Norwich City Football Club.
» Development Consultancy and Project Coordination Services
Norwich City Football Club.
NCFC were required by Health and Safety to build a new Stand and upgrade the outdated facilities throughout the Stadium. The cost of replacing the Stand alone, was circa £7,000,000. The club did not have the funds, and we were invited to submit our recommendations as to how best to achieve what was required through development opportunity.
Following submission of our strategic report and recommendations, and a competitive pitch against a multinational practice, Collins Commercial were appointed with the lead Executive role and responsibility for the delivery of the brief. This included the appointment of the entire Professional team and preferred contractors, Masterplanning, Planning, Infrastructure, Development Consultancy, Agency, Project Management Services and Funding, of the redevelopment of the 13-acre City Centre Football Stadium.
Over an 8-year development programme we were able to provide new world class facilities including 2 new Stands, 330 riverside apartments, a 150 bedroomed 4* core brand Holiday Inn Hotel, Restaurants, Car Parking, Affordable Housing, Multi Use Games Area, Public Open Space, high class Offices and ancillary facilities within the new Stands.
As a result of the early success we advised upon and acquired adjoining land for the development of a further 6.5 acres. This site was purchased with the benefit of outline planning for 110 residential units. We subsequently took this back to planning to enhance the consent and value, where we secured consent for an additional 300 Residential units and Loft Apartments, specialist Retail and Infrastructure.
Through the advice and development expertise of Collins Commercial, the practice was responsible for the largest financial contributions to the club, outside of the Shareholders.
Following an initial instruction to advise on the development potential of an occupied, but redundant 1.7-acre town centre site, entering into a joint venture agreement with developers to promote the site through the planning process for redevelopment for Sheltered Housing, which would upon receipt of planning provide the highest land value for sale realisation. As a result of this success, our client had to relocate off site within 12 months of the sale. In tandem with pursuing the sale of the site, we undertook a detailed brief to search for a suitable new Ipswich office for Archant Community Media of 10,000 sq ft in Ipswich town centre meeting a specific set of demands.
Through the search process, we identified an outdated self-contained building being the best option for the business, that was only available by way of freehold purchase and required significant upgrading prior to occupation. This was contrary to the strategy the Board sought, who wished to lease new high-quality premises.
We persuaded the Board to purchase the property, as it best suited the business needs, subject to undertaking a full £1 million refurbishment. Upon completion, we would sell the refurbished office building by way of a sale and leaseback.
Collins Commercial advised on the following project aspects: -
- Client requirements, working practices and space utilisation.
- Search for on and off market opportunities.
- Value assessment and suitability of the preferred option to purchase including financial appraisals benchmarked against other options.
- Instructing and controlling 3rd party surveyors on behalf of the client on all due diligence prior to purchase, including full structural surveys, M&E, asbestos and flood risk assessments.
- Advising on the acquisition process, legal process, timing, development appraisals and market yields for assessing the resale value of the created investment.
- Agreeing specifications of finishes as required in the current investment market.
- Ensuring the agreed Scope of Works was implemented and suitable Warranties and guarantees were provided by the professionally appointed team.
- Project coordination of the refurbishment.
- Advising on the lease terms for the sale and leaseback.
- Agreeing an off-market sale (yet competitive) of the property to Ipswich Borough Council of the completed development.
- Post completion issues and release of retentions.
This entire project spanned a period of 2 years from initial instruction to completion of the redevelopment of the new offices. A significant six figure financial profit was created for the client, in addition to the disposal of a redundant and problematic site, with the potential for a negative site value, and the procurement of a new Grade A flagship building for the 100+ relocated staff.
» Agency and Strategic Corporate Consultancy
Eastpoint Business Park - Dublin
On behalf of Misys Limited through adverse market conditions, successfully letting 44,000 sq ft to Google, and a further 63,000 sq ft to Arvato Finance, a subsidiary of Bertelsmann, on a Business Park.