Accountancy firm purchases West Bridgford property
Accountancy firm Bexons has snapped up 23 Rectory Road in West Bridgford – a semi-detached, three floor office building with car parking to the rear.
Originally on the market on a leasehold basis, in which it managed to achieve a rental of £20.00psf, the decision was then made to explore freehold options.
FHP Property Consultants said: “The level of interest on this property was stronger than anticipated. The property was well suited to a variety of uses, owner occupier, local investor or for residential redevelopment. We secured an excellent sale price…and managed to complete the sale within a reasonable time, allowing the purchasers to gain occupation and start their move across the road.”
Amy Howard, surveyor at FHP Property Consultants, added: “This property is something I have been working on for some months now, given the initial leasehold route and then exploring the freehold option so I am delighted that we have now managed to complete on this sale.
“Freehold stock in West Bridgford is a rarity so we always knew it was going to be popular, but it certainly generated a high level of enquiries which was positive to see and proves the freehold office market demand is still strong in the suburb areas of Nottingham.
“The sale price achieved was a great result in the end for my client and it has been a pleasure to work alongside them, as well as help Bexons in their process of gaining a new office space.
“West Bridgford continues to be a prestigious office location and the nearby town centre amenities continue to grow.”
The retained client said: “I was very pleased with the level of service shown by FHP Property Consultants, especially Amy who we worked closely with throughout. We regarded the price obtained as excellent in today’s market.”
Vortex Systems secure Beeston unit
FHP have secured a letting on Evelyn Street, at one of the former Mill units that lies just off Queens Road East, Beeston.
The unit, with period features throughout showcasing the characteristics of its former use, comprises 4,090 sq ft of warehouse space with ample parking to the front of the property.
The new tenant, Vortex Systems Ltd have been in the market for some time and were seeking larger space, due to their future growth and expansion plans. After viewing several properties with FHP Property Consultants, they decided that Unit 36 Evelyn Street was their ideal premises.
Amy Howard, surveyor at FHP Property Consultants, said: “It certainly was a great result to get this deal over the line, given the initial marketing on a freehold basis and then switching the leasehold. I have spent a lot of time with this client, and I am pleased to have secured this for them.
“The client showed willingness to work with the prospective tenants and enhancing the unit to attract further enquiries. It was also a delight to work alongside Vortex Systems, they showed willingness throughout to get the deal secured within a quick timeframe and I wish them all the best in the future.”
Salloway Property Consultants makes associate director promotion
Salloway Property Consultants has promoted Hugo Beresford to associate director.
Having initially joined the company as a placement surveyor from Nottingham Trent University in 2014, Hugo returned to a full-time position within the firm immediately after completing his studies.
More recently, Hugo has become a member of the Royal Institution of Chartered Surveyors and in recognition of his service to the company, personal development and hard work, Salloway Property Consultants has announced his promotion to the position of associate director.
Hugo Beresford said: “I am delighted to have been promoted to the position of associate director and I am truly thankful that my efforts have been recognised. The growth of my career continues thanks to the opportunities and support provided by Salloway Property Consultants and for that I am exceptionally grateful.”
The firm’s Managing Director, Stephen Salloway, said: “It is extremely rewarding to see Hugo progress through the ranks starting as a raw sandwich placement and going on to become an extremely competent chartered surveyor. Hugo has achieved this through hard work and a desire to listen and learn.
“He has an excellent work ethic and has developed a portfolio of corporate and private clients to whom he provides a high quality and very professional service. We are delighted to demonstrate our acknowledgement of Hugo’s efforts by announcing his promotion to associate director.”
Maven snaps up EIS focused fund management company
Mattioli Woods subsidiary, Maven Capital Partners has entered into an agreement to acquire the entire share capital of Newable Ventures Limited from Newable Capital Group Limited.
This acquisition follows recent discussions between Maven and the Newable Capital Group executive and will allow Maven to expand its activities into direct Enterprise Investment Scheme (EIS) investment.
Newable is an EIS focused fund management company with £12m of Assets Under Management (AuM). Maven will continue to strengthen Newable’s senior management team and broaden its product range. The acquisition is consistent with the strategy to achieve further growth in AuM following the acquisition of Maven by Mattioli Woods in 2021.
