LO Property Focus 3

ISSUE THREE - AUTUMN 2017

PROPERTY FOCUS

HQ OFFICE CHESTER COUNCIL SELECTS LEGAT OWEN FOR HQ Following on from a competitive tender exercise, issued by Cheshire West and Chester Council, we are thrilled to have been appointed as sole letting agents on the iconic HQ office building in Chester city centre.

Located at 58 Nicholas Street overlooking Chester racecourse, the scheme was developed by Liberty Properties before Cheshire West and Chester Council moved into the building eight years ago. The mixed-use development comprises luxury apartments, hotel, restaurants and 87,500 sq ft of high quality office space.

Full story see Page 4

Inside this issue...

A SURGE IN RESIDENTIAL LAND ACTIVITY Page 3

BUSINESSES SEE THEIR FUTURE AT NEW VISION Page 7

EVERYONE’S TALKING ABOUT CREWE Page 10

ISSUE THREE PROPERTY FOCUS

WELCOME TO THE LATEST EDITION OF OUR NEWSLETTER The first half of 2017 has been a particularly busy one, not least in residential land where we have been involved in a number of high-profile sites throughout England and Wales.

Read about our site in Alpraham where Wellcome is working in partnership with the Alpraham Parish Council to deliver a new mixed use facility, a scheme which could become a blueprint for other Parishes to replicate.

I would also like to take this opportunity to announce the launch of our South Cheshire Property Update event where we are bringing together local stakeholders to hear from developers, occupiers and Cheshire East about what the future holds for property and business in the region.

that you would like us to comment on then please do get in touch, we’d be delighted to hear from you.

We thank you as always for your continued support.

Best Regards, Peter Johnston Senior Partner Legat Owen

We’ve had really positive feedback from our newsletters and hope they give you an insight into the property market and what our team has been up to. If there is any particular issue

ALPRAHAM VILLAGE DEVELOPMENT TO CREATE A NEW HEART FOR THE COMMUNITY

A partnership between Wellcome and Alpraham Parish Council is set to deliver a new mixed use development to the village of Alpraham in Cheshire.

Working in partnership with the Parish Council, Wellcome, via their managing agents, Bidwells, has secured outline planning permission for a new village hall / pavilion, enhanced recreational facilities, a community orchard and 20 residential dwellings on land just to the south of the village centre. At least thirty percent of the dwellings must be Affordable and will help support the needs of the local community.

We’ve been instructed to market the 3.05-acre development site and identify a preferred developer to take forward and deliver the project.

Director Stephen Wade commented: “This scheme demonstrates the positive benefits that a well thought through planning application can deliver for the local community.

Wellcome and Alpraham Parish Council have had the vision to bring forward a development that will deliver a new heart to the community and will provide a lasting benefit for future generations”.

“I see this very much as a model which other Parish Council’s may wish to replicate in order to enhance their community facilities.”

For further information, please visit 2

Home Guard Club, Canal Street, Chester

A SURGE IN RESIDENTIAL ACTIVITY Over the last 12 months, we have seen a significant increase in residential land sale instructions. We have been advising landowners and residential developers on sites across the North West into the Midlands and North Wales.

Development opportunity in the heart of Chester In Chester city centre, we have been appointed by the Canal and Rivers Trust on a fantastic development opportunity.

The 0.4 acre site, currently accommodates a car park which is let on a short term lease.

257 Acre Key Strategic Site in Bodelwyddan We have been instructed to market a Key Strategic Site of 257 acres in Bodelwyddan, Denbighshire, with planning permission for a mixed use development incorporating 1,715 new homes together with sites for employment uses and community facilities.

With demand for development land at an all-time high, we’ve been providing strategic advice on issues ranging from option agreements, promotion agreements, site acquisitions and sales.

Here’s just a taster of some of the many schemes we’ve been involved in…

New homes for Saltney as site sold to Archway When we were appointed to sell Boundary Park in Saltney, which already had planning for nine units, our experience suggested it would attract interest from local developers. We successfully negotiated a deal with Archway Homes and construction has already started.

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ISSUE THREE PROPERTY FOCUS

55,000 SQ FT AVAILABLE AT CHESTER HQ After Cheshire West and Chester Council decided to relocate its operations to other corporate buildings across its portfolio they appointed Legat Owen to market 55,000 sq ft of grade ‘A’ space in the iconic HQ building.

Occupying a prominent position overlooking Chester racecourse, the mixed-use development comprises luxury apartments, hotel, restaurants and offices. The office premises have been designed to a high standard and benefit from large, air conditioned floorplates.

