Cheshire East Annual Property Review 2015

Cheshire East
Commercial
Property
Review
2015
Contents
Foreword
4
Executive Summary
6
The Cheshire East Economy
8
Industrial and Distribution
10
Offices
16
Retail and Leisure
20
Visitor Economy
22
Investment
24
Residential
26
Strategic Developments
30
Acknowledgements
32
Foreword
I am especially delighted to introduce this annual review
on the progress being made by the Cheshire East
property market.
The year 2014 was one of resurgent growth for the
Borough’s economy, with many of our major employers
announcing significant new investments. This gave a
strong indication of rising business confidence and those
positive trends have accelerated during 2015.
Cheshire East Council is setting out an ambitious
plan to support the creation of more than 31,000 new,
predominantly private sector jobs by 2030. This will mean
greater skills, fewer people claiming benefits and less
dependence on public sector employment.
This review shows that the property market has well and
truly woken up to the strength of our economy. More and
more industrial, retail, office and leisure occupiers, on
whom the market depends for its livelihood, are finding
that Cheshire East is a great place to do business.
As a result, we now have more businesses per head than
any other North West district, ranging from multinational
corporations to entrepreneurial start-ups.
Advanced engineering and scientific research and
development are all vital to our economic success. Jodrell
Bank has been confirmed as the headquarters of the
global Square Kilometre Array project for the next 50
years, making it the nerve centre of the world’s largest
radio telescope.
Work is well under way to transform Alderley Park into
a multi-occupier community of collaborative bioscience
innovators and the BioHub is now home to 81 companies
with 310 employees. Cheshire East Council is proud to be
an investor in this project alongside Manchester Science
Partnerships.
Production is the major contributor to our economic output
and employment in manufacturing is well above the
national average.
That’s why leading companies such as Bentley Motors,
AstraZeneca, Autoliv, Siemens, Waters Corporation, BAE
Systems and Oliver Valves are based here.
In its biggest ever investment in Crewe, Bentley is
spending £40 million to create a new research and
development centre, creating over 300 jobs. The company
is gearing up to bring the world’s first ultra-luxury SUV to
the market in 2016.
All good businesses need good people and Cheshire
East is renowned for its highly educated, entrepreneurial
workforce, with access to 4.8 million people of working
age and more than 40 percent of residents qualified to
degree level.
5
The Council is moving rapidly to acquire properties and sites
to energise the regeneration of Macclesfield, Crewe and
Middlewich town centres. We expect more exciting news on
these projects before the end of this year.
The Council’s three-year capital plan includes over £450
million of expenditure: £240 million on highways; £60 million
on economic growth and the visitor economy; £61 million on
education support; and £95 million on health and wellbeing,
environmental, estate management and IT.
Cheshire East Council is helping to foster entrepreneurialism.
Fourteen of our small and medium-sized businesses – more
than any other North West borough – were named in 1,000
Companies to Inspire Britain, a special report published by
the London Stock Exchange.
MANCHESTER
TRAFFORD
WARRINGTON
STOCKPORT
M56
HALTON
The Council has decided that superfast broadband will be a
standard feature in new developments, enabling more people
to work remotely or run businesses from home.
DERBYSHIRE
WILMSLOW
M6
A523
ALDERLEY EDGE
KNUTSFORD
We are investing in skills to create the workforce of the future:
Crewe’s University Technical College is due to open in
September 2016; we already have a strong take-up for adult
apprenticeships; and we work closely with our schools and
colleges to ensure that none of our school leavers become
NEETs.
A556
A537
A537
MACCLESFIELD
A34
Cheshire East already has great connectivity to the road
and rail network and Manchester International Airport.
An HS2 hub station in Crewe would bring a £10 billion boost
to the economy of South Cheshire and North Staffordshire.
CHESHIRE WEST
& CHESTER
A536
HOLMES
CHAPEL
A523
MIDDLEWICH
HS2 will do more for Cheshire East than for Manchester or
Birmingham because we are the gateway to the Northern
Powerhouse. In 20 years time, we expect to have a major
jobs boost in Crewe and the surrounding area.
A54
M6
CONGLETON
SANDBACH
As well as a powerful economy, we have plenty of other
assets: lovely countryside, beautiful towns and villages; and
many places of special historical and natural interest. It is no
wonder that for the second year running, Cheshire East has
been named as ‘Best Place to Live in the North West’ in the
Halifax Quality of Life Survey.
Cheshire East Council has a relentless focus on improving
the lives of our residents and businesses. Our strategy is
bearing fruit and we welcome engagement with all those
who can contribute to, and share in, the Borough’s success.
POYNTON
A555
A51
A530
A534
A34
ALSAGER
CREWE
A534
NANTWICH
A49
STAFFORDSHIRE
Councillor Michael Jones
Leader, Cheshire East Council
AUDLEM
A525
SHROPSHIRE
CITY OF STOKE
ON TRENT
Executive Summary
2014 saw increased activity across most sectors of the
economy and property market in Cheshire East. Small
businesses were buoyant and there were a number of
significant strategic developments across the borough:
•
•
The creation of the Cheshire and Warrington Prosperity
Board with Warrington and Cheshire West and Chester
Borough Council’s to deliver economic growth to the
sub region, and support the activities of the Cheshire
and Warrington Local Enterprise Partnership such as
the Cheshire Science corridor, Crewe High Growth
City and the Atlantic Gateway.
Investment projects in infrastructure, to improve
access and communication to businesses, such as the
link road between the M6 and M56 to better connect
the M6 corridor to Manchester International Airport
and Manchester, and the M6 junction improvements
at Junctions 16 and 17 to ease access to and from
the motorway.
The strength of the business community was evident
through a number of events and announcements:
•
•
Waters Corporation opened their new headquarters
outside Wilmslow. The company manufactures
mass spectrometry instrumentation and invested
over £2 million in the site.
Bentley announced an investment of £40 million to
expand its headquarters in Crewe, creating over 300
new jobs in the process.
Industrial transactions doubled from the previous year with
floorspace showing a similar increase:
•
•
Total take up of 76,602 sq. m, against 45,000 sq. m.
in 2013 - an increase of 70 percent. With 61 deals,
this is the highest level of activity recorded by this
annual review.
Deals below 1,000 sq. m. accounted for 49 of those,
with an average size of 443 sq. m, re-enforcing the
confidence in the SME sector.
•
Crewe and Macclesfield accounted for the highest
level of activity and Crewe recorded the largest
amount of floor space let at 23,587 sq. m.
•
Leasehold deals dominated, with just six sales during
the year, and rents in the region of £35 per sq. m. were
the norm.
•
Speculative development by Black and White
Developments’ at Orion Park in Crewe reached
completion, providing 4,000 sq. m. in four high
specification units, all of which were let and sold prior
to completion.
The office sector continued to strengthen in 2014 with a
steady improvement both in terms of floorspace occupied
and the number of deals completed:
•
22,318 sq. m. of floorspace was let or sold, which was
down by eight percent over the previous year, whilst
transactions across Cheshire East increased by 10
percent to 45, and Crewe and Wilmslow stood out as
real hot spots in the Borough.
•
All but two transactions (87 percent of floors pace)
were below 1,000 sq. m, reflecting the strength of
SME’s in the Borough.
•
The majority of space was taken on a leasehold basis.
Only 11 of the 45 deals were sales. The highest rent
achieved was £204.50 per sq. m. at 1 Kings Close,
Wilmslow and rents are beginning to rise and a good
number of rental deals now exceed £155 per sq. m.
Industrial take-up
76,600 sq. m.
61 deals
70% increase on
the previous year
Office take-up
22,300 sq. m.
45 deals
30% above the
5 year average
663 new homes
£35 million
investments transacted
7
The Council’s plans to provide improved shopping
and leisure facilities in a number of the towns are seeing
mixed progress:
•
The Silk Street Town Centre scheme in Macclesfield
is designed to bring big improvements to the town
and proposes a mixed use development consisting
of predominantly retail, leisure, residential and a
multi-storey car park.
•
Plans were submitted for phase one of the South
Macclesfield Development Area, including 325 homes
and a new supermarket on land between Congleton
Road and London Road.
•
Congleton has received £1 million of funding to
develop new pedestrian areas in the town centre
to make shopping a more enjoyable experience.
•
In the pub and restaurant sector, work started on a new
698 sq. m. Greene King pub and McDonald’s restaurant
on a 1.21 hectare plot of brownfield land off Dunwoody
Way, Crewe; the Belle Époque restaurant and hotel
group purchased The Freemason Arms and reopened
it in July 2014 as The Folly; and brewery group Joules
acquired the Lower Chequer in Sandbach.
•
The hotel sector has also been active; Marston Hotels
received approval to add almost 50 new bedrooms
to the Q Hotels Crewe Hall; Chimney House Hotel in
Sandbach changed hands from Washington Hotel
to Talash Hotels at a guide price of £1.85 million;
and hotel operator Accor entered into two franchise
agreements to create Ibis Budget hotels locally, one
at Knutsford and the other at Lymm Services on the M6.
There were also developments in house building, with
a slight increase in completions from the previous year:
•
37 sites were under construction with a capacity for
over 30 homes. When completed they will deliver a total
of 3,943 units.
