Investment Transactions Services in London - Page 3

Capital Raising: Meadowhall Shopping Centre, Sheffield

Pursuant to Nightingale assisting in the formation of a joint venture (below) LondonMetric / Green Park Joint Venture acquired a 50% stake in Meadowhall Shopping Centre, the remainder held by British Land.

The centre has a floor area of 1,500,005 sq ft (139,355 sq m). The purchase price £587.7 million / 6.75% NIY.

The property was later sold to Norges Bank for £762.5m / 5.09% NIY.

For further information contact James Turner or Rupert Mitchell.

Acquisition of HQ Office Property, Aberdeen, Scotland

Gatehouse Bank, the Shariah compliant investment bank has acquired the Bridge View and Consort House in Aberdeen from Ulster Estates for £59.9m.The deal represents a net initial yield of 7.15%.

The 159,170 sq ft property is the largest office development in central Aberdeen. It is let to oil and gas service provider Petrofac as its North Sea office headquarters which occupies 142,379 sq ft, and the Scottish Ministers (NHS) which occupies the remaining space.The building has an average weighted unexpired lease term of 14 years.

Gatehouse Bank were represented by Nightingale Partners; the deal was concluded off-market.

For further information contact Rupert Mitchell.

Acquisition of Retail Property, Pimlico, London

The virtual freehold interest in 166 Vauxhall Bridge Road, London, SW1V 2RB, has been acquired by private Spanish investors advised by Nightingale Partners.

The purchase price of £1,875,000 represented a net initial yield of 5.80%.

The property forms the ground and lower ground floors of a larger corner building, comprising 1,926 sq ft of A2 retail accommodation let to Foxtons Limited on a full repairing and insuring lease for a term of 20 years from 9th January 2012 expiring on 8th January 2032. The current rent is £115,000 per annum.

The purchasers were represented by Nightingale Partners.

For further information contact Will Collis.

Acquisition of Foodstore Property, Tooting Bec Road, London

RSJ Investments, advised by Nightingale Partners, has purchased the Freehold interest in 25 Treherne Court, Tooting Bec Road from Alburn Retail Ltd. The purchase price of £1,460,000 represents a net initial yield of 5.25%.

The property comprises a ground floor retail unit totalling 3,488 sq ft, located on Tooting Bec Road. The property is let to Sainsbury's Supermarkets Ltd for a further 12 years, providing a current rental income of £81,000 per annum. The property benefits from annual (uncapped) RPI uplifts with the next review in February 2014.

The property provides attractive investment characteristics due to the strength of the covenant, length of lease and uncapped RPI rental uplifts.

Nightingale Partners represented the purchasers.

Acquisition of Lodden Business Centre, Basingstoke

RSJ Investments, advised by Nightingale Partners, has purchased the long leasehold interest in The Loddon Business Centre, Basingstoke from Satinwood Ltd.The purchase price of £1,450,000 represents a net initial yield of 11.1%.

The property comprises a multi let business centre of 18 units totalling 30,523 sq ft. It is multi let to 10 tenants with a weighted unexpired lease term of approximately 5 years and provides a current net income of £170,554 per annum. The property also benefits from 5 vacant units.

Nightingale Partners represented the purchasers.

Acquisition of 48/49 Chancery Lane, London, WC2

Aviva Investors (on behalf of one of their segregated mandates) has acquired the long leasehold interest in 48/49 Chancery Lane and 1 Quality Court, London, for £15.575 million, reflecting a net initial yield of 5.63%.

The property comprises a Grade A office building on ground and five upper floors totalling 27,232 sq ft (2,529.9 sq m) which was comprehensively refurbished and extended in 2008.

The property is currently multi-let to The National Pro Bono Centre, PSD Limited, The Berkeley Partnership LLP and CF Global Trading (UK) Limited. The total gross income is £1,028,216 and the net income is £925,394.40. Approximately 70% of the total income is secured until between 2018 and 2020.

Aviva Investors were represented by Nightingale Partners.

