TCFC’s position was steadied by Jojo Investments Ltd (private equity), and new owner Peter Masters, who signed a conditional contract for sale of the land to Helical Retail Ltd in early 2013.
After 4 years, Helical Retail Ltd have now secured the enabling consent for 135,000 sq ft GIA with the first pre-lets now signed, and the end development requiring the relocation of Truro City Football Club premises and facilities and the build of a new shopping park (Use Class A1), Use Classes A3, A4, A5 floor space, and Use Class D2 floor space.
TCFC will go to Silver Bow (West Truro) in time for the 2017/18 season, and have the retail scheme built and trading for May 2018....
A leading advertising specialist contractor with a portfolio of outdoor and shopping centre sites both digital and traditional.
A mixed portfolio of over 100 sites offered opportunities to reduce assessments by reference to comparability, rents and build costs.
We continue to advise the client during the diversification of the portfolio and will be advising at the rating revaluation in 2017.
We specialise in providing expert advice in respect of complicated properties not normally let in the open market by reference to the ‘right’ to advertise and specifically rated plant and structures.
We have saved over £1.1 million since 2010....
We were instructed by our client to look at the rating liability for this hybrid 5 lane bowling alley with an ancillary restaurant and bar.
We were able to demonstrate the premises should be valued as a bowling alley rather than a restaurant. The Rateable Value was subsequently reduced by over 38%.
We took a proactive approach to managing and reducing rates payable, including regular detailed updates, with an outcome which was important to the client’s ambitions for his business and produced significant savings in repetitive operational costs....
Newbury Racecourse held its first race in 1905 and has long been one of Britain's leading tracks with a 2 mile racecourse set in 266 acres.
Montagu Evans have provided Valuation advice to Newbury Racecourse for the last 8 years and Rating advice for the last 4 years.
We challenged the 2010 rating assessment on the racecourse of £415,000 in late 2013 and entered into detailed negotiations with the Valuation Office.
We carried out a receipts and expenditure valuation on the racecourse and agreed a reduction in the 2010 assessment to £350,000 which saved just over £200,000 during the life of the revaluation....
Unable to agree the 2012 rent review directly with the tenant, the landlord turned to the specialist Leisure Park Lease Advisory team at Montagu Evans.
We provided initial advice to Landlord that the outstanding rent review was reversionary and worth pursuing to Third Party and were then appointed as Expert Witness to act on behalf of the landlord.
Following Written Representation, the matter proceeded to Oral Hearing. The Arbitrator’s awarded a rental increase above that offered by the tenant, meaning a majority of the costs incurred were to be met by the tenant.
There were important ramifications for the valuation of other cinema premises where Montagu Evans are advising....
Montagu Evans act on behalf of a number of NHS bodies providing valuation, planning, rating and office agency advice.
Specifically relating to office agency, we have provided advice to their property services team on various disposal and acquisition projects. Following NHS reporting procedures, we have previously co-ordinated the restructure of leases held by the former London Strategic Health Authorities. This included disposing of surplus office accommodation and relocating the executive committee and personnel to a new central office in Victoria, London SW1. We continue to provide them with advice in this building.
We have also provided office consultancy advice and undertaken a number of transactions over the past decade on behalf of Chelsea and Westminster NHS Hospital Foundation Trust....
We were appointed by M1 Real Estate to reposition and rebrand the building from Times Place. A new identity and logo were created for the building using 45 Pall Mall as the building's brand and address.
We advised on the comprehensive refurbishment of floors and execute a successful marketing campaign to dispose of all current Cat A availability within the building.
As part of a rolling refurbishment programme the 4th, 1st, Ground and Lower Ground floors (20,385 sq ft) were substantially refurbished to provide Grade A office accommodation in line with occupier needs, creating modern office floors with an abundance of natural light and contemporary finishes.
More recently the 7th, 6th and 5th floors (19,156 sq ft) underwent a full refurbishment, resulting in the successful letting to Jamie Hambro & Partners of the 6th & 7th floors and the letting of the Lower Ground to Alan Cristea Gallery on a pre let basis.
The 1st floor was let to Synthomer, and the 4th ...
Montagu Evans is rating advisor to one of the UK’s leading football clubs and has advised in respect of a multi-million pound business rate liability since 2010.
A Premier League Football Stadium, a training campus, academy and HQ offices in Eastlands, Manchester.
A mixed portfolio of properties offered opportunities to reduce assessments by reference to build costs, accounts and properly adjusted rents.
We continue to advise the client following stadium expansion/world class training campus development and will be advising at the rating revaluation in 2017.
We specialise in providing expert advice in respect of complicated properties not normally let in the open market by reference to ‘cost driven’ valuations on a contractor’s basis.
We have reduced the client’s potential liability for rates by over 30% since 2010....
Montagu Evans advised on the acquisition of this prime Park Royal industrial building on behalf of the Diocese of London for £5.5m, reflecting a net initial yield of 4.43%.
The property provides circa 23,500 sq ft of industrial accommodation and is currently let for a further 6.5 years to Charlie Bighams, who use the property as their HQ and primary food production facility.
From introduction through to completion we provided the Diocese with advice on all aspects of the acquisition which was made in the face of substantial institutional interest....
Chancerygate purchased a one acre site on the popular Lombard Industrial Estate in Wimbledon.
We had the foresight to know that the Trinitarian Bible Society had recently sold their facility in the locality and were looking to purchase a more modern warehouse facility in the area.
The 2 unit scheme totalling 26,000 square feet was then pre sold to the Trinitarian Bible Society.
Montagu Evans alongside Hanover Green were then tasked with finding a Tenant for the one of the units whilst TBS used the other unit for their own occupation.
The letting has recently taken place at £13.50 per square foot. A new record rent for the estate....
GSMA represents the interests of mobile operators worldwide. The growth from this sector has led to their rapid expansion and recent relocation to The Walbrook Building.
Montagu Evans' involvement began two years prior to GSMA’s lease break at 5 New Street Square, analysing their exit strategy, nearby expansion options and relocation opportunities.
Having considered various scenarios the decision was taken to relocate and terms were eventually agreed on 50,000 sq ft at The Walbrook Building, London EC4. We have subsequently sub-let, on a short term basis, 10,000 sq ft of surplus space which was acquired for future expansion.
Montagu Evans have represented GSMA on their last three moves and also provide them with business rates advice....
Montagu Evans advised Billsdale/Goya on the off market purchase of a 4.3 acre site in Egham, Surrey which fronts the Thorpe Industrial Estate, a popular trade location.
The purchase price was £6.5 million. We now have planning consent for a 12 unit multi let estate totalling 105,000 sq ft.
The first phase will be ready in Spring 2017 and 4 units have already been pre let to the likes of Howdens, Screwfix and Sytner well in excess of the rent at which the development was originally appraised....
We advised the BlackRock UK Property Fund on the purchase of Circular Point site in Highams Park, Chingford. The scheme was bought vacant as a forward commitment from Wrenbridge for £13.3m / £133 per square foot.
Blackrock funded the speculative development of a 100,000 sq ft trade counter and warehouse scheme to provide Grade A industrial accommodation that was fully let before completion in December 2014.
Purchase price reflected a development yield of 7.6% on ERV. ERV at purchase of £12.00-12.50 psf on trade counter and £9.00 psf on warehouse space.
We achieved rents of £14.20 psf on trade counter and £10.05 psf on warehouses. We also achieved significant value increase since the acquisition through letting of vacant space, rental growth and major yield compression....
Montagu Evans advised City of Edinburgh Council on the disposal of this prime Grade A office investment in the city centre, in what is one of the largest office deals to have been concluded in central Edinburgh.
Deka Immobilien completed its purchase of Atria in March 2016 for a purchase price of £105.25 million.
The scheme in Edinburgh’s Exchange Financial District was constructed in 2013 comprises two buildings totalling 200,000 sq ft of office and retail space, which is let to multiple tenants including PwC, The Law Society, Green Investment Bank, Brewin Dolphin, EICC and AON.
Montagu Evans were involved in this project throughout as letting and investment agents....
We are instructed to advise the Landlord on various rent reviews on the office element of this landmark development comprising circa 550,000 sq ft across 11 Palace Street, 80 Victoria and 100 Victoria Street.
We were also appointed as joint agents to advise on a rolling refurbishment programme for Cardinal Place and to minimise forthcoming voids. This refurbishment programme also enabled the building to compete with newer developments in the area.
We secured Part 4th floor letting of the 7,000 sq ft to KPI Bridge Oil and a further part to Lagardere Unlimited of 7,500 sq ft. The second phase refurbishment of the part 2nd floor resulted in a letting to Schneider Electric following a surrender transaction with CDC to relocate them to 123 Buckingham Palace Road. The final phase included regear negotiations with EDF Energy and Smith Industries....
Montagu Evans are advising on this major mixed use regeneration project located within London’s Upper Lee Valley Opportunity Area. The site was previously occupied by 37,161 sq m (400,000 sq ft) of industrial / warehousing uses.
We acted as the lead planning consultant in respect of outline consent and subsequent detailed reserved matters applications. We also provided development consultancy including financial appraisal, financial modelling and individual parcel disposal advice.
An outline consent was granted in October 2007 for a mixed-use scheme comprising 1,250 residential units, hotel, offices and ground floor retail, and community uses. In March 2012 Montagu Evans successfully re-negotiated the s106 agreement resulting in a significant reduction in the scale of financial contributions. Between 2008 – 2014 Montagu Evans successfully secured reserved matters consents for 10 phases of development on behalf of various developers ...
Montagu Evans have been providing leisure agency advice in respect of the redevelopment of vacant space at Fountain Park to create new leisure units and restaurant space. We also provided planning consultancy advice and worked within tight timescales to secure the necessary detailed planning permission to capture tenant demand.
As a result two existing units will be redeveloped to provide two new leisure units and four restaurant units. To ensure greater tenant visibility, the existing units will be extended and new street frontage developed.
Land Securities recently acquired a portfolio of sites, including Fountain Park which was previously held by X-Leisure. Working collaboratively the team assisted in assisted in working to develop the scheme adding the necessary technical skills and experience to overcome various challenges.
Our Scottish Leisure Agency team are jointly marketing the proposed new restaurant units and leisure space and have already agreed pre-let...
Using the budget from the previous owner’s refurbishment programme Montagu Evans modernised the reception and common parts of the building. This brought the property up to the arrival experience expected by the financial tenants that were likely to take the building
We put a micro raised floor in and took out the metal tiled ceiling for a skimmed plasterboard finish with recessed LED lighting and painted and lit the lightwell. A refurbishment of the WC’s was also carried out.
By modernising the building we were able to attract occupiers at a rent in the £60’s psf where previously the floors were let at £42.50psf
The rebranding of the building was cut short at the design stage (and incorporated into the signage, carpets and common parts) due to pre letting of all the available space.
A launch was held to reintroduce the building to the market so that agents were aware of the upgrades for the future....
Montagu Evans, acting for Aberdeen Asset Management, sold this prime multi-let industrial estate to Clipstone.
The estate is located immediately south of Heathrow Airport and comprises 18 units totalling 32,112 sq ft. There is also development potential for vacant parcels of land.
