Green works at Black Country logistics hub
Improvement works on a logistics hub in the Black Country have been completed. Masterfreight is leading the scheme on AMK House, in West Bromwich Street, Oldbury, which is aiming to improve the green credentials of the company's operations there. The work comprises new insulated cladding and improving roof height to aid in the fitting of solar panels. Masterfreight specialises in the import and export of cargo as well as offering warehousing facilities. Its services include HM Customs clearance from major ports, transport to and from all seaports, airports and rail terminals, container unloading and warehouse storage. The family-run business has been trading for more than 20 years and employs more than 25 people, with new roles expected to be created in the coming months. Director Kishore Balu runs the business alongside his wife Surinder and children Alisha and Tony. He said: "The improvements we have made to AMK House support many of our long-term business goals around efficiency and climate." The work by Masterfreight was supported by a £2.74 million funding package from NatWest and the bank's asset finance partner Lombard. David Humphreys, senior relationship manager at NatWest, added: "We are proud to be supporting Masterfreight as it pushes forward with its business growth plans and climate efficiency strategy.
Harworth completes £53.5m Warwickshire deal three years in the making
Regeneration specialist Harworth has sold a 278-acre strategic land site in Warwickshire in a £53.5m deal first agreed three years ago. The Rotherham-based group has offloaded its Ansty site having exchanged contracts with Rugbyalpha (Freeholdco) Limited, SDI Propco (100) Limited, in December 2021 with the sale having been conditional on the granting of hybrid planning permission of the site. Harworth says it intends to put the proceeds of the sale into infrastructure works and development across its 9.6m sqft consented industrial and logistics pipeline. The Ansty site is adjacent to Junction 2 of the M6. Land there was first acquired by Harworth in autumn 2019, with the site valued at £23.9m in June 2021. The group said this deal demonstrated its ability to “unlock significant value from low value land”. Lynda Shillaw, chief executive at Harworth, said: "The Ansty transaction demonstrates Harworth's specialist ability in creating value from strategic land assembly which, alongside the strength of our balance sheet, enables us to take a longer-term view and develop the right schemes for our sites. Collaboration and partnership are key to unlocking schemes like this and we have worked closely with a number of different stakeholders on this project, including the purchaser since exchange of contracts, ultimately enabling us to accelerate delivery of the site. "Our ability to identify and unlock significant value from strategic land is a key factor in Harworth's outperformance and we continue to identify and acquire strategic sites like Ansty to support our ambitious growth targets.
Spares business secures news warehouse for expansion
An agricultural spares business has expanded after securing a property deal for 10,000 sq ft of warehousing. Agriline Products has purchased the freehold of Unit 2 on Harris Business Park in Stoke Prior near Bromsgrove to facilitate the distribution of larger orders for stockists across Europe. The property was on the market for £895,000. Founded in 2000, Agriline Products has grown to become one of the largest suppliers to the tractor spares market worldwide with a range of over 15,000 parts. The company already occupies another unit on Harris Business Park. Founder and managing director Oliver Stiley said: "The purchase of an additional industrial unit will provide considerable additional warehouse space to augment Agriline Products' existing warehouses on Harris Business Park which were getting a bit cramped for the volume of stock being handled. "This additional space will improve the efficiency of distributing our larger stock orders for customers across Europe."
Major project launched to shape the future of Hull city centre
Hull City Council has launched a major project which is set to guide investment and regeneration in the city over the next 20 years. The local authority is seeking views on the Hull City Centre Vision – a development aimed at creating a more family-friendly, sustainable and prosperous city centre of the future, for residents, visitors and businesses. The project, led by urban design specialists, will focus on key areas as it builds up a blueprint for the city, including identifying key development plots in the city centre, enhancing outdoor public spaces and improving accessibly across the city centre. The authority says the vision will raise the profile of Hull to help drive more inward investment and development, and grow the local economy, creating more jobs and supporting new and existing businesses. Work will also be carried out to boost the number of homes in and around the city centre to create a more vibrant destination. A six-week consultation process has been launched, running until March 16, calling upon people to make their views on the vision known. The project will help inform Hull’s Local Plan which is set to be updated later this year, and the council said it will closely align with the council’s long-term strategies for around carbon emissions, public realm, housing, economic development and health and wellbeing. Coun Paul Drake-Davis, portfolio holder for regeneration and housing at the council, said: “Our council is one that listens to local people, cares about their views and then takes action. We’re excited by this new project as we look to create a city centre that reflects the long-term needs and aspirations of our residents and businesses. “Once finalised, this vision will help set us on a path towards a city centre that not only supports economic growth but is also a place our communities can feel proud of. We want our city centre to be a better place for people to live, work and thrive and we’re looking forward to listening to people’s views.” Andy Roberts, director at Planit, added: “We are proud to be leading this hugely important work for the city of Hull. Our vision aims to create a city centre that offers safe and welcoming neighbourhoods, supports a healthier and fairer Hull, drives economic growth, and responds effectively to the climate emergency.