Director Will Sadler, said: “Chester HQ is an exceptional scheme and the Council’s decision is timely in light of the high demand we are currently experiencing in the city centre for quality Grade ‘A’ office space. With City Place performing well in the area and sizeable requirements hovering, we anticipate strong interest in the eye-catching property, with enquiries already coming in.

“We have a long standing working relationship with the Council and we look forward to using our local market expertise to ensure we let the space with high-calibre occupiers.”

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CHESTER ASSET FETCHES ABOVE ASKING PRICE

INVESTMENT SALE

Chester’s commercial property market remains buoyant, with Legat Owen securing a further investment deal, selling 9 Lower Bridge Street in the city centre on behalf of Bride Hall Limited.

Sold to Tegla Properties for in excess of £425,000, the three-storey mixed use property sits within the heart of the city centre and is fully occupied by a café outlet on the ground floor, Chester Business Improvement District on the first floor and residential apartments on the top floor.

Will Sadler said: “The property’s prime city centre location was a compelling factor in its successful sale, with a higher than asking price achieved. Chester and North Wales are enjoying a boom in property transactions, demonstrating confidence in the region’s thriving economy.”

IT’S ALL IN THE MIND We all know how busy our lives can get and so, for the last couple of years at Legat Owen every Wednesday a local meditation specialist comes to our office and holds a class between 2.30- 3pm where anyone from the team can go downstairs to our “quiet room” and meditate.

Matt Pochin said: “The meditation is focused on mindfulness and provides time for our employees to escape the hustle and bustle of a busy office. This has been really well received by our employees. It is something that needs doing regularly to generate the real benefit of relieving stress and generally taking time out of the day to slow down.

As our client Emyr Williams of Liberty Properties says, we look after our bodies every day but very rarely spend time on looking after our mental well-being, so meditation and mindfulness should become as regular as brushing our teeth.”

For further information, please visit 5

ISSUE THREE PROPERTY FOCUS

IT’S A FULL HOUSE ON ANGLESEY Gaerwen Industrial Estate on Anglesey has always been popular with businesses in the area and the Park is now fully let.

Mark Diaper said: “Over the last few years Gaerwen has developed into the prime trade counter location to service the island. Its location close to the Menai Bridge and access to the A55 have succeeded in attracting occupiers to the scheme.”

Electric wholesaler, TN Robinson, has taken a 5,418 sq ft unit on a 10-year lease and Eurocell has signed up to 2,742 sq ft on a 6-year lease. The two tenants join existing trade occupiers Plumb Center, Chester Exhaust Services with Huws Gray Builders Merchants opposite.

Situated near the village of Gaerwen the estate comprises 36 modern trade counter / industrial units ranging from 750 - 6,000 sq ft.

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PRIME DEVELOPMENT OPPORTUNITY FOR 61 HOMES IN CHESHIRE

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TATTENHALL MARINA

An exciting residential development opportunity is coming to market in the picturesque hamlet of Newton by Tattenhall in leafy Cheshire.

The two sites which straddle Tattenhall Road, are located seven miles from Chester and five and a half miles from Tarporley.

Newton by Tattenhall is intersected by the Shropshire Union Canal which is serviced by Tattenhall marina located within 300 yards.

The 2.3-acre site to the west is predominately rectangular in shape and is located upon the western side of Tattenhall Road and has detailed planning permission for 36 dwellings, of which 11 are Affordable.

The triangular site to the east extends to 3.28-acres and has planning permission for the demolition of existing structures and the creation of a mixed-use development incorporating 25 dwellings of which nine are Affordable together with two commercial office units.

Ben Lamont commented: “Rarely does an opportunity like this come along. The thriving village of Tattenhall, just one mile away is much sought after, offering a wide range of amenities and excellent schools. With detailed planning already secured and a shortage of land available this scheme is likely to appeal to the leading north west house builders.”

For further information, please visit 6

CASTLE FARM GETS CONNECTED Castle Farm, Cholmondley has always been an idyllic location and with the arrival of superfast broadband, it’s now the perfect location for businesses!

James Hall, Estate manager says: “We have worked with Legat Owen for many years now and, after pushing for BT fibre, we’re now pleased to be able to work with Andy and the team in the Nantwich office to attract businesses to Castle Farm.”

We’ve been retained by long term client The Cholmondeley Estate to market the remaining 5,000 sq ft of available space in flexible sized suites from 250 sq ft up to 2,000 sq ft.

