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CBGA Robson LLP continue to grow their property management business with three new instructions over the New Year period. Following recent purchases by Custodian REIT, CBGA Robson have been appointed to manage Willow Court, Oxford which is a 22,500 sq.ft multi let office property in a location with high levels of occupier demand and low levels of supply.  Custodian REIT have also acquired and appointed CBGA Robson to manage Harrison Court, Hilton Business Park which is a St Modwen developed industrial estate of 8 units.  In addition to their purchases in 2020, Prologis have continued to acquire assets for medium term last-mile delivery opportunities in London with the addition of Cork Tree Retail Park in Chingford. CBGA Robson have been appointed to manage this 80,000 sqft scheme that consists of tenants such as Pets at Home, Curry PC World and Sports Direct.   CBGA Robson has been appointed to manage 130 Old Street, London, a freehold property located in the established Old Street tech hub. Completed in the 1980s, the current property comprises 14,054 sq ft of office and ancillary accommodation arranged over two buildings, separated by an open courtyard. Planning permission is being sought for a significant new development to take place on expiry of existing leases. It is currently multi-let to three office tenants.   CBGA Robson has been appointed to manage 35 Great St Helen’s, in the heart of the City of London The property is located between Bishopsgate and St Mary Axe and in close proximity to a number of the City’s historic landmarks including The Bank of England, The Royal Exchange and Leadenhall Market . Developed in 1997, the building provides 18,333 sq. ft. of office accommodation arranged over basement, lower ground, ground and five upper floors. The property is partially occupied and is currently undergoing floor by floor refurbishment to attract new tenants following previous lease expiries.  
CBGA Robson LLP have recently been instructed to manage three new schemes for Prologis as they continue to identify opportunities in the marketplace.
These are Ravenside Retail Park in Edmonton which is a c. 130,000 sqft scheme comprising seven retail units which Prologis has identified as having a medium term redevelopment opportunity to provide last-mile delivery in London. Prologis Park Sideway, Stoke on Trent being a Prologis development with tenants including Dunelm and DSV. Hook Rise Business Centre, Chessington with tenants including Hermes and Zebra Pens.  CBGA Robson have acquired an industrial unit in Poyle, Berkshire which services Heathrow Airport, on behalf of a private client.
The unit comprises 12,750 sq ft of warehouse and office accommodation on a site of 0.66 acres and is let to Flight Logistics Group on a ten year lease, giving a term certain of 9.4 years to expiry and 4.4 years to break. Industrial supply in Poyle is particularly constrained, with vacancy rates across the park at 0.5% leading to rental uplift to capture at the upcoming review. The purchase price of £3,000,000 reflected a NIY of 4.85%. This transaction was agreed and completed during the Covid-19 lockdown period  CBGA Robson have acquired the Danebridge Medical Centre by way of an off market sale and lease back to the GP Partners, on behalf of Waypoint Asset Management.
The Medical Centre, located in Northwich, was held on various long leases which CBGA Robson negotiated the release of in the course of securing the property for our clients, dealing with the NHS Trust and Local Council in the process.  CBGA Robson have sold the Freehold interest of Queen Square House, Bath on behalf of a Private Client, achieving record pricing in this sub-market. The property was multi-let to four tenants and comprised 8,672 sq ft of office accommodation over three floors, with 8 car parking spaces to the rear. The sale price was £3.8m reflecting a NIY of 4.78%. This transaction was marketed, agreed and completed during the Covid-19 lockdown, demonstrating continued appetite for high quality assets as well as CBGA Robson’s ability to work agilely in delivering satisfactory conclusions for our clients  CBGA Robson have been instructed to manage this 66,000 sq. ft Sainsbury’s supermarket, with concessions to Specsavers, Argos, Lloyds Pharmacy and Vets4Pets on this 5 acre site including 257 car-parking spaces.
It is let to Sainsbury’s for a term of 25 years from the 13th December 2013 at a rental of £1.8m per annum. There is also a tenant option to renew for a further 25 years, with a break at the 15th year.  PROPERTY FOR SALE Investment Summary • Freehold Vacant Office • NIA 29,699 sq ft (2,759 sqm) GIA of 34,940 sq ft on a site of 0.428 acres (0.173 hectares) • Potential to convert to 60 residential units with ground floor commercial use • Guide Price of £2,000,000 (Two Million Pounds) subject to contract • Capital Value of £57 psf (existing building) • No requirement for affordable housing For more information please contact: Henry Cockerton on 01263 711167 or henry.cockerton@brown-co.com Nick Richards on 0207 317 6286 or nrichards@cbgarobson.com Tom Cator on 01263 711167 or tom.cator@brown-co.com Tom Marsden on 0207 317 or 6284 tmarsden@cbgarobson.com 
 CBGA Robson have been instructed to manage this recent acquisition on behalf of Regus.
The c. 65,000 sqft multi let office building is located on Solent Business Park, Fareham and CBGA will assist the new owner in their implementation of asset value initiatives. |
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