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WILTON SECURES PLANNING FOR 2.26M SQ FT AT DONCASTER NORTH

Planning secured for Phase One with estimated Q4 start on site Wilton Developments has secured detailed planning consent for the first phase of Doncaster North, with works due to start on site later this year.  The first phase of detailed planning is for 2.26m sq ft of development immediately adjacent

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Knight Frank Residential Asset Management implements integrated solution from MRI Software

Technology will help Knight Frank RAM perform key management activities and improve tenant communications MRI Software, a global leader in real estate software solutions, announces that Knight Frank’s Residential Asset Management (RAM) department is now leveraging MRI’s widely used property management and accounting platform, MRI Qube PM – deepening the technology

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Knight Frank to Handle Normanton Warehouse Property Sale

A brand new distribution warehouse property at the Trident Park development in Normanton is set to hit the market. The industrial agency team of Knight Frank in Leeds has been given instruction as the sole agents to market the purpose built 52,402 sq ft unit located on Rosie Road, which

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CBRE and Knight Frank Appointed at City House

Most recently, Bruntwood has announced the appointment of CBRE and Knight Frank as the joint agency team for the City House redevelopment positioned above Leeds City Train Station. With Bruntwood’s investment into City House is underway, it is anticipated that the project will be completed by May, 2017, with the

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Latest Issue

BDC 317 : Jun 2024

Knight Frank

WILTON SECURES PLANNING FOR 2.26M SQ FT AT DONCASTER NORTH

Planning secured for Phase One with estimated Q4 start on site Wilton Developments has secured detailed planning consent for the first phase of Doncaster North, with works due to start on site later this year.  The first phase of detailed planning is for 2.26m sq ft of development immediately adjacent to J6 of the M18 at Thorne, this includes a unique opportunity in the UK to develop a single unit of 1.15M sq ft.  The scheme will create around 8,500 jobs for the region.  Doncaster Metropolitan Borough Council has approved the scheme which forms part of Wilton Developments’ wider 180 acre, 3.52M sq ft, industrial and logistics site, within one junction of the M62/M18 interchange.   The first phase of delivery will extend to more than 700,000 sq ft across 6 buildings, ranging in size between 21,750 sq ft to 284,000 sq ft. The site, which will be delivered to a BREEAM Excellent rating and high specification with market leading ESG credentials, will address the trend towards larger units, responding to supply and demand with first buildings due to be delivered by 2023. CBRE and Knight Frank are appointed agents to market the Doncaster North scheme. Jason Stowe, Managing Director of Wilton Developments, comments: “A huge effort between ourselves, DMBC and our wider stakeholder partners has ensured that we are able to bring forward the first phase of this regionally significant Northern Powerhouse Logistics and Employment site. We are looking forward to getting on-site, delivering much needed industrial and logistics space with all of the positive socio-economic benefits that the construction and occupation of new buildings bring. The site’s enviable location close to the axis of both the M62/M18 and M18/M180 means it is well positioned to serve large swathes of the UK via the east coast ports and the national motorway network. Glyn Jones, Doncaster Council Portfolio Holder for Business and Housing stated: ‘It is excellent that this exciting industrial scheme is coming to fruition with support from Doncaster Council. We look forward to the site bringing forward a range of new employment opportunities to the north of Doncaster Chris Dungworth, Head of Business Doncaster added: ‘We have been supporting Wilton Developments for a long time on this development and look forward to working with them and the retained property agents to help attract quality businesses into these units. Mike Baugh, Executive Director, CBRE Leeds said “This is splendid news for the region, which is currently suffering with a lack of good quality, well located stock.  Doncaster North is also hugely significant for the national logistics market as it is currently the only site in the UK with detailed consent for a single 1m sq ft + unit.  We are seeing a continued trends towards larger scale distribution units, particularly from the online retail and 3PL sectors, this is creating a lot of interest in Doncaster North, particularly the 1.15m sq ft opportunity.” Rebecca Schofield, Partner at Knight Frank added: “We are delighted to be advising Wilton Developments on this flagship new development for the region.  Doncaster North will offer a unique opportunity for occupiers looking for flexibility of scale, strategic connectivity, and best-in-class specification, coupled with the latest ESG credentials to satisfy occupiers’ growing need for sustainable buildings.    “Consecutive record-breaking industrial take-up figures achieved over the past two years have left the region with a dearth of available stock; Doncaster North will help to address this supply/demand imbalance by providing occupiers with desperately needed space”.   

