MCLAREN GETS GREEN LIGHT FOR HUGE APPLIED TECHNOLOGY CENTRE

DB Real Estate can confirm that McLaren has been granted planning consent to develop a huge Applied Technology Centre at its Woking headquarters.

The new facility will be in addition to the existing Production Centre and Technology Centre, which already make McLaren Woking’s single largest and most high profile employer. 

The new Applied Technology Centre will extend to 60,000 sq m or 650,000 sq ft!! and will provide, workshops, prototype manufacturing and testing space, research and development equipment, offices, meeting spaces and innovation hubs. It will also accommodate spaces for teaching and training, which will enable McLaren to play a significant role in developing new and advanced technical engineering skills in partnership with local schools and colleges.

Up to 300 construction workers will be employed at the site at any one time over the phased development, and 400 direct jobs will be created and retained at the site. An additional 200 jobs will be created indirectly through manufacturing, suppliers and clients, and increased retail spend in the area.

For more information about commercial property in the Surrey area please contact the Woking office of DB Real Estate on 01483 340000 or visit our web site at http://www.dbre.co.uk/

BOOST FOR CAMBERLEY/SURREY AREA - LILLY INVESTS IN RESEARCH BASE

DB Real Estate can confirm that Eli Lilly has officially opened a new research facility at its Erl Wood R&D base in Windlesham, Surrey, just 2 miles east of Camberley.

The site is Lilly’s biggest R & D site outside the US, and has been conducting research since the 1960’s.   

The new facility is to house scientists working on early drug development work. The £5.4 million building will house 130 staff across various disciplines and the whole R & D site employs some 600 people.

For more information about commercial property in the Surrey area please contact DB Real Estate on 01276 538300 or 01483 340000 or visit our web site at http://www.dbre.co.uk/



£1M CASH INJECTION TO SPRUCE UP FARNBOROUGH SHOPPING AREA

Queensmead is getting a makeover with the pedestrianised shopping area in Farnborough set to benefit from a £1M investment and the the plans include new seating, pavements, trees and a market square.

The Queensmead refurbishment is set to cost £990,000, with £150,000 coming from developers through Section 106 funding. The project will see the council working with Hampshire County Council and liaising with KPI, the company that owns and manages the shops and flats in Queensmead.

The project is part of the wider regeneration of Farnborough town centre, which includes plans proposing more than £250M worth of investment over the next ten years. This is on top of the £150M already invested in The Meads project at the northern end of the town centre.
The first stage of the Queensmead refurbishment is due to begin later in the spring. Work is expected to be completed during 2012/2013.

David Quirk, Director of community and environment for Rushmoor Borough Council said: "We are delighted that Rushmoor Borough Council's Cabinet approved this vibrant scheme, which is a major step towards our vision for Farnborough. The refurbishment of Queensmead will greatly improve the feel of the town centre and make it more pleasant and attractive to shoppers and new businesses alike."

For commercial property advise in the area contact DB Real Estate on either 01276 538300 or 01483 340000

SEGRO SELLS IQ FARNBOROUGH FOR £90.1M

DB Real Estate can confirm that property company SEGRO, has sold the entire IQ Farnborough, which is a mixed-use business park immediately adjacent to the Farnborough Airport, home to the Farnborough Airshow, for £90.1M

IQ Farnborough is the first of SEGRO’S six large non-strategic assets to have been sold since being highlighted as non-core at SEGRO’S Investor Day in November 2011.

The disposal has been structured in two parts. The existing built assets and 18 acres of development land have been sold to a joint venture between funds advised by Harbert Management Corporation and XLB Property as asset manager, for £79.7M.

In addition the sale of 11 acres of development land to two future owner-occupiers for £10.4M has been agreed. These latter sales are conditional upon receipt of planning approval and are expected to be finalised by the end of the year.

For more information, details of the income generated, etc., or for general commercial property advice please contact DB Real Estate on 01276 538300.

