Addington Capital, the property investment, and asset management company has let over 26,100 sq. ft of office space to the Department of Work and Pension “DWP” in three of Addington’s properties, two of which are in shopping centres.

The DWP has taken a new five-year lease and has expanded its occupancy to take 7,900 sq. ft, the whole of the third floor, of Carew House, Wallington Surrey at a rent of £20.50 psf. The DWP had previously been a tenant in the building.

In addition, Addington has let 8,500 sq. ft in Unit 58-60, Harvey Centre, Harlow (on the first floor) and 9,700 sq. ft at Unit 7 Market Square, Charter Walk Shopping Centre, Burnley, also to the DWP. Both new leases are for a 5-year term. All three of the offices will be used as job centres.

The DWP is currently opening job centres across the UK to deal with the anticipated growth of the number of unemployed caused by the pandemic. According to the Chancellor’s recent Budget Statement there have been 700,000 job losses in the UK since March 2020. Numbers are expected to rise even further with the end of the furlough scheme in September.

Philip Symonds, Partner at Addington Capital said, “We welcome the flexibility given by the new class E planning use which have enabled us to re-purpose some of the empty space in two of our shopping centres for office use’.

“Letting to a government agency provides a strong covenant at a time when many in the retail markets are struggling. We are carefully looking at our other standing assets to see where we can take advantage of the less restrictive planning regime to enhance net income as well as capital values.”

Addington Capital was advised by agents SHW at Carew House, Brasier Freeth at the Harvey Centre and Barker Proudlove at Charter Walk, Burnley. DWP was advised by Cushman & Wakefield.

*Secretary of State for Communities and Local Government (C/o the Department of Work and Pension)

Posted in News on 23rd March, 2021

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AddLiving, our independent residential lettings and management company is today launching new branding and an improved website: www.addliving.co.uk – as we continue to invest in the residential platform.

Our new residents can take a digital tour around our apartments, check availability and use the online leasing journey. For current residents it’s an easy way to find out the latest AddLiving news, join the community and find out what’s going on locally.

The new website emphasises AddLiving’s key customer service promises: “We’re here for you” (personal onsite manager), “Safe and secure renting” (24 hour security) , “Looking after your home” (on-site maintenance), “Never miss another delivery” (new parcel locker service) and “Superfast and super reliable Wi-Fi”.

As part of the website launch we have modernised our customer facing branding with a new logo and invested in a new streamlined property management system, Qube MRI.

At AddLiving we’ve taken on five new staff in recent months in Leeds and London, including a digital marketing manager. AddLiving now consists of a team of 16 across the UK.

Erdal Kacar, Operations Director of AddLiving said, “Our schemes have been developed to appeal to young people, particularly young professionals attracted to the convenience and buzz of city living, but also the flexibility of renting in a high quality rental scheme, with the convenience of on-site management, maintenance and security.”

“We are delighted to boost our team and to launch our new website today with new social media sites on Facebook and Instagram which will further help us communicate with both our residents and potential renters.”

Please take a look here:

One Lampton Road, Hounslow
FB: https://www.facebook.com/One-Lampton-Road-100270465247335
Insta: https://www.instagram.com/one_lampton/

Velocity Village Sheffield:
FB: https://www.facebook.com/velocityvillage
Insta: https://www.instagram.com/velocityvillage/

Headingley Park, Leeds:
FB: https://www.facebook.com/HeadingleyPark
Insta: https://www.instagram.com/headingley_park/

AddLiving manages large residential sites and estates in Sheffield, Leeds, Hounslow, Croydon and Wandsworth with over 900 units.

Posted in News on 2nd February, 2021

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Europa Capital, the pan-European real estate investment manager and its partner, Addington Capital, the property investment and asset management company are completing the redevelopment of One Lampton Road, Hounslow. This is a mixed-use office/retail building that has now been converted into a new PRS residential scheme of 118 residential homes, ready to launch.

The building, which was acquired by the joint venture in 2018, has been converted under permitted development rights to create new studio, one, and two-bedroom apartments. The developers have created a quality scheme with generously sized apartments, benefiting from large windows and lots of light.

