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October 2012 news archive

AIRWATCH EXTENDS SPACE AT IM PROPERTIES’ REFURBISHED PHOENIX HOUSE

AirWatch, the world’s largest mobile device management firm, has leased further space at IM Properties’ refurbished Grade A Phoenix House in the centre of Milton Keynes.

Having committed to 12,490 sq ft on the top floor of the four storey building in April 2012, the rapidly growing American-owned company has taken the remaining 8,155sq ft of space on the same floor.

The two deals combined mark the biggest letting in an existing building in the centre of Milton Keynes in the last 12 months.

The extra space will accommodate the additional 30 employees taken on by AirWatch since moving into the property, bringing the total number to just under 100, whilst providing capacity to take on a further 100 staff.

The company, which manages its Europe and Middle East operations from Milton Keynes, is rapidly expanding and grew 800 per cent last year.

Phoenix House is located in Station Square, adjacent to Milton Keynes Central railway station, just minutes away from the motorway network. IM’s extensive refurbishment has included new air conditioning, lighting, lifts, toilets and shower facilities, reception area and card access entry system. The property also offers a high ratio of secure car parking.

The property is surrounded by headquarters of blue chip companies including Santander and Network Rail.

AirWatch EMEA Managing Director Ian Evans said: “Having set up our EMEA headquarters in Milton Keynes in summer 2011 with just four members of staff, we moved to Phoenix House in May 2012 with 70 employees and have already outgrown the space due to fast growth across all areas of the business.

“This extra space enables us to accommodate the extra 50 employees we are set to take on by December as well as many more in the New Year and we may look to take further space on the building’s second floor.

“AirWatch is committed to Phoenix House because Milton Keynes is a hi-tech city and it is a hub for company headquarters. It is also extremely accessible – we are able to get Oxford Street in London within 35 minutes. We are committed to employing local people while attracting staff from across the world who are willing to relocate here.

“IM Properties has done a fantastic job refurbishing Phoenix House, providing us with the facilities we need including secured car parking. As a landlord IM has been ideal by understanding our needs and accommodating our business growth in a very short space of time.”

Rob Hemus, Asset Manager at IM Properties, said: “We are delighted AirWatch has further committed to Phoenix House which is a vote of confidence in Milton Keynes as well as IM Properties’ reputation for providing first rate, strategically located buildings and outstanding tenant service.”

Louch Shacklock & Partners and Cushman & Wakefield are the joint letting agents for IM Properties.

Jonathan Whittle of Louch Shacklock said: “This latest letting reinforces the attraction of Milton Keynes as a headquarters office location for the UK and beyond.”

AirWatch is the world leader in enterprise-wide mobile device and WLAN management solutions. It was highlighted at the recent Global Business Summit on ICT, one of 18 summits organised by UK Trade & Investment (UKTI) during the Olympic and Paralympic Games to showcase the best of UK ICT innovation and technology to delegates from around the world.

Refurbished space remaining at Phoenix House includes 5,651 sq ft on the second floor and 20,531 sq ft on the first floor. For more details contact Jonathan Whittle at Louch Shacklock & Partners on 01908 224763 or Marcus Hayes at Cushman & Wakefield on 0121 232 4900.

Toolstation opens at IM Properties’ Bristol trade counter scheme

Toolstation
Top building materials supplier Toolstation has opened the doors of its trade counter unit at IM Properties’ new Longwell Green Gallagher Trade Park in Bristol.

Situated on Aldermoor Way, Toolstation’s new 4,000 sq ft unit has created seven jobs and is open for business.

IM Properties began speculatively building the trade counter scheme in March this year and both Toolstation and Halfords Autocentre signed pre-let agreements for 4,000 sq ft units the following month. Barnwood Construction completed the scheme in September.

Adam Keates, Commercial Resources Director at Toolstation said: “We are very pleased with our new unit at IM Properties’ Longwell Green Gallagher Trade Park. Joining the thriving Whiteladies Road and Ashton Gate sites, this latest branch is well positioned to serve the eastern outskirts and adjoining towns. It is conveniently and prominently situated on Aldermoor Way near to other trade outlets.”

Longwell Green Gallagher Trade Park is located adjacent to Longwell Green Retail Park and is surrounded by some of the best known names in retail including Homebase, B&Q, Marks & Spencer, Next and Boots. It is located off the A4174 Avon Ring Road, providing access to Junction 1 of the M32 and Junction 19 of the M4 and is just five miles from Bristol City Centre.

