York city centre property acquired for £10m
AEW UK REIT has bought a freehold, mixed-use asset in York city centre for more than £10m.
The 99,769 sq ft asset is multi-let to five tenants. 75% of the income is received from National Car Parks Ltd (NCP), who have occupied the 297-space car park since 2005 and have a further nine years remaining on their lease.
NCP is one of the UK’s largest car park operators with an estate of approximately 189,000 spaces over 642 sites. The company is owned by Park24, a Japanese based multi-national parking operator, and the Development Bank of Japan.
Another four tenants occupy the ground and first floor retail and office accommodation fronting onto George Hudson Street.
The site totals 0.8 acres and is located inside the York City Wall, bordering the historic centre of the city, within the Micklegate Quarter. It is situated in a prominent corner position on George Hudson Street and Tanner Row, within a 10-minute walk of key visitor attractions, including York Minster, the Yorkshire Museum and the York Dungeon.
York’s key retail provisions at Coppergate Shopping Centre, Coney Street, Davygate and Parliament Street are all within a 7-minute walk.
Laura Elkin, portfolio manager of AEW UK REIT, said: “We are pleased to have purchased this very well-located mixed-use asset at a day one yield that will be accretive to the company’s earnings. Our due diligence has shown that NCP trades well from the location and we expect this to continue given the popularity of York as a destination.
“Completion of the acquisition marks the strategic reinvestment into higher yielding assets of capital generated from recent sales. We continue to analyse an interesting pipeline of potential acquisitions and expect to make further purchase announcements in due course, which will bring us closer to our short-term target of full deployment of capital.”
Inflation falls as fuel and food prices decrease
UK inflation fell to 7.9% in June, according to the latest ONS figures, down from 8.7% in May and coming in below expectations.
With hopes that this means a turning point for stubbornly high inflation, reduced motor fuel and food prices drove the decrease – the lowest inflation has been since March 2022.
Core inflation, meanwhile, which takes out energy, food, alcohol and tobacco to give a clear picture of underlying trends, was down from 7.1% to 6.9%.
Commenting on June’s inflation figures, Editorial and Research Fellow at the free market think tank the Institute of Economic Affairs, Professor Len Shackleton, said: “If last month’s 8.7 per cent annual increase in the CPI was unexpectedly high, this month’s 7.9 per cent is a shade lower than expected. This is mirrored in other indicators such as CPIH and core CPI.
“Since these figures were tallied, Russia has ended a deal to allow grain exports from Ukraine, which will likely push up global and UK food prices. Mortgage rates have also gone up. Nevertheless, since the extraordinary increases in the money supply that ultimately fuel inflation have ended, inflation is set to fall further.
“Rishi Sunak’s pledge to halve inflation by the end of the year may still be optimistic, but at least there are no grounds for the Bank of England to raise interest rates further. Nor are there any grounds for panic measures to hold down prices artificially, such as Grant Shapps’ silly initiative to curb supermarket petrol prices.”
West Lindsey firms urged to join in to protect the environment
A new campaign in West Lindsey is urging businesses to work with communities to support, protect and enhance the environment.
Our Small Steps – Big Impact campaign launched by the District council aims to encourage and support local people to take some simple, easy steps including anything from leaving the car at home in favour of using public transport more, cycling or walking more, or doing more recycling and wasting less.
Whatever people decide to do, the council hopes to share some top tips and advice to get people thinking. Says Cllr Stephen Bunney, Chair of the Environment, Sustainability and Climate Change working group: “If everyone in West Lindsey commits to doing something, together these changes will help us work towards plans to become net zero by 2030.
“Making changes to reduce our impact on the environment is a significant challenge not only for us as a council, but for everyone who lives in and enjoys the environment of West Lindsey. Urgent actions is needed, but we know by working together, these challenges can be met head-on and with each small step we move towards making big changes.
“Science tells us we need to act now and on our own that may feel like one giant leap. We believe that together the small steps we all take lead to a contributing big impact and by working together we can make a real difference.
“We know many people across the district are already doing a lot in this area, and we’d like to hear more about what you’ve been doing so that we can spread the word to others.
“So, to help us all make little changes, we will be sharing some top tips, facts, stories, and ways people of all ages and businesses can get involved to help our environment.”
£5.1m of work begins at Wentworth Woodhouse Stables
Restoration work is about to begin at Wentworth Woodhouse’s derelict Georgian stables, which were the biggest and costliest in England when they were built.
