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Business Outlook 2016
02 | The Future of Business Revealed. UK OFFICES BIRMINGHAM BRISTOL CARDIFF EDINBURGH EXETER GLASGOW IPSWICH LONDON - HEAD OFFICE LEEDS MAIDSTONE MANCHESTER NEWCASTLE NOTTINGHAM READING WINCHESTER INTERNATIONAL OFFICES LONDON AIX EN PROVENCE BArcELONA BERLIN BORDEAUX DUBLIN FRANKFURT HELSINKI LYON MADRID MUNICH PARIS RENNES STOCKHOLM VIENNA WARSAW 04 | The Future of Business Revealed. “In its 80th anniversary year, the team at Christie & Co enjoyed a successful 2015 and continued to share the work, difficulties and triumphs, for, with and on behalf of our clients, adhering to our founders’ simple ethos of promoting our clients’ interests first and foremost.” David Rugg, Chairman Many of our predictions from last year’s Business Value uptick Outlook have come to pass. Relatively subdued volumes coming to the market in 2015 created a With the exception of the Care sector, values scarcity of assets that further fuelled price growth, have largely recovered to pre-recession levels. while continued low interest rates and an improved Encouragingly, merger and acquisition activity has lending environment created an appetite to acquire. been evenly spread across all our business sectors. This disparity between supply and demand looks set This is one key differentiator between 2015 and 2014, to continue in 2016. when the Hotel market was hectic but other sectors weren’t to the same extent. We expect the value of Low volumes businesses across the medium term to continue to rise and outstrip pre-recession levels, in line with any In the business retail market, Christie & Co experienced increase in their profitability. continued ‘business blocking’ during 2015. Interest receivable on deposits is at an all-time low and The changing buy-to-let environment many private business owners are simply staying put. -
Property Investor Profiles
ACC Property Investor Profiles Accrue Capital Ltd Addington Capital 11 Hill Street, London W1J 5LG 6 Heddon Street, London W1B 4BT Tel: 020 7318 4700 Fax: 020 7409 0052 Tel: 020 7042 9250 Email: [email protected] Email: [email protected] Web: www.accruecap.com Web: www.addingtoncapital.com Contacts Contacts Stephen Webster (Chairman) Martin Roberts (Managing Director) Brian Quinn (Structured Finance) Matthew Allen (Director) Comment Alex Wagstaff (Retail Asset Management) 10/14 - Accrue Capital acquired a retail portfolio for £22.2m, at a Comment yield of 8.71%. The acquired portfolio comprises 10 fully-let assets, Martin Roberts, formerly of CIT, formed Addington in April 2010. the majority of which are retail properties — including a retail park, a neighbourhood shopping centre, a hotel, high street retail and 10/12 - Addington Capital purchased a 563 asset residential offices. portfolio from Lloyds Banking Group and Grainger for £39.1m. The The unexpired lease term is over eight years, with more than 72% properties are mainly converted houses that are privately let to of the income secured on leases in excess of five years. students across UK cities such as Edinburgh, Newcastle, Bristol, Assets include: part of Hough Retail Park, Stafford; Kingsway Manchester and Nottingham. Retail Park, Lancaster; the Fylde Road site in Southport; and Pelham Street, Nottingham. 07/14 - Addington Capital was appointed asset management partner by Tristan Capital Partners for the Tree Portfolio. The Ace Liberty & Stone Plc Portfolio was acquired -
Newriver REIT Plc Annual Report and Accounts 2018
& Annual Report 2018 Accounts and NewRiver REIT plc Annual Report and Accounts 2018 NewRiver REIT plc (‘NewRiver’) is a Premium Listed REIT on the Main Market of the London Stock Exchange and a constituent of the FTSE 250 and EPRA indices. Founded in 2009, we specialise in buying, managing, developing and recycling convenience-led, community-focused retail and leisure assets. Our high-quality and conveniently located portfolio provides value for money on essential goods and services to consumers across the UK, and our affordable rents and high footfall locations create desirable and profitable trading opportunities for our occupiers. It is our fundamental belief that affordability for occupiers, and not lease length, means sustainability for our business. With an experienced management team and proven business model, we have a track record of delivering growing and sustainable cash returns to our shareholders and creating thriving communities across the UK. CONTENTS Strategic Report Financial Highlights IFC Our Business at a Glance 04 Chairman’s Review 08 Our Business Model 10 Our Marketplace 12 Leveraging our Key Relationships 16 CEO Review 18 OUR FINANCIAL HIGHLIGHTS Our Strategy 24 Our KPIs 26 Property Review 32 Gross income Funds From Operations Financial Review 56 (proportionally consolidated) Our People 68 ESG Report 69 Risk Management Report 74 £107.0m £60.3m Governance FY17: £106.7m FY17: £58.2m Board of Directors 78 Corporate Governance Report 80 Audit Committee Report 85 FFO per share Ordinary dividend per share Nomination Committee -
Manchester Crane Survey 2016 Construction Activity Boost
