Article Archives - Forge Commercial Property

Nuveen sell Primark, Lewisham

Forge are delighted to have advised Nuveen, a TIAA company on the succesful disposal of 180-190 High Street, Lewisham.

The property comprises 54,360 sq ft and is entirely let to Primark for a further two years on FRI terms.

Following a highly competitive bidding scenario, Forge were able to execute the sale well ahead of the quote price of £7.59m / 6.50% NIY.

Many thanks to Chris Thomas and Richard Bashford of CBRE who acted on behalf of the purchaser.

To discuss similar opportunities, please contact Jonathan Mills or Joe Baio.

Popeyes, Cambridge sold for CBRE IM

Forge have advised on the successful disposal of 3-4 Market Hill, Cambridge, on behalf of our client, CBRE Investment Management.

Situated in a prime location in one of the UK’s strongest retail centres, the 6,866 sq ft asset is part let to Popeyes and part-vacant.

Forge were delighted to garner a strong level of investor interest, and secure an excellent result ahead of the quoting terms.

Many thanks to Phil Hay of Jackson Criss who acted on behalf of the Purchaser, a private investor.

To discuss this or other opportunities, please contact Jonathan Mills or Joe Baio.

Jaspar Group exit Topps Tiles, Sutton

Forge are pleased to have advised Jaspar Group on the successful disposal of 341 High Street, Sutton.

The property, which is let to Topps Tiles until October 2028, provides a single-storey unit of 5,575 sq ft on a 0.4-acre site.

Following a highly competitive bidding scenario, Forge were pleased to conclude the deal with a private client of Simon Gregory of Smith Price RRG.

For further information, or to discuss similar opportunities, please contact our investment team.

CBRE IM complete sale of Cheltenham

Forge are pleased to have advised CBRE Investment Management on the disposal of 86-90 The Promenade, Cheltenham.

The property, which is let to Waterstones Booksellers Ltd and Hobbs Ltd, provides 17,269 sq ft of prime High Street retail accommodation.

Following a competitive bidding scenario, Forge were pleased to conclude the deal with a private client of Alastair Bird at Knight Frank.

For further information, or discuss similar opportunities, please contact our investment team.

Pret A Manger, Leeds acquired off-market

Forge are pleased to have advised a private investor on the off-market acquisition of 6 Lands Lane & 27 Albion Place, Leeds.

The property, which is let to Pret a Manger, comprises 5,561 Sq ft across five floors, and is situated in a core city centre location.

Joe Baio commented, “Having tracked the asset for nearly 12 months, we were very pleased to have secured this attractive deal in Leeds, off-market. The building is situated in a prime pedestrianised pitch and is well-let to Pret a Manger, benefitting from medium-term reversionary potential.”

Forge have now concluded in excess of ten leasing, investment and lease advisory deals in Leeds over the last 18 months.

Many thanks to Patrick Over of EYCO who acted on behalf of the Vendor.

For further information please contact our Investment Team.

Nuveen disposal on Market Place, Romford

Forge are pleased to have advised Nuveen, a TIAA company on the off-market sale of Market Place, Romford.

The property comprises a purpose-built retail parade of 67,651 sq ft, and is situated at the heart of Romford’s retail core.

Notable tenants in the parade include: Iceland, Home Bargains and BHF.

For further information, please contact our Investment Team.

Record Yield Achieved on Edgware Road

Forge are delighted to have advised an overseas private investor on the disposal of 184a Edgware Road & 2-10 Crawford Place, W2.

Following a targeted marketing campaign and bids scenario, the asset sold ahead of quote, at a level reflecting a capital value of £770 per sq ft and a Net Initial Yield of 2.09%.

It was great to work with Alex Butler of Allsop LLP who advised the private purchaser.

For further information, or to discuss similar opportunities please contact Joe Baio or Jonathan Mills

M&G Complete Project Sparta

Forge are pleased to have advised M&G Real Estate on the successful acquisition of Project Sparta, a sale-and-leaseback foodstore portfolio comprising eleven Waitrose assets.

Jonathan Mills commented:

“The Portfolio offered our client a unique opportunity to secure eleven highly attractive foodstore assets in affluent, predominantly South East locations. All assets are let on 20 year leases subject to CPI linked rent reviews and therefore offer our client an extremely attractive income stream.”

Huge thanks go to Slaughter and May and Hogan Lovells who acted for John Lewis Partnership and M&G Real Estate respectively on the legal side and to George Pelling at CBRE, who advised John Lewis Partnership on the sale.

Forge and DTZ Investors bring Mountain to Soho

Forge, acting on behalf of Landlord DTZ Investors, and the team behind Michelin-starred restaurant Brat, have brought Chef Tomos Parry to Soho for his new concept, Mountain.

The former Byron Burger at 16-18 Beak Street joins the chef’s award-winning portfolio; the one Michelin-starred Brat in Shoreditch and sister restaurant Climpson’s Arch in Hackney. Mountain opened the space earlier this summer, taking inspiration from Tomos’ Welsh heritage with Spanish influence. The opening has been met with critical acclaim, with Giles Coren (writing for The Times) proclaiming it to be ‘‘The most exciting new restaurant this year’ and Grace Dent (writing for The Guardian) commenting ‘This is why we put on shoes and go out to eat’.

The two-floor unit, on the corner of Beak Street linking to Soho’s Golden Square, has been extensively renovated to deliver a bespoke layout for Mountain. The ground floor boasts a dedicated dining space, where dishes such as Carmarthen prawns, wood-grilled lamb chops, braised peas with cockles, and lobster caldereta are served. A downstairs bar area, where customers are met with a range of classic cocktails and the chance to witness the chefs in action, has also been incorporated.

Adam Robinson, Equity Partner at Forge, said:

“Corner buildings always attract the best operators, which is why we have been able to secure one of the most talented, regarded, and exciting chefs in the UK. Mountain will be an amazing addition to the building and neighbourhood.”

Shelley Sandzer represented Mountain.

Giles Coren review: https://www.thetimes.co.uk/article/giles-coren-mountain-review-the-most-exciting-new-restaurant-this-year-bgmjkkd5k

Grace Dent review: https://www.theguardian.com/food/2023/aug/18/mountain-london-w1-restaurant-review-grace-dent

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“Corner buildings always attract the best operators, which is why we have been able to secure one of the most talented, regarded, and exciting chefs in the UK. Mountain will be an amazing addition to the building and neighbourhood.”