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UK Land Estates looks to help create jobs with Tyne Tunnel Trading Estate expansion plans

MORE than 250 jobs could be created under plans to expand Tyne Tunnel Trading estate to create additional high-spec industrial and retail facilities. UK Land Estates, the largest commercial property and investment company in the North East, has submitted plans to North Tyneside Council which aim to transform the 5 hectare site of the former Corning’s glass works on the Tyne Tunnel Estate into more than 14,000 sq m of industrial-led units. The site, which is part of the 2 million sq ft Tyne Tunnel Trading Estate in North Tyneside, will be developed into a mix of industrial and trade units, along with two drive-through outlets providing much-needed amenities on the estate.  On completion, the development is expected to create up to 270 jobs. The £12.5m expansion would also support an extra 45 jobs in its construction phase and could help create more than £2.8m worth of extra economic value for the area every year. With direct access to the A193 linking to the A19 – which forms part of the National Strategic Highway Network – the estate is easily accessible with good transport links. Keith Taylor, managing director at UK Land Estates, said: “This is an exciting development that we’re hoping will bring future investment and create jobs in several industries. “It is a strategic site with excellent connectivity to the north and south thanks to massive investment made in the local road network over the last five years removing bottleneck junctions on the A19 and providing an upgrade to the Tyne Tunnel. It is situated perfectly to serve businesses in North and South Tyneside and Newcastle areas as well as markets to the north and south of the region. “With the site being derelict for decades, it’s an exciting opportunity to develop the land into an attractive site which will provide ambitious businesses with best-in-class units to grow and expand. “This would expand our footprint on the Tyne Tunnel Trading Estate and add another set of high-quality, easily accessible industrial units to our portfolio.” The development will be built in phases with a first phase of the road infrastructure works and the two drive thru units, which will then be followed by the development of the industrial units in response to demand with units varying in size from 1,820m2 to 7,030m2. Occupiers would also benefit from their close proximity to local amenities such as Silverlink Shopping Park and Tesco Extra. Research by leading property agency Knight Frank, indicates that supply chain disruptions, depleted stock levels and the impetus for greater resilience is driving demand from companies for industrial and logistics property. In addition, a number of online retailers continue to have requirements for facilities to accommodate increased sales volumes and, due to falling vacancy rates, options are extremely limited. Mark Proudlock, Partner at Knight Frank, said: “Rarely have we experienced this level of demand with such little stock to offer. “This development of new units designed to meet the needs of companies seeking to expand, as well as new companies looking to invest in North Tyneside, would be extremely welcome.”

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Knight Frank Residential Asset Management implements integrated solution from MRI Software

Technology will help Knight Frank RAM perform key management activities and improve tenant communications MRI Software, a global leader in real estate software solutions, announces that Knight Frank’s Residential Asset Management (RAM) department is now leveraging MRI’s widely used property management and accounting platform, MRI Qube PM – deepening the technology partnership between the two companies. Qube PM will help Knight Frank RAM perform all key management activities and improve communications with tenants. It will also power the integrated MRI Engage resident portal, enabling tailored resident experiences for different clients. After identifying the need to replace its existing solution, Knight Frank RAM surveyed the market and decided on MRI’s Qube PM application due to its rich functionality and proven performance, scale, and innovation. Michael Toogood, Partner at Knight Frank, said: “Choosing a partner for such a mission-critical step for our business was always a decision that we would take after careful due diligence. I am delighted that we appear to have made a good decision.” Responsible for the block and corporate client management of Knight Frank’s residential operation, the RAM business unit offers a full service, covering property accounting, property and maintenance management, and client portal engagement. Daniel Foryszewski, Sales Manager for MRI’s residential solutions, said: “It is great to see the RAM team has selected a solution from MRI for this requirement, and that we have an opportunity to deepen an already strong partnership with Knight Frank, helping them support this established service line.”  About MRI Software MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI’s comprehensive, flexible, open and connected platform empowers owners, operators and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than two million users worldwide. Through leading solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com.

