Island Quarter developer incurs £3.8m loss

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Island Quarter developer incurs £3.8m loss
The developer of The Island Quarter scheme in Nottingham has incurred a loss of £3.8 million in the six months to 31 March 2024. Conygar notes that this is mainly derived from net operational, financing and administrative losses of £2.4 million as it continues the transition of consented development plots at The Island Quarter to income-producing assets.

However, with the restaurant and events venue at 1 The Island Quarter now well established and expanding its operations, in addition to the first phase student accommodation development in Nottingham becoming rent-producing from September 2024, Conygar anticipates a material uplift in revenues in the coming year to offset against these operational costs.

Construction of the 693-bed student accommodation development at The Island Quarter is expected to complete, as planned and on budget, before the end of June 2024 with lettings “progressing well” for the September 2024 student intake. Conygar is targeting full occupancy and a net operating income for the 2024-2025 academic year of circa £5m. In February 2024, the firm submitted a detailed planning application for the adjoining second phase of student accommodation, comprising a 383-bed scheme.

Meanwhile, at The Island Quarter’s restaurant and events venue, a loss was made in the six months to 31 March of £0.3 million, which Conygar said came “against a backdrop of squeezed household budgets and rising costs, compounded by a recent increase in the minimum wage.”

However, as a result of increasing capacity, in particular for outdoor events space, and the provision of a stretch tent cover, to enable its all-weathers use, total revenues for the venue have increased by 30% compared with the same six-month period in the prior year.

“This expansion, supplemented by significant improvements in food, beverage and wage margins since the start of the year, and the onset of the summer months should enable enhanced returns in the next six months with gross revenues projected for the full year in excess of £6 million,” said Conygar.

Robert Ware, Chief Executive, added: “Investment activity will take time to return to the levels seen before the market downturn. However, as inflation and interest rates recede, such that costs become more stabilised, the viability of funding opportunities should improve.

“Given the significant progress made at The Island Quarter, Nottingham and with investors prioritising high quality and sustainable investments we are optimistic that opportunities will evolve over the coming months and years which should enable us to maximise the returns from this and our other development sites.”

Cawarden “proud to return as sponsors” for the East Midlands Bricks Awards 2024

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Cawarden “proud to return as sponsors” for the East Midlands Bricks Awards 2024
Cawarden has returned to sponsor the East Midlands Bricks Awards for another year, backing the Excellence in Design category at the 2024 event. A family-owned and operated specialist contractor, Cawarden has been providing outstanding projects for over 35 years. With a rich history of delivering demolition, land remediation and earthworks projects across the UK, the business’s capability continues to grow to meet the changing needs of clients. Today Cawarden offers a range of standalone services with the option to efficiently synchronise them as part of its ‘destruction to construction’ solution. Speaking with Business Link about the Bricks Awards, William Crooks, Managing Director of Cawarden, said: “Here at Cawarden, we’re proud to return as sponsors of the Excellence in Design category in the prestigious 2024 East Midlands Bricks Awards. As a Specialist Contractor, we understand the vital role innovative design plays in shaping our built environment. “Last year’s event showcased the remarkable talent and creativity within our region, and we’re eager to once again celebrate those pushing the boundaries of design excellence. Our commitment to sponsoring this category stems from our belief in the power of visionary design to transform spaces and enrich communities.” Sharing advice for those entering the awards, Crooks added: “For those contemplating a nomination, our foremost advice is to embrace boldness and innovation. Demonstrate how your project pioneers new frontiers and positively impacts the environment, people, or communities. We eagerly anticipate reviewing the exceptional submissions and paying tribute to the visionaries propelling design excellence in the East Midlands.” The 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. To nominate your (or another) business/development for one of our awards, please click on a category link below or visit this page.
Award categories include:

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:

Dales businesses invited to take advantage of series of grants

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Dales businesses invited to take advantage of series of grants
Derbyshire Dales businesses looking for financial support to develop or grow are being invited to take advantage of a series of business grants. The objectives of the business grants are to improve business productivity and resilience, encourage carbon reduction and enable the creation of skilled roles. Launched by Derbyshire Dales District Council, the initiative offers grants of up to 80% of eligible costs. Three levels of grant funding are available for projects costing between £2,500 and £150,000. One local business that has successfully applied for a grant is TDP Ltd, who are based in Wirksworth. As a family-based small business they have been pioneering sustainable products for more than 30 years. In 2012 the company started to manufacture a range of outdoor furniture made from 100% recycled plastic waste so that it could have a positive impact on people and the planet. Recently the company was awarded The King’s Award for Enterprise in the Sustainable Development category for the environmental benefits of its innovative products. A £20,750 Business Growth Grant has helped the company to install a new dust extraction unit. This new equipment has enabled them to keep up with demand, improve production efficiency and develop new products. TDP have invested heavily over the last three years and the new extractor was the final part of the jigsaw and has allowed them to free up more time on the machines, to allow for both organic and planned growth. Rob Barlow, Managing Director of TDP, said: “The help provided by Derbyshire Dales District Council’s Economic Development Department was invaluable to us in applying for the grant. This support for our manufacturing sector is very encouraging. We are now looking at further expansion including recruitment to add another member to our busy production team.” Rob added: “A big part of our positive impact falls in the realm of sustainability and our carbon emissions. Early indications show that this new dust extractor uses only a third of the energy of the older unit.” Other businesses that have recently submitted successful applications include Alphaweld LTD (Calver), Billie Rose Therapy and Wellbeing (Matlock) and CEM Solutions Ltd (Darley Dale). The grant schemes are funded by the UK Government through the UK Shared Prosperity Fund (UKSPF).

Works progress on new £3.6m medical centre in Leicestershire

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Works progress on new £3.6m medical centre in Leicestershire

Midlands contractor, G F Tomlinson, is progressing works on the new Barwell Medical Centre in Leicestershire.

The new two-storey doctor’s surgery, located off High Street, Barwell, will replace the existing centre on Jersey Way, which is at capacity and unable to meet the growing demand for its services from the local community.

Due for completion in June 2024, the new medical centre will provide modern healthcare facilities to many more local people, with demand expected to grow from its current 6,400 to 11,000 users over the next five to ten years.

The additional space at the new centre will allow it to provide a greater range of much-needed health services, including physiotherapy and mental health support.

The new L-shaped building will consist of 12 consulting rooms, a space for minor surgical procedures with recovery facilities, a health promotion area, as well as 52 car parking spaces and six cycle racks. The centre will be constructed to BREEAM Excellent standards, ensuring the long-term sustainability of the new Medical Centre.

Demolition works at the unused brownfield site have already taken place which saw the removal of a former vehicle workshop and warehouse.

Adrian Grocock, Group Managing Director at G F Tomlinson, said: “To be delivering this new contemporary medical facility which will enable more local people to access vital medical care, as well as its expanding specialist services, is a privilege.

“G F Tomlinson is vastly experienced in the delivery of healthcare schemes and understand the incredibly important role they play in the local community. The team and I are looking forward to seeing this significant facility progress over the coming months.”

Dr Mark Findlay, GP Partner at Barwell and Hollycroft Medical Centres, said: “We are excited that after 17 years of planning, we will be moving into a purpose built, modern medical centre later this year. Over the last 10 years our practice list has increased by 50% to 14,600 patients across our two sites, and we have desperately needed a new building at Barwell.

“After a challenging process obtaining NHS agreement and issues with planning and funding, we are relieved that we are close to providing the building our patients and staff deserve. The new medical centre is less than 500 metres from the existing site, closer to the local pharmacy and more accessible – being situated on the High Street, on the local bus route and having 52 parking spaces.

“We have been delighted by our choice of contractor, G F Tomlinson, who have been incredibly supportive and professional throughout as well as being very considerate to our neighbours. Going above and beyond, they have been supporting the local community with food bank donations, Christmas tree collection and wood recycling.”

£21.1m funding facility secured for second phase of Derby development

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£21.1m funding facility secured for second phase of Derby development

Elevate Property Group has secured a £21.1m funding facility from Paragon Bank to support the second phase of its Silk Yard development in Liversage Street, Derby. The second phase of the scheme will comprise of 164 studio, one, two, and three-bedroom apartments. The properties will also benefit from a central gated courtyard, providing outside space to residents. Paragon Bank supported Elevate Property Group with a funding facility of £11.9m for phase one of The Silk Yard. The first phase will be complete in summer 2024 and will consist of 94 apartments, over 60% of which have been sold. The second phase of the Silk Yard will be completed in 2025 and the project will deliver 258 new apartments across both phases. This is Paragon’s eighth deal with Elevate Property Group, having supported previous schemes including the first phase of the Silk Yard development in Derby, Chapman’s Yard in Birmingham, and Trent Bridge Quays in Nottingham. This deal was led on behalf of Paragon Bank by Toby Burgess, Relationship Director, and Joshua Mann, Senior Portfolio Manager. James Costello, Managing Director of Elevate Property Group, said: “It’s been great work with Paragon on the second phase of the Silk Yard scheme in Derby to deliver new housing to this vibrant area. “We’re pleased that the first phase of the scheme has been so successful, with over 60% of the properties already sold, we’re looking forward to being able to deliver 164 more apartments to this local community, as Derby city centre continues to be a sought after location.”

