Clearbell completes phase two of LOC8 Maidstone, with technical fixings solutions becoming latest occupier to join the scheme.

Clearbell Property Partners III LP (Clearbell), a fund managed by private equity real estate fund management and advisory business Clearbell Capital LLP, has announced the practical completion of phase two at LOC8, a multi-let industrial estate situated at Junction 8 of the M20 in Maidstone. This latest phase adds 186,900 sq ft of high-specification, sustainable industrial and logistics space across seven units, strengthening LOC8’s position as a key industrial hub in the South East. 

Technical Fixings Solutions, a supplier of construction fixings, is the latest to secure space in phase 2, taking 15,600 sq ft. They join previously confirmed occupiers, including Nivek Catering Supplies, who have taken 20,700 sq ft to support its commercial kitchen equipment distribution, Huws Gray, a builders’ merchant occupying 25,100 sq ft, and Ocura Healthcare, specialists in medical equipment, who have leased 31,500 sq ft. These businesses add to the estate’s diverse and thriving community, each contributing unique expertise and reinforcing LOC8’s reputation as Maidstone’s flagship employment site. Now there are just 3 units remaining to let ranging in size from 25,600 – 36,400 sq ft.  

Each unit in phase two is built to a BREEAM “Excellent” standard, achieving EPC A+ ratings, with sustainable features such as solar PVs, EV charging points, and gas-free infrastructure. These high-performance specifications allow occupiers to run their operations on renewable energy generated on-site, contributing to cost savings and a reduced carbon footprint. In line with its commitment to environmental stewardship, LOC8 also includes extensive biodiversity initiatives, with 12 acres dedicated to natural habitats, nearly 28,000 new trees and shrubs and three wildlife ponds, achieving a 10% biodiversity net gain. 

Phase one of LOC8, completed in May 2023, set a strong foundation for the estate with its environmentally friendly design and swift achievement of full occupancy. The uptake in phase one highlighted the demand for quality, sustainable industrial space in a strategic location, and provided a varied mix of occupiers across manufacturing, logistics, and technology. 

Strategically located adjacent to Junction 8 of the M20 and with easy access to a broad regional workforce, LOC8 offers seamless connectivity to key trade routes, including the Thames and Channel Ports, Eurotunnel, and major logistics hubs across the South East. The estate also provides an electric bus service and cycle lane connecting to Maidstone town centre, further promoting its sustainable ethos. 

The completion of phase two is a significant milestone for LOC8, and the recent uptake of almost 100,000 sq ft demonstrates the strong demand for modern, sustainable industrial spaces in this location. With only three units remaining, we expect interest to continue, particularly given the strategic positioning of the estate and its green credentials. As businesses increasingly prioritise sustainability, LOC8’s renewable energy features offer an attractive solution for occupiers looking to reduce their environmental impact and operating costs. We are proud to be providing a high-quality, future-proofed environment that supports a diverse range of businesses while fostering a more sustainable industrial sector in the South East.” 

Toby Saul, Director at Clearbell Capital

We’re very excited to start this next chapter at Technical Fixings Solutions. Relocating to LOC8 is a key part of our continued growth, allowing us to work more efficiently and further enhance our already high standard of customer service.”

Alex Bevan, Operations Manager at Technical Fixings Solutions

Clearbell purchased the site in 2020 as part of its existing portfolio of multi-let and mid box industrial developments, to meet increasing demand for industrial and logistics assets, including from multinational corporations, manufacturers and logistics operators. Clearbell was advised by CBRE and Caxtons. 

Clearbell launches Blenheim Court office cluster in Solihull following refurbishment of Radcliffe House.

Clearbell Property Partners II LP (Clearbell), a fund managed by private equity real estate fund management and advisory business Clearbell Capital LLP, has today announced the practical completion of the refurbishment of Radcliffe House, one of two buildings within the Blenheim Court office scheme in Solihull town centre. Following the refurbishment, Blenheim Court has been launched for sale and is expected to attract interest from investors and developers alike.

Located strategically at the heart of Solihull, a thriving economic hub within the M42 corridor, Blenheim Court offers approximately 146,000 sq ft of office space. It comprises two principal office buildings – Radcliffe and Chadwick – arranged around a shared car park, communal landscaped gardens, and a separate Grade II listed nursery fronting Warwick Road.