The work is being funded with £4.6 million of the Government’s £20 million Levelling Up investment in Rotherham, which was secured by Rotherham Council to help improve the town’s leisure economy and skills.
Historic England is providing £500,000 of partnership funding, bringing the total invested in this project at Wentworth Woodhouse to £5.1 million.
The huge, Palladian-style complex, now Grade I Listed, was created for the 2nd Marquess of Rockingham by architect John Carr of York.
It took 16 years to build and when completed in 1782, housed 84 hunting, riding and carriage horses and more than 30 stable boys, grooms and gardeners. It featured a riding school, a carriage house, a saddlery and an inner courtyard with a huge fountain.
But by the time Wentworth Woodhouse Preservation Trust took over in 2017, along with the Palladian mansion The Stables were in a sorry state.
After spending six years on urgent repairs to the mansion, and most recently renovating a derelict Camellia House, the Trust is beginning the first stage of its ambitious plan to regenerate The Stables.
The south-west corner of The Stables will in future become the main arrival point for Wentworth Woodhouse visitors – and as a result of this project, will house a production kitchen, with a new café and events space to follow.
The 197 sq m kitchen will enable more catering outlets to be developed at what is fast becoming one of South Yorkshire’s most popular tourist destinations, and will be able to provide training for hospitality and catering skills, helping to address local skills shortages in the sector.
“This first stage of developing The Stables, part of a much wider regeneration programme we have planned for this enormous site, is only possible thanks to Rotherham Council’s determined and successful bid for Levelling Up investment, and the support of Historic England,” said Sarah McLeod, CEO of Wentworth Woodhouse Preservation Trust, which bought the site for £7 million in 2017 to restore and regenerate the South Yorkshire economy.
“It will help us to draw more visitors, which will further boost this region’s tourist economy and help us to employ more people. The kitchen will be a very valuable asset for delivering one of the Trust’s key aims – developing the skills of local people.”
Heritage construction specialist William Birch & Sons Ltd and heritage architects Donald Insall Associates, who recently restored the Grade II* listed Camellia House, have been appointed to The Stables kitchen and café project.
The complex consists of a carriage house, a riding school, Ostlers House and mews cottages, multiple stables and courtyards.
From the late 1940s to the 1970s, areas were converted into classrooms and sports facilities for students of the Lady Mabel College of Physical Education, which opened in 1950.
William Birch’s team has overseen the demolition of the college buildings, which has revealed some hidden architectural features.
The original 18th Century yard which York architect John Carr created between the Carriage House and the Riding School has been exposed, uncovering areas finished with York stone flags, rather than the cobbles or gravel normally used.
Another surprise was the discovery of a well, which could have provided horses with fresh water, and the original doorway to the Riding School has been revealed intact.
Along with other undamaged Georgian features, it proves the Lady Mabel College buildings were carefully constructed to cause minimal damage to original structures.
A freestanding scaffold and a temporary roof are now being constructed so that historic walls and decaying roof timbers can be repaired and roofs re-slated. Heritage craftsmen will be re-using original materials wherever possible.
Buildings that attach the Riding School to the main stable block will then be extended to accommodate the new kitchens.
A photo from the past played an important part in architects Donald Insall Associates gaining planning permission for the extension.
The archive image, of the Earl Fitzwilliam’s chauffeur and car, was taken outside a garage which had been added to the Riding School and Stables – it was proof that the original footprint had previously been increased.
Work to create the kitchens is scheduled to be completed in 2024.
Leader of Rotherham Council, Councillor Chris Read said: “The Council aims to grow Rotherham’s leisure economy by making the most of our unique assets and green spaces and investing in training to support jobs in this sector.
“Wentworth Woodhouse is a local gem and these improvements will help in making it a spectacular visitor attraction to be enjoyed by locals and visitors for years to come.”
Other attractions also benefiting from the Levelling Up funding include Thrybergh Country Park, Rother Valley Country Park, Magna, Skills Street at Gulliver’s Valley and Maltby Learning Trust.
Rishi Sunak joins ground-breaking ceremony at new multi-million pound primary school
Prime Minister Rishi Sunak has taken part in a ground-breaking ceremony at the site of a new multi-million pound primary school in Northallerton.
Rishi Sunak, who is the MP for Richmond in North Yorkshire, joined the milestone occasion, which signalled the start of construction at the Alvertune Road site.