•
In addition, 42 sites were granted planning permission
for a minimum of 20 homes during 2014, and these
sites will see the development of 5,395 houses over
the next few years.
•
Redrow acquired a 6.88 ha site in Tytherington from
Ainscough Strategic Land in a £13 million deal.
•
Planning permission was granted for a major mixed use
development on a 58 ha open farmland site at Kingsley
Fields, Nantwich. North West Nantwich Consortium
plan to build up to 1,100 new homes (including up to
30 percent affordable housing), as well as providing
up to 1.82 ha of business space, a primary school,
community facilities, a local centre, allotments and
recreational open space.
•
Developer Countryside, in partnership with Your
Housing Group and Cheshire East Council are
building 143 homes on the former Bombardier factory
site in Crewe.
•
Kier Construction has also started building 34 new
homes at the £3.5 million West View development in
Underwood Lane, Crewe.
•
Also in Crewe, Wulvern plans to redevelop Brooklands
House into a three storey apartment block for over 55’s
in a £1.9 million residential scheme.
The Cheshire
East Economy
With a diverse and rich economy, Cheshire East Council
continues to take a leading role in a whole range of
initiatives aimed at supporting and growing business within
the Borough and is setting out an ambitious plan to support
the creation of over 30,000 new jobs in the next 15 years.
These include both major projects in Cheshire East and
developments across the sub-region alongside some of the
Council’s neighbouring authorities.
The creation of the Cheshire and Warrington Economic
Prosperity Board with Warrington and Cheshire West and
Chester Borough Council’s will see the three authorities
combining resources and identifying joint activities that will
deliver economic growth to the sub-region, and support
the activities of the Cheshire and Warrington
Local Enterprise Partnership (LEP).
The LEP has ambitious plans for the sub-region and aims
to grow the local economy by around £15 billion by 2030.
The Economic Prosperity Board will look beyond individual
projects to create jobs and economic growth across
Cheshire and Warrington. A number of key investment
priorities have already been supported by the LEP,
including; Cheshire Science Corridor, Crewe High Growth
City and the Atlantic Gateway, with Cheshire East very
much at the heart of two of these priorities.
The Cheshire Science Corridor intends to link centres
of excellence together, which will include Jodrell Bank
and Alderley Park, currently the home to AstraZeneca
and the growing BioHub Life Sciences incubator. These
facilities along with other Cheshire based science parks
are at the heart of a science cluster generating substantial
economic benefits and an estimated £2.2 million GVA for
the pharmaceutical industry across the LEP area, whilst
a growing cluster of very high quality instrumentation
businesses are now estimated to generate £48 million.
This sector whilst small, is key to serving the life science
and engineering sectors across Cheshire East.
Alderley Park, which was purchased by Manchester
Science Partnerships, a partnership of Bruntwood,
Manchester University and local authorities, including
Cheshire East, is being developed as a centre of
excellence for the science sector. A new Development
Framework has been prepared to drive the Park forward
in the future. Since AstraZeneca announced a phased
relocation to Cambridge, interest has grown in the
park, and 81 different businesses now occupy space
there, many in the BioHub, and companies spun out
from AstraZeneca and the North West’s world leading
Universities in Manchester and Liverpool are also
expected to locate to the BioHub. AstraZeneca also
has a manufacturing base in Macclesfield and aims to
strengthen the facility with the development of the site
as a centre of excellence for manufacturing packaging.
Jodrell Bank has been confirmed as the headquarters of the
global Square Kilometre Array project for the next 50 years.
The project brings together radio telescopes as far away
as South Africa and Australia to combine their capacity and
create a powerful gateway to the stars.
Cheshire East’s Local Plan was submitted to the Secretary of
State in June after four years of public consultation. The Plan
will define policies for economic growth, housing and the
environment. Towards the end of the year, the Examination in
Public of the plan commenced, but was formally suspended
in December, and should resume in 2015. This then sets the
agenda for the period up to 2030.
Four major infrastructure projects are underway that will
improve access and communication to businesses in
the Borough. Work has commenced on the M6 junction
improvements at Junctions 16 and 17 to ease access to
and from the motorway; the Crewe Green Link Road and
Basford West Spine Roads, will provide access to unlock
the Basford East and West development areas; the Council
has established the preferred routes for the Poynton Relief
Road and Congleton Link Road, and Highways England
are currently building a new A556 link road between the M6
and M56 to better connect the M6 corridor to Manchester
International Airport and Manchester.
Connecting Cheshire is a partnership between the four
Cheshire local authorities and BT to roll-out superfast
broadband to 99 percent of homes and businesses by 2017.
The project is nearing the completion of the first phase of
the roll-out and has already seen hundreds of kilometres of
new fibre cable and roadside cabinets installed. A recently
produced value and impact study predicts that over 15
years, superfast broadband covering Cheshire, Warrington
and Halton could generate £1.3 billion for businesses, over
11,000 jobs and £380 million in household benefits.
The strength of the business community was evident through
a number of events and announcements. Waters Corporation
opened their new state of the art headquarters in Wilmslow.
The company which manufactures mass spectrometry
instrumentation equipment has invested over £2 million in the
site, and employs more than 500 people.
Bentley announced a further investment of £40 million to
expand its headquarters in Crewe, with a new world-class
research and development centre, creating over 300 new
jobs in the process. Bentley has also announced the creation
of over 950 jobs in the past 18 months, during which time the
business has produced record sales. In 2013, Bentley made
10,120 cars, more than ever before, and expects to surpass
that figure when 2014 figures are announced. The company
also committed to an £800 million investment over three
years in product and facility development.
9
With a diverse
and rich economy,
Cheshire East
continues to take
a leading role
In the Sunday Times HSBC International Track 200 league
table, three Cheshire East companies scored well. Tandom
Metallurgical Group in Congleton is ranked number 1 in the
UK for growth in international sales, growing 364 percent
over 2 years. Two Macclesfield companies are in the same
table with online entertainment trader Music Magpie at
number 18, and Longfield Chemicals at 25.
The education sector saw new investment announced.
Macclesfield College is developing a new conference facility
on a 0.75 hectare site to expand its higher education offer,
whilst Reaseheath College is one of only 11 locations in the
country to secure Food Enterprise Zone (FEZ) status,
a government scheme aimed at boosting the economy in
the countryside. The zones will create simplified planning
areas to enable development in the food sector, and will
create an environment for growth. Reaseheath has included
five sites in the proposal for the FEZ which could see a
research facility being developed to aid crop efficiency using
drone technology.
Industrial
and Distribution
Number of deals
Percentage
200 - 500
31
52
500 - 1,000
18
29
1,000 - 2,000
4
6
2,000 - 5,000
4
6
5,000 - 10,000
3
5
10,000+
1
2
TOTAL
61
100
The smaller end of the market below 1,000 sq. m.
accounted for 49 of the deals, an average size of 443 sq. m,
re-enforcing the confidence in the SME sector. This was
a change from last year when the mid range deals were
the most active, and is possibly another symptom of the
reducing supply of high quality space in the market which
presents the opportunity for speculative development.
Property professionals support this view and are calling
out for new stock to be brought to the market.
Leasehold deals dominated, with just seven sales during the
year. A unit at Barony Industrial Estate achieved a price of just
under £1,000 per sq. m. Rents of around £80 per sq. m. were
reached on two lettings, but those were the exception with
rents in the £35 per sq. m. mark the norm.
Speculative development returned to the Borough, as
Black and White Developments’ Orion Park in Crewe reached
completion. The development provides 4,000 sq. m. in
four high specification units, and all were let or sold prior
to completion.
Across the Borough a number of towns saw a decent level
of activity.
201
0(
4
(
20
14
3
4,158
Crewe
15
23,587
Handforth
9
4,214
Knutsford
4
997
Macclesfield
19
8,348
Middlewich
2
17,635
Nantwich
2
781
2
1
413
4
12,587
Wilmslow
2
3,882
TOTAL
61
76,602
20
1
1
(54
)
Poynton
Sandbach
INDUSTRIAL DEALS
> 200 SQ. M.
NUMBER OF DEALS
201
0(
68
,
INDUSTRIAL DEALS
> 200 SQ. M.
TAKE UP (SQ. M.)
201
1
(10
Congleton
0)
Total Area (sq. m)
)
(35
3
01
Number of deals
2012 (32)
GEOGRAPHIC SPLIT
Town
02)
6
,
6
(7
0)
00
6)
)
61
20
14
Size Range (Sq. m.)
A number of industrial schemes saw strong activity.
There were nine lettings by Orbit Developments at their
Stanley Green Business Park near Handforth, and in
Knutsford, four lettings were achieved at Parkgate Industrial
Estate. In Nantwich Screwfix took two units at Barony
Industrial Estate, whilst another screws and fixings wholesaler
Timco added 2,000 sq. m. to its existing building in Nantwich.
Leasehold deals
dominated, with
just seven sales
during the year.
45,000)
13 (
0
2
TRANSACTIONS BY SIZE
The Macclesfield deals were on a smaller scale with all but
one under 1,000 sq. m. The largest deal was to Time to Care
UK, taking 1,372 sq. m. whilst restaurant chain Bungalows
and Bears have taken 929 sq. m. at Newbridge House.
