Cinema and up to 880 new homes to replace South Bristol shopping centre
One of South Bristol’s biggest shopping centres could be demolished to make way for up to 880 new flats, a two-screen cinema, library and new shopping streets.
Developers have offered their first official submission to council planners for their vision to transform the Broadwalk Shopping Centre at the heart of Knowle into ‘Redcatch Quarter’, a new development more in the mould of Wapping Wharf, with 12-storey blocks of flats either side of a new pedestrianised street lined with shops, restaurants and bars.
Bristol Live first revealed the plans back in January, and since then the developers have conducted a consultation and an exhibition of what they want to do to the landmark 1970s shopping centre on the junction of Wells Road and Broad Walk in Knowle.
Now, the developers have made their first submission to Bristol City Council’s planning department, asking whether they need to include an environmental assessment when they do eventually submit a formal planning application.
And it reveals for the first time officially the scale of the development, which will occupy almost all the space between the Wells Road and Redcatch Park.
The developers said the site could have up to 880 residential dwellings, 7,430sqm of commercial floorspace, 190 sqm of community use, a 320sqm library – which would replace the library that’s in the existing Broadwalk Shopping Centre and 870 sqm given over to a cinema or theatre. On top of that, the developers say the site will include 360 car parking spaces, mainly in an underground car park underneath the development, and cycle parking for a total of 1,455 bikes.
The development would create new streets – one would be a pedestrianised street going from Wells Road to a new entrance to Redcatch Park, and a second would be a service road for the development which would cut across north-south from Redcatch Road almost to Broad Walk.
The site already has planning permission for the shopping centre to be demolished and rebuilt with hundreds of flats. Before the pandemic, developers submitted a plan for 420 new flats and shops – again 12-storeys high – which was eventually given permission by council planners last year.
But the site changed hands and the new developers said the pandemic meant a change in shopping habits, so a new plan with more homes and less space for shops was needed.
The developers said they hope to submit a formal planning application for the new project this summer.
The artist’s impressions of the site reveal the 12 storey block of flats in one drawing would be located at the south western corner of the development site, closest to Redcatch Park on Broad Walk road itself, while the other residential blocks would be around six to nine storeys high.
If the development does end up having a cinema, in the long term it could be the only one in South Bristol, after planning permission was given last year for the Hengrove Leisure Park to be cleared – including the Cineworld multiplex there – for more than 300 new homes.
View Bristol Post article here.
Former tobacco warehouse in London’s Docklands changes hands for £45m
Melburg Capital sells Warehouse K after securing a letting to the government.
What? Melburg Capital sells Warehouse K in London’s Docklands for £45m to Kajima Properties.
Why? Deal follows letting to the government accounting for half the income.
What next? Kajima hopes property will benefit from the opening of Crossrail.
Kajima has bought a Grade II-listed former tobacco warehouse in London’s Docklands for £45m from Melburg Capital, React News can reveal.
The company, which is a subsidiary of Japanese construction giant Kajima Corportation, is buying Warehouse K as part of a drive to expand it’s London office portfolio.
Located next to the ExCel Centre, Warehouse K comprises 108,479 sq ft of office, leisure and industrial space.
Melburg is thought to have paid around £30m when the building last changed hands in 2018. The company then went on to secure a letting to the Secretary of State for Houseing, Communities and Local Government, which accounts for about half the income. The lease runs until 2034.
After securing the letting, Melburg, which invests across a range of sectors, appointed Allsop to begin marketing the building.
The £45m price paid by Kajima reflects a yield of around 5.65%.
Kajima hopes that Warehouse K will benefit from its close proximity to the Crossrail station at Custom House when the rail line opens later this year. The building is also a short walk from the new City Hall for the Greater London Assembly at The Crystal.
Kajima signaled its intention to expand its presence in the London office market last year when it hired Tim James as investment director from Longmead Capital.
