Council Loan Enables McAleer and Rushe Bradford Development to Move Forward

Southgate-Bradford-ByDay

A £6 million loan from Bradford Council to developers McAleer & Rushe has enabled the flagship mixed-use Southgate development in Bradford city centre to be completed.
Construction has already started on the 1.2 acre Southgate site on the corner of Thornton Road and Godwin Street after Irish developers McAleer & Rushe secured two major pre-lets.

But there was a £6 million shortfall in funds needed for the construction finance and the development with an anticipated end value of £45 million, which should create 1,000 jobs, looked in jeopardy until the council stepped in.

FTSE 250 loans company Provident Financial, whose headquarters have been in Bradford for the past 130 years, have taken a pre-let on 130,000 sq ft office building, while Jury’s Inn have agreed to run a 200-bedroom hotel in Southgate.

Alex Munro, of property consultants Knight Frank in Leeds and advisers to McAleer and Rushe, said: “This is tremendous news, and a great example of the private and public sectors working together. This is a crucial development for Bradford, which will create hundreds of jobs for the city, and comes at a time when good news in the property market is pretty scarce. Everyone concerned has worked very hard to achieve this result.”

Stephen Surphlis Development Director for McAleer and Rushe commented: “This is a flagship development for the city and we are pleased that the City Council has been able to assist in the financing of the construction.
“This facility will enable us to complete the development and with pre-lets and pre-sales secured on several other sites within our portfolio we now have a very positive outlook for the Group in what is still a very tough trading environment,” he added.
Peter Crook, chief executive of Provident Financial, commented: “I am delighted that the developer, McAleer and Rushe, now has the final part of its funding in place. McAleer and Rushe can now get on and build us a great new head office in a top city centre location to our detailed specification”
Provident Financial hopes to move into its brand-new offices before the end of next year and the skeleton of the building should be complete by the end of this year.
Mr Crook added: “Despite problems in the world economy and particular difficulties for banks and financial companies, we are continuing to thrive. Moving to our new, purpose-built, 21st century head office will allow us to continue to grow and give us a fantastic environment in which to work”
The 230,000 sq ft brownfield site was formerly occupied by a Co-op supermarket and a car park. Provident Financial, which mostly provides small home loans of between £50 and £500, is moving from its current headquarters at Sunbridge Road.
Bradford Council’s Assistant Director for Asset Management, Mike Bell, said: “Bradford Council and Yorkshire Forward have agreed a commercial loan of just over £6 million with McAleer and Rushe.
“We made this decision because of the advanced stage of construction and the agreed pre-lets to major companies. The secured loan will be repaid with interest over the next 11 months.

“The loan will allow them to continue the good progress they have made on site and complete a scheme that will provide a major boost to the city and district with offices that will become the new home of Provident Financial and a 200-bed Jurys Inn hotel.”

For further information, please contact Robert Beaumont of Robert Beaumont Associates on 01423 323139


High life “Topping out” at West End Landmark

Swiss Centre Topping Out 2

Milestone In Construction Of W London-Leicester Square

Wednesday 14th October, 2009 – One of Ireland’s leading property developers the McAleer & Rushe Group yesterday held a prestigious ‘topping out’ ceremony on the roof of the Capital’s most significant hotel development in decades, marking the countdown to the globally anticipated 2010 hotel opening of the sleek and contemporary cool W London-Leicester Square.

McAleer & Rushe Group’s Managing Director Eamonn Laverty commented, “To reach this milestone in today’s economic environment is a great achievement for all involved. Jones Lang LaSalle Hotels securing Starwood Hotels & Resorts, one of the world’s most prestigious hotel operators, and the introduction of their W Hotel brand to the UK is testament to the significance of this truly unique and innovative development.”

This complex project represents a major step forward within the wider regeneration of Leicester Square and was only made possible through close collaboration between the project team at W Hotels, Westminster City Council, McAleer & Rushe Group’s design team led by Jestico & Whiles Architects and First Trust (AIB) Bank.