Bill Nixon, Managing Partner of Maven, said: “As part of the continuing evolution and growth of the Maven business we have been keen for some time to add an EIS capability to our client offering.
“The acquisition of Newable Ventures Limited is an important step forward in completing our objective of providing a full suite of best-in-class client products, which offer access to fast growing private company investments, often on a tax assisted basis.
“The recent announcement in the Government’s Autumn budget statement that the EIS and Venture Capital Trust schemes will be extended through till at least 2035 ensures that these products will remain at the forefront of financial planning and portfolio diversification for investors. We look forward to welcoming the Newable team to Maven.”
Chris Manson, Newable Chief Executive Officer, said: “This collaboration with Maven Capital Partners aligns with our vision to empower the UK’s small and medium-sized enterprises and start-ups. We are excited about the new opportunities this will bring to our investors and the companies we support.”
Van Elle hails resilient operational performance despite challenging market conditions
Van Elle, the ground engineering contractor, has said its half year results are in line with expectations and reflect “a resilient operational performance despite challenging market conditions, continuing inflationary pressures and delayed project starts.”
In a trading update for the six months ended 31 October 2023, the Nottinghamshire business revealed that it anticipates revenues of approximately £68m – a decrease of 16% on the same period of last year (£80.8m). However Van Elle expects to report operating profit margins consistent with last year.
Van Elle noted: “There continues to be uncertainty and subdued activity levels in some of the Group’s end markets, particularly the housebuilding sector, which is expected to continue into the second half of the financial year.
“However, further progress has been made on several substantial growth opportunities in the energy sector. The costs of establishing the Group’s new Canadian rail subsidiary have been absorbed in the Period and initial projects commenced in the second quarter.
“The order book at 31 October 2023 increased to £32.7m (30 April 2023: £30.8m), which excludes framework agreements and preferred bidder positions, providing a strong platform entering the second half.
“The Board continues to expect results in line with market expectations for the current financial year and is confident in the Group’s outlook over the medium term across all of its core markets.”
Zero carbon innovation centre plans unveiled by East Midlands Freeport
Plans for a multi-million pound East Midlands zero carbon innovation centre – aiming to transform cutting edge green research into commercial products – have been unveiled by East Midlands Freeport.
The UK’s only inland Freeport also revealed it has attracted £150m of investment, signed off over £5m to fund the first two of seven initial projects designed to level up the region, and created 200 new jobs as it celebrates significant progress made since March.
East Midlands Freeport plans to create tens-of-thousands of jobs, £8.9bn for the region’s economy and reinvest hundreds-of-millions of retained tax locally.
Tom Newman-Taylor, Chief Executive, East Midlands Freeport, said: “Today marks a big milestone for East Midlands Freeport as we start to deliver on our objectives and invest in major projects like the innovation centre to boost skills and jobs across the region.
“It’s only nine months since we received Government approval but we’re building real momentum. We’ve seen significant interest from major investors, the extension of the window for businesses to claim tax benefits on our sites announced in the Autumn Statement and the Government’s £4.5bn Advanced Manufacturing Plan. This all combines to make East Midlands Freeport an extremely compelling place to invest.
“Creating the innovation centre is another piece of that puzzle. It will help to increase access for businesses to our world leading Universities’ R&D capabilities, create new technologies to tackle climate change boosting skills for future generations and increase the attractiveness of the region to investors. We’re already getting interest from global companies who recognise the strength of research and knowledge which resides in the East Midlands.”
The innovation centre will be delivered by the University of Nottingham and Loughborough University, who will be matching the East Midlands Freeport’s investment. As part of the University of Nottingham’s ambitious, science-based carbon reduction target to reach net zero by 2040, the innovation centre will provide the necessary technology and laboratories to progress research in electrification, hydrogen propulsion systems, and advanced manufacturing – for industry use.
Professor Tom Rodden, Pro-Vice-Chancellor for Research and Knowledge Exchange at the University of Nottingham, said: “With world-class facilities and research, this innovation centre will enable us to collaborate more closely with industry to accelerate the translation of zero carbon research into real-world solutions.
