introduction to allsop llp and millennium group allianceintroduction to allsop llp and millennium...

Introduction to Allsop LLP and Millennium Group alliance

During 2017, the UK market saw in excess of £60Bn of commercial property investment transactions. Circa £20Bn of this was in Central London and a significant proportion (approaching 50%) was from Asia – based capital.

Services that we can offer overseas clients with UK assets include:

UK property consultants Allsop LLP and Asia-based property advisors Millennium Group have formed an alliance to strengthen their services to advise Asia-based investors looking to deploy capital into UK real estate.

It will serve to leverage long-standing relationships and understanding of client needs in Asia with the experience, expertise and extensive local market knowledge of UK markets.

This international synergy enables us to create informed, sensible, bespoke strategies through the entire cycle of property investing – tailored to individual or corporate requirements.

Investment advisoryLease consultancy – rent reviews & restructures

Development Consultancy

Residential Development & investment

Valuation

Asset management

Leasing

Allsop is an independent property consultancy, with a market-leading reputation for high quality service, market knowledge, insight and expertise. The firm has 22 equity partners and 152 fee earners and each instruction the firm undertakes is always partner-led. Their success is built on over 100 years’ experience in commercial and residential property consultancy, sales and acquisitions and they pride themselves on their open, friendly and honest business approach.

The specialist investment teams cover London West End, London City and UK National markets, and provide a personal service and the depth of market knowledge that enables clients to achieve the best return on their commercial property investments. Allsop have advised on a cross section of single and portfolios of commercial and residential assets and have transacted on properties ranging from £2 million to £300 million.

For more details on all Allsop services visit www.allsop.co.uk

Millennium Group specialises in sourcing, acquiring, managing and maximising institutional grade property in prime international markets, typically valued in excess of £50 million (HK$500 million) per investment. They have over 30 years’ experience in the Asian market, having developed numerous long-standing relationships and mutual trust with Asia’s most prominent property investors.

These investors include many of Asia’s most prominent high net worth individuals, institutional investors, developers and sovereign wealth funds.

Their Asian clientele extends from Hong Kong and mainland China to Singapore, Korea, Taiwan, Japan, Malaysia and Indonesia, with relationships also in Thailand and IndoChina.

In the 12 months post the Brexit vote, they concluded over £750 million in the hotel, office, retail and residential sectors.

For more details on The Millennium Group visit www.millenniumgroup.net

About Allsop LLP About Millennium Group

James AbrahamsPartner - Allsop LLP

London City Investment & Development Team

T+44 (0)20 7330 1979 M+44 (0)7968 056 [email protected]

Nick PembertonPartner - Allsop LLP

London West End Business Team

T +44 (0)20 7543 6775 M +44 (0)7711 070 [email protected]

Martin KayeChief Executive Officer - Millennium Group

Hong Kong

T +852 2297 [email protected]

James’ career began in 1999 with Allsop LLP and he has worked in the City Investment and Development Division since 2001.

In 2016 he was made an Equity Partner in the City Investment and Development Team.

Relevant Expertise / Specialism

n James has acted for Receivers on the sale and redevelopment of assets such as the King’s Reach Tower, SE1 complex for £60M and the High Holborn Estate, WC1 for £45M as well as the recent purchase of 133-137 Whitechapel High Street, E1 for £26M on behalf of the City of London Corporation.

n Current sales include the sale of the Relay Building, a 105,000 sq ft office & retail building on Commercial Street in the heart of Whitechapel, EC1 and the sale of Palace House, London SE1.

Nick has over 20 years’ experience in London’s West End commercial property market.

Prior to joining Allsop, Nick was a partner at Godfrey Vaughan for 10 years, before merging with Colliers International where he subsequently spent 3 years as Head of West End Investment.


n Central London capital markets specialist.

n Specialises in UK Funds sales, and Private Overseas Client investment purchases.

n Asset Management for clients on key assets.

n Nick also advises a number of Private UK Landlords and Family Offices representing interests in the Middle East and Asia.

Marty has over 30 years’ professional experience in Real Estate, and he founded the Millennium Group in 1998.

He launched his real estate career in Hong Kong in 1984 at Richard Ellis (now CBRE), rising to Executive Director heading the Agency department and leading the Asia-Pacific investment and agency divisions.


n Diverse experience embracing construction / development, investment and acquisition, advisory and asset management.

n Established a wide network of close, long-term relationships with prominent high net worth individuals, institutional investors, property developers, sovereign wealth funds and senior government officials across Asia.

n Recognising the potential of the UK property market growth since 2012, he has been advising Asia-based capital on UK assets and has acquired over £1.6Bn of commercial and residential real estate.

