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Salmon and NFU Mutual have purchased the Three Glass Wharf development site on the waterside at Temple Quay, Bristol from PWC the administrators to Castlemore.
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 funded the development
Salmon unconditionally purchased the property using its own funds and subsequently sought planning permission for a high quality retirement village.
Wycombe District Council has granted detailed planning permission for 165 senior living 1 and 2 bedroom apartments.
Site clearance has been completed prior to the sale of the site to Royal London Asset Management. Following its sale Salmon were appointed development managers by RLAM. Graham Construction commenced construction of £80m scheme in October 2020 which is due to open in summer 2022 and will be operated by Audley Group.
4 Glass Wharf is a 1.3 acre development site within the Temple Quarter Enterprise Zone adjacent to Temple Meads Station. The third and final phase of Salmon’s development at Temple Quarter.
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
Harts Farm Way, Havant is situated just off the M27 at the A3 (M) junction, a short drive from Portsmouth and Southampton.
Hermitage Park is a warehousing development of 4 units ranging from 4,500 sq ft-11,000 sq ft and totalling 33,000 sq ft. Construction completed at July 2019. The units are for sale or to let through the sole agents: JLL, Jonathan Manhire 02380 385626
Price: £4m Size 33,000 sq ft / 2.2 acres
Union Court is located on Union Road, just south of Clapham Road (A3).
The property is within a 5 minute walk of Stockwell (Victoria Line), Clapham north (Northern Line) and Clapham Town (Overground) stations.
Union Court was purchased as a value-add opportunity, funded by Royal London Mutual Insurance Society Limited (RLAM).
The property totals just short of 70,000 sq ft on almost 2 acres adjacent to the A3 between Clapham and Stockwell tube stations.
We will be installing a Landlords Fibre supply together with other estate improvements and upgrade works. The intention is to provide a first-class environment, in a well-connected location close to central London.
Planning was obtained in March 2020 for a new 50,000 sq. ft office building .
Planning permission has recently been granted on appeal for a mixed use scheme for 105,000 sq ft of offices and 217 apartments.
Price: £150m Size 400,000 sq ft
Ascot Business Park is an Salmon and Raspin Properties Ltd development, comprising of office, industrial and studio units.
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.
The first phase of this project, which comprises 68,000 sq ft of industrial units, ranging from 1,600 to 22,000 sq ft is now completed. Phase 2 land of 3.5 acres is available for freehold or leasehold sale and/or design & build enquiries. Letting agents are Savills 01223 347000 and Carter Jonas 01223 315716.
Mere Green is located 2 miles north of Sutton Coldfield and 10 miles to the north east of Birmingham.
Mulberry Walk will have prominent, dual retail frontages being at the junction of Lichfield Road and Mere Green Road. The development is adjacent to a large Sainsbury’s Superstore and close to Waitrose.
SHP successfully completed this 55,000 sq ft retail and leisure development in October 2016.
Anchor lettings were exchanged with Marks and Spencer Simply Food, Boots, Prezzo, Green King, Loungers and Caffe Nero. Recent lettings include Bistro Pierre, Gusto Specsavers and Card Factory.
The investment was sold to an investor in December 2017.
Price: £21M Size 55,000 sq ft
Salmon sold its final holding at Orbital Park, Ashford in January 2020.
We have sold 1.5 acres to South East Coast Ambulance for a new 33,000 sq ft Hazardous Area Response (HART) and Make Ready Station. We have recently sold a further 2 acre site to Tavis House Properties who has completed building its scheme of 30,000sf starter industrial units.
The first phase of the Axiom industrial/warehouse scheme comprising 55,000 sq ft in 7 units( Howdens Joinery, Meggitt Safety, Specialised Roofline Supplies Forza Industries and Hire Station) was recently sold to Threadneedle for in excess of £10 million.
Size: 10 acres B1,B2 B8 consent for 160,000 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.
In September 2013 Salmon Properties completed the purchase of the long leasehold interest of a 4 acre site on the Kimpton Industrial Park on the A217 in Sutton, South-West London.
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
Salmon Harvester Properties Limited and NFU Mutual acquired the Two Glass Wharf, Temple Quay site (0.3 acres) in November 2011 from PwC and Lloyds Bank as part of the Castlemore Plc administration.
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.”
Price: £50m Investment Value Size 145,000 sq ft
Salmon redeveloped a 12.7 acre site into a £50m 150,000 sq ft mixed use development; comprising 112,000 ft2 Tesco supermarket with petrol filling station and a Cineworld seven screen multiplex cinema. The restaurant units have been let to Frankie & Benny’s (4,000 ft2, Real China (5,060 ft) and Nando’s (3,400 ft2).
The investment was presold to Possfund for £48m
Salmon and NFU Mutual are promoting a new retail, public house and student housing development in Argyle Street, Glasgow in conjunction with adjoining owner Spirit Group.
