Alpha deal in Redditch

Lakeside aerial

WEG, the global market leading supplier of electric motors and associated products, has acquired a 128,241 sq ft/11,914 sq m warehouse and distribution facility at Lakeside Point, Redditch.

The company, which is headquartered in Brazil, is expanding its operation, moving from its current 46,940 sq ft/4.360 sq m base, spread across four units, at the nearby Manorside Industrial Estate.

WEG has taken a ten-year lease at the 1,97 hectare/4.87 site from Alpha UK Property Fund Asset, at a rent of £4 per sq ft.

Alpha will give the building a £400,000 facelift before the tenant moves in early next year.

The Birmingham offices of Colliers International and Jones Lang LaSalle advised the landlord on the deal. Continue reading

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Three is the magic number for Colliers’ IPM team

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The Birmingham office of property consultancy Colliers International has strengthened its Investment Property Management team with three new appointments.

Holly Jackson has joined as a surveyor. She is responsible for managing a national portfolio of properties consisting predominantly of retail parks, public houses and department stores.

David Chatten has been appointed as a graduate surveyor and property manager. His role includes assisting with the day-to-day management of Warwick Bar, a mixed-use regeneration site in Digbeth. Continue reading

Poundland weighs in to rating revaluation debate

One of the UK’s biggest high street retailers has backed calls for the Government to scrap the planned postponement of the business rates revaluation.

Discount retailer Poundland, which is headquartered in Willenhall, in the Black Country, has thrown its weight behind a campaign to reverse the decision by signing an online Government petition.

The company, which operates around 300 stores across the UK, including 55 stores in the Midlands, and employs around 10,000 people, said the decision to postpone the 2015 revaluation until 2017 was “reckless” given the current decline of the retail market and would only serve to continue the injustice of businesses paying inflated business rates in a depressed climate.

The retailer said it would also lead to more casualties on the high street, following the collapse of household names such as Clintons, Peacocks, JJB Sports and Comet.  Continue reading

Colliers International calls for business to back rating revaluation petition

Colliers International has launched an online petition to stop the Government’s planned postponement of the 2015 business rates revaluation.

The property firm has started the e-petition on the Government website www.direct.gov.uk and is urging businesses in the West Midlands to show their support by adding their names to the list. If the petition receives 100,000 signatures it will be considered for debate in the House of Commons.

The proposal to delay the 2015 rating revaluation until 2017 is one of a number of measures being put forward by the Government as part of the Growth and Infrastructure Bill.

If implemented, businesses will continue to pay business rates based on property values in 2008, instead of current values, which are considerably less. For the retail sector in particular this could have a devastating impact. Continue reading

Warwick Bar hosts funding seminar for creative businesses

Warwick Bar, the canalside regeneration project in Digbeth, is holding an event for cash-strapped creatives and small-medium enterprises seeking funding for business growth.

The scheme, which comprises 80,000 sq ft of business space, and is owned by ISIS Waterside Regeneration, is gaining a reputation as a growing arts and cultural destination.

Its tenant include a wide range of creative businesses, including Grand Union Artists Studios and Gallery Space, print company Printbots, picture framers Harris Moore Canvases, K4 Architects, Edible Eastside (urban growing with arts programme and pop up café).

On 25 October the developer will be hosting a workshop on funding sources. Continue reading

New pension laws could be a ‘game changer’ for property sector

The property industry could get a welcome injection of new capital thanks to changes to British pension laws introduced this week.

From 1 October, staff at the UK’s biggest firms will automatically be enrolled in a workplace pension, which both they and their employer will pay into. The move is designed to supplement the state pension and stem the decline in workers’ pension provision. Continue reading

Take-up along M42 powers ahead of city centre

Office take-up along the M42 is outpacing take-up in Birmingham city centre for the first time since official take-up figures were collated in 2005.

In the first half of 2012, 401,691 sq ft of office space was let along the M42 corridor, compared with just 147,654 sq ft in Birmingham’s central office core.

The half-year figures for the M42 have already surpassed 2011’s total take –up of 198,337 sq ft. Continue reading