The Murcar industrial estate, which is located in the city’s Denmore Road, Bridge of Don area, includes two office/industrial facilities and an estate of eight terraced industrial units. It was acquired by Highcross in July last year, as part of a £20m portfolio of industrial and office properties across Scotland. Key occupiers include Fugro Survey and Sparrows Offshore. 

Since acquiring the properties, Highcross has re-geared existing leases and let the remaining available space to international energy saving business, Mark Group, at a new headline rent of £8 per sq ft. The sale reflects an initial yield of 8.4%.

Mark Evans, who heads Highcross’ Scottish team comments: “The decision to sell the estate reflects our success in achieving our objectives of re-gearing existing leases and letting the remaining vacant space. The enhanced value achieved also reflects the continuing strong market in Aberdeen for good quality industrial space.”

 Highcross was advised by Tom Fulton of Colliers International who said: “Highcross has efficiently enhanced the value of the investment.  With strong occupational demand and sustained growth, the Aberdeen industrial and office markets are particularly buoyant and the city continues to attract investment from a wide range of UK and global buyers. This sale is one of a number of significant transactions currently taking place in Aberdeen, a city which is very much now establishing itself as a core UK location for institutional investment.”

 James Horgan at CBRE Global Investors comments: “We have acquired an estate with a robust income stream and strong rental growth prospects.  We believe this estate will continue to deliver good performance and above average returns.”

CBRE Global Investors was advised by Gary Cameron at Inglis Howie.

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Harper Dennis Hobbs is on the hunt for up to 50 new stores over the next five years for the brand. Agent Provocateur is targeting sites in major cities across Europe as well as considering other opportunity-led destinations.

Harper Dennis Hobbs is looking for sites of around 800 to 1,500 sq ft for the brand. Agent Provocateur currently has 60 stores across 25 countries worldwide.

David Harper, Director of Harper Dennis Hobbs, said: “Agent Provocateur aims to double in size over the next five years as it expands its network of boutiques to satisfy customer demand for the luxury brand.”

Harper Dennis Hobbs is the exclusive retained agent for Agent Provocateur.

Capitol Shopping Centre in Cardiff, is to undertake a major investment programme which will see Tesco and easyGym open in the city centre scheme. 

Tesco will open an 11,590 sq ft ground floor unit on a 20 year lease. They will pay a £250,000 rent pa for the store which will be their Metro store concept.

Meanwhile low cost membership fitness centre group, easygym is to take a 17,500 sq ft first floor unit overlooking Queen Street. easyGym will pay a rent of £140,000 pa after signing a 20 year lease at Capitol. It will be Easygym’s third opening in the UK.

The addition of Tesco and easyGym will complement the existing retail mix and will help increase footfall from Queen Street. 

As well as the new anchors, Caffe Nero has also signed a 10 year lease for a 1,500 sq ft store fronting Queen Street. Caffe Nero will pay a £50,000 rent per annum and are due to begin their fit out at the start May.

Speaking about the deals, Mark Holmes of Moorfield Group, the investment and asset manager of the Moorfield Real Estate Fund (MREF) which owns the centre, said: “These anchors will help to drive footfall and broaden the appeal of the Centre. The retailers have located in Capitol to benefit from the busy footfall of Queen Street which according to Cardiff Council footfall figures is still the premier shopping location in Cardiff.

“Capitol Shopping Centre also benefits from the significant footfall from Queen Street railway station which is about to undergo a refurbishment including additional platforms to accommodate over 4 million users each year.”

Reconfiguration works in the centre will begin in May with the new anchor stores due to open in the Autumn 2012.

Capitol Shopping Centre was acquired by MREF in November 2005 and is managed by Plus Shops Retail Ltd. The scheme currently totals 160,000 sq ft of retail accommodation across two levels, together with an adjoining 420 space car park.  The centre is home to a multitude of leading brands including H&M, Hobbs, Phase Eight, Jaeger and Fat Face.

Kitchen La Frenais Morgan and Macarthur Wilson acted for Moorfield Group, EJ Hales advised Tesco while Lyndon Yeomans represented Easygym.

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In Derby, the 35,540 sq ft former TJ Hughes store at 1 London Road has been let to Poundland on a new 15-year lease at an annual rent of £250,000.

Unit 2c in the Wulfrun Centre in Wolverhampton, previously occupied by TK Maxx, has also been taken on a new 15-year lease. The rent on the 61,000 sq ft store is £260,000 a year.

Tushingham Moore advised Redevco in both transactions with Jones Retail advising Poundland.

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Cyprus Airway has taken a 2,760 sq ft third floor suite on a new 10-year lease, with a break after five years and a 12 month rent free period, at a rent of £37,260 a year.

Meanwhile outsourcing specialist company NSL will pay an annual rent of £28,960 on a 10-year term after a four month rent free period having leased 2,760 sq ft of first floor space. There is a break option after 7 years.

The tenants were not advised.

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The 157,000 sq ft centre is anchored by a 30,000 sq ft Morrisons supermarket and comprises 37 other retail units with parking for 385 cars in two surface level car parks. Other retailers include Wilkinson, Argos, Boots, WH Smith and M&Co.

The majority of the retailers are on standard institutional leases and the average unexpired term is over 12.5 years. The current roll is in excess of £1.7 million a year.

