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.

NIU SOLUTIONS EXPAND INTO ADDITIONAL OFFICE SPACE IN BAGSHOT

Acting on behalf of niu Solutions, DB Real Estate can announce that niu Solutions, the IT and telecoms services company, have taken an additional 1,100 sq ft of office space within Seal House, on London Road, in Bagshot. 

niu Solutions had to find additional office space to accommodate their expanding workforce and DB Real Estate were able to identify underutilised space within niu Solutions existing building, persuade the tenant of that space to sub-let part and agree terms for niu Solutions to occupy the space.  Both niu Solutions and the previous occupier are delighted with the new arrangement.

niu Solutions will be looking for a longer term solution, a new larger office, in the near future possibly in the order of 6-7,000 sq ft and DB Real Estate will be starting a new search for a suitable facility shortly.   

 

For further information please contact the Camberley office of DB Real Estate on (01276) 538300.

PRECISION MARTIAL ARTS TO OPEN IN CAMBERLEY TOWN CENTRE

DB Real Estate are very pleased to confirm that Precision Martial Arts, the family and individual mixed martial arts organisation, have taken 1,300 sq ft of office space in Camberley town centre, at 1 Albert Road.

The letting required that the use of the premises was changed from offices, to offices and Class D2 use, which required a planning application.  The application was successful and DB Real Estate worked closely with the planning consultant, providing supporting expert evidence and information.  Following the completion of certain alterations, the centre is due to open in January 2012.   

For further information please contact the Camberley office of DB Real Estate on (01276) 538300.



IDEAL TRADE COUNTER UNIT AVAILABLE AT LAWRENCE WAY, CAMBERLEY

DB Real Estate is marketing Unit 1, Lawrence Way, Camberley, an end of terrace unit of 8,200 sq ft which would be ideal for any trade counter operator. 

Not only is it prominent and close to a range of existing trade counter operators (Toolstation, Howdens Joinery, PTS, Topps Tiles, Grahams, etc.) but the latest news is that it is now immediately next door to Screwfix Direct Ltd, part of Kingfisher, who have taken Unit 2 Lawrence Way, Camberley, having completed a new 10 year lease on the property. 

DB Real Estate and Colliers International are currently marketing Unit 1, for further information please contact the Camberley office of DB Real Estate on (01276) 538300.

SCREWFIX DIRECT LTD OPEN NEW CENTRE IN CAMBERLEY

DB Real Estate are able to confirm that Screwfix Direct Ltd, part of Kingfisher, has taken Unit 2 Lawrence Way, Camberley and completed a new 10 year lease on the property which provides approx. 6,600 sq ft. 

This is very exciting news for Camberley and the Yorktown Business Park, where Lawrence Way is located, and Screwfix’s presence on the business park will attract further occupiers, creating more jobs for the local area.

Nigel Dickason at DB Real Estate, who acted for the landlords, has confirmed that the adjoining unit, number 1, is also available and likely to generate considerable interest.  In addition a larger unit of 26,500 sq ft is available on the same estate.

The industrial estate is managed by CBRE Investors Ltd and DB Real Estate and Colliers International are currently offering the available vacant units which range in size from 8,200 sq ft up to 26,500 sq ft  For further information please contact the Camberley office of DB Real Estate on (01276) 538300.

WORK IS WELL UNDERWAY ON CAMBERLEY’S FIRST SERVICED APARTMENT SCHEME

Developers, TA Fisher, are more than halfway through the re-development of the former office property, Central House, Park Street, Camberley, which previously provided office accommodation on first, second and third floors.  TA Fisher bought the property in about September 2010 and immediately set about obtaining planning permission for the development of the serviced apartment scheme.

D B Real Estate, acted for the previous owners and more recently acted for TA Fisher, providing expert advice in connection with the successful planning application for the new scheme.

D B Real Estate has been retained to provide expert advice in connection with four different and successful planning applications for change of use away from offices in recent months.

For further information regarding the above or to discuss any planning applications for change of use please contact the Camberley office of D B Real Estate.

