Chester Properties & Carval Investors Launch The First of Three Roundwood Buildings at Stockley Park

Chester Properties & CarVal Investors have launched 3 Roundwood Avenue, the first Grade A refurbishment of its trio of Roundwood Buildings at Stockley Park, an established business park near Heathrow. The launch comes at a time when available refurbished Grade A accommodation in the park is low.

"Stockley Park is one of Europe's most successful and sought after business parks and high quality office space is limited" said Michael Landers, Director at Chester Properties. "These highly efficient buildings will offer tenants a broad range of bright, spacious, open and adaptable office space options in Stockley Park".

An extensive refurbishment has been carried out at 3 Roundwood to provide 21,582 sq ft first floor grade A accommodation, a remodelled reception and refurbished common areas. Crucial upgrades to the M&E have been made to allow an occupational density of 1.8 sq m, something modern occupiers are increasingly demanding as they drive greater efficiencies from their buildings. The ground floor of 3 Roundwood is leased to Activision.

When the two remaining buildings at 1 and 5 Roundwood Avenue are delivered in early and mid 2015, the Roundwood Buildings will be able to accommodate requirements from 8,000 to 46,000 sq ft.

The launch of 3 Roundwood follows on from the successful letting of 2 Longwalk Avenue, also refurbished by Chester Properties and CarVal Investors on Stockley Park, to Lucozade Ribena Suntory Ltd last year.

Motherwell Shopping Centre

Motherwell Shopping Centre is now close to 95% let following the return of Peacocks and addition of Vodafone to the centre, together with completion of legals for a new KFC drive thru restaurant in 2016.
The Centre also recorded its best ever Christmas Lights turn on with crowds up 50% year on year. The overall annual footfall is closing in on 5 million for the first time, an increase of circa 15% year on year.
The rebranded centre is continuing to benefit from a £600,000 face lift in 2013 and an active asset management and letting regime.

Chester Properties is part owner and asset manage the Centre.

The Fragrance Shop - Official Launch

The Fragrance shop enjoys an excellent opening at Springfields Outlet. Another launch campaign devised by Chester went smoothly to welcome in the latest Outlet name into the UBS Triton owned scheme which covers a large Eastern England catchment. Chester asset manage the scheme which has now seen nine consecutive years of growth and has over 30,000 VIP members.

Read more: The Fragrance Shop - Official Launch

UK Property Awards

Springfields wins UK's best commercial Landscape architecture award 2014-2015 at the UK Property Awards. The 55 unit Outlet scheme originally developed and since asset managed by Ian Sanderson at Chester for current owners UBS Triton is now entered into the International awards category.The scheme which blends Outlet shopping with outdoor based leisure attractions and stunning summer and winter gardens has seen 9 consecutive years of turnover growth. There are many original features and attractions at the scheme which create an inviting and appealing environment for customers and this has been recognised by the UK Property Awards judges. For more information please contact Ian Sanderson.



Chester and CarVal sell 2 Longwalk at Stockley Park

Hot on the heels of letting the majority of the 48,550 sq ft building at 2 Longwalk to a subsidiary of Suntory Beverage and Food in October 2013, the joint venture between CarVal Investors and Chester Properties has now sold the asset to Standard Life. The transaction was by way of a corporate sale at a price of £16.7m, representing some £345 psf. Lucozade Ribena Suntory Limited has a 10 year lease from October 2013 with 13 months' rent free and a break at the fifth year. No rental or other guarantees were given on the vacant space of 10,770 sq ft and the price represents a net initial yield of 6.2% and an equivalent yield of 6.9%.

CarVal and Chester acquired the property in June 2012 with vacant possession and carried out a comprehensive refurbishment. CarVal Investors and Chester Properties own three additional office properties in Stockley Park totaling around 120,000 sq ft, and the majority of the space will be refurbished during the course of this year.

CarVal Investors and Chester Properties were advised by JLL and CBRE acted for Standard Life.