NB Real Estate: July Deals

30 July 2010

Here’s a round-up of the latest deals from NB Real Estate, part of Capita Symonds…   

NB Real Estate secures Cambridge shop sale for £1.695m   

NB Real Estate logoActing on behalf of Royal London, NB Real Estate has completed the sale of a prime freehold shop in the heart of Cambridge city centre to a private property company for £1.695m.

The property at 29 Petty Cury is in a prime location directly opposite the entrance to Lion Yard which leads to the recently opened Grand Arcade, Cambridge’s latest shopping centre which has further increased the city’s prestige as a retail destination.

Cambridge is one of the UK’s most affluent cities. In 2009, a survey of UK towns and cities found that most had witnessed falling consumer expenditure. Cambridge, however, saw a 13.3% increase which put it in the UK’s top 4%.

The Petty Cury premises are arranged over ground and three upper floors and comprise a small, attractive retail unit with ancillary space above. The property is currently being leased to T-Mobile (UK) Ltd until August 2014 at a passing rental of £87,000 per annum. 

The property’s purchase price of £1.695m will show a net initial yield 4.85%. Dexter Wood & Partners represented the purchaser.

This is a significant letting for NB and the market and one which will see new rental levels set in South London

Berond Street

Bermondsey Warehouse Win

Acting on behalf of Venaglass Limited, NB Real Estate has successfully let a 58,000 sq ft warehouse on Bermondsey Street, south east London, to an undisclosed tenant.

The letting represents the largest warehouse transaction to have been completed in South London in the past two years, achieving a rental level of over £12 per sq ft on a new 15 year lease (no breaks).

Andrew Smith, NB Real Estate, said: “This is a significant letting for NB and the market and one which will see new rental levels set in South London.”

Simon Harrison Lets Bartholomew Close

Acting on behalf of a private investor, NB Real Estate and Daniel Watney have let 54 Bartholomew Close in the City of London to Simon Harrison Ltd, one of the UK's leading fashion jewellery designers.

Simon Harrison Ltd relocates from its Covent Garden studios to the self-contained 11,345 sq ft building, which is situated near to Smithfield Market and St Paul’s.

The company has taken a ten year lease on the new building with a five year option to break at an average rent of £160,000 per annum. The deal also includes nine months rent free.

Calton & Co acted for the tenant.