A number of parties interested parties made offers in excess of the asking price and the freehold site was finally sold for £4.8m. The purchase price reflects a net initial yield of 3.92%, and a reversionary yield when fully let of 7.5%. ...
Montagu Evans were appointed to provide our client with strategic advice to exit three locations and re-house the central London workforce to a headquarters building of 25,000 sq ft.
We initially aligned lease expiries and break dates to engineer a unified move date. This involved extending ‘unprotected‘ leases and using L&T Act rights to hold over in other situations.
The search for suitable buildings led to negotiations on various options, both for completed schemes and those under construction. We introduced our client to various London sub-markets to ensure they found a building that fitted their business image and was also within budget. Puma's objective of achieving lease flexibility by negotiating break options was successfully achieved.
Five Guys have taken the UK by storm and are approaching 60 sites as at December 2016. Montagu Evans have played a lead role in the roll out across the UK since Sir Charles Dunstone brought the concept across from the US in July 2013.
Over 20 years after Five Guys first opened in USA there are over 1,000 locations and over 1500 units in development. This fast casual dining concept is based on fresh, high quality ingredients (where freezers and microwaves are banned) and the choice is huge with over 250,000 possible ways to order a burger at Five Guys.
The restaurant chain has a cult-like following around the world and even President Barrack Obama was filmed leaving the White House to buy a Five Guys burger because they would not deliver.
Five Guys opened their first UK restaurant at 1 -3 Long Acre, Covent Garden in the summer of 2013 and have continued to enjoy huge success with customers queuing of up to 2 hours to buy their favourite burger.
Montagu Evans acted as office agents on one of Holborn's most iconic buildings, Africa House. This Grade II listed landmark which underwent a complete redevelopment. Behind its majestic façade, these reconstructed offices, totalling approximately 1119,297 sq ft, offered Grade A office accommodation with the very highest specification.
Please click here to be taken to the brochure.
Mishcon de Reya too all the office accommodation in 2014 ending their long-running search for a new Head Quarters.
Previously based in London’s West End for over a decade this PR group were forced to move as a result of a proposed redevelopment of their building. Montagu Evans gave advice on the strategy to move from their former building to avoid dilapidations and dovetail their relocation with minimal ‘double overheads’. This was successfully achieved with little disruption to their daily working practice whilst they moved to their new headquarters of 14,000 sq ft.
Four Communications were introduced to various London sub-markets to ensure they found a building that fitted their business image and was also within budget. The Southbank offered lower rents than the West End and business rates were at a considerable discount.
The client had ambitious plans to grow the business and surplus space was acquired. This was subsequently sub-let on a short term. ...
Acquisition of new office premises for international media and games company of 8,000 sq ft.
Montagu Evans co-ordinated the exit from two existing leases haven undertaken a full market survey of viable options and given financial appraisals.
We negotiated lease terms with Land Securities on part 1st floor (8,356 sq ft) resulting in flexible lease terms secured to accommodate clients business plan....
Montagu Evans were retained by the global entertainment and events promoter AEG Live to consolidate its’ administrative function. We appraised their office functions, both at the O2 Arena and at former offices in Southwark. The Southwark building involved disposing of their lease interest on a short term basis but retaining the right to break the lease in 2013.
We worked to the client’s brief to ensure the communication links with the O2 Arena were convenient and that the premises were within budget. Montagu Evans secured premises over G & LG floor of 19,000 sq ft which enabled the client to locate in a premier building in St James’s....
Montagu Evans provided ongoing planning and development advice on the Swan Valley business park adjacent to junction 15a of the M1 which was acquired in 2006 by Aviva acquired a 90-hectare site for the purposes of building a business park. Planning permission for this had been granted in 1992 and the company was keen to capitalise on the existing plans to avoid having to submit a new application.
Our client was keen to ensure that all measures were put in place to ensure the plots on this development site were ‘oven ready’ for development. If changes need to be made, to accommodate a particular occupier, we seek an early meeting with the local planning authority, to facilitate this and to ensure the prompt consideration of any amendments.
Most recently, Montagu Evans has obtained planning consent for a 18,580 sq m (200,000 sq ft) distribution and sorting facility for the Royal Mail.
Continuity was a real challenge. Beca...
Montagu Evans have dealt with a large number of Arnold Clark’s Scottish and English showrooms over the course of several Revaluations. So far we have saved our client in the order of 3/4 of a £ million and from April 2017, ME will be retained as sole rating advisor to Arnold Clark across the entire portfolio.
The hereditament comprises a large modern Car Supermarket and premises with an original 2010 RV of £765,000.
Montagu Evans were instructed to attempt to mitigate Arnold Clark’s rate liability over the life of the 2010 Rating List.
Montagu Evans took a pro-active approach to managing and reducing rates payable, appealed the assessment and were successful in securing a significant reduction in Rateable Value, resulting in more than £325,000 in liability savings. ...
We are retained by our client British Land to advise on various rent reviews at Regent's Place, comprising 1.8 million sq ft of offices. We reached a negotiated settlement on the rent review at Euston Tower, comprising 340,000 sq ft and provided subsequent advice on a restructuring of the principal office lease....
Montagu Evans advised one of the world’s largest Chinese multinational conglomerate corporation and the world's biggest private property developer/owner on the Section 106 disposal of Shared Ownership accommodation at their London flagship site.
In 2015, Wanda's assets amounted to 634 billion yuan with revenue of 290.16 billion yuan and the approached us to advise on their flagship site in One Nine Elms seeking to dispose of 57 shared ownership flats in the London Borough of Wandsworth.
Our advice included negotiating with the Council on the affordable housing provision which formed part of the section106 agreement.
Our role also included negotiating and agreeing the section 106 and then subsequently marketing the subject units to RPs active within the area. Following on from a successful marketing campaign, we then worked closely with the selected RP to ensure a swift process through to exchange of contracts....
Woodbury Park Hotel & Golf Club is a luxury hotel, spa facility and leisure centre near Exeter in Devon, set in 350 acres of beautiful Devon countryside.
Montagu Evans acted on behalf of Woodbury Park Golf Club since 1997 and saved circa £237,000 over the life of 4 Rating Lists. This is a prime example of the long term relationships that we develop with our clients.
We have recently been instructed by the club to advise on the forthcoming 2017 Revaluation.
With the comprehensive repositioning by all of the UK grocery operators, the market opportunity to re-invent redundant supermarket sites is ripe. Specialist retail and trade park developers Location 3 Properties secured this site in open competition after a two stage bid process, ably assisted by Montagu Evans who have a strong track record in land assembly, site acquisition, and pre-leasing development business planning.
Montagu Evans has a specialist and designated team to advise on land acquisition, and alternative use development business planning to both occupiers, owners and developers alike.
In what is a mature and well established retail hierarchy, L3P advised by Montagu Evans spotted an exciting opportunity at Frindsbury to develop a new 80,000 sq ft GIA Open A1 scheme, no longer suitable to previous owners Sainsburys Stores Ltd.
In addition to the numerous technical and environmental challenges, L3P will be submitting a detailed planning application with full Officer...
Acting on behalf of Motherwell Investment LP, a joint venture between Columbus Capital and Chester Properties, Montagu Evans sold Clyde Retail Park on the outskirts of Glasgow for £17.1m to Valad Europe, part of Cromwell Property Group for the Valad European Diversified Fund (VEDF).
The 149,046 sq ft Clyde Retail Park is located in Clydebank town centre, next to Clyde Shopping Centre and eight miles north west of Glasgow city centre within the Greater Glasgow conurbation. With a weighted average unexpired lease term of 7.9 years, current tenants comprise a broad range of major national retailers including TK Maxx, KFC, Home Bargains, Matalan, Go Outdoors, Jollyes, Next, Sports Direct and Halfords.
This sale follows the disposal of Motherwell Shopping Centre in 2015 for the same client. During ownership Montagu Evans were instructed in various capacities including managing agents, letting agents, planning consultants and ongoing development/investment advic...
Montagu Evans provided strategic purchase advice to KKR/Quadrant Estates leading to the acquisition off market of the three phases of the shopping park for over £100 million.
Our Retail team has subsequently provided lease advisory advice relating to rent reviews and re-gears and tenant engineering/asset management resulting in a significant enhancement of the scheme’s value.
New lettings have been negotiated on the Park to food & beverage vendors to help increase customer dwell times. These include new entrants to the UK market, i.e. Smash Burger and MOD Pizza and the more established occupiers Costa Coffee and Nandos.
We were also able to use our excellent relationship contacts with Dixons Carphone to negotiate a surrender of their former PC World unit and a downsize of their Curry’s unit in order for them to amalgamate these brands with the Carphone Warehouse brand into one all-encompassing Electrical Superstore. This provided the Landlords with the op...
We advised CBRE Global Investors on the disposal of Altius House and Active House, 2 adjacent, prime office buildings situated within the core Milton Keynes CBD.
The 2 buildings provide for 35,070 sq ft and 10,836 sq ft respectively with a strong tenant lineup including KPMG, UDL and Virgin Active.
After an extensive marketing campaign, Montagu Evans successfully sold the property for £8.295m, reflecting a net initial yield of 6.6% to Schroders Investment Management....
Montagu Evans are retained to provide property management for this Shopping Centre offering 82.326 sq ft of retail space.
The Orchards Shopping Centre comprises of a medium sized shopping centre, located in Taunton, Somerset, with over 60 tenants including multinational retailers, Gym operators and A3 retailers.
We now have 6 shopping centres under the UK Value 2 Fund, which focuses on undertaking capital projects to add value to the scheme’s projects....
This 1.70 acre site comprised approximately 1.70 acres with a large Victorian residential villa and business centre set within a mature setting in Hampstead. Montagu Evans were instructed to dispose of this development opportunity.
Our planning and heritage team produced a planning commentary outlining the future potential of the site for redevelopment. We then produced financial viability and marketing material in anticipation of commencing a full market campaign on behalf of CaTEW. Targeted clients included developers in the extra care market and residential developers.
In addition to managing the marketing process we undertook open days for interested parties to view the development opportunity. We managed the sale process through an informal tender method of sale and advised the client on parties that should be short-listed. We assisted in selecting the bidder and managed the contractual process ensuring best value for the client....
Montagu Evans obtained planning permission for the redevelopment of the existing office site for a tall building comprising 198 residential units, 1,416 sqm of A1 floorspace and 133 sqm of flexible A1, A2 and A3 floorspace.
The development provides a significant contribution to new housing and retail in the designated Wembley Opportunity Area and provides a new high quality public realm. The ground floor will be anchored by a supermarket and a parade of smaller retail units to facilitate the integration of the Wembley Stadium Masterplan Area with the Wembley Town Centre.
Montagu Evans worked closely with officers at the London Borough of Brent and the GLA to obtain their support and worked closely with the local community, local councillors and the Mayor’s office to secure the permission.
Montagu Evans also led discussions on viability and the Section 106 Agreement including affordable housing.
This scheme is the third development scheme in the Wembl...
Montagu Evans recently added another building to our Canada Life portfolio of managed properties. The purchase of Bramah House in Bermondsey Street completed on 11 March 2016.
