Mather Jamie appoint new agency surveyor
Loughborough-based, specialist land development and property consultancy Mather Jamie has appointed Fraser Hearfield as an assistant agency surveyor.
Fraser, who lives in Ashby-de-la-Zouch, Leicestershire, holds a Real Estate BSc (Hons) from Sheffield Hallam University and joins the firm from the valuations team at a large Nottingham-based agency.
In his new role, Fraser will be part of the Mather Jamie Commercial team working on transactional agency instructions across the industrial, office, retail and investment markets throughout Leicestershire. He will also assist with other professional work, such as lease renewal and rent reviews as well as valuations for a range of purposes including loan security, acquisitions, disposals and development appraisals.
Fraser said: “I am really excited to be joining one of the most reputable property advisors in the Midlands. The Director team is very hands on and I am looking forward to expanding my knowledge and gaining experience in a different marketplace.”
Fraser has been playing rugby for over 15 years and previously captained his local club Ashby RFC. More recently he has started playing golf and has taken up road cycling. In June 2023 he completed The National 3 Peaks Challenge to help raise money for charities LOROS and MIND.
Duo of Northamptonshire logistics sites acquired by Czech firm
P3 Logistic Parks has expanded into the UK through the acquisition of two logistics assets from Segro, totalling 81,000 sq m of space.
One asset is located in Crick and comprises around 36,000 sq m lettable area. The second asset with more than 45,000 sq m is located in Kettering.
Frank Pörschke, CEO of the Czech firm, said: “The acquisition of these two logistics assets in the UK marks a significant milestone for P3, as it expands our operations into a key market known for its robust logistics industry.
“The country has always been a vital hub for international trade and commerce, and we are excited to offer our expertise and resources to meet the evolving needs of businesses operating in this region.”
All units were developed from 2010 onwards to a modern Grade A institutional specification including BREEAM rating ‘Very Good’ and are fully leased out to three tenants.
P3 is partnering with Roebuck, an institutional Pan-European investment manager specializing in the European logistics sector. Roebuck is assisting P3’s entry into the UK and will manage both assets in the initial stage of P3’s expansion into the UK.
Otis Spencer, CIO of P3 Logistic Parks, said: “P3’s entry into the UK market reflects our long-term vision and strategic growth plans. We have carefully selected these logistics assets as they align with our commitment to delivering excellent service quality, operational efficiency, and sustainability to our customers.”
David Proctor, Managing Director of Group Investment at SEGRO, said: “This disposal has enabled us to divest a number of relatively small holdings, all of which were ear-marked for disposal in the near to medium-term, allowing us to recycle capital into our successful development programme.
“It also demonstrates the continuing investment appeal of high-quality logistics assets after the significant valuation correction that occurred over the last year.”
P3 was advised by Colliers on the transaction. DTRE and ACRE acted on behalf of SEGRO.
Ed Plumley, director, EMEA Capital Markets, Colliers, said: “These acquisitions are the good news the market needs. It is a clear demonstration that investor appetite remains for assets in core locations with long-term growth and ESG performance opportunities. Colliers were delighted to bring this off-market opportunity to P3 and provide focused advice as they expanded into a new jurisdiction.”
The terms of the transaction have not been disclosed.
Frasers Group commences £80m share buyback programme
Frasers Group is set to commence a new £80m share buyback programme from today.
The Shirebrook-based retail giant is making the move to reduce the share capital of the company.
The news follows the business announcing a record performance for the year ended 30 April 2023.
Group revenue of £5.5bn marked an increase of 15.8% from £4.8bn in the prior year, largely due to acquisitions and the impact of a 53rd week in FY23.
Meanwhile reported profit before tax soared to £660.7m, up 96.9% from £335.6m in the year prior.
Strong results across the group were boosted in particular by profitable growth in sports retail.
Nominations close 31 August: make your entries for the East Midlands Bricks Awards 2023 now!
A key event in the business calendar, showcasing the excellent work of the region’s property and construction sector, there’s not long left to enter the East Midlands Bricks Awards 2023.
With nominations for the prestigious event closing next month on Thursday 31 August, now is the ideal time to make your submissions.
Shine a light on your projects and team, reward their hard work, and boost morale.
To enter your (or another) business/development for the East Midlands Bricks Awards 2023, please click on a category link below or visit this page:
Winners will be revealed at a glittering awards ceremony and networking event on Thursday 28 September 2023 in the Derek Randall Suite at the famous Trent Bridge Cricket Ground.
Connect with local decision makers over canapés and complimentary drinks while applauding the outstanding companies and projects in our region, and hear from Mike Denby, Director of Inward Investment and Place Marketing at Leicester City Council, our keynote speaker.
Tickets for the event, which runs from 4:30pm – 7:30pm, can be booked here.
Dress code is standard business attire.