Also in attendance were representatives from North Yorkshire Council, the Dales Academies Trust and the contractors, Hobson and Porter.
The school, which academy leaders have promised will be a “flagship of excellence,” will be run by the Dales Academies Trust and will be based in the northern part of Northallerton, where a major new housing development is being built.
The trust has announced the new educational establishment will be called Oakbridge Church of England Primary School and will begin welcoming its first pupils in September next year. A phased opening will start with reception children in 2024, expanding to the full cohort over seven years.
Speaking about his visit, Rishi Sunak said: “It was great to see work under way on a very important multi-million-pound investment in education in Northallerton.
“This is a vital element of the North Northallerton development project, part of making sure the new housing has the appropriate infrastructure in place to support the families that will be moving here.”
The school’s location is close to the new link road which spans the site earmarked for housing, ensuring access for pupils, staff and other members of the public is convenient.
The site was acquired through a planning condition agreed with a housebuilder developing land nearby and Oakbridge Primary itself will account for investment of more than £7 million when complete.
Joe Booth, business development director at Hobson and Porter, which has been awarded the contract to build the school, said: “Starting work on this new school is an exciting moment for everyone involved with this project. There’s no doubt that once it’s complete, this school will become a hugely valuable part of the local community.”
Public to have say on plans for development in North Yorkshire
Detailed proposals on how local people will be able to help influence future housing and industrial developments in North Yorkshire are being drawn up.
The Statement of Community Involvement (SCI) will set out how residents, businesses and organisations can have a say in the preparation of the county’s Local Plan, neighbourhood plans and planning applications.
The statutory document will cover all areas of planning where there is engagement with the local community.
Members of North Yorkshire Council’s executive yesterday (Tuesday, 18 July) approved a draft Statement of Community Involvement for the county. This will undergo six weeks of consultation, starting towards the end of the summer. The document will then come back for further consideration before being adopted by the authority.
The council must prepare a Local Plan, excluding the National Parks for the North York Moors and the Yorkshire Dales, and a minerals and waste plan for the county, with the Statement of Community Involvement one of the first stages in that process.
Executive member for open for business, including planning, Cllr Derek Bastiman, said: “We must prepare and adopt a Local Plan and the first stage in achieving this is setting out our strategy for engagement. We want this process to be inclusive and engaging.
“The long-term ambition of adopting a Local Plan can affect all services, as it will set the tone for development across the county by allocating sites and policies – the statement of community involvement will give local people a chance to have their say.”
Study reveals value of Drax to regional economy
Drax Power Station contributes £358m to regional GDP in Yorkshire and the Humber according to new research.
A study by Oxford Economics consultants is said to demonstrate the key role the power station plays in the economies of Selby and Ainsty, Yorkshire and the Humber and the UK. The report, using data from 2021, shows that the North Yorkshire site and its supply chain, contributed £735m to UK GDP. It also supported 7,130 jobs across the country and delivered a total contribution of £154m in taxes to the UK. The research also found that in the constituency of Selby and Ainsty, 901 people were directly employed by the power station, a further 290 jobs were supported and it contributed £278m to local GDP. Across Yorkshire and the Humber, the combined impact of Drax Power Station was £358m with 2,580 jobs supported. The power station is the largest dispatchable renewable power station in the UK and across its four biomass units it can supply enough power for the equivalent of five million homes. In March this year, almost 50 years of coal generation ended at Drax Power Station. Between October 2021 and 2022, Drax Group generated 11% of the UK’s renewable electricity. In addition, the business produced on average 19% of the UK’s renewables at times of peak demand and up to 70% on certain days. Richard Gwilliam, UK BECCS Programme Director at Drax Group, said: “This research underscores the critical role that Drax Power Station plays regionally and nationally. In Yorkshire and the Humber, our power station has created thousands of jobs and contributed hundreds of millions of pounds to the area’s GDP while helping maintain energy security. “We have been generating power at our North Yorkshire site for nearly 50 years and we hope to do so long into the future through the development of our bioenergy with carbon capture and storage plans.”South Yorkshire auction house makes senior appointment
Mark Jenkinson, the Sheffield property auctioneer that was acquired by Eddisons this year, has appointed a new associate director.
James Vandenbrook joins Mark Jenkinson from chartered surveyor Barnsdales, where he was a director and headed the Doncaster-based firm’s auctions team for more than 10 years.