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
Bartley Point is a 155,000 ft2 B1/B2/B8 development. The scheme provides 12 units which range in size from 5,000 sq ft to 40,000 sq ft.
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.
Size 5,000 sq ft to 40,000 sq ft.
A 80,000 sq ft £12.75m industrial/warehousing development has been completed and sold to Segro.
The property was developed jointly with Axa Real Estate.
Price: £12.75m Industrial/Warehousing development Size 3.2 acre site – 76,000 sq ft development proposed
Kings Court comprises 32,000 ft2 providing a rare opportunity to acquire new business units in a prominent location within the City.
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
In June 2017 we acquired a 1-acre site on the Ashdown Business Park, Maresfield, East Sussex subsequently we entered into a pre-letting agreement to build a new high office content office/showroom/distribution facility for Swedish company, Gunnebo.
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.
Price: £3.5m Size 20,000 sq ft
Salmon acquired this office building of 13,144 ft2 situated adjacent to the major Heart of Slough Town Centre regeneration scheme and Slough Railway Station.
Planning consent now granted for 120 unit £17 million residential scheme, which has recently been sold to Barratt Homes London for £2.7m.
Salmon, in conjunction with NFU Mutual, completed this prime Central London retail and office building with an end value of £40 million. The scheme provides 8,500 sq ft of prime retail accommodation over basement, ground and first and 12,500 sq ft offices over 4 upper floors. The property is now fully let with the retail unit let to Bestseller and four office floors let to tenants including SK Energy and The Ability Group.
The investment was retained by NFU Mutual. Price: Lot Size £40m Size 8,500 sq ft Retail, 12,500 sq ft Offices
Salmon has developed a new 122 bed hotel for Accor for their IBIS division in Borehamwood town centre. The project value is £7.5million.
Price: £7.5million Size 122 bed hotel
A 53,000 sq ft £15m office building on Oxford Road, High Wycombe with 190 car spaces. Forward funded by clients of Legal & General. Let to Land Securities Trillium.
Price: Lot size of £15m Office Building Size 53,000 sq ft
Salmon acquired two adjoining sites in Sturry Road, Canterbury from Total & Invicta Motors, the assembled site measured 5.5 acres.
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.
Salmon was appointed as Development Manager and Project Manager by Aker to advise on the re-development of a 1-acre site on the A4 Bath Road at Cranford near Heathrow. Planning Consent was granted for the redevelopment consisting of fast food drive-thru A3 units. Aker is retaining the £5 million project as a long term investment.
Construction completed July 2012.
The entire scheme was pre-let to Euro Garages Limited who are operating KFC and Starbucks franchises from the units.
Salmon has redeveloped a prime site adjacent to Vauxhall Station Interchange for a £17.4m mixed hotel and retail scheme. The investment was pre-sold to Scottish Widows Investment Partnership.
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.
A 7 acre site between the River Thames and Maidenhead Town Centre was assembled over a number of years.
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.
Industrial/warehouse scheme on 30 acres, comprising 132,00 ft2 warehouse let to British Airways, 18,000 ft2 warehouse for Volvo, 35,000 ft2 offices for Vodaphone, 10,000 ft2 warehousing for Wings Coaches and 37,000 ft2 flight training centre for Orbit. Investment sold to NFUM and Legal & General.
Following a competitive open market bidding exercise, Salmon purchased a 1.4 acre site from Broxbourne Borough Council. The site had previously been an underutilised local authority car park.
Planning permission was obtained for a 20,000 ft2 food supermarket (on first application); Salmon built the supermarket to a shell finish and sold it to the South Midlands Co-operative Society for owner occupation for approximately £4m freehold.
Salmon acquired a prime office development opportunity located within the City of London core at Copthall Avenue, EC2.
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.
A 200,000 sq ft distribution and warehouse facility for Entertainment UK and a 120,000 sq ft distribution and warehouse facility for Scottish and Newcastle built on a brownfield site.
The completed investment was pre-sold to Brixton Estate plc.
Salmon acquired an 8 acre site at Sowton, Exeter, close to junction 30 of the M5.
This 130,000 sq ft warehousing scheme was the first development undertaken in the Salmon Harvester Properties joint venture.
Scheme value £15m.
This warehousing scheme was completed in two phases.
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.
Salmon acquired a former car showroom site extending to 2 acres on the outskirts of Brighton from Inchcape Motors following the closure of their former car sales operation. Planning consent was obtained on first application for a 20,000 ft2 non-food retail warehouse unit. This was pre-let to Furniture Village at a rent of circa £18 psf and the £5m investment was sold upon completion of construction.
A quality refurbishment of a baroque building in Edinburgh’s historic George Street won Salmon an award in the British Council of Offices Annual competition.
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.
