Addington Capital, the property investment and asset management company has sold a modern warehouse at 76 Colbourne Avenue, Cramlington, Northumberland to Coalfields Regeneration Trust for £1.93 million.

The property is located on the Nelson Park Industrial Estate in Cramlington, eight miles North of Newcastle with access to the A19 and A1 and is a high quality industrial unit, incorporating two-storey office space, a fitted mezzanine and a number of individual workshop and storage areas, a service yard and dedicated parking spaces.

Addington acquired the property in 2016 and has since agreed a lease renewal for a further 10 years to a reputable covenant.

Coalfields Regeneration Trust is an investor and developer in commercial space and helps to address the lack of available commercial property within coalfield communities.

Philip Symonds of Addington Capital said, “We are pleased to have successfully disposed of this property, which had good levels of interest. Investors were attracted the fact it is located in a recognised industrial location and has strong connection links.”

Addington Capital was advised by Commercial Property Partners LLP (CPP) on the sale and Coalfield Regeneration Trust by by Avison Young.

Posted in News on 31st March, 2020

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Addington Capital, the property investment and asset management specialist has secured its first letting of 109-117 High Street in Cheltenham, adjacent to John Lewis.

Just Go Travel is taking the whole of the first floor, just over 7,400 sq ft, at a rent of £25 per sq. ft., having relocated from a traditional office location on the edge of the town centre. It will now be on the high street in the newly redeveloped office.

Addington originally acquired the former retail block in 2015 with its joint venture partner* and has recently redeveloped the upper parts. It has converted the redundant upper floors, creating modern office space and a new courtyard at first floor to overcome the deep floor span.

The second floor (3,700 sq ft) office suite and two retail units on the ground floor, (circa 9,000 sq ft) are still available for let.

Tim Cornford of Addington Capital said, “We have re-purposed this old tired retail building to provide contemporary office and retail space and it is great news that we have already secured a tenant for a majority of the office space, prior to completion of the development. There is also good demand for both retail units, with discussions ongoing with a number of national retailers. Cheltenham is a thriving regional town and the demand for quality real estate space continues to steadily grow.”

Posted in News on 16th March, 2020

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Addington Capital, the property investment and asset management specialist has sold Aireside House, a 9,500 sq ft office block immediately behind the railway station on Aire Street in Leeds City Centre for £3.05 million. The purchaser is the Wesleyan Assurance Group, a financial services company. The building was fully occupied and the sale equates to a 6.66% net initial yield.

Addington acquired the building in a £42 million mixed-use portfolio with its joint venture partners and has since completely refurbished the building to offer a modern and creative office environment over four floors, with cycle storage and shower facilities added as part of the renovation.

Phil Symonds of Addington Capital said, “This is an excellent example of what Addington is best at – buying and re-working old, under-utilised buildings to develop a contemporary renovated office environment well suited to the local market in terms of location, floorplate size and, in particular, specification and finish. The Leeds office market has performed very well lately, with strong occupier demand across the size and specification ranges, alongside increasingly constrained supply.”

Agents on the deal were Cushman & Wakefield for Addington Capital and Lambert Smith Hampton for the Wesleyan Assurance Group.

Posted in News on 29th January, 2020

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Addington Capital, the property investment and asset management company has let 20,000 sq ft of office space at 10 Fleet Place, EC4 to serviced office provider Knotel on a new 10-year lease. The quoting rent is around £65 per sq ft.

10, Fleet Place was acquired in 2015 by its current Hong Kong-based owners Crosby Investment Holdings and Wing Tai Properties, for reportedly just over £175m, from Ares Management. Addington Capital is the asset manager for the property on behalf of the owner.

Martin Roberts, Principal of asset manager, Addington Capital said, “There is good demand for high quality office space in this western City location and we are delighted to welcome Knotel to the building. We will soon be releasing a further 13,000 sq ft of Cat A refurbished offices in March with a further 33,000 sq ft at the beginning of 2021. 10 Fleet Place is an iconic building in a great location so we are confident of achieving further success.”

Leasing agents were BH2 and Squarebrook. BNP Paribas advised Knotel.

Other tenants in the 185,000 sq ft building include news outlet CNBC and telecommunications firm Century Link.

Posted in News on 22nd January, 2020

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Addington Capital, the property investment and asset management specialist has received planning approval for a town house scheme of 16 houses on Melbourne Street and Lower Brunswick Street near Leeds City Centre.

The application comprised of twelve 2-bed, 2-bath townhouses (Melbourne) and four 3-bed, 2-bath townhouses (Brunswick), with parking and garden, all of which are freehold and will be available to buy. The site was previously an industrial building.

The plan is to get on site and build as soon as possible. Addington anticipates show home delivery in Q1 2020 and the scheme to be fully complete by end of June 2020.

The houses are expected to be attractive to Leeds young professionals or young families who want to live near Leeds City centre, which is only one mile away. Good shopping is less than half a mile away.

The houses are being launched with Help to Buy funding approved and three units have been reserved already. The houses range from £280 to £290,000 for the two bed Melbourne Houses and £350 to £360,000 for the 3-bed Brunswick houses

This area of Leeds has seen significant regeneration in recent years and is now known as the Northern Quarter in recognition of its increased popularity and vibrancy. The wider area has also seen a number of new shops, bars and restaurants.

Addington had originally secured planning permission to build a scheme for one hundred apartments, but following market research, decided to build freehold housing for sale instead. The company has other residential developments in the city, including at Headingley Park, where it has a 152-unit PRS scheme.

Roshan Ramlugun, Partner at Addington Capital said, “We are delighted to have gained planning permission for this scheme which we believe will help meet an ever-increasing demand in Leeds city centre, for both occupational and investment properties. Leeds has a vibrant young professional market looking for quality space as they move up the ladder. We believe they will find our scheme attractive.”

Leeds is the UK’s fastest growing city. The city centre is the main driver of a city region with a £64.6 billion economy and has a population of 758,000- with 27% of the population aged between 20 and 34. Over the next ten years, the economy is forecast to grow by 21% with financial and business services set to generate over half that growth over the decade.

Posted in News on 26th November, 2019

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