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New JV formed to lead Birmingham resi scheme

2025-05-30 23:26:00 By

CGI of the Upper Trinity Street scheme in Birmingham

A new £60 million joint venture has been formed to develop more than 200 apartments in Birmingham.

Manchester-based developer Cole Waterhouse has teamed up with the UK arm of US firm Taurus Investment, investor Housing Growth Partnership and real estate lender BGO for the scheme in Digbeth.

The project represents the first phase of Cole Waterhouse's Upper Trinity Street scheme and will comprise 211 units to rent across three buildings.

Caddick has been appointed as main contractor and work is expected to complete in spring 2027.

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The overall £260 million project, whose masterplan was approved in 2021, has been designed by architecture practice Corstorphine & Wright.

It will have around 940 new homes, a 133-bedroom hotel, 60,000 sq ft of commercial space and a skypark set across the 5.2-acre site.

The development will also relocate the Pat Benson Boxing Academy to a new home and have a brand new Museum of Youth Culture and the Birmingham Music Archive.

It will also include the creation of Pump House Park which will sit alongside the canal and the historic lockkeeper's cottage which will be retained.

The development is expected to create 600 jobs during the construction phase and up to 313 additional roles once built.

Cole Waterhouse's chief executive Damian Flood said: "Entering into a contract with Caddick enables us to undertake this exciting project with Taurus, Housing Growth Partnership and BGO.

"This is our first joint venture with the professional team at Housing Growth Partnership and we are all excited to bring forward the first phase of Upper Trinity Street which will be one of the catalysts for the further regeneration of Digbeth, demonstrating our confidence in delivering much needed housing in this key part of the city."

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Commercial Property2025-05-30 23:26:00

Newcastle hotel group sells luxury Cheshire hotel in multimillion-pound deal

A Newcastle hospitality group is seeking new opportunities for growth after selling one of its venues to new owners in a multimillion-pound deal. Mere Court Hotel in Knutsford, Cheshire, has been sold to an unnamed North West hotelier for an undisclosed amount by Newcastle based Ailantus. The four-star country house hotel is set across seven acres of grounds, with 34 rooms and an AA Rosette restaurant. The deal to sell the luxury venue was overseen by Newcastle-based Mincoffs Solicitors. The law firm has been advising Gosforth-based Ailantus group for more than 25 years, with the firm's other venues including the George Washington Hotel in Washington, the Holiday Inn at Gosforth Park and the Quality Hotel in Boldon, South Tyneside, as well as other hotels across the North of England. Mincoffs’ corporate partner John Nicholson worked with Ailantus director, Neel Chawla, to deliver the transaction. Mr Chawla said: “The corporate team, spearheaded by John Nicholson, have once again transacted diligently and efficiently in our group’s first hotel asset disposal. We look forward to working with Mincoffs on future transactions.” John Nicholson said: “Ailantus are a longstanding client of the firm and Mincoffs has advised Neel and the team on their portfolio for a number of years. It was our pleasure to act on the sale of this venue, as part of the group’s ongoing restructure.