James said: ” Situated in a strategic location with significant regeneration and infrastructure improvements occuring within close proximity, this asset offers strong long term growth prospects whilst also providing secure income off sustainable base rents. As we exit the pandemic, the London office market continues to remain resilient and Kajima is commited to driving investment and growth in this market where we identify value.”
Other London assets in Kajima’s portfolio include 77 Coleman Street in Moorgate, which was redeveloped in 2021, and Orwell House in Fitzrovia, which was acquired from British Land in 2020.
Fineman Ross advised Kajima on the deal. Allsop advised Melburg Capital.
View React News article here
Melburg closes 560,000 sq ft off-market Wakefield double
Following the acquisition of the 350,000 sq ft Sirdar Business Park, Melburg Capital Ltd [Melburg] announce the off-market acquisition of Wakefield 41, a 210,000 sq ft single-let industrial asset located within Wakefield’s premier industrial park.
The deal was agreed with a private family office, Melburg’s ninth acquisition within the last 12 months, taking their total spend to over £850m as the highly discreet privately owned real estate investment and development company continues to increase its logistics’ presence.
The unit is single let to YM Chantry, part of the York Mail Group for a further 13 years and subject to RPI linked rent reviews. The price reflects a net initial yield of approximately 8.50%. The unit is adjacent to junction 41 of the M1 and houses the largest Coca-Cola bottling plant in Europe along with several large-scale occupiers including Morrisons, YPO and Menzies.
Jack Burgess, Chief Executive of Melburg commented; “The asset is located within the most established industrial park in West Yorkshire, where availability remains below 2.8%. The data points are incredibly strong for continued rental growth and supply shortages. We remain committed to selectively deploying capital as our industrial platform, which now exceeds 2 million sq ft, continues its organic growth”
Harris Associates acted on behalf of Melburg. BOS LLP and Freedman + Hilmi LLP provided legal and structuring services.
We thank Property Week for the coverage, click to view news article here
Melburg buys 350,000 sq ft multi-let industrial asset in Yorkshire
Melburg Capital has snapped up a 350,000 sq ft multi-let industrial asset in Wakefield, West Yorkshire, Property Week can reveal.
Sirdar Business Park is a 16.5-acre site which was sold to Melburg by a private Yorkshire-based family office in an off-market deal. Sirdar Group, a knitting and yarn distributor, occupies 198,000 sq ft at the site, accounting for 55% of the estate by floor area. Sirdar has recently expanded its footprint to facilitate the continued growth of its Sirdar and Tilsatec brands and has occupied the site for more than 30 years.
The estate is fully occupied and let at an average rent of £2.45/sq ft. Melburg said it will “undertake a rolling refurbishment programme as well as several estate management initiatives and in so doing drive the rental tone”.
A spokesperson for Melburg added: “We continue to adopt a data-driven approach, selectively deploying equity into geographies and sectors where there is an acute supply-demand imbalance. The asset has a captive tenant base, lies within one mile of Junction 40 of the M1, within a location with a sub-3% vacancy rate, and was acquired at a 25% discount to residual land value.”
View Property Week News Article Here.
Melburg buys shopping centre with planning permission for a £100m scheme
Permission was granted for the development of 420 homes in 2019
- What? Melburg Capital is buying Broadwalk Shopping Centre in Knowle for around £9.5m
- Why? 5.3 acre site has redevelopment potential
- What next? Outline planning permission is already in place to build 420 homes on part of the site
Melburg Capital is buying a shopping centre on the outskirts of Bristol with planning permission in place for a £100m residential-led scheme, React News can reveal.
The UK investment manager is understood to have agreed a deal to buy Broadwalk Shopping Centre in Knowle out of receivership for around £9.5m.
Located two miles south east of Bristol city centre, the 5.3-acre site is currently dominated by the shopping centre, which comprises around 218,500 sq ft of retail and leisure space.
However, outline planning consent was secured in 2019 to knock down the multi-storey car park and part of the shopping centre to make way for 420 new flats as well as 124,000 sq ft of commercial space.