Radcliffe House, offering 60,675 sq ft, has been refurbished to a Grade A specification, including new VRF heating and cooling systems, LED lighting, raised access floors and a feature reception. Chadwick House, comprising 83,483 sq ft, presents a unique opportunity for investors looking to add value, with potential for further refurbishment or residential conversion. Both buildings feature flexible, open-plan floorplates, with Chadwick’s larger layouts particularly suited to accommodate bigger tenants.

Clearbell has appointed Savills to manage the sale, with an asking price of £19 million for the freehold, reflecting a capital value of £130 per sq ft. The firm anticipates early interest due to the combination of stable rental income and the flexibility for future enhancements, including possible residential conversion.

Longstanding tenants at Blenheim Court include Legal & General, specialising in lifetime mortgage services; Ministry of Housing, Communities & Local Government; and Cadent Gas, the UK’s largest gas distribution network. Recent additions, such as Oracle, recognised for its enterprise software solutions, and Flutter, a global company in sports betting and gaming, underscore Blenheim Court’s growing appeal to both established institutions and innovative firms. Other new occupiers signed up at Blenheim Court post refurbishment include Exotech and Air IT. This tenant mix reinforces Blenheim Court’s position as a versatile and attractive business hub for a range of sectors.

Situated within Solihull’s affluent town centre, Blenheim Court benefits from excellent transport connectivity, including proximity to Solihull railway station, Birmingham International Airport, and the upcoming HS2 rail link, which will position Solihull as one of the UK’s best-connected towns.

The refurbishment of Radcliffe, Blenheim Court marks a significant milestone for this highly sought-after office scheme in the heart of Solihull. With significant works now complete and the scheme available to buy, we’re confident that the market will respond positively. Located within the M42 corridor, a prime office market known for strong demand and resilient rental growth, the site’s fully refurbished space and flexible layout options offer immediate appeal for a range of investors.”

Rhys Jones, Asset Manager at Clearbell Capital

As the Birmingham and M42 investment market continues to attract interest, Blenheim Court is well-positioned to capitalise on this momentum. The property’s versatility, with options for future enhancements or residential conversion, aligns well with investor demand for flexible assets that offer both immediate and long-term potential in a key-growth region.”

Nick Wood, Director at Savills

The sale of Blenheim Court reflects Clearbell’s commitment to delivering value-added investment opportunities in high-demand locations. Investors interested in exploring the future potential of this asset can request the brochure via Savills and are encouraged to contact Nick Wood (nick.wood@savills.com, +44 786 617 7811) for further information.

Clearbell launches one of Glasgow’s most sustainable redevelopments, ‘One Five Zero St Vincent Street, in major boost for Glasgow office market.

Clearbell Property Partners IV LP (Clearbell), a fund managed by private equity real estate fund management and advisory business Clearbell Capital LLP, is officially launching its major redevelopment at St Vincent Street, Glasgow, to the lettings market. Once completed, the c. £100m project is set to transform Glasgow’s office sector and aims to address the city’s shortage of high-quality, sustainable office spaces.

Located at a strategic corner in Glasgow’s city centre, at the heart of its Central Business District, One Five Zero St Vincent Street is minutes from Queen Street and Central Stations, with direct access to the M8. Originally constructed in 1976 and acquired by Clearbell in 2021, the building is undergoing a significant transformation, expanding from 70,000 sq ft to 146,492 sq ft over the basement, ground and nine upper storeys. The redevelopment is designed to address the growing demand for sustainable Grade A office space in Glasgow, where supply remains at historically low levels.

Sustainability has been integral to the design process from the outset. The project is aiming to be operationally net zero carbon and is targeting leading certifications, including WiredScore ‘Platinum’, SmartScore ‘Gold’, ActiveScore and WELL ready, as well being the first to use the NABERS rating (targeting 5*) and the first commercial BREEAM ‘Outstanding’ building in Glasgow. The retrofit will also focus on minimising the embodied carbon, through the retention and repurposing of the existing structure and superstructure. As a result, the upfront embodied carbon will be significantly lower compared to a traditional new build office. The building, which is targeting an EPC A rating, will be fully electric, with no reliance on fossil fuels, and will include a blue roof system to optimise rainwater drainage.

