SWIP (Scottish Widows Investment Partnership) today announces that its Airport Industrial Property Unit Trust (AIPUT), a specialist owner and manager of airport related industrial warehouses, has signed a significant letting with Expeditors International an existing operator at Glasgow Airport.
Expeditors, a leading global logistics company headquartered in Seattle, Washington, has committed to taking 15,000 sq ft of warehousing space at AIPUT’s Air Cargo Centre to consolidate its freight hub operation at Glasgow Airport and grow its logistics services to its international client-base.
This is one of the most significant ‘off airport’ lettings at Glasgow Airport in the last five years.
Air Cargo Centre - situated adjacent to Glasgow Airport - is a strategic asset for AIPUT and currently provides approximately 150,000 sq ft of quality warehousing space to the aviation community. The estate is already home to a number of international renowned names including UPS, UTI Worldwide, Alpha Catering and Saints Transport.
There is currently strong interest being expressed in the last remaining unit on the estate which extends to approximately 10,000 sq ft.
Nick Smith, Fund Manager for AIPUT within SWIP’s Real Estate Team, commented:“SWIP, on behalf of AIPUT, is delighted and proud to be announcing this significant transaction alongside their established and valued customer Expeditors.This deal represents a significant commitment from both AIPUT and Expeditors to Glasgow Airport and reaffirms Glasgow Airport’s ambition as a growing international airport.
“This project is indicative of how AIPUT is dedicated to delivering world-class solutions and service excellence to our customers, and in delivering an exceptional asset for our investors.We look forward to forging a deeper and stronger relationship with Expeditors both here in Glasgow and at our other holdings throughout the UK.”
Neil Cockburn, Director of the Glasgow Office of Jones Lang LaSalle, commented:“AIPUT’s flexibility and commitment to delivering a quality product was instrumental in ensuring that Expeditors remained and indeed expanded their operation within Air Cargo Centre at Glasgow Airport.”
Expeditors were represented by O’Connor Kennedy Turtle.
AIPUT was represented by Jones Lang LaSalle, Ryden, Chappell King and Dundas & Wilson.
The latest barometer for the state of Northern Ireland's housing market has confirmed what other surveys have reported - house prices are back on the up.
The latest University of Ulster quarterly house price index found the average cost of a new home during the first quarter of 2013 was just over £131,000.
Weighted across house types, that represents an increase just shy of 2 per cent over the past year.
The survey, produced along with the Bank of Ireland and the Housing Executive, perhaps gives the most accurate picture of the north's housing market.
It comes after the Royal Institution of Chartered Surveyors (RICS) survey reported house prices were on the increase for the first time since the property crash in 2007.
The University of Ulster said results of their index pointed to a "tentative recovery".
It covered 1,407 open market transactions from a network of estate agents, up more than 50 per cent on the same period in 2012.
The report cautioned that performance across Northern Ireland was still highly variable and the market remained vulnerable to shocks.
Its authors, Professor Alastair Adair, Professor Stanley McGreal, Dr David McIlhatton and Dr John McCord, said: "The first quarter survey provides further support to the argument that the housing market is showing tentative signs of recovery, with the volume of transactions up again this quarter and with a weighted rate of increase of 1.9 per cent in the aggregate market compared to the same quarter in 2012."
Almost three quarters of the total sample sold at below £150,000 with 45 per cent going for less than £100,000.
Meanwhile, almost a third of sales were terrace or townhouses while the representation of semi-detached homes was also higher at 28 per cent.
Alan Bridle, UK economist at Bank of Ireland UK, said: "Higher demand from both first-time buyers at the new price points coupled with investors attracted by rental yields on some properties are reported as key drivers of increased activity, particularly in the Belfast market.
"Some modest loosening in the mortgage market, partly as a result of the UK Funding for Lending scheme, and a perception that prices may have bottomed in the more urban locations may also be positive influences. Seasonal trends should be supportive of higher sales volumes over the next few months."
The Housing Executive's head of research Joe Frey said: "Further signs of a stabilising housing market are to be welcomed but economic fundamentals in Northern Ireland remain weak, suggesting that any upturn in the market is some way off."
The strongest-performing sector was detached houses, up 6.4 per cent over a year to an average of £215,26 while terraced/townhouses were up 5.5 per cent to an average of £85,351.
In contrast, semi-detached bungalows fell 11.5 per cent to £103,180 and semi-detached houses dropped by 5.3 per cent to £124,605.
There were regional variations also. In Belfast the volume of sales recorded was up, although the price of £135,385 was lower - reflecting a high concentration of terraced/townhouses and apartments in the sales.
South Belfast remained the highest-priced area in Northern Ireland while North Belfast was the least expensive.