Manchester Crane Survey 2016 Construction activity boost January 2016 Contents The report 1 Key findings 2 Manchester snapshot 5 Crane Survey results 7 Residential 8 Office 10 Hotel, Leisure and Retail 13 Education and Research Facilities 16 Conclusions 17 Development table 18 Contacts 23 The report What? A report that measures the volume of development taking place across central Manchester and its impact. Property types include residential, office, leisure, hotels, education and research facilities. Where? Central Manchester including parts of the Northern Fringe and Southern Arc. Who? Developers building new schemes or undertaking significant refurbishments of the following: Size minimum = office 10,000 sq. ft, retail 10,000 sq ft, residential 25 units, education, leisure and hotel schemes – significant scheme for inclusion. When? Our research for this Crane Survey was undertaken between 1 November 2015 to 8 January 2016. How? Our in-house real estate team in Manchester have monitored office construction across the city. Our field research is then verified with direct industry links and in-house property experts. Manchester Crane Survey 2016 1 Key findings 2 Key findings In the midst of a politically-contested nationwide housing shortage debate, a year on from Manchester’s Devolution Agreement in November 2014 and a growing emphasis from central government on the strength of the Northern Powerhouse, we take a look at how Manchester is continuing to shape possibilities for local government by leading by example. We’ve analysed the data to provide an in-depth analysis into the perceived signs of economic recovery in the City Region to see whether the level of growth has been sustained and if the Northern Powerhouse, coupled with the government’s acknowledgement of the demand for new housing, is driving delivery on the ground. -
Retail Investment 2020
Q3 2020 Retail Investment knightfrank.com/research 2020 The dust begins to settle? RETAIL INVESTMENT REPORT RETAIL INVESTMENT REPORT WHAT YOU NEED Key Transactions - 2020 TO KNOW… Property Sector Purchaser Vendor Price NIY Broadwalk, Edgware Shopping Centre Ballymore Aberdeen Standard Investments* £71m 4.90% Project Rock Portfolio Shopping Centre MDSR Aviva Finance £80m 10.50% Clifton Down, Bristol Shopping Centre Sovereign Housing Association Blackrock* £27m 7.40% Retail Warehousing Shopping Centres High Street Waitrose Portfolio Foodstore London Metric Waitrose £62m 4.30% Countercyclical strategy to Significant capital and rental value Reasonable liquidity in smaller Waitrose Portfolio Foodstore Supermarket Income REIT Waitrose £74m 4.40% attract investors correction underway lot sizes Sainsbury's Portfolio Foodstore Supermarket Income REIT British Land £102m - Demand in the South East/London All schemes rebasing to potentially Demand returning for historic prime/ RDI Portfolio Retail Warehouse M7 RDI £157m 7.50% more resilient attractive new levels rent-paying tenants Acquisitions underwritten by Relevant schemes – prime New level of pricing accounting for Tritax Portfolio Retail Warehouse Tritax Aberdeen Standard Investments £290m 7.25% high income return or alternative experiential and local convenience – overrent Pentavia Retail Park, London Retail Warehouse Amazon Meadow Partners £65m - use values will stabilise first New use class “E” to improve 1-8 The Broadway, Ealing High Street Investra Capital PGIM £34m 5.00% Foodstore demand red hot Repositioning opportunity increasing flexibility Union Gate, Bristol High Street AEW Hunter REIM* £10m 7.30% as values tumble *Advised by Knight Frank THE YEAR SO FAR… Key Transactions - 2020 At the start of 2020 we were starting processes. -
Place North West Question Time: Manchester's New
PLACE NORTH WEST QUESTION TIME: MANCHESTER’S NEW AGENDA 30 OCTOBER 2019 | THE LOWRY HOTEL Welcome to the event opportunity of the year With a new decade approaching, Manchester faces a pivotal moment in its history as it moves from regional hub to international destination. Home to Amazon, record population growth, unprecedented expansion - how is the city adapting to this radical time of change and can it seize all the oppor- tunities that lie ahead and create a world class place that people love to live and work in? This special one-off event will draw on what has brought Manchester to the fore over recent years and shine a light on how our city can build on its successes and drive a new agenda for growth. In a first for the region, Manchester City Council chief executive Joanne Roney, leader Richard Leese, Mayor of Greater Manchester Andy Burnham, and chief executive of the Greater Manchester Combined Authority Eamonn Boylan will be brought together on the same stage. This is an open forum for Manchester’s most influential stakeholders to ask the burning questions of our city leaders and help build a roadmap for future growth. Event Timetable 6pm Champagne drinks reception 7pm Question Time style panel, chaired by Place North West editor, Jessica Middleton Pugh, with ongoing active audience Q+A 8.30pm Networking Drinks 9.30pm Close Speakers Joanne Roney, Richard Leese, Eamonn Boylan, Andy Burnham Format Select interviews with key city leaders followed by a Question Time-style discussion on key issues facing the city. Audience participation will be key on driving the evening’s agenda. -
