London, 15th February 2019: Addington Capital, the property investment and asset management specialist has received planning approval on a residential development on Melbourne Street in Leeds City Centre.

The application comprises of 100 apartments of varying sizes split into three blocks on varying levels. Den Architecture were the architects for the project.

The plan is to get on site and build as soon as possible and to target the PRS market.

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.

Phil Symonds, Partner at Addington said, “This scheme will be Addington’s third PRS scheme in Leeds. We acquired, refurbished and sold 183 units in joint venture at Waterside and are currently on site at Headingley, where we have developed 124 units to date and are now about to develop another 27. Leeds has an estimated population of 780,000 which makes it the 2nd largest city and the second-largest metropolitan district in the UK. It has a vibrant student and young professional market, who we believe will find our scheme attractive.”

Addington also has a large PRS Scheme in Sheffield, Velocity Village which consists of 371 apartments. Last year it set up ADDLiving, a new management and leasing platform which manages the Sheffield and Leeds sites.

Image attached- proposed 3D view of the scheme

Posted in News on 15 Feb, 2019

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Tim will be responsible for looking after the group’s retail assets which includes four shopping centres, bought in joint venture with its partners: The Harvey Centre, Harlow, Queen’s Arcade, Cardiff, Charter Walk, Burnley and Union Square, Torquay, together with retail assets acquired from other Addington’s JV deals including Retail Plus and the Bonsai portfolio. Currently, Addington has 1,250,000 sq ft of retail space under management.

Tim was instrumental in many of Ellandi’s acquisitions and managed a portfolio of six shopping centres, dealing with four different equity partners. He took a lead role in several town centre-wide repositioning developments, acquiring new assets, active asset management, managing letting and lease renewal processes and liaising with external valuers, agents, councils and stakeholders. He was also Head of Car Parking where he was responsible for the £6m p.a. income from the business’ car parks.

Tim joins a growing team at Addington. The company recruited Helen Shellabear as a partner and asset manager from Hudson Advisors L.P at the end of 2018 and last Summer appointed Erdal Kacar from L&Q, the PRS Specialist to spearhead ADDLiving, its new management and leasing platform for residential property.

Commenting, Martin Roberts, Principal of Addington Capital said, “We are delighted to have attracted another high-level professional of Tim’s calibre to our team. Addington has national retail expertise from small shops to town centre dominant shopping centres across the UK and expertise in the restaurant and leisure sector. Tim’s experience will be invaluable to us in creating further value from these assets.”

“Addington’s aim is to find opportunities to enhance property values across our main sectors of office, retail and residential and we believe the opportunities will continue to increase in this period of changing markets. “

Posted in News on 07 Feb, 2019

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London, January 24th Addington Capital, the property investment asset management specialist has let 4,500 sq ft of office space at the former Elbow Rooms, 64-68 Call Lane in Leeds to Parallax, a digital agency in Leeds and London.

The lease is for the whole of the third floor and is for five years at a rent of £24 psf.

Addington, in partnership, acquired the 24,000 sq ft property out of receivership in 2016. It obtained consent for a change of use to offices and has refurbished the second and third floors whilst retaining the locally well-known Elbow Rooms branding. The basement, ground floor and first floor are let to Revolution de Cuba. The second floor is also available either to let as a whole or is capable of sub-division.

Philip Symonds, Partner at Addington Capital said, "We are delighted our focus to deliver contemporary but high-quality office accommodation has attracted such a renown and fast growing business as Parallax to the Elbow Rooms. We have several buildings in Leeds, including the recently refurbished Airside House, and we are benefiting from the innovative and enterprising local economy”.

Leeds ranks as one of the largest financial centres in the UK and home to several large industries including textile manufacturing and the service sector and has a booming student and young professional population. According to Savills predictions last year it is expected to see a 4.8% increase in office-based employment in the next five years and availability of top space is low. Addington believes this should help rents for newly refurbished second-hand space as we move into 2019.

Addington was advised by CBRE and Carter Towler.

Posted in News on 24 Jan, 2019

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London, 26 October 2018, Europa Capital, the pan- European real estate investment manager and its partner, Addington Capital, have completed the acquisition of a £55 million portfolio of residential properties in London. The portfolio, which was acquired through Europa Capital’s Fund V, consists of mostly Victorian and Edwardian houses and apartment conversions in London and was acquired from private clients of Allsop.

The investment is the third acquisition for the London Affordable Residential platform. The London Affordable Residential platform was established to invest primarily in undersupplied London markets where it sees the opportunity to enhance income and add value through actively managing its portfolio by both selectively refurbishing existing properties, as well as the creation of new supply through residential conversion.

The newly acquired portfolio totals 202 assets including 43 houses and 153 flats. The properties are predominantly freehold, with a mixture of residential tenancy types including assured shorthold tenancies (ASTs) and regulated tenancies.

Hugo Black, Partner at Europa Capital commented, “This acquisition further boosts our London Affordable Residential platform with Addington where we are sourcing well-located homes or residential projects that offer value- creation opportunities and will be delivered into London’s undersupplied residential market. This is our 8th joint venture with Addington and supports our continued drive to invest in the sector."

Matthew Allen, Principal of Addington Capital said, “Addington continually looks for value-add opportunities in the sector. The second-hand housing market in London is already four years into a price correction. The characteristics of this portfolio: the age, location and type of stock, we think will be resilient in today’s market and offer prospects for an early recovery as we move through the housing cycle.”

Through the London Affordable Residential platform, in February 2018, the partners acquired a mixed-use asset in Hounslow, West London with permitted development rights for conversion into 115 residential units.

Europa Capital was an early institutional mover into residential investment and has invested in or developed over 7,000 bed spaces in PRS and student accommodation in key UK and Continental European locations since 2012.

For Addington, the portfolio will complement its existing residential and PRS portfolio, which it plans to further expand. The owners of the firm recently recruited Erdal Kacar to head its ADDLiving business, its management and leasing platform for residential property.
Addington has acquired over 2,000 residential properties with its partners over the past 6 years.

Tim Theakston of Allsop advised the vendor.

Posted in News on 26 Oct, 2018

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London, October 22nd 2018 Addington Capital, the property investment and asset management specialist has recruited Helen Shellabear as a salaried partner to focus on asset management in its growing team. Shellabear joins from Hudson Advisors L.P. where she was a Vice President within the Real Estate Asset Management business.

Helen will be responsible for looking after a group of assets, primarily in the office and retail sectors.

At Hudson, she was responsible for developing short, medium and long-term value-added strategies in relation to real estate assets & portfolios on behalf of the Lone Star Funds. Real estate assets under management during her time at Hudson totalled in excess of £1bn and included all asset classes, including Alternatives, across the UK.

Addington Capital was set up in 2010 by Martin Roberts and Matthew Allen as an independent asset management business and has an established platform in the office, retail and residential sectors. It acts an operating partner in a number of joint ventures to create value through active asset management.

Helen joins a growing team of now 16 at Addington. The company recently recruited Erdal Kacar from L&Q, the PRS Specialist to spearhead ADDLiving, its new management and leasing platform for residential property in June.

The firm is also now moving into new offices at 41- 42 Eastcastle Street, W1. The new offices will be operational from October 29th 2018.

Commenting, Martin Roberts, Principal of Addington Capital said, “We are delighted to have attracted a professional of Helen’s calibre to our growing team. Addington continues to find opportunities to enhance property values across our main sectors of office, retail and residential and we believe the opportunities will only increase in a period of changing markets. “

Posted in News on 22 Oct, 2018

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