Planning permission has been granted for the demolition and redevelopment of the Broadwalk Shopping Centre in Knowle, Bristol.
The scheme, to be called Redcatch Quarter, was brought forward by a joint venture between BBS Capital, Melburg Capital and Galliard Homes. The joint venture, the Redcatch Development Partnership, plans to build 800 homes, 30 retail units and new public space.
Melburg acquired the site for £9.5m out of receivership in 2021. Broadwalk was part of a portfolio of three shopping centres Frogmore bought for £130m in 2006. The other assets were Belle Vale Shopping Centre in Liverpool and Port Arcades in Ellesmere Port.
The 5.3 acre site is home to the 50-year old Broadwalk Shopping Centre which spans 218,500 sq ft of retail space. The site benefits from outline planning permission granted in 2019 to demolish the multi-storey car park and part of the shopping centre to make way for 420 homes and 124,000 sq ft of commercial space.
New plans were then drawn up that would increase the number of homes from 420 to nearly 800, and the provision for 30 retail units. A community café, creche and new facilities for Knowle Library as well as 1,280 cycle spaces were also included in the plans.
The joint venture is now seeking grant funding to secure additional affordable housing for Redcatch Quarter. It has also announced plans to submit a detailed planning application for the overall scheme, and anticipate construction to take a minimum of three years.
View React News article here.
CoStar Group inc. announced the CoStar Awards Quarterly Deals winners for the second quarter of 2023 with Melburg’s XPO Logistics [XPO] lease at Voltaic coming top in the Top Industrial Leasing Deals for Yorkshire & Humberside. The CoStar Awards Quarterly Deals winners are determined by the top deals executed every quarter, based on price and square footage and Melburg secured the win for the pre-let of the entirety of Voltaic, Wakefield 41 to XPO.
XPO has committed to a 10-year lease term with a break in year five, as well as extensive tenant works above the agreed specification.
Melburg bought the property off- market in the first quarter of 2022 and has undertaken a wholesale repositioning of the facility, which is due to complete in August. XPO will use the facility to service its ongoing contracts with Saint-Gobain, which has a number of construction products brands, such as British Gypsum and Sani-Tech.
Melburg was represented by Dave Robinson (Cushman & Wakefield), Rob Oliver, Jake Pygall (Avison Young), Tom Cooley (Cushman & Wakefield).
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For more information surrounding Voltaic, please click here.
Melburg Capital [Melburg] have pre-let the entirety of Voltaic, Wakefield 41, a 210,000 sq ft prime logistics facility in Yorkshire, to XPO Logistics, which marks the largest letting of the year within the region. XPO have committed to a 10 year lease term with a break in year 5, and have committed to extensive tenant works over and above the agreed specification.
Melburg acquired the property off-market in Q1 2022. Since securing the necessary planning consents Melburg have undertaken a wholesale repositioning of the facility, which is due to complete in August 2023.
XPO Logistics is a leader in providing transportation solutions. Headquartered in Greenwich, Connecticut, U.S, the company operates from in excess of 560 locations globally and benefits from annual revenues in excess of $7 Billion.
XPO Logistics will utilise the facility to service their ongoing contracts with Sain-Gobain, a world leader in light and sustainable construction. Saint-Gobain designs, manufactures and distributes materials and services for the construction and industrial market, generating 51.2 billion euros in turnover in 2022. The occupation of Voltaic follows a consolidation for the partnership, with the unit now a key operational logistics hub.
Jack Burgess Melburg’s Chief Executive Officer commented;
“It is a pleasure to welcome XPO Logistics, and their client Saint-Gobain as partners. The letting validates our data driven approach to investing, highlighting our ability to identify off-market opportunities within geographies and sectors with an acute supply demand imbalance, and execute quickly when capitalising on pricing dislocations”
Andrew Burns, Melburg’s Head of Asset and Development Management commented;
“We are pleased that the quality of refurbishment is reflected by the quality of occupier in XPO Logistics. The industrial sector is not immune to wider fiscal turbulence, it is therefore imperative to understand the operational and sustainability requirements of an increasingly discerning occupier base. This understanding has enabled us to deliver an optimal product at a competitive rental level. We are continuing to organically grow our logistics platform and will soon be making an announcement around a broadening of management services”
Dave Robinsons, Partner at Cushman & Wakefield commented.