“This will not only help tackle the climate crisis but also deliver economic benefits to the East Midlands, as new businesses bring quality jobs to our region. The goal is for the East Midlands to become a global model for a flourishing zero carbon economy.”
Professor Dan Parsons, Loughborough University’s Pro Vice-Chancellor for Research and Innovation, said: “We are delighted that funding has been secured for the new centre, which will help ensure the East Midlands is at the forefront of net zero carbon innovation. We look forward to working with our colleagues at the University of Nottingham, and bringing our combined strengths together in renewable energy and hydrogen to help accelerate progress towards achieving net zero emissions.”
The Freeport has also given the green light to a strategic transport assessment to increase investment and make improvements in and around junction 24 of the M1 in partnership with Midlands Connect.
The Freeport CEO made the announcements at the 2023 Midlands Energy Summit, hosted by East Midlands Chamber of Commerce and the University of Nottingham, which explored how businesses, academia and policy makers can come together to ensure that clean growth underpins the future economic landscape.
East Midlands Chamber Chief Executive Scott Knowles said: “East Midlands Freeport has the potential to be a game-changer for our region by tapping into existing economic strengths and developing new sectors that will put us at the heart of the UK’s green industrial strategy.
“To achieve this, we need to ensure the world-class research being conducted in our universities is turned into tangible products that can provide real-life solutions to global challenges, while building a highly-skilled workforce to be the engine that drives these forward.
“The East Midlands zero carbon innovation centre is therefore a hugely exciting step forward in the freeport’s progression and giving our members first sight of this at our Midlands Energy Summit illustrated the influential role our region’s business community can play.”
409-unit student accommodation scheme tops out
A 409-unit purpose-built student accommodation (PBSA) scheme in Nottingham, which spans 11 storeys has topped out.
‘The Place’ is property development and investment company, MRP’s first project that it will directly fund and bring to market as both developer and owner.
Construction began in February 2023 and is scheduled to complete next summer in time for the 2024/25 student intake in September.
Celebrating the ‘topping out’ at the new student residence, MRP was joined by Grosvenor, who provided the senior debt facility, and Homes for Students, who have been appointed to manage the property under their luxury Prestige Student Living brand.
Centrally located at the junction of Queens Road and London Road, The Place is situated beside Nottingham railway station and within commuting distance of the University of Nottingham and Nottingham Trent University.
Speaking at the topping out ceremony, Graham Mitchell, development director at MRP, said: “While we have extensive experience in the PBSA sector, The Place is a unique development for MRP as it is the first scheme we will develop and open ourselves.
“Our partners Grosvenor have been instrumental in ensuring that we are able to deliver this project, and we look forward to working closely with the team at Homes for Students on completion.
“The expertise of McAleer & Rushe as construction partner on this project has been invaluable and their experience in delivering projects of this size will ensure that we remain on course for practical completion in summer 2024.”
The Place will offer amenity spaces including a gym, private dining room, study and breakout spaces as well as a sky lounge on the roof, offering panoramic views over the city.
Oliver Ayling, senior investment manager, Grosvenor Property UK, said: “This is only the second time we have entered the PBSA sector as a debt provider. The Place offered the perfect partnership opportunity with MRP, who have an exceptional track record in developing quality student schemes across the UK.
“The Place, is centrally located in Nottingham and will be an exceptional living space for students when it completes next summer, providing a fit-for-purpose space that allows them to study and socialise in a safe and secure environment.”
Also present at the topping out ceremony was Mark Diamond, senior director at McAleer & Rushe. He said: “We are delighted to be able to deliver MRP’s vision for The Place, bringing our expertise in the PBSA sector to the fore.
“Our strength lies in our specialist teams in the sector with the technical ability to not only provide exemplar city centre projects but also deliver on time and to the highest quality, which will ensure safe completion of this scheme for next summer.”
Derby leaders warn Government of “terrible consequences” as efforts stepped up to save Alstom jobs
City and business leaders have warned the Government that there will be “terrible consequences” if it fails to step in and save nearly 180 years of train manufacturing in Derby.