Situated on a half-acre site in the heart of the West End, the new development will provide a landmark gateway to Leicester Square. The 210,000sq.ft building will provide contemporary lifestyle experience comprising of a 192 innovative bedroom hotel with 11 branded residences, signature ‘SWEAT’ fitness facility, ‘W The Store’, the ‘W Lounge’ welcome experience, as well as signature restaurant and destination bar concepts, together with an additional 35,000sq.ft flag ship retail unit at ground level and basement which are available for lease separately through commercial agents CBRE.


McAleer & Rushe complete three Jurys Inn’s in Derby, Swindon and Exeter

JI-Derby

McAleer & Rushe have successfully completed three separate 3* Jurys Inn, with the hotels opening on consecutive weekends in June.  The hotels involved are;

  • Jurys Inn, Derby (213 bedroom)
  • Jurys Inn, Swindon (229 bedroom)
  • Jurys Inn, Exeter (170 bedroom)

Martin Magee, Construction Director for McAleer & Rushe, commented.

“ Our ability to design, construct and deliver three hotels in line with programme over three consecutive weekends, reflects our experience of the leisure sector and our awareness of the differing needs / issues of the developer, contractor and hotel operator.  We understand the design issues facing developers in ensuring an efficient hotel design, the practical issues facing the contractors in successfully ensuring a building reaches practical completion and also the practical needs of the hotel operator as the building opens to trade.

This awareness, built up over the construction of over 10,000 bedrooms, allows us to commit to construction deadlines with certainty.  Our track record of successful delivery provides comfort to all parties with a vested interest in the project – be that funders or developers in that rental income will flow from the PC date or the hotel operator, who can confidently ramp up their staffing and marketing efforts, safe in the knowledge we will deliver fully turn-key hotels, fit for occupation on the programme date.”


McAleer & Rushe complete 216 bedroom Jurys Inn, Watford and associated apartments

JI-Watford

McAleer & Rushe have successfully completed the a 216 bedroom 3* Jurys Inn in Watford, together with an additional 22 apartments at the top of the building.

Located on the Clarendon Road, 5 minutes walk from Watford train station, the hotel offers the attractions of Hertfordshire’s largest town in addition to being a mere 20 minute train connection from Central London’s Euston station.

Facilities at the new Inn include, inter alia;

  • 216 Bedrooms
  • Contemporary Restaurant
  • Stylish Bar
  • IL Barista Coffee bar
  • 8 Dedicated Meeting Rooms
  • Wireless LAN in public areas
  • Multi-Channel Flat Screen TVs

McAleer & Rushe acknowledged for raising over £500,000 for Marie Curie

Marie-Curie-Seamus-&-Emelda

After 10 years of successfully campaigning for Marie Curie through their Annual Charity Golf event, McAleer & Rushe were recently honoured when Seamus McAleer & Emelda O’Neill received an invitation to attend a reception in Clarence house with HRH Prince Charles, Patron of Marie Curie to show his appreciation to those significant supporters of Marie Curie.

Over the past 10 years, McAleer & Rushe’s annual Corporate Golf day has raised in excess of £530,000.00, which was due in no small manor to the generosity and support of customers and clients who have attended and contributed to the golf day. Marie Curie greatly appreciate these monies, being one of the largest supporters within Northern Ireland.

For more information on Marie Curie please visit www.mariecurie.org.uk.


McAleer & Rushe have successfully completed the 259 bedroom 3* Jurys Inn in Sheffield.

JI-Sheffield

Located in the heart of Sheffield, Jurys Inn Sheffield is just a five minute walk to the train station and a further two minutes to the bus station. Jurys Inn is also close to the trendy Devonshire Quarter of bars, restaurants and niche shops as well as The Crucible, University of Sheffield and Ponds Forge International Sports centre. It also makes a great base for exploring the natural beauty of the Peak District and the Derbyshire Dales.

Facilities at the new Inn include, inter alia;

  • 259 Bedrooms
  • Contemporary Restaurant
  • Stylish Bar
  • Il Barista Coffee
  • 9 Dedicated Meeting Rooms
  • Wireless LAN in public areas
  • Multi-Channel Flat Screen TVs