After winning Deal of the Year at the 2022 event, Richard Foxon, Managing Director at Newton LDP, said: “My colleague Sam Jones and I thoroughly enjoyed the East Midlands Bricks Awards 2022. The event was well attended, with some prestigious awards up for grabs. The evening offered a great opportunity to network with like-minded property folk, whilst enjoying the backdrop of Trent Bridge cricket ground. Many thanks to all the organisers and sponsors.”
Thanks to our sponsors:
To be held at:
- Most active estate agent
- Commercial development of the year
- Responsible business of the year
- Residential development of the year
- Developer of the year
- Deal of the year
- Architects of the year
- Excellence in design
- Sustainable development of the year
- Contractor of the year
- Overall winner (this award cannot be entered, the winner will be selected from those nominated)
To be held at:
XPO Logistics enters the Big Logistics Diversity Challenge for the third year
XPO, a provider of transport and logistics solutions, entered a team in the Big Logistics Diversity Challenge 2023 for the third year in a row.
The challenge, which was held this year at the Newark Showground in Nottinghamshire, brings together companies within logistics to take part in mental and physical team building events that all support inclusion and diversity. The XPO team successfully collaborated to achieve the competition’s highest score.
Lynn Brown, vice president, human resources – UK and Ireland, XPO Logistics, said: “It may be a cliché that teamwork makes the dream work but at XPO we genuinely believe in the potential of our people, working together to deliver excellence for each of our stakeholders.
“By leveraging the diversity of our colleagues, we achieve truly great things – together. The Big Logistics Diversity Challenge is a practical demonstration of effective teams working together to succeed, and we’re proud to support and take part in this unique event.”
XPO is currently running numerous diversity and inclusion initiatives across its business, including supporting women within logistics, encouraging veterans into logistics and supporting Pride. It also is launching its neurodiversity programme across the UK and Ireland.
Luxury apartments and retail space reach practical completion in Matlock
Derbyshire-based, privately-owned property company, Clowes Developments, together with contractor, Roe Developments, have completed the development of 47 luxury one- and two-bedroom apartments in Matlock.
Marc Freeman, director, Clowes Developments, said: “We are incredibly proud of the quality and design principles we have applied to Riber View Apartments. This is truly a unique residential development at the heart of the iconic Derbyshire town of Matlock.
“I would like to personally thank Mark Weston, the project manager at Roe Developments, Peak Architects, our legal team at Gateley’s and especially our in-house team at Clowes for delivering this scheme to such a high standard. We would also like to take the time to thank Matlock Town FC for their support and patience during construction.”
The residential scheme benefits from secure key fob access, which leads directly into a reception and postal area. There is also off road parking with an undercover car park, bicycle storage, and electric vehicle charging points. A management company is providing a fully serviced building and landscaped grounds.
Clowes also opted to install solar panels to the roof – providing sustainable energy for the common areas of the buildings.
The apartments, ranging in size from 450 to 765 square foot, were designed by Peak Architects to transform the former run-down site into a residential development that retains and enhances the vitality of Matlock town centre.
Peak Architects’ focus has been to create a scheme that acknowledges and refers to the town’s architecture and local context using locally sourced stone on the Causeway Lane elevation.
Sally Botham Estates have been handling “a high volume” of off plan enquiries for the apartments located on Causeway Lane since construction began in 2022, and the first few residents have moved into their new homes.
Meanwhile, Clowes Developments have brought the commercial element of the development to the market. The commercial ground floor space, available via agents, Brasier Freeth, consists of a 3,000 sq ft high-street unit suitable for retail, cafe/coffee, or lifestyle operators. The space has the potential to be divided into two units to suit occupier requirements.
Greatwell Homes names new chair
Northamptonshire-based housing association, Greatwell Homes have named Mike Kay as their new chair of the board.
As a chartered building surveyor, he has over 45 years experience of property management and development, with the last 28 years in the social housing industry. He also has significant experience as a non-executive director, most recently as chair of the ACIS Group.
He also has substantial knowledge and understanding of the Northamptonshire area as he has recently retired as Chief Executive at Northampton Partnership Homes after eight years.
He said: “I am delighted to have been appointed to the role as chair of the board at Greatwell Homes.
“I am joining them halfway through their Live Greatwell corporate plan and I can already see how committed the team are on providing safe, secure and sustainable homes for people in and around North Northamptonshire – an area which I am already very familiar with.
“I can’t wait to get started and I am very much looking forward to working with the team at Greatwell.”
Jo Savage, Chief Executive at Greatwell Homes, said: “We’re very pleased to have Mike joining us as chair of the board later in the year.
“Mike has a wealth of experience, both in the housing sector and in our local area. After working in Northamptonshire for almost 10 years, Mike already has extensive knowledge of the area we operate in and will be familiar with some of the challenges our communities face, as well as many of the local partners we work closely with.
“This knowledge will be invaluable in helping us to shape great communities and deliver services that work well for local people.
“We also look forward to working with him – along with the rest of our board, customers and colleagues – to shape what our corporate plan will look like from 2025 onwards to continue to support those living in our communities.”
Mike will officially take on the role in September and will replace John Lewis who has been on Greatwell Homes’ board for nine years – five of those as chair.
