PR and communications agency appoints former journalist to support East Midlands growth
Island Quarter developer makes gym site purchase
The Conygar Investment Company has purchased the long-leasehold interest of the site occupied by Virgin Active gym, located on The Great Northern Close at The Island Quarter, Nottingham.
The freehold of the site is already owned by Conygar, with the leasehold purchased from Wood Pension fund.
The purchase, which enables better control of Conygar’s arrangements for this and the adjoining site at The Island Quarter, was subject to signing a new direct 25-year lease with Virgin Active at a rent of £600,000 per annum with a 12-month rent free period spread across the first 24 months.
This will replace the rent received by Conygar from the long-leasehold, which amounted to 10% of the rent previously received by the vendor from Virgin Active.
The purchase price of £5.9 million was funded by way of a drawdown of the second and final £7 million tranche of an existing debt facility with ASK Partners Ltd. The surplus funds received over the purchase price and associated fees will be applied in the further progression of The Island Quarter.
New East Midlands legal firm Devello Group signs up as drinks sponsor for the East Midlands Bricks Awards 2024
Devello Group also has a strategic arm, offering a high-level advisory service to developers, landowners, promoters and others in the planning and property development sectors.
Speaking with Business Link, Shruti Trivedi said: “Devello are delighted to be sponsoring the Bricks Awards as what better way to mark our own start as a brand new business offering to the region than by being associated with the Bricks who burst on the scene similarly a few years ago with an innovative and fresh approach.
“The Bricks have always been appealing as they value local and regional businesses in the region in an inclusive and fun manner but also connect these businesses with each other to foster relations and lay foundations for future working relationships. We are looking forward to being part of that community as that is very important to us as a regional firm and very much welcome the Awards as an opportunity to meet other businesses in a relaxed setting on the evening.”
The East Midlands Bricks Awards, which will take place on Thursday 3rd October, at the Trent Bridge Cricket Ground, recognise development projects and people in commercial and public building across the region – from office, industrial and residential, through to community projects such as leisure schemes, schools and public spaces. We also highlight the work of architects, agencies and those behind large schemes.
Winning one of these awards will add considerably to a company’s or individual’s brand and enhance their commercial reach significantly.
Nominations are now OPEN for East Midlands Business Link’s annual Bricks Awards, which provide the ideal opportunity to celebrate successes, boost businesses’ profiles, showcase teams, reward their efforts, and bolster morale.
To nominate your (or another) business/development for one of our awards, please click on a category link below or visit this page.
- Most active 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, with the winner, and recipient of a year of marketing/publicity worth £20,000, selected from those nominated)
Nominations end Thursday 5th September
A highlight in the business calendar, winners will be revealed at a glittering awards ceremony on Thursday 3rd October, at the Trent Bridge Cricket Ground – an evening of celebration and networking with property and construction leaders from across the region.
Tickets can be booked for the 2024 awards event here. Connect with local decision makers over nibbles and complimentary drinks while applauding the outstanding companies and projects in our region.
Attendees will also hear from keynote speaker Paul Southby, partner at Geldards LLP, chair of the Advisory Board to Nottingham Business School, chair of Broadway independent cinema, trustee of Clean Rivers Trust, chair of Nottingham Partners, board member of Marketing Nottingham and Nottinghamshire, and former High Sheriff of Nottinghamshire.
Thanks to our sponsors:
To be held at:
Council steps up mission to ensure £25m of Town Deal cash is spent
Law firm acquires West Bridgford conveyancers
Nottingham immigration law firm looks North
Nottingham’s OTB Legal, a UK immigration law firm, is expanding with a new Manchester base. The firm will be based at Bloc on Marble Street.
OTB Legal has grown consistently from its Chase Park headquarters just outside Nottingham. However, with demand increasing for immigration services in the region, OTB Legal’s Marcus Worthington says the time is right to expand the offering north: “Expanding our leading immigration team into Manchester is a strategic move aimed at better serving our clients in the area.
“Manchester’s vibrant and diverse community provides an excellent backdrop for us to deepen our connections with individuals and businesses navigating complex immigration laws.
“Our expansion into Manchester aligns with the city’s role as a magnet for talent and investment, positioning us to provide crucial guidance and advice as clients navigate the evolving landscape of immigration regulations and pursue their business and personal goals.”
The Manchester office will act as a northern hub for OTB Legal’s growing team.