Commercial Property2025-05-30 23:26:00

Plans for new 120,000 sq ft Senedd headquarters building out to tender

The Senedd Commission has issued a tender for a new 120,000 sq ft headquarters building in Cardiff Bay. The corporate body of the Senedd is inviting bidders to submit proposals for a new office location to replace its existing Ty Hywel home - a 1990s red brick building connected to the Senedd debating chamber via an enclosed walkway. The Senedd’s current lease on Ty Hywel with landlord Equitix, expires in 2032. The lease carries an annual rent of £2.3m, exclusive of VAT. While a decision will not be made until the end of the year, an invitation to tender will remain open until next month. The tender states: “The Senedd is seeking to procure accommodation of approximately 11,000 sq mts (around 120,000 sq ft), with at least 90% of its capacity in close proximity to the existing Senedd building. “The accommodation must allow for all required direct infrastructure links between the two buildings and be sufficiently close to ensure the secure, free flow of Senedd Members and staff between the new accommodation and the Senedd building.” However, the Senedd could opt not to pursue a new-build option and instead negotiate a new lease with Equitix to remain in Ty Hywel beyond 2032. This would require significant investment in the building, which, from 2026, will also need to accommodate additional Senedd Members and their teams. There is also potential for the Welsh Government to acquire the building from Equitix and lease it back to the Senedd. As a repairing and insuring lease the Senedd is responsible for maintaining the building, where there is understood to be a liability for replacing windows at a cost of several million pounds. The Senedd doesn’t have financial reserves to purchase the building itself and operates on an annual budget (2025/26) of £84.3m. Property advisory firm Avison Young is assisting the Senedd in evaluating its property options, focusing on the best outcome for the public purse. If a decision is made to construct a new building, the Senedd is providing enough time for planning approval, construction and fit-out. If the Senedd decides to vacate Ty Hywel a new building would cost potentially around £60m. To make any project financially viable, a selected developer would require the Senedd to commit to a long-term lease - potentially up to 40 years. Given current construction and borrowing costs a new office building in Cardiff would need pre-let agreements at around £40 per sq ft for leases of shorter duration. Cardiff’s current headline office rent currently stand at £28 per sq ft, compared to nearly £50 in Bristol. A new-build agreement could also eventually see the freehold owned by the Senedd or the Welsh Government. A Senedd spokesperson said:“The lease on Ty Hywel runs out in 2032, and there are several potential options for the long-term office needs of the Senedd. “We have a narrow window of opportunity to explore these options thoroughly and credibly to ensure the best value for taxpayers’ money. We are conducting a procurement process in line with HM Treasury advice to identify the best long-term solution. “We recognise that times are incredibly tough across Wales, and our absolute priority is securing the best possible value for money.” If a new building is approved, the rent would be higher than that for Ty Hywel. However, it would be a far more energy-efficient and purpose-built facility, potentially making the overall cost neutral. A potential location for a new building is a vacant development site adjacent to the Senedd chamber. Cardiff-based property developer Rightacres acquired two connected parcels of land (known as 1 and 2 Assembly Square) from financial services giant Aviva in 2023. A potential location for a new building is a vacant development site adjacent to the Senedd chamber. Cardiff-based property developer Rightacres acquired two connected parcels of land (known as 1 and 2 Assembly Square) from financial services giant Aviva in 2023. With the Senedd seeking direct infrastructure between any new building and the debating chamber, there would seem to be limited alternative choices. There is Porth Teigr, a nearby site owned by the Welsh Government after its acquisition from Igloo, a sustainable real estate fund managed by Aviva. The Welsh Government is currently developing a masterplan for the 30-acre site. In theory, the Welsh Government could finance a new-build project itself using its mutual investment model, a long-term repayable financing method. Another option that could be ruled out is Atlantic Wharf, where Cardiff Council has long-term plans for a major mixed-use development centered around a new indoor arena. While at an early stage of planning, Cardiff Council is also considering a public sector hub as part of the wider Atlantic Wharf development. The hub could span 500,000 sq ft and include a new 100,000 sq ft headquarters building for Cardiff Council. The council's existing 240,000 sq ft headquarters at Atlantic Wharf is set to be demolished to make way for further development. If the Senedd moves, Ty Hywel (formerly known as Crickhowell House) may struggle to attract new tenants in the current market, while repurposing it for residential use would be costly.

