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

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

Rating revaluation delay is a “scandal”

The Government’s plans to delay the 2015 business rates revaluation is insulting the intelligence of the business community, according to a Birmingham rating expert.

John Webber, head of rating at Colliers International, said cancelling the revaluation, whereby business rates would have been based on values at 2013, is nothing short of a scandal.

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

Landlords hit by travelodge downsizing

Midlands’ landlords have been hit with a wake-up call following Travelodge’s Corporate Voluntary Arrangement (CVA).

The budget hotel operator is seeking to offload more than a dozen of its hotels in Birmingham and the West Midlands.

Travelodge, currently the largest hotel brand in Birmingham, is aiming to transfer the leases to other operators as part of a CVA and a financial overhaul designed to address its £700million debt pile. 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

Colliers International goes window shopping

Emel Ahmet, Colliers International and Alex Eveleigh, Ocado

The Birmingham office of Colliers International has been appointed by Ocado to secure pop-up promotional space in shopping centres across the UK.

The virtual shopping walls are to publicise the on-line grocer’s ‘Ocado on the go’ mobile app, which allows shoppers to browse through thousands of product lines and place a delivery in one-hour time slots.

Following a trial in London and Bristol, Ocado is to roll-out the promotion across the UK.

To kick-start the campaign, Colliers secured space at Birmingham’s Bullring for one month. Continue reading