BUSINESSES SEE THEIR FUTURE AT NEW VISION Just a few weeks after Safety Media, one of Wales’ fastest growing businesses, announced it was to move its headquarters to New Vision Business Park, we’re pleased to announce Lawn Master is also to move its head office to the £2.5million development.

The professional lawn care specialist will relocate its head office from St. Asaph town centre to take unit one measuring 4,300 sq ft on a 10-year lease.

Will Sadler, director at Legat Owen, commented: “New Vision has attracted an impressive line up of growing businesses, which want to be part of the St. Asaph Business Park success story. Our client had the foresight and the capability to build speculatively as well as the ability to build tailored packages that meet businesses’ needs.”

The scheme is located within a Welsh Government Assisted area, giving discretionary grants to eligible companies which move to the area. The wider St. Asaph Business Park provides more than 800,000 sq ft of high tech offices and business space.

Chris White, managing director, Pure Residential and Commercial Ltd, commented: “We are encouraged by the high level of interest we have seen at New Vision. The scheme’s location within a Welsh Government Assisted area has been a real point of difference when businesses are deciding where to relocate. Lawn Master is an excellent addition and means we now only have two suites remaining.”

Bob Underhill, managing director at Lawn Master, concluded: “Over the last 19 years, Lawn Master has expanded from providing professional lawn care and treatment service to homes solely along the North Wales coastline to a business with over 900 franchises across the UK. These new offices accurately reflect the quality brand that we have created and we look forward to relocating our team.”

New Vision Business Park, St Asaph

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ISSUE THREE PROPERTY FOCUS

ASH COURT OFFICE INVESTMENT SWIFTLY SOLD FOR MCR Only three months after successfully letting the remaining space at Ash Court on Parc Menai Business Park in North Wales, Legat Owen has secured the sale of the investment on behalf of MCR Properties.

Will Sadler commented: “Activity has progressed swiftly at Ash Court, demonstrating the overall performance of Parc Menai as a successful business location in North Wales.

Purchased by CADNANT Properties for close to the £1.4million guide price, Ash Court is a 12,000 sq ft office development located on the established and fully-occupied Parc Menai Business Parc.

Fully let to a total of 12 tenants, the scheme produces an annual income of £141,305.

With plans developing for the new nuclear power station at Wylfa, our client has recognised the ability to maximise Ash Court’s value and appeal to purchasers, which has paid off successfully for them with this strong deal.”

Abuse prevention charity, Hafan Cymru, which recently took the remaining 800 sq ft suite, joined existing national and local businesses, Alzheimer’s Society, North Wales Advice, Nestor Primecare Services and Agored Cymru, to fill the office development earlier this year.

JOULES GETS DRESSED FOR NANTWICH British fashion and lifestyle retailer, Joules has opened its new store in the historic town of Nantwich.

After HSBC decided to close its branch in the town we took a surrender from the bank and quickly granted a new lease to Joules. Their fit out was completed in time for their opening on the 12th August.

Andy Butler said: “There was strong competition from occupiers for the unit underlining the strength of the Nantwich retail market. Not only is Joules a great addition to the high street, but they are in an excellent location, complementing neighbouring occupiers including FatFace, WHSmith and Pockets.”

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TOTAL RESPONDS TO DEMAND FOR SPACE IN CREWE Total Developments has been granted planning consent to develop 165,000 sq ft of new industrial / warehouse accommodation off University Way in Crewe.

Cheshire East Council has given the developer approval to construct five new build units ranging in size from 15,000 sq ft up to 45,000 sq ft on the 9.3-acre site. Pioneer Design and Build has been appointed as main contractor to deliver the first phase which will see the development of 120,000 sq ft with the remaining 45,000 sq ft to be brought forward shortly afterwards subject to demand.

Ed Chantler, director at Total Developments, said:

“Our decision to develop units of varying sizes is purely demand-led. Our next-door development at Orion Park has gone very well. We have extensive experience in Crewe and it continues to be an attractive location for us. Our latest scheme will create new jobs and inject further investment into the local economy.”

Matt Pochin continued:

“Crewe is in desperate need of high quality industrial units under 50,000 sq ft. We have received incredibly high levels of interest in this scheme and already have terms agreed for one pre-sale and one pre-let. With practical completion scheduled for spring 2018, we expect all of these units to be taken.”

