Rising Industrial Rents at Third Way Corner, Avonmouth – November 2018

AV1 front.jpg

Third Way Corner was originally constructed by Croudace Properties in 1968.  More recently in 2007, we further invested in the site with a comprehensive refurbishment programme of all of the 11 units.  We have enjoyed the diverse range of tenants that have occupied the estate over the years and look forward to many more years providing high quality industrial units in this location.

The last year has seen the completion of several transactions at Third Way Corner, with the completion of two rent reviews in September 2017 and two lease renewals in 2018.  “We are pleased with the steady rise in rents at Third Way Corner and delighted that existing tenants wish to commit to a further lease term” commented Alison Skelly of Croudace Properties.  “We have had many tenants over the years that have either expanded from one unit to another or renewed their lease more than once”.
 

Sale of Land at Maybrook Road, Brownhills – August 2018

BR1 aerial.jpg

Croudace Properties has sold a prime 3 acre development site in Brownhills, West Midlands, to local occupier European Heathyards.

European Heathyards are industry leaders in tube manipulation, fabrication and high integrity welding. They will be expanding their local facility significantly with a new production plant.

The site was the final part of former holdings for Croudace Properties, having originally developed much of the wider area from the 1960s.

Aaron Glover of Croudace Properties commented, “We are delighted to have sold the final plot on Maybrook Road here to a significant local, and expanding, employer. Their subsequent investment into this new facility will no doubt bring a welcome boost to the area”.
 

Refurbishment Works, Cavendish House, Birmingham – August 2018

BI1 internal.jpg

Croudace Properties has completed refurbishment works of empty office suites within Cavendish House, Birmingham.

The largest suite – a bright 2,765 sq ft open plan office – has had new LED lighting throughout and a new raised floor complete with underfloor electrical distribution.

To the smaller suites of 500 – 1,000 sq ft, works have included new metal tiled suspended ceilings; new lighting; new perimeter trunking; carpets and kitchenettes.

The suites have also benefited from the installation of fibre-optic cables ready for superfast broadband.

All office occupiers benefit from air conditioning, a manned reception, modern communal WCs, showers and secure bike racks.

Aaron Glover of Croudace Properties commented, “This refresh of the available space at Cavendish House ensures potential occupiers have modern, open-plan, energy efficient space. The smaller suites in particular are now ‘plug and play’ ready for tenants looking for affordability, flexibility and ease of access.”

Further information is available via the marketing website - www.cavendishhouse-birmingham.co.uk – and through our marketing agents JLL and Johnson Fellowes.
 

Launch of New Office Space, Crawley – April 2018

CR1 front.jpg

Croudace Properties has completed the comprehensive refurbishment of Endeavour House, Crawley Business Quarter, Crawley.

£1.3m has been spent on a complete renewal, creating 19,500 sq ft of Grade A office space within this striking HQ building.

A new entrance has been constructed, with double height glazing, providing a large reception full of natural light. Impressive pendant lights sparkle at night.

Internally, new high-end WCs have been installed, along with bespoke showers. A new metal tiled ceiling, carpeting throughout, access control and a refurbished lift have all been added.

The latest LED lighting with PIR controls and automatic daylight dimming, along with a new energy efficient VRF heating and cooling system, has helped the building secure a high EPC B status. 

A generous 96 car parking spaces provides a locally unrivalled 1:203 sq ft ratio.

Aaron Glover of Croudace Properties said “We have completely renewed a tired 1990s building. Crawley Business Quarter is the office heart of Manor Royal and Endeavour has been refurbished to a standard that reflects this.  The transformation is striking and the final design and quality have exceeded our agents’ expectations”.

Further information can be found on the dedicated website – http://endeavourcbq.co.uk/
 

Sale of 3 Queens Road, Reading – January 2018

3 Queens Road.jpg

Croudace Properties has sold a prominent office in central Reading to the Canal & River Trust.

Croudace comprehensively refurbished 3 Queens Road in 2015 to provide Grade A town centre accommodation.  The 1980s building was completely renewed with a bright and spacious double-height entrance, new double glazed windows, feature glass and steel balustrading to the stairs and high quality WC and shower facilities on each floor. 

New energy efficient lighting with PIR controls and automatic daylight dimming, along with an energy efficient VRF heating and cooling system were also installed. Other equipment included a new lift, video entry system and access control. 

Five new tenants subsequently came to the building, attracted by the excellent accommodation as well as its proximity to the local amenities.

Aaron Glover of Croudace Properties commented “We are delighted with the sale and our part played in breathing new life into an otherwise tired building. There is continued strong investor demand for Reading and this has allowed us to realise significant value in a relatively short period of time that will now be recycled into other opportunities”.
 