Hannah Bowers, OTB Legal’s marketing manager, says: “We have a thriving and growing team and have plans for further growth in terms of expansion across the UK. I am based here at Bloc and the space is fantastic. It has a vibrancy to it that I know our team will love and I can’t wait to welcome them here.”
Real estate investor adds 315,000 sq ft of retail parks to portfolio
Columbia Threadneedle Real Estate, the real estate investment and asset management specialist of Columbia Threadneedle Investments, has acquired Phase 2 and 3 of Merry Hill Retail Park in Brierley Hill and Phoenix Retail Park in Corby on behalf of separate client funds for undisclosed sums.
These recent acquisitions follow the purchase of Parkgate Shopping Park in Yorkshire earlier this year and reinforce Columbia Threadneedle Real Estate’s position as one of the largest retail park owners in the UK.
Phases 2 and 3 of Merry Hill Retail Park comprise a combined circa 197,000 square feet of retail warehouse and restaurant space on a site that extends to almost 15 acres with approximately 600 free parking spaces. Anchor tenants include The Range, Currys, Wren Kitchens, DFS and Pets at Home trading from a range of retail formats from 1,900 square feet to circa 52,000 square feet.
Phoenix Retail Park is the dominant retail park in Corby, offering 118,200 sq ft of retail warehouse accommodation with anchor tenants including M&S Foodhall, Matalan, The Range, Currys, Next and The Food Warehouse.
Its occupier mix is complementary to the demographics of the local catchment with a focus on food, discount and convenience-led retailing. It adjoins a 95,000 sq ft Asda superstore, which adds further critical mass, and the town of Corby has recorded significant population growth over the last decade, with further growth on the existing 203,000-strong catchment forecast thanks to a residential development pipeline of more than 12,000 new homes.
Tom Elviss, Fund Manager at Columbia Threadneedle Real Estate, said: “The simultaneous acquisition of both Phases 2 and 3 at Merry Hill Retail Park from two separate vendors constitutes a majority holding at one of the UK’s dominant retail warehouse clusters in the West Midlands. This presents a significant opportunity to maximise the assets’ potential under single ownership.
“Phoenix Retail Park is set to benefit from Corby’s sizeable residential development pipeline, which brings with it a catchment growth proposition that will allow us to enhance the tenant mix further.
“At both locations, we intend to draw on our strong retailer relationships and scale in the retail warehouse market as we seek to proactively asset manage the holdings to deliver strong returns for our investors.”
For the Merry Hill transaction, Harvey Spack Field acted for the purchaser and Morgan Williams represented the vendors, while Savills advised the purchaser on the Phoenix Retail Park acquisition and Knight Frank represented the vendor.
YMD Boon extends Midlands footprint
Watches of Switzerland hails “strong” finish to financial year
Leicester-based Watches of Switzerland Group has finished its financial year “strongly,” with sales in the final quarter in line with guidance and ahead of consensus.
According to a trading update for the 13 weeks (Q4 FY24) to 28 April 2024, group revenue reached £380 million, a 4% increase on Q4 FY23.
It puts group revenue for the year at over £1.5 billion.Brian Duffy, Chief Executive Officer, said: “We finished the year strongly, with Q4 sales in line with guidance and ahead of consensus. Particularly pleasing was the performance in the US, with sales up 14% in the period.
“We are confident that our strategy, exceptional client service and strong brand relationships enables us to continue to drive growth and gain market share. We have seen growth in our Registration of Interest lists for sought after products, and exceptionally strong performance of pre-owned, particularly Rolex Certified Pre-Owned.
“Our acquisition of Roberto Coin Inc. (the exclusive North American distributor of Roberto Coin) dramatically accelerates our luxury branded jewellery strategy, and we see enormous potential in bringing together this iconic brand with our retailing expertise.
“We enter FY25 with cautious optimism. We have a terrific programme of showroom developments on both sides of the Atlantic with the Rolex flagship boutique on Old Bond Street, London; a 3,000 sq ft Rolex boutique replacing the Mayors multi-brand in Atlanta, Georgia; and our first Rolex showroom in Texas in Plano.
“We are also looking forward to the Audemars Piguet Town House and the Mappin & Webb luxury jewellery showroom both in Manchester, and the expanded Patek Philippe space in Greenwich, Connecticut.
“The inherent strength of the categories we operate in, coupled with our superior business model and retail expertise continues to set us apart. We remain focused on executing our Long Range Plan and are committed to the targets to more than double sales and Adjusted EBIT by the end of FY28.”
Shareholders back £2.5bn Barratt and Redrow merger
