SAN DIEGO, CA - The Davies Group at Los Angeles-based George Smith Partners, a leading commercial real estate capital markets advisor, secured $56.5 million of construction financing on behalf of Zephyr Partners for its project comprising 55,000 square feet of office space, 9,000 square feet of retail/food and beverage space and 25 apartment units at an infill location near the San Diego coast.
Located one block from the beach and the Cedros Design District and proximate to the Solana Beach train station, the two-story development strives for sustainability. It will be the largest mixed-use project along Highway 101 in the past three decades, offering a large office floorplate that is unique for the area.
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Sarah Townsend
The city recorded just over 234,000 sq ft of lease transactions in the first three months of 2021, a decline year-on-year and from the previous quarter amid still-challenging market conditions.
Total office take-up in Q1 reached 234,258 sq ft, down from the 349,513 sq ft in the fourth quarter of 2020, and 306,000 sq ft in the year-earlier period, according to the latest figures from the Manchester Office Agents Forum. Still, the market is maintaining “gradual momentum” as real estate and the general economy recovers from the pandemic, MOAF said.
South Manchester was the best-performing office market, where take-up totalled 92,797 sq ft – in line with the 94,838 sq ft recorded in Q4 2020 and well above Q3 2020’s total of 39,174 sq ft.
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Build to Rent (BTR) has been a growing trend in the UK for a number of years, but what about in the Republic of Ireland?
“It’s certainly a growing sector in Ireland and not quite as established as in the UK,” says Hannah Taylor, who manages the investment division across Europe at deverellsmith, and has experience of recruitment and strategic consultancy across the UK and European BTR markets.
“We find that when sourcing candidates for BTR roles in Ireland, it’s a much smaller pool of candidates with the relevant years of experience in the BTR space. It’s definitely an equally exciting sector as in the UK, and one which many of our Ireland-based candidates are keen to move into and learn more about.”
Sarah Townsend
The £70m build-to-rent scheme in Cornbrook, Manchester, backed by investor Barings Real Estate, has reached practical completion and residents are expected to move in next month.
The 15-storey block contains 280 rental apartments, including 98 one-bed, 168 two-bed, and 14 three-bedroom flats. The scheme also features a rooftop residents’ lounge, gym, fitness studio and 130-metre external running track on the 15th floor.
A Co-op supermarket is to open on the ground floor in March to serve residents and the wider community.
The scheme, known as Vox, is located adjacent to Cornbrook Metrolink station and within 10 minutes’ walk from Manchester city centre.
Developer Glenbrook has appointed estate agency Allsop to manage the scheme. Graham Construction was the main contractor.