Car showroom sold for £5.6m in Derby
Custodian REIT, the UK property investment company, has sold a car showroom in Derby.
The company has sold a 24,178 sq ft car showroom let to Volkswagen for £5.6 million, £1.2 million (26%) ahead of the 31 March 2022 valuation, representing a net initial yield of 5.7%.
Commenting on the disposal, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the company’s external fund manager), said: “This asset has provided a healthy level of income over our five years of ownership and is being sold to a ‘special purchaser’ at a significant profit.
“We have a strong pipeline of assets on which to redeploy the proceeds of this sale with better rental growth and asset management prospects.”
Derby-based building products supplier on track for record-breaking year
Despitethe industry’s ongoing stock shortages, leading supplier of specialist building products, PermaGroup, has continued to pride itself on providing permanent solutions to age old problems – stepping outside the box to successfully navigate the sector’s challenges.
Although there is little that can be done to improve the supply chain issues, aside from waiting for the worst to pass, PermaGroup has continued to follow its unique approach to ensure customers are still catered for.
Adrian Buttress, managing director of PermaGroup, said: “I’m proud of the way we have responded as a company to the stock shortages, which have been an issue since early 2020. We’ve taken decisive action to support our customers and stayed flexible to allow us to respond quickly to the changing circumstances.”
Having implemented a three-pronged approach at the start of the crisis, involving purchasing in bulk, establishing CPD seminars to upskill individuals and rewarding customer loyalty, PermaGroup’s strategy has paid off, reaching all of its key KPIs, and exceeding many, in the first four months of the year.
The first quarter of 2022 also saw PermaGroup expand its board, welcoming new investment and expertise to support and bolster the company’s ambitious plans for growth and strengthen its leadership team – safeguarding the business’ future.
Adrian added: “Recently, I made the decision to sell some of my shareholding to a private equity company and bring on new board members – something that had always been part of my plans when I became MD. Now was the perfect time to implement this, as it has allowed us to reset targets, adapt our strategy and prepare confidently for the coming years.”
James Wooster, director of Owner Venture Managers, the additional shareholder alongside Adrian, said:” PermaGroup is an innovative business and I’m eager to join the board to support its future success as it continues to grow from strength to strength to service more customers than ever before. Adrian’s remarkable leadership has seen it thrive, despite the challenges of the past couple of years, and it’s a journey I’m excited to be on.”
Adrian added: “The coming year is full of possibilities for us and, as we look ahead, I want to continue delivering the best possible solutions to our customers, no matter the obstacles. As a business, this is our number one priority and, with several potential acquisitions on the horizon, alongside the introduction of a southern and northern base as well, there’s a lot to look forward to.”
Fresh start for Derby primary school rebuilt after fire
A Derby primary school destroyed by fire in October 2020 reopens today following a £6.9m rebuild.
Pupils at Ravensdale Infant and Nursery School in Mickleover return to their new classrooms on Thursday 9 June, after a purpose-built replacement school was delivered on time and to budget.
The new, single storey building was designed by Lungfish Architects to be built with 58 modular units constructed off-site. The whole school arrived on site on lorries where it was assembled to deliver a high-quality modern school building.
The new building, which sits over the previous school footprint, has been reconfigured to provide efficient teaching and play space for 270 pupils, and a 26-place nursery, for children aged 3 to 7.
Derby City Council appointed Morgan Sindall Construction to build the three-form-entry school. Work began in July 2021 and the construction was completed in just 45 weeks, allowing pupils to return to their building as soon as possible. It also meant minimal disruption to the neighbouring Junior school, which shares site and access routes and utilities with the infant school.
The fire caused “extensive damage” and saw 12 fire engines and two aerial ladder platforms from across Derbyshire sent to the scene. It caused a huge loss, with everything in the infant school either being burnt or damaged by smoke and water.
The new school also has sprinklers. Derby City Council signed a statement of intent to fit sprinklers and fire safety measures in new-build schools and primary and secondary schools undergoing significant renovation, refurbishment, or extension for projects undertaken by the Council.
Councillor Evonne Williams, cabinet member for children, young people & skills at Derby City Council, said: “This is a joyous milestone for all staff and pupils at the school and I am pleased to see the school rebuilt to the highest standards, on budget and on time.
“This has been possible because of excellent partnership working between Ravensdale School staff, the governing body, and school leadership team, Morgan Sindall Construction, Lungfish Architects and the Council.
“It was deeply upsetting to see the destruction caused by the fire, but these fantastic facilities will help pupils make the most of the first stages of their learning journey.
“Losing a school has an enormous community impact, and my thanks go to the schools who offered space for Ravensdale children while the building work was ongoing.”
Lorna Blanchenot, headteacher at Ravensdale Infant and Nursery School, added: “It’s amazing to finally be home and all back together with our staff, children and families all under one roof. Our new school is a fabulous, modern school and we are really excited and ready to make new memories together here.
“I’d like to say a huge thank you to all of the Ravensdale Infant and Nursery School staff and community, to Derby City Council and to Morgan Sindall for everyone’s hard work over every single step of journey in getting us back home.
