‘Thank you for your comprehensive Report and accompanying photographs. We greatly appreciate your thorough approach and clear explanations, and your level of detail.’ - Mr R T (March 2018)Written by Jodie Macmillan
Acting for Westward Housing Group and NHS, Monk and Partners with sub agents Simon Milnes Estate Agents(Truro) have sold the freehold interest in a detached period property on the edge of Truro City Centre, namely Chy Colom, Agar Rd, Truro. Formerly used for the provision of supported living, this three storey property provided 10 bedrooms and ancillary accommodation but was in need of refurbishment and was offered for sale off an asking price of £525,000. The property was offered to the commercial and residential markets being considered suitable for a range of uses. A sale was agreed to private investors for a change of use to a private residence.
Acting on behalf of NOS 2 Ltd, Monk and Partners have sold the freehold investment property 52/56 Embankment Rd, Plymouth which comprises a two storey building arranged as two ground floor shops let to Bet Fred, Bookmakers and a Polish supermarket/delicatessen together with a vacant basement workshop/warehouse formerly used as a cash and carry among other uses.
At the time of the sale the property was producing a rental of £26,000 p.a.x. and was sold off an asking price of £300,000.
Stratton Creber represented the purchasers.
Monk & Partners have subsequently let the lower ground floor of about 270 sq m (2900 sq ft) to a leisure operator who has gained planning permission for a gym use.
National retail shop investors, NOS 4 LTD have sold, through local commercial property agents Monk & Partners, Eastgate House, 1 East St, Okehampton.
John Slade of Monk & Partners said, “we were instructed to market a portfolio of mixed retail and residential investment properties in the town with the subject property being sold to a private investor. A number of enquiries were received for the various properties and the subject property comprising a ground floor shop leased and occupied by Bradleys Estate Agents with two long leasehold flats above was sold off an asking price of £125,000 for the freehold.''
Of the portfolio of four, one property was previously sold at auction and another is currently under offer. The last remaining unit is now vacant and is remains available off an asking price of £60,000 (STC) for a lock up shop unit.
Commercial property letting agents Monk & Partners have secured a letting of units 5 and 6 Marjorie Court to Bearing Options Ltd. Located on the established and popular Saltash Parkway estate, the units were constructed in 2008 and comprise a terrace of 4 units suited ideally to smaller businesses.
Having been instructed by the private owners, following two previous tenants simultaneously vacating, the agents identified the new tenant who were looking to relocate from smaller premises elsewhere in the town.
The units had a floor area of circa 500 sq ft each with partial mezzanines above and a rental of £10,000 p.a.x. was sought.
A new lease of the pair of units was agreed for a term of 6 years.
John Slade of Monk & Partners stated ”these units have always proved popular to the smaller or start up business. Since their construction in 2008 we have been instructed to let them at different times and each time voids are short lived due in part to the quality of the units, the landlord being flexible on the lease term granted and also the added benefit that business rates are nil in the current regime. Furthermore the units are located adjacent to the A38 providing easy access to the rest of Cornwall and the Tamar crossing into Devon, Plymouth and beyond.”
Monk & Partners have secured the letting of a new hybrid industrial and office unit at Darklake Park.
Unit 20 is located at the entrance to this brand new development which was acquired by an investor with the new tenant Healthcare at Home being a relocator from another business park in Plymouth.
The unit has a gross internal floor area of circa 332 sq m (3578 sq ft) over two floors with a generous parking and yard area.
John Slade of Monk & Partners commented, “this unit provided a fairly bespoke layout with 50% offices within. We had a number of parties showing interest in the unit but managed to secure a letting for a term of 10 years on a stepped rental pattern. The Darklake Park scheme has proved to be a very popular new business park providing a range of high quality attractively designed buildings in a range of sizes from circa 60 sq m (650 sq ft) upwards.
Acting on behalf of ETE Ltd and private investors, Monk & Partners have secured 2 lettings of adjacent properties in Barbican Approach and Commercial Rd, Coxside, Plymouth to Enterprise Rent-A-Car.
Plymouth agents Monk & Partners were instructed by the leaseholders of 2 Barbican Approach to find a sub-tenant for the 270 sq m (2900 sq ft) industrial workshop premises and after a fairly long period of marketing and change of use process they secured Enterprise Rent-A-Car for the subject premises. Simultaneously Monk & Partners negotiated lease and rental terms with the same tenant on the adjacent property being circa 380 sq m (4100 sq ft) from different owners to create a joint letting of the two premises. The two properties were formerly occupied by a limousine rental company and Speedy Hire among other users over time. 2 new leases until circa 2030 have been agreed.
John Slade of Monk & Partners commented “ this was one of those unconventional and satisfying deals whereby one premises was insufficient for the acquiring tenants needs and following some investigative endeavours it turned out the adjacent property could also be leased alongside making the two properties large enough for the car rental firm’s needs.''