GREEN LIGHT FOR MASSIVE TESCO WAREHOUSE

Tesco has received planning consent for a 900,000 sq ft distribution warehouse at Whitely, South Reading on the site of the former Courage Brewery, which overlooks Junction 11 of the M4.  Anyone who travels on the M4 will immediately recognise the site as the location of the huge wind turbine which sits next to the M4.

Both Reading and Wokingham Borough Councils’ planning committees approved the scheme as the site straddles both boroughs.

The aim is to open the warehouse by Christmas 2012. James Wiggam of Tesco said: “We are proud to be able to bring jobs and investment to Reading. We have worked closely with the local community and council to develop these proposals and have been overwhelmed by the positive response to them.”

It is estimated that the site will create 1,000 jobs in the area and the construction phase of the project would also provide more than 150 jobs.

The distribution warehouse will be built to BREAM Excellent standards.

SHARPS BEDROOMS LTD MOVE INTO CAMBERLEY TOWN CENTRE

Acting on behalf of Symyx (now Accelrys), DB Real Estate can announce that Sharps Bedrooms Ltd, have taken nearly 6,000 sq ft of leasehold office space within Norwich House, on Knoll Road, Camberley, proving that you should never give up marketing premises, even when there are only a few months to run before a lease expires!

Symyx hold a lease which expires in March 2012, but the space was surplus to their needs, so earlier in the year Gerald Eve and DB Real Estate were instructed to try and dispose of the space, a very difficult task with only a short lease left to run.  However, DB Real Estate identified Sharps Bedrooms and agreed a short term sub-letting and a simultaneous new lease direct from the landlord.  The letting was agreed and documented in double quick time and Symyx, the landlord and Sharps Bedrooms are all delighted with the outcome.

Symex have made savings that they were never expecting whilst the landlord has a new occupier and Sharps Bedrooms have great new office space.   

For further information please contact the Camberley office of DB Real Estate on (01276) 538300.

SUN PARK IS LAUNCHED

DB Real Estate can confirm that the former HQ of Sun Microsystems, at Junction 4a of the M3 Motorway, has been launched by property companies, Landid and Delancey as Sun Park, providing up to 284,500 sq ft approx. of Grade A office space.

Sun Microsystems moved out of the whole facility earlier in the year, when Sun were taken over by Oracle and shortly after this the whole site was bought by  Landid and Delancey who are now offering the office space to potential new occupiers.  The existing space is provided in three buildings and represents the largest single available space in the Thames Valley at the present time.  The owners are happy to speak to any potential occupiers looking for plus of 20,000 sq ft approx.

The site also incorporates existing on-site facilities which include a restaurant, a gymnasium, several coffee bars and plenty of attractive outdoor areas.

Sun Microsystems originally intended to build up to 400,000 sq ft but they never completed the final phase and so there is scope to build a further 112,000 sq ft on site. 

There have been various rumours over the last few months about the whole site, at one point it was suggested it might make a suitable site for a huge warehousing scheme and another suggestion is that some form of residential development might be proposed for the uncompleted final phase.  Whatever does happen, one thing which is certain is that this site will play a significant part in the property market for quite a number of years!!

For further information about Sun Park please contact the Camberley office of DB Real Estate on 01276 538300

RENESAS TAKE 33,000 SQ FT OF OFFICES IN FARNBOROUGH

DB Real Estate can confirm that Renesas Electronics Corporation have taken a new 10 year lease on 33,000 sq ft of office space at Cody Technology Park, Farnborough from Qinetiq, the recently privatised defence contractor who have some 2 million sq ft of space at Cody Technology Park, which is adjacent to Farnborough Airport.

Renesas Electronics recently bought the baseband modem business of long-time technology partner Nokia for $200m and this resulted in the need for office space in the area but away from the existing Nokia HQ at Southwood, Farnborough. 

We are advised this is the company's most ambitious business move since it was formed by the merger of the Renesas Electronics and NEC semiconductor businesses, last year.

Renesas are paying £13.50 per sq ft and took on a 10 year lease with a break clause at the end of year 5.  Renesas were also given a 16 month rent free period.

