Hermes Real Estate confirms sale of Birchwood Park

Hermes Real Estate has exchanged on the sale of three MEPC mixed use parks for £430 million at an initial yield of 7.3 per cent. Funds managed by Oaktree Capital Management, L.P. ("Oaktree") and Patrizia Immobilien will take ownership of the three parks in the South East, North West and Scotland: Chineham Park in Basingstoke, Birchwood Park in Warrington and Hillington Park in Glasgow.

Chris Taylor, CEO of Hermes Real Estate and Chairman of MEPC said: “We are delighted to confirm the sale of these three relatively mature estates, which have been well managed by the MEPC team for many years, at a point in the cycle when we are seeking to redeploy capital and invest into estates that will benefit from what we regard as the emerging growth sectors of the UK economy.”

MEPC will continue to manage four business parks including the £500 million technology park at Silverstone. In addition, MEPC will manage the continued expansion of Milton Park with its globally recognised biotechnology occupier base and competitive status within the dynamic Oxford-Cambridge ‘Technology Arc’. MEPC has also commenced development at Wellington Place, Leeds reflecting the strength of occupier demand for well-located regional city centre offices.

Chris Taylor continued: “Through our top-down approach to investment we will seek to capitalise upon the MEPC team’s proven ability to identify future occupational demand drivers and look to reposition the portfolio to ensure we capture future economic growth, which we expect to be sustained by three of today’s key investment themes associated with technology, globalisation and urbanisation.”

Rob Brook of Patrizia Immobilien said: “This considerable acquisition adds three high quality assets to our expanding UK-wide portfolio. Each of the three parks provide significant development opportunities within growing regional markets, which, working alongside Oaktree, we aim to maximise over the next few years through additional investment and asset management initiatives.”

James Dipple CEO of MEPC added: “This is a significant moment in the life of MEPC. Over our many years of stewardship, we have created a market leading portfolio by consistently meeting the changing needs of occupiers and delivering high quality working environments. We are confident the assets will continue to develop and grow under the new ownership and management. MEPC is already embracing new challenges at the remaining four parks within our portfolio and delivering material changes to large management intensive properties with a focus on meeting the needs of modern businesses in the technology and business services sector.”

Hermes Real Estate was represented by JLL, while Strutt & Parker and Ryden acted on behalf of Oaktree and Patrizia Immobilien.

Hub 401 is open!

Hub 401 has now opened within the ground floor of Thomson House; soon to be renamed 401 Faraday Street just in time for summer. Open to everyone on and off Birchwood Park.

In a first for office parks in the UK, Hub 401 offers a full-service, all-weather patio café outlet, complete with outdoor heaters, blanket boxes and private booths – perfect for making the most of the sunshine this summer!
Drawing on design and product inspiration from the hospitality and university sectors, Hub 401 offers unique and comfortable spaces, perfect whether you want to relax, work, play or network.
There is a fantastic range of fresh food and drink options available, including Delice De France, The Cornish Proper Pasty Company, Easiyo yoghurt and Orenka as well as the Park’s famous Starbucks offering, smoothies and deli-fresh food – all helping us to achieve that work/life balance and encourage people to enjoy the unique Birchwood Park spirit.
What’s more, the internal space boasts free-to-use iPad stations and concealed private break-out areas that have been specifically designed to encourage collaboration and sharing of best practice among our occupiers and visitors.
Hub 401 welcomes everybody and is already proving to be the perfect place to hold team brainstorms, step away from the desk or meet with other likeminded professionals.
We went the extra mile to create something very special at 401 Faraday Street. Hub 401 is unlike anything offered by other office parks or office management companies in the North West and is testament to our commitment to always go that one bit further for our occupiers. Summer on the Park with alfresco dining at Hub 401 is sure to be a summer hit!

Epicor joins the ranks of businesses setting up home at Birchwood Park

Epicor, the software solutions company has merged its offices from both Salford Quays and Runcorn and moved on to MEPC Birchwood Park.

Ideally located between Liverpool and Manchester, MEPC Birchwood Park has excellent transport links and is perfectly situated for businesses with employees from both cities.
Taking 6,200 sqft on the ground floor of 104 Dalton Avenue, the business has just completed its brand new fit out and has now taken occupation.
Epicor provides industry-specific business software solutions to thousands of companies around the world.
Director at Birchwood Park, Andrew Cowell said: “It’s always exciting to see new businesses join the Birchwood Park community and we’re looking forward to supporting the team at Epicor in their future successes.”

Birchwood: the jewel in the North West’s crown

The message at Warrington's sixteenth annual property report was one of the most positive yet – heralding more good news for the North West’s emerging business centre.