2012
(
4
3,3
5
The year saw a total take-up of 76,602 sq. m. compared
with the 2013 level of 45,000 sq. m. This represented an
increase of 70 percent. With 61 deals, the highest level of
activity recorded by this annual review. With the exception
of one letting, all the activity was for space of under 10,000
sq. m. The largest deal was the letting by warehousing
property specialist Prologis to Optima Logistics of a
17,229 sq. m. building at Midpoint 18 in Middlewich.
With the strong take up of high quality stock at the larger
end of the market reported last year, those sizeable deals
were limited to four transactions above 5,000 sq. m.
Crewe and Macclesfield accounted for the highest level of
activity. Crewe recorded the largest amount of floor space
let, helped by the three lettings over 5,000 sq. m. TJX which
operates the TK Maxx high street brand took just under 6,000
sq. m. at Radway Green Business Centre, and the remaining
two deals were vending drinks company Brupac, and the
Swansway Group which runs car dealerships and is also
headquartered in Crewe.
7)
47
4,
The number of industrial transactions has doubled from the
previous year with floor space showing a similar increase.
11
2014 Industrial Deals
PROPERTY NAME/ADDRESS
VENDOR/LANDLORD
TENANT/
PURCHASER
SIZE
(SQ. M.)
RENT/PRICE
(SQ. M.)
LEASE
TERM
(YEARS)
AGENTS
This schedule only relates to properties
in excess of 200 sq. m.
13
SIZE
(SQ. M.)
RENT/PRICE
(SQ. M.)
LEASE
TERM
(YEARS)
AGENTS
Smallwood
Manufacturing Ltd
381
£57.70
5
Lamont Commercial
PROPERTY NAME/ADDRESS
VENDOR/LANDLORD
TENANT/
PURCHASER
CREWE
HANDFORTH
Unit K1 Stanley Green Business Park,
Oak Green
Orbit Developments
Limited
Fresh Ltd
873
Undisclosed
Undisclosed
Knight Frank /
Davies Harrison
Unit 1, Gateway
Pinlee Manufacturing
Ltd
Unit 4C, Stanley Green Trading
Estate, Earl Road
Private Vendor
Private Investor
743
£73.95
5
Hallams
Workshop, Rainbow Street
Private Vendor
Global Adventure
Sport Ltd
260
£30.79
Undisclosed
Buckinghams
Unit E6 Stanley Green Business Park,
Oak Green
Orbit Developments
Limited
Private Investor
558
Undisclosed
Undisclosed
Knight Frank
Unit 1, 523 West Street
Private Vendor
Private Investor
212
£33.05
Undisclosed
Butters John Bee
Unit E1 Stanley Green Business Park,
Oak Green
Orbit Developments
Limited
Costain Group plc
550
£67.28
5
Knight Frank/ Davies
Harrison
Private Vendor
£63.29
3
Fisher German
Orbit Developments
Limited
Knutsford Electrical
Supplies
292
Unit D6, Stanley Green Business
Park, Oak Green
Unit 4, Wolfe Close, Parkgate Industrial
Estate
Private Investor
309
£67.28
5
Davies Harrison
Unit 1-6 Parkgate Industrial Estate
Private Vendor
Private Investor
251
Undisclosed
Undisclosed
Impey & Co
Unit D10, Stanley Green Business
Park, Oak Green
Orbit Developments
Limited
EWE Ltd
309
£67.28
3
Knight Frank
Unit 3, Wolfe Close, Parkgate Industrial
Estate
Private Vendor
Barrington Sports
228
£45.64
5
Fisher German
Unit D8, Stanley Green Business
Park, Oak Green
Orbit Developments
Limited
Bromborough
Paints
306
Undisclosed
3
Knight Frank
Unit 2, Parkgate Industrial Estate, Haig
Road
Private Vendor
Private Investor
225
£76.53
6
Impey & Co
Unit D9, Stanley Green Business Park
Orbit Developments
Limited
UIS Ltd
301
£67.28
5
Knight Frank /
Davies Harrison
Unit 2D, Stanley Green Trading
Estate, Earl Road
Private Vendor
Private Investor
265
£90.63
5
Hallams
CONGLETON
Eaton Bank, Riverdane Road
Administrators of
Cranworth Engineering
Limited
Churchill Paints
Limited
2,662
£168.99
Freehold
Sanderson
Weatherall
71 Manchester Road
Burns Garage
Famous Brands
Furnishings
857
£54.57
8
Lamont Commercial
Banyan
Manufacturing
637
£46.72
2
Hallams
3&4 Radnor Park
Private Vendor
Building 9, 12a, Radway Green
Business Centre
Ashtenne Industrial
Fund
TJX UK
5,946
£13.99
3
Lamont Commercial
Rowlinson Group Ltd
Swansway
Garages
5,249
£32.83
16
Lamont Commercial
CREWE
Weston Road
7D, Marshfield Bank Employment
Park
Andrews Property
Investments
Brupac
4,476
£31.22
13
Lamont Commercial
/ Wild Commercial
Property
Unit 7 Marshfield Bank Employment
Park
Private Vendor
Private Investor
1,589
Undisclosed
Undisclosed
Cushman and
Wakefield
Former Dairy, Groby Road
Private Vendor
Private Investor
1,280
£273.30
Freehold
Matthews &
Goodman
Units 11-12 Wistaston Road Business
Park
Private Vendor
Private Investor
755
£16.58
Undisclosed
Butters John Bee
Wistaston Road Business Centre,
Wistaston Road
Private Vendor
Private Investor
658
Undisclosed
Undisclosed
Butters John Bee
Orion Park
Black & White Crewe
Ltd
Halo Accident &
Repair
649
£61.89
10
Lamont Commercial
Unit P, Herald Park, Herald Drive
J. Beeson
J. Lester
649
£454.46
Freehold
Unit 3, Orion Park
Black & White Crewe
Ltd
Lafert Electrical
Motors Limited
536
£55.97
12
Unit R1, Herald Park, Herald Drive
Private Vendor
Centre for
Advanced
Transport
Engineering and
Research - Europe
481
Undisclosed
3
Carter Towler
Unit 45 Crewe Gates Industrial Estate,
Quakers Coppice
Private Vendor
Private Investor
467
£53.50
Undisclosed
Butters John Bee
KNUTSFORD
MACCLESFIELD
Goodall Street
Private Landlord
Time to Care (UK)
C.I.C
1,372
Undisclosed
Undisclosed
Greenham
Commercial
Newbridge House, Henderson Street
Private Landlord
Bungalows and
Bears
929
Undisclosed
Undisclosed
Jones Associates
Clarence Mill, Clarence Road
Adelphi Mill Properties
Limited
Adelphi Alterations
725
£91.49
Undisclosed
Adelphi Mill
Properties
The Old Stables, Brook Street
Private Vendor
Lovair
649
£44.67
Undisclosed
Greenham
Commercial
Green Street Mill, Green Street
Private Landlord
Private Investor
625
£40.04
Undisclosed
Janhill Estates
Unit 1-2 Rainbow Mill
Private Landlord
Jonathan Howcroft
560
Undisclosed
Undisclosed
Harvey Scott Estate
Warehouse, Hurdsfield Industrial
Estate
Private Vendor
Private Investor
383
£70.93
Undisclosed
Greenham
Commercial
Workshop, 110 Hulley Road
SISIS
Young Shin Europe
360
£55.43
5
CBRE
34 Windmill Street
Dacord Limited
Private Investor
330
Undisclosed
Undisclosed
Greenham
Commercial
Derwent House, Hulley Road
Private Vendor
GEC / Edmundson
Electrical
327
£80.73
5
Hallams
Albion Mill, London Road
Private Vendor
Private Investor
320
£282.56
Freehold
Meller Braggins
Unit 3 & Unit 2, Turnock Farm, Salters
Lane
Private Vendor
Private Investor
318
Undisclosed
5
Fisher German
Unit 7 Heather Close, Lyme Green
Business Park
Private Vendor
Private Investor
227
£821.72
Freehold
Hallams
Unit 1, Fence Avenue Industrial Estate
Private Vendor
Private Investor
219
Undisclosed
Undisclosed
Greenham
Commercial
Adlington Industrial Estate, London
Road South
Private Vendor
Private Investor
205
£53.82
5
Hallams
Unit 2, Pool Street Industrial Estate
Private Landlord
Private Investor
201
Undisclosed
Undisclosed
Greenham
Commercial
Lamont Commercial
Unit 6 Heather Close, Lyme Green
Business Park
Private Vendor
Hartwood Kitchens
200
£55.97
2
Hallams
Lamont Commercial
Adelphi Mill, Grimshaw Lane
Adelphi Mill Properties
Limited
Art Graphics UK
Ltd
200
Undisclosed
Undisclosed
Adelphi Mill
Properties
Unit 1-2 Rainbow Mill
Private Vendor
Bollington Joinery
Ltd
200
£42.63
Undisclosed
Harvey Scott Estate
2014 Industrial Deals
PROPERTY NAME/ADDRESS
VENDOR/LANDLORD
TENANT/
PURCHASER
SIZE
(SQ. M.)
