tdk partner Stephen Deyermond appeared on Morland Sanders BBC radio 4 programme last night to give his expert opinion on the Irish economic crisis.
If you would like to listen to the report again you can do so by going to BBC iplayer by clicking here
Holland & Barrett Europe’s leading retailer of Vitamins, Minerals and Herbal Supplements are to open in January 2011 at Monaghan Shopping Centre.
Mark Thallon Retail Partner at TDK who negotiated the letting on behalf of the landlords Newbay Properties commented, “We are delighted to secure Holland Barrett who’s stores are a familiar sight in almost every major city and town across the United Kingdom and Ireland, where they operate over 550 outlets.
Interest in natural food supplements has increased considerably over the last few years and Holland and Barrett has always had a commitment to its customers to provide high quality products at value for money prices which I have no doubt will be extremely popular in Monaghan.”
This is the first letting negotiated by TDK since their recent appointment as letting agents on the 120,000 sq.ft mall which is anchored by Tesco and it is hoped that several other new lettings will be announced during 2011.
TDKs retail team have helped international sports retailer Kukri secure a presence in Belfast City Centre for Christmas to sell their Ulster Rugby and Belfast Giants range.
We’re delighted to announce that Kukri will open a temporary shop in Victoria Square Shopping Centre, Belfast.
It is the first time Kukri has had a retail unit in Belfast City Centre. The shop will offer official Ulster Rugby and Belfast Giants merchandise, as well as a range of Kukri products. Also on sale will be a range of Kukri event products, including 2014 Hong Kong Sevens, 2014 World Club 10’s and other merchandise.
General Manager and Director of Kukri Sports Ireland, Terry Jackson, said: “We’re really excited to start this new venture at Victoria Square. We’ve been looking for an opportunity in Belfast City Centre for some time, and we’re thrilled to have a shop in Victoria Square for the coming months, that will create 8 new jobs for the duration of the shop. It will be great to offer Ulster Rugby and Belfast Giants merchandise in the heart of the City Centre, so even more people than ever can show their support for the teams.”
Mark Thallon Retail Partner at TDK commented “We are delighted to assist Kukri with this acquisition and have no doubt it will be extremely successful in the run up to Christmas and will complement the other occupiers in the scheme. This acquisition demonstrated TDKs ability to identify and secure retail premises for clients within a tight timeframe with the store opening within 6 weeks of our original instruction to find a suitable unit.”
The Kukri store will be open from October 2014 through to January 2015, and it will be officially opened at a launch evening on Thursday 9th October from 6pm-7pm with Ulster Rugby and Belfast Giants players in attendance.
As well as the store in Victoria Square, Kukri will continue their retail operations at the Kingspan Stadium and the Odyssey Arena. “This store will sit alongside our retail operations at the Kingspan Stadium and the Odyssey Arena, so fans of Ulster and the Giants will have plenty of opportunity to buy merchandise,” continues Terry Jackson. “Our shop in Victoria Square will also offer a range of other Kukri merchandise, including a range of Rugby accessories, running trainers and Kukri event merchandise like the World Club 10s and Hong Kong Sevens.”
Home to over 70 stores, Victoria Square is Belfast’s number one shopping destination. It’s located in the South Quarter of Belfast City Centre, with 800,000ft² of retail space over four floors. The Kukri Store will be located in Lower Ground store 32.
TDK have been appointed by North Down Borough Council to advise on the valuation and marketability of key sites within North Down
The sites included within the instruction include, 4.5 acres Kerr Park Holywood (currently home of Holywood Rugby and Cricket Club) and 0.7 acres at Property at Hamilton Road Bangor, including Hamilton House and Sea Scout Hall.
Both of these properties have been brought on to the market by TDK today with the receipts from the sale being earmarked to fund new council sport and community facilities.
The sale of the property at Hamilton Road will be used to fund a new council community facility. North Down Borough Council wish to develop a community and advice service facility including two main halls, and various minor halls, on existing Council land at Hamilton Road, Bangor. It is envisaged that the facility will cost in the region of £1.2ml to build.
Regarding the Hamilton Road site it is the Council’s preference to sell the land. It is an important development for the council. The council realise in the current economic environment that it will be challenging to sell the property on Hamilton Road. That is why in order to achieve their desire to complete the community facility they are prepared to consider a partnership agreement with a builder or developer that would in the medium term lead to the development of the land and the new facility, this is an innovative way for the council to consider procuring the facility
The Holywood site is a fantastic location and one that even in current economic conditions we are confident will be of interest to investors and occupiers. It is possible that the interest may not be for residential use so to this end we are happy to receive offers on a subject to planning basis. We are hopeful we will receive offers over our asking price of £ 5,000,000.