Lloyds Banking Group confirms new hub in South Wales for 3,000 staff
Lloyds Banking Group is creating a major new hub at the soon to be completed John Street office scheme in the centre of Cardiff that will house more than 3,000 staff. In the biggest office letting deal in Wales since Covid, the bank has agreed a 10-year lease to take the entire 110,000 sq ft building, where construction work from developer JR Smart is scheduled for completion in September next year. The new office, which Lloyds plans to occupy following a fit-out of the building in the second quarter of 2026, will house existing staff based in Newport and those currently just yards from John Street at St William House. Lloyds said there would be no reduction in staffing numbers by bringing its current Cardiff and Newport operations under one roof. Able to accommodate 3,100 staff, the hub will have its own cafe. Lloyds staff in the two cities consist of various teams providing customer service and support services to many parts of the group. John Street, which will also feature a roof terrace, was marketed on behalf of JR Smart at £30 per sq ft by the Cardiff office of property advisory firm Knight Frank. It is understood that the rental agreement was close to the asking price. CBRE acted for Lloyds. Sharon Doherty, chief people and places officer, Lloyds Banking Group said: “We’re thrilled to announce our move to John Street in Cardiff, boasting industry-leading sustainability credentials and offering modern, state-of-the-art facilities for our people and reaffirming our commitment to the city. To successfully deliver for our customers and help Britain prosper, we are creating the right spaces for our colleagues to work together and thrive. “Cardiff is one hub, alongside Birmingham, Leeds, London, Belfast, Edinburgh and Manchester, to benefit from the significant investment we’re making to transform our workplaces for colleagues and to attract the talent of the future.” John Street has been designed to BREEAM Excellent certification for its sustainable and energy efficient design.
HSBC provides £20m to upgrade student accommodation schemes from PGIM Real Estate
HSBC UK has provided £20m of finance for refurbishment work on six student accommodation sites across the UK, including one in Cardiff. The assets consist of six existing purpose-built student accommodation (PBSA) sites, totalling just under 3,000 beds. PGIM Real Estate acquired the assets from Unite last year in a deal also backed by HSBC UK. The rolling refurbishment programme will modernise each site. North Court in Cardiff will be the first to be refurbished followed by sites in Sheffield, Nottingham, Birmingham, Leicester and Liverpool. Kevin Dawson, relationship director at HSBC UK, said: “In a market which is dominated by brand new buildings, we recognised PGIM Real Estate’s innovative approach. We fully engaged with the PGIM team to develop a new financing approach for the sector that allowed the business the flexibility to acquire the portfolio and undertake the necessary works.” Moreover, Fusion Group is seeking a funding partner for four planned PBSA schemes in the UK, including one in Cardiff. It has appointed property advisory firm JLL, to market the investment opportunities, with the potential for a longer strategic relationship with Fusion to expand their collection of properties. The portfolio comprises four prime assets, which has yet to be built but have planning consent located in Birmingham (622 beds), Loughborough (541 beds), Glasgow (619 beds), and Cardiff (706 beds). Nigel Henry, chief executive of Fusion Group, said:“The launch of the next phase of developments, alongside our living sector operating platform, underscores our commitment to delivering a consistent experience from development to operations. "With these new projects, as well as our current developments set to open in September this year and 2026, we are expanding our portfolio to 6,000 beds under the Fusion brand and operating platform, with an assessment under management exceeding £1.3bn. Fusion emphasises design for positive living, and these latest strategic moves mean we can ensure that our communities continue to receive the same quality and attention that we put into designing and building them.” Huw Forrest, head of UK Student Housing at JLL, said, “We are delighted to be working with Fusion Group on this exciting new chapter in their journey and believe they will present a significant opportunity for investors to benefit from what Fusion do best; strong site selection,100% success on planning and developing highly attractive PBSA schemes that focus on the living experience. The portfolio offers investors the chance to acquire premium assets in prime university locations with strong supply-demand fundamentals.”