Commercial Property2025-05-30 23:26:00

Harworth reports record 2024 on path to £1bn assets

Property firm Harworth says it is on track to accumulate £1bn in assets by the end of 2027 after what it described as a record year. The Yorkshire-based developer and landlord says that as key land sales complete, it is confident of meeting its target of £1bn European Real Estate Association Net Disposal Value (EPRA NDV) - a key measure of assets used by real estate investment trusts. In a trading update to the London Stock Exchange, Harworth pointed to its £106.6m deal with Microsoft for land at the site of the former Skelton Grange power station near Leeds and completion of a £53.5m sale at Ansty in Warwickshire. Bosses also pointed to a record 2,385 residential plots sold, including 13 deals with a headline sales value of £104.1m, and against a group target of 2,000 plot sales on average per year. Those deals included national and regional housebuilders and affordable housing providers. Meanwhile there was 4.4m sqft of industrial and logistics land sold for £230.1m, giving Harworth a pipeline capable of delivering 33.6m sqft of space. Following a spate of planning approvals, the group now has 8.4m sqft of industrial and logistics land with consents. During the year 100,000 sqft of direct development was completed and Harworth was on site at the year end with another 270,000 sqft of space which is expected to be completed within a year that is anticipated to bring £2.7m annualised rental income. The majority of the space (68%) was kept in the group's investment portfolio with the remainder built for owner occupiers. Lynda Shillaw, chief executive of Harworth, said: “2024 has been a record year for Harworth operationally and, as we enter 2025, we remain confident in our ability to reach our £1bn EPRA NDV target by the end of 2027. "We have an extensive platform to scale the business, owning and controlling a sizeable land pipeline capable of delivering 33.6m sqft of industrial and logistics space and 31,264 new homes, and we remain well positioned in structurally undersupplied sectors that are fundamental to the UK's economic growth. With low debt and high available liquidity, we are well placed to take advantage of opportunities whilst remaining resilient through the near-term macro-economic uncertainty. "The consistency of Harworth's performance over time continues to highlight the agility and resilient nature of our business model, and our team's expertise in identifying and driving significant latent value from the portfolio. We continue to make solid progress in delivering our strategy and are confident in our ability to continue to drive both strong returns and long-term value from our landbank and development activities."

Commercial Property2025-05-30 23:26:00

City of London approves major new skyscraper on doorstep of UK's busiest station

The City Corporation has greenlit a 54-storey skyscraper adjacent to the UK's busiest station, as the demand for office space in London continues to surge. The development at 99 Bishopsgate is poised to become one of the tallest structures in the Square Mile, with plans to offer at least 1.2 million square metres of office space by 2040, as reported by City AM. Designed to meet the "highest level" of sustainability standards, the skyscraper was proposed to cater to the "increasing demand for new office schemes of this kind" according to the City Corporation. There's a growing appetite for well-connected, eco-friendly, and top-tier buildings in the capital, driven by stricter environmental regulations on offices and companies' efforts to attract employees back to their desks. The project will feature a 'City Market' on the ground floor, providing retail, food, and beverage options. "The 99 Bishopsgate scheme will give the Square Mile one of the largest public realm upgrades from a single planning application in recent history, increasing the ‘walkability’ of the City, so that it becomes a safer and more pleasant place to travel through," stated Shravan Joshi, Chair of the City of London Corporation’s Planning and Transportation Committee. Joshi also remarked that the approval of the site "speaks to the confidence that global investors have in the local real estate market, as well as the UK economy, more widely." This approval signals an influx of new structures set to reshape the capital's skyline. Recently approved projects such as the 74-storey One Undershaft, the 63-storey 55 Bishopsgate, and the 36-storey 60 Gracechurch Street are all set to reshape the City's skyline. According to global property consultancy Knight Frank, prime rents in the City have surged by 16 per cent over the past year, with availability standing at a mere 0.5 per cent.

