Happy New Year to you all! We hope you had an excellent Christmas too. The last couple of weeks have been quiet for many, but there’s no rest for the wicked.
This week in the news we discover more about a tudor building, selling stakes, a new junction and a rather expensive building on London’s Southbank…
Mock Tudor Building for Sale For Nearly £1 Million
A beautiful mock-Tudor building in Walsall is on the market via Bond Wolfe – a 5,556 sq ft building that has been there since the early 1920’s.
It features a terrace of four ground floor retail units and 3 floors of residential accommodation. The retail units are currently occupied by: betting shop Ladbrokes, Bad Apple Hair, Beauty Queen Cosmetics and Chongz Limited.
Investors should expect this building to yield around £80,500 per year – the guide price reflects a net initial yield of 8.47% after purchasers’ costs of 5.6%.
Read more about this news story via Express and Star.
Carillion Sells Stake in £150 Million Durham Scheme
Arlington Real Estate and The Richardson family have acquired Carillion’s exciting joint venture share in the impressive £150 million Milburngate development.
Just over 2 months ago Arlington sold their real estate business for £14 million to Richardson, including the £300 million Goods Yard scheme.
The new development will be situated on Durham City Riverside and will consist of 400 properties with a 150,000 sq ft office space.
Read more about this news story via Construction Enquirer.
New M49 Severnside Junction To Open Up 300 Acres of Employment Land
Many commercial developers have welcomed the announcement of the new M49 junction in Avonmouth.
Work is to start in the spring of 2018 and will open up almost 300 acres of employment land.
The site itself is owned by Robert Hitchins and Harrow Estates and preparations are already underway. It’s strategic location provides access to the M5 and M4, conveniently close to Bristol Airport and the expansions of Avonmouth and Portbury Docks.
Read more about this news story via South West Business.
Investors Snap Up 3 Year Old 20 Storey Commercial Building for £266.5 Million
Professional property investors from the Middle East, Woolf Asset Management Limited, have bought an impressive commercial building, located in London’s Southbank, for a cool £266.5 million.
The site is 226,271 sq ft and currently lets out to 7 office tenants, including UMB, Pret a Manger and Lonely Planet. Rent for these tenants comes in at between £50 and £65 per square foot.
The deal also includes a 10,000+ sq ft retail and residential building (Cubitt House), where 10 apartments have been sold on long leases. Total rental income for the site is around £11.2 million per year.
Read more about this news story via The Daily Mail.
That’s all we have for industry news this week, what news story stands out most for you? Do you think commercial UK property investment is on the up? Are we seeing an increase in overseas investors? Let us know your thoughts via Twitter at @VAT_BRIDGE.