The property, a converted warehouse building, consists of 15,714 sq ft arranged over basement, ground and four upper floors and is multi-let to 5 tenants.
This brings the Canada Life portfolio under our management to five Central London office buildings totalling 146,238 sq ft, three regional retail parks and a Business Park in Surrey.
Montagu Evans advised TH Real Estate on the purchase of a prime Grade A office building located in the heart of Glasgow’s central business district, in an off-market deal with Kennedy Wilson.
TH Real Estate, on behalf of Warburg HIH KOOP Fund, purchased bought 2 West Regent Street from Kennedy Wilson for £31.5m – a 5.84% yield.
2 West Regent Street provides strong property fundamentals and asset management opportunities. The relatively low average passing rents create scope for rental growth going into a much stronger occupational market.
Tenants at the 76,817 sq ft office building include Midland Valley, Willis Group Limited, Digby Brown, Colliers International, FanDuel and i2 Offices....
Montagu Evans advised AEG on the extension of their leisure space to include the largest cinema in London. We obtained planning permission for this leisure extension at The O2, Greenwich consisting of an eight screen extension to the existing cinema, a new family orientated leisure use as well as seven flexible retail/restaurant units and back of house space. The proposals will be constructed entirely within the built structure of The O2.
The proposed design seeks to complement the existing entertainment, leisure and retail uses at Europe’s largest leisure and entertainment complex and the world’s most successful venue.
Montagu Evans worked closely with officers at the London Borough of Greenwich to obtain a favourable recommendation and secure the permission.
This extension is a continuation of Montagu Evans’ involvement with the transformation of the Millennium Dome into one of the UK’s most recognisable success stories. We have also been heavily invo...
Westfield London is the most important shopping centre opening in Greater London in the last decade. Since securing the original permission for the shopping centre, Montagu Evans has continued to work with Westfield London as part of the delivery of the centre and ongoing asset management initiatives.
Most recently, in 2014, Montagu Evans secured outline planning permission for over 140,000 sq.m of new retail and leisure space within a flagship town centre development. In addition permission was granted for associated significant transport infrastructure, 1,347 residential units, offices and community uses within a challenging urban setting.
Reserved matters applications to allow the delivery of the scheme are now being progressed, and the target is for the new retail floorspace to open to the public by Christmas 2017.
Montagu Evans worked with Westfield and the project team to coordinate the planning applications, negotiated complex S106 agreements and discharge o...
On behalf of Countryside Properties we were instructed to initially advise on the drafting and subsequent negotiation of a Section 106 agreement.
Following on from the successful agreement of the Section 106, we undertook the RP marketing, disposal and selection process of the Section 106 units at the proposed scheme in Takelye, uttlesford.
The opportunity included 16 residential units including both shared ownership and affordable rent accommodation. We oversaw the whole process from marketing through to completion of contracts, managed to transact the sale within challenging timeframes and in excess of client expectations....
Montagu Evans undertook a full Asset Review on behalf of Central & Cecil of their entire property portfolio outlining schemes where there was an opportunity to redevelop a scheme/site.
C&C are a London based Registered Provider of over 55 year old accommodation. Our comprehensive asset review involved an assessment of each of their 2,500 units and establishing whether there was any opportunity to redevelop or enhance the revenue of each scheme/site.
Not only did we explore redevelopment options but our advice also included exploring alternative possibilities so that C&C’s revenue could be enhanced. This included assessing schemes on alternative tenures (Social Rent, Affordable Rent etc.) and calculating the potential revenue achievable whilst taking into account cost and timeframes. And any potential planning risk.
Our aim was to give C&C a comprehensive suite of documents in relation to value, development potential, legal title and planning status ...
Montagu Evans sold a prime mixed use block at 1-2 Castle Terrace, Edinburgh on behalf of Kent County Council, a fund run by DTZ Investors.
The building comprises 11,306 sq ft of office space let to Bank of Scotland until December 2015, and 7,549 sq ft of leisure let to Wagamama until 2036 (break in 2026).
The sale attracted a high number and variety of bidders and was eventually sold to Knight Property Group for £5.61m, a yield of 6.67% and significantly over the asking price.
Co-founded by Sir Howard Panter and Rosemary Squire OBE in 1992, the Ambassador Theatre Group Ltd (ATG) has grown to be the UK’s largest theatre group with a total of 40 venues in Britain and on Broadway.
We provide our client with rating advice across their entire West End theatre portfolio and have done so for over 10 years saving them over £600,000. Most recently we advised them on rate savings of over £330,000 at their Lyceum Theatre, home of one of London's longest-running shows, The Lion King which opened 1999.
Ambassador Theatre Group is an internationally recognised award-winning theatre producer and their impressive portfolio of West End theatres includes historic buildings such as the Apollo Victoria, Donmar Warehouse, Duke of York’s, Fortune, Harold Pinter, Lyceum, Phoenix, Piccadilly, Playhouse, Savoy, Trafalgar Studio 1 and Trafalgar Studio 2.
The London Olympic Velodrome on Queen Elizabeth Olympic Park was designed by Hopkins Architects and was launched to widespread acclaim with three new world records being set on the track during the inaugural event.
The VeloPark was then renamed Lee Valley VeloPark from 2014. This cycling centre in Stratford, East London was one of the permanent venues for the 2012 Olympic and Paralympic Games and is one of the lasting legacies of London 2012, run by Lee Valley Regional Park Authority.
Lee Valley VeloPark is at the northern end of Olympic Park. It has a velodrome and BMX racing track, which were used for the Games, as well as a one-mile (1.6 km) road course and a mountain bike track.
We have provided rating advice from development stage to the present day and are retained as sole rating advisors....
Montagu Evans provided extensive advice to DTZ Investors, from initial pricing through to the successful disposal of this prime town centre multi-let office building in December 2014.
The imposing property, built in 2003, comprises circa 58,000 sq ft of office and retail accommodation, with a WAULT of 4.0 years to lease expiry, and 3.4 years to break. The property is let to tenants including SABMiller and Nielsen Book Services, off an overall rent of £23.00 psf.
A proactive, and widespread marketing campaign was undertaken that drew a significant level of interest from a variety of institutional investors, with the strength of the South East market showing no signs of slowing. Woking town centre is also currently undergoing a significant regeneration programme, with 2014 seeing a number of investors attempt to buy into the town and benefit from excellent rental growth opportunities.
The asset was sold to Standard Life Investments, at better than q...
The Police & Crime Commissioner for Northumbria is a new client for Montagu Evans under the Government Procurement Service’s Estates Professional Services (EPS) framework.
We were appointed to dispose of an historic former police station and court building, with potential for conversion and/or re-development, into a sluggish local development market with a general shortage of debt finance.
We provided planning and disposal strategy advice and then marketed the site. We then resolved various title issues with the preferred bidder and successfully agreed a sale to a serviced office provider for conversion of the existing building, cash offer and conditional only on acceptable title.
Montagu Evans disposed of a total of 18,655 sq ft of office space on behalf of Van Buren Investments Ltd. The building was purchased as an investment by a private Saudi investor, as an income producing asset.
Once vacated, the building was comprehensively refurbished to provide Grade A open plan offices with dual frontages linking through to Marylebone Lane.
The building comprises 3 interlinking properties served by 2 cores to provide a series of elegant rooms to the front, and open plan space to the rear.
After struggling to let the building Montagu Evans was appointed and, following a re-launch and new marketing strategy, successfully secured a letting to upmarket Serviced Office operator The Office Group on a 15 year lease....
Montagu Evans have a long standing client relationship with the FIA Foundation. We have had a 15 year involvement in the building where a number of lettings and lease restructures have been undertaken over the years.
FIA are owner occupiers in part and Montagu Evans manage the building on their behalf.
The 4th floor was let in June 2014 to Enerfo, commodity traders based in Singapore.
Montagu Evans achieved a minimal void period for FIA and also achieved the quoting rent. ...
Montagu Evans advised on the acquisition of this 3.4 acre site for the high specification development of a 78,000 sq ft Next Fashion, Home and Garden Superstore.
We also provided advice on lease advisory, development appraisals and development funding.
Subsequently we advised on the sale and leaseback of the investment....
Montagu Evans advised M&G Real Estate on the £25 million funding for the development of a 324 bed student residence for the University of St Andrews. The University of St Andrews is working in partnership with Campus Living Villages which will manage the development and operate the accommodation on completion.
M&G has acquired the long leasehold interest in the Property. On completion of the development the Fife Park residence will be leased to St Andrews University/CLV partnership for 40 years, with annual reviews linked to inflation. The rent is guaranteed by St Andrews and it has an option to acquire the residence on expiry of the 40 year lease.
This is the third time that Montagu Evans, M&G and CLV have worked together, following an agreement to re-develop the Royal College of Music's student residence in London....
Montagu Evans advised M&G Real Estate on the funding of a 500 student residence in the City Centre of Bristol. The developer is Watkin Jones and the building will be ready for occupation in time for the 2016 academic year....
Acting on behalf of Quartermile Ventures Limited, Montagu Evans has pre-let 70,000 sq ft of Grade A accommodation in the Quartermile 4 office building to Cirrus Logic, the US based semi-conductor business. This deal follows the pre-letting of c58,000 sq ft on the upper floors of Quartermile 4 to FanDuel last year and is the largest arm’s length pre-let in the city for 15 years. The most recent deal means that Quartermile 4 is now 100% pre-let.
Following on the success of Quartermile 4, QVL is considering an imminent start on site with the final office building in the development, Quartermile 3 which extends to 73,000 sq ft. The development of both Quartermile 4 and Quartermile 3 has been facilitated as a result of an £80m funding deal secured by Montagu Evans on behalf of Quartermile with M&G Real Estate in June 2014 to speculatively develop the remaining two office buildings at the development. The total funding commitment agreed was &...
Montagu Evans are retained by Buchanan Partnership a joint venture between Land Securities /TIAA Henderson to act on rent reviews and lease extensions/re-gears across the Centre.
Buchanan Galleries is Glasgow’s prime Shopping Centre extending to 600,000 sqft within 80 units and serviced by 2,000 car parking space and has a footfall of over 20 million shoppers a year. Glasgow is ranked 2nd in the UK Retail Rankings.
Montagu Evans had originally advised AMP Asset Management and Slough Estates on the development of the Buchanan Galleries in Glasgow. This major city centre regeneration initiative was Scotland's largest city centre shopping development of its time. The development was fundamental to the success of Glasgow as the largest shopping centre, out with London. The complex project took nearly 20 years from initial inception to completion in 1999. Montagu Evans advised throughout this period, up until the scheme became 100% let....
Montagu Evans are retained to advise H & M on minimising business rates on their entire property portfolio throughout the UK and Republic of Ireland.
H & M currently have in excess of 250 stores in the UK, and their offering extends to the brands Cheap Monday, Monki, Cos, and their new fashion brand & Other Stories, which launched to critical acclaim in Spring 2013.
H & M are expanding all their brands and concepts globally, and plan to open further stores in the UK over the next year.
