Dunmoore has acquired a former car dealership in Ashford for conversion into a trade counter destination.
The 16,911 sq ft car dealership at 3-4 Hilton Road has been acquired from Motorline. Dunmoore is carrying out a comprehensive refurbishment of the property to transform it into a prime trade counter destination, becoming part of the company’s growing Made for Trade-branded trade counter portfolio.
The units have already been pre-let to three national trade occupiers, Screwfix, Crown Paints and F1 Autocentres, all of whom will be taking occupation in the coming weeks.
Jeff Hobby, managing director and owner of Dunmoore, said: “The transformation in Ashford reflects our ability to take tired or redundant properties and reposition them into top quality trade counter development.
“The fact we have been able to sign up three national occupiers without bringing the site to market reinforces the strength of the location and quality of product, and all within a four-and-a-half-month period from acquisition to practical completion.
We continue to look for further trade counter opportunities”.
Seven Technologies Group have completed the letting of Unit 2 ground floor at The Wireless Factory, Isleworth.
The global technical security system provider have taken the 1,560 sq ft suite for a term of 7 years and join fellow tech specialists Texuna on the estate, who completed the letting of Unit 3 earlier in the year.
Both lettings reinforce The Wireless Factories pull to dynamic, growing businesses looking for a creative environment to work from.
Dunmoore has fought of competition from over 30 bidders and acquired a fully-let industrial estate in Cheltenham from CBRE Global Investors.
It has bought Bamfurlong Industrial Park, which is located close to Junction 11 of the M5, for £7.4m, reflecting a net initial yield of 4.52%.
The estate comprises 28 units, totalling over 200,000 sq ft. The average net rent is £1.77 per sq ft on leases that expire between 2034 and 2039.
Jeff Hobby, managing director and owner of Dunmoore, said “Bamfurlong is located in an area with good supply-demand characteristics. The amount of available industrial space in Cheltenham is at its lowest level for a decade, while demand for space from local businesses is strong.
The mixture of short and long leases on the estate presents us with opportunities to add value through a programme of asset management.
Dunmoore was represented by Chris Freer Smith and the vendor was represented by Hartnell Taylor Cook.
Dunmoore have won planning consent for a 21-acre commercial hub in Billingshurst, Sussex.
The development on a greenfield site south of New Road, which was purchased in late 2016 at agricultural value, will provide more than 200,000 sq ft of industrial and trade counter units and a petrol filling station with drive-through coffee unit.
A hybrid planning application for the development has been approved by Horsham District Council, including detailed consent for the first phase, Billingshurst Trade Park, which will comprise 55,000 sq ft of speculatively-developed trade counter space.
Outline permission was granted for the second phase, Billingshurst Business Park, which will comprise 150,000 sq ft of business space, the petrol-filling station and drive-through unit.
Construction is due to start in September 2019 with completion of the first phase expected by July 2020. A pre-let has already been agreed with Euro Garages for the petrol filling station and drive-through unit and talks are at an advanced stage with national trade occupiers.
The development site is north of a 500-home residential development currently under construction, with further residential allocations expected to be brought forward in the local plan in the coming months.
Jeff Hobby, managing director and owner of Dunmoore, said “The granting of planning approval will enable us to deliver a significant amount of much-needed quality business and employment space for Billingshurst.
The calibre of occupiers already signed up to pre-lets shows there is significant dmeand for modern business space in the local area”.
Banbury Heating have completed their move from units G1 and G2 Marley Way, Banbury into the newly refurbished G6, which also benefits from a secure yard.
The plumbing and heating specialists have been tenants at Marley Way for a number of years and have taken the opportunity to secure the newly refurbished unit at a new estate headline rent of £49,500 pa which equates to £12.50 per sq ft.
Marley Way has recently undergone a substantial refurbishment which included a complete external overhaul to reposition the asset from a tired, secondary industrial location to a prime trade/retail pitch and is now home to a number of national occupiers including Toolstation, Tile Giant, GSF, Grahams, Rexel, B&Q and Homebase .
This latest deal frees up further space on the terrace with both Units G1 and G2 currently undergoing comprehensive refurbishments prior to being brought to the market.
