We hope you are all enjoying the Easter holidays, especially the extra days of for some! We may be having a relaxing break, but there’s still plenty of commercial property news to share.
Last week we looked at the demise of Carillion, Siemens Worcester investments, Brexit versus commercial property and smashing expectations in the sector.
This week we’re looking at Prudential’s new HQ, JD Sports hitting America, Reading Council investments and a Crossrail over station.
Prudential Signs For Angel Court HQ
Mitsui Fudosan and Stanhope plc have just completed a deal with Prudential. The well known international financial services group plans to move its headquarters to Angel Court in London.
The Angel Court building offers 300,000 sq ft, but Prudential will be signing for 60,000 sq ft on what appears to be a long term let.
Angel Court is yet to be completed, however it has already let over 80% of its capacity already. Others relocating to the building include Petrobras Europe Limited, Delphi Technologies and ConocoPhillips.
Find out more about this news story via Commercial News Media.
JD Sports Enters US Market With £400m Deal
Sports giants JD Sports have entered the US sportswear market with a surprising deal with trainer supplier, The Finish Line. The deal is set to be worth over £400 million.
The Finish Line is currently in over 500 Macys stores (and over 500 standalone stores) across the country and is 10% owned by their rival Sports Direct. It is thought that more stores will open after the deal is complete.
The hopes are that JD Sports can help to boost the market value of the business, as it has fallen by two thirds in the last 4 years (while JD’s has quadrupled).
Find out more about this news story via The Telegraph.
Council Buys Kennet Wharf In Reading
Kennet Wharf is a commercial building based in Reading, on Queens Road. For the last few years it has been let by Visa, but it has just been purchased by the council.
Reading Borough council has never really bought commercial property, and this is thought to be their first major investment in the region.
It is 56,000 sq ft and the speculated cost, by Property Week, suggests it may have cost more than £20 million to acquire.
Find out more about this news story via ThamesTap.
Grosvenor To Deliver Latest Crossrail Development
Grosvenor Britain & Ireland (better known as ‘Grosvenor’) have signed a development agreement with TfL to deliver 65,000 sq ft of office space above the new Bond Street station.
The scheme for these offices are to be contemporary and will offer 6 floors of office space. Offices will range from 7,000 sq ft to 12,000 sq ft. and can accommodate over 600 employees.
The building’s design is a nod to the existing traditional Mayfair buildings and includes high-quality materials, naturally sourced, with a stunning terracotta facade.
Find out more about this news story via Grosvenor.
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.