Holywood Rugby and Cricket Club will benefit from the sale in that they will move to new council funded facilities near by.
One of the fastest growing retailers in the UK has opened in Coleraine. B&M Bargains has opened in the Riverside Regional Centre.
As a result of the new store 35 jobs have been created for the area.
Area Manager for B&M in Northern Ireland, Billy Parker said “Coleraine was one of the major towns in Northern Ireland that the company wanted to have a store in. We already have good performing stores in Ballymena and Portadown, and Coleraine was always on the list for us to have a store in.
“It was just a case of waiting until the best site became available.
“We are delighted to have opened and we hope that shoppers will like the new store. 35 jobs have been created at the new store.”
Mark Thallon of Belfast based letting agents TDK Commercial Property Consultants commented “The addition of B&M to Riverside Retail Park will help strengthen further the retail offer in the scheme. Riverside is already established as one of Northern Irelands premier Parks and comprises in excess of 300,000 sq.ft with other occupiers including Sainsburys, B&Q, Lidl, Currys, Harveys, Halfords and Pets at Home.”
The 9,000 square foot store specialises in big brands. It will a wide range of products including health and beauty, toys, household textiles, electrical, summer goods and a Christmas range. Their stock will also include home decor and confectionery
One of the first batch of up to 25 new Home Bargains stores set to be opened in Northern Ireland over the next three years will open in De Courcy Centre, Carrickfergus later this year. The Liverpool-based business intends to invest around £25 million in the move across the Irish Sea, which will create plenty of new retail job opportunities for staff at all levels. Operations director at Home Bargains Joe Morris said: “We’re very excited to be moving into Northern Ireland for the first time and are thrilled to be able to offer new jobs and new investment to the local economy in Carrickfergus.” Joint letting agent for the scheme Mark Thallon of TDK Commercial Property Consultants commented “The addition of Home Bargains to the centre is a great shot in the arm to the Carrickfergus retail offer as we have undoubtedly secured one of the UKs strongest retailers who will undoubtedly complement the existing retail provision which includes Iceland and New Look” TJ Morris, which recently secured second place on The Grocer’s 50 Largest Independent Grocers list, has ambitious plans to double in size over the next four years. By 2013, it expects to hit its billion pound turnover target, grow the number of stores nationwide to 350 and employ more than 10,000 staff.
The company’s ongoing success continues to buck the trend, as increasing numbers of retailers announce slumps in sales and experts warn that hopes of recovery on the high street may still be premature.
Joe Morris, operations director at TJ Morris, commented: “Whilst many high street retailers continue to suffer, we’ve opened 30 new stores over the past six months alone, and we’re about to launch our new £35 million distribution centre in Liverpool.”
Established over 30 years ago by Tom Morris, TJ Morris is now one of the largest companies based on Merseyside. Still family-owned and run, the company has over 180 stores across the North, Midlands and South Wales.
Riverside Retail Park, in Coleraine, one of the largest retail destinations in Northern Ireland, has agreed a £25 million refinancing deal with Santander Corporate Banking with the new agreement managed by the bank’s specialist corporate banking team in Belfast.
Santander has agreed to provide the term loan facility to Kelvin Properties and Westside Developments, who own the freehold of the entire 60 acre site including a number of retail and warehouse units on the park.
Riverside Retail Park is the dominant Retail Park in the North of province. The scheme has a very attractive mix of retailers including B & Q, Pets at Home, Halfords, Carpetright, McDonalds, B & M Stores, all sitting adjacent to a large Sainsbury Store.
In addition the complex has a great leisure offer which includes a Whitbread Premier Travel Inn and Table Table Restaurant, together with a Fitness First Gym centre and a number of other restaurants available to visitors.
Commenting on the refinancing agreement, Mark Thallon of managing agents TDK Commercial Property Consultants said: “Riverside Retail Park is one of the largest retail centres in Northern Ireland with excellent opportunities for further expansion and the owners are committed to further development on the site. The team are delighted with the support we have received from Santander and particularly Peter Torrens and Guy Phillips, who took the time to fully understand the developments and our aims and plans for the future, before providing a sensible solution.
Peter Torrens, Relationship Director at Santander’s regional corporate banking centre in Belfast said: “I am delighted that Santander has been able to support Riverside, which is well established Retail Park with a strong business model and an experienced management team.
“Santander Corporate Banking is committed to supporting strong, viable businesses across all industry sectors, by providing a true relationship banking service and our agreement with Riverside Retail Park is a great example of this.”
Supermarket giant Asda said yesterday it was snapping up the UK arm of discount retailer Netto, in a move set to add another 193 stores to its estate.
