Regional Commercial Transactional Newsletter - Winter 2024 by fishergermanllp

Regional Commercial Transactional review

Winter 2024

NHS property sales

Two NHS properties which became surplus to requirements have both been sold following diligent work by Fisher German’s commercial team.

In Shrewsbury, Fisher German successfully sold part of the site known as William Farr House, off Mytton Oak Road, to Keon Homes, who partnered with Wrekin Housing to build a 68-apartment care home and eight bungalows on the site.

And in Nantwich, the Grade II listed, 24,165 sq ft Bevan House & John Snow House, on Barony Road, has been sold on behalf of NHS Property Services Ltd. to a private investor who is looking into the potential to convert into residential apartments.

Both properties presented unique challenges. Richard Tomlinson, who sold part of William Farr House on behalf of NHS Property Services, could only complete the deal once planning permission had been obtained by Keon Homes, as they offered on a subject to planning basis.

“This was a complex undertaking, as the rear

part of the site was retained by the NHS and still remains operational,” he said.

“The difficulties around maintaining access and diverting services meant obtaining planning permission took time.

“However, once consent was achieved, we were able to complete only a month later, enabling the NHS to dispose of an asset it deemed surplus to requirements.”

The care home complex is expected to open in spring 2026.

David Newman, who sold Bevan House and John Snow House, saw a potential deal fall through after delays due to an unforeseen title complication.

He said: “Whilst the client decided to pursue the auction route, We continued to market the property and discussed the purchase with a private investor who had expressed interest initially. We were able to agree a price that gave the client the confidence to withdraw the property from the auction which was a great result after the original deal couldn’t proceed.

“However, the sale at that point had to be concluded under ‘auction rules’, which meant an immediate exchange followed by completion within 20 days. This suited the Trust perfectly, who wanted Bevan House & John Snow House sold quickly.”

Both of these deals show that despite the inherent challenges in selling old NHS properties, Fisher German has the expertise required to navigate these difficulties on behalf of their clients and dispose of assets in good time and for a good price.

William Farr House, Shropshire

Bevan House and John Snow House, Cheshire

Claywheels Lane, Sheffield

Client: Cadent Gas Limited

Fisher German were instructed to carry out rent review negotiations on behalf of the tenant which occupied this 3 acre site in Sheffield. Our team carried out a site inspection, prepared a report for our client and subsequently negotiated with the landlord’s agent for the rent review. We were able to effectively negotiate with the landlord’s agent and successfully agreed a reviewed rent which was below the initially proposed level. This provided a saving for our client and they were pleased with the outcome.

Jonathan Butler

Units 103/104 Potter Space, Droitwich

Client: Potter Group

Fisher German were instructed as joint agents to market 4 new build units at Potter Space, Droitwich. Units 101 and 102 are now both let to local businesses with 103 and 104 to be delivered in December 2024 and August 2025 respectively with a good level of interest in both units.

Lauren Allcoat

Unit A1 Brookside Business Park, Oldham

Client: IPIF (Legal & General)

Fisher German were instructed by the landlord, Legal & General IPIF, to act on their behalf in respect of negotiating the rent review on Unit A1, Brookside Business Park in Oldham. The industrial estate comprises 27 units totalling 125,223 sqft.

Following our inspection and report to the client, we undertook negotiations with the tenant to agree a market based increase in the rent equating to an uplift of 22%. Fisher German have subsequently received further instructions to negotiate further lease events on the estate.

Nigel Fishwick

Land at Martindale Industrial Estate, Cannock

Client: Cemex

Acting for a National operator, Fisher German were instructed to provide letting advice across the Midlands on several open storage sites. This particular plot of land was located in Cannock.

After three weeks of active marketing, a local transport company expressed an interest. Terms were agreed and the site was successfully disposed of.

Arjun Delay

Linear Park, Bristol

Recent deals

Client: Waterman Group Plc

Fisher German was instructed to acquire 3,000 sqft of Grade A office space in Bristol city centre. FG provided advice on a Stay or Go options and exit strategy from existing premises in Bristol. Linear Park presented a higher-quality, sustainable building more closely aligned to Waterman’s own corporate ESG agenda.

David Laws

164 Wimslow Road, Handforth

Client: Portman Dental Healthcare Ltd

Fisher German were instructed to act on their behalf in respect of negotiating the rent review on two of their dental practices, one of which is located in Handforth.

The landlord had served notice to increase the rent by 54%, however following negotiations with the landlord we were able to agree only a nominal increase equating to 5%. Subsequent to this instruction, Portman Dental have instructed Fisher German on further rent reviews and lease renewals across the UK.

Rupert Collis

Hartlebury Trading Estate, Kidderminster

Client: Private Fund

Fisher German are the retained agents on Hartlebury Trading Estate, Kidderminster. Our team based out of Worcester and Birmingham are currently marketing the most recent new build unit of 44,804 sq ft which is available to occupy immediately. A number of viewings have already taken place.

Lauren Allcoat

Lansdowne Gate, Solihull

Client: National Gas Transmission

Fisher German were instructed by the tenant, National Gas Transmission, to act on their behalf in respect of negotiating the rent review on their offices at Lansdowne Gate in Solihull. The offices extend to 46,041 sqft and the landlord served notice to increase the rent by 12%, however, following negotiations with the landlord’s agent we were able to agree a nil increase in the passing rent.