Prime Freehold Investment for Sale on Prominent Corner Position Investment Highlights
Prime Freehold Investment For Sale On Prominent Corner Position Investment Highlights • Prominently located, at the heart of • 80 Clerkenwell Road is held Freehold and Farringdon, on the corner of Clerkenwell has the benefit of a long lease over part Road and St John Street. of 82 Clerkenwell Road expiring 19th January 2999 at a peppercorn rent. • Excellent transport connectivity which will be further enhanced when the • Multi let to five tenants producing a Elizabeth Line (Crossrail) opens at the total passing rent of £914,524.50 /A end of 2018 at Farringdon Station (£73.83 /Ft²). approximately 320 metres to the south west of the property. • Provides a weighted average unexpired lease term of 8.37 years to lease expiries • A Ben Adams Architects designed (5.63 years to break). office and showroom redevelopment completed to an exceptional standard • Offers are invited in excess of in 2017, resulting in a “Very Good” £15,950,000 (£1,287.64 /Ft²), subject BREEAM assessment. to contract and exclusive of VAT. • 12,387 Ft² (1,150.7 M2) mixed • This reflects a net initial yield of 5.37% 01 use building comprising 4,057 Ft² (assuming acquisition costs of 6.73%). (376.9. M2) highly sought after showroom accommodation at ground and lower ground floors and 8,330 Ft² (773.9 M2) of new office accommodation arranged over the 1st to 5th floors. London No.1 Financial Centre ahead of New York and Hong Kong in the £13.8 Z/Yen Index 2017 BILLION INVESTED IN LONDON TECH COMPANIES % Over the past five years London has benefited from more tech investment 70 -
Stockport Market & Market Place
STOCKPORT MARKET & MARKET PLACE Market Analysis & Strategy CBRE Report December 2016 CONTENTS 1. Introduction .............................................................................. 2 2. Executive Summary ................................................................... 3 3. National & Greater Manchester Trends in Market Provision ...... 7 4. How other local authorities and market providers have managed their assets? ............................................................ 18 5. Consideration of the benefits and disadvantages of a food based offer, similar to that operating in Altrincham ................ 22 6. What a successful General Goods market would comprise? .... 26 7. How & where such a market might be provided within the town centre............................................................................. 29 8. The impact on the town centre offer as a whole ...................... 38 APPENDICES A. Project Brief ............................................................................ 41 B. Decisions Required & Next Steps ............................................. 42 CBRE | STOCKPORT MARKET & MARKET PLACE Introduction CBRE have been instructed by Stockport Metropolitan Borough Council (SMBC) to provide an independent report on the existing market in Stockport, currently based in the Market Hall and Produce Hall. The aim of the report is to specifically address the issue of the relocation of the general goods market and impact this would have on the wider Town Centre. In October 2015, the general goods market -
London Office Crane Survey Gearing up for the Next Phase of Construction
London Office Crane Survey Gearing up for the next phase of construction GO Summer 2014 London Office Crane Survey Gearing up for the next phase of construction Report overview Key findings WHAT? Submarket snapshots A report that measures the volume and impact of office development taking place across central London over the next five years Crane Survey results Market context Outlook WHERE? Central London, covering seven key office submarkets: City, Docklands, King’s Cross, Midtown, Paddington, Southbank and West End Development table WHO? Developers that are building new offices or undertaking significant refurbishments of 10,000 sq ft or more WHEN? This survey covers the six months to 31st March 2014. All data is correct as at 31st March 2014 HOW? A team of researchers have walked every street in central London to monitor office construction. Our field research is then verified with direct industry links and in-house property experts London Office Crane Survey Gearing up for the next phase of construction Key findings Key findings Submarket snapshots Crane Survey results Market context Outlook Development table London Office Crane Survey Gearing up for the next phase of construction Key findings CRANE SURVEY RESULTS Key findings Office construction is down This survey Submarket snapshots 5% over the past six months has recorded to 9.2 million sq ft 15 new starts; Crane Survey results lowest number 45% of the space since 2010 under construction is already let Market context The West End and 2014 will see a Outlook There was just Midtown are the -
London Offices Crane Survey Sentiment Remains Positive