Salmon acquired a 26 acre site at Greenlands Park in Redditch, Worcestershire.
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
Salmon developed a 90,000 sq ft design and build pre-let to Hays plc for their Waitrose tray wash operation and a 150,000 sq ft pre-let development for Office World (now owned by Staples) in Milton Keynes. The investment sold to NFU Mutual.
15 apartments forming part of a mixed use retail/leisure scheme. Planning permission obtained and site sold to Octavia Estates.
Salmon achieved practical completion in November 2010 with this £8.65m scheme comprising 96 bed Travelodge hotel with a 4,600 ft2 retail unit at ground.
The scheme was forward funded with Aviva Investors Pensions Ltd. Sainsbury Local signed up for a convenience store of 3,500 ft2.
Salmon Aker is a 50:50 JV between Salmon & Aker Properties Ltd.
This £8m development comprised apartments and houses. The entire scheme has been completed and sold to Octavia Housing.
Salmon acquired this 1.34 acre site on a prominent main road location approx 0.5 miles from Junction 5 of the M3.
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.
A 145,000 ft2 edge of town centre Salmon leisure development comprising a 12 screen Cineworld multiplex cinema, 40,000 ft2 bingo hall and 30,000 ft2 bowling alley together with four freestanding restaurant units. Freehold £30m investment retained by NFUM.
Salmon worked with Neg Earth Lights Ltd for the delivery of the stunning LH2 rehearsal studio in Park Royal, designed by McCurdy Russell Architects. The site was acquired from Renault UK Ltd and the unit totals 42,000 ft2 in area with an 18,000 ft2 rehearsal studio with an eaves height of 20m. The facility provides the only bespoke lighting rehearsal studio in the South for touring bands, filming and shows. Having opened in late 2010 the facility has already hosted Kylie Minogue, Jamiroquai, Peter Gabriel, Les Miserables, filming for the film ‘The Iron Lady’ and recently received a TPi industry award for ‘best rehearsal facility.
A Salmon retail & leisure development comprising sports stadium and 200,000 sq ft retail. SHP relocated Reading Football Club and developed a Retail Park which was subsequently pre-let to B&Q, McDonalds, KFC, Pizza Hut, Allied Carpets, Miller Brothers and Comet.
Pre-funded the £50m scheme in a Trust for Sale between Legal & General and NFUM.
A three unit warehouse development totalling 50,000 ft2 was built out and sold to three owner occupiers.
SHP acquired and subsequently sold a major development site in south west London prior to unveiling plans for a £16 million light industrial and warehouse scheme.
The site was sold to Big Yellow for a purpose built self storage facility.
Salmon acquired the freehold of an existing 1980’s office building from British Airways seven days after agreeing purchase terms for £2m. The building had formerly been the operational headquarters of Dan Air. It was in need of significant refurbishment expenditure.
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.
Salmon bedded down its first hotel project with the completion of a 120 bed 6 storey building for Premier Travel Inn in Borehamwood, Hertfordshire.
The £8m investment was sold to private investors.
The Royal Ballet School scheme is an example of City Centre mixed use development by Salmon comprising ground and basement retail which was let to Zara with Ballet school and residential use in the upper parts.
The £30m investment was retained by NFU Mutual.
Salmon purchased a portfolio of properties from Rolls Royce which included this 65 acre site in Swindon.
Planning consent for 1,200,000 ft2 of B1/B2/B8 was secured and the site sold to MEPC for £30m.
A £20m 32,500 ft2 prime office building in Central Maidenhead, pre-let to Petroleum GEO Services and pre-sold to Standard Life.
Salmon’s retail/leisure scheme in Cheltenham comprises 200,000 ft2 and provided the Town with its first multiplex cinema with Cine UK’s 11-screen 2,000 seat complex.The £60m scheme is now fully open and over 80% let.
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.
Salmon acquired a 1.4 acre site from the Withenden family at South Corner Industrial Estate, Crawley, adjacent to Gatwick Airport.
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.
Salmon acquired Victoria House from RMC Properties. It was a vacant 1980’s, 12,500 ft2 office building in Redhill Town Centre near to the railway station. Salmon drew up proposals for and implemented a comprehensive refurbishment of the existing building to include the installation of air conditioning, new services and finishes throughout. The refurbishment works were carried out speculatively, the building was let shortly after completion to Abbey National. The resultant investment was sold to Property Investment Holdings Limited for £3.5m
A development of 5 terraced office buildings totaling 36,600 sq ft (net). The speculative development was completed on time and on budget.
Four of the five units were pre-sold whilst the sale of the final unit was completed 5 weeks after practical completion.
Salmon acquired the former Vickers Engineering Works at Whitchurch Street, Shrewsbury, as part of a portfolio of Vickers properties acquired at the time of Rolls Royce’s acquisition of Vickers.
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.