Category "Uncategorized"

22Oct

Costcutter Portfolio Sold Within 2 Weeks

by Cheetham and Mortimer
Uncategorized

Acting on instructions from Costcutter Supermarkets Group Limited, Cheetham & Mortimer have successfully arranged the sale and leaseback of a portfolio of village ‘C’ stores situated in the North East of England to Pride View Properties Limited.

By planning in advance, the deal was able to be concluded within 9 working days from the agreement of terms.

Costcutter have been impacted by the failure of their suppliers, Procter & Harvey, but with a new agreement with the Co-Op due to take effect in the Spring, the company is now on a firmer footing.  Costcutter entered into 15 year leases with fixed rental increases every 5 years, based on 2% per annum compounded.  The deal reflects an initial return of 7.5%.

27Sep

New Letting at Princess Street, Manchester

by Cheetham and Mortimer
Uncategorized

Acting on a joint agency basis with Hynes Illingworth, Cheetham and Mortimer have agreed a 10 year lease at 31 Princess Street to Artisan Café, Hamptons and Vouis for their second site within Greater Manchester.

Josh Moores, Surveyor at Cheetham and Mortimer commented ‘We had multiple national operator interest in this site but a client who was very much ‘offer driven’ and was focussed on providing a complementary use to the office space at the upper levels of the building. We believe Hamptons and Vouis provides the perfect balance.’

Amazon vs The High Street

by Cheetham and Mortimer
Uncategorized

Recently, Amazon quite rightly received adverse publicity for their ridiculously low tax exposure following a threefold rise in profit. Morally, this might be unfair but legally, Amazon have done nothing wrong.

If you want to adopt the moral high ground and support the high street, cease shopping online at Amazon. However, in my opinion, the moral finger of blame should be firmly directed towards the government and their persistent bludgeoning of traditional business via Business Rates. Retail Week published a very sobering statistic this week – In the latest revaluation House of Fraser endured a 57% increase in the Rateable Value of their flagship store on Oxford Street delivering a rate burden from a single store that is greater than Amazon’s entire tax contribution. That’s just simply wrong. Until the government addresses such inequalities, traditional retailers will struggle to compete and the High Street will continue to decline.

Rob Millington

10Sep

Art and Sole Heads to Manchester

by Cheetham and Mortimer
1 comments
Uncategorized

Advised by Cheetham & Mortimer, footwear boutique Art & Sole has taken a five-year lease on a 2,500 sq ft unit at 5 St Mary’s Gate, opposite Paperchase and next to Zara between Market Street and Deansgate.

The unit on St Mary’s Gate has been empty for some time but Art & Sole is set to open its first store on the site, stocking ultra-limited-edition footwear from the likes of Nike and Adidas.

The fashion boutique is understood to be paying rent of £90,000 per year on a five-year lease, with two years at half rent. Metis acted for the landlord, Millerbrook Property.

Josh Moores, surveyor at Cheetham & Mortimer, said: “The current state of the retail market has been well documented but we are keen to explore the opportunities that this creates for independent operators such as Art & Sole, who will occupy a prominent unit close to established national operators Paperchase, Zara, M&S and Selfridges.”

7Sep

Home Bargains and KFC sign up in Kirkby

by Cheetham and Mortimer
Uncategorized

Home Bargains and KFC will join Morrisons as anchor tenants for St Modwen’s redevelopment of Kirkby town centre with the former taking a 20,000 sq ft unit.

Home Bargains will relocate from its existing store on St Chad’s Parade to act as the second retail anchor for the 110,000 sq ft redevelopment, which secured planning permission last year.

It joins Morrisons as one of the main retail tenants at the scheme after the supermarket signed for a 45,000 sq ft unit in September last year. The food store is expected to generate around 200 jobs.

KFC also becomes the redevelopment’s first food anchor taking a 3,500 sq ft unit.

The wider scheme includes shops, a petrol filling station, car parking, and public realm. St Modwen purchased the site from Tesco in 2015 for £35.8m and demolition of the existing derelict buildings, including the former Asda and Gala Bingo hall, is well under way.

Paul Batho, development director for St. Modwen, said: “We are really pleased to be able to announce these additions to the scheme which is testament to Kirkby’s strong draw and the quality of the scheme that has been designed.

“With Morrisons, Home Bargains and KFC on board we are looking to create an attractive mix of retail brands that complement each other and the current offering within the town centre.

The retained agents for the scheme are Colliers International and Cheetham & Mortimer.

Read on Place North West

We are delighted to announce that the lease to M&S on a new purpose built Foodhall in Westbridge Park has finally completed. It has only taken 2½ years to complete the deal, but we are confident that the local residents will find the wait worthwhile.

26Aug

Dispite a stated programme of store consoldiation, Stone is getting their new M&S

by Cheetham and Mortimer
2 comments
Uncategorized

Best of all, this is a refreshing example of all the parties coming together to collectively make development happen.  Liberty Properties Developments Limited displayed exceptional levels of skill, professionalism and perseverance in balancing the needs of the Council, progressing the scheme through planning and addressing the many construction challenges that arose.  If you are a Council seeking a reliable Development Partner, look no further than Liberty!

Their Funding Partner, C Le Masurier, were also brilliant – their unfaltering commitment, patience and flexibility undoubtedly ensured the eventual delivery of the development.  We are hopeful that this is the start of a fruitful working relationship – just remember who played cupid!

Finally, M&S played their part in granting some flexibility on the agreed terms to assist with the viability.

The investment shows a return of approximately 5% on a 20 year lease to M&S Plc at a commencing rental of £230,000 per annum.

For further information, please contact Rob Millington.

13Aug

Lease agreed at Bakewell Road, Matlock

by Cheetham and Mortimer
3 comments
Uncategorized

Acting on behalf of London Metric, Cheetham and Mortimer, acting jointly with Morgan Williams, have agreed a 15 year lease with Boyes for the property which extends to approximately 6,300 sq ft at ground floor with a further 2,850 sq ft at first floor level.

Josh Moores, Surveyor at Cheetham and Mortimer commented ‘this letting was particularly challenging due to some configuration issues but after much hard work we were able to find a solution and secure the letting to Boyes’.

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