Asda — which is owned by US group Wal-Mart — has agreed a £778m deal to buy the stores, which it aims to convert to the Asda brand by next summer.
The group said it hopes to complete the takeover later this summer, subject to regulatory approval.
The deal marks an ambitious first move by new Asda boss Andy Clarke, who took over the reins earlier this month.
Netto — owned by Danish group Dansk Supermarked — employs 3,500 staff in the UK, having launched on these shores in 1990. The average size of its stores is 8,000 square feet.
Supermarket share figures this week revealed Netto had a 0.7% share of the grocery sector, but the discounters have seen previous stellar growth levels grind to a halt since the end of the recession.
Claus Juel-Jensen, managing director of Netto, said: “We have substantial opportunities for growth in Scandinavia and northern Europe, and believe that the time has come to focus our efforts on the development of our business in these countries.”
Stephen Deyermond, commercial property agent at Belfast consultancy TDK, said the move could increase the chances of trying out the format in the province, even though there are no Netto stores.
“All the multiples have periodically looked at smaller formats over here, so hopefully once the chain is fully integrated into the ASDA business, this experience will give ASDA the reassurance to roll this smaller format into the Northern Ireland market.”
A spokeswoman for the store said: “Asda is committed to expanding our store offer across Northern Ireland, bringing our low prices and excellent customer service to more shoppers.”
TDK Commercial Property Consultants have launched a service to local funders to assist them in with their impaired property loans. This line of work for property consultants is one of the inevitable consequences of the downturn of the property market. TDK’s Strategic Consulting Department, lead by Stephen Deyermond, has significant experience in this line of work, having spent 12 months advising one of the Northern Ireland largest banks on their impaired property loans.
One of the roles is that of Fixed Charge Receiver. The appointments arise when Banks have to take action with regards to loans relating to property assets.
Where the owner is deemed insolvent and the lender wants to take control of the asset often a Receiver is appointed.
“Fixed Charge Receiver is a simpler (and usually more cost effective) route for funders to take than Administration and, depending upon the nature of the charge or status of the borrower, allows the lender to secure swift control of the asset”
Stephen went on; “The Receiver, in effect, acts as the owner of the property, typically collecting rents, arranging insurance and ultimately overseeing the disposal of the asset(s).
Whilst Receivers are typically appointed with the intention of realising the asset, we are also appointed where following insolvency the Lender believes that we could apply our property expertise to achieve better outcomes than the borrower. Examples include co-ordinating the letting of vacant units, achieving planning consents or project management of the development process.
In broad terms, our principal duty is to secure repayment of the mortgage / charge due to the bank. We also have a duty of care to the borrower to manage the property with Due Diligence.
Unlike many other insolvency appointments, a fixed charge receiver need not be a licensed insolvency practitioner and property surveyors are commonly appointed in Great Britain under the Law and Property Act 1925. In Northern Ireland similar powers apply although the relevant statute is the Conveyancing and Law of Property Act 1881.
With current property market conditions, banks working with their customers, are concentrating on adding value to property assets as well as looking to realise value to repay debt. Assets should be managed in such a way that when a market materialises for the asset, the property is in a position to maximise marketability and value.
However, one of the inevitable symptoms of the current property market and banking conditions is the appointment of Fixed Charge Receiver by Banks. The appointments arise when Banks have to take action when the owner is deemed insolvent or the lender wants to take control of the property assets. Increasingly Banks are seeing the benefits of appointing Chartered Surveyors as Receivers. Unlike many other insolvency appointments, a fixed charge receiver need not be a licensed insolvency practitioner and surveyors are commonly appointed under the Conveyancing and Law of Property Act 1881.
Fixed Charge Receiver is also a simpler (and usually more cost effective) route for funders to take than Administration Whilst Receivers are typically appointed with the intention of realising the asset, they are also appointed where, following insolvency, the Lender believes that we could apply our property expertise to achieve better outcomes than the borrower. The Receiver, in effect, acts as the owner of the property; include co-ordinating the letting of vacant units, achieving planning consents or project management of the development process.
In broad terms, our principal duty is to secure repayment of the mortgage/charge due to the bank. We also have a duty of care to the borrower to manage the property with Due Diligence. The Fixed Charge Receiver role is part of a Strategic Consulting Service that TDK provide funders and owners of distressed property assets.
Our service would combine some or more of the following:
Advise on underperforming or distressed property loans
Develop business plans and execute realisation strategies
Project management developments
Take appointments as Fixed Charge Receivers
Support insolvency practitioners in administrations
Whilst Fixed Charge Receivership is an unavoidable consequence of the downturn in the property market it does provide an opportunity for suitably qualified surveyors to provide a strategic service to Banks.