RENT/PRICE
(SQ. M.)
LEASE
TERM
(YEARS)
AGENTS
MIDDLEWICH
MW180, Midpoint 18, Pochin Way
Prologis
Optima Logistics
17,229
£51.13
10
CBRE / Lamont
Commercial
Unit 9 Valley Court, Sanderson Way,
Off Pochin Way
PBS Properties Limited
Bespoke Auto
Technology Ltd
407
£58.99
10
Legat Owen
NANTWICH
Unit 1, Barony Industrial Estate,
Beam Heath Way
PBS Properties Limited
Screwfix
476
£64.58
10
Legat Owen
Unit 2, Tricketts Lane, Willaston
Private Vendor
Private Investor
305
£36.06
Undisclosed
Rory Mack
413
£51.13
Undisclosed
Roger Hannah & Co
POYNTON
Unit B, Poynton Industrial Estate,
Third Avenue
Private Vendor
McCann
SANBACH
Lodge Road
Private Vendor
Private Investor
7,369
Undisclosed
Undisclosed
Buckinghams
Mr W Douglas
Euro Accessories
Ltd
3,809
£217.86
Freehold
WHR
Unit 11, Millbuck Way
Euro Accessories
Private Investor
851
Undisclosed
5
Lamont Commercial
Sandy Lane
Ipstone Developments
Peter Baroow
557
£341.00
Freehold
Lamont Commercial
Unit 1, Brooke Park, Epsom Avenue,
Handforth
Nottinghamshire
County Council Pension
Fund
Competition Line
2,507
£54.25
10
DTZ/Jones Lang
Lasalle
Unit 2b, Brooke Park, Handforth
Thermo Fisher
Pendragon
1,375
£62.00
4
BE Group/WHR
Unit 2 Lodge Road
WILMSLOW
OVER 18,600 SQ. M.
9 enquiries
totalling
771,069 sq. m.
9,301 - 18,600 SQ. M.
1 enquiry
totalling
18,580 sq. m.
UP TO 93 SQ. M.
32 enquiries
totalling
649 sq. m.
ENQUIRIES FOR
INDUSTRIAL SPACE
IN CHESHIRE EAST,
JAN – DEC 2014
99 IN TOTAL
1,003,648 SQ. M.
4,651 - 9,300 SQ. M.
19 enquiries
totalling
172,792 sq. m.
1,861 - 4,650 SQ. M.
5 enquiries
totalling
19,509 sq. m.
94 - 232 SQ. M.
9 enquiries
totalling
1,449 sq. m.
931 - 1,860 SQ. M.
2 enquiries
totalling
3,716 sq. m.
466 - 930 SQ. M.
233 - 465 SQ. M.
15 enquiries
totalling
13,562 sq. m.
7 enquiries
totalling
2,322 sq. m.
This schedule only relates to properties
in excess of 200 sq. m.
15
Offices
17
The smaller end of the market, accounted for the largest
number of deals reflecting the strength of SME’s in the
Borough. All but two transactions were below 1,000 sq. m.
representing 87 percent of floor space let or sold.
The office sector continued to strengthen in 2014 with a
steady improvement from previous years both in terms of
floor space occupied and the number of deals completed.
The level of floor space let or sold was 22,318 sq. m.
which was down eight percent from the previous year,
whilst transactions increased by 10 percent with 45 deals
across Cheshire East. There was activity across the whole
of the Borough, but Crewe and Wilmslow stood out as real
hotspots, with the two towns accounting for over half of
deals in the Borough.
The majority of space was taken on a leasehold basis with
just 11 of the 45 deals being sales and the freehold market
remains mixed. Businesses are still looking for value for
money and five of those deals recorded were at £750 per
sq. m. or less, whilst the best price achieved was £3,358
per sq. m. for an office on Stevens Street in Alderley
Edge. Rents are beginning to rise and a good number
of rental deals now exceed £155 per sq. m. The highest
rent achieved was £204.50 per sq. m. at 1 Kings Close,
Wilmslow.
GEOGRAPHIC SPLIT
Total Area (sq. m.)
1
381
Knutsford
5
2,078
Macclesfield
5
3,054
Middlewich
4
3,071
Nantwich
1
474
Poynton
1
268
Sandbach
2
515
Wilmslow
12
5,978
TOTAL
45
22,318
Bruntwood is also extending Booths Park and planning
consent was granted for three new office buildings totalling
17,700 sq. m. to be built on the existing car park, as the
current space reaches capacity. Last year saw further
lettings at the Park to Medline and Glory Global Solutions
totalling 1,200 sq. m.
Specialist provider BioHub based at Alderley Park, is
continuing to attract companies linked to the life science
sector and specialist service providers. Manchester law
firm Appleyard Lees has joined a number of specialist
service providers located there who will provide support to
the growing science base at Alderley Park.
Knutsford attracted five new or expanding occupiers, with
companies continuing to be attracted to Booths Park and
The Pavilions.
In addition to the space recorded as let in this report,
which is limited to 200 sq. m. or above, the demand for
space from micro companies of up to nine employees
remains strong with a number of business centres
reporting successes across the Borough.
Percentage
15
33
12
27
466 - 930
14
31
931 - 1,860
3
7
1,861 - 4,645
1
2
4,646 +
0
0
TOTAL
45
100
OFFICE DEALS
> 200 SQ. M.
TAKE UP (SQ. M)
2
0
12
(
200 - 300
301 - 465
201
0(
16
,
(11,187)
2011
Number of deals
OFFICE DEALS
> 200 SQ. M.
NUMBER OF DEALS
8)
31
,
2
6)
00
SIZE RANGE
Size Range (sq. m.)
20
10
2011 (2
4)
Orbit Developments was successful in letting a number
of offices across the Borough, and in Wilmslow let
985 sq. m. to care home operator Four Seasons Healthcare.
The company moved within the town from Emerson Court to
Norcliffe House.
5)
(4
1)
(4
Crewe attracted 12 businesses to new premises during
the year with floor space totalling 5,735 sq. m. With an
average size of 477 sq. m. there were five deals over 600
sq. m. These included WEX Europe which specialises
in card services and joint tenants such as Barclays and
Virgin Trains at Pochin’s Emperor Court. Other companies
include Europac which provides state of the art scanning
and 3D services, one of a number of advanced engineering
companies clustering in the Crewe area, and mobile phone
insurance provider Assurant Group, which recently acquired
the Lifestyle Services Group. The company is locating its
European HQ in Crewe leading to a major expansion of
its workforce.
20
14
However, the largest deals were to be found away from
those centres. Middlewich attracted the largest deal with the
letting of Universal House to Bentley, which took 2,109 sq. m.
in a three storey modern office building on the Midpoint 18
business park. In Macclesfield, Orbit let a 1,296 sq. m. unit to
Momentum Instore for its headquarters, at a reported rent of
just £43 per sq. m. The company specialises in developing
retail marketing for large retailers and brand suppliers.
201
4(
2
Holmes Chapel
)
64
5,735
)
(43
12
20
13
764
Crewe
(28)
12
20
2
201
3
(
2
4,2
Number of deals
0)
,00
13
Town
Alderley Edge
2014 Office Deals
PROPERTY NAME/ADDRESS
VENDOR/LANDLORD
TENANT/
PURCHASER
SIZE
(SQ. M.)
RENT/PRICE
(SQ. M.)
LEASE TERM
(YEARS)
This schedule only relates to properties
in excess of 200 sq. m.
AGENTS
PROPERTY NAME/ADDRESS
VENDOR/LANDLORD
TENANT/
PURCHASER
19
SIZE
(SQ. M )
RENT/PRICE
(SQ. M.)