In addition to its sustainability credentials, the project is prioritising customer wellbeing and experience. Boasting the largest terrace space in the city at over 7,500 sq ft, One Five Zero St Vincent Street will provide extensive outdoor space for occupiers, including south-facing terraces and pocket parks at street level, creating much needed biodiverse green space in the city centre. A full floor of the building is dedicated to wellness, featuring a gym, yoga studio, library, and cinema, as well as an auditorium that will allow for town hall meetings and enhance the community feel, going far beyond what is currently provided within the city centre’s workspace and promoting collaboration and socialisation between businesses. In addition, extensive travel facilities are being installed including over 200 cycle storage spaces, e-bike and EV charging spaces, showers and lockers.

From the outset, sustainability has been our guiding principle for the redevelopment project of One Five Zero St Vincent Street. The Glasgow office market is undergoing significant change, with businesses demanding forward-thinking, energy-efficient workspaces that can meet modern needs. This project is designed to not only meet those demands but also set a new benchmark in the city. By combining sustainability with state-of-the-art amenities, we are creating a workspace that will attract progressive businesses and set a new standard for office developments in Glasgow, while also addressing the chronic undersupply that the city is currently facing.”

Manish Chande, senior partner at Clearbell Capital

Clearbell has appointed JLL and Avison Young as letting agents for the scheme.

One Five Zero St Vincent Street is unlike anything we’ve seen in the Glasgow office market before, so it’s incredibly exciting to be able to bring this opportunity to market. Once complete, the building will provide the ideal space for forward-thinking, employee-centric businesses looking to make their mark on the city.”

Alistair Reid, head of JLL Glasgow and director, national office agency

With high-quality workspace in scarce supply in the city at the moment, we have no doubt that One Five Zero St Vincent Street is going to be incredibly popular. There really isn’t anything else like this available in terms of quality, central location and access to skills and talent, and sustainability.”

Michael Facenna, director, agency and transactions, at Avison Young

The contractor for the scheme is bam. Advisors on the project include Sheppard Robson (architecture), Woolgar Hunter (engineering), iceni (planning consultant), Atelier 10 (M&E) and Adams Consulting Group (project manager).

To find out more about One Five Zero St Vincent Street, please visit: https://onefivezerosvs.com/

Bookstore with focus on female writers increases Durham footprint.

Founded by Durham local, Emma Hamlett, Collected Books will expand its premises from its current 820 sq ft plot to over 1,400 sq ft, after Clearbell Property Partners II LP (Clearbell) – a fund managed by private equity real estate fund management and advisory business Clearbell Capital LLP – agreed a new lease of the adjacent unit.

The growth follows Collected Books’ continued popularity since the opening of its first bricks and mortar shop in September 2022. The store’s in-house café-bar allows customers to enjoy a coffee or glass of wine and cake while they browse and readers can also attend monthly book and social clubs, as well as author ‘in conversation’ events and special late night shopping evenings with live DJs.

Collected Books is one of several retailers at the leisure destination, which overlooks the River Wear and boasts impressive views of Durham’s historic cathedral and castle. Clearbell purchased the 250,000 sq ft Riverwalk in 2014.

The success of Collected Books at the Riverwalk is testament to the continued importance of independent shops on the high street. The expansion of the store means that even more people will be able to access its huge range of literature. Listening to the needs of the Riverwalk’s customers is a key part of our active asset management, so it’s great to see demand for this shop driving growth.”

Toby Saul, Director at Clearbell Capital

Working with Clearbell on the next steps of Collected Books’ development has been a great experience. We’re excited to become even more immersed in Durham’s literary scene and look forward to exploring and enjoying the new opportunities to bring even more great reading, written by great women, that a larger store will create.”

Emma Hamlett, Founder of Collected Books

Clearbell welcomes Curzon to historic Kodak building.

Clearbell Property Partners III LP (Clearbell), a fund managed by Clearbell Capital LLP, has entered a new lease agreement with multifaceted film company Curzon, for prime office space in the iconic Kodak Building in London’s Covent Garden.

Curzon, a prominent name in independent film exhibition and distribution, has moved to the seventh floor of The Kodak, occupying 6,941 sq ft. The relocation was driven by Curzon’s commitment to providing a more modern, dynamic environment for its team, enhancing both productivity and the overall workplace experience. The new office space offers a vibrant, contemporary setting that fosters creativity and aligns with the company’s vision for future growth.