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London’s ‘green and pleasant’ multi-million-pound residences thrive

A room with a view, a front door onto the street, and a garden are proving more seductive for the wealthy than a James Bond-style bachelor pad in Chelsea. London’s high-end housing market is surprising estate agents who are reporting increased transactions for properties worth more than £5m. Estate agents Dexters marketing director Richard Page says: “Since the market re-opened we’ve had more than 9,000 viewing appointments across London per week and our website has never had so much traffic with 90,000 visits a week. “London is busy and people are getting on with their lives.” However, travel restrictions mean foreign investors are no longer driving the market. Demand for a pied-à- Terre in traditional super-prime hotspots such as Belgravia, Chelsea, Kensington, Marylebone, and Westminster have waned. Global estate agents Savills says central London prime properties are currently on sale for 21 percent less and sales activity is slow. Savills PR director Sue Laming says: “The prices are good value for non-sterling buyers and normally we would expect the market to pick up. Right now, these buyers are physically not in the market.” London’s green villages are on a roll Instead, rich domestic buyers and people from abroad who have already made London their home are the ones buying homes in the city’s desirable green districts. Finance brokers Hank Zarihs Associates chief executive Shiraz Khan says: “The rich no longer need a pad near their office in the City but a country style home within easy reach of the big smoke where they can work and relax.” Trendy green oases like Fulham, Islington, St John’s Wood, Notting Hill, and Dulwich are attracting intense interest from buyers who have up to £10m to spend. Property network LonRes research and data analysis head Marcus Dixon says: “A high proportion of moves are life-style ones whether it’s to move from a flat to a house or the countryside.” Estate agents Knight Frank’s head of residential research Tom Bill agrees saying the market for family houses in these areas has shown a month-on-month rise. “Family houses in these districts are doing very well. There’son top  strong momentum in the market.” Although he admits most of August and September’s exchanges were related to pre-lockdown sales. The pandemic has also led to longer times of up to six months for a sale to complete. The type of buyer has also changed with the home-grown purchaser outnumbering overseas ones. “We are seeing a higher proportion of domestic moves rather than international. This has meant that areas of central London with a high proportion of flats and little outside space, which were appealing to overseas buyers, are less busy than leafier areas with houses and green space,” says Dixon. He says that September has shown a 21 percent year-on-year increase on houses under offer but says this is skewed in favor of more expensive properties. “People aren’t buying small flats for investment. They are making long-term larger property decisions.” The capital’s resilience is partly due to the city’s good schools and universities which are commanding wealthy people’s loyalty. Page says: “I think London is still seen as a safe haven. There’s still demand here driven by access to a good education and cultural life. They tend to take a long-term view.” In fact, sales for properties worth more than £5m in September are showing a 29 percent year-on-year increase according to LonRes figures. The rich take a life-long view Bill agrees that the wealthy are in the fortunate position to be thinking 20 to 40 years ahead and are less restricted by banks tightening their lending criteria. “The high net worth prime buyers are less constrained by the mortgage market,” he says. “The ability to react and respond is something we’ve seen with the prime buyers.” But there’s trepidation about how the market will fare at the end of March when the stamp duty holiday on properties worth up to £500,000 ends. Although, stamp duty savings of £15,000 helps wealthy buyers it’s not a make or break issue for buying a high-end des res. But it is important for stimulating activity at the lower end of the market which enables the wealthy to free up assets and buy more high-end properties. “There will be a rush of activity then afterward there will be a slump and buyers will demand price drops,” says Dixon. On top of that, an extra 2 percent surcharge on stamp duty for overseas buyers will kick-in in April 2021. Bill adds that political uncertainty with Brexit, changes to capital gains tax, and higher stamp duty are likely to contribute to a more subdued market next Spring. The page is optimistic that the future for London, although a little tricky in the near-term, will be bright in the long run. “London goes through trials and tribulations, but it always comes through and it generally comes through stronger.

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The Brinell Building, Brighton, is fully pre-let as Unity Technologies signs-up