The news over the past few years about commercial property has often involved doom and gloom, with premises becoming vacant and some companies being tipped into insolvency by their property commitments. But a lot of problems were due to the fact property had been acquired years ago on inflexible terms, such as rents that were too high, or having to pay three months rent in advance.
The commercial property market has evolved considerably over recent years, particularly with the pressure resulting from the tough economic times. There are now deals on offer which could make it worthwhile businesses dipping their toe back into property before things change again. I believe there is unlikely to be a better time to do deals and, in some cases, property can be just the launch pad a business needs to move to the next level.
While trends such as internet shopping and remote working are on the up, they do not replace the need for physical places for people to shop, or showrooms and offices for working, because people still crave real experiences and face-to-face interaction. Therefore, property is still a worthwhile investment for many businesses and often a necessity for successful expansion for SMEs.
Market standard lease terms have changed a lot since those which were common around 10 years ago. At that time, terms were leases more than 10 years long. And 10 years was seen as short, as leases had previously often been over 21 years with no right for a tenant to end the lease early. Rent did not go down. Instead, it could go up every five years and service charges payable by tenants could be enormous.
There were calls for laws to regulate the terms allowed in leases. The property market has tried to stave off such laws, saying there is self-regulation with market pressures. So commercial property professionals and industry bodies representing both owners (landlords) and occupiers (tenants) have introduced a code of good practice. This is a good place to look if you want to know more about lease terms. The code and the market have made a difference to lease terms, which are now more flexible.
What's more, there are now properties where deals are ripe for the picking. There is an oversupply of some types of property, such as retail units that are not in prime locations or offices in need of modernisation. In these cases, landlords can be more flexible on the terms agreed. Deals can often be done for smaller spaces in less high-profile or popular locations as overall demand is lower and since SMEs initial property requirements are more likely to be modest, this means their target property may well be one where a good deal can be done.
An empty property costs a landlord money due to the business rates and maintenance – there are instances where a property owner will let someone use the building on a short-term basis for nothing more than those costs with an opportunity to stay there longer if things work out. They might even offer it for free until the time is right for the owner to develop the land so that it does not lie empty and in the doldrums in the meantime. Property owners are more innovative, and pop-up shops and serviced offices such as easyOffice are all the rage. These are usually a more flexible way to 'rent' property and can be taken on a very short-term basis. So, if it does not work out for the business, the SME is not stuck with a long-term commitment.
But how do you find these opportunities? It can be time and cost-effective to pay a surveyor to find the right property for you. The internet is also awash with information. Sometimes though it is who you know - talk to friends, family and contacts and they may know someone who may know somewhere that is right for you. Once you find somewhere there are standard form documents available that can be signed to keep costs of documenting the agreement down. Such standard documents need carefully checking as they may need amending to ensure that the terms you have worked hard to secure are included and there is not a cost in the long term due to shortcuts now.
In short, deals can be now done for property that will be an asset for your business.
(Source: www.guardian.co.uk- 12 April2013 / Angela Dennis - commercial property specialist from Russell-Cooke LLP solicitor)
House sales are growing and price drops are slowing down, a survey of Northern Ireland property professionals suggests today.
Over 70% of estate agents and surveyors polled by the Royal Institution of Chartered Surveyors (RICS) said transactions were up – the highest in over three-and-a-half years.
Around one fifth said sales were steadying, and just seven per cent aid they were lower.
The estate agents were also more upbeat about prices, with just over half saying that prices had stayed the same over the three months to the end of February.
Expectations were relatively rosy, with all respondents saying that they expected sales would rise or stay the same in the three months ahead. No-one thought transactions would fall.
Over 90% said prices would steady over the three months, and 7% said they would increase. No-one expected them to fall.
RICS' findings back up the content of last month's residential property price index (RPPI) from the government, which said that sales in the last three months of 2012 were up 20% on the same period in 2011.
Between October and December, there were 3,693 sales, the highest since the last quarter of 2007 when 4,329 were recorded.
Garry Best of Best Property Services in Newry said: "Sales volumes have been increasing but for the last 12 months, that has been at the lower end of the market. However, we have seen a bit more active competitive bidding in the £150,000 to £300,000 price category in the last quarter.
"It looks like there's a gradual increase in confidence but there's still a long way to go."
Simon Brien of BTWShiells in Belfast said: "We are certainly seeing considerable increase in volume of sales and over the past two quarters we have seen prices stabilising, most noticeably on the eastern side of the province and in greater Belfast, where the most demand and activity seems to be."
The RPPI gave a standardised property price index for the end of 2012 of £91,553 – down more than 50% from the £209,857 peak of 2007.