Originally constructed in 1911 for photography brand Kodak, the Grade II listed building holds the distinction of being London’s first purpose-built, open-plan office block, complete with ancillary labs and photographic rooms. The building has recently undergone an extensive redevelopment and repositioning by Clearbell to bring new life into its historic shell, and now comprises of 70,000 sq ft of Grade A office accommodation set over eight stories.

Designed with wellbeing at its heart, the building features high-end commuter facilities including extensive bike racks, showers and lockers, increased access to natural light and a communal outdoor space on its expansive roof terrace.

Sustainability was a key focus of the redevelopment, exemplified through its achievement of an EPC rating of A, despite being Grade II listed, a BREEAM ‘Excellent’ rating and targeting a WELL Gold certification.

The Kodak Building stands as a symbol of London’s architectural legacy, meticulously restored to offer a blend of historical charm and contemporary sustainability and amenity, setting a new standard for office environments.

We are delighted to welcome Curzon to their new space. Their decision to relocate reflects the building’s appeal as a high-quality workspace in Central London. We look forward to seeing their continued growth and make the most of the unique environment created here.”

Alice Murray, Head of Asset Management & Sustainability at Clearbell Capital

Clearbell was represented by Farebrother and Knight Frank.

Clearbell welcomes new dining experience to Coventry’s Belgrade Plaza.

Located in the heart of the city centre, the forthcoming Wing Kingz establishment will occupy 4,433 sq ft of retail space and is set to open its doors to patrons in Summer 2024.  

Belgrade Plaza, a cornerstone of Coventry since its establishment in 2008, spans 129,500 sq ft and offers a blend of residential, leisure and retail facilities, including residential apartments, a 120-bed hotel, restaurant units, a retail unit and gym. Current occupiers include renowned brands such as Premier Inn, Pizza Express, Café Rouge and JD Gyms. 

Beyond its commercial significance, Belgrade Plaza is a vital community hub, offering a range of amenities and events catering to locals, students and businesses. Notably, the recent ‘Easter Big Bunny Bake-Off Workshop’ held over Easter, provided children with an opportunity to showcase their baking talents during the holiday season. The event, which featured free workshops and a chance to win gift vouchers for Belgrade’s restaurants, received enthusiastic participation from the community.  

We are excited to welcome Wing Kingz to Belgrade Plaza, enriching our dining scene with even greater variety. This addition reflects our commitment to continuously enhancing the overall experience for everyone who walks through the doors. With Wing Kingz joining us, we take another step forward in our journey to solidify Belgrade Plaza’s position as a premier destination for dining and entertainment.”

Toby Saul, Associate Director at Clearbell Capital

We were pleased to act for Clearbell in attracting Wing Kingz to Belgrade Plaza. They are a welcome addition to the tenant line up and will offer something unique for the residents of Coventry. A sports bar with wings, seems to me, to be a winning combination!”

Richard Jones, Director at Avison Young

We are delighted to become a part of the Belgrade Plaza community. Our unique menu offers a wide range of flavourful, premium wings and other American-inspired dishes that we believe will resonate with the diverse tastes of Coventry’s residents and visitors. We can’t wait to open our doors and provide an exciting new dining experience for everyone to enjoy.” 

Josh Sandher, Director at Wing Kingz

Clearbell was advised by Richard Jones, Director at Avison Young, while Rupert Long, Partner at BKL Property acted for Wing Kingz. 

Durham’s Riverwalk welcomes a taste of Thailand with new letting.

The award-winning Thai street food chain is set to open its seventh branch this September, having agreed a 15-year lease at the Riverwalk, a mixed-use development at the heart of Durham city centre.

Overlooking the River Wear and with impressive views of Durham’s historic cathedral and castle, the Riverwalk is home to both retail and leisure occupiers, along with 253 units of student accommodation. Clearbell purchased the 250,000 sq ft centre in 2014.

Zaap Thai will occupy a 3,500 sq ft unit, and will join a number of well-known restaurants, including Cosy Club, El Pincho tapas bar, TGI Fridays and Turtle Bay.

The restaurant group currently has branches across locations in Leeds, Sheffield, Nottingham, Newcastle and York, and has plans to open two additional major locations in the next 12 months. Zaap’s menu boasts over 100 authentic dishes, offering eat-in and take-away options, and with colourful décor to transport its guests to the lively streets of Bangkok.