The Brinell Building, a speculative office development in Brighton, has been fully let ahead of completion in June 2019. The newly developed 65,253 sq ft Grade A, seven-storey office building, is being delivered by developer and contractor McAleer & Rushe. The Brinell Building achieved record rents for the city with each pre-let transaction, topping out at £32.00 per sq ft. Unity Technologies, the ApS video game development company based in San Francisco with a market cap in the region of $2.5Bn (May 2017), has become the final occupier to take space at The Brinell Building. The tech company, who will be the anchor tenant, has committed to 37,398 sq ft over the first to fourth floors on a ten-year lease. Unity Technologies joins other standout occupiers including Diversified, the leading technology integrator delivering innovative digital media, broadcasting, electronic security and OTT solutions, which has pre-let 8,272 sq ft on the ground floor on a 15-year lease. As well as professional services firm Dehns which has pre-let the top two floors covering 18,514 sq ft on a 15-year lease. Angus Monteith, Property Development Director at McAleer & Rushe, said: “McAleer & Rushe successfully developed CityView in 2016 and we saw the opportunity to bring forward additional office space to meet untapped demand in central Brighton. Our decision to speculatively develop The Brinell Building has been rewarded with 100% pre-lettings to a first class tenant line-up six months ahead of practical completion.”  Jack Riley, Associate, National Offices Knight Frank, said: “The Brighton occupier market has historically been underpinned by corporate giants like L&G, American Express and BUPA but the letting success at The Brinell Building highlights demand from the ever-expanding TMT sector. Brighton’s amenity offering coupled with a young, skilled labour force and growing tech sector is making it a hotbed for talent. With vacancy rates at an all-time low, speculative schemes providing Grade A office stock, such as The Brinell Building, are crucial for the continued growth of Brighton’s thriving business community.” Emma Lockey, Associate at CBRE, said: “We have worked alongside Unity for a number of years, advising on its original offices at CityView. We are delighted to have secured The Brinell Building for one of Brighton’s rapidly growing businesses in what is one of the largest office pre-lets for many years.”   Knight Frank acted jointly with SHW for McAleer & Rushee and CBRE acted for Unity Technologies.

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Knight Frank to Handle Normanton Warehouse Property Sale

A brand new distribution warehouse property at the Trident Park development in Normanton is set to hit the market. The industrial agency team of Knight Frank in Leeds has been given instruction as the sole agents to market the purpose built 52,402 sq ft unit located on Rosie Road, which is just a mile off Junction 31 on the M62. The site was built for BSS Group and was finished earlier in the year, and is now available to be purchased immediately for either lease or purchase. Partner at Knight Frank in Leeds, Iain McPhail, said that they are pleased to be instructed to advise their client on such a prestigious high-quality, newly-constructed warehouse unit at a prime logistics site. McPhail continued: “We are confident that the building will attract early interest due to the lack of existing options of this size currently in the marketplace, as well as the unique nature of the property which offers an occupier a high-bay warehouse on a generously-sized site. “The property benefits from an excellent specification, including 13-metre eaves height, four loading doors, steel framed canopy, two storey offices and an over-sized service yard extending to approximately 2.35acres, which allows an occupier the flexibility to either further extend the building (subject to planning) or utilise for external storage or HGV parking.” The property is available for immediate occupation on either a freehold or a leasehold basis. Last month, Knight Frank reported a record turnover, although profits took a downturn. Chief executive Alistair Elliot said that expansion in China, India and central London had pushed the firm’s turnover up by 4% in the 12 months to March 31, but pre-tax profits had been hit by a quieter start to this year, dipping from £160.1 million last year to £152.6 million in 2016. “There is no question that the majority of residential and commercial markets were beginning to peak in the autumn of last year,” Mr Elliot said.

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CBRE and Knight Frank Appointed at City House

Most recently, Bruntwood has announced the appointment of CBRE and Knight Frank as the joint agency team for the City House redevelopment positioned above Leeds City Train Station. With Bruntwood’s investment into City House is underway, it is anticipated that the project will be completed by May, 2017, with the development providing a complete 119,210 sq ft of versatile space designed with modern enterprise in mind and full floors obtainable of 9,630 sq ft.   The redevelopment itself is essential to the long-term regeneration of the gateway to Leeds and Bruntwood will continue to partner with Network Rail on the redevelopment of the train station in order that, sooner or later, City House might be linked to the station with direct entry onto the concourse itself.   Craig Burrow, Director at Bruntwood, stated: “With work now underway at City House we were keen to secure a strong agency team who could work with us to communicate our vision to future occupiers. It is an incredibly exciting project and we are delighted to welcome our agents on board.”   Alex Hailey, Associate Director of Office Agency for CBRE Leeds, explained: “Bruntwood’s wider vision for the future of workspace is being brought to life in one of the city’s most prominent buildings and we anticipate high levels of interest from a diverse occupier mix.”   Eamon Fox, Partner at Knight Frank, mentioned: “City House is a once in a generation development in Leeds, and will become an exemplary working environment for our target occupiers. Our workplace is central to most of our lives; City House embraces the changing world of workplace and technology to deliver offices and workspace to meet the needs of business today and into the future.”

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