NEW ASSET MANAGER FOR CHANCERYGATE
Posted on: November 7, 2012
Chancerygate has appointed Rory Finnan as Asset Manager. He will be joining the team to concentrate on the asset management and enhancement of Chancerygate’s properties currently under management as well as new opportunities. Rory was previously a Director with Dunmoore – a property company specialising in multi-let industrial and trade counter investments and prior to that he spent nine years dealing with asset management and development at Teesland iDG (formerly The io Group).
Commenting on his appointment, Chancerygate Asset Management Managing Director, Eddie Cook, said: “Rory’s experience and expertise is a very good fit with the range and scale of assets we have under management. As we are expand our holdings with new acquisitions, he will play an important role in driving the value and performance of our assets under management”.
POUNDLAND GROWS CHELTENHAM PRESENCE
Posted on: October 15, 2012
Chancerygate Asset Management has let the 10,500-sq ft former Peacocks store at 236-242 High Street in Cheltenham on a new 10-year lease to Poundland at an initial rent of £165,000 with six months rent-free. The value retailer already occupies the adjoining 1,712-sq ft unit at 232–234 High Street and is planning to connect the two units at ground floor level to create a much larger trading area with ancillary offices and storage on the upper floors.
Eddie Cook, Managing Director of Chancerygate Asset Management, commented: “This letting demonstrates that although High Streets are being hit by receiverships, there is still occupier demand in strong trading areas such as Cheltenham.
“It also shows the growing influence of value retailers on the UK shopping scene. Poundland has dramatically increased its trading presence in Cheltenham as a result of this letting.”
Jackson Criss acted for Chancerygate. Poundland was advised by Capital Retail.
The letting is the latest in a series of retail deals that Chancerygate has completed this year. On Godalming High Street, the former Clinton cards store has been let to JoJo Maman Bebe on a 10-year lease with no breaks at a passing rent of £35,000pa with six-months rent-Free. Earlier this year, Chancerygate let the former TJ Hughes store in Crawley to Wilkinson.
CHANCERYGATE ASSET MANAGEMENT BUY IN STOKE-ON-TRENT
Posted on: October 15, 2012
Chancerygate Asset Management has acquired a retail warehouse investment in Stoke-on-Trent.
The 60,252-sq ft property is located on City Road at the junction of the A52 in the Fenton district of Stoke. It comprises two units let to Topps Tiles and CDS (superstore International) Limited trading as The Range on new 20-year leases from January 2012 with a current total rental income of £280,059pa. Both leases have fixed uplifts at review.
Mason Phillips advised Chancerygate while GVA and Curson Sowerby acted for the vendor.
CHANCERYGATE TAKES MAJOR INDUSTRY DEAL AWARD
Posted on: October 1, 2012
At the 2012 Industrial Agents Society Awards, Chancerygate has won the Deal of the Year in the sub-50,000 sq ft category. The award was given for the preletting of its project at Mathisen Way in Poyle, West London. Chancerygate’s Don Bailey, commented: “These are the leading awards in the industrial property sector and it is great to have won for a scheme that reflects many of Chancerygate’s strengths: development, funding, leasing and a specialism in the West London market. We’re delighted that this project has been given this recognition”.
The 37,000-sq ft warehouse facility close to Heathrow Airport was prelet to Kintetsu World Express as its UK headquarters on a 15-year lease at a rent equating to £11.95 per sq ft, and forward sold for £5.94m to Threadneedle. The lease is subject to five-yearly reviews with 2.5% pa compound fixed uplifts, and the sale price reflects an initial yield of 7%.
Bailey added: “This prelet and forward sale is a further endorsement of the underlying strength of Heathrow industrial market. The creation of the project, its letting and sale are products of the skills and market contacts of Chancerygate’s asset management and development teams”.
THE CURVE WELCOMES OLYMPIC BROADCASTERS
Posted on: July 18, 2012
The Curve – a 350-bed student accommodation development in London E1 by Chancerygate Asset Management and Bridges Ventures – has been let to the London Organising Committee of the Olympic and Paralympic Games (LOCOG) for the duration of the Olympics.
The building will be occupied by Olympic Broadcasting Services which supplies highlights of the games to all countries which have bought Olympic broadcasting rights.
Chancerygate Asset Management Managing Director, Eddie Cook, commented: “Both Bridges Ventures and Chancerygate as partners in this scheme feel privileged that our newly completed development, The Curve, has been chosen to play a role in helping London host the Olympics.
“In addition to playing host to one of LOCOG’s designated user groups it also enables us to have a dry run in using the property in readiness for our student residents arriving for the academic year that starts in September”.
PROMOTING WEST LONDON
Posted on: July 18, 2012
Chancerygate has become a sponsor of the Place West London event which promotes business in West London. This year’s event will take place on October 23 at Olympia Conference Centre. The one-day networking conference focussed on economic development and regeneration in West London is followed by the Place West London Dinner.
Chancerygate MD, Don Bailey commented: “Chancerygate has always been inextricably linked with west London. Our first development was in Park Royal, and we have developed more than 6m sq ft of industrial and commercial space since then nationwide.
“Place West London brings together a huge range of businesses and is a tremendous opportunity for property providers to gauge the market and forge relationships with occupiers.”