Commercial Property2025-05-30 23:26:00

New property agency launches

A new agency specialising in the logistics sector in the Midlands has been launched by two experienced property professionals. Ed Cole and Richard James-Moore have unveiled Incore which will focus on land, development and leasing across the warehouse market. The duo were previously senior directors at property consultancy JLL and each has 20 years of experience in the sector. Incore will operate as a dedicated, director-only service covering the national market for large warehouses with a physical presence in the core Midlands and South regions. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Mr Cole said: "We are really excited to launch Incore at this point in the cycle where we believe we can utilise our accumulated market knowledge and relationship network to add real value for our clients. "As the market moves into a new phase full of opportunity but not yet free of challenges, we believe our offering of highly experienced, hands-on advice can be a valuable source to both familiar and new clients in the sector." Mr James-Moore added: "It is very exciting to bring Incore to the market, providing clients a unique niche agency offering with director-led advice from both Birmingham and London and an entrepreneurial energy." Mr James-Moore has spent the last seven years at JLL where he led the Midlands industrial and logistics teams from its base in Birmingham city centre. He has advised on multiple key development projects including the strategic rail freight hub called West Midlands Interchange near Cannock and the award-winning Coventry Logistics Park. Mr Cole spent 16 years at JLL, becoming head of national logistics in 2018.

Commercial Property2025-05-30 23:26:00

New car park for nearly 700 vehicles in Cardiff Bay

Work on a new multi-storey car park for the Mermaid Quay mixed-use scheme in Cardiff Bay will start next month. Owners of the 150,000 sq ft waterfront development, that includes restaurants and retail outlets, are demolishing the existing car park and building a new facility in a multi-million-pound investment. The car park, which is scheduled to open in April next year, will have 680 spaces - nearly double the existing facility that has 380. As with the present facility the new car park will be operated by Mermaid Quay, which is owned by Schroders Capital UK Real Estate. The exact cost of the new car park is not being disclosed. The existing car park will stop operating on March 2nd with demolition beginning shortly after. Following a three month demolition phase, construction will take around nine months. It will have two additional floors than currently - adding over 300 new spaces. Improvements will also include more accessible spaces on the ground floor, increased parent and child spaces, as well as new electric vehicle charging points. It will also creation of a new layout and exits to help improve traffic flow. It will also include a cycle hub. To minimise the impact of the temporary closure, the management team will be working with neighbouring car parks to help guide staff and shoppers to alternative parking options. The investment improving the Mermaid Quay car park follows the recent public realm refurbishment works which have taken place across Cardiff Bay to enhance the visitor experience. Mark Nott, centre manager at Mermaid Quay said: “During the temporary closure of the Mermaid Quay car park we urge visitors to Mermaid Quay and wider Cardiff Bay attractions to check out alternative parking options before they travel. Our team will also be on hand to provide advice to those working and visiting the area on alternative ways to travel to the bay to help minimise disruption and ensure you continue to have an enjoyable experience whilst visiting Mermaid Quay.

Commercial Property2025-05-30 23:26:00

Major project launched to shape the future of Hull city centre

Hull City Council has launched a major project which is set to guide investment and regeneration in the city over the next 20 years. The local authority is seeking views on the Hull City Centre Vision – a development aimed at creating a more family-friendly, sustainable and prosperous city centre of the future, for residents, visitors and businesses. The project, led by urban design specialists, will focus on key areas as it builds up a blueprint for the city, including identifying key development plots in the city centre, enhancing outdoor public spaces and improving accessibly across the city centre. The authority says the vision will raise the profile of Hull to help drive more inward investment and development, and grow the local economy, creating more jobs and supporting new and existing businesses. Work will also be carried out to boost the number of homes in and around the city centre to create a more vibrant destination. A six-week consultation process has been launched, running until March 16, calling upon people to make their views on the vision known. The project will help inform Hull’s Local Plan which is set to be updated later this year, and the council said it will closely align with the council’s long-term strategies for around carbon emissions, public realm, housing, economic development and health and wellbeing. Coun Paul Drake-Davis, portfolio holder for regeneration and housing at the council, said: “Our council is one that listens to local people, cares about their views and then takes action. We’re excited by this new project as we look to create a city centre that reflects the long-term needs and aspirations of our residents and businesses. “Once finalised, this vision will help set us on a path towards a city centre that not only supports economic growth but is also a place our communities can feel proud of. We want our city centre to be a better place for people to live, work and thrive and we’re looking forward to listening to people’s views.” Andy Roberts, director at Planit, added: “We are proud to be leading this hugely important work for the city of Hull. Our vision aims to create a city centre that offers safe and welcoming neighbourhoods, supports a healthier and fairer Hull, drives economic growth, and responds effectively to the climate emergency.