“Melburg’s foresight to identify this off-market opportunity and implement a quality refurbishment of an existing unit on Wakefield 41 Industrial Estate, one of Yorkshire’s prime locations, was key in securing this deal. Furthermore, the significant amount of parties and competitive process demonstrates the continued resilience of the occupier market particularly for key product in top tier locations”
Melburg was advised by Cushman & Wakefield, Avison Young and Burgess Okoh Saunders LLP. XPO were advised by Louch Shacklock and Partners.
View React News article here.
View Co Star article here.
View Place Yorkshire article here.
Melburg Capital [Melburg] have submitted plans to convert the former South Plaza office block, located in Bristol City Centre, into a 370-bed purpose built student accommodation development with associated facilities.
The submission follows on from Melburg’s proposed Redcatch Quarter development, within Knowle, Bristol, with a planned 850 residential beds as part of a significant investment into “Living” sectors to complement their expansive UK industrial portfolio which exceeds 2.5 million sq ft.
The £100 million student scheme will include a state-of-the-art gymnasium with changing facilities, full café and leisure facilities, a screening room, golf simulator and 370 secure bike storage spaces, one for each student as part of the proposed zero-student car strategy.
As part of Melburg’s ongoing commitment to achieving operational carbon neutrality across their growing portfolio, repurposing the office block will save 4,215 tonnes of embodied CO2, when compared with a demolition and rebuild.
The embodied carbon will be 33% lower than a new ultra-low energy steel framed building, the equivalent of powering 1,504 houses a year, 593 petrol cars, 25 long haul flights or running 49 London buses for a whole year. The proposal will also save an additional 3,000 tonnes of CO2 by hooking up to Bristol’s District Heat Network.
The proposed ground-floor front extension will have a green roof, bring planting into the public realm and result in a biodiversity net gain of 2,000%.
Subject to the necessary approvals Melburg hopes the accommodation will be open by September 2025.
Jack Burgess, Melburg’s Chief Executive commented;
“This ambitious, highly sustainable proposal seeks to provide Bristol with much needed purpose built student accommodation, and in so doing alleviate pressure on the chronically constrained housing market. We will be exploring operational optionality through our advisors Savills, are considering acquiring existing platforms and intend on growing our student housing exposure extensively as part of our wider investment into the living space”.
Melburg was advised by Savills and Burgess Okoh Saunders LLP.
View React News article here.
View Property Week article here.
View Co Star article here.
Melburg Capital [Melburg] announces the completion of a series of leasing deals at its recently acquired Sirdar Business Park, Wakefield.
The 350,000 sq ft asset was acquired off-market by the privately-owned investment manager in Q4 2021 and sits within a prominent 16.5 acre site off Junction 40 of the M1 motorway.
Melburg has since undertaken a tenant engagement and repositioning programme resulting in lease commitments from Dearnleys, one of the leading solar blind specialists in the UK, along with Ulster Yarns, part of the Ulster Group, a premium textiles manufacturer.
New lettings have also been secured with B&B Distribution and APH Automotive. Having acquired the asset with a rent passing of £2.45 per sq ft, all new lettings have been secured in excess of £5 per sq ft and account for over 60,000 sq ft of space.
Melburg has strategically amassed a logistics footprint throughout the UK which now exceeds 2 million sq ft, whilst also acquiring £1Bn of real estate over the past 24 months.
Andrew Burns, Head of Asset Management commented: “Sirdar Business Park is a great example of how our vertically integrated management platform is optimally designed to sustainably repurpose these complex assets effectively. We are continuing to grow the portfolio, acquiring assets which benefit from this close quarter management style.
“At Sirdar and in general we have prioritised our carbon footprint whilst providing an increasingly discerning occupier base with an excellent product. Although early in the asset repositioning, we intend to stage several further environmental interventions, targeting an EPC A rating whilst giving the occupational market something in short supply, a high-quality unit, benefitting from a collaborative management approach, at an affordable rent.”.
Melburg was advised by Cushman & Wakefield and Burgess Okoh Saunders LLP.
View Property Week article here.
View BE News article here.
View CoStar article here.