Adrian Little, senior partner at Mark Jenkinson, said: “James’ auctions expertise and extensive knowledge of the commercial and residential property markets across Yorkshire will be invaluable to our team as we continue to grow. We’re really pleased to welcome him to the Mark Jenkinson and Pugh family, and to the wider Eddisons group.”
Since combining their online monthly auction property listings last month, Mark Jenkinson and Pugh have created one of the largest property auctions in the north. Between them, the two firms have sold commercial, residential and land assets worth over £94m at auction in the last year.
James Vandenbrook said: “Mark Jenkinson has a long-standing reputation in South Yorkshire for its excellence and expertise in property auctions. This is a really exciting time to be joining the firm as its strategic partnership with Pugh expands its geographic reach and network exponentially.”
He added: “I’m looking forward to playing a key role in the firm’s future success, bringing over a decade’s experience of the South Yorkshire property auctions market and the extensive contacts I have built up in my role as head of auctions at Barnsdales.”
British Steel sections used in major airport development
British Steel’s sections are being used in a £200million development at Teesside International Airport’s Business Park South.
When fully operational it will create up to 4,400 jobs in its 1.9 million square feet of logistics, distribution, and industrial buildings.
Key progress has now been made on the first unit of the development with more than 40 tonnes of steel brought onto the site. Work on the new link road to connect the business park is also now nearing completion after beginning earlier this year.
Tees Valley Mayor Ben Houchen said: “The first steel on the business park and the construction of the link road are further visible evidence of the excellent progress we are making to transform Teesside Airport from not just a great place for passengers but also as a superb location for business.
“The involvement of local companies and the use of British Steel shows we are ensuring that major projects such as this directly benefit firms and workers in our area.”
Ben Cunliffe, British Steel’s Commercial Director, Construction, said: “We are proud to be supplying our steel into this prestigious development on Teesside.
“British Steel has a vital role to play in supporting the economic growth of the region, and the wider UK, and projects like this demonstrate our commitment to manufacturing the high quality products our customers require.”
Both the link road and first unit are scheduled for completion by the end of the year.
Work completes on Leeds high school extension
The main phase of work on a contemporary two-storey extension at an outstanding Leeds high school completed this week, helping to increase student capacity by over 400.
The lead contractor on the project, Henry Boot Construction, started construction on the new 2,500m2 extension at Allerton High School on King Lane in June 2022.
In addition to the extension, which sees the school’s capacity grow from 1,400 to 1,840, the project added attractive new outdoor landscaping, modernisations to the car park – including new EV charging facilities, and minor refurbishment to an existing block.
In total, the development has added multiple new classrooms and offices, a bespoke suite of rooms to house provision for students with SEND, PE changing rooms, a staff room, a meeting room, a new cafeteria and a kitchen. Now that this primary stage of the development is complete, installation of a Sport England football pitch will begin, with completion set for late 2023.
In September 2022, Allerton welcomed an additional 60 Y7 pupils, aged 11, as part of a phased plan to add more than 400 pupils over the next few years. The new building extension enables the school to add to the overall capacity without greatly increasing individual class sizes – providing the best possible learning environment for their students.
Yorkshire-based Henry Boot has worked closely with Leeds Local Education Partnership, Leeds City Council and design partner NPS Group on this project.
Henry Boot Construction Managing Director, Tony Shaw, said: “We’re delighted to have successfully completed the extension work on Allerton High School. We’ve undertaken a truly collaborative approach alongside the design team, the Council, our local supply chain and, of course, the school itself.
“Consequently, the project ran smoothly and Allerton staff will now have the rest of the summer to get used to their new surroundings and plan for the next academic year.”
Councillor Jonathan Pryor, Leeds City Council’s Deputy Leader and Executive Member for Economy, Culture and Education, said: “We want to ensure that all children in Leeds continue to have access to the best possible education.
“The completed development at Allerton High School will ensure there are more school places available for local children which is a strong focus for the council. It also means that current and new pupils will enjoy and benefit from an enhanced learning environment.”
Andy Haigh, Deputy Headteacher at Allerton High School, added: “Allerton High School is delighted to move into this well-designed and well-constructed building.
“The new classrooms will provide an excellent learning environment for our growing school community and the new cafeteria will allow all our students to enjoy their breaks in comfort.”