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For further information, please visit 9

ISSUE THREE PROPERTY FOCUS

DON’T MISS OUR SOUTH CHESHIRE PROPERTY UPDATE EVENT ON THE 14TH SEPTEMBER. Email lauren.readdin@sccci.co.uk to confirm your place!

EVERYONE’S TALKING ABOUT CREWE! The well-publicised arrival of HS2 together with the redevelopment of Crewe town centre continue to hit the headlines. With so much change, we’ve decided to launch our first ever property seminar which aims to bring businesses in the region up to speed on the latest developments.

In addition to HS2 and Crewe, we’ll be asking those working in the property industry what it’s really like out there from availability of funding and the planning process to the lack of supply and changing occupier requirements.

For further information, please visit 10

The panel, made up of investors, developers and property market experts, will be chaired by award winning journalist and former editor of Insider, Chris Maguire.

Head of our Nantwich office, Andy Butler, said:

“Our team in the Nantwich office has been working with businesses in South Cheshire for almost 25 years. This region is going through a huge period of change and so, working with Cheshire East and the Chamber, we believe this event will help answer any burning questions and equip businesses with the right knowledge to plan for the future.”

DEESIDE DEVELOPMENT SITE UP FOR GRABS The freehold for a prominent site at Deeside Industrial Estate is up for sale providing an immediate development opportunity for businesses seeking an advanced technological audience.

Mark Diaper, associate director said: “The owner has already cleared the site in readiness for redevelopment.”

“With its highly visible location from one of Deeside’s main arterial routes, and its established position in Zone 1, this prime site is ideally suited for industrial development and we anticipate strong interest.”

We are acting on behalf of Legal & General’s Industrial Property Investment Fund (IPIF) to market the site which offers approximately 5.38 acres of cleared land that fronts the A550 Welsh Road on Zone 1 of Deeside Industrial Estate.

The site itself falls into the Deeside Enterprise Zone, which provides local and national companies with access to a high skills-driven area and an international platform for advanced technological excellence.

Situated on the A550, the Zone 1 site is connected to J16 of the M56 motorway via the A5117, approximately three miles to the east.

NEW OWNER FOR ELECTRA HOUSE PAGG Properties, has acquired a 21,000 sq ft office building in Crewe from Pochin’s.

Located on Crewe Business Park, Electra House comprises a two storey self-contained building offering accommodation in three wings. Working in a joint venture with the Council and Business Link, Pochin’s developed the scheme in the late 1980s before acquiring the scheme outright.

The building is currently fully let to occupiers including Medtrade Products Ltd and Block Solutions Ltd. We represented Pochin’s in the sale of the investment and have now been retained by PAGG to let and manage the property.

Brian Reay PAGG director, commented: “I have maintained a close working relationship with Pochin’s and am pleased to have acquired Electra House off market. The building was developed to act as a seedbed for businesses and it has been highly successful in that regard.”

“I dealt with Electra House during my time as director at Pochin’s. Since my retirement, I’m now concentrating on my own property portfolio within PAGG Properties and believe Electra House is an excellent addition.”

Speaking about the scheme, Andy Butler, said: “We have been letting and managing agents on this building from day one and since that time we have seen many businesses start off in Electra House and then expand and flourish in the south Cheshire area.”

“Brian has many years’ experience in dealing with commercial property and we look forward to working with him to ensure the building continues to provide a vibrant environment for businesses going forward.”

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ISSUE THREE PROPERTY FOCUS

OUR WEBSITE HAS A NEW LOOK! Some of the eagle-eyed among you may have noticed that we have launched our new website, which won a Special Kudos award at the CSS Design Awards.

We worked with Limely to create a new design concept that would provide our clients with an easy to use platform to help customers easily find property and development opportunities.

Jessica Wall said: “We worked closely to create a website that would show our personality and experience yet be easy to navigate. We’re over the moon with the finished product and have had great feedback from our clients.”

OUR SERVICES Legat Owen was established in 1986 to provide expert professional advice across the whole spectrum of commercial property and development land. We have a team of 21 chartered surveyors specialising in: • • • •

Valuation Retail Agency Industrial Agency Office Agency

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Investment Commercial & Residential Land Landlord & Tenant Rating

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Development Consultancy Property Management Building Surveying Expert Witness

If you have any questions regarding these, or any other property matters, then get in touch – we would love to hear from you.

AN EXCELLENT TRACK RECORD OF DELIVERING DEALS FOR 30 YEARS. TO DISCUSS YOUR REQUIREMENTS FURTHER, CONTACT ONE OF THE TEAM.