The newest Zaap branch will feature the group’s trademark open kitchen, tuk tuk seating booths, neon lighting and unique graffiti.

Zaap Thai will be a fantastic addition to the variety of great food, drink and leisure operators that already call the Riverwalk their home, with Zaap’s accessible but high-quality offering providing the perfect blend for the Riverwalk’s customers. Providing new and exciting retail and leisure options for our customers is part of our active management programme to ensure that we’re always evolving to their needs, but also supporting the long-term success of The Riverwalk. We’re looking forward to the venue opening in September and bringing an authentic Thai experience to Durham’s residents and visitors.”

Toby Saul, Associate Director at Clearbell Capital

It was a great experience working with associates at Clearbell, Francis & Co and Pudney Shuttleworth to secure this new location for Zaap at the Riverwalk. With its rich history and diverse population, Durham is an ideal fit for our newest location. The restaurant is now set to undergo significant renovations to prepare for the September opening. It’s likely that the extensive menu will mean a completely new and exciting dining experience for our guests.”

Christopher Hammond, Operations Director at Zaap Thai

Zaap Thai is part of the Sukho Group, founded by chef and restauranteur Yupha ‘Ban’ Kaewkraikhot in 2002. The group currently operates nine restaurants, including the Zaap Thai chain and fine-dining brand Sukhothai.

Clearbell expands industrial portfolio with Wolverhampton acquisition.

Clearbell Property Partners IV LP (Clearbell), managed by private equity real estate fund management and advisory business Clearbell Capital LLP, has completed the acquisition of a new industrial asset in Wolverhampton for £7.725 million, £79psf cap val. This purchase expands Clearbell’s logistics portfolio increasing the number of assets from six to seven.

Parkside, Wolverhampton consists of eleven units, let to 4 tenants and is 94% occupied. This acquisition aligns with Clearbell’s strategic focus on securing industrial assets below replacement cost as well as offering significant reversionary potential to enhance rental values.

As part of comprehensive upgrade plans for the Wolverhampton site, Clearbell will reroof some units, install photovoltaic (PV) panels, expand yard areas, upgrade signage and improve the general appearance of the estate. Sustainability will be a key focus throughout, with all EPCs improved to an EPC B or better enhancing the site’s environmental performance. The vacant unit will receive a minor refurbishment before being relet.

The Wolverhampton acquisition is an excellent addition to our logistics platform, aligning with our strategy of purchasing industrial properties with significant reversion and below replacement cost.

The compelling opportunity here is to enhance rental values, improve the EPCs to an institutional standard and upgrade the estate’s overall appearance and functionality. We are excited to add Wolverhampton and continue to search for new opportunities for the portfolio”

Rob Cole, Senior Investment Manager at Clearbell Capital

Clearbell was represented by MK2 on the acquisition.

The industrial property market is buoyant in the West Midlands, particularly for good quality multi let estates in Wolverhampton and the surrounding areas due to its central location and rich history in manufacturing and engineering. As such, it is attracting both occupiers and investors.

“Parkside Industrial Estate presented a strong case for investment, with potential rental growth and asset management opportunities.”

Mark Rooke, director in MK2 Real Estate’s investment team

Oliver Forster, senior director in CBRE’s investment properties team, advised the vendor. He said:

The sale of Parkside, following a competitive process, demonstrates the continued investor demand for multi-let industrial opportunities in established locations.”

Oliver Forster, senior director in CBRE’s investment properties team (advisory to the vendor)

Maidstone’s LOC8 phase one fully let as second phase pre-lets gather momentum.

Nivek Catering Supplies, an independent distributor of catering supplies across the South East, has now committed to joining LOC8 phase two, taking on 20,501 sq ft.

They will join Huws Gray, the UK’s largest independent builders’ merchant, and healthcare furniture supplier Ocura Healthcare. The two businesses signed agreement for leases this year, securing 24,951 sq ft and 31,216 sq ft units respectively.

Clearbell broke ground on the second phase of LOC8 earlier this year in what will be the next step towards realising the site’s full potential and generate up to 1,200 new jobs. LOC8’s phase 2 will see 185,200 sq ft of space developed across seven units, with completion scheduled for September 2024. The new units will take the development to more than 435,000 sq ft. Following the latest pre-lets, three units remain available, ranging in size from 25,601 – 36,398 sq ft.

