Salmon and NFU Mutual have obtained planning permission for a new HQ office development of 210,000 sq ft. The site was subsequently sold to Tristan Capital in Q4 2019.

Price: £140m end value

OFFICES: Queens Square comprises nine office buildings of between 2,000 ft2 and 14,000 ft2 occupiers include Handelsbanken Ltd and Smink. Fully sold.

INDUSTRIAL: Fully let/sold.

STUDIOS: All of the nine units have been sold at figures of £220-£250 psf.

Size 100,000 sq ft business park – Office buildings up to 14,000 sq ft

Size B1/2/8 units totalling 141,470 sq ft

Planning permission was obtained and the scheme was built on time and to budget. It was let as a single building to Royal Mail Parcelforce at a record rent of nearly £1 million pa.

The £20m project was financed by La Salle Investment Management who have retained the long term investment. Letting agents were JLL and Stiles Harold Williams.

Size: 80,000 sq ft

Wycombe District Council has granted detailed planning permission for 166 senior living 1 and 2 bedroom apartments.

Site clearance has been completed with a view to the 2 year construction programme starting in Q1 2019

Having secured detailed planning permission for an office scheme of 110,000 sq ft the entire office project has been let to HMRC on a new 25 year lease and is now under construction, due to PC late 2018.

Legal and General has funded the development.

Construction photo shows progress as at February 2018.

The Temple Quay site sits adjacent to Bristol Temple Meads Station and the Floating Harbour and has established itself over the last 15 years as Bristol’s main office centre.

We completed the construction of some 100,000 sq ft of Grade A offices in February 2015 after entering into a building contract with Wates in July 2013. The office building is fully let to PwC, Arcadis, Foot Anstey, Markel, Grant Thornton, Stark Fitness and MJ Mapp.

The property was awarded RICS South West Commercial Project of the year. The RICS commented:

“This building forms a landmark within the city of Bristol. Incorporating the highest standards of design, efficiency, engineering and ‘letability’. The £50 million development provides six floors of office space with retail and restaurant space on the ground floor. The project impressed the judges with the clarity of purpose of this commercial development which has managed to deliver a low carbon and aesthetically pleasing office building.

The judges said, “This development demonstrates how commercial office solutions can and probably should always be elegantly simple.”

The scheme is at the initial planning stage and a notice to submit planning has been lodged with Glasgow City Council. It is anticipated a full planning application will be submitted shortly.

The development proposal will rejuvenate the corner of Argyle Street and Miller Street where the existing structure is in very poor condition.

The scheme will promote a new retail unit on Argyle Street, one of Glasgow’s principal shopping streets, with a new pub to replace the existing Cairns public house and student accommodation in the upper parts with entrances to both in Miller Street. The property was sold in 2013.

Price: End Investment Value £12m

One unit was pre-sold to Woods BMW for a new BMW and Mini car showroom complex.

Units 1, 2 and 3 have been let to DFS at a rent equating to £9psf; Unit 4 has been sold to Space Path Communications Ltd; Unit 5 has been let to Monks & Crane; Unit 7 has been sold to SP International; Unit 8 has been let to DFS; Unit 9 has been sold to Contour Electronics and Unit 10 has been let to Cosentino SA.

One 8,000 sq ft unit remains available to let or for sale.

Further units are available to let or for sale through agents, Reddin Clancy & Company (Derek Reddin Clancy)

Size 5,000 sq ft to 40,000 sq ft

The property was developed jointly with Axa Real Estate.

Three units have been sold Compuserve, Global Distribution and Chips Away, the remaining units were let to Keuhne & Nagel, Applied Medical Technology, Fujifilm Speciality Ink Systems and Screwfix. The investment has just been sold to Cambridge University Fund for £2.4m.

Size 32,000 Sq ft

Gunnebo have signed a 15-year lease and moved into the new facility in April 2018. Salmon Property undertook this £3.5 million project with its own cash resources. The freehold interest was sold to Orion Holdings for long term investment.

Planning consent now granted for 120 unit £17 million residential scheme, which has recently been sold to Barratt Homes London for £2.7m.

The investment was retained by NFU Mutual.