Disposal of Industrial Property, Deeside, Clwyd, Flintshire

The freehold interest in Unit 1, Tenth Avenue, Deeside Industrial Park, Deeside has been sold by The Easter Group to a group of overseas investors.

The property comprises a high quality modern industrial unit of approximately 100,000 sq ft located in a prominent position in Zone 3 of Deeside Industrial Park.

Deeside Industrial Park is one of the North West's premier industrial locations and totals over 600 acres of industrial and warehousing accommodation. The unit is let to Belfield Furnishings Ltd on a lease expiring in October 2019 at a passing rent of £452,500 per annum.

Nightingale Partners represented the vendor.

Acquisition of Office & Residential Property, Grosvenor Gardens, London

The long leasehold interests in 46/48 Grosvenor Gardens & 46 48 Grosvenor Gardens Mews South have been acquired by a client of Nightingale Partners.

For further information contact Rupert Mitchell.

Acquisition of New York University in London, Bedford Square, Bloomsbury

The virtual freehold interest in 6 Bedford Square has been acquired by an overseas family trust advised by Nightingale Partners from a private client of CBRE.

The purchase price of £7.208 million equates to a capital value of £715 per sq ft.

6 Bedford Square comprises a highly attractive Grade I listed property situated in a desirable location on Bedford Square in Bloomsbury - the only complete Georgian Square in London.

For further information contact Will Collis.

Acquisition of Rolex Unit, One Hyde Park, Knightsbridge, London

Private clients of Nightingale Partners have acquired the virtual freehold interest in the Rolex Retail Unit at One Hyde Park. The property, a high end retail unit within the world famous One Hyde Park residential development is located adjacent to the Mandarin Oriental Hotel.

Offers were sought in excess of £12.5m, reflecting a net initial yield of 3.00%.

The property is leased for a further 14.5 years at a rent of £400,000 per annum, reflecting c. £300 per sq ft ITZA. The property offers a highly secure income return and excellent rental growth prospects; the adjacent identical unit has recently been leased at £587 per sq ft ITZA.

For further information please contact Rupert Mitchell.

Acquisition of Arts & Dance Academy, Kensington, London

The freehold interest in 4-6 Abingdon Road has been acquired by a unit trust from a private vendor.

The property comprises approximately 5,000 sq ft over lower ground, ground and two upper floors.

The purchasers commented that the property offers an opportunity to refurbish and operate rare space in the Royal Borough of Kensington and Chelsea suitable for an Arts and Dance academy.

For further information contact Will Collis.

Disposal of Office Property, Mayfair, London

The freehold interest in Chesterfield House, 1 Chesterfield Street and 16A Curzon Street has been sold by a private client of Nightingale Partners.

The purchase price of £6.725 million represented a net initial yield of 3.8% and a capital value of £1,825 per sq ft.

Chesterfield House comprises a highly attractive Grade II listed Georgian building located in the heart of Mayfair. The property provides office accommodation totalling 3,686 sq ft.

For further information contact Richard Pope.

Disposal of Mixed Use Property, New Oxford Street, London

A private overseas client of Nightingale Partners has completed the sale of the freehold interest in Isis House, 64-76 New Oxford Street, London WC1 for £9.5m.

The 19,000-sq ft building comprises retail space on the lower ground and ground floor together with three upper floors of office space. Tenants include Prêt a Manger and international PR consultancy, Ruder Finn (UK).

For further information contact Richard Pope.

Disposal of Mixed Use Property, Notting Hill, London

The freehold interest in 197 Westbourne Grove has been sold by a private overseas client of Nightingale Partners.

The property is situated on Westbourne Grove, and comprises a retail unit on ground and basement level, let to Chanceview Limited (trading as Bonpoint) until 2020, with three residential flats above let on Assured Shorthold Tenancies. In total the property provides circa 2,200 sq ft of accommodation.

Disposal of Mixed Use Property, Notting Hill, London

The freehold interest in 66-74 Notting Hill Gate has been sold by a private overseas client of Nightingale Partners.