Key Personnel

0

Top 10ranked Investment Agency Practice

£1.4Bntransacted in 2017

Client Survey

95%satisfiedwith service level provided

Ranked

14th UK property consultants on overall turnover

Valued over

£13Bnof property in 2016/17

2,628 property transactions completed in 2016/17. That’s almost:1 an hour 9 a working day, 46 a week 197 a month

£1.034Bnin 2017 sold at auction Ranked number 1 auctioneers in UK and Ireland

Over the last two years approximately

10% of the investment portfolio market transacted by Allsop’s National Investment Team

AuctionsBusiness Rates

Our Services

ValuationBuild to Rent

Development Consultancy

Office Leasing

Letting & Management

Lease Consultancy

Insolvency

0

2

4

6

Investment

Allsop Lettings & Management

look after £50M of Residential Property

ALM

Corporate Summary

n Established in 1906

n Independent property consultancy (LLP)

n 22 Equity Partners

n 152 Fee Earners

About Allsop n Each instruction is Partner-Led

n Offices in London West End, London City, Leeds and Brighton

n Pride ourselves on our open, friendly and honest business approach

n Market-leading reputation for high quality service, market knowledge, insight and expertise

Recent Projects

42-43 Great Marlborough Street, W1Prime Retail and Office Building – 13,000 sq ft acquired on behalf of a Hong Kong Investor for £13.88 million. After refurbishment and re-letting the asset is valued at £25 million within 3 years.

Royal Scot Hotel, King’s Cross, WC1408-room, 3 Star Hotel acquired on the day the Brexit vote was passed, for a Hong Kong Listed Company for £70.3 million.

3 St James’s Square, SW1Prime multi-let office building sold to a Hong Kong Private Family Office for £135 million.

110 Cannon Place, EC4Prime office multi-let office building, with value add opportunities, bought on behalf of a Private Mainland Chinese Investor for £93 million.

Our clients

Our client base includes some of the largest investors, developers and occupiers including:

n Brookfield

n British Land

n Derwent London

n Blackstone

n Legal & General

n Aviva

n City of London

n Axa

n The London Stock Exchange

n Aberdeen Standard

n WELPUT

n Threadneedle

n CBRE GI

n LaSalle

n M&G

n Kajima

n Tishman Speyer

n Whitbread

n DTZ Investors

n Workspace

n Lazari Investments

n UK & European

n Viridis Real Estate

n Meyer Bergman

n Blackrock

n British Steel

n Henderson

n Kames

n KFIM

n Lone Star

n London Metric

n Akelius

n Stonegate Homes

n Hudson’s

n NHS

n Investec

n Barratt

n Sports Direct

n Grainger

n Long Harbour

n Quintain

n Student Cribs

n Various Receivers

n Mizuho

n Global Mutual

n City of London Corporation

n Resolution

n Angelo Gordon

Key Contacts

Marsha RabinovichAssociateCommercial Investment - City

T: +44 (0)20 7588 4433E: [email protected]

London City Team

James AbrahamsPartnerCommercial Investment & Development


Matt MillmanPartnerCommercial Investment


Christopher RoomPartnerCommercial Investment


Peter LancePartnerOffice Leasing


James NevillePartnerOffice Leasing


Katherine BowenPartnerCommercial Valuations


Valuation Team

Edward DunninghamPartnerCommercial Valuations


Vik ShuklaPartnerCommercial Valuations


Martin KayeChief Executive OfficerMillennium Group

T: +852 2297 2206E: [email protected]

Elaine WuGeneral ManagerMillennium Group

T: +852 2297 2206E: [email protected]

Asia Office

Central London West End Team

Nick PembertonPartnerCommercial Investment & Asset Management


Piers GloverPartnerCommercial Investment Development & Leasing


Ben Blinston-JonesPartnerCommercial Investment


Mark IbbotsonSenior SurveyorCommercial Investment


Chloe NewtonSenior SurveyorCommercial Investment - West End


Barney LewisPartnerOffice Leasing


James AcockPartnerLease Consultancy


Richard BourchierPartnerLease Consultancy


Lease Consultancy Team

Andrew BoydPartnerResidential Investments and Developments


Residential Investment & Development Team

National Investment Team

Scott TylerSenior PartnerCommercial Investments


Dale JohnstonePartnerCommercial Investments


Lottie HaywardSenior SurveyorCommercial Investments


Guy Scott PlummerPartnerCommercial Investments


Lesley RobertsExecutive Development DirectorLetting and Management & Build to Rent


Andy PointonPartnerNational Commercial Investment & Build to Rent


Build to Rent Team

CENTRAL LONDON

WEST END TEAM

Central London West End TeamThe team is led by 5 Partners, covering leasing, investment, development and asset management in London’s West End Real Estate Market. Our partners have a combined 100 years’ experience specialising in the West End sector, supported by a team of associates and surveyors.

