News Archive 2019
Construction underway of new Premier Inn in Saffron Walden
1st November 2019
Construction has begun of the new 70 bed Premier Inn Hotel and Beefeater Restaurant on Thaxted Road, (B184) to the east of Saffron Walden town centre.
The development is being undertaken by Granite Estates Group Limited who also developed the Knight Retail Park opposite which is occupied by B&M Home Store, Pets at Home, Pure Gym and Costa and opened earlier in the year. Aldi occupy a store adjacent to the retail park.
Completion is scheduled for September 2020.
MP Real Estate acted for Premier Inn and were subsequently instructed by Granite Estates Group Limited on the funding to LXi REIT.
ALDI open third store in Chelmsford
17th October 2019
ALDI have opened their third store in Chelmsford fronting Parkway on the Army & Navy roundabout.
The location of the new store compliments the location of the two other ALDI stores in Chelmsford which are located on Springfield Road to the north east of the town centre and the Clock Tower Retail Park on Westway to the south west of the town centre.
The store is circa 19,500 sq ft with 104 customer car parking spaces.
The site was assembled over a period of years with the last portion being acquired from W & H Marriage & Sons, the Chelmsford based, family run flour milling company who have been trading for over two hundred years. As part of the agreed transaction, ALDI provided an additional area of car parking for Moulsham Mill, a Craft and Business Centre operated by the Marriage Family in an adjoining Grade II Listed Building.
Construction begins of new Aldi and Costa in St Albans
2nd October 2019
Consolidated Property Group (CPG) have commenced construction of ‘Lillie Park’, a new retail development in St Albans.
Located on Griffith Way opposite Sainsbury’s and adjacent to the Abbey View Retail Park and The Range, the scheme will provide new units for Aldi and B&Q as well as a Costa Coffee drive thru. The B&Q unit will be the largest at 46,000 sq ft, while the Aldi unit is 19,000 sq ft and Costa Coffee is 2,200 sq ft.
CPG acquired the 7.1 acre site from National Grid and have forward funded the development to Lxi. Construction work is due to complete in summer 2020 with openings in autumn 2020.
MP Real Estate acted for ALDI Stores Ltd and Costa Coffee Ltd.
ALDI open at 'Letchworth Gateway'
26th September 2019
ALDI have opened on Aberdeen Standard’s new ‘Letchworth Gateway’ development.
The new mixed use retail and leisure development is located in a prominent location on the edge of the town's main commercial area, bounded by Baldock Road (A505) to the south, Dunham's Lane to the west, Sixth Avenue to the north and Avenue One to the east.
In addition to the new 19,000 sq ft store for ALDI the development includes a McDonald’s drive-through, a three-storey Travelodge hotel and a Costa Coffee café with drive-through.
MP Real Estate acted for ALDI Stores Ltd.
Lambert Smith Hampton acted for Aberdeen Standard.
Cambridge City Council acquires prime City industrial estate
10th September 2019
Cambridge City Council has acquired the head leasehold interest of Units 1-10 Nuffield Close from Aviva Investors.
The City Council already owned the freehold and paid £5.0m to buy in the head lease.
The estate is fully let to Cityfibre, Citystay, CTD Tile Showroom, Verizon UK, Tillery Valley and Howden’s Joinery at rents reflecting £12 per sq ft, producing a gross income of £341,050 per annum.
Cambridge City Council was advised by MP Real Estate and Aviva Investors by Savills.
Knight Retail Park and Premier Inn, Saffron Walden, sold to LXi REIT
3rd September 2019
Granite Estates Group Limited, advised by MP Real Estate, has sold Knight Retail Park and secured funding for the development of a Premier Inn hotel in Saffron Walden.
Knight Retail Park is the first retail park in Saffron Walden and was pre-let to B&M Home Store for a 22,000 sq ft unit with a garden centre, Pets at Home for a 6,000 sq ft unit, Costa for a 1,800 sq ft café, with Pure Gym taking a unit of 7,000 sq ft.
Premier Inn has pre-let a 70 bed hotel and Beefeater Restaurant on a 25 year lease.
Construction of the hotel will commence in October 2019, with completion scheduled for September 2020.
The Retail Park and hotel will generate an annual income of £940,000 per annum
Knight Retail Park is located adjacent to the existing Aldi store on Thaxted Road (B184) to the east of the town centre and opened in 2016.
MP Real Estate acted for Granite Estates Group Limited in pre-letting the Retail Park and Hotel together with the investment sale and funding. LXi REIT was represented by Andrew Whitehouse Associates.
CBRE Global Investors acquires prime freehold Cambridge retail unit
2nd September 2019
CBRE Global Investors, advised by MP Real Estate, has acquired a prime retail unit at 49 Sidney Street, Cambridge.
The freehold of the former Santander unit was sold by the bank with vacant possession.