Planning consent was achieved for 63,000 ft2 of retail warehousing in two units:

– B&Q – 60,000 ft2
– Carphone Warehouse – 3,000 ft2

The former Invicta Motors site was sold to B&Q for a new large format store/owner occupation. The Carphone Warehouse unit was sold to a private investor.

End value B&Q land £12.5m. Carphone Warehouse £1m.

Construction completed July 2012.

The entire scheme was pre-let to Euro Garages Limited who are operating KFC and Starbucks franchises from the units.

Construction has now completed. The 6,000 sq ft retail unit has now opened as a Little Waitrose and a new 148 Travelodge Hotel opened in Q2 2013.

Price: Lot size of £17.4m mixed hotel and retail scheme

Planning permission was obtained for a £50m mixed use redevelopment comprising 50,000 ft2 B1/B2/B8 commercial and 240 apartments.

Site sold with the benefit of planning permission to Miller Homes.

Planning permission was obtained for a 20,000 ft2 food supermarket (on first application); SHP built the supermarket to a shell finish and sold it to the South Midlands Co-operative Society for owner occupation for approximately £4m freehold.

This site was sold prior to Salmon unveiling plans for a scheme of 30,500 ft2 net office over basement, ground and six upper floors.

The completed investment was pre-sold to Brixton Estate plc.

This 130,000 sq ft warehousing scheme was the first development undertaken in the Salmon Harvester Properties joint venture.

Scheme value £15m.

Phase 1 was let to Progressive Financial Services, Debenhams Retail plc and Tissue Science Laboratories.

Salmon sold Phase 2 site to A&J Mucklow Group plc with the benefit of planning consent for 110,000 ft2 of small unit B1/2/8 units.

The 60,000 sq ft office and retail scheme was pre let to Friends Ivory & Sime. The ground floor and basement retail units were let to retailers Hugo Boss, Cruise and Murphy & Nye.

Investment value c.£30m.

Planning permission was granted for 400,000 ft2 of B1, B2, B8 and site infrastructure and a new estate road was completed.

The site was sold to an owner occupier.

End value c £25m

The scheme was forward funded with Aviva Investors Pensions Ltd. Sainsbury Local signed up for a convenience store of 3,500 ft2.

This £8m development comprised apartments and houses. The entire scheme has been completed and sold to Octavia Housing.

Planning Consent was granted for a £10m residential scheme comprising 24 houses and 26 flats in February 2012 and a site sale has now completed.

Pre-funded the £50m scheme in a Trust for Sale between Legal & General and NFUM.

The site was sold to Big Yellow for a purpose built self storage facility.

Salmon pre-let the building to Virgin Atlantic Airlines on a 10 year lease at £350,000 per annum. The resultant investment was sold to the Associated Newspapers Pension Fund for nearly £4m. The refurbishment works had to be completed on a fast track basis and the entire building totalling 35,000 ft2 was stripped out and refitted from a shell condition by contractors, Faithdean, inside a period of 3 months just in time to meet Virgin Atlantic’s pressing need for new training and cabin crew facilities.

An adjacent 1 acre undeveloped site acquired at the same time was sold freehold to Virgin for use as additional car parking.

The £8m investment was sold to private investors.

The £30m investment was retained by NFU Mutual.

Planning consent for 1,200,000 ft2 of B1/B2/B8 was secured and the site sold to MEPC for £30m.

The residential aspect comprises 20 one and two bedroom apartments, forming part of this mixed use scheme, were built out and let on assured tenancies. NFU Mutual retained the scheme as long term investment.

The site was acquired to provide a new 25,000 ft2 warehouse and office HQ for The Wensum Company Plc, makers of corporate uniforms. Wensum required representation close to Gatwick Airport to service their airline clients.

The development was funded by NFUM. End investment value £2.5m.

Four of the five units were pre-sold whilst the sale of the final unit was completed 5 weeks after practical completion.

The 8 acre site is located immediately adjacent to Shrewsbury’s Morrisons Foodstore.

The property was acquired with a short term lease to Vickers Engineering.

The investment was sold to a private Irish investor at a 6% yield. End value circa £6m.