Ropemaker Properties has completed the funding of a town centre development in Egham, which has been pre-let to Waitrose and Travelodge.

Work will now start on site with completion scheduled for Spring 2014.

The development is being carried out by Albemarle Egham, a joint venture between Albemarle Syndicates and Liberty Properties.

The total purchase price will be approximately £17.6m, and the net initial rent circa £1m pa, reflecting £25 per sq ft for the 32,035 sq ft Waitrose and £4,100 per room pa for the 80-bed Travelodge.

As part of the development there will also be a 174-space car park, most of which will be underground.

The property is the subject of a 150 year lease from Runnymede BC geared to 11% of rents received.

Tony Rogers of Edgerley Simpson Howe, which acted for Ropemaker, said: “This development has taken a long time to assemble and needed a very positive and pragmatic approach from the developers, Runnymede BC, the tenants and Ropemaker to bring it to fruition.

“It is a significant regional development which will do much to breathe new life into Egham’s town centre, and all parties are delighted with the result and look forward to the development being completed.”

Egan Property Asset Management acted for the developer.

Scottish Widows Investment Partnership have sold a 33,500 sq ft retail warehousing unit let to Wickes Building Supplies Limited. The property was sold for £5.872m reflecting a net initial yield of 7.25%. The property is let to Wickes for a further 15 years.

Edgerley Simpson Howe acted for Scottish Widows Investment Partnership and Harvey Spack Field acted for CBRE Global Investors

Pets at Home have taken a 4,000 sq ft unit next to B&Q at Golden Valley Retail Park in Cheltenham. They have taken a 10 year lease at a rent of £18.00 psf.
Edgerley Simpson Howe were acting on behalf of  B&Q Properties Limited with Curzon Sowerby Partners acting on behalf of Pets at Home.

On behalf of Scottish Widows, Edgerley Simpson Howe have regeared the Dunelm and Eurocarpets lease at Ravenside Retail Park in Stoke. Both retailers agreed to a 10 year extension. Separately the former Currys unit (10,000 sq ft) is therefore the only vacant unit on the scheme.
Argos have also amended their lease at Hailsham Retail Park in Hailsham by removing their break clause therefore extending the unexpired term to 2018.

Having finished runners up last year, Edgerley Simpson Howe entered the annual Wilkinson Williams 5 a side tournament once more in the hope of going all the way. Dreams were immediately dashed however when we lost our openings games 2-0 and 4-1 to immediately put us into the plate competition!

With Paul Cancho now over his hangover from the night before, and after a team reshuffle, we rallied and put in a determined display to beat GVA 2-0. We even had the decency to draw with the AR Ladies 3-3!!

So on to the plate where we were up against Harvey Spack Field who just beat us in the final last year. Revenge was sweet as we trounced them 6-1 to send them packing!! We then faced GVA for the second time that day and with energy levels falling managed to scrape a 1-0 win to bring the plate back to Savile Row.

Alaska Development Management, representing one of its Luxembourg clients, has agreed the first letting for its £8m Paisley Retail Park in Paisley, near Glasgow.

B&M Home has prelet a 25,000 sq ft store at the 50,000 sq ft retail park which is located on Renfrew Road on the way to Glasgow Airport.

The contractor for the scheme is Bowmer & Kirkland and construction has started with completion due in the autumn.

B&M will pay £10 per sq ft on a new 15 year lease.

The letting is the first of four units that are available on the Open Class 1 consent retail park. 25,000 is available either as a single unit or in combination of a 10,000 sq ft and two 6,732 sq ft units. The retail park sits opposite a Tesco Extra which is due to open next year.

Edgerley Simpson Howe and Montagu Evans are joint agents on the scheme. Bargain Madness was advised by Burns Property Consultants.