F&C PT ACQUIRES ABSTRACT’S LEONARDO BUILDING

F&C Commercial Property Trust Ltd has acquired Abstract’s Leonardo Building near Gatwick Airport at a price equating to £45.342 million and a net yield of 5.3%.

Abstract is developing a 110,545 sq ft office building on a 3 acre site at Manor Royal, Crawley with 401 car parking spaces.

At the end of May Abstract announced that it had leased the building in its entirety to Virgin Atlantic Ltd for a term of 16.5 years off an initial rental of £23.00 per sq ft.

Commenting on the purchase, Daniel Plummer – Head of Offices at BMO Real Estate Partners (on behalf of F&C PT) said “We are delighted to have secured this investment leased to a first class Tenant in an area of very limited supply with strong growth potential”.

Mark Glatman, Chief Executive of the Abstract Group commented “We are really pleased to have concluded this transaction with F&C PT. The Leonardo Building will be a great asset when completed combining highly cost efficient space with great environmental credentials”.

Savills represented Abstract in the sale with Pinsent Masons LLP providing legal support.
Dowley Turner Real Estate represented F&C PT with Forsters acting as solicitors to the purchaser. For further information:
Contact :
Mark Glatman (Abstract Group of Companies) on 0207 747 8272

THE TEAM

The idea behind the photography was to show a variety of trades and occupations involved in building St Vincent Plaza and produce an archive of faces and details to personalise the building.

Some of the lighting and poses were based on fashion photography from the 1940s and ‘50s, and the four large ‘Abstract’ prints are inspired by work from German/American photographer Horst P Horst.
— Iain McLean, Photographer

ABSTRACT LAUNCHES ST VINCENT PLAZA, GLASGOW

Abstract (Glasgow) Ltd today (18 June) launches St Vincent Plaza in Glasgow, one of the UK's largest and most cost-effective speculative office developments. 

Today's launch is marked with a unique photography exhibition entitled 'The team that built St Vincent Plaza'; a striking series of portraits of the men and women involved in designing, building and project managing the scheme, as well as a fascinating collection of detail images from throughout the building. The photographs are by Glasgow photographer, Iain McLean.

St Vincent Plaza is a landmark development, located on St Vincent Street within the International Financial Services District (IFSD) and opposite the new HQ for Scottish Power. Set for a shell and core completion on 29 June 2015 with the handover of a ‘Category A’ fit-out in September, it will have an end investment value of £75m and be able to accommodate up to 2,600 staff. Rents from just £23 per sq. ft. are significantly lower than standard headline rents in the City, making St Vincent Plaza considerably more cost-effective than other Glasgow 'Grade A' schemes, both in terms of rent and occupational costs.

Mark Glatman, Chief Executive of Abstract, said: “Today's launch of St Vincent Plaza marks our completion, on time and to budget, of our first development in Glasgow, which is also one of the largest and most cost-effective in the UK. Our scheme represents a superb opportunity for occupiers - whether local or from further afield - to take space in the City at rents from only £23 per sq. ft. in London-quality space, as our competitors' rents are significantly higher and the Glasgow pipeline is fast diminishing. 

“To launch St Vincent Plaza we not only wanted to showcase the building itself, which is built to an exceptional specification, but to recognise the men and women who have worked tirelessly to create this scheme. The many teams involved are represented throughout the series of portraits, which is an unusual opportunity to look beneath the skin of a building and at the people who are behind it. We are proud to have built St Vincent Plaza in Glasgow, which is a thriving and hard-working city, and to have worked alongside the teams and companies that are represented by this exhibition.”

St Vincent Plaza delivers an extremely high specification and comprises a lower ground, ground and ten upper floors of office space together with 78 car parking spaces. The building offers flexible, virtually column-free floorplates of 17,000 sq ft; a feature penthouse office level with terrace, and some of the best views in the City. It has been designed to a BREEAM ‘Excellent’ standard and an EPC 'B' rating and provides some of the most efficient and environmentally friendly office accommodation in Glasgow.

In addition, Abstract is creating a new £1.2m landscaped public space that will link William Street to St Vincent Street, improving access to the IFSD and all that the City Centre has to offer.
Just minutes' walk from both Charing Cross and Anderston train stations, St Vincent Plaza will also offer immediate access to the M8 and to Glasgow Airport just 15 minutes away, as well as several bus routes and is within easy walking distance from Glasgow's main retail and leisure zones.

The scheme has been designed by Glasgow-based Keppie Design. Bowmer & Kirkland is the main contractor. CBRE and Ryden are jointly marketing St Vincent Plaza.

Photograph shows: St Vincent Plaza Please visit www.stvincentplaza.com 

Further information from Pauline@skylarkpublicrelations.com 07833 490964 / lisa@skylarkpublicrelations.com 07825 225414 

TALKTALK AND HOME OFFICE TAKE HUGE SPACE AT SALFORD'S SOAPWORKS

TalkTalk and the Home Office have pre-let a total of 160,000 sq ft of office space at The Carlyle Group’s £70m Soapworks development in Salford Quays.

The broadband provider has agreed to take 106,000 sq ft on a 15-year lease, which is the largest office pre-let in Great Manchester this year, and the second-largest deal in the Salford Quays area since the BBC announced its relocation to Media City UK in 2007.

ABSTRACT WINS AWARD FOR BEST DEAL OUTSIDE CENTRAL LONDON FOR ITS ABERDEEN INTERNATIONAL BUSINESS PARK DEVELOPMENT

Abstract achieved further recognition for its Aberdeen International Business Park development at the recent OAS Development Awards. The OAS Awards are the only event awarded by agents which recognises excellence in office development, sustainability and transactions across the wider UK, City of London and West End markets.

Abstract entered the Aberdeen International Business Park as the Best Deal Outside Central London achieving a Highly Commended status for the submission.