports Direct and Newcastle United, has just purchased a Newcastle building for an impressive £31.6 million. The purchase raised 2018 deal volumes in the area by 179%.
The building itself is 90,000 sq ft and is based on the main shopping street in Newcastle, directly next to the existing Sports Direct store. It was bought from Aberdeen Standard Investments.
Sports Direct’s £31.6m purchase of a building on Newcastle’s main shopping street has helped to lift the region’s property deal volumes by 179% in a year.
The building is already home to WHSmith and H&M, but the basement of the building has spent over a year empty.
Find out more about this news story via Chronicle Live.
One of Port Talbot’s Oldest Buildings To Transform
The Grade II listed building, which was a former magistrates court, is set to be transformed into a brand new business hub called “The Terminus”.
The plan is to create a hub for technology based companies and work is already underway and due to complete in the New Year.
The scheme, worth £1.5 million, has been funded by the European Regional Development Fund (ERDF) and also through the Welsh Government’s Building for the Future Programme (BFTF).
Find out more about this news story via Wales Online.
West Tower at Renaker’s Deansgate Square
West Tower, one of 4 towers at Deansgate Square, as been acquired by Legal & General. The building is set for some updates and tweaks, including 24/7 staff, management and office space as well as a reception.
The tower was designed by Simpson Haugh & Partners and, once completed, will be the tallest build-to-rent scheme in the UK. Once finished, it will have a value of over £200 million.
Not only will the building have 350 units, but it will also have almost 150 parking spaces and ancillary commercial space.
Find out more about this news story via Place North West.
Growing Interest From South Korean Investors
The UK is no stranger to overseas investors when it comes to commercial property purchases, but one country’s investments are on the rise.
Investment from South Korea has risen to £1.1 billion already this year, which is over double the amount that was invested in the entirety 2017.
In 2017 investment volumes were at £530 million. It is predicted that overall investment by the end of the year may very well reach £4 billion.
Find out more about this news story via Property Week.
That’s all for this week, make sure to stay tuned for more commercial property news. If you want even more up to date information then please visit our Twitter page at @VAT_BRIDGE – where you’ll find a whole bunch of daily news and insights.