Five trade counter units ranging in size from 2,920 sq ft to 14,350 sq ft remain available at the IM Properties’ scheme and discussions are underway with potential occupants. In addition, the developer has planning permission for an 18,000 sq ft self-storage unit.

Lewis Payne, Development Manager at IM Properties, said: “We are pleased Toolstation has recognised the excellent location and profile of our Longwell Green Gallagher Trade Park and that jobs have been created for local people. We expect a total of 70 jobs to be generated once the scheme is fully let.”

Chris Miles of joint agents Jones Lang Lasalle added: “The speculative start to the trade park was a response to the lack of supply of new or good quality space across Bristol.  Negotiations are underway with a number of interested occupiers and we expect to announce further lettings on the scheme shortly.”

Each of the available units benefits from a double height glazed feature entrance, 7.2m minimum clear internal height, 37.5 kN/m2 floor loading, overhead sectional loading door and substantial signage panels.

For more details please contact Gordon Reynolds / Gregory Cooper at Cushman & Wakefield on 020 7935 5000 or Paul Baker / Chris Miles at Jones Lang LaSalle on 0117 927 6691.

IM Properties is crowned Company of the Year

IM Properties has been crowned Company of the Year at the prestigious Birmingham Post Business Awards 2012.

The Warwickshire-based company scooped the top prize at last night’s ceremony after beating off competition from Barratt and David Wilson Homes Mercia, and Lend Lease to win the Property and Regeneration category.

Judges said they gave IM Properties the top prize after it enjoyed one of its most successful years after posting profits of £31 million – the equivalent of more than £1 million for every member of staff at the firm.

Tim Wooldridge, Managing Director of IM Properties, said: “To win our category prize as well as the Company of the Year title is fantastic, especially when the competition was so high – we are all so thrilled.

“These awards are testament to the expertise of the whole IM team who work so hard to ensure we deliver consistently good results even in such challenging times.”
IM Properties’ entry detailed its ability to drive income through development, investment and asset management as well as outlining its successful 2011 performance, commitment to the West Midlands and future growth plans.

Also highlighted was the success of the Birch Coppice Business Park – the West Midlands’ largest rail-served development site which has to date created in excess of 5,000 jobs for local people.
Tim added: “A big thank you goes to both our professional team and North Warwickshire Borough Council for their support on Birch Coppice Business Park, transforming it into one of the region’s biggest employment success stories.”

For media coverage of the event follow this link: http://bit.ly/RFMrC5

IM PROPERTIES REPORTS £31 MILLION PRE-TAX PROFIT

Adrian ClarkeIM Properties, one of the UK’s largest privately-owned property investment and development businesses, has reported a strong set of results for 2011, with pre-tax profit up 112%, to £31 million, from £14.6 million in 2010.

The Warwickshire company’s property development division generated more than £14.1 million pre-tax profit through a number of successful projects. Effective asset management initiatives boosted the long term rental income stream on investments both in the UK and overseas, with rental income increasing in the year by 4% to £38.9 million, while occupancy levels were maintained at 96%. Key investments during the year included the purchase of a newly developed supermarket in Vernon Hills, Chicago, let to grocery chain Roundy’s Supermarkets. 

In July 2011 the balance sheet was further strengthened when IM Properties secured new senior debt funding of £150 million for two of its portfolios of offices and industrial properties stretching from the South East to the Midlands, including property on major Warwickshire schemes Birch Coppice Business Park and Hams Hall Distribution Park. These facilities have taken IM Properties’ average facility expiry to over three years with 68 per cent of the company’s debt now secured for at least four years.

IM Properties’ luxury residential arm, Spitfire Properties LLP, also marked its first full year of trading in 2011 and experienced exceptional sales success at its niche development in Chalgrove in Oxfordshire.  With a number of new developments already underway Spitfire is on track to establish itself.

Other key figures in the financial results include:
• Investment portfolio valued at £544 million
• Cash reserve at year end: £38 million
• Market value of properties under construction: £8.3 million

Adrian Clarke, IM Properties’ Financial Director, said: “We have delivered strong results despite the difficult economic environment, significantly growing profits and completing transactions across the portfolio. This reflects the excellent financial state of the company and the expertise of our team.

“The foundations are in place to deliver good results for 2012, by continuing to focus on adding long term value to our properties through development, asset management and delivery as well as growing Spitfire Properties into a sustainable business.”