» Eastpoint Business Park - Dublin
Agency and Strategic Corporate Consultancy
Misys Limited, now Finastra, had lease commitments on 110,000 sq ft of surplus offices. Through adverse market conditions, we successfully advised on the letting of 44,000 sq ft of offices to Google, and a further 63,000 sq ft to Arvato Finance, a subsidiary of Bertelsmann, on a Business Park, where at the time of these lettings, over 700,000 sq ft of office space was available and vacant.
Through our advice and viability assessments, managing the process for a €4,000,000 refurbishment that led to the lettings, and minimised our client’s exposure to ongoing financial liabilities and future dilapidation obligations, our advice effected a multimillion euro saving for our client.
» Archant - Ipswich
Agency and Strategic Corporate Consultancy
Archant occupied an historic 1.7-acre town centre site, home to the former print works, offices and facilities. Through rationalisation the site was outdated, too large for the reduced staffing numbers and expensive to maintain. A decision was taken to sell the site for best value, upon which Collins Commercial were instructed.
Through a strategic consultation process and an internal working group formed by Archant, we identified a reduced occupational requirement for around 10,000 sq ft of offices in Ipswich which were to be leased, in a prominent town centre location. We were appointed to strategically manage the entire process of site sale, identification of alternative premises and acquisition.
Collins Commercial identified a number of shortlisted options which included a self-contained property that was only available to purchase freehold. This preferred property fell outside Archant’s remit and Board policy to divest of freeholds and occupy premises by way of a lease. In addition, the property required a full refurbishment prior to occupation by any tenant, which had a negative impact on value, further moving the target price away from commercial viability.
Given the location of the property, its size, media style, history and unique features, through preparation of development appraisals, viability reports, planning advice and investment assessment, we convinced Archant to purchase the building and undertake a £1,000,000 refurbishment for their own occupation.
We directed, surveyors, planning consultants, external project managers, interior designers and furniture suppliers on the refurbishment, layouts and delivery of the property, ensuring the project came within approved budgets and timescales.
The instruction was always to sell the created refurbished investment on completion by way of a sale and leaseback for a period of 10 years. During the entire 18-month process and prior to completion we forward sold the investment to Ipswich Borough Council on a competitive yield, which delivered a 20% profit on cost for Archant. We provided the development expertise throughout the process, managing the budgets and controlling the professional team.
» Archant High Road – Ilford
Agency and Strategic Corporate Consultancy
Archant occupied a 20,000 sq ft freehold office building which was outdated and greater than their occupational needs.
Following initial advice from their Group corporate property advisers, the recommended strategy was that the building should be generally marketed, for its current use, where book value of £2,100.000 could be achieved. Given the recent successes at Ipswich, Collins Commercial were asked to review this advice and strategy.
Following a site inspection it was clear, that as the neighbouring former office and banqueting suite was being redeveloped for a high density residential led development, there must be redevelopment potential for Archant’s site. We recommended that a planning assessment be undertaken to establish policy and opportunity.
Following our initial investigations, we established that the subject site had been identified in the GLA’s, Cross-Rail Area Action Plan as being a site suitable to accommodate a “Tall Building”. This means 10 storeys or more.
We were immediately appointed to bring together the professional team that could deliver added value, through pursuing a “Development Brief” for the site. We collaborated closely and regularly with Redbridge Borough Council at the highest level, together with the GLA, securing support for a residential led scheme, despite certain site constraints, that would provide high density development over 3 blocks, ranging from 10 to 20 storeys, and providing around 300 residential apartments.
Our recommendation to Archant was NOT to obtain a detailed planning permission for a scheme that would never be built, or incur the associated costs. We recommended securing a committee letter of support from Redbridge and the GLA to the principles of an outline scheme that dealt with height, massing, and quantum so as to be able to value the site and eventually take to market for sale on an unconditional basis.
We interviewed, and subsequently appointed Savills Central London residential team that specialises in the development land sales in the East of London to work alongside Collins Commercial to achieve best results.
Following an extensive and professional marketing campaign, a best bids process and review, we sold the site to an owner occupier/developer on a totally unconditional basis within 10 working days for £8,050,000 cash.
» Norwich City Football Club - Norwich
Development Consultancy and Project Coordination Services
NCFC were required by Health and Safety to build a new 6,000-seater Stand and upgrade the outdated facilities throughout the Stadium. The cost of replacing the Stand, was circa £7,000,000.
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 overall 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 deliver new best in class facilities including 2 new Stands increasing capacity to 26,000, 330 riverside apartments, an 150 bedroomed 4* core brand Holiday Inn Hotel, Restaurants, Car Parking, Affordable Housing, Multi Use Games Area, Public Open Space, pre-let high class Offices and ancillary facilities within the new Stands.
As a result of these early successes we advised upon and acquired an adjoining site for the development of a further 6.5 acres to enhance the facilities and place making. 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, trebling the value from the original purchase price.
Through the advice and development expertise of Collins Commercial, the practice was responsible for the largest financial contributions to the club, outside of those provided by the Shareholders.
» W. Wing Yip – Newport Road Cardiff
Development Consultancy and Project Coordination Services
On behalf of the UK’s leading Oriental Cash and Carry operator, whose property interests we have represented for more than 25 years, we purchased freehold a 3-acre site on Cardiff’s premier out of town retail location, Newport Road, for the future development of a 70,000 sq ft store and ancillary accommodation.
Following the off-market purchase, we were instructed to secure a tenant for the existing 40,000 sq ft retail store given plans for redevelopment were some 3 to 5 years away. This we achieved through appointing and working with local Cardiff agents within 3 months of the purchase.
As the original land purchase was insufficient to accommodate the proposed store and ancillary functions, we embarked upon a site assembly programme of adjoining sites. We purchased two adjoining long leasehold interests over the next 2 years from commercial enterprises, off market at market value, giving an increased site area of 5.5 acres.
During this time, we retained our tenant on the frontage property, gradually increasing the rents when the short-term arrangements expired.
Part of our strategy, following the purchase of the long leases was to buy in the freehold interests, which were held by Cardiff City Council.
We entered into negotiations with CCC, finally agreeing to buy in the freehold interests, thereby allowing us to extinguish the long leases. This transaction was also subject to an overage payment to CCC, should we increase the value of the purchased sites by securing planning permission for higher value uses than that which the site was purchased. This in itself saved our clients £1,500,000 from CCC’s initial expectations on sale price.
Due to the evolvement of our client’s business, a strategic decision was taken not to build a store in Cardiff. This in turn opened up new opportunities to consider redevelopment of the site for other purposes.
Over an 18 months period, we brought together and managed a professional team of Architects, Planning Consultants, Agents, Engineers, and specialist consultants to advise on all aspects of due diligence that is required to bring forward a planning permission and development.
We agreed a new retail scheme which has been 100% pre-let to tenants, arranged for the relocation of our existing tenant of 10 years, and assessed the impact and mitigation measures required that surround the overage agreement with CCC, without detriment to the overall scheme.
We provide financial and funding advice to the client together with development appraisals, and viability assessments to ensure that the scheme is built to institutional standards, albeit it will be retained as a long-term investment for W. Wing Yip forming part of their multi-million-pound property portfolio which we strategically advise upon.