For further information please contact the Camberley office of DB Real Estate on 01276 538300 or send an e mail to info@dbre.co.uk

THE CHANGING FACE OF CAMBERLEY

For some years now we have been faced with a huge supply of vacant office properties in Camberley town centre peaking at 208,000 sq ft which represented approx. 57% of all the office space in the town centre! 

With growth in the UK economy slowing and problems persisting in the global economy there was little prospect of all the vacant space being occupied in the near future.  Clearly something had to change. 

Well, at last, the situation is changing and anyone visiting Camberley will have seen scaffolding being erected, building materials being delivered and cranes on the skyline.

Four schemes are currently under construction in Camberley town centre with a fifth due to start; the old Sun Microsystems office, Sun House, on Pembroke Broadway has gone and a Travelodge budget hotel and three restaurants are being built.  The former St Georges Court office, once occupied by Nokia, in the High Street is being converted into 23 flats and Central House, another former office building, on the corner of Park Street and Pembroke Broadway, is being converted into serviced apartments.  Valzan House in London Road, an office again, has been given the go ahead to be converted into nine flats. 

In all 68,000 sq ft of office space has been taken out of the oversupply, reducing the amount of space available to 140,000 sq ft although this still represents 38% of all the office space in the town centre.

Finally, the former Sandhurst Tup public house on the corner of Park Street and London Road has gone and in its place a new Premier Inn budget hotel and three restaurants are being built.

Camberley is changing and these are positive changes which can only help the town grow and prosper.

For further information please contact the Camberley office of DB Real Estate on 01276 538300 or by e mail – info@dbre.co.uk

NEVER GIVE UP!

DB Real Estate can confirm that Speymill Contracts Ltd have taken an office suite of 800 sq ft in Admiral House, Camberley, where there is just 12 months left until the tenants headlease expires.

DB Real Estate act for Logica who hold the headlease until the end of June 2012.  Recognising that Speymill had won the tender to build the new Premier Inn next door, DB Real Estate approached Speymill to suggest they could take office space next door at Admiral House, for their works office rather than pay for Portacabins on site. 

Speymill decided this was a good idea and took a self-contained office on the ground floor until June 2102.  This does show that you should not give up, there are always short term requirements around, sometimes it is more a question of un-earthing them.

DB Real Estate acted for Logica whilst Speymill represented themselves.

For further information please contact the Camberley office of DB Real Estate on (01276) 538300

GREAT NEWS FOR THE WIDER CAMBERLEY ECONOMY

DB Real Estate is delighted to confirm that Spring Personnel Ltd has completed a new lease for a new branch in Camberley at 67/73 Park Street.

Spring Personnel has taken a new 3 year, flexible, lease on Suite 1, on all inclusive terms, which provides 670 sq ft of good quality office space, on the edge of the town centre and opposite the new leisure and retail scheme, The Atrium.

This is the first new location that Spring Personnel have opened in 3 years! which has to be seen as great news for Camberley.

DB Real Estate is also offering Suites 2 and 3, providing 530 sq ft to 1,190 sq ft, on flexible lease terms at an all-inclusive charge of £12.50 per sq ft.

For further information regarding the letting and for more information on the available office space, please contact the Camberley office of DB Real Estate on (01276) 538300.

BOEING DEFENCE UK LTD LAND IN FLEET IN THE MOST SIGNIFICANT LETTING IN FLEET THIS YEAR

DB Real Estate are delighted to announce that Boeing Defence UK Ltd have taken Integration House, Rye Close, Ancells Business Park, Fleet a 12,000 sq ft detached, refurbished, headquarters office.  The building has been sub-let by Gleeson Group plc until June 2017.

Boeing is the world’s leading aerospace company and the largest manufacturer of commercial jetliners and military aircraft and employs over 1,000 people across the UK supporting Ministry of Defence and U.S. military programmes.

Integration House was refurbished by Gleeson Group plc and provides high quality, full fitted, office space.  The rent was agreed at £16.50 per sq ft and a rent free period was agreed.

DB Real Estate acted for Gleeson Group plc whilst CB Richard Ellis acted for Boeing Defence UK Ltd.

For further information please contact the Camberley office of DB Real Estate on (01276) 538300 or CB Richard Ellis on 0207 182 2000