Montagu Evans advised M&G Investments on the £36.9 million funding and redevelopment of College Hall, the main student residence for the Royal College of Music.
The fund manager has bought a 125-year long leasehold interest in the property and will provide the finance to unlock a new 417-bed building, replacing the existing accommodation with state-of-the-art accommodation at a globally renowned music conservatoire.
On completion the development will be leased to the RCM/CLV partnership for 45 years, with annual reviews linked to inflation.
CLV has invested its own equity in the project, alongside RCM, and will manage the redevelopment and then operate the accommodation on completion. The majority of the rent is guaranteed by RCM and it has an option to acquire the residence on expiry of the 45-year lease.
The capital is provided by M&G’s pension fund clients seeking secure cash flows over the long-term linked to inflation....
Montagu Evans advised M&G Real Estate on the £37 million funding for the development of a 602 student residence for the University of Bangor. The University of Bangor is working with developer Cityheart to complete the scheme in time for the 2015/16 academic year.
M&G has acquired the long leasehold interest in the property. On completion of the development, the new residence will be leased to Bangor University for 40 years, with annual reviews linked to inflation. Bangor University have an option to acquire the residence on expiry of the 40 year lease....
Montagu Evans acted on behalf of the Defence Infrastructure Organisation (DIO) to sell this former military barracks. Our planning, heritage and ratings department provided essential advice that enabled us to achieve a higher than expected sale price.
The site totals approximately 4.5 hectares (11.22 acres) and currently comprises a number of buildings including two Grade 2 listed buildings located at either end of the site. In planning terms the site was designated as Class C2a (secure residential institution) and undesignated for any other use. A detailed planning report was prepared by Montagu Evans outlining the potential uses for the site going forward which predominantly centred upon a residential use.
The residential land team marketed the site and received several strong offers. The site has recently exchanged unconditionally and is due to complete with a strong bid at the end of July 2014.
After their tenant went into administration, we advised Legal & General on all aspects of this project: securing vacant possession, establishing alternative occupier demand, tenant mix, and identifying the best configuration and layout for the building. The property (an old Focus unit) has been re-let to Next, TK Maxx & M&S Simply Food with a drive to Costa Coffee pod developed on the car park....
Montagu Evans have been retained by Big Yellow Self Storage Company to advise them on their business rates liability since 1998. We have co-ordinated and led negotiations to establish a fair method of rating valuation for the self storage sector.
The Valuation Office had originally assessed this property by simply adopting the standard approach to valuing a modern warehouse property in Chelmsford. However, by having reference to our agreed valuation scheme for self-storage property, which makes allowances for multi-floor occupation, we have been able to negotiate a substantial 35% reduction to Big Yellow’s rating assessment for the duration of the current rating list....
Montagu Evans advised LaSalle Investment Management on the acquisition of Darley Bank, a 122,000 square foot student housing property, on Brook Street, Derby from Watkin Jones.
The opportunity was purchased for £19.48m, delivering a net initial yield of 7%.
Darley Bank comprises 405 en-suite studio bedrooms. The building is a purpose built student housing development, constructed in 2013 by Watkin Jones, a leading student housing developer.
The property is subject to a 5 year inflation-linked lease to Fresh Student Living.
The property is 100% let for the 2014/2015 academic year....
Voted as one of the most innovative premium gym brands in the country, Gymbox is the only gym offer to feature within CoolBrands - http://www.coolbrands.uk.com
Gymbox are in a class of their own in the leisure market and pride themselves on their unique gym offering. Making sweating enjoyable drives everything Gymbox does, from it's unique exercise classes, live evening DJ's through to it's larger than life personal trainers. The brand believes that going out and working out should be one and the same thing and that hot and sweaty exercise should be pure unadulterated entertainment.
Gymbox are on the hunt for knock out health clubs of between 10,000 sq ft to 35,000 sq within London and major UK Cities and Montagu Evans are advising on their expansion.
Please contact the Retail team on 020 7493 4002 for further information.
Montagu Evans advised Schroder on planning and the disposal of this site in Wembley. The site adjoins the 74,000 sq ft Olympic Office Centre to the north and comprises an area used for car parking.
Unite bought part of the site for £7.4 million and Montagu Evans obtained approval for its development at Brent’s Planning Committee on 9 April 2014 with unanimous support from Members. The reserved matters approval permits a 699-bed student accommodation scheme with 1,057 square metres of retail floorspace.
Montagu Evans had secured outline planning permission in January 2014 for 40,000 sq m of floorspace allowing for a flexible range of uses comprising residential, offices, student accommodation or hotel with A1-A5 uses fronting Olympic Way.
Unite will now deliver approximately 20,000 sq m of this floorspace. The outline planning permission allows a scheme for either residential, offices or a hotel with A1-A5 uses fronting Olympic Way.
Montagu Evans acted for Orion European Real Estate and Quadrant Estates in the purchase of this cinema and the re-gear of the existing lease to provide a 25 year term with fixed uplifts.
The opportunity comprised a 120,122 sq ft cinema and retail complex which was purchased for €23.025 m, reflecting NIY of 8.03%.
The tenant is Cineworld Cinemas limited.
Montagu Evans advised Quadrant Estates on the purchase of a major West Midlands retail park in an off-market deal with Gallagher Developments.
Quadrant, with funding from US private equity firm Kohlberg Kravis Roberts, has bought phase one of Gallagher retail park, near junction 9 of the M6, from the Warwick-based group for circa £50m – a 6.10% yield.
Tenants at the 68,000 sq ft park include Next, TK Maxx, Mamas & Papas and Boots.
The park is split into 2 phases and includes Currys Megastore.
Montagu Evans are retained on asset management, lease advisory and investment advice. ...
Montagu Evans has provided town planning and heritage advice to Which? in relation to the expansion of their headquarters which comprises a Grade II* listed John Nash building with a modern rear wing.
Which?’s headquarters are in a highly sensitive location; within a conservation area and within the setting of the various highly graded buildings surrounding Regents Park.
We have secured a resolution for approval for a dramatic contemporary rooftop and rear extension designed by KPF Associates. The extensions are necessary to accommodate a conference suite and additional high quality office space to better accommodate changes in working practices in the publishing industry.
We have saved our client approximately £500,000 in Section 106 obligations for the charity through negotiation with the London Borough of Camden. ...
Montagu Evans prepared a strategic report and undertook negotiations on behalf of the landlord Native Land in order to secure vacant possession of the building.
Native Land, in joint venture with Hotel Properties Limited (HPL) and Amcorp Properties Berhad (Amcorp), acquired the site in November 2012. The joint venture are currently working up plans with the architect, Rogers Stirk Harbour + Partners, to redevelop the existing 83,000 sq ft building into 42 luxury apartments with world class amenities, together with a significantly improved art gallery space and restaurant on the ground floor. Completion is due in 2016.
Image by Rogers Stirk Harbour + Partners
Montagu Evans secured planning permission for the demolition of the existing property and the construction of a new contemporary single family dwelling with a basement in this part of Brent’s residential suburb.
We were brought in as part of a new design and consultant team in response to the feedback received at pre-application stage on a previous set of proposals. We led the team in turning the proposals around to secure consent through a delegated decision.
Working with the new firm of Elliot Payne Architectural, we advised on the planning strategy and preparation of the application, inputting into the extensive design review process in response to the pre-application advice whilst realising the client’s aspirations at the site.The proposals will deliver a new single family dwelling of exceptional quality which promotes high sustainability credentials as part of the design and build rationale. The property will also incorporate a new subterranean level ...
Montagu Evans has advised Aviva Investors on a number of asset management matters.
We secured a Certificate of Proposed Lawful Use or Development (CLEUD) on appeal to certify that the 4,000 sq m former Homebase could be used for open A1 retail sales.
We secured planning permission for a new open A1 retail mezzanine to allow a vacant unit to be occupied.
Planning permission also secured for a new 750 sq m open A1 retail unit with changes to the car park layout and landscaping. ...
Following the acquisition of Project Blue Portfolio in 2011, we advised Rockspring on a number of the subsequent disposals, of which Gateway was the last.
We provided advice throughout Rockspring’s holding period including the re-gear of the headlease. We also advised on the marketing and disposal process and successfully attracted a number of institutional and private investors.
The property offered investors a combination of long term secure income and strong reversionary potential. The sale completed in January 2014 to a private family trust for £44.1m reflecting a net initial yield of 5.00%. The apportioned price in Project Blue was £23.0m....
Montagu Evans are retained to provide full property management to maintain extensive common areas. We also provide management of shared accesses and relations with adjacent owners....
The O2 is the largest leisure and entertainment complex in Europe and is the world’s most successful venue. The O2 includes a 23,000 seat arena, a 60,000 sq ft Exhibition Centre, a 2,300 seated Music Club and a 500,000 sq ft Entertainment District with over 25 bars and restaurants.
A globally respected brand, it is now the world’s number one entertainment venue and a catalyst for one of London’s biggest regeneration areas. Its impact has been enormous in terms of commercial success, and a genuine source of national pride.
Montagu Evans have assisted in the transformation of the Millennium Dome into one of the UK’s most recognisable success stories and been heavily involved with the scheme since inception. We provided consultancy advice for the period leading up to the opening of The O2 in June 2007 and were subsequently retained on all property related matters, including planning, management and as their letting agents.
Our leasing team ensured the sche...
Montagu Evans manage a number of office buildings for Canada Life, including 1-6 Lombard Street, a 75,000 sq ft landmark Grade II Listed building in the City of London. Canada Life’s London HQ is based on the 2nd floor. Service charge amounts to over £830,000 per annum....
Following the purchase of the New Star Asset Management Fund, Henderson inherited a Lease on 50,000 sq ft of available offices in 1 Knightsbridge Green.
With the financial crisis on-going and local demand primarily for small suites, the decision was made to respond to market conditions and create a flexible leasing strategy to accommodate smaller local requirements.
The property was marketed “as is” while a rolling refurbishment programme was carried out. 1 full floor letting (8,200 sq ft) was completed in the existing condition and then, following refurbishment, a further full floor deal was completed. The other 3 floors (including a 16,400 sq ft floor) were let in small suites from 750 sq ft – 3,200 sq ft in 19 separate deals. Montagu Evans has been involved in 26 transactions to date between 750 sq ft and 8,000 sq ft and continue to asset manage the property as well as carry out all of the lettings within the building. To date, since the initial lettings, the...
Following the purchase of the New Star Asset Management Fund, Henderson inherited a Lease on 40,000 sq ft at the self contained office building in 8 Lancelot Place.
After the initial lettings of three floors totaling approximately 19,000 sq ft Montagu Evans was appointed as the asset managers at the property. There has been zero void since Montagu Evans was appointed as the asset management agents.
With the main focus being on income enhancement and generation Montagu Evans have completed a rent review with over a 20% increase in rental level.In addition a two floor letting has been completed at a level in line with the rents agreed in the top of the market in 2007 when the original headlease was signed....
Montagu Evans has been instructed on a number of sites for Foxtons as part of their new branch opening programme. Foxtons seek prominent sites in key locations but which often present challenges, for example in terms of listed building or conservation area status.