LEASE
TERM
(YEARS)
AGENTS
MACCLESFIELD
ALDERLEY EDGE
11 London Road
PPMCR Ltd (in
liquidation)
Private Investor
465
£1,776.06
Freehold
Hallams /
Matthews &
Goodman
Beechwood Court
Private Vendor
Momentum Instore
Limited
1,296
Undisclosed
Undisclosed
Greenham
Commercial/Orbit
Developments
7 Stevens Street
Private Vendor
Private Purchaser
298
£3,358.37
Freehold
Williams
Commercial
Pinewood Court, Springwood Way
Orbit Developments
Limited
Private Investor
592
Undisclosed
Undisclosed
Orbit Developments
The Bath Masters House, Davenport
Street
Spicerhaart Group Ltd
NFU Mutual
485
£752.73
Freehold
Hallams
Churchill Chambers, Churchill Way
Private Landlord
SAS Daniels
364
£118.40
14
Hallams
£739.59
Freehold
Greenham
Commercial
CREWE
Wellington House, Delamere Street
Private Vendor
Job Centre
846
£86.11
Undisclosed
Legat Owen
Infinity House, Mallard Way
Private Vendor
Lifestyle Services
Group Limited
743
£137.24
Undisclosed
Colliers
International
Undisclosed
Rory Mack
Associates
Undisclosed
Lamont
Commercial/
Matthews and
Goodman
Imperial Chambers, Prince Albert
Street
Second Floor, Emperor Court, Crewe
Business Park
Private Vendor
Private Investor
Pochin's Plc
WEX Europe
Services Limited
725
689
Undisclosed
£129.17
Royal Oak Building, Marshfield Bank
Private Vendor
Kindertons Accident
Management
494
£65.66
Undisclosed
Lamont
Commercial
Technology House, Crewe Business
Park
Private Vendor
Europac Limited
424
£94.19
Undisclosed
Lamont
Commercial
Group House, Crewe Business Park
Dunefield Properties
Limited
Chemocal Business
Association
423
£1,173.28
Freehold
Lamont
Commercial/
Edwards and Co
Mallard Court, Crewe Business Park
Private Vendor
Private Investor
376
£42.52
Undisclosed
Legat Owen
Hawksdrum House, Marshfield Bank
Employment Park
Begbies Traynor
Group
Private Purchaser
263
£740.67
Freehold
Louis Taylor Ltd
Emperor Court, Crewe Business Park,
Electra Way
Pochin Property
Reclaim Limited
259
£142.62
Undisclosed
Lamont
Commercial/
Matthews &
Goodman
Ground Floor, Unit 2 Westmere Court,
Crewe Business Park
Crest Sign Limited
Cheshire Training
Association Limited
251
£123.79
Undisclosed
Lamont
Commercial
Breeden House, High Street
Private Vendor
Private Investor
241
Undisclosed
Undisclosed
Legat Owen
381
£139.93
6
Lambert Smith
Hampton
HOLMES CHAPEL
Cotton Court
Hornbuckle Mitchel
Group
Tyres on the Drive
KNUTSFORD
Booths Park, Chelford Road
Bruntwood Limited
Medline
681
£177.61
5
CBRE/Edwards &
Co / Jones Lang
Lasalle
5 Booths Park, Chelford Road
Bruntwood Limited
Glory Global
Solutions Ltd
524
£177.61
Undisclosed
Edwards & Co
10
CBRE / Edwards
& Co /Jones Lang
Lasalle
Booths Park, Chelford Road
George House, Mallory Yard,
Goostrey Way
Booths Park, Chelford Road
Bruntwood Limited
Towry
358
£172.22
Private Vendor
Portman Travel
Group
315
£126.05
5
Regional Property
Solutions
Bruntwood Limited
James Fisher
202
£177.61
10
CBRE/Edwards
& Co/Jones Lang
Lasalle
Peak House, South Park Road
Private Vendor
Private Investor
318
MIDDLEWICH
Universal House
AJPROP Limited
Bentley
2,109
£43.06
Undisclosed
Lamont Commercial
Unit 7 Verity Court
Pochin's Plc
Imetec UK Limited
409
£1,184.04
Freehold
Lamont Commercial
Lex House, 10 Leadsmithy Street
Private Vendor
Dr JT Hammersley
& Partners
331
£694.06
Freehold
Buckinghams
Unit 3, Midpoint 18, Verity Court,
Pochin Way
Private Vendor
Private Investor
222
£1,348.08
Freehold
Matthews &
Goodman
474
Undisclosed
Undisclosed
Legat Owen
268
£1,547.86
Freehold
Hallams
NANTWICH
George House, Beam Heath Way
Private Vendor
Private Investor
147 London Road South
Private Vendor
Pentith Ltd
Edwin Foden Business Centre, Moss
Lane
Hurstwood Group
Limited
SafeGuard World
International
279
Undisclosed
5
Hurstwood Holdings/
Lamont Commercial
10 Congleton Road
Private Vendor
Sandbach Music
Centre
237
£84.50
Undisclosed
Greenham
Commercial
POYNTON
SANDBACH
WILMSLOW
Norcliffe House, Station Road
Orbit Developments
Limited
Four Seasons
Healthcare Limited
985
£182.99
Undisclosed
Orbit Developments
1 Kings Close
Petros
Travellers Tales
966
£204.52
10
Jones Lang Lasalle/
LSH /CBRE
Stanley Court, Stanley Green
Business Park
Orbit Developments
Limited
Pets at Homes Ltd
892
Undisclosed
Undisclosed
Orbit Developments
Freedom House, Church Street
Dorchester Property
Investments
Foundry 42
543
£153.39
5
Williams Commercial
/ Canning O'Neill
1st Floor, Emerson Court
Orbit Developments
Limited
Private Investor
530
£166.84
Undisclosed
Orbit Developments
The White House, 180-186 Wilmslow
Road, Handforth
Best Western Hotels
Private Investor
528
£710.42
Freehold
Matthews &
Goodman
St Anns House
Private Vendor
Bott & Co Solicitors
Ltd
407
Undisclosed
Undisclosed
Canning O'Neill
1st and 2nd floors, 69 Water Lane
Private Vendor
Effective Finance
Ltd
284
£34.34
3
Buckley Commercial
Freedom House, Church Street
Dorchester Property
Investments
Genesis
245
£153.39
5
Canning O'Neill/
Williams Commercial
48 Alderley Road
Orbit Developments
Limited
Handelsbanken
200
Undisclosed
Undisclosed
Orbit Developments
Cypress House, Grove Avenue
Quorum
Oakbase
200
£161.46
5
Canning O'Neill/
Williams Commercial
Units 1-34, The Paddock, Handforth
Orbit Developments
Limited
Private Investor
200
Undisclosed
Undisclosed
Orbit Developments
Retail and Leisure
21
Cheshire East Council has committed to a major investment
programme to improve the vitality of its town centres.
Improving the vitality of Macclesfield Town Centre is central
to the regeneration of the town. The Council owns key sites
within the town centre and is in a unique position to take
the lead and drive forward the delivery of major change in
Macclesfield.
The Council has been working with a development partner
Wilson Bowden, for many years to secure the delivery of a
significant town centre development.
In Middlewich, plans for a £50 million development
straddling the Cheshire East and Cheshire West boundary
have been approved. The Cheshire FRESH scheme will
include a new livestock auction centre, along with shops
and a garden centre. It is estimated that the complex
could bring as many as 800 new jobs to the area.
In March 2014 Cheshire East Council’s Cabinet resolved
to promote a Compulsory Purchase Order to facilitate
land assembly for the scheme. The recent withdrawal of
Debenhams as an anchor tenant has presented challenges
and the Council is currently proactively considering
alternatives, to ensure a regenerative town centre proposal
is still delivered.
Congleton has received a £1 million boost to the town
centre which will fund new pedestrian areas to make
shopping a more enjoyable experience.
There is a strong desire for a leisure development to
improve the twilight economy and increase footfall for
the benefit of town centre businesses and the Council is
currently looking to accelerate this element of the wider
scheme.
To the north of the proposed Silk Street scheme, Eskmuir
the owners of the Grosvenor Centre, a shopping mall of
retail units, have received planning approval to upgrade the
Centre by the demolition of a number of units to facilitate
four new shops and office accommodation.
The importance of the food and drink sector
to the local economy is highlighted by the
large number of food and drink festivals that
took place throughout the year.
To add to this Cheshire East Council announced a major
public realm investment programme for Congleton. The
£1 million project, funded by Cheshire East Council will
dramatically improve the centre of the town, re-establishing
Congleton as an attractive location to live, work, shop and
visit. The project is intended to improve the pedestrianised
areas of the High Street, Bridge Street, Duke Street and
Little Street and create a community square. This will enable
occasional markets festivals and other street activities to
take place.
The Council is also progressing with its plans for a
Lifestyle Centre off Forge Street in Crewe town centre.
The Lifestyle concept is the integration of all the services
in one place, that citizens need in relation to their lifestyle
and will comprise an eight lane 25 metre pool, smaller 17
metre pool, a gym, new public library, fitness suites and
studios, new sports hall and day care facilities, including
offices, meeting rooms, treatment rooms, training facilities
and an outdoor play area.
Plans for phase one of the South Macclesfield
Development Area were submitted in May and include
building 325 homes and a new supermarket on land
between Congleton Road and London Road. The
supermarket will meet the food shopping needs of the
southern part of the town and the receipts from the sale
will contribute to the proposed link road from London Road
to Congleton Road.
There was some smaller scale activity across the Borough.
In Congleton, units in West Heath Retail Park were let.
In spite of concerns raised by over-development on the
site, BP have been given permission to redevelop their
fuel station on Alderley Road in Wilmslow, to incorporate
a 225 sq. m. M&S Simply Food store. This represents a
significant increase in the size of the shop previously on
the site.
In Crewe the SEAT dealership, formerly known as LC
Charles, has opened a new 3,200 sq. m. showroom just off
Weston Road and four premises have also been let along
Queensway and on Market Street.
Also in Macclesfield, variety discount retailer, B&M took
over the premises of the former TJ Hughes store on
Exchange Street. The 140 sq. m. store is the second
B&M store in the town, after the retailer’s Silkworks
site on Pickford Street opened in early 2008.
466 - 930 SQ. M.
1 enquiry
totalling
929 sq. m.
OVER 930 SQ. M.
1 enquiry
totalling
931 sq. m.
233 - 465 SQ. M.
2 enquiries
totalling
556 sq. m.
ENQUIRIES FOR
RETAIL SPACE
IN CHESHIRE EAST,
JAN – DEC 2014
33 IN TOTAL
4,285 SQ. M.
141 - 232 SQ. M.