More details at www.placewestlondon.co.uk
OCCUPIERS SIGN UP AT 4-40 LINK
Posted on: July 18, 2012
Sales continue at Chancerygate’s 4-40 Link development in Southall with more than 50% of the 12 units now sold. The 80,000-sq ft project was the first speculative warehouse development in west London since the financial crash and is proving popular with owner-occupiers.
Chancerygate MD, Don Bailey commented: “It’s a testament to the quality and location of 4-40 Link that even in the current difficult economic conditions, 4-40 is attracting buyers”.
DEBUT SALE AT SOUTHALL
Posted on: May 14, 2012
Embarking on the first speculative industrial development since the beginning of the deepest recession in history was considered a brave move by many in property, yet having followed their instinct and pushed forward with the 80,000 sq ft 4-40 Link development in Southall, Chancerygate are enjoying the advantages of being the only significant operator in this market. Confirmation that this was the right decision has come in the form of several sales and current predictions are that by the end of the summer, over half of the scheme will be sold.
Chancerygate MD, Don Bailey commented: “We took a big decision to embark on this development, but took great care to provide a superior product in a great location. Our efforts are starting to bear fruit and it is very satisfying to see activity on a new development in this economic climate.”
UBS MAN WINS YOUNG PROPERTY PERSONALITY AWARD
Posted on: April 30, 2012
Sam Sananes, a 34-year old portfolio manager for the UBS Central London Office Value Added Fund, has been named Young Property Personality of the Year at the 2012 Property Awards. He was presented with the Chancerygate-sponsored award by Chancerygate’s Don Bailey, aided and abetted by Jonathan Ross.
Sam is responsible for the strategic management of the fund, investor relations and business development. In 2011 the fund produced a total return of 14.6%, making it the third best-performing unlisted real estate fund and the second best-performing central London office fund. During the year the fund delivered a distribution yield to its investors of 5.6%, which was the highest income distribution by a specialist office fund.
Don Bailey commented: “The short-list for the award this year was very strong so Sam can be justifiably proud of winning”. To watch a video of Sam receiving his award, please go to www.awards.propertyweek.co.uk
CHANCERYGATE LET FORMER TJ HUGHES CRAWLEY STORE TO WILKINSON
Posted on: April 16, 2012
Chancerygate Asset Management has finalised a deal to let a 54,000 sq ft store in Crawley to Wilkinson, the value home and garden retailer.
The Broadway unit was previously let to TJ Hughes – which went into administration in June of last year. This new store for Wilkinsons will expand their current portfolio of 366 stores across the UK, with launch of the store scheduled for the summer of 2012, bringing significant regeneration and creation of jobs to Crawley.
Eddie Cook, Managing Director of Chancerygate Asset Management, commented: “The letting to Wilkinson will further enhance The Broadway’s retail offer, and – despite the TJ Hughes administration – has also enabled Chancerygate to create extra value and performance for the fund which owns the asset.”
Robin Lassiter, Wilkinsons Head of Retail, commented: “We have been looking to move into Crawley for some time, as it has a vibrant and bustling community and this represents a fantastic opportunity for the company.
Jackson Criss and Freeth Cartwright acted for Chancerygate.
CHANCERYGATE WINE CHALLENGE
Posted on: April 16, 2012
By popular demand Chancerygate held its second Wine Challenge at Hay’s Mews on Wednesday 14th April. The evening was presided over by Jack Scott as Master of Ceremonies and teams hosted by a “Chancerygate Sommelier” included The Blue Nuns, Hirondelles, Piesporters, Sanatogens, and Black Towers. Chancerygate and their guests were guided through some fine wines having to select the grape variety, estate, country of origin, vintage and price. The winning team of the Blue Nuns included Mark Quigley (Barclays), Paul Crosbie (Rockspring), Howard Meaney and Darren Williamson of Freeth Cartwright, who were each presented with a Magnum of fine red wine with the wooden spoon going to the Piesporters hosted by Chancerygate’s James Deane.
The evening managed to combine an element of education even for those who claimed some wine knowledge beforehand and confirmation for the remainder that they had none at all. Don, Eddie and a few hardy souls continued the education after the main event resulting in some delicate heads the next morning.
CHANCERYGATE SECURE HEATHROW PRELET AND SALE
Posted on: January 19, 2012
Chancerygate has prelet a 37,000 sq ft warehouse facility close to Heathrow Airport and forward sold the completed investment to Liverpool Victoria.
Located on Mathisen Way in Poyle and less than a mile from the airport, the new development has been let to Kintetsu World Express as its UK headquarters.
Having secured a satisfactory planning consent for the scheme, construction started on site in November and is scheduled for completion in July of this year.
Eddie Cook of Chancerygate Asset Management commented: “This prelet and forward sale is a further endorsement of the underlying strength of Heathrow industrial market. The creation of the project, its letting and sale are products of the skills and market contacts of Chancerygate’s asset management and development teams”.
Further activity by the company in the west London industrial market also sees the completion in November of its 80,000 sq ft 4-40 Link project at Southall – the first speculative industrial development in the area since the financial crash.
Don Bailey of Chancerygate’s development arm commented: “As the success of the Poyle project demonstrates, if the right product is brought to market in the right place it will attract both occupiers and institutional investment”.