Matthew Meaden, fund manager, Salmon Harvester Opportunity Fund, comments: “St Andrews Square is the dominant shopping centre in Droitwich Spa, an affluent spa town with excellent demographics.

“There are a number of opportunities for active asset management  and the potential for extending the retail and leisure offer through the regeneration of the Covercroft area within the site.”

 Hoddell Stotesbury Morgan represented Salmon Harvester while Jones Lang LaSalle advised the vendor.

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The Bournemouth-based company, which currently operates eleven Tops Day Nurseries across Hampshire, Dorset and Somerset, has signed a fifteen-year lease on the 3,000 sq ft building. Construction is now underway, with the nursery scheduled to open in October this year. 

The 60-place nursery will provide care for babies and children from three-months to five years. The building, which will be clad in timber boarding, will benefit from lots of natural light and have a curved grass roof, designed to help it blend in with its surroundings as well as improving energy efficiency.

The Lakeside North Harbour nursery will be Hadland Care Group’s second in Portsmouth. Managing Director, Cheryl Hadland, comments:

“We chose this location because it is a perfect site for people working in the area, especially those based on the expanding Lakeside North Harbour business park, and has the added benefit of a free bus from the local train station. Our nursery at the Queen Alexandra Hospital in Portsmouth is now reaching capacity and we wanted to open another site close by. The new building will have a natural and neutral decor, to encourage a ‘communication friendly environment’ and provide a great space to display all the children’s work.”

The new nursery, which will be open from 7am-7pm, will have a landscaped garden and there are plans for a second phase of development on the same site, to provide a breakfast, after school and holiday playclub for older children from 5-11 years.  

Highcross asset management director, Nick Turner added: “We are delighted to be adding a high quality, flexible day nursery to the excellent facilities already available to companies based at Lakeside North Harbour business park. Our architects, Thorpe Wheatley, have designed a building which makes the most of its location in our landscaped 100-acre site, using natural materials which will be visible inside and outside, as well as a grass roof.”

 The first Tops Day Nursery opened in Parkstone, Dorset in 1990, and all nurseries in the group offer the flexibility

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Two units, totalling 3,000 sq ft, have already been pre-let to The Southern Co-operative, which also has its headquarters at 1000 Lakeside, and will be used for a convenience store and florist. A further three of the planned seven units are currently under offer, to a dry cleaning business, hairdresser and cafe.

Highcross awarded Warings the £3m construction contract for the new retail hub and the recently announced day nursery. The full service contractor has already completed the infrastructure phase of the project, which included the installation of a sewerage tank and electricity cables. It previously handled the major refurbishment of the 1000 Lakeside office building back in 2007.

The retail scheme will involve the construction of two single-storey pavilions, which will be linked to the 1000 Lakeside building by a tensile fabric canopy.

Philippe Jouy, managing director of Warings said: “We are proud of the work we have carried out at Lakeside and the high standard of the finish we achieved there. So it is a real pleasure to be working on such an important site again, with a project that promises to really add to its attraction and the quality of the facilities there.”

The new retail/lifestyle hub is expected to be ready for opening in early 2013.

Richard Stileman, Head of Estates for The Southern Co-operative commented: “We are delighted with the opportunity to have not only a store but also a florist on site. This will be a definite plus for our own colleagues and for employees of the many other businesses based at Lakeside.”

The retail and nursery pre-lets follow record lettings at the park’s 1000 Lakeside building, where a total of 115,000 sq ft office space was let by Highcross last year.

Highcross asset management director, Nick Turner, added: “The planned expansion of our Lakeside North Harbour business park is beginning to take shape, with early pre-lets on our retail hub and nursery, and the development of the new car retail centre, highlighting the business park’s growing reputation as a leading location for businesses. These latest deals also underline our desire to provide a superb working environment for companies based at the park, with a growing range of amenities and facilities right on their doorstep.”

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Footwear specialist Schuh, advised by Harper Dennis Hobbs, is to open a new store at Brent Cross Shopping Centre in North London.

The shoe retailer will open a two floor store comprising 2,515 sq ft on the ground floor and 2,460 sq ft in a first floor roof box (total 4,970 sq ft).  It will be located on the first floor level of the centre adjacent to Boots.

The new opening at Brent Cross is part of the retailer’s expansion plans for the capital which will see it open a number of stores in various Central and Greater London locations over the next 18 months. 

Harper Dennis Hobbs advises Schuh in the London area and represented it on the deal.  Hammerson/Standard Life was advised by Lunson Mitchenall and Cushman & Wakefield.

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Halfords Autocentres, the motoring specialist, has taken a 7,904 sq ft warehouse unit on a new ten-year lease from which it will operate an MOT, servicing and repair business. It opens Monday 16 April.

Simon Allen, Network Development Manger at Halfords Autocentres said, “ Opening a new centre on the Stadium Trade and Business Park is a significant move for us as it provides an opportunity to serve the west of Reading which has been a priority target and will complement our existing centre on Long Barn Lane”.

James Ansher, Asset Manager at Salmon Harvester, said: “This letting is an expression of confidence in Stadium Trade and Business Park and further proof that demand for trade accommodation in West Reading remains high.” 

Other occupiers at Stadium Trade & Business Park include ScrewFix, Mr Clutch, Benchmarx Kitchens and Joinery, Howdens and Plumb Centre.

Salmon was represented by Haslams and Jones Lang LaSalle. Richards Chartered Surveyors represented Halfords Autocentres.

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