“All the children are very excited to begin learning in their new school and the staff have already made it a magical place to learn in and to make our community feel safe, happy and able to reach their full potential.”
Richard Fielding, area director at Morgan Sindall Construction, said: “Given the extensive destruction caused by the fire, speed to market was absolutely crucial to ensure minimal disruption to the pupils and the local community. Thanks to the SCAPE procurement method and the level of collaboration between the Ravensdale school staff, councils, Lungfish Architects, and our Morgan Sindall team, we were able to turn the project around in 45 weeks and we’re now delighted to hand over the brand-new facilities.
“A huge thanks must also go to the neighbouring schools who kindly accommodated the Ravensdale pupils whilst building works were underway. This project really is a testament to what can be achieved when everyone comes together as a community.”
Chesterfield solar power solutions company snapped up
Mitie Group is set to acquire Custom Solar, a Chesterfield-based solar power solutions company specialising in the development, design, installation and maintenance of solar power systems for public and private sector clients.
Custom Solar’s design and installation expertise, combined with Mitie’s project management and mobile engineering offering, will “support Mitie’s ambition to be a leading provider of end-to-end green energy solutions.”
The transaction consideration comprises an initial payment of £8m, with deferred payments in aggregate of up to £4.4m by the end of FY25, linked to performance targets. The transaction is expected to complete on 30 June.
For the 12 months ended 31 March 2022, Custom Solar generated revenues of £15m and profit before tax of £2m and had gross assets of £7m.
The staff and senior management team of Custom Solar, including Managing Director, Matthew Brailsford, will join Mitie to help drive the business forward.
Simon Venn, Managing Director, Technical Services, Mitie, said: “The acquisition of Custom Solar continues Mitie’s strategy of investing in high growth, high return businesses within the energy and decarbonisation market to help our customers accelerate their path to Net Zero.
“Custom Solar’s expertise in large scale commercial solar deployments, combined with Mitie’s high voltage connection and project management expertise, will enable us to offer end-to-end renewable power generation at scale. With our client base including national brands, public sector organisations and critical infrastructure providers, this is yet another element of our support to help decarbonise Britain.”
Forge new connections at the East Midlands Bricks Awards 2022
Taking place on Thursday 15 September, at the Trent Bridge Cricket Ground, the highly anticipated East Midlands Bricks Awards 2022 will celebrate the region’s property and construction industry while providing a perfect opportunity to connect with local decision makers over canapés and complimentary drinks.
The event, taking place from 4:30pm – 7:30pm, will also feature John Forkin MBE DL, Managing Director at award-winning investment promotion agency Marketing Derby, as keynote speaker, as well as award-winning mind reader, magician, and professional mentalist Looch, who will bewilder and astonish guests during the evening’s networking.
Thanks to our sponsors:
Tickets can now be booked for the awards event – click here to secure yours.
With nominations OPEN for East Midlands Business Link’s annual Bricks Awards, it’s time to submit your entries for the prestigious event – showcase your business, team and projects. Award categories include: most active estate agent, commercial development of the year, responsible business of the year, residential development of the year, developer of the year, deal of the year, architects of the year, excellence in design, sustainable development of the year, contractor of the year, and overall winner. To submit a business or development please click on a category link below or visit this page.- Most active estate agent
- Commercial development of the year
- Responsible business of the year
- Residential development of the year
- Developer of the year
- Deal of the year
- Architects of the year
- Excellence in design
- Sustainable development of the year
- Contractor of the year
- Overall winner (this award cannot be entered, the winner will be selected from those nominated)
To be held at:
Plans submitted for 90-home development near Louth
Developer Charterpoint has applied for outline planning permission to build up to 90 new homes on land in Louth.
It is proposed that the new properties on the 12 acre site off Daisy Way would include a mix of two to four bedroom homes. The development would also feature a children’s play area, surface water attenuation ponds, wildflower meadows, sustainable drainage and an amenity lawn for communal informal recreation.
Charterpoint has submitted outline plans for up to 90 homes and garages, plus associated highways, drainage and green infrastructure for the site to East Lindsey District Council.
Adrian Goose, CEO of Charterpoint, said: “This site is in an excellent location, on the northern edge of Louth, and would provide attractive accommodation for individuals and families close to the town.
“Charterpoint has extensive experience of delivering quality schemes and we are pleased to submit this application to create new homes close to all the services and amenities that Louth offers.”
The site, which is bounded by the A16 Louth bypass to the north west and by Westfield Park to the south and east, would be accessed off Daisy Way.
Charterpoint is proposing to include green infrastructure to provide an attractive quality environment for residents and visitors with consideration given to access for pedestrians and cyclists, enhancement of wildlife biodiversity, sustainable drainage solutions and promotion of use of outdoor spaces for improved mental and physical health and well-being.
Charterpoint also plans to incorporate open water, swales and ditches as part of the sustainable drainage strategy to contribute to local biodiversity.