2 enquiries
totalling
371 sq. m.
94 - 140 SQ. M.
3 enquiries
totalling
314 sq. m.
71 - 93 SQ. M.
1 enquiry
totalling
92 sq. m.
47 - 70 SQ. M.
1 enquiry
totalling
69 sq. m.
UP TO 46.5 SQ. M.
22 enquiries
totalling
1,023 sq. m.
Visitor Economy
23
Cheshire East includes some of the UK’s most beautiful
scenery, attractions, market towns, events, festivals and
sites of historical significance. From sprawling plains and
panoramic cliff top views to historic market towns and
hidden gems, there is something for everyone in
the Borough.
With almost 14 million visitors coming to Cheshire East it
is no surprise to see hotel occupancy rising to 74 percent
in 2014, up by 4.3 percent on 2013, while the average
daily room rate rose to £56.50 compared with £53 the
year before.
Well known events and festivals, the weddings market
and business tourism have been particularly important in
helping the Borough’s hotel operators fill their rooms and
the improving market has encouraged hotel owners to
invest in additional bedrooms and facilities.
An example of this is the Best Western Pinewood on
Wilmslow Hotel which has invested £1.4 million in a
refurbishment programme during 2014, adding 12 ensuite bedrooms, a new 85 seat restaurant, kitchens, and
rooms for conferences and banqueting. Additionally
Cranage Hall in Holmes Chapel has invested £150,000
on improving facilities, Cottons Hotel and Spa in
Knutsford invested £4 million, including a 30 bedroom
extension; the Best Western Manor House Hotel invested
£1 million on improved facilities and Combermere Abbey
spent £200,000 on cottage upgrades and outdoor
wedding spaces. Mottram Hall had a major £6 million
transformation turning it into the ultimate country retreat.
Cheshire East’s planning committee also approved an
application by Marston Hotels to add almost 50 new
bedrooms to the 17th century 117 bedroom Q Hotels
Crewe Hall. The £3 million proposed extension at the
Grade I listed hotel will add two new bedroom wings to
the hotel.
Our best hotels provide excellent
accommodation and we need more of them.
Cheshire East’s occupancy rate is rising faster
than Manchester, York and other parts of
Cheshire. It reflects the quality of Cheshire
East as a good place to do business.
In Sandbach, the 50 bedroom, three star Tudor style
Chimney House Hotel changed hands from Washington
Hotels to Talash Hotels at a guide price of £1.85 million.
Furthermore, hotel operator Accor has entered into two
franchise agreements to create Ibis Budget hotels locally.
Ibis Budget Knutsford is to be operated by Signature
Management Services as a result of the agreement
between Accor and Think Options Ltd, and the other
hotel will be at Lymm Services on the M6.
There have been a number of developments in the pub
and restaurant sector in Cheshire East during 2014. In
Crewe, development started for a new 698 sq. m. Greene
King pub and McDonald’s restaurant on a 1.21 ha plot of
brownfield land off Dunwoody Way, sold by engineering
firm Bombardier. Russell Homes secured the deal with
both operators and is currently marketing the adjacent
1.01 ha plot for food, retail or leisure use.
Following the purchase of the Rose and Crown
Chophouse and hotel in 2013, The Belle Époque
restaurant and hotel purchased its third Knutsford
venture, The Freemason Arms. This reopened its doors
in July 2014 as The Folly, and in Sandbach the Lower
Chequer, which dates back to 1570, reopened its doors
following the acquisition and refurbishment by brewery
group Joules as its first venue dedicated to Craft Beer.
The importance of the food and drink sector to the local
economy is highlighted by the large number of food
and drink festivals that took place throughout the year.
This included the Congleton Food Festival, the Foodies
Festival at Tatton Park, the Nantwich Food Festival and
Cheshire Food Festival at Arley Hall, the North West Food
Lovers Festival at Tatton Park and the Christmas Food
Festival at Arley Hall. These festivals are complimented
by a wide range of food and farmers markets that are
held throughout the year, with the ever popular Treacle
Market welcoming visitors from far afield to Macclesfield
each month. There has also been an explosion of artisan
markets taking place across the borough adding to the
culinary delights of Cheshire East.
Other renowned festivals bringing thousands of visitors
to Cheshire East include: the Nantwich Jazz Blues and
Music Festival, the Cheshire Show, the Nantwich Cheese
Show, The RHS Tatton Flower Show and the 80’s Rewind
Festival at Capesthorne Hall.
In 2014 Tatton Park in Knutsford was awarded the gold
award in the Large Visitor Attraction of the Year Category
at the prestigious, VisitEngland Awards, which celebrates
the best of English tourism. Cheshire East attractions also
scooped top prizes at Marketing Cheshire’s 2014 Annual
Awards with Peckforton Castle Hotel, near Bunbury
named as large hotel of the year. In the same category,
the Best Western Manor House Hotel in Alsager was
highly commended and Kerridge End Holiday Cottages
in Rainow, near Macclesfield, on the fringes of the Peak
District National Park, were named as self-catering
holiday provider.
2014 has proved to be another fantastic year for Film and
TV production in Cheshire East producing a £2 million
bonus for the local economy. In 2014, crews have done
more than 130 days’ work in the Borough and have spent
an estimated £1.99 million. This compares with 65 days’
filming in 2013, which generated estimated spending of
£1.04 million. During 2014 ITV cameras were in Bunbury
to film Home Fires, a six-part second world war drama
starring Francesca Annis and Samantha Bond; The
Real Housewives of Cheshire, an ITV reality show about
the lives of glamorous women living around Alderley
Edge and Wilmslow has just been awarded a second
series and viewers in the UK and US saw historic Arley
Hall, near Knutsford, playing a major role in Evermoor,
a mystery adventure for the Disney Channel about an
American teenager who leaves the States behind for a
new life in England.
Investment
Across the UK investment activity has continued to improve with overseas investors,
property funds and private investors increasingly seeking better value in the regions.
In the North West one commentator reported a 41 percent uplift in activity.
£35.45 million of investment sales have
been recorded in Cheshire East in 2014
£35.45 million of investment sales have been recorded in
Cheshire East with four retail, three office and two leisure
deals. However, it should be noted that a sale price was
only available for five of the nine deals (with the others
remaining confidential).
Investment in the Industrial sector was limited and this
reflects similar trends in the occupier market. However,
nationally offices were seen as a more attractive
investment opportunity in 2014.
Two investment sales completed at Crewe Business
Park (achieving yields of 14.9 percent and 10.7 percent
respectively).
Furthermore Alderley Park in Alderley Edge was sold by
AstraZeneca to Manchester Science Partnerships (MSP)
in March 2014, in a deal estimated to be worth more
than £30 million. This was without doubt the most notable
investment sale in the Borough in 2014.
With over 139,400 sq. m. of world-class scientific,
laboratory, office and conferencing space, Alderley Park
has formed a reputation as the leading life science facility
in the North of England and the largest R&D campus
of its kind in the UK. Building on AstraZeneca’s legacy,
Manchester Science Partnership’s (MSP) aims to bring
in a new phase of the park’s evolution by creating a new,
collaborative community of bioscience innovators who
will sit alongside business at every stage of growth from a
single co-working desk up to entire office buildings. This
will be complemented by new residential, leisure and retail
opportunities that will see the park opened up to everyone
for the first time in its history.
Using Bruntwood’s extensive development experience,
one of the first major redevelopments is the transformation
of a four storey building on the eastern edge of Mereside.
It will create up to 27,880 sq. m. of highly flexible space
that could cater for offices or science/manufacturing
facilities. With the aim of bringing people together at its
focus, the building will feature a communal atrium and
internal courtyard with new meeting/conferencing facilities,
and retail and café amenities. Taking advantage of the
extensive views over the Alderley Park woodlands and
farm, two brand new entrance façades extending the full
height of the building will create a light, open environment
and impressive sense of arrival.
Reflecting the strong concentration of world class science
assets and activity in Cheshire East, the Council has
set out a clear action plan to develop and grow
the Technology and Science corridor in the Borough.
A Science Corridor Opportunity Study has been
developed which will play an integral part in future
proofing the growth of key science corridor assets by
setting out a clear, evidence-based action plan, which in
turn will support economic growth and attract both talent
and business spinout growth in the area. The action plan
presents targeted interventions for the pharmaceutical
and life sciences, ICT, Instrumentation and Astrophysics
sub-sectors by developing projects relating to skills
development, property provision, business engagement
and inward investment, the development of R&D
capabilities, and supply chain growth. This fully aligns with
ongoing activity to develop the Science Corridor including
the Greater Manchester and Cheshire Life Science Fund,
Greater Manchester and Cheshire Life Science Strategy,
and the Alderley Park Development Framework.
The 2014-2020 European Structural and Investment
Funds Growth Programme represents a significant
opportunity for Cheshire and Warrington to invest in
growth and jobs in the area and make a real difference
to the local economy. Funding opportunities include
£66.4 million from the European Regional Development
Fund (ERDF) and £54.8 million from the European
Social Fund (ESF), as well as £2.5 million from the
European Agricultural Fund for Rural Development
(EAFRD). The Governments Growing Places Fund has
allocated £12 million to Cheshire and Warrington Local
Enterprise Partnership to support key infrastructure
projects and the North West Evergreen Fund provides
debt funding for commercial property and regeneration
projects in the North West of England. Further funding
for rural areas will also be available under the
“LEADER” programme.