The properties are located fronting two main routes in Coxside making for a prominent and convenient location for the new tenant to relocate to following some extensive refurbishment and branding for their purposes.
H M Williams Accountants have recently moved into Grade A purpose built offices at Sandy Court on the Langage Business Park, Plympton, according to agent John Slade of Monk and Partners. Previously located in Valley Road, Plympton, the move into the high profile new building will allow the company to grow the full range of accountancy services to businesses located across the South West.
Occupying 3120 square feet Monk and Partners arranged the pre-let of a new build semi-detached office block in the established and popular Sandy Court office campus. The letting also provides H M Williams with option to purchase the Freehold as they have been experiencing a period of growth and needed to relocate into offices that better reflect the needs of the firm.
Being next to the A38 Devon Expressway means easy access for the team to get into work and out to see clients so Langage was the ideal location. Ashley Smith of H M Williams said ‘We are now very excited to be in an office that is better equipped and suits that of a modern and growing professional services firm which will significantly assist with the growth of the company.’
Bruton Knowles represented H M Williams in the negotiation of the lease and future purchase of the building along with advice on the build and fit out.
John Slade of Monk and Partners commented ‘Our client, Greenacre Developments, was pleased to be able to bring another local company to Sandy Court with the construction of this building, the other half of which remains available for sale or to let. Yet to be fitted out internally the adjacent unit offers another 3200 square feet of offices over two floors with parking and could be completed prior to Christmas 2017. The Sandy Court scheme is getting close to capacity now with just two 6000 square foot buildings remaining to be constructed.’
'I just wanted to say thank you so much for our chat on the phone yesterday. You were very clear and informative and I actually felt like I was getting an honest opinion' Ms M M, Plymouth.Written by Jodie Macmillan
Plymouth City Council has purchased a prime edge of town centre Retail Park in the Plymouth as part of a long-term investment strategy to promote the local economy and generate income.
The Council has used historically low borrowing rates to acquire the freehold interest of Friary Retail Park fronting Exeter Street. The property extends to circa 7,456 sq m (80,250 sq ft) and is located beside a strategic gateway to Plymouth’s city centre.
The investment will provide the Council with a long term income stream, secured against quality tenants who are unrepresented in the traditional shopping centre. These include Dunelm, Smyths Toys and Hobbycraft, Pets at Home etc.
A spokesman at the Council commented “We are capitalising on our in-house property expertise and access to historically low borrowing costs to invest in commercial property in Plymouth. This will boost the local economy, support jobs and generate long term sustainable income to improve the wider financial position of the Council. After all costs, it is estimated that the property will deliver an annual income from rents of over £500,000 a year and this will grow over time. That’s half a million pounds worth of savings we don’t have to make elsewhere and it will help us protect vital frontline services.”
It is believed many councils are doing this as a reaction to diminishing funding from Central Government hence the need to be entrepreneurial and look at other sources of revenue. Plymouth City Council are already landlords of a significant amount of commercial property and have a good track record in maximising returns from their property estate.
This year over £1 billion has been spent on commercial property investments by local authorities nationwide. This reflects the growing trend of Councils taking advantage of the low cost of debt to acquire commercial property to generate a secure and steady income stream for the future, examples include Portsmouth City Council, Surrey County Council and Leeds City Council to name a few.
The freehold interest of Friary Retail Park has been sold by AXA Investment Managers Ltd to Plymouth City Council. The Council were represented by Plymouth agents Monk & Partners and Savills (Bristol) whilst AXA Investment Managers were represented by Edgerley Simpson Howe LLP.
Acquiring agent John Slade of Monk & Partners commented, “this Retail Park Investment is a rare opportunity to come to the market which we identified as fitting the needs of the Plymouth City Property Investment fund and we were pleased to be able to negotiate and deliver a purchase on their behalf. The scheme is fully let and accommodates a number of well-known retailers in a range of unit sizes and should perform well for them as investors.”
John Slade further comments “2016 has been an extremely active year for Monk & Partners as agents particularly in the retail warehouse market. Jointly with agents Bruton Knowles, we also acquired the former B & Q premises at Coypool Retail Park, Plympton, on behalf of local retailers for their own occupation. This warehouse totalled circa 3,369 sq m (36,264 sq ft) and was purchased from former owners, Threadneedle Property Unit Trust.
We undertook Project Coordination on behalf of Ocean BMW, Falmouth, to create a new car and motorbike showroom. After a few years hard work it is now finished and ready for business. We may be a bit biased, but we think it looks great!
A huge thank you to all the contractors who have worked so hard to create this amazing site and to Ocean BMW for letting us be a part of it. We wish them every success in the future.