Toby Burgess, Relationship Director at Paragon Bank, added: “It’s been a pleasure to work with James and the Elevate team once again, to support the second phase of the Silk Yard scheme in Derby. “We’re delighted that Paragon has been able to support both phases one and two of this development, providing a total funding package of £33 million. We’re looking forward to seeing how the scheme progresses and how it makes a positive impact on the area.”

Woodward Group strengthens leadership team with fire & security project manager appointment

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Woodward Group strengthens leadership team with fire & security project manager appointment

Burton-based mechanical and electrical contractors Woodward Group has appointed Steve Bullock as fire & security project manager in line with its ongoing expansion plans.

With a diverse professional background and a wealth of experience in the industry, Steve brings valuable, sector expertise to his new role. Prior to joining Woodward Group, he served at Yee Group for 10 years, where he held positions ranging from installation engineer to project manager, honing his skills in fire and security management.

In his new role as fire & security project manager at Woodward Group, he will be responsible for building and managing a team of engineers, implementing streamlined processes, and enhancing training programmes to ensure the delivery of high standards expected by Woodward Group.

Additionally, he will be actively involved in client communications, providing tailored fire and security solutions to meet clients’ bespoke requirements.

Steve says: “Woodward Group has a strong reputation in the sector of reliability and delivering top quality services, whilst maintaining the highest standards in health and safety. The business actively takes on more challenging, large scale projects, which aligns perfectly with my personal career aspirations.

“I feel excited at the prospect of working on innovative projects for the company’s impressive client-base and look forward to building strong relationships with both clients and my new colleagues.”

“We are thrilled to welcome Steve to the Woodward Group team,” adds Aden Woodward, Managing Director at Woodward Group. “His extensive experience, attention to detail and dedication to maintaining the highest standards make him a valuable addition to our organisation.

“Steve is committed to continuous learning and development, exemplifying Woodward Group’s ethos of embracing every opportunity for growth. His appointment reaffirms our commitment to providing top-tier talent and expertise to meet the evolving needs of our clients.”

Greggs eyes East Midlands sites to increase manufacturing and logistics capacity

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Greggs eyes East Midlands sites to increase manufacturing and logistics capacity
Bakery chain Greggs has its eye set on two new sites in the East Midlands to increase its manufacturing and logistics capacity. In a trading update Greggs said: “In order to support the longer-term growth potential of the business we are…progressing with the development of two new sites in the Midlands which are expected to be operational in late 2026 / early 2027.” Greggs has entered into an agreement for lease on a site at SmartParc SEGRO Derby for a facility that will be the focus of its increased manufacturing capacity needs whilst also supporting expansion of its logistics network capacity. The landlord is currently constructing the building, following which Greggs will develop and install the first phase of manufacturing and logistics equipment through 2025 and 2026. Meanwhile, negotiations are progressing on the purchase of land in the Corby/Kettering area, where Greggs will develop a National Distribution Centre for chilled and ambient goods. This site will significantly extend its logistics capacity across the network to circa 3,500 shops and deliver efficiencies through semi-automated storage and picking solutions. Greggs aims to exchange contracts on the purchase of the land in the coming months.

Legal recruitment specialist returns to the heart of Nottingham

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Legal recruitment specialist returns to the heart of Nottingham
Bygott Biggs, the legal recruitment specialist, is back in the heart of the city after relocating to Cubo’s new Standard Court location.  During the pandemic, the team found a new home in the Engine Yard development next to Belvoir Castle, with home working the prevalent approach for many of their clients and the rural base a refreshing change of scenery for visitors and team members alike.  However, with many sectors returning to a more office-based approach once more, the Bygott Biggs team, led by Jane Biggs, is returning its HQ back to Nottingham whilst serving their clients in Birmingham, Leeds and the north-west from Cubo’s other locations. Jane Biggs, founder of Bygott Biggs, says: “As we celebrate our 30th Anniversary, we look back at how our business has evolved and adapted to new ways of working. 

“We also reflect upon the changes our clients have seen in that time. For many years, law firms were quite traditional places to work – wood panelled offices, imposing boardrooms and the holy grail of the prized and private corner office.