As well as offering advice to inform the design of proposals, our planning and heritage colleagues work together to address issues which may arise in the planning application and advertisement consent process....
Montagu Evans has established a strong relationship with the Southbank Centre having provided heritage, conservation and design advice for this internationally renowned cultural centre for almost a decade.
Southbank Centre has a footfall of 7.8m visitors per year and has a requirement to realise the potential of the site and bring the buildings up to modern standards.
Montagu Evans obtained a Certificate of Immunity from Listing for the East Wing comprising Queen Elizabeth Hall, Purcell Room and Hayward Gallery, a group of significant post-war buildings located within the South Bank Conservation Area.
In preparation for the future management of the site, Montagu Evans produced a Conservation Management Plan alongside colleagues at Allies & Morrison assessing the cultural significance of the Southbank Estate including the Grade I listed Royal Festival Hall.
We provided conservation and townscape advice for the ‘Festival Wing’ comprisin...
Montagu Evans were instructed by our private client to provide a full marketing campaign involving advertising and an awareness campaign which resulted in the sale of the freehold interest for £1,830,000
We provided strategic sales advice for the subject building including; how to obtain vacant possession, tenant’s future plans and avoiding any potential compensation claim. Accommodation arranged over basement, ground and two upper floors...
Montagu Evans advised M&G Real Estate on the off market purchase of three prime student accommodation blocks in Bournemouth on a freehold basis for £38.05 million.
Lyme Regis House, Chesil House and Okeford House, comprising 704 en-suite rooms arranged in cluster flats and are let to Campus Living Villages on a full repairing and insuring lease for 35 years, with annual rent reviews linked to inflation. There is an 18 year nominations agreement between Bournemouth University and Campus Living Villages for the properties.
M&G are pleased to have acquired such high quality existing student accommodation with a longstanding record of full occupancy in an under supplied location. It meets the needs of there pension fund clients who require long-term income streams linked to inflation.
Montagu Evans specialist heritage team secured significant extensions and alterations to a Grade II listed central London landmark, to provide an additional 5,000 sq m of floorspace in the £20 million redevelopment of this London landmark.
Designs by Chinese - American architects Neri & Hu will see the building in London’s Covent Garden restored and transformed into a 99-bedroom boutique hotel. The original court room will be converted into a signature restaurant. A Bow Street museum will also be established through the use of the original police cells at ground floor.
Of the total hotel rooms, four bedrooms will be created from ten of the existing police cells, located on the first floor of the Martlett Court building. The hotel is expected to open in 2015.
The proposals were for the comprehensive refurbishment and extension of the building, to secure mansard roof extensions, as well as four storey extensions to all existing rear facades of t...
Montagu Evans secured planning permission and listed building consent for the construction of a new country house within an isolated position within the Norfolk countryside along with the refurbishment and extension of an existing Georgian farmhouse within the site.
Working with Adam Architecture, the proposals required extensive assessment of the landscape and visual impacts of the development as well as a detailed assessment of heritage significance and setting of the listed dwelling.
The proposals will deliver a new country dwelling of exceptional quality and outstanding design whilst being sensitive the landscape characteristics of the vicinity and enhancing the setting of the existing listed dwelling.
Montagu Evans advised on planning strategy, producing supporting statements and documents as well as entering into discussions with South Norfolk District Council to ensure the best chance of success for this challenging planning objective....
Montagu Evans were instructed as retail agents at The Walbrook Building, the iconic City landmark opposite Cannon Street mainline and underground stations.
Designed by Foster & Partners, it comprises 39,886 sq ft (3,704 sq m) of retail and leisure accommodation on the basement and ground floors, above which there are 380,000 sq ft (35,000 sq m) of high quality offices over 10 floors. There are also two new public squares.
Montagu Evans let retail and leisure space to Virgin Active, Pret a Manger, Birleys and Waitrose.
For further information and a schedule of areas please visit http://destinationwalbrook.co.uk/...
Montagu Evans advised on the conversion of Aston Webb’s Grade I listed building to provide a luxury hotel, private members club and residence. Our specialist heritage team worked with Prime Investors Capital and Blair Architects to develop a scheme that celebrated the architecture of this landmark building.
This was a high-profile and sensitive site that required careful consideration of a wide range of considerations, balancing the special interest of the listed building with wider land use policy, security and operational requirements.
Montagu Evans advised Prime Investors Capital from the earliest stages of the project, including input at feasibility and bid-stage following the decision on disposal by HM Government.
Working as part of a multi-disciplinary team, we provided pragmatic advice in relation to the historic building, always ensuring the emerging proposals represented the optimum viable use for the asset.
Detailed original research ...
Montagu Evans secured planning permission and conservation area consent for the replacement of Marc House, the extension of a number of the buildings at roof level and the change of use of over 3,500sq m of B1 office floorspace contained in the buildings to a single C3 apart-hotel use.
Montagu Evans advised on the implications of the City of London’s emerging Local Plan and its implications for hotel development. The client’s case has been promoted through detailed representations to emerging policy and constructing a case for hotel development to support the City’s business function.
Montagu Evans also advised on detailed heritage matters pertaining to the replacement of an existing office building within the Queen Street Conservation Area and produced a detailed assessment of significance and impact to support the proposals.
The project involved working closely with a diverse team of technical consultants to ensure that the physical planni...
Montagu Evans advised Maidstone and Tunbridge Wells NHS Trust on a major new hospital development of £250 million that replaces the existing Pembury and Kent & Sussex Hospitals.
We ensured the value for the new build was correctly assessed and agreed a significant disturbance allowance....
The development proposal for Blavatnik School of Government (c. 10,000 sqm) recognised the unique opportunity to provide a world-class building, reflecting the City of Oxford’s heritage and the legacy of Oxford University as a world-class institution. The redevelopment of this sensitive site within the Radcliffe Observatory Quarter required expert planning and heritage advice. That’s why the University of Oxford Estates Directorate turned to Montagu Evans.
The site is bordered by four separate conservation areas and is within the setting of the Grade II* listed University Press, the Grade I listed Radcliffe Observatory, as well as the former St Paul’s Church, now in use as a café (A3), and Grade II listed.
Montagu Evans provided bespoke planning and heritage advice for the provision of a world-class contemporary building within a historic setting, designed by architects Herzog & de Meuron.
The building design was rigorously tested...
Montagu Evans have provided planning advice for a large number of Tesco-led retail developments in London, Sussex, Kent and East Anglia.
In addition to new stores and extensions to existing stores, we have worked on larger mixed-use development such as a new district centre at West Durrington within Worthing Borough incorporating an 80,000 sq ft hypermarket along with a range of unit shops. We also worked on a large store with residential in Strood in Kent.
As well as preparing planning applications – including retail impact work – we take part in consultation with local stakeholders and interested groups. In the event of an appeal or call-in of an application, we also prepare for and give evidence at public inquiries.
As part of our ongoing relationship with Tesco, Montagu Evans also acts on a number of smaller projects across the UK. These include projects such as re-branding and new signage for stores, changes of use and application...
Montagu Evans advised on the mixed use development which includes 661 residential units, 10,770 square metres of commercial floorspace and the reinstatement of Grade II* listed buildings. The scheme includes a 36 storey tower offering panoramic views across London.
Consisting of a site area of 3.5 hectares, the resolution to grant planning permission on the Ram Brewery Site will unlock a large portion of strategic land in Wandsworth Town Centre undoubtedly serving as a catalyst for future regeneration in the Borough.
The future of the Site had been uncertain after a planning application for a larger scheme was called in by the Secretary of the State and refused in 2008 despite being approved the Council and the Mayor of London.
Since then, Montagu Evans prepared and submitted a hybrid outline application with all reserved matters submitted for the heritage and river phases. The scheme offers a number of sustainable be...
Montagu Evans' provided heritage and townscape advice to our client Chelsfield on The Commonwealth Institute, a striking grade II* listed building located on High Street Kensington and located within a grade II registered historic landscape.
Our initial instruction comprised the provision of townscape and heritage advice in support of proposals for the alteration of the Commonwealth Institute’s Exhibition Building and the demolition of the attached Administration Block. The proposals also included new landscaping and the development of three apartment buildings around the retained Exhibition Building.
A number of detailed conditions attached to the listed building consent for the proposals have been discharged as part of the instruction. Montagu Evans provided specialist advice relating to matters such as the written and photographic recording of the building, and the salvage and reuse of interior items as part of the works of conversion.
Having previously been occupied by a single FRI tenant, 22 Tudor Street became a multi-tenanted office in February 2013. Montagu Evans was tasked with overseeing this transition and then managing the property on an on-going basis on behalf of the landlord client, Marcol Group.
A key part of this process was the implementation of a formal service charge. This was accomplished through competitive tendering, ensuring costs were kept as low as possible whilst also maintaining a high level of service provision. Tenants were closely consulted during this process in order to promote transparency and strong future working relationships.
The transition from single to multi-tenant occupancy was managed without incident and the building now runs very successfully. ...
Montagu Evans provided Plough Yard Developments Ltd with planning consultancy and heritage advice on a £250 million mixed use scheme, nicknamed The Stage. The name is intended to mark Shoreditch’s legacy and enduring role as one of London’s foremost artistic quarters.
The development comprises a total of six buildings including a residential 40 storey tower with 400 apartments, two offices buildings, a building for exhibition uses and a refurbished railway viaduct building with retail units.
Initial site investigations revealed the foundations of the Curtain Theatre, made famous as Shakespeare’s “Wooden O” where Shakespeare’s Romeo and Juliet was first performed. The historic remains will be preserved in a two-storey glass enclosure next to a Shakespeare museum and the open-air performance space.
The proposed plans by Pringle Brandon Drew Architects highlight a unique and interesting opportunity in the heart of ...
Montagu Evans provided expert planning and heritage advice for a contemporary New Engineering Building for the University of Sheffield that was contextually sensitive to its heritage setting.
Arising from a strategic estates review, the New Engineering Building provides state of the art engineering lecture theatres and library spaces in the heart of the Mappin Quarter, where the faculty is concentrated
The building enables significant improvements across the wider estate, delivering significant operational and pedagogical benefits.
The proposals required the demolition of one, later wing of the Grade II listed Jessop Hospital. The primary listed building was refurbished some years ago.
The striking, contemporary design is based on an engineering concept, and functions to reduce solar shading. It is also intended to reflect on the geometry and forms of historic buildings nearby. The overall area is c. 20,000 sqm....
Montagu Evans achieved for planning permission and conservation area consent for Scottish Widows Investment Partnership to redevelop this old BBC London Headquarters office building.
The proposals are to turn the building in to a series of luxury apartments and five mews houses designed by Dixon Jones. The mixed-use scheme (above) comprises 94,000 sq ft of residential and retail floorspace over nine levels — including two levels of basement parking — replacing the 1960s office building.
Our proposals included the demolition of the existing office building behind a retained and restored 1930s façade, to redistribute the scale bulk and massing to provide an appropriate high value residential development.
The proposals negotiated an off-site affordable arrangement whereby SWIP will contribute £8.7m to the council’s affordable housing fund....