No. 49 Sidney Street comprises a Grade II Listed Victorian three storey brick built terraced building, providing a ground floor retail unit with first and second floor self-contained office accommodation, accessed from a separate entrance from Sidney Street.
A letting to a national occupier is currently being negotiated.>
MP Real Estate acted for CBRE Global Investors.
Saffron Walden retail park fully let with letting to Pure Gym
2nd September 2019
Pure Gym have opened in the last remaining unit on Granite Development’s ‘Knight Retail Park’ in Saffron Walden for their ‘Pure Gym Local’ concept.
Located on Thaxted Road next to the existing ALDI store, Knight Retail Park was fully pre let before practical completion with B&M, Costa and Pets at Home completing the tenant line up.
Pure Gym sgned a new 15 year lease on a 5,000 sq ft unit at a rent of £15 psf.
MP Real Estate acted for Granite Developments Ltd.
Norbury Samson acted for Pure Gym.
Gateway Retail Park opens in Lowestoft
1st July 2019
The 76,000 sq ft new build modern retail development ‘Gateway Retail Park’ provides units for ALDI, Card Factory, Costa Coffee, Greggs, Subway and The Range who are all open and trading. Unit 2 is under offer to a gym with only unit 3, which provides 10,000 sq ft, remaining.
Occupying a prominent ‘gateway’ location fronting the busy roundabout junction of the London Road (A12) with Tower Road to the south of Lowestoft in the Pakefield area, the immediately surrounding area is a well established retail location with B&M, Homebase, Morrisons, McDonalds and Pizza Hut all located close by.
The development was undertaken by Freshwater with TPS Development Management acting as Project Managers.
MP Real Estate acted for Freshwater as letting agent.
Former Carluccio’s in Bishops Stortford sold
28th June 2019
The freehold of 16 North Street, Bishop’s Stortford, has been sold to an owner occupier who is proposing to open a new restaurant.
The premises occupy a prominent position on the east side of North Street which has become the preferred restaurant and lifestyle quarter for the town. Bill’s and Cote Brasserie are located directly opposite with White Stuff adjacent. Other occupiers in North Street include Pizza Express, Prezzo, Cook and JoJo Maman Bebe and Giggling Squid.>
The property was arranged over ground, first and second floors with the ground and first floors benefitting from an A3 consent and a separate self contained flat at 2nd floor.
Previously occupied by Carluccio’s, the premises closed in 2018 following their CVA, following which the private owner decided to sell the premises.
Government Property Agency to remain at Rosebery Court, St Andrew’s Business Park, Norwich
24th June 2019
MP Real Estate, acting on behalf of Joseph King Properties, has agreed a new 10 year lease at Rosebery Court with The Secretary of State for Housing Communities and Local Government.
The Secretary of State will occupy 50,000 sq ft over ground and second floors, providing accommodation for the Cabinet Office, Crown Commercial Service, Valuation Office, Health and Safety Executive together with a number of other government departments.
Rosebery Court offers modern, flexible air-conditioned office accommodation with the benefit of a good car parking ration.
The landlord is able to offer smaller office suites in the building from 1,000 to 6,000 sq ft.
MP Real Estate acts as asset manager to Joseph King Holding Limited across their entire property estate.
Cambridge Commercial Park industrial rents reach new highs
30th April 2019
MP Real Estate, acting on behalf of Orchard Street Investment Management LLP, has moved rents at Cambridge Commercial Park above £13 per sq ft - amongst the highest levels achieved in Cambridge.
The 52,000 sq ft industrial estate was acquired by MP Real Estate, on behalf of a retained client of Orchard Street, in 2014 at which time passing rents reflected £6.50 per sq ft.
In the intervening 5 years MP Real Estate has undertaken rent review and lease renewal negotiations on the entire estate.
The latest rent review took place on Unit 4A, a 15,000 sq ft unit let to Cambus Limited.
MP Real Estate work with their clients to ensure assets acquired outperform the prevailing market through active asset management and implementing strategic business plans.
hVIVO plc extends tenancy at QMB, Whitechapel
26th March 2019
MP Real Estate continues to advise hVIVO plc in respect of their long term occupational requirements.
The company is engaged in conducting human challenge studies using influenza (flu), human rhinovirus (HRV) and respiratory syncytial virus (RVS) for pharmaceutical and biotech companies.
Headquartered at Queen Mary BioEnterprises Innovation Centre, the company occupies some 25,000 sq ft of laboratory and office accommodation within the bespoke commercial wet laboratory and office building.
Terms have been agreed to extend the hVIVO’s occupation at QMB, whilst building in flexibility to relocate non-clinical operations to more suitable premises.
New Southern Police Station for Cambridgeshire moves a step closer
5th March 2019
POLICE and Crime Commissioner, Jason Ablewhite has signed an agreement to progress proposals for a new police station for the county.