(Source:Belfast Telegraph - 12 March 2013 / Margaret Canning)
The lease was granted on usual commercial terms for a period of 25 years from May 2006 at a passing rental of £386,000 per annum exclusive.
Tony O’Connor, representative of the local Landlord / Developer and Consultant to O’Connor Kennedy Turtle (OKT) remarked that …’the price reflected competition from more than one Pension Fund in London, which illustrates demand still exists for good quality Investment product in Northern Ireland’.
Other investment deals within OKT are on the offing.
The days of big falls in Northern Ireland property prices are over - but the average price of a house is still expected to drift lower in the months ahead, according to a new survey.
The report, published by the Royal Institute of Chartered Surveyors (RICS) and Ulster Bank today, also revealed that activity in the first time buyer market is picking up - and that some areas of the province are performing more strongly than others, with Belfast faring better than most areas.
"Overall, the big house price falls are certainly behind us, particularly at the lower end of the market and this is most apparent in the Greater Belfast area", RICS spokesman Tom McClelland said.
"But with economic conditions, repossessions and other factors, the average price in Northern Ireland will likely move lower in the months ahead, with price changes likely to be much more apparent in some areas than others".
The poll asked chartered surveyors to indicate "how much average house prices have changed over the last three months".
Some 27% of surveyors here said they expect house prices to fall in the next three months while 73% expect the market to hold steady.
More than half (55%) said prices fell over the past quarter while 44% said prices had remained un-changed.
The survey also showed that the proportion of first-time buyers is now the largest since 2001.
Garry Best from Best Property Services said that in the Newry and South Down region, the lower end of the residential market has indeed bottomed out.
"Property under £100,000 is in great demand from investors and first-time buyers and turning over", he said.
For houses over £200,000 he said there is "an oversupply and limited enough demand".
Estate agent John Minnis said - "This survey proves that the housing market is back on its feet, it is moving again and prices are stabilising.This will not only give our consumers more confidence when making property purchases, but will also go a long way in helping builders, new developments and those involved in the resale of properties".
Derek Wilson, head of Lending Products at Ulster Bank said "the drop in prices has brought first time buyers into the market".
Source - Belfast Telegraph 11th September 2012 - By David Elliott (Business Editor)
Domino's, the largest pizza operator in the UK, is just adding the finishing touches to their latest Northern Ireland outlet - a highly prominent unit at The Square in Ballyclare .
Letting Agent Alan McKinstry of O'Connor Kennedy Turtle says the new letting will ”compliment the towns existing food offer “ and is convinced it will prove very popular with the locals .
As a growing town within Newtownabbey and ideally located within the Belfast commuter belt,Ballyclare has attracted steady retail attention the most noteable addition being the ASDA store which has reduced retail leakage to other areas.
Alan himself a resident of Ballyclare welcomes the arrival and is likely to be one of its first customers!!
O’Connor Kennedy Turtle are pleased to announce the following new appointments:
Name: Ross Sweeney
Company: O'Connor Kennedy Turtle (OKT)
Experience: Elected a Member of the Royal Institution of Chartered Surveyors in 2009, Ross holds an RICS accredited Masters in Property Valuation and Law from Cass Business School, City of London and has been with O’Connor Kennedy Turtle since 2006.In his new role, Ross will be responsible for retail agency and capital markets. The O'Connor Kennedy Turtle partnership was formed in 1993, bringing together a comprehensive range of property expertise and experience in a firm providing a full province-wide service.
Name: Alan McKinstry
Company: O'Connor Kennedy Turtle (OKT)
Experience:Elected a Member of the Royal Institution of Chartered Surveyors in 2009, Alan holds with a First Class BSc (Hons) degree in Property Investment and Development. With the company since 2008, Alan is involved in all aspects of general agency work and professional services, including valuations, rent reviews, lease renewals and rating appeals / assessments. In his new role, Alan will be responsible for promoting the newly diversified agency department with specific reference to office, development, industrial and insolvency instructions.The O'Connor Kennedy Turtle partnership was formed in 1993, bringing together a comprehensive range of property expertise and experience in a firm providing a full province-wide service.
Name: Michael Burke
Company: O'Connor Kennedy Turtle (OKT)
Experience: Elected a Member of the Royal Institution of Chartered Surveyors in 2009, Michael holds a BSc Hons degree in Urban Land Economics. Michael, who is based in the firm’s Coleraine office, joined the company in 2007 and is involved in all aspects of general practice, specialising in providing consultancy reports and advice to the leading lending institutions and business restructuring organisations throughout Northern Ireland. In his new role, Michael will also be responsible for developing the O’Connor Kennedy Turtle business throughout the North of Ireland. The O'Connor Kennedy Turtle partnership was formed in 1993, bringing together a comprehensive range of property expertise and experience in a firm providing a full province-wide service.