Broadwalk Shopping Centre is not the only shopping centre in Bristol that looks set to be converted for residential use. Last year, Sovereign Housing Association bought the Clifton Down Shopping Centre from BlackRock for £27.2m with the intention of drawing up plans to develop new housing.
Broadwalk was part of a portfolio of three shopping centres, which also included Belle Vale Shopping Centre in Liverpool and Port Arcades in Ellesmere Port, that Frogmore acquired for more than £130m in 2006.
Administrators at Moorfields Advisory Group were appointed in 2017 over the portfolio following the settlement of a legal dispute between Frogmore and its lender Nationwide, which had sold the loans secured by the centres to Cerberus as part of the Project Carlisle loan portfolio in 2014.
Melburg Capital is no stranger to the Bristol market. The real estate investment and development company already owns the mixed use asset 15-33 Union Street and office development 360 Bristol.
Knight Frank advised on the sale.
View React News Article Here
Tenant commits to Wigan industrial asset following sale-and-leaseback
Melburg Capital completes 125,000 sq ft lease re-gear with G2S.
- What Melburg Capital completes 125,000 sq ft lease re-gear with domestic appliance specialist G2S at Swan Lane Industrial Estate in Wigan.
- Why Deal follows sale-and-leaseback in Q1 2020 and comes after exceptional period of trading for G2S.
- What next Re-gear sees G2S commit to estate until 2028.
Melburg Capital has completed a substantial lease re-gear with fast-growing domestic appliance importer and distributor G2S at Swan Lane Industrial Estate in Wigan.
G2S occupy 125,000 sq ft, representing 40% of the estate by floor area, following a sale-and-leaseback in Q1 2020. Having occupied since 2013, G2S have now committed to occupation of the estate until 2028.
The re-gear follows a period of exceptional trade for G2S, which has increased turnover from £50m to £80m, a record-breaking year. The company benefited from an exclusive Russell Hobbs license for white goods, microwave and floorcare equipment.
Lewis Moore, finance director at G2S, said: “We’re delighted with the successful period of trade having expanded our operations significantly over the last 12 months. It has been a pleasure to work alongside the Melburg team who really understand our corporate objectives and focus on working collaboratively to support our needs. We’re an aspirational business and anticipate growth in a similar trajectory moving forward.”
A spokesperson for Melburg added: “Depth of demand, limited availability, and a constrained development pipeline continue to drive the UK occupational market. It is fantastic to work alongside G2S, an exceptional business capable of adapting their model to thrive in a difficult period for the wider economy.”
View React News Article Here
Melburg Acquires 125,000 sq ft Dartford Industrial Asset in Sale & Leaseback Transaction
Melburg Capital Ltd [Melburg] – the privately-owned real estate investment and development company – announces the off-market acquisition of Maxmor House – a 125,000 sq ft carbon-neutral industrial asset located in Dartford, Kent.
The sale & leaseback acquisition, Melburg’s fifth within the last nine months, was agreed with leading electrical wholesaler, Moss Electrical Ltd, who are headquartered at the premises.
The majority of the site is occupied by Moss Electrical, with the remaining 40,000 sq ft undergoing major refurbishment works comprising new offices, dedicated services and full redecoration. Refurbishment works are due to complete in January 2021 with Knight Frank and Watson Day appointed as joint agents.
Melburg has transacted in excess of £750m over a 36-month period, as the highly discreet UK focused platform continues to add to its strategic programme following the recent acquisition and successful leasing of Swan Lane Industrial Estate, Wigan – another sale and leaseback transaction.
A spokesperson for Melburg commented; “The asset lies within close proximity to the Dartford Crossing, a key logistics interchange hosting over 130,000 vehicles per day, offering direct access to the M25 and Central London. The Government announcement to diversify its import channels places further reliance on Folkestone as an arterial route and therefore Dartford as a key fulfilment centre”.