The purchase price of £11,325,000 represented a net initial yield of approximately 4.65% and a capital value of £681 per sq ft. The property comprises five retail units with ten residential flats, totalling 16,629 sq ft (1,544.8 m).

Disposal of Retail Parade, Notting Hill, London

The freehold interest in 95-101 Westbourne Grove has been sold by a private overseas client of Nightingale Partners.

The property is situated on Westbourne Grove, and comprises a parade of four retail units arranged over ground and lower ground floors, together with ten residential flats on the first to third floors which have been sold off on a long lease at a peppercorn. The property provides 4,192 sq ft (389.4 sq m) of retail accommodation.

Acquisition of West End Office Property, London

Aviva Investors UK Real Estate Recovery Fund, c/o Aviva Investors, advised by Nightingale Partners, has acquired the freehold interest in 10 Whitfield Street, London, W1 from Draco.

The property is situated immediately west of Tottenham Court Road and to the north of Oxford Street, and totals approximately 21,263 sq ft (1,975.3 sq m) of multi-let office accommodation.

Nightingale Partners represented the purchasers.

Acquisition of Majestic Wine Warehouse, Putney

The freehold interest in Atlantic House, Putney has been acquired by a Spanish family investment vehicle from KAM Properties LLP.

The property, on a site of 0.24 acres, comprises 5,195 sq ft of ground floor retailing space which is occupied by Majestic Wine Warehouses. The upper parts, comprising eight flats, have been sold off on long leases.

The purchasers commented that "the acquisition provides a steady yield derived from a UK plc company in an affluent residential area with longer term possibilities to develop or extend the site".

Nightingale Partners represented the purchasers. For further information contact Will Collis.

Acquisition of Office Complex, Southampton

The freehold interest in Stoneham Park, Eastleigh has been acquired by Capital Trust Group on behalf of a Middle Eastern investor from Jeeves Investments LLP. Jeeves Investments LLP is a joint venture between AEW and Mountgrange.

The purchase price of £9 million reflects a net initial yield of 7.46% and a capital value of £188 per sq ft.

Finola Reynolds of the Capital Trust Group commented that “this acquisition provides our investors with a good income return from a strong tenant with an unexpired lease term in excess of 10 years. This represents The Capital Trust Groups first investment acquisition since 2006 and marks the start of a renewed drive into the UK property market.”

Nightingale Partners represented the purchasers.

Acquisition of Industrial and Office Property, Watford

Wallop Estates, advised by Nightingale Partners, has purchased the Freehold interest in 117 Bushey Mill Lane, Watford, WD24 7UN from a Joint venture between Helical Bar and Albion Land. The purchase price of £2,687,000 represents a Net Initial Yield of 8.00%.

The property comprises Industrial and office and units totalling 24,327 sq ft located on Bushey Mill Lane. The property is fully let to McNicholas Construction Ltd for a further 9 years and c.6 months, providing a rental income of £227,130 per annum with a fixed uplift in May 2014.

There was considerable interest generated in the property from a variety of potential purchasers who were attracted to the unexpired lease term, quality of covenant and location combined with the potential for future redevelopment.

Wallop Estates (Watford) Ltd was represented by Nightingale Partners. For further information contac James Turner.

Acquisition of Prime Retail Property, Winchester

An in-house fund of Nightingale Partners has purchased the Freehold interest in 47 High Street, Winchester from an investment vehicle managed by Canford Property Ventures LLP. The purchase price of £1,470,000 represents a net initial yield of 5.95%.

The property is located in a prime position on the pedestrianised High Street and is let to JJB Sports plc for a further 9 years, providing a current rent of £92,500 per annum.

With prime retail yields now achieving in the order of 5%, the initial yield of 5.95% on the subject property reflects a substantial discount. This purchase forms part of an ongoing acquisition strategy by this fund which has to date concentrated on high street retail units. Last year the fund acquired the Vodafone unit on Parliament Street, York from Invista.