Montagu Evans provided rating advice to our client Centre for Sight which led to a significant business rates reduction. This purpose built eye clinic and hospital was opened in 2009 and was landed with a £75,000 rates bill.
Montagu Evans disputed the method of valuation for a purpose built hospital/clinic for eye treatment. The connected rent was disregarded and The Valuation Office considered the best evidence of value was either local office rents or the actual costs of construction. The Valuation Tribunal Decision also confirmed the best evidence of value stemmed from similar hospitals/clinics nationwide adopting 'tone' building costs
Montagu Evans successfully challenged the valuation approach adopted by the Valuation Office which resulted in rates savings of about £50,000 per annum for our client.
307 Euston Road underwent an extensive refurbishment to create a new contemporary grade A office scheme located in the hub of a vibrant mix of high quality restaurants, shops, bars and entertainment within Noho and Fitzrovia area. Montagu Evans advised and acted on behalf of the landlord Bannis.
The Doctors Laboratory, which provides accredited pathology services, took a five-year lease on the entire 16,643 sq ft (1,546 sq m) office building at an annual rent of £610,000....
Marygreen Manor is a 4 star luxury hotel part of which dates back to 16th century. The hotel has 44 bedrooms and an award wining restaurant, and is situated in Brentwood close to the M25 motorway.
The Valuation Office Agency assessed the hotel at Rateable Value £257,000 from 1st April 2010. However, between the statutory valuation date of 1st April 2008, and the date that the rating list came into force - 1st April 2010 there had been a material change in the locality - the opening of a New Premier Inn.
We were able to persuade the Valuation Officer to reflect the material change by reducing the Rateable Value to £221,000, saving the client £115,000 in rates.
One New Change was opened in October 2010 as Land Securities’ latest development and newest shopping destination designed by Pritzker Prize-winning architect, Jean Nouvel. The shopping centre brought an additional 20,000 m2 of new retail/restaurant space to Cheapside. The development consists of about 60 units and is on 3 levels fronting Cheapside.
Our instructions were to negotiate with the Valuation Office Agency to ensure that the 2010 Rateable Values were fair and reasonable. In the absence of any direct 2008 rental evidence we had to adjust the actual rents being paid so that they fitted the hypothetical rental values at the statutory valuation date of 1 April 2008.
The Valuation Officer agreed to reduce all the Zone A values, with those in the peak being reduced by 35% and those on the upper and lower levels by over 50%. This resulted in substantial reductions in the Rateable Values of all the units, eg: 21 New Change Passage where ...
Our instructions were to negotiate with The Valuation Office Agency and to persuade them that our client's occupation of their property was in the nature of a different mode or category to that of a retail unit.
This resulted in a substantial reduction to their 2005 and 2010 rateable values, producing rate savings of over £960,000 over the life of the 2005 and 2010 rating list....
The Alternative Sector Capital Markets team at Montagu Evans advised PRUPIM on the purchase and redevelopment of this former public car park to provide student accommodation.
The development when completed will comprise three independent blocks (Blocks A, B and C) of brand new purpose built student accommodation providing 378 en-suite student rooms.
The Property will be let to Bournemouth Borough Council on FRI terms for a period of 26.5 years (from the date of grant). The lease incorporates annual rent reviews linked to RPI. On expiry of the lease term, the long leasehold interest reverts back to the council for £1.
The Property will be sub let to the Arts University Bournemouth (from the date of grant) on FRI terms for a period of 25 years with annual rent reviews linked to RPI.
The purchase price represents a net initial yield of c. 5%.
With a stable tenant providing increasing levels of income linked to RPI, the purchase of Madeira...
Montagu Evans provided secured lending valuation advice to Ahli United Bank in respect of investment loan being provided to Mansion Group for a newly built student housing development in Oxford.
No trading history; valuation involved assessing projected rental income levels for 2013/14 academic year;
Market Value assessment based on projected rental income levels, deferred until start of academic year, and capitalisation yield to reflect letting risks....
Stagecoach wanted to evaluate their UK Bus properties and assess how well their portfolio was performing. They turned to Montagu Evans.
The rail and coach operator has more than 250 leasehold and freehold properties and needed a clear picture of this mixed portfolio, addressing all tenancy and development issue in this diverse portfolio which included properties ranging from town centre retail properties and bus stations, to bus depots and operational rail assets throughout the United Kingdom.
As highly experienced property advisors used to the particular challenges of the transport sector, Montagu Evans were appointed by Stagecoach to provide analysis of all their properties and present it to their Chief Executive and Finance Directors.
Stagecoach had confidence that Montagu Evans can represent Stagecoach's best interests by effectively being their "Property Team".
Challenges and solutions
Montagu Evans provide a complete property service providi...
Rail Scheme to improve on existing and increase capacity; ME advising from inception of the scheme.
We have advised since the inception of the scheme from the promotion of the Transport and Works Act Order, taking possession of affected interests, assessing and negotiating compensation. We closely liaise with our client and provide a comprehensive service, and detailed reporting system through a Property Progress Schedule. The scheme is ongoing and is due to complete in 2017.
We have closely liaised with Network Rail to manage the possession process and ensure possession is secured without adverse media attention. We regularly meet with our client and report on progress through the provision of a Property Progress Schedule which provides a snap shot of the progress with each affected interest, in terms of possession date, claim negotiations, payments made, and settlements achieved. We have also provided and regularly update a Property Cost ...
Compulsory purchase of freehold owner occupied German TV and Radio Studio; ME advising
We are advising NDR, whose freehold operational property was compulsorily acquired for the Crossrail Scheme. We successfully secured an undertaking during the Crossrail Bill’s passage through parliament to give our client control over the timing of possession.
We secured the purchase of a suitable relocation property, and liaised with our client regarding the smooth relocation of their operations.
We continue to act in respect of formulating and negotiating the claim for the acquired freehold interest, the relocation costs and the technical and property fit-out at the relocation property. We work closely with our clients other consultants including project managers and technicians.
Our knowledge and experience of the promotion of Bills through Parliament enabled us, working together with NDR’s lawyers, to put forward a sound objection to the ...
Gala instructed Montagu Evans to review the business rates liability throughout their casino portfolio.
Northampton’s Regency is a well-established casino, which opened in the early 1980s and Montagu Evans were instructed to review the business rates for this casino. We referred to the various levels of value applicable to casino premises within Northampton and in the wider region.
Having regard to the available evidence, as well as variations in the number of competitors trading in the area, we were able to secure a reduction of 10% in the rating assessment for our client....
Montagu Evans acquired this prime south east leisure park in May 2010 for Legal & General for £10.52 million, reflecting a 6.90% NIY and successfully added significant value through an active management approach.
The scheme totals 51,300 sq ft and comprises a Cineworld cinema and four restaurant/retail units let to McDonalds, KFC, Frankie & Benny's and Blockbuster. The scheme has a very strong trading profile and was well let with an average weighted unexpired term certain of approximately 15 years.
Montagu Evans were retained to advise on rent reviews and asset management. The 2010 rent reviews were settled in excess of ERV, whilst strong restaurant demand was identified for the site. Our planning team subsequently obtained consent for two new restaurants, which were pre-let to Chiquito and Bella Italia at £26.50 psf, creating significant reversionary potential across the scheme.
Planning consent was subsequently obtained with named o...
Montagu Evans acquired this prime leisure park investment for CBRE Global Investors for £14.5 million.
The scheme totals 50,222 sq ft and comprises an Odeon cinema and two restaurants let to Frankie & Benny’s and Pizza Hut. The scheme has a very strong trading profile and sits immediately adjacent to Silverlink Shopping Park, a regional shopping destination.
Post purchase, Montagu Evans were retained to advise on rent reviews and asset management. Strong restaurant demand was identified for the site and planning consent was recently obtained for two new restaurants, which we pre-let to Bella Italia and Nando’s at £30 psf, creating significant reversionary potential across the scheme.
The park offers further asset management opportunities moving forward where Montagu Evans continues to advise.
Montagu Evans Capital Markets team advised PRUPIM on the purchase of a 381 space Carlton Street Car Park, Weston-Super-Mare, adjacent to the Dolphin Square shopping centre.
The property is held on a 199 year lease from North Somerset District Council and will be underlet to North Somerset Council on a new 45 year Full Repairing and Insuring lease with annual rental increases linked to RPI. On expiry of the lease terms, the long leasehold interest reverts back to the council for £1.
The purchase price of £9,500,000, represents a net initial yield of 3.78%.
With a stable tenant providing increasing levels of income linked to RPI, the purchase of Carlton Street Car Park possessed all the criteria for our client to enhance their overall property portfolio by providing predictable returns over the long term.
Our client was especially pleased to have secured this long lease investment with North Somerset District Council. Despite th...
Montagu Evans secured planning permission in 2010 for the comprehensive refurbishment of this office building together with significant roof extensions
The proposals also successfully incorporated new retail accommodation at ground floor, whilst avoiding the policy requirement for an equivalent amount of residential accommodation on site.
Through negotiation the permission was secured under delegated powers without a section 106 agreement. The building was completed and occupied.
Montagu Evans advised on the acquisition of a mixed-use portfolio comprising 24 UK-wide assets for £184 million on behalf of Mountgrange and Patron Capital. 9 assets totalling £91m were simultaneously sub-sold to CBREGi, Royal London Asset Management and F&C REIT.
The residual portfolio of 15 assets provides an attractive net initial yield of 9% reversionary to 13%. The primary sectors are: 41% south east offices, 18% distribution warehousing and 18% retail warehousing. The portfolio has a 4 year business plan to generate attractive returns in excess of 20% per annum.
The distressed portfolio was a complex deal as it began as fund recapitalisation and ultimately ended as a complete exit of all the assets in the vehicle. The vendor was forced to sell in a weak market where values have fallen by circa 65% since the peak.
For further information please contact Tom Paton Smith....
On this £500m residential redevelopment site of over 1.3m square feet over 4 acres on the Thames in Fulham we advised all clients with adjoining ownerships on the re-development of their sites including the appointment of the full professional team and architect to create a Masterplan for the sites.
We provided detailed development consultancy advice, appointment co-ordination and project management of the professional team, viability toolkit appraisals, Head lease and Freehold negotiations for a ‘collaboration agreement’ to enable re-development of this major development. The introduction of adjoining landowners within the Master plan provided for a unified approach.
We ran the professional team on behalf of the landowners; a Fund Manager and a development company, and negotiated ‘collaboration agreement’ between one of the landowners and the local authority. We then worked on the introduction of adjoining landowner...
This site in London’s Mayfair covers an area which is approximately 0.11ha and comprises three building elements; housing both residential and commercial uses and associated car parking. The proposals seek to demolish the existing buildings 51-53 Brick Street and 1-6 Yarmouth Place.
It will provide new residential and commercial accommodation (in the form of an apartment-hotel) comprising thirteen residential apartments and 46 aparthotel units in a new, energy efficient structure that responds to the local context. Proposals provide 65,592 sq. ft. (GIA) across 10 floors. The proposal also seeks to extend the existing basement car park to provide additional parking and plant services.
We have worked closely with our client to develop and advise on the planning, disposal strategy, including the marketing and negotiating the sale of the development.
