Acting on behalf of The Charities Property Fund, advised by Cordea Savills, BC Commercial have successfully acquired the retail warehouse investment known as Apex Retail Park, Hanworth.
The park consists of 2 units totalling 45,355 sq ft and is leased to Wickes and DSG Retail Ltd until December 2019. The investment produces a total rent roll of £931,500 pax with both December 2009 rent reviews outstanding.
Cordea Savills paid £14,400,000 which shows a net initial yield of 6.10% after costs of 5.75%, but a net initial yield of 6.4% to the Fund which is stamp duty exempt.
For further information please contact Jonathan Mather of BC Commercial.
In preparation for their inaugural cricket match this summer on 17th July, BC Commercial spent an evening practicing in the nets at the home of Cricket.
RB, the self appointed captain, had been expressing concerns about selection having not witnessed any of the BC Commercial team play cricket previously. The only solution was to arrange a net practice to try out for the final 11.
After a number of trips to the Sportsworld racks for the latest whites, the entire team of 5 arrived at Lords keen to prove their worth. The early hostile spell was reserved for the Captain who dealt comfortably with the aggressive 6 balls. The years of working lunches quickly caught up with the 2 Nick’s and run ups turned to strolls and the sledging turned to slush.
The jewel in the team is potentially young Matthew. Being nearest to school he still had the resemblance of form however the mind is fragile and the proof will be in the pudding. As an aside his favorite pudding is the indomitable Jam Roly-Poly so we look forward to the tea being supplied on match day.
MC is a shoe in for both the 11th batsman and 11th bowling position. All is not lost however; JM can probably take his squash skills with him onto the square, blue blooded GH must be able to swing a bat (rumour has it he was conceived in the MCC Long Room) and the fact we have 3 people that originated in Yorkshire bodes well.
In truth the key strength will be the weakness of the opposition and likelihood of rain in July. Anyone who would like to join us for the match either as a spectator or player is more than welcome so just let us know.
In the office...
BC Commercial has secured a restaurant on behalf of Tsuru Sushi who have chosen British Land’s 201 Bishopsgate for their first store in the City of London.
Tsuru have taken a 15 year lease paying £70,000 per annum exclusive.
Following their success at Bankside Tsuru aim to bring high quality sushi and Japanese food authentically prepared using the best ethically sourced produce to the City of London. Check out www.tsuru-sushi.co.uk.
BC Commercial are retained and will be seeking further premises in Central London for Tsuru in 2010. Tsuru’s requirement is for between 1,000 – 2,500 sq ft.
BC Commercial acting on behalf of landlord, Orchard Street Investment Management LLP has successfully let Unit D, 12 Smithfield Street to the Smithfield Tandoori.
A new 15 year was agreed at a commencing rental of £55,000 per annum exclusive. Unit D 12 Smithfield Street extends to approximately 2,986 sq ft.
Please contact Michael Chudzynski or Matt Paulson-Ellis for further information.