Nightingale Partners represented the purchasers.

Acquisition of 14-15 Craven Street, London

The freehold interest in 14-15 Craven Street, London, WC2, has been acquired by Hanson Industrial Pension Scheme Trustees Limited, c/o Aviva Investors from clients of CBRE Investors.

The purchase price of £3,400,000 represented a net initial yield of 5.62% and capital value of £556 per sq ft.

The property is situated just off Strand and is immediately adjacent to Charing Cross Station, and totals approximately 6,114 sq ft (568 sq m) of office accommodation which is let in its entirety to Kidd Rapinet Solicitors for a term expiring June 2012 at a rent equating to £33.00 per sq ft overall.

Aviva Investors were represented by Nightingale Partners. For further information please contact Richard Pope.

Acquisition of Industrial and Car Showroom, London Road

Wallop Estates Limited, through Nightingale Partners, has acquired 250 & 268 London Road on Staines from DTZ Investment Management. The purchase price of £3,750,000 represents a Net Initial Yield of 7.5%.

The property comprises industrial and car showroom units totalling 22,859 sq ft located on London Road. The property is fully let to Ford Retail Limited for a further 15 years and 7 months, providing a rental income of £297,518 per annum.

There was considerable interest generated in the property from private investors and UK institutions who were attracted to the unexpired lease term, quality of covenant and location which are proving to be fundamental as investors flee to core assets with underlying secure income streams.

Wallop Estates Ltd was represented by Nightingale Partners. For further information contact James Turner.

Disposal of Oxenford House, Oxford

The freehold interest in Oxenford House, 13/15 Magdalen Street, Oxford has been acquired by Essex County Council (c/o Aviva Investors) advised by Knight Frank from a private overseas client of Nightingale Partners and GVA Saxon Law. The purchase price of £6,000,000 represented a net initial yield of 6.75%.

The property totals approximately 16,805 sq ft (1,561.3 sq m) of retail, office and leisure accommodation located on Magdalen Street at the end of the prime pedestrianised retailing pitch of Cornmarket. The property is fully let, providing a rental income of £430,770 per annum. 44% of the income is secured against Jaeger Holdings Ltd trading as Jaeger with over 10.5 years unexpired, and a further 32% of the income is secured against British Study Centres, who recently took a 20 year lease (without break) on the newly refurbished offices.

The property generated strong interest from both UK institutions and private investors due to the quality of the location, the mix of uses and unexpired lease terms.

The vendor was represented by Nightingale Partners and GVA Saxon Law. For further information contact Richard Pope.

Acquisition in Rainham, Easter Business Park

Nightingale Partners announces the acquisition of Unit 15, Easter Park, Beam Reach 8A, London Riverside, Rainham, Havering, Essex.

Broadhaven Limited, through Nightingale Partners, has acquired Unit 15, Beam Reach in Rainham from the Easter Development Partnership LLP. The property was purchased for an undisclosed sum.

The property comprises a single industrial/warehouse unit of 6,360 sq ft located on Easter Park. The property is let in its entirety to Wincanton Holdings Limited until 16th June 2024.

Broadhaven Limited was represented by Nightingale Partners. For further information contact James Turner or Rupert Mitchell.

Nightingale Partners "Spreads Its Wings"

Extract from Property Week 30|10|09

People leaving large firms to set up on their own has been one of the stories of the year. But one pair blazed a trail down this route more than two years ago — in the eye of the credit crunch storm.

Since then, in one of the worst markets the industry has ever seen, former GVA Saxon Law investment surveyors Rupert Mitchell and James Turner's Nightingale Partners has been busy.

It has been involved in £265m of direct property transactions and helped to set up joint ventures that carry more than £1bn of firepower...

Continue to read the original article here:

Property Week
30-Oct-2009

Industrial Acquisition in Croydon

Wallop Estates Limited, through Nightingale Partners, has acquired Units 1-3 Brazil Close in Croydon from the RREEF UK Industrial Fund. The purchase price of £4,550,000, represented a net initial yield of 9.5%.