Production lines at the city’s Alstom Litchurch Lane site will grind to a halt in a matter of weeks because of a lack of orders for new train fleets from the UK rail sector.
The company and unions have been locked in talks with the Department for Transport for months in a so far unsuccessful bid to persuade it to bring forward contracts to safeguard the jobs of hundreds of workers at the factory and thousands more in the UK supply chain.
They have been supported by management at Transport for London, which wants Alstom to build additional trains for the capital’s Elizabeth line.
Rail sector experts also believe there is desperately needed refurbishment work for current rail fleets in passenger service that could be commissioned into Derby.
Now the city’s leaders are to join a lobby of Parliament on 6 December, organised to coincide with a meeting of a select committee on rail rolling stock, to demand the Government acts.
Leader of Derby City Council, Baggy Shanker said the Alstom plant is a strategically crucial part of the UK’s rail capabilities and the Government needs to recognise this.
“There will be dreadful consequences for the city, the East Midlands and the country as a whole, if train production in Derby is lost. The hundreds of jobs that will disappear at Alstom will be mirrored by thousands more in the supply chain and when the nation does want to order new trains in the future, it will struggle to find anyone in the UK to build them.
“This is simply unthinkable for a country which gave railways to the world and the Government has to find the political will to resolve this crisis.
“It is deeply ironic that only months after Westminster recognised the importance of the rail sector in Derby by making it the headquarters of newly formed Great British Railways, that we should now have to fight to save a vital part of the industry.”
The Council’s view is shared by the city’s business community and representatives will join the lobbying of Government ministers on 6 December.
John Forkin, Managing Director of Marketing Derby, added: “The threat to the future of train building is a clear and present danger and the civic, business and wider community will not stand by and watch it happen.
“A solution is in the hands of Government and we expect that our collective voice will be heard in Parliament next week.
“We are a world leader in rolling stock manufacturing and, as a city and country, we should be investing in that skills and talent pool to help grow the economy.”
City Leaders have been working closely with Alstom, Unite and senior Government officials to explore potential resolutions to the current situation since possible job cuts were revealed back in September.
Government commitment to Ivanhoe Line welcomed
North West Leicestershire District Council (NWLDC) has welcomed a response from the government that confirms investment in the Ivanhoe Line in Coalville and commits to looking at the future of services running to Leicester.
Following a motion debated at Full Council on 14 November, NWLDC wrote to the Department for Transport and Network Rail encouraging them to explore opportunities to complete the second phase of the line from Coalville to Leicester, and to assess the feasibility of adding a station in Moira.
In response, the government has outlined its commitment to delivering the Ivanhoe Line, confirming the project is focussed on reinstating services between Coalville and Derby. Considerations about extending the service from Coalville to Leicester are also being progressed.
NWLDC says it fully supports the work to reopen the line and is committed to working with the Campaign to Reopen the Ivanhoe Line (CRIL), Network Rail and the government to see passenger rail services returned to the district.
Councillor Michael Wyatt, NWLDC Deputy Leader, added: “I’m delighted the minister has replied so quickly to our concerns about the Coalville to Leicester link.
“Not delivering the whole line would be a missed opportunity especially when businesses are looking for greater commercial opportunities and we know the public want to travel between Coalville and Leicester.”
£2.5k council grants for flooded Erewash businesses
The latest government-funded grants for businesses affected by the flooding that hit Erewash are available via the borough council’s website after the Department for Business and Trade confirmed the scheme with local authorities.
The business grants are worth up to £2,500.
Flooded residents who applied to the council for aid in the wake of Storm Babet have so far received £171,277.
The aid to residents has seen £500 sums given out in Community Relief Grants. Nearly 200 victims of October’s flooding have benefitted to the tune of almost £100,000.
That total has been supplemented by close to £75,000 in Council Tax relief. All the money has been clinched from central government.
Erewash Borough Council Leader James Dawson said: “The flooding was a nightmare for those affected – and we have been working hard to get these payouts out. The business grants are sorely needed and we are pleased to have at last got the green light to give flood-hit firms this vital boost.”