SPECIALISMSn The West End team provides joined up leasing, investment

& development advice to deliver outperformance.

n We provide asset management advice to key clients.

INVESTMENT TEAM n Advised on over £1Bn of real estate capital transactions in

the last 24 months.

n Office, retail and mixed use transactions including office to residential, and medical.

n Due to our experience and depth of relationships over half of our investment purchases are conducted and exercised off-market.

n Transactions range from £300M portfolios to small individual lot sizes.

n Our Asset Management Team offers comprehensive building business plan modelling in association with our lease consultancy and valuation teams.

n We provide development advice with a current advisory work pipeline of over £2Bn.

LEASING TEAM n Advising on 500,000 sq ft of current acquisitions & disposals.

n Active instructions range from 1,000 sq ft upwards, predominantly offices.

n 80% of our work is for Landlords, including Legal & General, Aviva, Workspace & The Howard de Walden Estate.

n Our current pipeline of Landlord work has a project value in excess of £4Bn.

CLIENTSn Include: Aberdeen Standard Investments, WELPUT, Legal &

General, Columbia Threadneedle, M&G, Kajima, Workspace, Lazari Investments, Shun Ho Group & Citi Private Bank.

WHY ALLSOP?n We are a Partner-Led team.

n We have an in-depth working knowledge of London’s West End property market, our expertise encompasses both the investment & leasing markets, which allows us to provide clients with a joined up approach & to outperform.

n We are exceptionally creative in the way we approach transactions & uniquely professional in the way we conduct our business.

n We have unrivalled access to off-market opportunities.

Central London West End Team Key Contacts

Key Transactions 2017/18

Imperial House, Kean Street, WC2

• Asset management advice – 50,000 sq ft mixed use building

• Development advice on refurbishment & repositioning of asset, rent reviews & leasing campaign

• Significant increase in rental income

• Client: CCLA Investment Management

ASI Heathcare, 1 Welbeck, W1

• 40,000 sq ft• HQ premises secured for

a medical client• One of the largest West End

lettings in Q4 2017• Client: ASI Healthcare

13-17 Fitzroy Street, W1

• Freehold• Single let off-market

investment acquisition • Refurbishment opportunity• Client: Workspace

LEASING ASSET MANAGEMENT & LEASINGLEASING

LEASE ACQUISITION

50,000 SQ FT OFFICE & RETAIL LETTING

OFF-MARKET INVESTMENT PURCHASE: £98.5M

INVESTMENT INVESTMENTINVESTMENT

40-41 Great Marlborough Street, W1

• 8,000 sq ft• Advised on the

refurbishment design & leasing strategy of the whole building to try & secure single occupier

• Pre-let the offices to Levi Strauss at a record Soho rent

• Client: MRP

OFFICE LETTING

31 Dover Street, W1

• Freehold• Multi-let 10,000 sq ft

office & retail building• Vendor: Aberdeen Standard• Client: Private Overseas

Investor

INVESTMENT PURCHASE: £22.35M

Thames Wharf Studios, W6

• Freehold 0.98 acre site• c.45,000 sq ft of office,

restaurant & residential • Anchor Tenant:

The River Cafe• Purchaser: RPMI Railpen• Client: Thames Wharf Ltd

INVESTMENT SALE: £40M+

Nick PembertonPartner Investment & Asset Management

+44 (0)20 7543 [email protected]

James PargeterConsultant Investment


Ben Blinston-JonesPartner Investment


Piers GloverPartner Investment Development & Leasing


Barney LewisPartner Leasing


Mark IbbotsonSenior Surveyor Investment


Harry TheakstonAssociate Leasing


Chloe NewtonSenior Surveyor Investment


CENTRAL LONDON

CITY TEAM

Central London City TeamThe team is led by 4 Equity Partners, covering leasing, investment, development and asset management in London’s City and City Fringe Real Estate Market. Our partners have a combined 200 years’ experience specialising in the West End sector, supported by a team of salaried Partners,associates and surveyors.