25
Type
Location/
Property
Vendor
Purchaser
Size
(sq. m.)
Price (£m)
Tenants
Income
(£/pa)
Net Initial
yield (%)
Agents
Office
Alderley Park,
Mill Lane,
Alderley Edge
AstraZeneca
Manchester
Science
Partnerships
278,707 &
162 ha
c.30.0
Various
Undisclosed
Confidential
Jones Lang
Lasalle/Strutt
& Parker
Office
2 Millennium
Gate, Crewe
Business Park
LPA
Receivers
Praxis Real
Estate
3,023
2.7
Various
c.420,000
14.9
Knight Frank/
FinnProperty
Office
Unit C,
Southmere
Court, Crewe
Business Park
Private
Vendor
Private
Investor
650
0.7
EMAC
c.78,000
10.67
WHR/Lamont
Commercial
Retail
Wilmslow Post
Office, Waters
Lane
Private
Vendor
Private
Investor
831
Confidential
Post Office
Confidential
Confidential
Williams
Commercial
Retail
18-20 Bridge
Street,
Congleton
Private
Vendor
Private
Purchaser
207
0.4
Various
39,300
8.6
Acuitus
Retail
10 Alderley
Road, Wilmslow
Threadneedle
Private
Investor
130
Undisclosed
Co-op &
Star PFS
33,500
Undisclosed
Allsop
Retail
Warehouse
Crewe
Development
Securities
Kames
Capital
Confidential
Portfolio
Sale
Confidential
Confidential
Confidential
Other
Leisure
Little Chef,
Chester Road,
Knutsford
Private
Vendor
Private
Investor
2,670
Undisclosed
Wycliffe
Moore
32,378
Undisclosed
Allsop
Leisure
Crewe
Business Park
Halo Ltd
JNR
Management
831
1.65
Kids
Unlimited
139,845
8
Christopher
Dee
Residential
A housing requirement of 27,500 new dwellings is
proposed in the Cheshire East Local Plan, including 500
homes to be accommodated under the Duty to Co-operate
with High Peak Council during the period 2020-2030.
However, the examination of the Cheshire East Local Plan
was formally suspended in December 2014 in response
to receiving the interim views of the Inspector. As a
consequence of these interim views the Council will need
to review the 27,500 figure.
As of 31st August 2014, Cheshire East reported that it
has a total deliverable housing land supply for 11,051
dwellings. With a 5 percent buffer (allowing for choice
and competition) this equates to 6.36 years supply of
deliverable housing land and with a 20 percent buffer (to
allow for shortfalls in previous years) this equates to a 5.57
years supply of deliverable housing land.
For the 2013/14 year (in line with housing monitoring
data) 663 full market price dwellings were completed.
This shows there has been a slight increase in completions
from the previous year, but it remains a long way off
pre-recession completion rates. 199 affordable homes
were also completed during the year.
For the 2013/14
year 663 full market
price dwellings
were completed.
Data compiled at 31st December highlighted that 37
sites each with a capacity for over 30 homes were under
construction. When the 37 sites are fully completed they
will deliver a total of 3,943 units. In particular there has
been a lot of developer activity in Congleton (five sites
totalling 484 units), Sandbach (four sites totalling 759
units), Middlewich (four sites totalling 503 units), Crewe
(six sites totalling 574 units) and Macclesfield (four sites
totalling 270 units).
Furthermore, housing consent data shows that 42 sites
were granted planning permission for a minimum of 20
homes during the course of 2014, and these sites will see
the development of 5,395 houses over the next few years.
These include six sites at Shavington, which together will
bring 1,176 new homes to the market. The demand from
developers for residential development sites in Sandbach
is evidenced with 1,049 homes at five sites being granted
permission. In addition, permission for 446 homes was
granted at four sites in Alsager, and Congleton will see the
development of 354 homes distributed between six sites.
In what was reported as one of the most profitable and
high profile strategic land deals ever completed in the
North West, Redrow acquired a 6.88 ha site in up-market
Tytherington from Ainscough Strategic Land (ASL)
in a £13 million deal. This followed ASL’s acquisition
from Allied Irish Bank in May 2012 for £4.5 million. A
masterplan for 162 new houses has been completed
for the site, and planning permission and a Section 106
agreement is already in place. During the year Redrow
reported its pre-tax profit had doubled in the first half of
its financial year, boosted by the government’s Help to
Buy scheme.
The Council has granted planning permission for a major
mixed use development on a 58 ha open farmland site at
Kingsley Fields, Nantwich. The proposal by North West
Nantwich Consortium includes plans for up to 1,100 new
homes (including up to 30 percent affordable housing),
as well as up to 1.82 ha of business space, a primary
school, community facilities, a local centre, allotments
and recreational open space.
There has been a focus on the delivery of affordable
housing in Crewe. Developer Countryside, in partnership
with Your Housing Group and Cheshire East Council, are
building 143 homes on the 2.63 ha former Bombardier
factory site in Crewe. The £14 million development
included £1.5 million funding from the Homes and
Communities Agency and comprises 119 two and three
bedroom houses and 24 one bedroom apartments,
available for affordable rent and shared equity.
Kier Construction has also started on site at the £3.5
million West View development in Underwood Lane,
Crewe. This comprises 34 new homes on the site of a
former nursing home and sheltered housing scheme,
on behalf of Your Housing Group and Wulvern Housing.
The homes will all be for affordable rent, and funding for
the development included a grant from the Homes and
Communities Agency.
Furthermore a £1.9 million residential scheme in Crewe
has also been given the go ahead. Wulvern Housing,
which is headquartered in the town, plans to redevelop
Brooklands House into a three storey apartment block
for over 55’s. The scheme is set to include 12 one
bedroom and four two bedroom apartments. Wulvern
has been awarded grant funding of £352,000 through the
Homes and Communities Agency’s Affordable Homes
Programme towards the cost of the development.
27
Residential
29
1,498
1500
MAJOR HOUSING SCHEMES 2014 (CURRENTLY UNDER CONSTRUCTION)
Future dwelling completion greater than 30 units expected in the next five years
COMPLETIONS
1,365
1,287
AFFORDABLE
1,295
Site Address
1200
900
741
663
654
632
600
535
464
319
300
334
243
182
2005
2006
233
123
2007
184
199
118
2008
2009
2010
2011
2012
2013
2014
Please note: The affordable housing delivery figures are net new build completions only
(this does not include other forms of affordable housing delivery).
HOUSING CONSENTS 2014
Schemes with capacity for a minimum of 20 units granted permission during 2014
Settlement
Housebuilder
Capacity
Land off Queens Drive
Nantwich
Gladman Developments
270
Former Fodens Factory, Moss Lane
Sandbach
David Wilson Homes North West
269
Land south of Hind Heath Road
Sandbach
Richborough Estates
269
Former Fisons Site, London Road
Holmes Chapel
Bellway Homes
224
Loachbrook Farm, Sandbach Road
Congleton
Bovis Homes
200
Land off Warmingham Lane
Middlewich
Morris Homes
194
Land to the north and south of Maw Green Road, Coppenhall
Crewe
Richborough Estates
165
Land off Warmingham Lane
Middlewich
Bellway Homes
149
Stapeley Water Gardens
Nantwich
David Wilson Homes North West
146
Bombardier Transportation, West Street
Crewe
Countryside Properties
143
Bath Vale Works, Bath Vale, Brookhouse Lane
Congleton
Bovis Homes
126
Haulage Depot, Gunco Lane
Macclesfield
Jones Homes
124
Fibrestar site, Redhouse Lane
Disley
Persimmon Homes
121
Fodens Test Track, Moss Lane
Sandbach
Persimmon Homes
120
Canal Fields/ Rookery Bridge, Hall Lane, Moston
Sandbach
Bellway Homes
101
Wychwood Park, Abbey Park Way,
Weston
Bovis Homes
100
The Waterhouse Employment Site, Wellington Road
Bollington
Bellway Homes
91
Land off Jersey Way
Middlewich
Stewart Milne Homes
83
Land off Dunwoody Way
Crewe
Haigh & Haigh Homes
82
Land on Rope Lane
Shavington
Wain Homes
80
Location
Total sites
Total units
Land off The Green
Middlewich
77
Shavington
6
1,176
Muller Property Group/Persimmon
Homes
Macclesfield District Hospital, Victoria Road
Macclesfield
Keyworker Homes
72
Sandbach
5
1,049
Ingersley Vale Works, Ingersley Vale
Bollington
Brian Elwell & Co
66
Alsager
4
446
Land south of Crewe Road
Alsager
Miller Homes
65
Leighton
1
400
Bossons Mill/Brooks Mill, Stonehouse Green
Congleton
Falconer Chester Ltd
60
Congleton
6
354
Land at COG Training and Conference Centre, Crewe Road
Nantwich
Stewart Milne Homes
59
Middlewich
2
343
Caravan Site, Park Lane and Flowery Nook, Mere Lane
Pickmere
Westbury Homes
58
Nantwich
3
329
Land south of Portland Drive
Scholar Green
Ben Bailey Homes
56
Macclesfield
5
287
Kestrel Engineering, Brook Street
Congleton
Morris Homes
54
Haslington
1
250
Wilmslow
1
204
South Cheshire College of Further Education,
Dane Bank Avenue
Crewe
Redrow Homes
50
Willaston
2
186
Land rear of 33 to 45 Mill Green
Congleton
McCarthy & Stone
44
Crewe
2
141
Land off Vicarage Road
Haslington
Elan Homes Ltd/Muller Strategic
Ltd
44
Bollington
1
91
Land on Sheppenhall Lane
Aston
Newlyn Homes Ltd
43
Holmes Chapel
1
80
Hough
1
39
Priors Hill Children’s Home, 26 Kennedy Avenue
Macclesfield
Joanne Fallon (Affordable Homes
Consultancy)
38
Wybunbury
1
20
Park Green Mill, Park Green
Macclesfield
PH Property Holdings Ltd
36
TOTAL
42
5,395
Underwood Court and West View, Underwood Lane
Crewe
Your Housing Group
34
Land on Hassall Road
Alsager
Seddon Homes Ltd
30
Strategic
Developments
31
•
M56
POYNTON
A555
WILMSLOW
M6
A523
ALDERLEY EDGE
KNUTSFORD
1
A556
A537
A537
MACCLESFIELD
A34
A536
HOLMES
CHAPEL
MIDDLEWICH
A523
•
A54
2
M6
CONGLETON
SANDBACH
A51
A530
A534
A34
3
CREWE
A534
NANTWICH
4
5
A49
ALSAGER
Alderley Park/BioHub
1
CEC Waste Management Site (proposed)
2
Bentley Motors
3
AUDLEM
A525
Crewe Station (current)
4
•
University Technical College
5
Cheshire East’s commitment to delivering growth through new employment
opportunities, jobs and homes is evidenced through the investment and initiatives
where the Council has a leading role.