Melburg Capital [Melburg] are pleased to announce that Jack Burgess has been recognised by Property Week as a “rising star” in their 2023 People to Watch list. This recognition follows the firm’s significant growth over the previous 18-months, which has seen the team acquire over 1 million sq ft of logistics assets, improve the energy performance certificates across 100% of their growing portfolio, submit one of the largest town centre designated regeneration schemes in the west country, dispose of in excess of £150 million of commercial assets and in so doing realise a 3-year unlevered IRR in excess of 27%.
The Melburg team is delighted by the recognition alongside some of the industry’s most impactful leaders and look forward to another year of partnerships and growth across the business.
A huge congratulations to the other individuals included, all of whom are listed below.
Michael Gove MP, Lucy Frazer MP, Lisa Nandy MP, Jennie Daly, Roger Wade, Julie Hirigoygen and the Bank of England Monetary Policy Committee
View Property Week article here
Melburg is pleased to announce that we have started on site with the wholesale refurbishment of the newly rebranded, Voltaic. A 211,000 sq ft warehouse located on Wakefield 41 Industrial Estate, Yorkshire.
With a focus on sustainability, the Grade A unit will be delivered in Q1 2023.
Voltaic will include;
– Installation of a new PV array capable of generating 225,000 kWh of power annually.
– Power capacity of 6.5MVA.
– 10 ground level access roller shutter doors with potential to add 8 dock levellers, subject to terms.
– Redesigned yard space to create 66 parking spaces with the potential to add 45 for overflow, if required.
– Fully refurbished office accommodation with staff welfare block.
View Linkedin Article here
View Voltaic here
Melburg is pleased to have submitted planning for the comprehensive mixed-use redevelopment of the Broadwalk Shopping Centre, Knowle and in so doing taken a step closer to creating the Redcatch Quarter.
We are proud to be working with local residents, Bristol City Council and key stakeholders to create a community lead sustainable future for Knowle and the city of Bristol.
View Linkedin Article here.
View Redcatch Quarter here.
Melburg Capital [Melburg], announce the acquisition of the Bekaert manufacturing HQ, a 110,000 sq ft industrial asset located on Park House Road, Bradford in an off-market transaction.
The asset was acquired with a short term lease expiry to Bekaert, the world’s largest steel wire manufacturer. In advance of completion Melburg re-structured the lease, resulting in the €5.0Bn turnover business signing a 15 year commitment with 2-5% RPI indexation.
The acquisition is Melburg’s eleventh within the last 12 months, taking their total spend to over £1Bn as the highly discreet privately owned real estate investment and development company continues to increase its logistics’ presence, which now exceeds 2 million sq ft throughout the UK.
Melburg chief executive Jack Burgess commented;
“As a key employer Bekaert’s long term commitment to their Bradford HQ is hugely positive for the area. The business itself is thriving, posting a year on year revenue increase of 28.00% to €5Bn. With double digit operating margins and €791 million of cash on hand the balance sheet growth prospects are compelling. The physical real estate is ideally located and we look forward to working collaboratively with Bekaert to continue to optimise the facilities operations”
Melburg was advised by Newson Real Estate.
View Property Week article here.
View Costar article here.
View EG article here.
Melburg Capital Ltd [Melburg] – the privately owned real estate investment and development company announces the sale of Swan Lane Industrial Estate, Wigan to a private family office.
Melburg acquired the 300,000 sq ft industrial estate off-market in 2020 as part of a sale and leaseback with the owners of domestic appliance producer G2S Limited for £8.75m.
Following their acquisition Melburg repositioned the estate within a 24-month window through tenant engineering and close-quarter asset management. In so doing their team of skilled management specialists leased 100% of the estate, increased the passing rents by 55% and moved the WAULT from 3.00 to 6.23 years.
The sale follows a period of significant activity for the expanding investment specialist, having acquired in excess of 2 million sq ft of industrial assets, released plans for one of Bristol largest regeneration sites, with 880 new homes set to replace the Broadwalk Shopping Centre, and discreetly divested from £150m of assets including Warehouse K, London, Maxmor House, Dartford and 14-18 Belgrave Gate, Leicester.
Melburg CEO Jack Burgess commented;
“The life cycle of Swan Lane highlights the platforms ability to identify off-market value propositions, understand occupiers operational drivers, quickly execute complex management initiatives and realise exceptional risk-adjusted returns. The proceeds from the sale will be redeployed into similar opportunities”
View Property Week article here.
View Costar article here.