Investment Surveyor Andrew Scott comments “We are delighted to have extended Banbury Heatings stay at Marley Way in a move which not only provides them with a top quality unit to continue to grow their business, but will also allow us to bring circa 6,500 sq ft of much needed trade space to the local market. We are already in discussions with other national occupiers about the vacant space and look forward to formally bringing it to the market over the next few days.”
For further information on the vacant units, please contact our letting agents Rapleys or White Commercial.
Following the recent completion of refurbishment works at Marley Way, Banbury, we are delighted to announce that Toolstation have completed the letting of Unit G5.
The national trade tool and hardware supplier have signed up to a 10 year straight term for a new headline rent of £11 psf and will be launching a brand new format of store from the scheme.
Managing Director Jeff Hobby comments “We are delighted to have secured Toolstation on a pre let basis, as they will be a fantastic addition to the scheme.
Having bought Marley Way early in 2017, with average rents just above £5 per sq ft, we have managed to re position the asset from a tired, secondary industrial location to a top quality trade and retail pitch.
We now look forward to securing a tenant for the final remaining vacant unit and adding to what is a very strong occupier line up in the local area.
As ever, we continue to look for further opportunities in what remains a very competitive market.
Rapleys and White Commercial acted for Dunmoore with Adept Consultancy acting on behalf of Toolstation.
The comprehensive refurbishment of Marley Way, Banbury has now been completed.
The 21,000 sq ft industrial terrace, which is located in close proximity to Hennef Way, has undergone a substantial transformation following a successful planning application earlier this year.
Investment Surveyor Andrew Scott commented “Since acquiring the estate in 2017 we have undertaken a number of proactive asset management initiatives, including agreeing an early surrender on two of the units and securing planning permission to undertake this refurbishment, and we are delighted with the end result.
This has been an exciting project in which we have strayed away from our traditional trade finish and gone for more of a retail feel, taking into account neighbouring occupiers which include the likes of B&Q, Halfords, Homebase, GSF, Tile Giant and Grahams as well as a brand new Waitrose store which has opened at the estate entrance.
We are looking forward to bringing some much needed quality space to the local market.”
Rapleys and White Commercial have been appointed as letting agents on a joint agency basis.
Dunmoore has made its first foray into the Birmingham office market following the launch of Bennetts Hill House last week.
The new and improved ‘urban chic’ space, formally known as 24 Bennetts Hill, was purchased earlier this year for £4 million, producing a rent of £251,000 pa, has undergone a substantial transformation to both its interior and exterior. The 20,000 sq ft building also includes a pub on the ground floor which will also undergo a significant rebranding and refurbishment in August.
There are currently three available suites to let – the fifth floor, of 2,502 sq ft with a private roof terrace, the fourth floor, of 1,540 sq ft, and the third floor, of 1,132 sq ft.
Dunmoore managing director Jeff Hobby said: “Having completed the purchase of Bennetts Hill earlier this year, we have been excited to begin our comprehensive upgrading and re branding of a building we feel offers huge potential. We have been delighted with the results to date, and have provided the market with a truly unique and creative working environment which has already been extremely well received by local property professionals and occupiers.
“There is no other space like it within the city centre and we are confident that it will be hugely appealing to young and dynamic businesses looking to provide their employees and clients with a truly unique working environment. Birmingham continues to benefit from significant investment, and with a number of exciting projects like HS2 and Paradise Development on the horizon, we continue to look for further opportunities within the city.”
Lambert Smith Hampton and Jones Lang Lasalle have been appointed on a joint agency basis, with further details available at www.bennettshillhouse.co.uk
Dunmoore are delighted to announce the acquisition of Hermitage Lane, a multi let trade counter estate in Mansfield.
The prominent two terraced estate, which measures 23,750 sq ft, has been purchased for £1.54 million and equates to a net initial yield of 6.2%.
Managing Director Jeff Hobby commented “ We are delighted to have completed the purchase of Hermitage Lane, an estate we feel fits very well into our growing trade counter portfolio, and in a market presenting very few value add opportunities. The estate already benefits from a strong tenant profile, including Howdens, Eyre & Ellison & Unipart, as well as being in close proximity to a number of other national occupiers. We will be undertaking a full refurbishment of the estate and look to create a product which will compete with the top trade locations in the area.”
Whitmarsh Holt Young acted on behalf of Dunmoore with Fletcher King acting on behalf of the seller.