SPECIALISMSn The City team provides joined up leasing, investment

& development advice to deliver outperformance.

n We provide asset management and development consultancy advice to key clients.

INVESTMENT TEAM n Advised on over £1.3Bn of real estate capital transactions

in the last 12 months.

n Office, retail and mixed use transactions including hotels.

n Due to our experience and depth of relationships over half of our investment purchases are conducted and exercised off-market.

n Transactions range from £5m freehold investments to £280m trophy assets.

n Our development consultancy team currently have appointments of £6m+ sq ft over the next 5-years to deliver.

LEASING TEAM n Advising on 500,000 sq ft of current acquisitions and disposals.

n Active instructions range from 1,000 sq ft upwards, predominantly offices.

n 80% of our work is for Landlords, including Legal & General, Aviva, Workspace Group and The Howard de Walden Estate.

n Our current pipeline of Landlord work has a project value in excess of £4Bn.

CLIENTSn Include: Aberdeen Standard Investments, WELPUT, Legal &

General, Columbia Threadneedle, M&G, Kajima, Workspace, Lazari Investments, Shun Ho Group and Citi Private Bank.

WHY ALLSOP?n We are a Partner-led team.

n We have an in-depth working knowledge of London’s City property market, our expertise encompasses both the investment & leasing markets, which allows us to provide clients with a joined up approach & to outperform.

n We are exceptionally creative in the way we approach transactions & uniquely professional in the way we conduct our business.


London City Investment & Development Team Key Contacts

Key Transactions

Palace House, Cathedral Street, EC1• Freehold• 45,012 sq ft let to Kaplan

& Caffe Nero for 14 years• Client: Schroders

Relay Building, Commercial Street, EC1• 105,996 sq ft multi-let

& retail investment• Average unexpired term of 12 years• Client: Hondo Enterprises

& Angelo Gordon

Arnold, London, EC2• 75,000 sq ft • Refurbishment & extension

in Prime Shoreditch• Client: Property Trust

INVESTMENT SALE: U/O QUOTING £100M

INVESTMENT SALE: QUOTING £55.4M (4.4% NIY)

DEVELOPMENT CONSULTANCY & OFFICE LEASING

Hampton House, Victoria Embankment, EC4• 29,349 sq ft• New long leasehold for

150 years for sale• Client: City

of London

INVESTMENT SALE: U/O QUOTING £15.5M

Alphabeta, Finsbury Square, EC2• Freehold• 244,661 sq ft multi-let

office & retail investment• Average unexpired term

of 11.5 years• Client: Resolution

INVESTMENT PURCHASE: £280M

Principal Place, London, EC2• 600,000 sq ft

development by Brookfield• Pre-let to Amazon• Client: Brookfield

INVESTMENT SALE: £240M

London City Leasing Team Key Contacts

James AbrahamsPartnerCity Investment and Development


Christopher RoomPartner Commercial Investment - City


Jonathan RubackPartner Commercial Investment - City


Howard KauffmanConsultantCommercial Investment - City


Matthew MillmanPartnerCity Investment


INVESTMENT

INVESTMENTINVESTMENT INVESTMENT

James NevillePartner Office Leasing - City


Peter LancePartnerCity Business Team


James ProctorPartner Office Leasing - City


NATIONAL INVESTMENT

TEAM

National Investment TeamThe team is led by 7 partners supported by a team of associates and surveyors with a combined 160 years’ experience. The team covers the entire UK outside of central London across all sectors – office, industrial, retail, retail warehousing and leisure / hotels.

SPECIALISMSn Sale & acquisition of a wide range of properties & portfolios

ranging from £2million to over £100 million.

n Dedicated Private Client Team working within the National Team dealing in £2M to £10M lot sizes.

EXPERIENCE/TRACK RECORDn Over £850 million transacted in the last 12 months.

n Over the last 2 years approximately 10% of the investment portfolio market transacted by Allsop National Investment Team.

n 85 Private Treaty sales undertaken in last 12 months.

CLIENTSn Include: Aviva Investors, Blackrock, British Land, British Steel,

CBRE GI, TH Real Estate, Kames, Lone Star, London Metric, M&G, Aberdeen Standard, Columbia Threadneedle, LaSalle Investment Management, Workspace and XLB.

WHY ALLSOP?n We are a Partner-Led team.


n In depth market knowledge offering clients the best advice on their property investments.

n Due to dealing with all sectors across all UK markets, we see an unequalled breadth of stock.

