RO KICK-STARTS BIRMINGHAM STAYCITY APARTHOTEL SCHEME

23/05/14

RO Real Estate, the UK commercial property investment and development company, has started the development of a £17 million aparthotel scheme at Newhall Square in Birmingham’s historic Jewellery Quarter.

RO has secured a pre-let for the building with Staycity Serviced Apartments, one of the leading serviced apartment providers in Europe. The 30-year lease is part of an on-going expansion for Staycity, which already has over 1,000 apartments across eight European cities including Dublin, Edinburgh, Liverpool, London Heathrow, London Greenwich, Manchester, Paris and Amsterdam. The company is aiming to expand its operations to 5,000 apartments over the next five years.

The 170-room aparthotel building will include a selection of studio and one and two-bedroom apartments all equipped with kitchens and ensuites. The asset will form part of RO’s wider Newhall Square mixed-use scheme, which comprises a mix of new-build and refurbished offices and hotels.

Elias Topping, Buckley Gray Yeoman, Copeland Wedge Associates and Church House Building Services are the design team, with GB Building Solutions appointed as the contractor. The building is expected to be open in May 2015. 

Richard Bourne, head of RO Real Estate, said: “The Staycity development at Newhall Square is in a prime central  location within the historic Jewellery Quarter and close to the Colmore Business District, providing an ideal location for both leisure and business visitors.

“We are very pleased to have secured a pre-let to such a high-calibre tenant as Staycity and it is an endorsement of our ability to identify and deliver attractive speculative developments.”

Staycity CEO Tom Walsh said: “We are delighted to announce this deal, which is an important part of our European expansion strategy. Birmingham is one of the most important business and leisure centres outside London. This property will give us a stronger foothold in the city as the demand for serviced apartments grows.”

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For further information:

Richard Bourne, RO Real Estate

0207 025 1780

Richard.Bourne@rogroup.co.uk

Faye Walters / Jeremy Carey, Tavistock Communications

020 7920 3150

fwalters@tavistock.co.uk

Notes to Editors:

RO Real Estate is a privately-owned company specialising in commercial property investment and development in the south east. It is the property division of the RO Group, which has majority interests in businesses involved in residential development, high-quality holiday lodge developments, domiciliary and specialist care services and the development of utility-scale solar energy projects. 

www.rogroup.co.uk

www.rorealestate.co.uk

RO ACQUIRES £15 MILLION OF SOUTH EAST PROPERTIES

RO Real Estate, the UK commercial property investment and development company, has completed £15 million of transactions as part of its on-going investment strategy.

RO is repositioning its portfolio by carrying out a rolling programme of disposals and recycling the proceeds for reinvestment in core income and value-add opportunities in the South East.

As part of this portfolio realignment RO has disposed of £6.6 million of its non-core secondary assets outside the South East and acquired £8.6 million of high-quality properties in the South East. These acquisitions offer the opportunity to add value through active asset management, one of the company’s key strengths.

Richard Bourne, head of RO Real Estate, said: “The transactions will improve the quality and performance of our portfolio. We have significant cash resources available and will be actively looking for lot sizes between £2-5 million in the South East, an area we have identified for secure growth and long term potential.”

RO has disposed of:

RO24 Industrial Estate (40,455 sq ft), South Marston Park, Swindon, for £1.89 million to IO Investments

Valley Road Industrial Unit (90,000 sq ft), Harwich to an owner-occupier

Busy Bees Nursery (6,100 sq ft), Stockley Park, for £1.27 million to Merritts Properties

The Engine Room Newhall Square (5,283 sq ft), Birmingham, for £465,000 to Glancy Nicholls Architects 

RO has acquired:

Persimmon House, Brooklands, Weybridge for £4.25 million. The 22,101 sq ft office building is let to Ideal Homes Ltd on a lease expiring in November 2015 at a rent of £475,000 a year, reflecting a net initial yield of 10.56%. RO intends to refurbish and extend the property to provide 31,000 sq ft of grade A office space and deliver a return on cost in excess of 15%.

Travelodge, Taunton, for £2.56 million. The 64-bed hotel is let with 44 years unexpired to Travelodge at a rent of £177,920 a year, which reflects a net initial yield of 6.57%. The lease has uncapped rent reviews to 102.5% of the Retail Prices Index.

KFC and Pizza Hut, Solstice Park, Amesbury, for £1.81 million. The two restaurants and drive-through units comprise 5,802 sq ft of space and are let with 17 years unexpired, producing a rent of £146,625 a year, which reflects a net initial yield of 7.66%.

For further information:

Richard Bourne, RO Real Estate 
0207 025 1780

Richard.Bourne@rogroup.co.uk

Faye Walters / James Whitmore, Tavistock Communications

020 7920 3150

fwalters@tavistock.co.uk

Notes to Editors:
RO Real Estate is a privately-owned company specialising in commercial property investment and development in the South East. It is the property division of the RO Group, which has majority interests in businesses involved in residential development, high-quality holiday lodge developments, domiciliary and specialist care services and the development of utility-scale solar energy projects. 

www.rogroup.co.uk

www.rorealestate.co.uk

RO COMPLETES SALE OF 53,464 SQ FT SWINDON INDUSTRIAL ESTATE

RO Developments has completed the sale of its RO24 industrial scheme on South Marston Park, Swindon, Wiltshire, with the final tranche of 16 units being sold to IO Investment LLP for £1,889,000.

IO Investment LLP, an asset manager, has purchased 40,445 sq ft of the scheme. RO24 Swindon totals 53,464 sq ft, and RO had previously sold the other five units to owner occupiers.

