Ripley in Halifax

Two transactions in Halifax add to the growing evidence of a more widespread recovery in the property market. Ripley Asset Management has paid a private investor £1.78 million for retail property at 26-30 Southgate let to Sports Direct and Banana Beach Tanning. Michael Hardman of Ripley said: “Halifax town centre is a popular retail destination with a high footfall.

There are now signs that both the residential and commercial property markets are beginning to recover, albeit slowly, and we are ready to seize attractive investment opportunities.” Also in Halifax St James Securities has completed the refurbishment of the Grade II listed 372 sq.metres (4,000 sq.ft.) Shaw Lodge House into 10 office suites. Oliver Quarmby of St James said: “We have restored the splendid Shaw Lodge House to its former glory. The refurbishment is the first major piece of work on the path to restoring the mill complex.”

Towering deal

The spread of the investment deals is right across London with the largest off market deal for some time close to completion with Credit Suisse selling the 17,187 sq.metres (185,000 sq.ft.) Richard Rogers designed Tower Bridge House, E1. The buyer is yet another foreign pension fund. It is the Employees Provident Fund of Malaysia which is thought to be paying £140 million for a yield of 5.2%.

This underlines the enthusiasm by foreign investors for putting their money into safe havens, notably the UK, because of global economic problems and uncertainty about equity markets. That is always worth remembering when predictions of a collapse of commercial property markets are broadcast. In the City, Mitsubishi Estate has bought the 13,634 sq.metres (146,820 sq.ft.) 6-8 Bishopsgate which is occupied by Deutsche Bank. Mitsubishi’s Hiroyuki Arimura said: “This building is in a prime location in the core of the City and the strategically important eastern cluster of tall buildings.”

A number of buildings are still coming onto the market from Receivers, such as the 196 bedroom Crown Plaza Hotel in Shoreditch (now in the fast growing technology corridor of the East End) where Colliers International is seeking a buyer at £80 million. It is close to Liverpool Station. Also in Shoreditch, Knight Frank is marketing the 208 bedroom Hoxton Hotel for £70 million.

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