The development of Belfast's St Anne's Square has continued apace with news of two new restaurants and the expansion of two existing businesses which are expected to create 33 jobs.Already opened is the 90-seater Asian themed House of Zen, Eddie Fung's seventh restaurant in Northern Ireland, while new to the square is Salt Bistro.
It's owned by husband and wife team Donal and Teresa Cooper, both veterans of the hospitality business, and has room for 50 covers.
"For the past number of years we've been involved in the "fine dining" sector in the south of Ireland," Donal Cooper said.
"For our St Anne's Square restaurant we wanted to offer something of equal quality but with a more casual atmosphere and mid range pricing which should appeal to the eclectic mix of people who work and relax in the Cathedral Quarter.
"Aside from the new arrivals, existing eatery The Potted Hen is adding an extra 3,000 sq ft to its floor space which will up its covers to 75 from 50.
"We really needed to expand and the upstairs venue with fabulous views over the Square and the new MAC will also provide a bar area for people waiting for their tables," owner and chef Dermot Regan said.
And fitness club Pure Gym has also added an extra 3,000 square feet to its floor space to expand its offering.
"Our unique approach to fitness provision with no contracts and low costs has proved a real winner in St Anne's Square and it is a catalyst towards helping break down barriers to health and fitness for people of all ages," Liam Nelson, manager of Pure Gym said.
Peter Jennings from management company Turnus Ltd said the expansions shows the confidence in the regeneration the Cathedral Quarter.
"With the MAC opening this month and the University of Ulster's major proposals for relocation to the Cathedral Quarter we are anticipating a very buoyant future for St Anne's Square," he added.
The lettings to House of Zen, Salt and Pure Gym were secured by Ross Sweeney of O’Connor Kennedy Turtle who commented ….. “Saint Anne’s Square is becoming one of the most popular leisure destinations in Belfast, attracting a diverse range of food operators and adding to the already thriving restaurants and bars in the vicinity”.
Further information on the scheme at Saint Anne’s Square can be obtained from Joint Letting Agents O’Connor Kennedy Turtle and Colliers International.
Source - David Elliott, Belfast Telegraph (Tuesday, 17 April 2012)
10 Antrim Street , Carrickfergus - Town Centre Retail Area - Ground Floor Retail Area extends to c 410 sq ft (38 sq m)
19 – 23 Moss Road, Carnmoney, Newtownabbey - For Sale - Residential Development Opportunity - c. 0.4 Acres with Benefit Of Full Planning Consent For 6 No. Semi-Detached Dwellings
8 Upper Crescent, Belfast - For Sale - Prominent Office Accommodation In A Prestigious South Belfast Location
Washingbay Road, Coalisland, Dungannon - Residential Development Opportunity with benefit of full planning consent
Granges Street, Ballyclare - For Sale (May Let) - Former Food / Department Store Of C. 3,452 Sq Ft On Self Contained Town Centre Site Of C. 1.33 Acres (On The Instructions Of Cavanagh Kelly As Administrators Of Woodsides (Ballyclare) Ltd
30 Joymount, Carrickfergus - For Sale (May Let) - Prominent Edge Of Town Former Food Store Of C. 37,500 Sq Ft On Self Contained Site Of C. 2.25 Acres With Alternative Leisure Use / Redevelopment Potential(On The Instructions Of Cavanagh Kelly As Administrator Of Woodsides (Ballyclare) Ltd)
26 Railway Street, Newcastle - For Sale (Retail Unit To Let) - Vacant Ground Floor Retail Unit And Tenanted 3 Bed Apartment
32 Irish Street, Downpatrick - For Sale - Town Centre Commercial / Residential Redevelopment / Refurbishment Opportunity (Subject To Planning)
Unit 23, Pennybridge Industrial Estate, Ballymena - Investment - The property forms part of a retail warehouse / trade park with various users
70 Ballymoney Street, Ballymena - To Let - Prime Retail Unit - 162 Sq M (1,746 Sq Ft)
30 North Street, Carrickfergus - Substantial Retail Unit c. 126 sq ft (1,359 sq ft)
106 Queen Street, Lurgan - To Let - Prominent Showroom / Retail Unit / High Profile Sales Yard
57 Parkgate Road, Connor, Ballymena - Compact Residential Farm - Attractive farm with residence and farm buildings located on the edge of Connor Village, convenient to both Ballymena and Antrim.Extending to c. 36 acres.
Mahon Road, Portadown - Prominent Showroom / Offices and Warehouse
24 Craigstown Road, Randalstown - Residential Development Opportunity with benefit of full planning consent