The property comprises three industrial/warehouse units totalling 61,593 sq ft located on Beddington Farm Road which is regarded as Croydon's principal industrial area. The scheme is fully let, providing a rental income of £458,000 per annum. 65% of the income is secured against the D & B 5A1 rated covenant of Geopost UK Ltd trading as Parceline with over 13 years unexpired.

There was considerable interest generated in the property from private investors and UK institutions who were attracted to the unexpired lease term, quality of covenant and location which are proving to be fundamental as investors flee to core assets with underlying secure income streams.

Wallop Estates Ltd was represented by Nightingale Partners.

For further information James Turner.

Acquisition of Vodafone in York

Invista Foundation Property Trust has sold a unit on Parliament Street in York to an in-house fund of Nightingale Partners.

The £1.9m disposal price reflects a net initial yield of 5.5% and was 9.8% above the 31 March 2009 valuation.

The unit, let to Vodafone which has a 10 year lease from February 2009 at a passing rent of £110,000 a year, is let at a zone A rate of £167.50/sq ft.

The strong yield achieved resulted from Invista Foundation Property Trust, managed by Invista Real Estate, surrendering a lease with retailer Jessop's and signing a long lease with Vodafone.

This purchase is Nightingale Partners' in house funds's first private treaty transaction. It had previously targeted auction lots. The fund is targeting lot sizes up to a maximum of £2.5m.

Nightingale Partners represented the purchasers.

Capital Raising: Joint Venture formed

The successful introduction of Cavendish Ltd, a wholly owned subsidiary of a major Gulf institution, to London & Stamford Property Ltd. The resultant joint venture provides co-investment funds, at this stage up to £200m of equity.

Nightingale Partners acted as a conduit throughout negotiations and due diligence whilst liaising with the various parties to the joint venture and their advisors. Please refer to the London & Stamford website; www.londonmetric.com for further details on the activities of the joint venture.

Property Week
April 2008

Financial Times
April 2008

Capital Raising: Industrial Joint Venture formed

The origination of funds for the successful formation of a £250m industrial real estate joint venture to invest in a series of UK assets through an established UK developer.

For more information, or to find out whether we may be able to assist your requirement please contact the office.

Investment Transactions - Page 4

Capital Raising: Meadowhall Shopping Centre, Sheffield

Acquisition of HQ Office Property, Aberdeen, Scotland

Acquisition of Retail Property, Pimlico, London

Acquisition of Foodstore Property, Tooting Bec Road, London

Acquisition of Lodden Business Centre, Basingstoke

Acquisition of 48/49 Chancery Lane, London, WC2

Disposal of Industrial Property, Deeside, Clwyd, Flintshire

Acquisition of Office & Residential Property, Grosvenor Gardens, London

Acquisition of New York University in London, Bedford Square, Bloomsbury

Acquisition of Rolex Unit, One Hyde Park, Knightsbridge, London

Acquisition of Arts & Dance Academy, Kensington, London

Disposal of Office Property, Mayfair, London

Disposal of Mixed Use Property, New Oxford Street, London

Disposal of Mixed Use Property, Notting Hill, London

Disposal of Mixed Use Property, Notting Hill, London

Disposal of Retail Parade, Notting Hill, London

Acquisition of West End Office Property, London

Acquisition of Majestic Wine Warehouse, Putney

Acquisition of Office Complex, Southampton

Acquisition of Industrial and Office Property, Watford

Acquisition of Prime Retail Property, Winchester

Acquisition of 14-15 Craven Street, London

Acquisition of Industrial and Car Showroom, London Road

Disposal of Oxenford House, Oxford

Acquisition in Rainham, Easter Business Park

Nightingale Partners "Spreads Its Wings"

Industrial Acquisition in Croydon

Acquisition of Vodafone in York

Capital Raising: Joint Venture formed

Capital Raising: Industrial Joint Venture formed