Not only is Warrington's industrial property take-up the highest since reports began in 1998, the office market is also on the up, mirroring the national trend.
Ideally located between Liverpool and Manchester, it’s no wonder that the region’s office market has posted the highest level of activity since 2001, but more surprising still is that most of the office deals have been secured by out of town locations such as Birchwood.
Birchwood is a significant European business destination in its own right and one of the UK’s success stories. It is home to 12,000 residents and the 400 businesses located in the area employ 17,000 people from across the region.
Birchwood has secured itself as a hot spot for companies operating in the energy sector, with a number of large companies based in the area, including AMEC, NNL and Areva. This claim is now further supported following plans to build a £10m University Technical College in Warrington town. MEPC Birchwood Park now hosts a quarterly nuclear forum for companies operating in the region, and the Park itself has become somewhat of a hub for industry networking and collaboration – supporting Warrington’s ambitions to attract further big players from the sector.
Birchwood Park has also seen an increase in its office uptake throughout the last 12 months, with major deals including the development of a new 35,000 sq ft head office for Your Housing Group, and a 15,457 sq ft lease by the Ministry of Justice for its inquest into the Hillsborough Disaster.
And 2014 is already shaping up to be another triumphant year with the announcement that 305 Bridgewater Place if fully let less than a year after its completion, and the anticipation surrounding the current £4m refurbishment project at the Park’s landmark building, 401 Faraday Street.
Jonathan Walsh, Managing Director of MEPC Birchwood Park, commented: “It has been widely publicised that Warrington is one of the few towns in the country where the economy is booming, and it’s not hard to see why.
“I firmly believe that Warrington is the crowning glory of the North West, not least because of its enviable position, and within that crown, Birchwood is the jewel. Being just 15 miles from Manchester and 23 from Liverpool, it is ideally situated for businesses with employees from both cities.
“Birchwood has been described by some as an ‘economic powerhouse’ in its own right, and outstrips the majority of the UK on a number of fronts; it is fast becoming a hub for companies operating in the nuclear and energy sectors, and many of the North West's 200 largest locally controlled business have their headquarters based here, making it one of the most popular office locations in the North West.
“The Park has seen an influx of companies looking for a location that will allow them to grow and support their business goals. Our commitment to the community in which we reside means we are more than just a business park or a collection of offices – we are a destination in our own right, for businesses and residents of Warrington.”

AREVA joins the nuclear hub at MEPC Birchwood Park

The nuclear hub at MEPC Birchwood Park has been boosted by the arrival of nuclear energy specialist, AREVA.

AREVA has joined fellow nuclear businesses based at the Park, based in Warrington, through the relocation of its specialist Consultancy arm (AREVA RMC) which specialises in safety assessment, waste management and decommissioning support and advice.
AREVA will move into larger award-winning premises designed by the BDP architecture firm. Speaking about the decision to move, AREVA RMC’s Business Relationship Manager, Alison Holt, commented: “Birchwood Park has outstanding facilities and is conveniently located near many of our clients and partners, making it an ideal location to expand our business.”
Andrew Cowell, Commercial Director at MEPC Birchwood Park, said: “We’d like to extend a warm welcome to everyone at AREVA”.
“Birchwood Park has built a sterling reputation within the nuclear sector over the years and it’s fantastic that we’re able to draw companies of this size and stature onto the Park. We’re looking forward to supporting AREVA RMC in its bid for growth.”
AREVA is a world leader in nuclear power and covers every stage of the nuclear fuel cycle, reactor design and construction, and operating services. The group also develops a portfolio of activities in renewable energy.
In the United Kingdom, AREVA has been a key partner for the nuclear industry over the past three decades and is notably part of the Hinkley Point C nuclear new build project. Strengthening the group's position in the UK market, AREVA RMC provides its expertise in the assessment and management of safety of nuclear related facilities.

The ‘fully let’ signs are up at 305 Bridgewater Place, the landmark Birchwood Park development

Less than a year after its completion, the team at Birchwood Park in Warrington is putting up the ‘fully let’ signs at 305 Bridgewater Place.

The 47,500 sq. ft. building takes pride of place in the award-winning Bridgewater Place scheme and has reached full occupancy with the arrival of the Ministry of Justice.
The upcoming Hillsborough Inquest will be held on the 15,000 sq. ft. ground floor of the building, which is being fitted out to create a court of law to the specifications of the Ministry of Justice. It is estimated that the converted room will have capacity for 300 to 350 people when the Inquest begins in March.
An existing Birchwood Park customer has also agreed a pre-let deal for the first and second floor of the building, taking over 30,000 sq. ft. of space.
The Bridgewater Place scheme, designed by BDP, previously scooped a regional award for Best Commercial Space at the British Council of Offices.
Andrew Cowell, Commercial Director of Birchwood Park, said: “That the Ministry of Justice has selected 305 Bridgewater Place as the venue for the Hillsborough Inquest is testament to the quality of the building and the unrivalled location of Birchwood Park in the North West.” 

Major contract win for Birchwood Park occupier

MEPC Birchwood Park is proud to announce the continuation of its nuclear heritage with the news that occupier National Nuclear Laboratory (NNL) has been awarded a major contract by Dounreay Site Restoration Limited (DSRL).

NNL is to process a number of tonnes of uranium carbide fuel, currently held at the Dounreay site. The fuel will be converted into oxide form for long term storage before fuel facilities at the site are shut down.

NNL's Business Leader for Waste Management Technology, Myrian Wood, signed the contract, which, at around £750,000, represents NNL's biggest single piece of work for DSRL.

NNL has over 10,000 person-years of nuclear industry experience across the whole nuclear fuel cycle and provides the experts and technologies to ensure the UK nuclear industry operates safely and cost effectively today and for the future. The company has also provided support and services to the UK and other Governments and to the European Union.

NNL's Waste Management and Decommissioning Director, Nick Hanigan, said: "This is excellent news for NNL, as Dounreay is the second largest decommissioning market in the UK. We are pleased to have the opportunity to work with DRSL in this way and hope to have further discussions on other ways in which we can help them meet the challenges of accelerating the site's decommissioning programme."

This is fantastic news for Birchwood Park, which is based at the former home of the Atomic Energy Authority and has a strong nuclear heritage. The team is committed to providing a high quality experience for their occupiers to grow and develop their respective businesses.