Rupert Collis

Unit 5, Yorks Park, Dudley

Client: London Metric Mucklow

Appointed as leasing agents, we advised on the necessary refurbishment in order to reposition the building to ensure it was as attractive to the market as possible. Subsequently we leased this 41,150 sqft building on terms in excess of business plan to Unit Movements Ltd to service a contract from Ikea.

Mike Price

Unit C, Chase Trade Park

Staffordshire

Client: Trelleborg Sealing Solutions

We were appointed to search and acquire premises to facilitate our client’s expansion requirements. Their needs were for a high quality unit in the Tamworth area. A premises was identified that was in the process of construction. We agreed bespoke adjustments to the building and further fit-out elements to enable a timely relocation into this 20,945 sqft facility.

Mike Price

60 Evans Road, Speke

Client: Merseyflex

Fisher German appointed to undertake a comprehensive marketing campaign of the facility. Generated early interest ahead of formal marketing which created a competitive environment with ‘best bids’, terms were agreed swiftly and a sale was completed in a short timeframe to a local company. Timing of the sale in a strong market led to a price in excess of the guide price of £2.48 million being achieved.

David Newman

1121 Ashton Old Road, Openshaw

Client: AJ Bell

Roadside showroom, quasi-trade counter unit on main arterial route into Manchester. CMC Motorcyles, a specialist Yamaha motorbike dealership, never properly established a presence due to Covid. CMC and the Landlord appointed Fisher German to identify a new tenant so CMC could surrender their interest. We quickly identified UK Management College (partnered with Canterbury Christ Church University) who wanted the building to expand university courses for mature students. Terms agreed and a swift letting agreed with the tenant signing up and taking the planning risk to obtain change of use consent.

Marcus Baumber

Unit 10 Centenary Park, Manchester

Client: Centrica PLC

Appointed as letting agents on behalf of Centrica PLC alongside BNPPRE for 27,000 sqft. industrial building close to Trafford Park. Successfully sublet the property to OEM until the break notice, who were based in the adjoining unit on the estate. Outcome was the reduction of financial liabilities for the client.

Steve Brittle

East Prescott Road, Skelmersdale

Client: CEMEX

Former ready-mix concrete site of 0.5 acres surplus to requirements, identified for disposal. Standard marketing campaign, generated a lot of interest with many offers and subsequent best bids. Achieved price ahead of guide with swift transaction that satisfied client.

David Newman

Unit 11 Brookmead IE, Stafford

Client: Greenwich Limited

We manage the property portfolio of this long term client including Brookmead IE in Stafford. Tenant, Simona UK, were acquired by German parent and were relocating the Stafford function so we agreed an early surrender and negotiated a surrender premium that the client was satisfied with which included an element for rents, rates, service charge, bldgs, insurance and dilapidations. Early discussions with a new interested party, Hough Green Garage, minimised the void period and we swiftly agreed terms for a new letting on a higher rent than before.

David Newman

3 Fairham Business Park, Nottingham

Client: Clowes Development

We are appointed joint agents on this prime business park comprising 200 acres. The site accommodates industrial and warehousing operators including a recent 100,000 sqft design and build for A.B.B. Group. Future phases include a hotel, offices, trade park, leisure and roadside retail.

Mike Price

FG Focus: Ellie Fletcher

Ellie Fletcher, a Surveyor in our Commercial Transactional Agency department, joined FG in June 2024. Ellie hails from Yorkshire and holds a master’s degree in real estate from Manchester University. She began her career at Savills in 2020, gaining diverse experience through their commercial graduate scheme. After qualifying as a surveyor, Ellie joined FG’s Birmingham office, seeking a transactional role. Ellie’s days are varied, involving viewings and client meetings. She enjoys the diversity and the opportunity to meet different people, which keeps her job interesting. Ellie and her team face challenges due to volatility in the agency sector. Changes in occupier requirements, business rates, and utility costs have added pressures. Despite these challenges, Ellie is

proud of the team’s flexibility and ability to provide excellent service.

Building strong relationships with colleagues and clients is a key part of Ellie’s role. She enjoys the variety in her work, from viewings and client meetings to developing professional connections and generating new business.

Ellie is a keen hockey player, representing Harborne Hockey Club. She also completed the Lisbon marathon in October, pushing herself outside her comfort zone. Ellie enjoys spending time with friends, family, and her spaniel, Alfie.

Ellie aims to grow her client network and increase her instructions in the next 12 months. She also hopes to buy her first home and possibly run another marathon.

Much like any other sector in the property industry, there have been a number of challenges over recent years. Changes in occupier requirements have driven a real ‘flight to quality’. In addition, changes to business rates and increasing utility costs have created added pressures for tenants making them increasingly cost conscious. It’s important we continue keeping landlords and clients up to date on challenges faced in the market so we can continue providing excellent advice across the board. I’m proud that we are able to be flexible and deliver the best possible service for clients in spite of the regular changes in the market.”

ellie.fletcher@fishergerman.co.uk 0121 389 1507