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CBRE IM complete sale of Cheltenham

Forge are pleased to have advised CBRE Investment Management on the sale 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 transaction with a private investor.

Jonathan Mills commented:

“Having acted on the original acquisition of the property as part of the Magna Portfolio in 2015, we are delighted to have seen the sale through to a successful conclusion for our long-standing clients, CBRE IM.”

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

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.

Jonathan Mills commented:

“We are delighted to have completed this successful sale on behalf of long-standing clients, Nuveen.”

For further information, please contact Jonathan Mills or Joe Baio.

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.

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

Redevco sell 100% Prime Flagship Retail Development in Bournemouth

Forge are delighted to have advised Redevco on the successful sale of 56-76 Commercial Road, Bournemouth.

The property comprises a 100% prime flagship retail development, totalling circa 60,000 sq ft of retail accommodation.

97% of the income is secured to extremely strong covenants, including Zara, Sports Direct, JD Sports and HSBC.

Having received strong interest from a range of investors, Forge concluded the sale at circa £11,500,000, reflecting a Net Initial Yield of circa 9.65%.

Jonathan Mills commented:

“We are delighted to have completed this 100% prime sale on behalf of Redevco, for which we received very competitive bidding. The property offers arguably the best retail accommodation in Bournemouth, for which there remains strong occupational demand.”

For further information, please contact Jonathan Mills or Joe Baio.

M&G sell Super Prime, Trophy Asset in Bath

Forge are delighted to have advised M&G on the successful sale of 37-44 Stall Street & 9-18 Bath Street in Bath.

The property comprises a rarely available, super prime, trophy mixed use asset in Bath.

Totalling circa 62,500 sq ft of retail accommodation and 6,800 sq ft of office accommodation, the property is let to a strong line-up of retail occupiers. 50% of the retail income is secured to Primark until 2032.

Following a competitive bidding scenario from a range of institutional and overseas investors, Forge were able to conclude the sale at circa £15,000,000, reflecting a Net Initial Yield of circa 8.30%.

Jonathan Mills commented:

“We are delighted to have completed this super prime sale for M&G, for which we received considerable interest from both institutional and overseas investors.”

For further information, please contact Jonathan Mills or Joe Baio.

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

Archive for the ‘Article’ Category

“Having acted on the original acquisition of the property as part of the Magna Portfolio in 2015, we are delighted to have seen the sale through to a successful conclusion for our long-standing clients, CBRE IM.”

“We are delighted to have completed this successful sale on behalf of long-standing clients, Nuveen.”

“We are delighted to have completed this 100% prime sale on behalf of Redevco, for which we received very competitive bidding. The property offers arguably the best retail accommodation in Bournemouth, for which there remains strong occupational demand.”

“We are delighted to have completed this super prime sale for M&G, for which we received considerable interest from both institutional and overseas investors.”

“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.”