Commercial Property2025-05-30 23:26:00

Gloucester Quays shopping centre hails 'record year'

The owner of Gloucester Quays has reported a record year for the shopping centre following a successful Christmas trading period. Growth in sales in 2024 meant the outlet finished off the year 6.7% ahead of the national average, according to Peel Retail & Leisure. The Gloucestershire shopping destination was also boosted by Black Friday and some retailer offers in advance of that date, the company said. Across November and December, retail sales grew by 3.6% compared with 2023 – which was itself a record year – and food and drink sales were up 7.6%. The performance uptick was supported by the free-to-attend Christmas market, with more than 100 stalls. In 2024, an overall 7.4% year-on-year sales increase across Gloucester Quays’ current tenants was split between 6.1% for retail and 8.5% for food and drink outlets. Double-digit growth from fashion, homeware, and outerwear brands including Next, Skechers, All Saints, Mountain Warehouse, Puma, Crew Clothing, Le Creuset, and Suit Direct was boosted by new lettings for Pret a Manger and Bakers & Baristas. Paul Carter, asset director at Peel Retail & Leisure, said the results were a reminder of "how relevant and in demand" the outlet is. "There have been various headlines this month about how challenged retail was around Christmas, so to have Gloucester Quays performing so well is a real credit to our team and our brands," he said. "We have experienced consistent growth for several years, and that success can be put down to the quality of our offer and waterside environment. "There is no doubt our catchment is responding to how we have evolved Gloucester Quays, as an urban outlet that combines a compelling shopping environment with dining and leisure to fit all tastes and needs, benefitting from a heritage waterside setting that few regionally can match.” This news follows an announcement in December by Peel that it had agreed 20 leasing deals over the year including with a number of major high street brands. Among the 11 brands to renew at Gloucester Quays are French-Belgian kitchenware brand Le Creuset, which invested in a new fit out, and international lifestyle and athletic footwear retailer Skechers, which increased its footprint at the destination by 50%.

Commercial Property2025-05-30 23:26:00

Builders' merchant MKM Supplies expands with new branch at Central Park in Bridgend

Central Park in Bridgend has been boosted with another key letting. Independent builders' merchant MKM Supplies has opened a new 20,000 sq ft branch at the Robert Hitchins developed park under a 25-year leasing agreement. The 355,000 sq ft park provides a mixture of trade and industrial warehousing properties ranging from 2,500 sq ft to 40.000 sq ft. Other tenants include Evri, PCI, Plumbase, Edmundson Electrical, Markes International and Pensord Press. Development opportunities exist for a further range of commercial buildings from 10,000 sq ft to up to 145,000 sq ft. The new branch, which has created 18 jobs, is MKM Supplies’ 132nd in the UK. Its other outlets in Wales include those in Cardiff, Llandudno and Ruthin. A further branch in Bangor due to open later this month. Branch director Jonathan Thomas said: “We’re bringing something new to Bridgend - a one-stop shop for builders, tradespeople and the public.” John Jones, senior asset and development manager at Robert Hitchins, said: “Our commitment to delivering employment-generating development in Bridgend and South Wales continues and we are proud to be investing further with commercial premises which are best-in-class,” he said. Robert Hitchins has developed Central Park over several phases since it acquired the former Kimball Electronics plant in 2006. A scheme of 16 trade counter units amounting to 51,000 sq ft was developed in 2008, followed by a 13,500 sq ft trade counter scheme in 2012, a 40,000 sq ft facility for PCI Pharma Services in 2017, and an 82,000 sq ft industrial warehouse for parcel giant Evri last year. The new building from MKM, brings Robert Hitchins’ investment in Central Park to more than £25m. Mr Jones estimated that there are currently more than 500 jobs associated with Central Park. He added: “We are proud to be investing for the long term in Bridgend by self-funding the development of high-quality buildings which has become increasingly rare in the commercial property market due to rising build costs and other factors.” The builders of the MKM unit were EG Carter & Co.