The sale of RO24 Swindon forms part of RO’s rolling disposal programme, which is commencing now that the company has maximised the value of its existing assets, and leaves the investor/developer hungry for new opportunities with £20m cash to invest across the South East.

RO Developments director Richard Bourne explains: “The sale at RO24 Swindon is part of our strategy to reinvest in new areas of growth and change the orientation of our portfolio into core income and value add opportunities. We are now looking to invest new funds in lot sizes of £2m - £5m. In addition we are keen to consider joint venture opportunities with other investors and developers
on larger projects.”

RO24 Swindon is situated on South Marston Park to the north east of Swindon town centre and within easy reach of both the M4 (Junction 15) and the M5 (Junction 11a) via the A419 dual carriageway.

RO Developments was unrepresented, while IO Investment LLP was advised by Loveday.

4,750 SQ FT OFFICE DEAL COMPLETED

4,750 SQ FT OFFICE DEAL COMPLETED AT CENTRAL BRACKNELL 
OFFICE BUILDING

RO Developments has completed another deal at Amber House, its town centre office building on Market Street, Bracknell, Berkshire. RO has granted a new lease to its existing tenant Mitie Compliance Limited. The company has taken a new lease on the building’s ground floor, and has taken further space on the previously vacant second floor – a total of 4,750 sq ft across both floors until March 2016.

Amber House is within a minute’s walk of Bracknell’s bus and railway stations and benefits from excellent onsite parking, air conditioning, male and female WCs and suspended ceilings. Other tenants include PCS, Infinitt UK Ltd and Bracknell Forest Voluntary Action. The building is now fully let but circa 1,500 sq ft will be available from March 2014.

Richard Bourne of RO said: “Mitie’s decision to renew its lease and take further space at Amber House is testament to the property’s credentials. The property is rare in Bracknell in that it provides open plan, air-conditioned office suites from 700 sq ft to 2,488 sq ft on flexible leases from £10 psf.”

Page Hardy (01344 311344) advised RO Developments. Mitie Compliance Limited were unrepresented.

HEMEL ONE OFFICE BUILDING NOW FULLY LET

96,000 SQ FT HEMEL ONE OFFICE BUILDING NOW FULLY LET FOLLOWING LATEST DEAL

 

 

 

 

RO Developments has just completed a 1,450 sq ft deal at its prime office building Hemel One, located on Boundary Way, Hemel Hempstead, Hertfordshire, meaning the building is now fully let.

City Transport Solutions, which provides on demand temporary replacement vehicles, drivers and haulage services, has leased part of the building’s first loor on a five year lease at a rent of £16 per sq ft or £23,200 per annum.

Hemel One comprises circa 96,000 sq ft over four floors and provides high-quality, air-conditioned office space with large open floor plates which are split into various size suites. The scheme has exceptional amenities including a
restaurant, UPS, generator, 24 hour security and very generous car parking, which has attracted multiple blue chip tenants to the building.

Located in Hemel Hempstead’s prime Maylands Business Area, within 1 mile of the M1 motorway, renowned occupiers include Ericsson, BP, Kodak, ASUS, Wipro, Lorica Consulting, Transcend, Vohkus, Five Go Live and Certus IT.

RO Developments director Richard Bourne commented: “We are delighted to welcome City Transport Solutions to Hemel One and we are very proud that the building is fully let. Occupiers are enjoying the location, amenities and quality of space. Many of our existing tenants are renewing and expanding within the building which demonstrates its attractiveness to occupiers.”

Brasier Freeth and Knight Frank advised RO Developments, City Transport Solutions were unrepresented.

MANOR PARK INSTRUCTION

MANOR PARK INSTRUCTION FOR LSH's READING AGENCY TEAM

The Reading Office Agency team of national commercial property consultancy, Lambert Smith Hampton (LSH), has won a new instruction to market RO Development’s Manor Park office scheme in Reading. RO Developments has appointed the LSH team alongside Knight Frank to jointly market the 63,728 sq ft of available built office space at One and Two Manor Park, as well as a 15,300 sq ft pre-let opportunity at Four Manor Park.

 

Manor Park is a modern business park on Basingstoke Road, close to junction 11 of the M4. The scheme offers office space from 2,000 to 63,728 sq ft, with One Manor Park being brought to the market following an extensive refurbishment. Part has been let and, as a result, it now offers 12,728 sq ft of grade A office accommodation with modern plant andequipment, energy efficiency and low running costs. Two Manor Park offers a 51,000 sq ft building available by way of a new lease or freehold, and offers a bespoke HQ office solution.

Nick Coote, head of LSH’s Reading office, commented: “Manor Park ticks a lot of boxes when it comes to occupiers’ preferences when relocating their offices. The scheme’s proximity to the motorway network as well as the town centre make it an attractive proposition for businesses looking to relocate to or within Reading. The nearby amenities allow Manor Park to compete with many of its counterparts. These amenities include one of Reading’s leading business hotels, the Hilton, which boasts eight meeting rooms and one large conference room, sauna and indoor pool, as well as an on-site restaurant and bar, with a supermarket and retail park also close by.”Nick added: “This instruction at Manor Park increases our footprint in Reading’s out of town office market following the team’s recent appointment by SEGRO at IQ Winnersh. We have also completed or agreed more than 60,000 sq ft of office transactions in Reading’s out of town market since the start of the year.”

Richard Bourne, development director at RO Developments commented: “We expect the remaining space at Manor Park to be taken very soon. Manor Park is an example of RO’s strategy in recent years, which has been to refurbish well located buildings and create Grade A space that will continue to see occupier demand regardless of the economic climate.”

More information about Manor Park can be found at www.manorpark-reading.co.uk