•
The future of Alderley Park – The Council has prepared
a Development Framework which sets out the long
term vision for the site as a world class science park.
A planning application for the site is expected to be
submitted by the new owner, Manchester Science
Partnerships, during summer 2015.
•
•
Following the successful award of £20 million Local
Growth Funding and £5 million contributions from
•
the Council and Manchester Science Partnerships,
the Council is working with partners at the Greater
Manchester Combined Authority, the Cheshire and
Warrington Enterprise Partnership, and Manchester
Science Partnerships to establish the £42 million
Greater Manchester and Cheshire Life Science
Investment Fund. Due for launch in early summer 2015,
the fund will provide investment funding for life science
SME’s across Greater Manchester and Cheshire.
The BioHub Life Science incubator at Alderley Park –
The facility has created an environment for life science
businesses to thrive within a cluster of likeminded
businesses. Currently 81 companies employing 310 onsite staff are located there. This includes an increasing
number of former AstraZeneca staff going through a
‘Business Bootcamp’ to develop ideas for start-ups.
Crewe HS2 Hub Station – Independent government
reports in October 2014 proposed that Crewe should
be a North West hub for HS2 with the proposed station
up and running by 2027. A fully integrated station
would provide 360 degree connectivity to North Wales,
Liverpool and Merseyside, routes to Scotland, Greater
Manchester and beyond into the Northern Powerhouse
and south to Stoke, Staffordshire and on to the East
Midlands and Birmingham and finally into Shropshire and
Mid Wales becoming a even greater node of the national
rail network linked to all London and UK’s major Airports.
Cheshire East Council is proposing to build a multipurpose depot on the site of the disused ideal Standard
factory in Middlewich. The site was purchased for a
reduced price of £2.41 million and it is estimated that
the redevelopment plans would involve the transfer of
up to 400 jobs in Middlewich. The environmental hub
would allow the Council to speed up implementation
of its strategy to cut landfill to a minimum and increase
recycling, which will bring multiple environmental and
economic benefits and further boost the local economy.
•
The new University Technical College at Crewe – A
new 800 place University Technical College (UTC)
is being developed in the centre of Crewe and will
open in September 2016. This £10 million project will
redevelop an existing site off West Street in Crewe. The
UTC is sponsored by a number of key local employers
such as Bentley, OSL Rail and Jacobs as well as
Manchester Metropolitan University.
•
Road Infrastructure schemes:
The roll out of fibre broadband through the ‘Connecting
Cheshire’ project - Current fibre broadband coverage
across Cheshire East is 94 percent (April 2015), this
is set to rise to 96 percent by the end of 2015 and
to around 99 percent by the end of 2017. These
improvements are as a result of the intervention of the
Connecting Cheshire Partnership which has invested
public, European and private funds into additional fibre
connectivity in areas hitherto outside the commercial
roll-out. By the end of 2017 this partnership will have
secured additional coverage to over 90,000 homes and
businesses across Cheshire, primarily in rural areas.
The delivery of sustainable renewable energy in the
Borough – The Council has undertaken a detailed review
of the potential for renewable energy in Cheshire East
in order to develop an Energy Framework which acts as
the evidence base to underpin activity in this sector. As a
result of the Energy Framework a number of initiatives are
progressing to deliver a more sustainable environment
for Cheshire East. These include providing residents with
FairerPower through a new arrangement with Ovo Energy
•
Group to provide cheaper tariffs; a review of Council
assets to determine the suitability for renewable energy
such as biomass and solar photo voltaic technology;
continued exploration of deep geothermal potential in
Crewe in collaboration with Keele University and an early
feasibility of an anaerobic digestion project within the
Borough.
•
The expansion of Bentley Motors in Crewe – Bentley
announced the latest phase in the biggest site
development in the company’s history. A further £40
million investment will expand its headquarters in Crewe,
with a new research and development centre, creating
over 300 jobs in the process.
•
The new centre, measuring over 45,000 sq. m., will
include a dedicated styling studio, research and
development offices and a technical workshop. The
facilities will house 1,300 Bentley engineers and is the
latest step in preparing Bentley’s infrastructure to bring
the world’s first ultra luxury SUV to roads in 2016.
– Work has commenced on the M6 junction
improvements at Junctions 16 and 17 to ease access
to and from the motorway. These are due to complete
in mid-2015.
– Work is also well advanced on the Crewe Green Link
Road and Basford West Spine Road, which are due
to open to traffic in Autumn 2015, and will provide
access to unlock the Basford East and West
development areas.
– The Council has established the preferred routes
for the Poynton Relief Road and Congleton Link Road;
and is securing around £62 million of Government
funding.
– Highways England are currently building a new A556
link between the M6 and M56 to better connect the
M6 corridor to Manchester International Airport and
Manchester, and they have also committed to adding
extra capacity to the M6 from Junction 16 to 19
through Cheshire East.
Engine of the North is Cheshire East Council’s property
development company and was set up to accelerate
the growth of housing and jobs through the Council’s
own land and property asset base. The Company has
had a number of early wins. It managed the freehold
sale of a strategic employment site at Parkgate in
Knutsford to support the growth of Oliver Valves. It has
also agreed deals for the former Remenham offices
in Wilmslow, land at Earl Road in Handforth and the
former Redsands facility in Nantwich. It is progressing
planning applications for a residential scheme at
Leighton Green in Crewe and a mixed use site at South
Macclesfield Development Area. These successes
serve to demonstrate the vision and insight of Cheshire
East Council in setting up Engine of the North promoting challenging development sites to accelerate
homes and jobs growth.
Acknowledgements
Adelphi Mill Properties
Cushman & Wakefield
Janhill Estates
Meller Braggins
BE Group
Davies Harrison
Jones Lang LaSalle
Orbit Developments
Buckinghams
Edwards & Co
Jones Associates
Regional Property Solutions
Buckley Commercial
Fisher German
Knight Frank
Roger Hannah & Co
Butters John Bee
Greenham Commercial
Lambert Smith Hampton
Rory Mack
Canning O’Neill
Hallams
Lamont Commercial
Sanderson Weatherall
Carter Towler
Harvey Scott Estate
Legat Owen
WHR Property
CB Richard Ellis
Hurstwood Holdings
Louis Taylor
Wild Commercial Property
Colliers International
Impey & Co
Matthews & Goodman
Williams Commercial
For further information on the Inward Investment and Business Engagement Service,
please contact:
John Willis, Inward Investment and Business Engagement Service Manager
Tel: 0300 123 5001
Email: [email protected]
Webpage: www.cheshireeast.gov.uk/business
www.cheshireeast.gov.uk
BE Group is a property agency, regeneration and planning consultancy and has over 30 years experience of working in the Cheshire
commercial property market.
BE Group, First Floor, 501 Birchwood One Business Park,
Dewhurst Road, Birchwood, Warrington WA3 7GB
Tel: 01925 822112
Webpage: www.begroup.uk.com
Email: [email protected]
This report has been carefully prepared. However it is for general guidance only and Cheshire East Council, and BE Group cannot
guarantee that there are no errors or omissions. The information, forecast and opinions set out herein should not be relied upon to replace
professional advice on specific matters. No part of this report should be published, reproduced or referred to without the prior permission
of BE Group.
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