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November 2018

Scarborough Council Turns Commercial Property Investor with Travelodge Acquisition

Scarborough Borough Council has completed its first acquisition since adopting a new commercial property investment strategy.

ESH can reveal that the council has purchased the Travelodge Hotel in central Scarborough for £14m from a UK charity.

The 140-room hotel on St Nicholas Cliff is located above the town’s South Bay. It is let to Travelodge for an unexpired term of almost 30 years with five yearly rent reviews. Following September’s rent review, the price reflects a net return of 5.9%.

Richard Bradley, Scarborough Borough Council’s commercial director, said: “This is our first major investment since adopting our commercial property investment strategy earlier in the year. The strategy focuses on acquiring commercial property investments that can result in positive financial returns for the council to help support our public service delivery. The purchase of the Travelodge Hotel building was an ideal opportunity for us and we will continue to seek other investment opportunities going forward.”

Scarborough Borough Council was advised by Edgerley Simpson Howe and NJB Hotel & Leisure Property. It is the latest council to invest in commercial property.

Data exclusively compiled for Property Week found that councils’ spending spree totalled £994m between January and June, and Scarborough’s acquisition will further add to the total that is expected to beat last year’s £1.8bn figure by the year-end.

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September 2018

BLACKROCK sell in Wellingborough

Castlefields Retail Park has been sold by Blackrock to Tesco Pension Fund. The scheme is anchored by a B&Q, tenants also include Tapi, M&S, Dunelm, Pets At Home, and Pizza Hut and extends to over 111,000 sq ft. The price paid is £25.75 million reflecting 6% niy. ESH acted for Blackrock.

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August 2018

Teesside Pension Fund Purchase in Congleton

Teesside Pension Fund Purchase in Congleton

Congleton Retail Park, the only retail park in Congleton,
was purchased by Teesside Pension Fund (advised by CBRE Capital Advisors
Limited) for £15.09 million reflecting 6.50% net initial yield.

The scheme totals approximately 65,000 sq ft across 10 units
let to M&S Simply Food, B&M, Halfords, Laura Ashley, Shoe Zone, Boots,
Jollyes, Bensons for Beds, Topps Tiles and Carphone Warehouse with passing
rents of between £14 and £20 per sq ft. The overall WAULT is over 3.5 years
with no breaks and a number of tenants are looking to regear or upsize. The
park has a full open A1, including food, planning consent.

advised Teesside Pension Fund on the purchase.

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July 2018

Aberdeen Standard Investments Sell Hollywood Retail Park, Barrow following Aldi pre-let

Aberdeen Standard Investments Sell Hollywood Retail Park,
Barrow following Aldi pre-let

With the pre-let Aldi deal in place Aberdeen Standard
Investments have sold their Retail Warehouse and Leisure holding in
Barrow-in-Furness. The new letting provided an overall WAULT of over 8.5 years
with almost 7.5 years to breaks and Aldi will sit alongside other retail
tenants Dunelm, Currys/PC World and TK Maxx. The scheme also provides a food
and leisure offering in the form of Majestic Bingo, Nuffield Health, Vue, KFC,
Pizza Hut and McDonalds.

New River REIT purchased from Aberdeen Standard for £15.35
million showing a return in the region of 8%. At the time of sale DSG were
holding over and had not regeared.

ESH advised Aberdeen Standard Investments on the sale.

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June 2018


ESH have been appointed by a private buyer to manage the iconic The Cube in Central Birmingham. Forming part of the re-generation of the Gas Street canal basin, the Cube is a multi-let multi-use Building let to a range of restaurant, leisure and office occupiers together with 8 floors of residential apartments. This demonstrates ESH’s ability and desire to diversify its managed portfolio into non-retail warehouse sectors.

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June 2018

Three ESH Staff Members Promoted

Edgerley Simpson Howe has announced the promotions of Chris Fenton, Tim Wagstaff and Ashley Glover to Associate Partner.

Chris Fenton works in the firm’s Agency department having joined from Broadgate Estates in 2015. Tim Wagstaff, who started as a graduate with the firm in 2012, works in the Investment team.  Ashley Glover works in the firm’s Management department and is responsible for the management of Aberdeen Standard Investments’ retail warehouse portfolio.

Partner Nick Howe said: “These promotions galvanise our young team with specialist experience and expertise in the out of town market.”

January 2023

ESH advises on purchase of fully let south east park

ESH are delighted to have acted for an institutional investor on the acquisition of Churchill Reta...

January 2023

Flurry of activity at Parkgate Shopping

ESH are proud to have helped deliver a flurry of deals on Parkgate Shopping, Rotherham for our cli...

January 2023

ESH adds to investment team

Edgerley Simpson Howe are delighted to announce the recruitment of Dom Barnard as associate partne...