Cherryman Commercial Property Advisors

The market in minutes - City, City fringe + Docklands David Hatcher gives you the lowdown on all the sectors across the region Propertyweek.com 14 September 2007 Barclays is taking an additional 25,000 sq ft in Hammerson's One Exchange Tower at Millwall Inner Dock near Canary Wharf, bringing its total floor space in the building to more than 100,000 sq ft. Barclays is paying £32 per sq ft. Barclays moved into the building last year, originally taking around 42,000 sq ft. It took a further 28,000 sq ft in June. Cherryman advised the landlord.

Docks site is sold £70m deal for Isle of Dogs land The Wharf 13 September 2007 The PRIME three-acre site in the Dockland has been snapped up in a deal worth about £70 million.

Rowan Asset Management has agreed the sale of the Glengall Bridge and Millharbour waterside site on the Isle of Dogs to the Jesta Group.

Property company and fund manager Rowan has sold the land, which comprises a mixed use office and retail scheme dating from the 1980s, from its Merrion Private Equity Fund that it runs on behalf of a small group of Irish investors.

Rowan bought the land in a series of acquisitions since 2003 and purchased the freehold earlier this year, paying a totalof £33m. The company has actively managed the development over the past four years.

The firm says the site has "major re-development potential and Rowan has secured a strategic consent for change of use to residential on part of it. A company spokesperson said the current property is "well let and is producing around £2.5m per annum in revenue".

Nick Jacobs, Rowan's managing director, said: "We identified the potential of this site and have worked strategically in our approach to unlock value and provide a range of options for development.

"The site fitted our investment philosophy of income with opportunity and its quick sale is a testimony to the opportunity we have created."

Jesta, the international property group, was represented by Savills with Dockland specialists Cherryman and CBRE instructed jointly to market the property. SJ Berwin acted for Rowan, and Cater Lemon Camerons acted for the purchaser.

Jesta operates in North America and Europe and has offices in London and Europe and has offices in London, Paris, Montreal, New York and Houston.

The Wharf reported in November 2006 how Rowan had hopes of overturning height restrictions on the Isle of Dogs to build a "shard of glass" style skycrapers 35-45 storey high.

At the time a Tower Hamlets Council spokeswoman said councillors, planners and residents did not support tall buildings of this height at Glengall Bridge. According to the council, buildings here should step down in height from the established 40 plus storey towards the south of the Island.

Rowan's original idea included private residential accomodation, a small amount of office space, retail and leisure outlets.

Jetsa plans UK residential debut 8 September 2007 A 3-acre site in London's Docklands is to become the Jesta Group's first residential development in the UK. The company, which is one of Canada's largest property companies, is buying 47 Millharbour and 1-3 Muirfield Crescent, E14, for £60m. The site has consent for a 10-storey, 145-flat residential scheme. However, vendor Rowan Asset Management said it had considered other redevelopment options, including a 53- storey tower.

Jesta, chaired by Elliot Aintubi, has focues on City investments since starting UK operations in 2003. However, it has carried out residential development in Canada, the US, and has a substantial residential portfolio in France. Cherryman and CB Richard Ellis advised Rowan Savills represented Jesta.

Revenge opprtunity as JLL denies conflict EG Eye 04 August 2007 Knight Frank was not best pleased when it lost the joint agency instruction at Canary Wharf last month.

This is understandable, given that it was a highly lucrative contract and the agent has been heavily involved in a lot of the recent letting success at the Docklands estate.

After 10 years, Jones Lang LaSalle was given the instruction, next to CB Richard Ellis.

As a result, eyebrows have now been raised on the marketing of Ballymore's 500,000 sq ft Arrowhead office scheme in the Docklands - as JLL is joint letting agent with local specialist Cherryman.

JLL insists that there is no conflict of interest - and a full page advert in last week's EG bearing JLL's name may confirm that.

But that hasn't stopped a number of agents knocking on Ballymore's door suggesting that a new agent was needed, just to be on the safe side. Perhaps an opportunity for KF to get a little bit of revenge?

Rowan puts London docklands site up for sale 28 July 2007 Rowan Asset Management has put a 3-acre site in London's Docllands up for sale. It is selling 47 Millharbour and 1-3 Muirfield Crescent, E14 for £60m - a 4% yield. Consent has been obtained for a 10-storey, 145-flat residential scheme. However, Rowan has also "considered major redevelopment options, such as a 53-storey mixed-use tower". Cherryman and CB Richard Ellis are advising.

LandSecs anchors at Docklands' Harbour Exchange PropertyWeek.com 20 July 2007 Land Securities has increased its holdings in London's Docklands. It has bought the 92,000 sq ft 3 Harbour Exchange from Capital & Income Trust for around £40m at a yield of 4.5%.

The purchase adds to LandSecs' holdings at 6-9 Harbour Exchange. In a second Docklands deal, Paul Kemsley's Rock Investment has exchanged contracts to buy 30 Marsh Wall from Richmount Trust for around £20m.

In an attempt to cash in on the increasing interest in the south Docklands, Rowan Asset Management is selling the freehold of a 3 acre site at Millharbour and Glengall Bridge, which could house a 53-storey, mixed-use tower for £60m.

Barclays and Lehman expand in Docklands PropertyWeek.com 22 June 2007 Investment banks Lehman Brothers and Barclays are continuing to expand in London's Docklands after agreeing to take further space south of the Canary Wharf estate.

Barclays has agreed to take around 27,000 sq ft at Hammerson's One Exchange Tower and has an option for a further 25,000 sq ft at the 500,000 sq ft scheme.

The lease is for around 10 years. The rent was not disclosed but is in the mid-to-high twenties. Barclays took 48,000 sq ft at the scheme last year.

There is now only around 27,000 sq ft of space left at the building, of which 5,000 sq ft is under offer.

Bob Ashton, director at Cherryman, joint letting agent at the scheme with GVA Grimley, said quoting rents had now increased to £30/sq ft. Jones Lang LaSalle advised Barclays.

In another deal this week, Lehman Brothers agreed to take 61,000 sq ft of expansion space at CIT's South Quay 3 scheme in Marsh Wall.

DTZ and Knight Frank advise CIT.

Ballymore gets green light for Arrowhead PropertyWeek.com 22 May 2007 Ballymore Properties has received detailed planning permission for its £400m Arrowhead scheme close to Canary Wharf

The 525,000 sq ft Skidmore Owings & Merrill designed scheme will be 26 storeys high at its tallest part with a Green roof, and 16 storeys at its lowest, with a rooftop terrace.

The development is in the centre of an area designated as the Millennium Quarter by Tower Hamlets council. The scheme will include restaurant and retail units on the ground floor with a public plaza facing the water's edge and the dockside view.

Tim Wells, director at Ballymore, said: Arrowhead will be the first major commercial scheme to come forward in the Millennium Quarter and will act as a catalyst for further regeneration in the immediate area.

The agents on the scheme are Jones Lang LaSalle and Cherryman.

Last week Ballymore received the go ahead for phase two and three of its 1m sq ft Snowhill mixed-use scheme in central Birmingham.

Barclays takes One Exchange Tower floorspace to more than 100,000 sq ft - Property Week

Docks Site is sold. £70m deal for Isle of dogs Land - The Wharf

Jesta plans UK residential debut - EG Egg

Revenge opportunity as JLL denies conflict - EG Eye

Rowan puts London docklands site up for sale - EGI

LandSecs anchors at Docklands’ Harbour Exchange -

London Office Market Report Q2 2007 - FOCUS

Barclays and Lehman expand in Docklands - Property Week

Ballymore gets green light for Arrowhead - Property Week