A private investor, represented by international real estate advisor Savills, has brought to market the iconic Grade II listed building let to House of Fraser in Manchester for a guide price of £84.5 million, reflecting a net initial yield of 5.07%. The landmark department store totals 387,595 sq ft (36,008 sq m) and is let to the leading retailer on a lease with 33 years unexpired at an annual rent of £4.36 million.  It has long been a part of Manchester’s history and comprises two separate buildings linked via basement and footbridges, the larger of which dates back to the 1930s. Situated on a 1.64-acre (0.66-hectare site) fronting on to Deansgate, at the junction with both St Ann’s Street and King Street, the property occupies a prime retail position at the heart of Manchester city centre.  The high footfall retail, leisure and office hubs of  Spinningfields, Manchester Arndale, M&S and Selfridges are also within close proximity. Oliver Foster, investment director at Savills, comments: “This is a rare opportunity to acquire a prime landmark department store investment in Manchester which, as a city, is recognised on a global scale for its retail offer.  We expect the long unexpired lease term to House of Fraser and attractive yield to generate high levels of interest among investors based in both the UK and overseas.” Source link

A King’s Lynn roofing company has been prosecuted after a worker fell seven metres from a scaffold access ladder while assisting with chimney repairs. Kings Lynn Magistrates Court heard how the worker was subcontracted by J Webber Roofing Limited to assist with removing waste, mixing cement and bringing tools up to colleagues who were working on the chimney at a domestic property on Beech Avenue in Kings Lynn on 10 July 2015. The company had erected a scaffold platform around the chimney with an access ladder attached to it. The worker climbed up the ladder carrying a cement filled bucket with a radio attached to it, on his shoulder. He lost his balance and fell approximately seven metres to the ground. The fall resulted in multiple fractures to both of the worker’s wrists and his lower left arm. He required surgery and steel plates and will never regain full use of his hands. An investigation by the Health and Safety Executive (HSE) found that J Webber failed to adequately plan work at height which involved manual handling of construction materials and waste up and down scaffold ladders. J Webber Roofing Limited of 81 Gayton Road, Gaywood, Kings Lynn pleaded guilty to breaching Regulation 4(1)(a) of the Work at Height Regulations 2005 and was fined £5,000 and ordered to pay £1,582 in costs. Speaking after the hearing HSE Inspector Kasia Urbaniak said: “The risk of falls from ladders is well known. Ladders are being frequently misused where often better specifically designed equipment is easily available. “This incident which has left a worker without the full use of his hands could have been easily avoided if a ‘gin wheel’ had been installed on the scaffold platform to transport tools and other construction materials”. More information on carrying out roof work safely can be found here: http://www.hse.gov.uk/pUbns/priced/hsg33.pdf Notes to Editors: The Health and Safety Executive (HSE) is Britain’s national regulator for workplace health and safety. It aims to reduce work-related death, injury and ill health. It does so through research, information and advice, promoting training; new or revised regulations and codes of practice, and working with local authority partners by inspection, investigation and enforcement. www.hse.gov.uk More about the legislation referred to in this case can be found at: www.legislation.gov.uk/ HSE news releases are available at http://press.hse.gov.uk Journalists should approach HSE press office with any queries on regional press releases. Source link

The private commercial market is expected to increase by 5 per cent in 2018, while the private housing sector is set to grow by just 1 per cent in the same year. This represents a significant slowdown in housing, which grew by 8.4 per cent in 2015 and is forecast to expand by 5 per cent this year. It also represents an improvement for the private commercial market, which declined by 1 per cent last year. However, the new forecasts relate to data collected before last month’s EU referendum, meaning that while the impact of uncertainty has been factored into the numbers, the ensuing economic turmoil from the referendum’s result has not been included. The Markit / CIPS Construction PMI, collected in the weeks immediately before the referendum, showed construction activity fell to its lowest monthly level for seven years in June. And since the referendum, a number of leading forecasters have said they will downgrade their expectations for construction, including Leading Edge, Hewes & Associates, and Glenigan. The positive outlook for the commercial market is largely based outside London, with regional centres “still in the early part of their upswing” in commercial development, according to Experian. However, the forecaster added that the impact of referendum result was “currently unquantifiable but almost certain to be negative” across the majority of sector forecasts. Source link