HAT TRICK AT GOLDSWORTH PARK

DB Real Estate is delighted to announce the details of three lettings at the Goldsworth Park Trading Estate, Woking totalling 36,750 sq ft.   Semmco Ltd has taken Unit 9; Greenjackets Roofing Services Ltd has taken Unit 5 and Geo Amey PECS Ltd has taken Unit 8.  Each unit provides approx. 12,250 sq ft and each has been let on a ten year lease.

Nigel Dickason at DB Real Estate, said “this is great news for Woking and the Goldsworth Park Trading Estate and we are confident these companies will attract further occupiers to both the estate and Woking in general, creating more jobs for the local area.  This is huge vote of confidence for the Goldsworth Park Trading Estate which is continuing to attract occupiers even in this difficult economic climate”.

DB Real Estate, who act for the landlords LaSalle Investment Management Ltd, who manage the estate, also confirmed there were discussions on-going with a number of other occupiers for units on the Goldsworth Park Trading Estate but the estate could still accommodate occupiers with requirements from 8,000 sq ft to 25,000 sq ft.  The quoting rent has been set at a very competitive level of £7.50 per sq ft.

For further information please contact the Woking office of DB Real Estate on 01483 340000 or visit http://www.dbre.co.uk/

TENANTS NEED TO BE AWARE OF PRE-CONDITIONS IN BREAK CLAUSES

There have been numerous articles written about the need for tenants to strictly comply with any pre-conditions attached to tenants' break clauses in to avoid the exercise of the break clause being ineffective. 

However, a recent case has taken this to new extremes!  In the case of Avocet Industrial Estates LLP v Merol and another, the lease included a right for the tenant to terminate the lease on a fixed date, but any notice to exercise that right would not be valid if '… at the Break Date any payment under this lease due to have been paid on or before that date, has not been paid.'

Between serving the notice and to the date the lease was to end, the tenant paid the rent late on three occasions but the rent was all paid, up to date, prior to the actual break date.  As with most leases, there was a provision that if any payments were late, interest would be payable, however the landlord did not issue any demands. 

Shortly after the termination date, the landlord claimed the termination was ineffective and issued proceedings against the tenant, on the basis that as some of the tenants payments were late, interest was due and therefore the tenant had not paid all payments due under the lease.

The court found in favour of the landlord.  Although the landlord had not served any demand for interest, there was no requirement on it to do so.  The tenant tried to claim that the landlord should not be able to rely on the interest now, having failed to raise the claim previously, but on the facts of the case the court decided that the landlord had not deliberately overlooked the ability to claim interest. 

The court recognised that this was a harsh judgment, but the message for tenants is clear, look closely at any pre-conditions attached to operating a break clause, particularly if the clause requires full compliance with the lease.

In addition, in the current market, landlords who have tenants with break clauses and who therefore face the threat of empty premises could be well aware of the potential power they may have to hold a tenant to the remainder of its lease!

For commercial property advise contact DB Real Estate on either 01276 538300 or 01483 340000

SUCCESS AT GOLDSWORTH PARK

DB Real Estate are able to confirm that Semmco Ltd has taken Unit 9 Goldsworth Park Trading Estate, Woking and completed a new 10 year lease on the property which provides approx. 12,200 sq ft.  Semmco Ltd will be bringing together operations currently located in 4 smaller units elsewhere in Woking and the move will also accommodate further planned expansion which is very exciting news for Woking and the Goldsworth Park Trading Estate.

This was the fourth unit let in 2011 and in total some 43,000 sq ft has been let to Multipulse Electronics, Surrey Tiles and Semmco

Nigel Dickason at DB Real Estate, who acted for the landlords, has confirmed that Unit 5 is also under offer but other units are available and the Goldsworth Park Trading Estate is still able to accommodate requirements from 8,000 sq ft to 25,000 sq ft.

The trading estate is managed by LaSalle Investment Management Ltd and DB Real Estate and Maxwell Brown are marketing the available units. 

For further information please contact the Woking office of DB Real Estate on (01483) 340000 or visit our web site at www.dbre.co.uk.