Located in the heart of Kent, at Junction 8 of the M20 in Maidstone, LOC8 has been developed to a high sustainability specification, with extensive solar panels and EV charging points throughout. With phase one achieving a BREEAM “Very Good” rating and EPC ratings of A and A+, the second phase has taken the additional step of targeting a BREEAM “Excellent” rating. As part of this, all the new units have been designed to be gas-free, running only on electricity. Much of that electricity will also be provided by the solar panels installed on the units, providing cost savings of circa £135,000 per annum to occupiers.

The site also provides for a biodiversity net gain of 10% with 12 acres of new wildlife habitat, including nearly 12,000 new trees and four wildlife ponds.

We developed LOC8 to the highest standard with our prospective occupiers’ requirements as our priority. Fully letting LOC8’s first phase and securing 50% pre-lets at the second is testament to the sustained demand for sustainable industrial and logistics sites in the region. We’re excited to be working with our new tenants, Nivek Catering Supplies, Ocura Healthcare and Huws Gray, amongst many others, to provide them with great spaces to continue their growth in the region.”

Toby Saul, Associate Director at Clearbell Capital

We are really looking forward to opening our new facilities later this year. This marks a significant milestone for Ocura Healthcare Furniture, providing a modern and sustainable environment for our dedicated team. Our new building will enable us to increase our production capacity, improve our logistics, and enhance our ability to serve our valued customers with even greater efficiency.”

Murray Smith, Sales & Marketing Director at Ocura

After significant post-pandemic growth, we are excited to be relocating our business just 9 miles away to the modern, state-of-the-art facilities at LOC8.”

Richard Barrett, Managing Director at Nivek

This move secures our future growth plans, creates an improved environment for our staff, and enables us to continue to offer award winning customer service for years to come.”

Kevin Slater, Chairman at Nivek

Phase one of LOC8 comprises 245,000 sq ft of space across 11 warehouse units, ranging in size from 5,000 to 60,000 sq ft.

LOC8 benefits from links to the key trade hubs of the Thames and Channel Ports and Eurotunnel, as well as access to the South East’s large, skilled labour pool. The site is also connected to the nearby Maidstone town centre by a new electric bus service and cycle lane, created to reduce car usage in the area.

Clearbell purchased the site in 2019 as part of its existing portfolio of multi let industrial developments.

Clearbell welcomes global occupier to newly refurbished Nottingham city centre office.

Located in the heart of the city centre, the office, totalling over 14,600 sq ft across five floors, has seen its communal areas transformed with new feature walls, floor coverings, lighting and external works.

As part of the project, the c. 3,000 sq ft third floor suite was also completely refurbished to a CAT A standard and steps taken to improve energy efficiency, including the introduction of LED lighting and electric heating throughout resulting in an EPC B rating.

Dovetailing with the refurbishment, the floor has been let to Metric Search on a five-year agreement. The speciality search recruitment business, founded in New York in 2019, works across the life sciences, MedTech, infrastructure and engineering sectors from its offices across the US and UK.

Other occupiers at the property include wealth management platform, FNZ UK third-party capital advisors, and ALM.

Maid Marian Way is one of the main thoroughfares of Nottingham and is ideally located within walking distance of the central Market Square and close to all major transport routes, including the tram, bus and road access out of the city centre.

Our refurbishment project at Maid Marian Way has completely transformed the property and the experience of our customers there, which is the driving force behind our active asset management programme across our portfolio. And, it has supported us in welcoming Metric Search to the building’s community; a fast-growing and ambitious business who we have no doubt will thrive in this new space. We look forward to working with them over the coming months on this next phase of their journey.”

Rhys Jones, Asset Manager at Clearbell Capital

Although we have offices all over the world, Nottingham is our home, so we needed an office that reflected the importance of this location to us. Having the opportunity to move into a newly refurbished building, that is also in such close proximity to the city centre, meant that Maid Marian Way was an obvious choice for us. We are looking forward to moving in in the next few weeks and starting the next chapter of our journey in the city.”

Zac Flint, Finance Director at Metric Search

Clearbell Capital was supported on the refurbishment by Reynolds Associate and Interiora Projects, while FHP advised on the letting to Metric Search.