National Investment Team Key Contacts

Key Transactions

Sainsbury’s, South Woodford, E18

• 60,000 sq ft superstore on a 4.2 acre site

• Let to Sainsbury’s on a new 25 year lease

• Affluent north-east London suburb

• Vendor: British Land• Client: LaSalle

Investment Management

Zennor Trade Park, Balham, SW12

• 28 fully let light industrial units

• Prominent south west London location

• Purchaser: DTZ Investors• Client: Workspace

Pinesgate, Bath

• 64,000 sq ft office on a large site

• Planning permission in place for a 112,000 sq ft office & separate college campus

• College Campus is prelet on 21 year lease to Redde PLC

• Client: Europa Capital / Ediston

INVESTMENT SALE: £30.1M



London Collection – Portfolio of 8 suburban London offices

• 8 multi-let offices located throughout suburban London

• Locations included: Clapham, Acton, Bermondsey & London Bridge

• Purchaser: Westbrook Partners

• Client: Workspace / Blackrock

INVESTMENT SALE: £131M

Kett House, Station Road, Cambridge

• Prime 36,000 sq ft office• Let to Eversheds• Significant redevelopment

/ massing potential in medium term

• Vendor: Kames Capital• Client: Aviva Investors


Heathfield Retail Park, Ayr

• 189,000 sq ft across 21 units on a 36 acre site

• Multi-let to tenants including, M&S, B&M, Halfords, DFS and Homebase

• Client: Europa / Ediston


Scott TylerSenior Partner


Guy Scott PlummerPartner


Dale JohnstonePartner


Richard LeaSenior Surveyor


Lottie HaywardSenior Surveyor


LEASE CONSULTANCY

TEAM

Lease Consultancy TeamThe team is led by 3 partners supported by 2 surveyors. Our partners have a combined 75 years’ experience.

SPECIALISMSn Central London office market

n Central London retail & leisure market

n South East industrial & office market

n Rent reviews

n Lease renewals

n Re-gears

n Dilapidations

ABOUT US n Instructions range from £60,000 - £20,000,000

annual rent

n RICS Panel Arbitrator within the team

n Active instructions range from 2,000 sq ft to 98,000 sq ft

n Every instruction is serviced by a partner

CLIENTSn Include: Corporation of London, BMO Real Estate Partners,

London Borough of Hackney, Sony, The Property Trust, XL Catlin, Aviva, Capreon, Telefonica, CCLA, CBRE GI & Schroders.

WHY ALLSOP?n Fundamental capability to deal with substantial complex

rent reviews for example Embankment Place, W1 (350,000 sq ft), 20 Gracechurch Street, EC3 (150,000 sq ft).

n Our research capabilities – we have strong relationships in the market and have a collaborative relationship with our West End and City leasing teams.

n Legal knowledge – a trusted understanding of valuation significant clauses.

n Analytical – following forensic analysis of the lease we combine our legal & market knowledge to formulate rational arguments to achieve client objectives.

Central London Lease Consultancy Key Contacts

Key Transactions

50 Curzon Street, W1

• 3,000 sq ft retail• Rent Review & Lease

Renewal• Client: Private Investor

Clifton House, 75 Worship Street, EC2

• 30,000 sq ft offices• Rent Review and Regear• Client: HDG Limited

99/121 Kensington High Street, W8

• 98,000 sq ft offices• Rent Review• Client: Sony Music

OFFICE RETAIL

OFFICE

20 Gracehurch Street, EC3

• 150,000 sq ft offices• Rent Review• Client: XL Catlin

OFFICE

25 Golden Square, W1

• 65,000 sq ft offices• Rent Review• Client: Columbia Pictures

(Sony Entertainment)

OFFICE

11 Chenies Street, W1

• 60,000 sq ft offices• Rent Review• Client: Schroders

OFFICE

Richard BourchierPartner


John BanburyPartner


James AcockPartner


RENT REVIEW RENT REVIEW & RE-GEAR

RENT REVIEW RENT REVIEWRENT REVIEW

LEASE RENEWAL & RENT REVIEW

0

2

4

6£

Full circle property solutions

www.allsop.co.ukwww.millenniumgroup.net

UK OfficesLondon – West End Allsop LLP 33 Wigmore Street, London, W1U 1BZTel: +44 (0)20 7437 6977

Hong Kong OfficeMillennium Level 16, The Hong Kong Club Building,3A Chater Road, Central, Hong KongTel: +852 2297 2206

London – City Allsop LLP 2 Copthall Avenue London, EC2R 7DATel: +44 (0)20 7588 4433

introduction to allsop llp and millennium group allianceintroduction to allsop llp and millennium...

Documents