London Offices Crane Survey Sentiment remains positive Winter 2012 To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below. Market overview This latest Crane Survey records a pause in the large increases in construction activity we have been reporting over the last eighteen months. However, whilst lower than the last survey, the volume of new starts over the last six months suggests that developers and investors still have confidence in the returns available in the London office market. 2012 Winter – Office space under construction Total U/C (sq ft) Let U/C (sq ft) Available U/C (sq ft) City 4,081,000 1,020,000 3,061,000 Docklands 540,000 250,000 290,000 King’s Cross 474,000 272,000 202,000 Midtown 607,000 45,000 562,000 Paddington 31,000 31,000 0 Southbank 994,000 106,000 888,000 West End 2,308,000 476,000 1,832,000 Total 9,035,000 2,200,000 6,835,000 Office space under construction Million sq ft 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 City Docklands King’s Cross Midtown Paddington Southbank West End 12 months ago (Winter 2011) 6 months ago (Summer 2012) Today (Winter 2012) 2 To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below. With the volume of new starts matching the completion Helping sustain confidence in the development market levels recorded since the last survey the total amount of is the continued flow of encouraging news detailing space under construction has remained relatively flat; leasing activity at the schemes under construction. -
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COMMERCIAL AGENTS LONDON COMMERCIAL PROPERTY SALES/LETTINGS CONSULTANCY VALUATIONS PLANNING Wandsworth office Wimbledon office Houston Lawrence Our clients Armila Capital Cube Real Estate Real Estate Investment Management Art Estates Delancey Real Estate Reef Estates Auster Ltd DTZ Investors Rocco Homes Avenue Investments Ltd Fraser Developments Ltd Safestore Ltd Axa Real Estate Galliard Homes Schroder Real Estate Battersea Power Station Development Grainger Plc Shanly Homes Ltd Baylight Properties Ltd Helical Bar Plc St James Group Ltd Berkeley Group Henley Homes Taylor Wimpey South Thames Burleigh Estates Hermes Real Estate TH Real Estate Capital Industrial IPSUS Ltd TR Property Investment Trust Capsticks Knight Frank Investment Management Travelodge CBRE Global Investors London & Argyll Group Urb Group Chancerygate Marchmont Investment Management Verve Properties Cherwell Group Marston Properties Westbrook Partners City & Provincial Plc Motcomb Estates Limited Woodcock Holdings Columbia Threadneedle Investments Osiers Commercial Ltd Workspace Group Houston Lawrence About us Formed in , Houston Lawrence is a fi rm of chartered surveyors specialising in South West London area. Operating from our Wandsworth and our new Wimbledon offi ce, we off er both commercial property for sale and to let. Since its inception, Houston Lawrence has been instructed to sell/let a large number of offi ce, retail and industrial schemes on behalf of UK funds and private property companies. Houston Lawrence Commercial instructions Battersea Studios Kennington Park Business Centre – Garratt Lane Silverthorne Road, SW London SW Tooting, SW Client: Schroder Real Estate Client: Workspace Group Client: Rateneed Ltd Instruction: Instructed to let , sq . of studio Instruction: Instructed to let refurbished o ce studios Instruction: Instructed to market ground and lower ground space within high quality designed space con gured over comprising , sq . -
UK Hotels: Slowdown Not Meltdown
Hospitality and Leisure Hospitality Directions Europe UK hotels: slowdown not meltdown PricewaterhouseCoopers’ latest forecast for the UK hotel sector for 2008 to 2009 calls for a slowdown in demand and decelerating room rate growth but concludes that there is still plenty to play for on the UK hotel scene February 2008 Issue 17 UK hotels: slowdown not meltdown Key findings Change is coming Likely fallout for the hotel sector UK economic growth in 2008 looks increasingly • Main scenario uncertain and some sort of a slowdown now appears inevitable. Commenting on the global financial crisis, UK revenue per available room (RevPAR) has seen George Soros has said that now we are at least dealing growth each year since 2002. Our latest forecast for the with known unknowns, but warns that after the financial UK is for continued RevPAR growth of 4.1 per cent this crisis is resolved the fallout will take time to impact the year and 3.6 per cent in 2009. For London, the power ‘real’ economy.1 house driving UK growth, we expect an end to double digit RevPAR growth; although we could still see 6.0 What will be the scale of the fallout for the hotel sector? per cent RevPAR growth this year and a further 4.4 per Clearly an economic slowdown will translate into cent gain in 2009, this will be a sharp fall compared to weaker demand growth in the second half of 2008. the growth realised in 2007. If this forecast is achieved, The fallout, including a lack of confidence, will impact RevPAR could pass £100 for the first time in the capital corporate travel budgets and overstretched consumers and top £50 in the Provinces in 2008.