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Archive for January, 2011

Supermarket in York Acquired

January 28th, 2011
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York - Waitrose

Acting on behalf of SI Pension Trustees Limited, Colliers Capital and BC Commercial have purchased the freehold interest in the Waitrose at Foss Islands Road, York from AXA Real Estate Investment Managers (“AXA Real Estate”), acting on behalf of its clients, for £11.9 million. AXA Real Estate is the leading real estate manager in Europe and second globally* with €39 billion of assets under management as of September 2010.
AXA Real Estate acquired the property in 2006 and, having begun negotiations with Waitrose in 2008, undertook a comprehensive refurbishment programme to reposition the asset from a former MFI retail unit into a 35,188 sq ft modern foodstore, with a net sales area of 21,533 sq ft and 176 car parking spaces. AXA Real Estate secured a pre-let of the property from Waitrose, who have now taken occupation of the premises on a new 20 year FRI lease at a rent of £563,008 per annum, equating to £16.00 per sq ft. Rent reviews are five yearly and upward only with the first two having fixed uplifts based on 2.5% per annum with the third review being to the open market value.
SI Pension Trustees was advised by Colliers Capital and BC Commercial while CB Richard Ellis advised AXA Real Estate.

Acting on behalf of SI Pension Trustees Limited, Colliers Capital and BC Commercial have purchased the freehold interest in the Waitrose at Foss Islands Road, York from AXA Real Estate Investment Managers for £11.9 million.

The property is a 35,188 sq ft modern foodstore with 176 car parking spaces. Waitrose occupy the premises on a 20 year lease at a rent of £563,008 pax, equating to £16.00 per sq ft. Rent reviews are five yearly and upward only with the first two having fixed uplifts based on 2.5% per annum with the third review being to the open market value.

SI Pension Trustees was advised by Colliers Capital and BC Commercial while CB Richard Ellis advised AXA Real Estate.

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Julian Bishop starts at BC

January 28th, 2011
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Julian BishopBC Commercial are pleased to announce that Julian Bishop has joined our retail agency team as a Graduate Surveyor.

Julian graduated from Oxford Brookes University with a 2:1 in Real Estate Management and will be working on the shopping centres in Fareham, Kings Lynn, Chatham & Ely. On acquisitions Julian will be assisting Flight Centre and our independent retailers.

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Tsuru acquires further store

January 28th, 2011
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Tsuru LogoThe ground floor floor retail premises of Aldermerry House, 10 – 15 Queen Street, EC4 has been acquired on behalf of Tsuru Sushi. The unit is 1,420 sqft and has been taken for a ten year term on an average rent of £68,000 pax.

The unit is the 3rd store acquired and BC Commercial will be looking for a further 2 stores in the City & West End of London during 2011.

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Lloyds Bank in Eastbourne Sold

January 28th, 2011
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Image2BC Commercial have completed the sale of a Lloyds Bank in Eastbourne on behalf of Legal & General Investment Managers.

The property was single let to Lloyds for a further 11 yrs following a lease regear undertaken by the BC agency team. A price reflecting a net initial yield 5.67% was achieved.

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Debenhams to open in Fareham

January 28th, 2011
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Acting on behalf of Murdock Property Group, BC Commercial have disposed of a 28,000 sqft department store within Fareham Shopping Centre to Debenhams. The retailer has taken a new 15 year lease and is scheduled to open for summer 2011. The letting further strengthens the retail offer within the scheme.

Within the last 9 months we have now completed major disposals to Debenhams, Topman, 99p Stores and Next.

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