Commercial Property2025-05-30 23:26:00

New lab space and trackless trams – the vision for Liverpool's £1bn Knowledge Quarter as it bids to attract science and tech firms to the city region

The team behind Liverpool’s billion-pound Knowledge Quarter redevelopment have vowed to develop more laboratory space to help attract and retain science businesses in the city region. KQ Liverpool has launched its latest masterplan for growth – including plans to to create more than a million sq ft of new laboratories and workspace. KQ Liverpool 2040 : A Blueprint for Growth says the area should aim to “create a range of inclusive innovation opportunities and inspire future generations” through encouraging the development of the region’s technology and science sectors. It also focuses on improving transport to the area, which stretches from Lime Street to the Paddington Village redevelopment zone with the landmark The Spine and Novotel towers, and includes the University of Liverpool and Liverpool John Moores University. Colin Sinclair, chief executive of KQ Liverpool, told BusinessLive that the area was already home to many successful companies, from start-ups such as MyCardium through to Unilever spin-out Elida Beauty, which has labs and other operations at Liverpool Science Park. Now, through developments such as the planned Hemisphere buildings at Paddington Village, KQ Liverpool aims to encourage more science and tech firms to the city. He said: “We do have some really big occupiers and we have fantastic research links with all of the big pharma and life sciences and chemicals companies. But what we want to do is to have more of those – their labs their R&D – in the knowledge quarter. And to do that, you have to build the space. “The Knowledge Quarter has a spin-out development company Sciontec, which bought, owns and runs the incredibly successful Liverpool Science Park. We're bringing Sensor City into our portfolio of innovation spaces, and also developing the new labs at Paddington Village. “What's critical about that lab development is we currently don't have any vacant lab space. All the labs at the science park fill up. If a customer grows and moves and expands and goes to somewhere else in the country, we lose them to Liverpool because we didn't have the expansion space here. “So Hemisphere One and then Hemisphere Two will have that lab space, not just bio labs, but chemistry labs as well, and space for companies working in AI and robotics. And that will be a big step forward in attracting those multinational companies.” The new strategy also suggested that “trackless trams” could be introduced to link the Knowledge Quarter area to the city centre. Last year, Liverpool city region’s metro mayor Steve Rotheram said he wanted to bring Glider trackless trams to the cit y, to connect areas not currently served by the rail network. The vehicles operate on roads but are designed to look and feel like trams. Mr Sinclair talked about the need for “last mile connectivity” – making it easier for people to get from Central and Lime Street to KQ Liverpool. That would also be useful to patients and visitors at the Clatterbridge Cancer Centre and the neighbouring new Royal Liverpool Hospital. KQ Liverpool’s latest promotional video included an image of the glider, which also appears on the new strategy’s promotional website. He said: "The partnership the Knowledge Quarter has with the city, the combined authority, the universities, our private sector partner Bruntwood SciTech and Legal & General... that gives us enormous weight when it comes to pushing for innovation. “The piece of innovation we most need now is that last mile transport connectivity. “The Metro Mayor has introduced the concept of glider buses, which are trackless trams. And we are working really hard to ensure that that last mile connectivity from Lime Street and Central to Paddington Village and the new hospitals is in place as soon as possible. “On a lovely sunny day with blue sky here – we have a beautiful city, and you don't mind walking back down the hill to the stations. But in the middle of January, when the rain is sideways, particularly if you're visiting the hospitals, you need that public transport. And so we are working really hard to bring that forward.” A Liverpool City Region Combined Authority spokesperson said:"Mayor Rotheram announced last year that the Combined Authority would be looking at how best to introduce new rapid transport links between key locations in the city region not currently served by the rail network. "We're committed to working closely with partners – including at Knowledge Quarter Liverpool – as potential plans move forward."