This new PRS apartment block has been developed to appeal to young people, particularly young professionals attracted to the convenience and buzz of West London, but also the flexibility of renting in a high-quality rental scheme, with on-site management and maintenance.

The new PRS scheme is one of two, single ownership, professionally managed schemes in Hounslow and will be marketed and managed by AddLiving, Addington Capital’s sister residential lettings and management company.
The scheme also has attractive on-site amenities including: a residents’ lounge with co-working space, communal garden and a terrace garden, run and managed by the on-site team.

Hounslow is a thriving and diverse West London borough with 43% of its population between the 20 and 44 age brackets. There are 18,000 businesses located in the borough which has the highest concentration of media and broadcasting jobs in London. Hounslow is also home to entrepreneurs, start-ups and some of the world’s biggest multinationals. One Lampton Road is in the heart of the town and within 200 metres of Hounslow Central underground station.

Martin Roberts, Principal at Addington Capital said, “There is sometimes stigma about PDR schemes and the quality of living accommodation that can be delivered – but in One Lampton Road, I believe we have created a high-quality product. Our research has shown that there is demand for quality but fairly and sensibly priced PRS in this location and we are expecting One Lampton Road to let well during the first half of 2021.”

This is the 5th scheme that Addington Capital has developed. It recently completed the development of Park House (30 units) and the Leylands in Leeds (17 units) and Queens Square in Sheffield (25 units).

For interest in the apartments please contact: 0204 530 6411: onelampton@addliving.co.uk, or follow this link to the website: www.onelamptonroad.com

Posted in News on 26th January, 2021

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A fund managed by Europa Capital in joint venture with Addington, has sold The Quadrant, Abingdon Science Park to Kadans Science Partner, a science park, investor, developer and operator at a price of around £13 million.

The scheme comprises four terraces of offices and laboratory buildings totalling 75,316 sq. ft. along with a 1.59-acre parcel of land, with planning consent for a further 20,000 sq. ft. of office and laboratory buildings.

The Quadrant was acquired by the joint venture in January 2016. Since then, Addington has successfully improved the occupancy from 30% to 85%, increased headline rents by 20% and secured planning permission on the development land. Existing tenants include PsiOxus Therapeutics, Tessella and Fishawack.

Philip Symonds, partner at Addington Capital said, “By investing in the fabric of the highly adaptable buildings at the Quadrant, we were able to attract new tenants whilst meeting existing occupiers’ requirements. We were also able to design and secure consent for the next phase of development at the property.

South Oxfordshire benefits from favourable occupational dynamics largely due to its burgeoning technology and life sciences sectors, which have proven resilient during the Covid-19 pandemic. We experienced this first hand in the number of new lettings, renewals and expansions completed at the property during the business plan. There continues to be strong demand for excellent quality, flexible accommodation in the region.”

“I have no doubt the property under Kadans’ ownership, as well as the wider Abingdon Science Park, will continue to flourish in the coming years.”

Doherty Baines acted for Addington Capital. Bidwells advised Kadans Science Partner.

Posted in News on 13th January, 2021

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Addington Capital, the property investment and asset management specialist has secured a new letting at 111 High Street, Cheltenham, adjacent to John Lewis.

Tesco is taking a 4,100 sq. ft unit on a new 20-year lease. The unit forms half of the ground floor space of a repurposed retail unit adjacent to the recently opened John Lewis Unit. The first and second floors of the building have been redeveloped into self-contained offices, with the first floor (7,400 sq. ft) being let on completion of the redevelopment works to Just Go Travel.

The second floor (3,700 sq. ft) office suite and one (4,700 sq. ft) high street retail unit remain available to let.

Matthew Allen of Addington Capital said, “We have re-purposed this c.20,000sqft  three storey retail building to provide contemporary office and retail space and we are delighted to secure this letting to Tesco. The project is a template for future repurposing of large stores on UK high streets.”

“Cheltenham is a historic spa town which can re-invent itself and thrive beyond the economic and retail trauma of 2020”.

Posted in News on 8th December, 2020

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