The marketing campaign produced multiple offers an a sa...
Montagu Evans successfully resolved the land use issues surrounding the loss of medical floorspace within the Harley Street Special Policy Area.
Montagu Evans also successfully resolved the listed building issues of this Grade II listed building to achieve a workable layout for a high end residential house.
Montagu Evans advised on this residential-led, mixed use redevelopment of a canal side office building, service yard and car mechanic’s unit, within a highly urbanised and historically sensitive location in Camden Town.
Challenges and solution
Montagu Evans have provided planning advice to CIT on a range of large residential and mixed-use schemes in Camden and central London.
Planning Permission was achieved for this prominent scheme despite significant constraints imposed by heritage assets such as the Regent’s Canal Conservation Area and adjacent listed structures.
The scheme successfully regenerates this formerly neglected stretch of canal with the introduction of new pedestrian/cycle links from street to canal and a retail unit accessible from both the canal and street level above
We were successful in winning Planning Permission which was granted in under a year from conception.
Also the Affordable housing provision was successfully...
Working closely with our specialist lease advisory team, we were able to provide details of several reviews and lettings in the building which they had been handling, which eventually persuaded the Valuation Officer that the assessments were excessive.
We achieved a reduction in the assessment, and produced a saving to our client of over £1 million during the life of the 2010 rating list.
Between 2009 and 2012 Montagu Evans advised investor Kylun Ltd on a redevelopment comprising two tall buildings, encompassing 290 residential units, 179 bed hotel, offices and retail at Vauxhall Cross.
Challenges and solution
The redevelopment of the Vauxhall Island site, which forms the gateway to the VNEB Opportunity Area, will be instrumental in improving the public realm and pedestrian movements between the Vauxhall Transport Interchange and the Opportunity Area.
Montagu Evans managed the project team to prepare and submit a planning application which required an Environmental Impact Assessment and townscape analysis concerning the impact of the proposal on the setting of the Palace of Westminster. Montagu Evans also led discussions on s106, development viability and affordable housing.
The determination of the application was deferred while the Council began to develop alternative proposals for the site.&n...
In 2009 we were instructed as managing agents by AEW for a portfolio which has now grown to six retail parks throughout the UK.
Challenges and solution
Whilst we carry out a full property management service including the collection of rent and administration of the service charges we have been heavily involved in bringing forward development proposals for the parks including giving advice to AEW and their asset managers on all their proposals including advising on servicing, signage schemes, the layout of car parking and the common parts in general and liaising with tenants.
We have recently been advising on documentation required to secure retailers consents to a new cladding, canopy and signage scheme at one of the parks.
In November 2011 the company holding the Mercat Centre in Kirkcaldy was put into administration and the Administrators, KPMG instructed Montagu Evans to manage the centre on an interim basis and prepare it for sale.
Challenges and solution
Because of the circumstances, virtually no management information was handed over to us so in conjunction with the solicitors we had to establish tenancy records and set up a new service charge account. There were also very few records on site in respect of maintenance and testing so our facilities management team had to carry out a detailed review of all site processes and procedures to ensure that basic statutory and Health and Safety compliances were in place.
A significant amount of work was required to prepare the property for sale but this was achieved in a short period of time and the sale of the centre has now been successfully concluded.
We were instructed by Rockspring in 2010 to carry out pre-purchase due diligence for their acquisition of The Trinity Centre and were then instructed to manage the property on a day to day basis which includes the collection of rents, management of the service charge and management of the onsite staff.
Challenges and solution
A significant aspect of this instruction was the identification at the time of the purchase of various major repair items which were required to be carried out due to a lack of proper planned maintenance in the past. These works include the renewal of all the passenger lifts and goods lifts, renewal or major refurbishment of the roof, refurbishment of the public toilets and renewal of much of the electricity supply system including the replacement of most of the distribution boards. This has resulted in a significant increase in the service charge which has had to be carefully budgeted and managed with particularly close consultatio...
Montagu Evans advised L&G following the former Tenant’s (Woolworths) demise into administration, on all aspects of the project including securing vacant possession, alternative occupier demand & tenant mix, the best alternative configuration, subdivision and layout of the building, planning and rental & investment value .
The transformation of a single let, vacant 80,000 sq ft retail warehouse unit into a 7 unit shopping park doubling its value. Lettings undertaken to Tenants including Arcadia, Boots, JD Sports, Poundland & Toys R Us.
Montagu Evans team, including people from retail agency, planning and innvestment required to deliver the end solution of a fully income producing retail park asset. The team provided advice including:
Identification of alternative occupiers
Securing planning for multiple subdivisions, mezzanines and totem signage
Pre-letting, agency & rental advice
Negotiating 7 new lettings on behalf of...
St. David's Partnership wished to merge existing ownerships and develop an extension to the existing St. David's Centre. The Partnership in tandem with the Welsh Assembly Government applied for a Compulsory Purchase Order (CPO) to develop the site as well as an associated Stopping Up Order.
The Partnership was keen to take a pro-active approach towards site assembly before CPO powers were implemented and instructed Montagu Evans to advise on land acquisitions and associated purchase strategy. Montagu Evans were able to provide a blend of commercial know how and CPO experience in order to develop and implement an acquisition strategy tailored to the Partnership's needs.
Challenges and solution
Key to the success of the project was open dialogue and early negotiations with stakeholders who would be displaced by the project.
The CPO process can be lengthy and costly. We applied sensitive negotiation skills to minimise opposition to the shopp...
On behalf of the London Borough of Brent, Montagu Evans took sole responsibility for advising the Council in connection with all planning and compulsory purchase / land assembly matters arising from two highways schemes which have been key to the National Stadium development and a precursor to regeneration.
Montagu Evans advised the Council from the conception of these highways schemes, consulting with affected parties and preparing estimates to inform final highways alignments. The firm then played a key role in advising the Council on the CPO process, ultimately securing two confirmed CPOs, undertaking subsequent land acquisition work and negotiating compensation claims. Effected uses included open sites, manufacturing and workshop premises, waste transfer businesses and large rail assisted distribution centres.
We represented the Council in Upper Tribunal (Lands Chamber) proceedings. All cases were successfully settled by negotiation, thereby removing th...
Architectural Association blends old with new as enlarged Bedford Square campus takes shape
The Architectural Association were keen to review their property portfolio and consolidate what was a piecemeal site into a cohesive campus.
According to partner Geoff Davey, “They wanted a single agency that could assess existing assets and negotiate new acquisitions. And with our experience across both, it felt like a good fit to us.”
As Geoff and his team started to analyse the Bedford Square site to identify which properties could usefully be acquired, it became clear that many of the properties were Grade 1 listed – which would affect how they could be combined in the campus scheme.
So Montagu Evans:
advised on planning and heritage issues
renegotiated existing leases
worked closely with freeholders to obtain planning consents.
In just two years, the Architectural Associati...
After winning the train operating franchise for trains out of Waterloo, South West Trains needed to re-structure their leased offices at Friars Bridge Court. They also needed to extend their occupancy for 6 years in this landmark Grade A office building
Due to the nature of the market, which whilst stabilising after the steep falls in 2009, was still weak in this area, there was the opportunity to see not only a significant reduction in rent, but also introduce unusual elements to the modern leases.
In negotiations with the landlord, we had to introduce unusual concepts, including a longer term than normal with no review; a declining rental over the period of the lease and other specific requirements which were non-standard.
We provided advice covering:
consider not only options within the building but also look at the availability of other premises in the vicinity
A full understanding of rights under the Landlord & Ten...
Gleneagles Hotel and resort while viewed by some as a five star hotel that is only part of the resort and the valuation has to address the unique character of the many properties in this valuation and also the value, or lack of them, of the multitude of income streams.
Montagu Evans has been advising Gleneagles on their rating liabilities from 2000 to the present date with the financial impact of our current negotiations lasting through to 2015.
Our team knew they needed to persuade the authorities that Gleneagles was an exceptional case, and did so by:
Negotiating the current 2010 revaluation assessment prior to the revaluation in an attempt to reach a pre-agreement
Lodging formal appeal against the assessment of £2,500,000 rateable value
Negotiating with the Assessor in attempting to reach a satisfactory reduced rateable value
Making a joint application with the Assessor for the appeal to be heard by the Lands Tribunal should negotiat...
Trying to make a business case for London’s very first luxury 112 apartment retirement village against the backdrop of the credit crunch could have proved a non-starter., which is why LifeCare Residences turned to Montagu Evans.
We advised Barclays in the form of a substantive research report identifying key trends in respect of extra care retirement housing in London supplementing valuation advice.
Viability for this scheme changed considerably during the pre-development period and it was necessary to review and contextualise the original proposals in the light of changing market conditions to maintain the confidence of the bank and ensure a viable development.
We provided detailed reports and research including:
changing market conditions that altered what could practically be achieved
poor economic conditions making it tricky to secure funding
having to undertake in depth research to help lender...
TAG wanted to make improvements to Farnborough Airport but were potentially faced with many compensation claims. They needed expert property advice, so they turned to Montagu Evans.
The team had a thorough knowledge of the Land Compensation Act 1973, so were well placed to advise whether any of the 247 claims were legitimate.
As well as needing a detailed knowledge of the Land Compensation Act, the project needed:
advice on whether aircraft noise levels were acceptable
detailed explanations of how the compensation claims could be contested
a good working relationships between Montagu Evans and TAG’s team including their lawyers.
As a result of detailed work every claim was rejected and the improvement works went ahead as planned.
Carillion took on a very complex DBFO road-building project involving multiple compulsory purchases and lots of compliance orders.
Carillion Construction won the design, build and operate contract for a road bridge and dual carriageway in Kent, the A249. Acquiring the properties in the proposed path required delicate negotiations with their current owners, while neighbouring parties raised concerns about noise pollution. Both issues required professional advice.
Montagu Evans advised Carillion on their DBFO contract, and on a schedule of accommodation works and negotiated these with the effected parties. Where necessary we agreed compensation with claimants under Part 1 of the 1973 Land Compensation Act.
Having represented clients in many cases involving claims for compensation relating to compulsory purchase orders, Montagu Evans were able to provide Carillion with a complete service resulting in only one Part 1 claim.
Montagu Evans were initially instructed to assist the parliamentary process required to promote and ultimately secure the Channel Tunnel Rail Link Act 1996. Subsequently, the firm was instructed to manage and undertake all property and land acquisitions under compulsory purchase within the St. Pancras Terminus area.
Montagu Evans were instructed on account of the firm's substantial experience with rail infrastructure and transport schemes. This was coupled with the firm's reputation for providing partner facing advice consistently over lengthy periods of time.
Montagu Evans worked in tandem with the property team at Union Railways on a day to day basis over a ten year period and secured the acquisition of over a 150 separate land interests within the Terminus area. The acquisitions were secured on time and without recourse to forcible possessions and the potential for adverse media attention.
The list of diverse land ...
Xscape is one of Scotland’s premier leisure destinations providing 375,000 sqft of leisure, restaurant and retail space, within 36 units over two trading levels. It is anchored by a 12 screen Odeon cinema and contains Scotland’s only purpose building ski slope.
