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1. Singer Vielle on track to hit £150m in sales
Singer Vielle is an online property investment agent who began selling commercial and mixed-use investment properties in 2006, via private treaty on his website. Since 2006 he has sold over 270 properties, 130 of which exchanged through the website. The largest sale achieved was a mixed-use industrial and office building in Derby that sold for £12.1m in 2007. This was followed by a string of mid-range sales of between £6m and £7m, although the main focus of the business is on deals under £1.5m.
Eugene O’Sullivan, Managing Director and chartered surveyor at Morgan Pryce, states: “Despite the success of Singer Vielle, the majority of agents are not particularly receptive to this type of technology due to the property industry being a profession built on relationships”.
2. Beach Blanket Babylon up for sale
BBB has been put up for sale at £10m. The quirky nightclub is 9,000 sqft in size, and located in the fashionable Shoreditch area, at 19-23 Bethnal Green Road. The space is fully let to Arrowchange at a passing rent of £215,000 per annum. Arrowchange operate the club along with many other establishments, including the original Beach Blanket Babylon restaurant in Notting Hill. The four-story building is being sold as a development opportunity with the possibility of adding another floor or extending the existing space.
3. Sydenham luxury development
Sydenham has become an increasingly popular area with young families due to the lower cost of houses compared to central London, its ‘village’ feel and good transport links into the City and Canary Wharf. This residential development opportunity was spotted last year by developer Kitewood, who acquired 3.5 acres and were subsequently granted planning permission for a £40m luxury residential scheme. Prices range between £800,000 – £1.5m, with the first release going on sale in spring 2017. Suddenly, Sydenham isn’t looking so affordable after all.
4. Glasgow office uptake at a nine-year high
A total of 149,527 sqft was acquired in Glasgow in Q2 of this year, marking the biggest uptake achieved since 2010. This trend is likely to continue due to decreasing vacancy rates and a lack of new development putting pressure on Glasgow’s office market. This quarter’s uptake results were certainly helped by the completion of two large deals: AXA Insurance took 50,000 sqft at the Cuprum Building and Regus have taken 30,000 sqft at Tay House.
5. Aparthotel Dublin
An aparthotel is a type of hotel that provides self-catering apartments as well as ordinary hotel facilities, and according to Tetrarch Capital, Dublin is woefully lacking in this kind of amenity. Tetrarch has therefore submitted plans for a €25m, 159 unit, 184 bedroom, 71,000 sqft aparthotel to be located on Mark Street; the units will be a mix of studios and one-bed suites suitable for two to four guests per apartment. Subject to planning, completion is expected towards the end of 2018.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works