The exact number and mix of new homes on the site, which is currently used as farmland, would be defined during detailed design stage.
It will now be down to East Lindsey District Council to determine the application.
West Bridgford Police Station sold to retirement community operator
Nottinghamshire Police has completed the sale of its former police station on Rectory Road, West Bridgford to McCarthy Stone. In a deal brokered by Box Property and LHS, the old station will be transformed into a thriving retirement community.
McCarthy Stone creates award-winning retirement properties for sale or for rent. It has already worked with Rushcliffe Borough Council to secure planning consent for a scheme on the site which will see the existing building demolished to make way for 86, one-and two-bedroom, Retirement Living apartments, with on-site support, car parking and professionally-landscaped gardens.
The development will also include communal facilities such as a residents’ lounge, mobility scooter charging and storage room, guest suite and an internal refuse store, with lift access to all floors.
Ben Tebbutt, director at Box Property, said: “There is a real shortage of independent living accommodation for older people in the local area. We’ve worked closely with McCarthy Stone over the last 12 months to get the deal over the line and we are excited to see the next phase of development.”
Katie Fisher, divisional managing director at McCarthy Stone, said: “With the completion of the sale of the property, we will shortly commence construction and our Retirement Living development will significantly improve local housing choice for older people in West Bridgford.
“The development will be ideal for residents in the area who wish to retain their independence, in their own home, while accessing a warm, fun, and caring community of friendly neighbours.”
Robbie Farrell of Lambert Smith Hampton (LSH) acted on behalf of the Police, who have relocated officers from the former police training centre to a joint site on Loughborough Road with West Bridgford Fire Service.
Plans submitted to build apartments at site of former Nottingham nursery
Rayner Davies Architects have submitted a planning application for nine apartments on the site of the former Wishing Well Day Nursery in Nottingham.
The scheme is conceived as a row of L-Shaped duplex units, mirrored along a central spine and book-ended with a different contextual response for each of its two primary frontages; one facing Oakfields Road and the other on Rutland Road.
The proposals dispense with the typical ‘central core’ arrangement of conventional apartment blocks, instead providing access via raised and landscaped walkways. This layout both mitigates against flood risks and provides a more pleasant entry sequence.
In addition to generous private terraces, there is a communal garden flanking the scheme to the West. Undercroft parking is provided, utilising the existing basement of the nursery with ample cycle storage and options for EV charging.
High quality materials and contemporary detailing ground the scheme, providing texture and perforations to add compositional interest. Standing seam metal cladding with a subtle colouring is offset against the more neutral brick colouring and complimented by use of colour for the windows, doors and railings.
Rushcliffe Borough Council will now consider the proposals and a decision is expected mid-summer.
New Nottingham student accommodation development gets green light
Plans for student accommodation on land between Union Road and St Marks Street in Nottingham have been granted conditional permission.
The proposed development, from Environment Design Consultants, consists of two buildings with a communal courtyard between and basement parking below the courtyard.
249 studios would be created as well as two commercial units.
The development site currently comprises of former industrial buildings and open car parks.
The plans follow an earlier phase of development, to provide a 5-storey block of student flats.
Biggest business groups unite against slow payments
Good Business Pays is spearheading an alliance involving the Small Business Commissioner and leaders from the UK’s biggest business groups including the Federation of Small Businesses, CBI, and BCC to stop slow payments from harming small businesses once and for all.
Launched today, the ‘Wait Off’ campaign is backed by 16 of the UK’s most influential groups – representing a total of over half a million businesses in the UK – to up the ante in tackling the poor payment practices of big businesses across their respective industries. The campaign is also being backed by a number of UK businesses that support faster payments to small businesses.
The latest data from the FSB suggests slow and unfair payment practices are threatening the future of almost half a million UK small businesses.
Whilst the challenges of slow payment have been well reported and become a focus for many campaigns over the last few years, the volume and variety of voices calling for change has left small businesses unclear where to show their support and therefore disengaged. The ‘Wait Off’ campaign will create a consistent platform for groups and businesses to work together in achieving lasting change.
Terry Corby, chair of Good Business Pays, said: “Slow and late payments have been a problem ignored by many businesses for a long time, but with so many small businesses struggling with rising costs and inflation, it has never been more important to ensure cash flows smoothly and quickly throughout the supply chain.”
A study commissioned by Good Business Pays and carried out by the Centre for Economics and Business Research (CEBR), estimates that if small businesses’ invoices were paid on the day they were submitted, their revenues would increase by £40bn to £60bn per year. This could provide a significant income boost for small businesses at a time when their operating costs are rising by the week.
The list of those business groups backing the campaign is:
- Institute of Directors; Federation of Small Businesses; The Association of Independent Professionals and the Self-Employed; Confederation of British Industry; Microbiz Matters; Liz Barclay – Small Business Commissioner; National Enterprise Network; Make UK; British Chambers of Commerce; Your business community; Yorkshire In Business; UK Finance; Chartered Institute of Credit Management; NEDonBoard; International Association of Book-keepers.