Xscape were looking for a highly regarded letting agent with contacts in the market nationally as well as having detailed local market knoweldge. They choose us because we have delivered on other schemes and have such a good knowledge of the UK licensed and leisure market.
Tricky economic conditions meant several units at Xscape were unoccupied.
The challenge for us was to identifying and securing new operators with fresh and exciting leisure concepts.
Together our team achieved these changes by:
identifying and securing six new tenants
conducted rent reviews for existing tenants
enhanced overall value of site by attracting new retailers...
Vauxhall Cross Island to become prime residential site thanks to Montagu Evans’ planning insight
A three-year-long bid to gain permission to build a hotel and residential towers on a small brownfield site required the agreement of central government. Without experience of planning and bidding at this level, Wendover Estates needed outside help to realise their vision for Vauxhall Cross. They turned to Montagu Evans.
“This was a very small site,” says Montagu Evans partner Adrian Owen, “and Wendover had no expertise in securing planning permission. So we really had to lead from the front".
“Fortunately, we’ve got a long track record in securing development agreements to maximise our clients’ potential. So we felt confident.”
Adrian and his team were the lynchpin in the successful application to build two 30+ storey residential towers on a site of less than an acre. This involved:
Montagu Evans advised our client Harrods who had acquired 68 Hammersmith Road in 2012 with a total aggregate 2010 RV of £1.3 million.
Harrods carried out a major refurbishment of the premises and Montagu Evans were able to persuade the Valuation Office to apply a zero-rate for the offices during the Cat A and Cat B works that lasted for 7 months. This produced a total saving in liability of £367,000....
In what became one of the defining events of the London riots of summer 2011, 638 High Road was destroyed by fire on the nights of 6 and 7 August 2011. This resulted in the loss of the 1930s building which comprised a Carpetright store at ground floor and 26 residential units above. As the freehold owner, Threadneedle Pensions Ltd needed to reinstate the premises.
Montagu Evans prepared and submitted a complex planning application for the reinstatement of the building. This was carried out within the context of the legal position regarding fire damaged buildings, in that once a building is destroyed, its existing planning ‘use-rights’ are lost.
The process involved close consultation with planners and members at the London Borough of Haringey, as well as with residents and local amenity groups.
As a totemic redevelopment scheme for Tottenham’s recovery in the wake of the riots, quick delivery of a planning...
Letting and refurbishment of offices for Aerium & Allied London.
This 40,000 sq ft major refurbishment and letting project started in 2009 and was completed 2012.
Montagu Evans advised Allied London on the acquisition of this vacant and dated office building in 2009 and subsequently provided development consultancy as part of the professional team that devised a ‘back to structure’ refurbishment programme and secured the necessary planning permission in 2011 via the our in house experienced Planning team.
We devised and implemented a pre-letting marketing campaign which resulted in securing a single tenant (Odgers Berndton) on a single lease for the entire building at what was a record rent for a refurbished building.
The letting of the space ahead of practical completion made significant cost savings for the client (no letting void, holding costs and a reduction in the cost of developmen...
The sensitive extension of one of the world’s most prestigious museums required expert planning and heritage advice. That’s why the British Museum turned to Montagu Evans. We advised on a c. 20,000 sqm extension to the Grade I listed museum in the Bloomsbury Conservation Area
Montagu Evans assisted in all aspects of planning consultancy to realise the proposals which involved demolition of later parts of the building, and the construction of a bespoke wing, combining multiple basement storage levels, a loading bay and lift for object movement, a temporary exhibition facility to the international standards, and science and conservation studios and laboratories
The architects were Rogers Stirk Harbour, and the design is for a striking contemporary building, using steel, stone and glass, immediately abutting the Burnet wing of the Museum....
Mace Group wanted to acquire a former NHS site and redevelop it as student accommodation. They needed someone with experienced in the property market and to assist them to make a case for the scheme to be fully forward-funded and they turned to Montagu Evans.
Viability for this development changed considerably during the period of development and it was necessary to re-work the scheme to ensure a viable development whilst maintaining the aspirations of the Local Planning Authority
There were other challenges too:
project viability changed along with economic conditions
local planning authority terms needed to be accommodated accordingly
development needed to be forward funded – a precedent in the university accommodation sector.
With extensive local knowledge we advised Mace Group on Edinburgh’s healthy demand for student accommodation and the costs and viability of providing a new accommodation bloc...
Henderson was keen to dispose of the 105-tenant Gillingham Business Park and free up capital during a challenging economic period in 2011. The mixture of businesses on the site made marketing it to a potential new owner particularly troublesome, Montagu Evans was then appointed to advice on resolving all the issues.
With our experience in selling asset management-intensive properties, we were confident that we could help Henderson divest themselves of this asset.
We successful disposed of this multi-let industrial and office park comprising approximately 689,561 sq ft of industrial, trade counter and office accommodation set within 127 acres.
Let on 81 tenancies at a gross rent of £3,211,000 per annum with a WAULT of 9 years.
Long Leasehold from Medway Council at c. 10% of rents received.
The purchase price was £32.5 million, reflecting a net initial yield of 8.50%.
We provided advice on every aspect of the project, from brochure d...
Montagu Evans were retained by Moneysupermarket as advisors to identify new London offices for their expanding business.
We provided a full analysis of the client's present and future needs before conducting a comprehensive market search considering various sub-markets
We secured leases on 12,000 sq ft and negotiated phased rent free incentives.
Working on behalf of Rothschild we worked to move them to 93,000 sq ft self contained listed office building. The project started in 2010 and should be completed by 2012.
Montagu Evans advised Rothschild on their exit from 1 King William Street, their former headquarters to their newly built adjacent headquarters building at New Court, St Swithin’s Lane London EC4.
Our detailed consultancy service including liaising with the professional teams in order to devise, price and plan a refurbishment and subletting project capable of implementation immediately upon vacation by Rothschild.
We negotiated on their behalf a surrender transaction with the Japanese Landlord, NT&T which mitigated Rothschild’s outstanding lease liability and also settled all outstanding dilapidations and reinstatement obligations.
A key aspect of our advice was that any surrender negotiations had to remain co...
Jarvis Hotels went into administration, leaving the freehold owner of the Heathrow site in breach of its bank loan. Deutsche Postbank needed advice on whether to call in the debt or find a new hotel tenant. As Montagu Evans has experience both in the debt restructuring and in the Heathrow’s industrial and leisure facilities it made sense to ask us to provide a detailed analysis of the local hotel market and the hotel’s value.
This situation presented a significant problem for both the freeholder (borrower) – who needed to keep the property trading – and the bank who had a significant debt secured against the property.
Deutsche Postbank had lent significant sums to the hotel freeholder and needed to be sure their loan could be repaid, therefore we provided valuation advice including:
A review of the trading performance of the hotel
Reviewing trading projections provided by the borrower, having regard to ...
Montagu Evans were appointed to advise on surplus office accommodation formerly occupier by a group company. We made our recommendations for a leasing strategy and marketing initiatives, implementing them soon after formal instructions.
We agreed terms to assign the lease on the 4th floor (13,504 sq ft) to Universal Music at a passing rent of £25.24 psf. The lease had 5 years unexpired. ...
Montagu Evans purchased this 96,000 sq ft Grade A office development close to Leeds City Centre for our client. It was hailed as one of the most significant office investment transactions in the region in 2011.
From introducing the opportunity through to completion, we provided our client with advice on due diligence, bidding and contract negotiation.
Purchased for £24.25 million, buying for a German fund from receivers, reflecting a net initial yield of 7.81%.It is currently let to the government’s Communities and Local Government department. It houses the Highways Agency and the Government Office for Yorkshire and Humber with leases set to run until 2021....
Acting for Warner Estate Holdings Plc we acquired 56,500 sq ft major office refurbishment & letting project which started in 2007 and completed in 2011
Montagu Evans advised WEH Plc on the investment acquisition of income producing Grade II listed building in 2007, negotiatating favourable terms for the surrender of the occupational leasehold interest in 200. Subsequently we provided development consultancy as part of the professional team to devised a comprehensive refurbishment programme.
We devised and implemented a marketing campaign which resulted in securing 6 office tenants for the completed building with each letting demonstrating a new higher rental level than the previous transaction thus facilitating the creation of a valuable end investment for the client.
60 New Broad Street was fully let well ahead of the other competing buildings, thereby minimising the void costs for the client.
Montagu Evans secured planning permission for the use of the upper floors as five new lateral apartments together with a roof extension, new windows and replacement shopfront.
The building was located in the Harley Street Conservation Area and identified as a building of merit, which should not have any roof extensions permitted. Montagu Evans liaised with Westminster City Council, to secure an appropriate form.
Montagu Evans also negotiated a Payment in lieu towards affordable housing as opposed to on site provision. The permissions were secured quickly through delegated powers with very few conditions.
Montagu Evans advised the client through the construction process with regard to amendments and discharge of conditions....
The Buncefield explosion has become notorious; Montagu Evans’ sensitive compensation advice ensured its aftermath was not
When the Buncefield Oil Terminal exploded, several neighbouring businesses were decimated. Total UK needed to compensate all parties and were seeking advice on property values. They turned to Montagu Evans.
According to partner Mark Whitfield, “Total UK were aware of our track record in valuation. They asked us to advise on the warehouse market and demonstrate how values had been affected by the economic downturn.”
There were a number of challenges with a case like this, not least:
20 separate compensation claims
some businesses could not rebuild due to new safety laws
separating changing economic conditions from lost business potential.
Mark, Geoff Davey and Liz Dovey used their sensitivity and negotiation skills to talk to local businesses on ...
Montagu Evans provided expert heritage advice in regard to the provision of new living accommodation for 250 students, academic facilities and ancillary uses at the Acland Site.
The advice comprised of an assessment of the contribution the existing buildings on the site made to the character and appearance of the North Oxford Victorian Suburb Conservation Area. This informed the contextual design of the proposal building, which we also provided a Heritage Assessment for.
We worked with the University and Oxford City Council as part of an iterative design process. Following discussions with the local authority and English Heritage, the proposals were amended so as to retain what is considered to be the only element of significant interest on the site, the centre block of the partially completed Jackson range.
The high quality proposal was considered to enhance the Conservation Area through providing different architectural responses to the Banbury and Woodstock Roads...
Montagu Evans introduced this £37.62million Grade A office building to our client, providing an opportunity to purchase from a distressed vendor shortly after the collapse of Lehman Brothers.
We advised throughout the whole acquisition process and submitted a full purchase report on completion.
The asset was successfully sold on within 9 months for a £14 million profit....
Through active asset management and strong marketing activity, Friary Street has been transformed into one of Guildford's premium retail and leisure thoroughfares linking Friary Centre to Debenhams and the High Street.
The site is 100% let with new retailers to the Street including TK Maxx, Jamie Oliver, Yo Sushi, Rush, 5 Guys, Thaikhun, who join the existing tenants which include New Look, Wagamam's and Apple franchise Solutions Inc.
Continuing asset management of the Street to satisfy increasing demand from new retailers ensures that Friary Street continues to grow significantly as an asset for our client....