All Property Week articles in 12 February 1999 – Page 3
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News
Chesterfield reaches the end of the road
Robert Maxted's uphill battle to transform the fortunes of Chesterfield Properties will come to an end shortly when the company liquidates its portfolio. In a short statement on Monday, Chesterfield said that with its shares trading at a large discount to NAV (more than 40%), it had decided to sell ...
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News
CGI deal proves renewed faith in City
German open-ended fund CGI has reinforced its faith in the City by completing a deal to buy Legal and General's 59-67 Gresham Street for £203m. The deal will help counter rumours in the market last year that German investors were planning to exit the UK market en masse. Legal & ...
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Markets
Harrogate change for Centrica's retail outlet
Centrica has relocated its Energy Centre retailing outlet in Harrogate by disposing the remaining portion of a 17-and-a-half-year lease on a 176 sq m (1,900 sq ft) unit at 48 St James Street. It has let the unit in a competitive tender to Lakeland, at a rental of £84,000 a ...
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Markets
Central Lancashire
The area south of Preston is characterised by a distinct lack of available industrial development land. Although there are many sites with development potential, they have limited scope because of planning and infrastructure problems. Therefore the first major well-located site to be developed will capture latent demand in the area. ...
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News
Overweight funds cause surge
Property shares staged a roaring comeback last week after three fairly miserable weeks but buying was concentrated on the major stocks. The Property Share Index jumped 6% to 1761, while the All-Share remained virtually static at 2700. Hammerson led the way, rising 13%, followed by Great Portland ...
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News
Landmark case opens doors on overrenting
A ruling in the House of Lords has given commercial tenants the power to escape from overrented properties through liquidation. The Law Lords ruled in the case of Christopher Moran Holdings v Bairstow that a company filing for insolvency can instruct its liquidators to dissolve any lease which forces a ...
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News
Licensing on the cards for 'slum' landlords
Housing minister Hilary Armstrong has warned that she is considering universal licensing for the private rented sector to stop 'modern-day slum landlords'. The minister told the Local Government Association conference last week that for too long, housing policies had been on the margins of economic and social policies. New ...
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News
Capital Shopping rides through poor retail market conditions
Capital Shopping Centres defied the gloomy retail conditions last year by achieving an 16% increase in net asset value to 451p a share in 1998. The result was much higher than analysts' forecasts and prompted a 15p rise in CSC's share price to 373.5p in early Tuesday trading. The ...
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Markets
Massive growth in city call centres forecasted
The government's policy on car use is set to increase pressure on city centres. Agents are expecting cities such as Leeds and Sheffield to experience an increase in demand for centrally located call centres. 'Demand for centrally located call centres is a very recent change that is going to accelerate,' ...
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Markets
Oakgate Group buys Harrogate House
Oakgate Group, the Wetherby-based retail development specialist, has bought Harrogate House, Parliament Street, Harrogate, for an undisclosed sum. The landmark building comprises ground-floor retail units let to Multi York, Rohde Shoes, Northern Electric and Allied Domecq , together with a vacant, seven-storey office tower that has been empty for a ...
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News
GLA finds a home at London Bridge site
The Government is to end months of farcical feuding over the site of the Greater London Authority by announcing that it is to be based at London Bridge. A government source told Property Week that the Foster -designed scheme had been selected and an announcement would be made in ...
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News
Urban housing on the brink of a boom
More than three million new homes will have to be built by 2020, according to new research carried out for Lord Rogers' Urban Task Force, writes John Lewis. The research, conducted by MORI, URBED and the School for Policy Studies at Bristol University, argues that the UK is on the ...
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News
Citibase growth plans boosted by Birkby deal
Citibase, the serviced offices operator, has doubled its UK operation to more than 700 offices with the acquisition of six sites from Midlands-based Birkby. The move is part of an aggressive expansion which will see Citibase open centres nationwide in the next five years. The group is now seeking institutional ...
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News
Greenford Park gets big-time Entertainment
Entertainment UK has completed the largest industrial deal in west London since 1997 by taking its national distribution centre requirement to Greenford Park. The company, which is the distribution offshoot of the Kingfisher Group, has signed up to take a 22,000 sq m (233,000 sq ft) warehouse which is jointly ...
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News
Hammerson shops for Bicester Village stake
Hammerson has entered the fast-growing factory outlet market, buying a 15% interest in the most upmarket centre in the UK, Bicester Village. The company has paid £5.9m to buy out Bankers Trust and United Bank of Kuwait, two of the original backers of the scheme. The deal gives Hammerson ...
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News
Schroder benefits from new euro era
The introduction of the euro has generated 'significantly greater' cross-border interest in European property markets, Schroder European Property Fund chairman Jeremy Lewis said this week. Announcing a 28% increase in the fund's net income to NLG 23.7m (£7.4m) in the six months to 31 December, Lewis said US investors ...
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Markets
The power behind the RDA
Graham Hall is preparing to do battle with Europe and, as a former fitter's mate, he is happy to get his hands dirty. The RDA chairman and chief executive of Yorkshire Electricity is convinced the county will win as long as the playing field is level.
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News
Town Centre Securities snaps up C&A bargain
Town Centre Securities is expected to complete today on Salisbury's C&A, the latest sale of six C&A stores put on the market in September. The freehold store, for which agents Kitchen La Frenais Morgan achieved slightly less than the asking price of £2.5m, was attractive to Town Centre Securities ...
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Markets
Timeshare schemes back in fashion
Langdale has completed the second phase of its Underscar timeshare development, facing Derwent Water in the Lake District. The six two-bed properties bring the scheme's total to 26 apartments providing 1,250 timeshare weeks. The first phase achieved £1m in sales in just 14 days in mid-1998.
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News
Austin Reed sale to reduce debt
Austin Reed has sold and leased back four high street shops, raising over £5.2m. Jones Lang Wootton Fund Management, representing USF Nominees, bought 1/3 Westover Road in Bournemouth, 62/64 The Promenade in Cheltenham and 218 High Street in Guildford for £4.2m. The deal represents a 7.25% yield. Clients of Argyll ...
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