Connery House, Amersham Fully Let – December 2017

Connery House.JPG

We are pleased to confirm that Connery House is now fully let following the comprehensive refurbishment of the building 3 years ago.  Succession Group Limited first took occupation of the ground floor in 2014 and has now expanded into the first floor above.  The new ten year lease has allowed Succession Group to carry out refurbishment works to both floors, including a newly designed reception area.

Succession Group are financial advisers specialising in private wealth planning, personal financial management and corporate benefit solutions.  With more than 17,000 clients, they are the fastest growing wealth planning brand in the UK, with 20 offices and more than 200 staff nationwide.

“We are delighted that Succession have decided to take on the extra space in Connery House and that the building is now fully let” said Alison Skelly of Croudace Properties, “They have been considering taking on additional office space for some time and I believe that this is an excellent solution for them”.

When Croudace Properties purchased Connery House in 2011 the building consisted of three separate terraced units, with only one unit being occupied.  A comprehensive refurbishment in 2014 saw the building become three open plan floors within one building.  The high-class modern office space that was created is complemented by a fresh rendered external appearance, including new aluminium windows and doors.  

Alison Skelly sums it up “We are extremely proud of how we have successfully turned around a half-empty dated building with little to offer the modern occupier, into a quality fully-let investment and we are also now enjoying the increased returns”.
 

Sale of 2-4 Wellington Street and 67-69 High Street, Aldershot – November 2017

Aldershot.JPG

Croudace Properties has sold their retail interest in Aldershot to London based developer, the Shaviram Group.

The property has frontage to Wellington Street and High Street. The large shop in Wellington Street traded over many years as Store 21, QS, Bewise and Fine Fare.

The Shaviram Group have been assembling a site for redevelopment. They are working alongside Rushmoor Borough Council on a residential led development that will help regenerate the Town Centre.  500 new homes will be created as well as new ground floor retail units. 

“We are pleased to be able to sell our interest in Aldershot to the Shaviram Group who are working hard to assist in the redevelopment of Aldershot town centre” said Alison Skelly of Croudace Properties, “we look forward to seeing the improvements in the town over the forthcoming years”.

 

Refurbishment Works Start at Endeavour House, Crawley – October 2017

CR1 front.jpg

Croudace Properties has commenced works at Endeavour House, Crawley with what will be a comprehensive overhaul of this 1990s office building.

Refurbishment specialists Tangent Projects are carrying out the works on behalf of Croudace and the building will subsequently comprise; 

•    New double-height feature entrance lobby
•    New VRF heating and cooling system providing for an occupier density of 1 person to 8 sqm
•    New metal suspended ceilings
•    New energy efficient LED lighting with PIR controls
•    New WC and shower facilities
•    Refurbished lift
•    Expected EPC Rating B
•    96 car parking spaces (1:203 sq ft)

The whole building - 19,500 sq ft - or individual floor plates from 5,945 sq ft, is available to let.

The works will be completed in January 2018. Further information can be obtained from the joint letting agents:

SHW                              JLL
Tim Hardwicke               Kate Clark
01293 441 305             020 8283 2535

 

Three New Tenants at 3 Queens Road, Reading – October 2017

3 Queens Road internal.jpg

Croudace Properties has completed a spate of lettings at 3 Queens Road, Reading, meaning the building is now fully let.

3aaa Ltd, a national apprenticeship training provider, has taken the whole 3,800 sq ft ground floor and will be relocating from elsewhere in the town.  The office will provide administrative and training space.

Abaco Group UK, an Italian software company, have expanded from serviced offices and taken 1,400 sq ft on the 1st floor.

etouches, a US event management software company, have taken the entire 3,900 sq ft third floor.  etouches are expanding from nearby offices.

“We are delighted to welcome 3aaa, Abaco and etouches to 3QR.  All three are expanding their operations locally and needed quality accommodation matching that of their brands”, said Aaron Glover of Croudace Properties.  “These swift transactions bring the letting exercise to an end vindicating our decision to invest heavily in Reading”.

Lambert Smith Hampton has acted as marketing agent for Croudace Properties throughout.

 

Full House at Lloyds Court – August 2017

Lloyds Court front.jpg

The final accommodation at Lloyds Court, Crawley has been let by Croudace Properties.

De Montene Materials, a European property fit-out and manufacturing company, has taken refurbished 1st floor offices at the front of the estate.

“De Montene has chosen Crawley for their UK sales base to service particular projects in London and the southeast.  With manufacturing facilities in Italy and Montenegro, De Montene can rely on easy transport links via Gatwick airport to facilitate this growth” said Aaron Glover of Croudace Properties. 

Since acquisition in late 2016, Lloyds Court has witnessed an abundance of activity, with 5 new lettings and 3 lease renewals.  The local demand-supply imbalance, particularly for smaller units, has led to significant new headline rents being achieved.  Local experts FTD Johns have acted as letting agents throughout.