Jo added: “Of course this means that our current chair, John, will be stepping down in September. On behalf of everyone at Greatwell Homes, I’d like to thank John for his commitment and dedication during his time with us and wish him all the best for the future.”
Chesterfield care home sold to expanding operator
Specialist business property adviser, Christie & Co, has sold Hazeldene House residential and dementia care home in Chesterfield.
Hazeldene House is a two-storey, 21-bedroom, residential care home with a profitable trading history and a ‘Good’ CQC rating. It sits in the Clay Cross area of the East Midlands market town of Chesterfield.
The home has been owned by Pavanveer Singh Grewal for five years and was brought to market to allow him to pursue other business interests.
Following a confidential sales process with Rosie Turner at Christie & Co, it has been sold to an expanding West Yorkshire care group.
Rosie Turner, business agent – care at Christie & Co, says: “We were delighted to be able to assist the owners in the sale of Hazeldene House. We ran a confidential marketing process which received a strong level of interest due to the home’s ‘Good’ CQC rating and its registered manager in place and, when reviewing the offers with Pavanveer, the buyer stood out due to its business structure and operational knowledge.
“This is another great example of the demand that exists for a range of homes in the East Midlands. While there are new challenges within deals, such as the interest rate rises and wider economic factors, signs still point towards a positive outcome for going concerns within the sector in the region. I wish the vendors all the success in their future projects and look forward to watching the buyer expand its West Yorkshire offering.”
Hazeldene House was sold for an undisclosed price.
Long term waste management contract settled out of court
Ongoing litigation related to Derbyshire County Council and Derby City Council’s long term waste management contract has been settled out of court.
Derby City Council and Derbyshire County Council have paid a joint total of £93.5million to Resource Recovery Solutions (Derbyshire) Ltd’s (RRS) administrators. It comes after several months of negotiations between the councils and RRS’s administrators, who were claiming £187million was owed – a figure which the councils disputed.
In 2009, RRS – a partnership between infrastructure firm Interserve and waste management company Renewi – was awarded a contract by Derby City Council and Derbyshire County Council to manage the Councils’ residual waste and design, build, commission, and operate a waste treatment facility in Sinfin, Derby.
RRS paid for the facility – which under the councils’ contract with RRS was planned to be completed in 2017 – to be designed and built, in order to divert 190,000 tonnes of waste per year away from landfill.
But after RRS failed to pass commissioning tests by the agreed date, the councils lawfully terminated the contract in August 2019.
Following termination, the councils and RRS began a process to determine the Adjusted Estimated Fair Value (AEFV) of the contract. The AEFV was the sum due as compensation (to either RRS or the councils) following the termination of the contract, and is designed to reflect the future value of the long term waste management contract.
RRS and the councils were contractually required to go through the AEFV process, and all parties to litigation are expected to make every effort to negotiate a settlement outside a formal litigation process, in order to avoid unnecessary costs to either party.
At respective Cabinet meetings earlier in July, both councils resolved to accept the settlement, and pay RRS £93.5million to protect council tax-payers from the risk of further significant costs.
If a sum had not been agreed through negotiation, the dispute would have been resolved through the courts, and formal litigation – a lengthy process with unknown outcomes and additional costs.
With this settlement, litigation ends, and RRS has no further involvement.
The total sum of £93.5million has been split by the councils in accordance with their agreed split; 50:50 up to £50million, and all sums thereafter split proportionately; 73.4% by the county council and 26.6% by the city council. £36.57million therefore paid by the city council and £56.93million by the county council.
In anticipation of litigation, or a settlement, finances were earmarked as part of Derby City Council’s Medium-Term Finance Planning process for 2023 to 2024, meanwhile Derbyshire County Council has earmarked reserves to cover the settlement costs.
Beaumont Market to close in light of trading losses
Leicester city council has announced that Beaumont Market, located in Beaumont Leys, will close from September this year in light of current and predicted trading losses.
The 15 traders currently operating there are being offered stalls at Leicester Market until planned redevelopment work begins in October.
Peter Chandler, head of economic regeneration at the city council, said: “Shopping habits have changed since the market opened in the 1980’s, and there has been a gradual decline in shopping there over several years. This has resulted in fewer stallholders and a reduction in the income needed to give the market a viable future.
“We are in the process of giving the current stallholders notice to leave, and talking to them about whether they wish to take up the offer of trading space at Leicester Market.
“We realise this will be disappointing news and it is not a decision we have taken lightly. We will be doing all we can to help the traders find alternative places to trade, either at Leicester Market or in other suitable council-owned premises.”
The council is looking at the options for selling the land on which the market operates, next to Beaumont Leys Shopping Centre.
Work is set to begin on the redevelopment of Leicester’s historic city centre market in the autumn.
During the refurbishment, traders at Leicester Market will be temporarily relocated to Green Dragon Square, behind the Corn Exchange.
Improvements to Leicester Market will include more than 80 new stalls, new lighting, green roofs and solar panels, new paving around the market and more outdoor seating.