Melburg completes 150,000 sq ft industrial lettings
Melburg Capital Ltd [Melburg] – the privately-owned real estate investment and development company – announces the completion of a series of national lettings across its UK logistics portfolio totalling in excess of 150,000 sq ft. All deals were transacted within the last 3 months during the UK’s restrictive Lockdown period.
The lettings were at Swan Lane Industrial Estate, Wigan, to domestic appliance producer G2S; and Edmonton Industrial Park, North London, to multiple tenants – whilst Melburg also confirmed 100% of rent was collected across its industrial portfolio throughout 2020.
G2S took the last available unit at the recently re-branded Swan Lane Industrial Estate, completing at a rent in excess of £4.00 psf. Despite the challenging economic conditions G2S continues its North West growth strategy whilst reporting record sales.
Olam Foods, B Star Trading and Clintopia took space within the newly refurbished Edmonton Industrial Park, highlighting strong occupier demand for strategically located high quality Greater London urban logistics space. These lettings reduce the estate’s vacancy rate from 50% to just 16%.
A spokesperson for Melburg commented; “Depth of demand, limited availability and a constrained development pipeline continue to propel the UK industrial occupational market. The recent pandemic has applied further pressure on the logistics and fulfilment network as it tries to satisfy demand from businesses pivoting to e-channels in order to survive.
“On average online spend as a percentage of total consumer spend increases from 20% to 42% during the Christmas period. 2020 will set a historical record, accelerating consumer habits, increasing logistics reliance and creating further headwinds for the ailing High Street”
View Property Week article here.
Melburg breaks planning record with 110,000 sq ft Bristol City Centre redevelopment consent
[07/04/2020], London: Today, Melburg Capital, the highly discreet privately owned investment specialist announces that planning approval has been granted for their 110,000 sq ft South Plaza office building redevelopment in Bristol City Centre.
The planning consent was granted within 5 weeks of the original application, a record for the local council. Melburg acquired the asset in October 2019 and have since worked in collaboration with the award-winning architectural practice Stride Treglown, creative agency Graphicks and their agents Knight Frank to design the optimal scheme.
The result is the newly branded 360 Bristol, a 110,000 sq ft Grade A office redevelopment incorporating full-service gym, “cycle in” office access, cycling facilities, yoga studio’s, designated cafe and business lounge, all to be delivered by Q3 of 2020.
The Bristol office market is presently experiencing the lowest level of availability on record. The city has only two office buildings currently under construction, one of which has been pre-let entirely to British Telecom.
A spokesperson for Melburg commented;
The Bristol office market is experiencing a period of unprecedented tenant demand, driven principally by the City’s broad appeal to large scale corporates and technology companies seeking access to its talent pool and comparative affordability to London. 360 Bristol will provide a unique product within the Bristol office market, a fully serviced Grade A complex with all modern amenities designed for exclusive use by the buildings occupiers. The speed and pragmatic approach shown by Bristol City Council in dealing with this application is another testament to their efficiency and professionalism
For further information please visit 360bristol.co.uk.
View Property Week article here.
Melburg buys 300,000 sq ft industrial park
Melburg Capital has completed the acquisition of the 300,000 sq ft Greenbank Industrial Park in Wigan in an off-market deal.
The deal was agreed with domestic appliance producer G2S, which is headquartered at the multi-let park.
Other tenants include furniture retail Kartell, and the site is leased at an average rent below £2.50 per sq ft. Melburg said it plans to reposition the asset through “tenant engagement and close-quarter asset management”.
The deal takes Melburg’s urban logistics portfolio to more than 1m sq ft.
A Melburg spokesperson said: “We remain in the early stages of a seismic shift within the UK logistics market, both in terms of the diversity and depth of the occupier base and how these occupiers are utilising their logistics facilities.
“Working collaboratively with G2S afforded us the ability to fully understand their operational needs and find a long-term solution to support their growth projections. We continue to selectively deploy capital in all sectors and geographies within the UK and work closely with occupiers to find solutions that positively impact their business’”
Miller Metcalfe acted on behalf of G2S.
Original article posted here.