An Option Agreement has been signed with The Ely Diocese which allows Cambridgeshire Constabulary to carry out exploratory work and conduct ground surveys on a site to the north of Cambridge. Over the past year, a Project Team consisting of offices and staff from the Constabulary has been working alongside the Police and Crime Commissioner to identify suitable sites to replace Parkside Police Station which is currently located in the centre of Cambridge.
Police and Crime Commissioner, Jason Ablewhite said:
"Whilst Parkside Police Station has provided a good service since it was constructed in 1967, its location means it is no longer in the best place given the associated problems of travelling in and out of the city. The layout of the building is complicated and the number of custody cells and ancillary facilities needs increasing.
Replacing Parkside will allow us to build a new station which better meets the operational needs of the Constabulary. Once the location is confirmed, and before Planning Permission is sought, I will be holding a period of public consultation in order to listen to the views of local residents and stakeholders, the dates of which will be announced later in the year.
Whilst this project is ongoing, I want to reassure you that Parkside Police Station will remain operational until the new station is completed."
Chief Constable, Nick Dean added:
"We remain committed to maintaining a local police presence in and around the city of Cambridge, focusing on reducing harm and protecting the most vulnerable in our communities. I want to reassure people living, working and visiting in Cambridge that there will still be an enquiry desk in the centre of the city, the precise location of which will be confirmed once the proposed new station is completed."
MP Real Estate is advising the Cambridgeshire Constabulary.
Aldi open at Royston Gateway
21st February 2019
The new ALDI store is located next to the new M&S Foodhall at ‘Royston Gateway’, a multi-million pound development on a 30 acre site between the A505 and the established Royston Business Estate to the north of the town centre.
The ALDI store is circa 18,800 sq ft and the M&S Foodhall circa 11,000 sq ft and they share a 170 space customer car park.
Construction work is soon to start on the next phase which will include a coffee drive thru, trade counter, non-food retail and hi tech business units.
Royston Gateway is being developed by Kimberley Developments Ltd, a long established independent property company specialising in food store developments.
Knight Retail Park, Saffron Walden, fully pre let
21st January 2019
Pure Gym are the latest occupier to sign up on the new Knight Retail Park on Thaxted Road, Saffron Walden, Essex, CB10 2UR.
Knight Retail Park will be the first retail park in Saffron Walden and pre lets have been signed with B&M Home Store for a 22,000 sq ft unit with a garden centre, Pets at Home for a 6,000 sq ft unit, Costa for an 1,800 sq ft café and Pure Gym who will be taking the last unit of 7,000 sq ft, which means the scheme is now fully pre let 4 months before opening.
The Knight Retail Park will be located adjacent to the existing Aldi store on Thaxted Road (B184) to the east of the town centre, which opened in 2016.>
The site is owned by developer, Granite Developments (Saffron Walden) Ltd, who have appointed Mitchell Design & Construction as contractors. Completion is scheduled for May 2019.
Stowmarket store sold to Mid Suffolk District Council
9th January 2019
A vacant retail store and car park, owned by Aldi Stores Ltd, in Gipping Way, Stowmarket, has been bought by Mid Suffolk District Council, which will now operate the car park and find a new tenant for the building. Most recently occupied by Poundland and before that 99p Stores, the store has been vacant for the last 18 months following 99p Stores Ltd being placed in Administration.
Cllr Nick Gowrley, leader of Mid Suffolk District Council, said: “This purchase is a significant step in our aim to support the economic development of the town.
"There have been concerns about the future of this key site, but we are committed to making it more viable for local businesses and enables us to operate the car park effectively."
The purchase is part of the council's Vision for Prosperity for the town – a five-year action plan to revitalise the town centre and attract more businesses and visitors.
David Blackburn, Stowmarket Town Council clerk, welcomed the news.
"We support the steps that are being taken by the district council to stimulate economic activity, including the purchase and re-use of the premises formerly occupied by Aldi," he said.
"Stowmarket is a fast-growing town and we welcome proposals such as this, that seek to support enterprise and employment."
The store measures 12,271 sq ft at ground floor and the car park provides 76 spaces.
Fenn Wright and MP Real Estate are instructed to secure tenants.
Nando's secure final unit at Ely Leisure Village
7th January 2019
The 49,000 sq ft Cambridgeshire scheme is anchored by a six-screen Cineworld cinema with existing food outlets and drive-thru units let to Greene King, Arbuckles, Frankie & Benny’s McDonald’s, KFC, Chosen Bun and Pizza Hut. The scheme spans 6.5 acres by the A10 and was forward funded by Aberdeen Standard Investments in 2017.
Nando’s has taken the final 3,318 sq ft unit for a new restaurant due to open in April, taking the chain to more than 350 restaurants in the UK.
Sandy Pringle, fund manager at ASI, said "Securing such a well-known, international brand like Nando’s as the final tenant at Ely Leisure Village is testament to the strength and appeal of the scheme. They join a strong line up of other leading international and national brands, helping to cement the Village’s position as an outstanding facility for the local area."