“Now we see a far more progressive and flexible model with hybrid working being the norm and office attendance offering an opportunity to mentor junior colleagues, foster team spirit and reinforce culture whilst maintaining that all important work/life balance.”

On returning back to the heart of Nottingham, where the business was founded by Jane in 1994, Jane added: “As this latest transition back to the office begins to take more of a foothold, we hope it will help contribute to a renewed vibrancy in the city centre as the professional sector returns to the office. “However, as the legal services market continues to flourish and the competition for talent remains high the key for law firms seeking to attract and retain the best talent is to offer a flexible and supportive working environment that allows an ever more diverse range of lawyers to find the right balance in their career / home lives.”

Rotherhill makes new appointment to management team

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Rotherhill makes new appointment to management team

Midlands commercial property developer, Rotherhill, has appointed experienced surveyor, Stuart Waite, to its management team.

Stuart joins Rotherhill from Commercial Property Partners based in Nottingham.  A qualified Chartered Surveyor with thirteen years post qualification experience, Stuart has spent the last nine years as an industrial and logistics agent operating across the East Midlands, initially for Innes England in Derby and, more recently, seven years at CPP in Nottingham.

In his new role at Rotherhill, Stuart is responsible for identifying new development and investment opportunities within the industrial and logistics sector, as well as implementing asset management initiatives to deliver returns for investors.

Paul Bagshaw, Owner and Director of Rotherhill Developments, says: “We are keen to consolidate the company’s position and are looking to continue its growth. In appointing Stuart, I believe we are addressing those needs.

“Stuart’s experience and knowledge will help us to identify prime sites of approximately 5-15 acres suitable for redevelopment as well as industrial buildings in need of improvement and modernisation.”

Stuart has significant experience within the Midlands industrial and logistics market, having acted for high-net-worth individuals, property companies, developers, private equity and institutional funds.

Some key recent deals include the letting of a 77,000 sq ft warehouse in Beeston, Nottingham to Argos for a last mile logistics facility, 102,500 sq ft at Markham Vale, Chesterfield, let to Restore plc on behalf of a landed estates client and the letting of a 70,000 sq ft distribution unit in Worksop to Royal Mail on behalf of a private equity fund having advised on acquiring the premises with vacant possession six months prior.

Of his appointment, Stuart says: “I have developed a strong relationship with the Rotherhill team, having successfully acted for them in an advisory capacity on a number of projects during my time at CPP, so I know how they work and what it is they are looking for in the market. It will be my job to identify existing buildings and land where opportunities exist to add value through proactive asset management.

“Rotherhill is an agile investor and developer that has long term, robust relationships with its capital partners. This provides an opportunity to capitalise at a point in the cycle where access to debt is frustrated. The industrial and logistics sector, especially within the Midlands, still boasts incredibly strong fundamentals and this is an exciting time to be joining such a highly respected property company.”

East Mids warehouse technology firm makes chief commercial officer promotion

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East Mids warehouse technology firm makes chief commercial officer promotion
Castle Donington-based warehouse technology innovator, Synergy Logistics, has promoted Brian Kirst to chief commercial officer.

Brian previously looked after all customer facing elements of the business in North America, but now oversees all aspects of Sales, Marketing, Support and After Sales globally.

He brings 30 years of experience in supply chain, logistics and digital technology. Prior to joining Synergy in early 2022, Brian co-founded and launched two high growth 3PL order fulfilment companies – Total Reliance in 2014 and Resurge in 2019.

The restructure also sees chief product & delivery officer, Smitha Raphael, take on a more global role with the development services and implementation teams. Both report directly into Synergy Logistics chairman, Hugh Stevens.

Stevens said: “Brian is the ideal fit for this crucial role. As a fellow owner, operator, and entrepreneur; our strategic views align. I also like his leadership and decision-making approach. He recognises opportunities quickly and looks to make an immediate impact.”

Kirst has been using his applied knowledge, gained across multiple industries and sectors, to help customers identify their value drivers and further tap into the potential of Synergy’s technologically advanced software to drive revenue and profitability.

He added: “My focus will be growing and evolving with our existing customers, but also developing further enterprise-level business, as our highly configurable WMS and multi-agent orchestration solutions become increasingly relevant in today’s automation-driven supply chains.

“This includes executing on our ambitions of having a fully global and consistent product offering, with recent implementations in Asia and South America, complementing our long-standing and proven track record in the EMEA and North America regions.”

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