LNE/UKPP gets top building

London and Nottingham Estates (LNE) has purchased a prestigious grade II listed building in Melton Mowbray in a joint venture with UK Property Partnership (UKPP).

Jolly Hall, MD of LNE, said this was the company’s second joint venture with Ropewalk based UKPP.

Colles Hall in Burton Street, Melton is a grade II former Methodist building  and former community centre which is a well known building in the town – and at the hub of the community.

The property has had a variety of uses over the years, including a school and meeting place, said Jolly.

He added: “The building is now available as either a freehold sale or
Lease for retail or leisure use. We are currently in discussions with some leading leisure operators who are keen provide something new and exciting to  enhance Melton’s nightlife”

“Melton is currently undergoing a massive regeneration and the change of use of this building will be a further boost for the area.”

The selling agent was Haughton and Browning in Melton Mowbray which was acting for the Church of England. Agent Mark Browning said: “We are pleased to have exchanged contracts on this building and are delighted that London and Nottingham Estates is the successful purchaser.”

Adrian Goose MD of UKPP added: “This is a great opportunity for LNE and UKPP. This will be our second joint venture, the first being the purchase of a large site in Kingston-on-Thames which has been earmarked as a mixed use site for retail and key worker/student accommodation.”

LNE and UKPP are niche property companies with complementary skills specialising in complicated site assemblies and strategic land promotion. Their joint venture is increasingly involved in work in the London area – particularly in key worker/student accommodation. The joint venture has offices in Nottingham, and will be opening an office in the capital later this year.

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Views on mixed use

Ben Sheppard is development manager for London and Nottingham Estates (LNE) -  a niche property company which specialises in complicated site assemblies, buying brownfield land, obtaining planning consent and remediation strategies for the land and selling to plc house builders.  The firm is increasingly involved in work in the London area – particularly in the student accommodation. The company has an office in Spaniel Row, Nottingham, and will be opening an office in the capital later this year.

Ben’s experience lay in retail led mixed use schemes, throughout the UK. Experienced in the industrial and office markets, his focus is on the commercial sector.

He said: “Developers who are mindful of the viability of a development enjoy the fact that elements such as retail and leisure can be pre let to occupiers, giving comfort to funders as well, whilst the residential or office elements may need to be built out in order to secure tenants/ purchasers.  Whereas a purely residential development relies on the strength of the market and popularity of the product once completed retail and leisure operators may see the development as being located ideally for trading and will look to secure a unit whilst available.

“This sort of market confidence is why LNE is looking for opportunities of this nature throughout the UK and have a number of occupiers and investors interested in supporting such schemes.  We aim to acquire sites of between 1-4 acres in edge of town locations and within residential areas.”

“The mix of uses promotes a type of informal policing where different users operate/ occupy at different times of the day and so add an informal element of security to the development.

“The East Midlands is ideal for mixed use development with town and city centre schemes having been completed in the major centres in the last few years, which reduces the available opportunities within these locations, thus the emphasis will move to more out-of-town locations.

“Increasing housing numbers through the Midlands requires neighbourhood amenities, convenience retail and leisure operators to serve the community as well as small office units for local business.”

LNE is to open a London office later this year and will be putting a major focus on student accommodation developments in the capital.

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"Essoldo" Lives on in Rotherham's Nightclub Era

A TWO-STOREY nightclub in the centre of Rotherham had been let to Nexum as a two room club forming part of its expanding chain of nightclubs across the UK.

The well known building, situated in the heart of Rotherham town centre, which was built as the Empire theatre in 1913, will undergo a massive refurbishment.

Nexum has agreed to spend a minimum of £500,000 on the building, which has been let to them on a stepped rental basis starting at £140,000 per annum and rising to £170,000 per annum by 2009.

The building was acquired by  Sheffield-based investor for in excess of £1.9 million at the end of 2006, from London and Nottingham Estates (LNE).

Commenting on the sale David Findlay, investment partner at King Sturge Nottingham office, said: “We are delighted to have acted for LNE in this transaction which was selectively marketed and disposed of extremely quickly, reflecting the aggressive appetite for investments that remains not just in this sector but across all sectors and despite the interest rate rises of the past eight months.

“LNE is one of a number of King Sturge clients which utilises our skills to engineer maximum value from their investment property portfolios and with whom we are doing an increasing volume of work.”

Jolly Hall, managing director of LNE, said: “This is an important building in Rotherham and at the centre of the town’s history for nearly a century.

“It’s in a good, central spot in the town centre, and has been part of the town’s thriving leisure industry for many years.”

The building was built in 1913 as the Empire and was designed by Chadwick and Watson of Leeds which designed the uniquely styled Alhambra Theatre in Bradford a year later.

The Empire was sumptuous with a wide entrance hall with marble steps, granite columns and a terrazzo mosaic floor. It boasted comfortable upholstered seating for 1,500 people with luxury plush velvet pile tip-up seats and Axminster carpet in the grand circle and stalls.

The Empire became a cinema in May 1921. It was sold to the Essoldo Group in 1954 but its name did not change until 1955. In 1958 the premise were damaged by fire. It became the Classic in 1972. It was reincarnated in 1988 as the Cannon and closed in 1990.  Three years ago, during a refurb, old film reels from the thirties were discovered – along with other memorabilia.

Latterly, it was called the Blu Bambu nightclub.

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