McAleer & Rushe sells Jury’s Inn Gateshead for £19m


London, September 22, 2010 – McAleer & Rushe Group has today announced a forward funding deal selling its latest Jury’s Inn development in Gateshead for in excess of £19m to Aviva Investors reflecting a Net Initial Yield of 7.25%.

Stephen Surphlis, McAleer & Rushe Group’s Property Director commented,

“Securing Aviva Investors as an investment partner demonstrates the quality of investment product available in this instance, and is evidence that good developments with strong tenant covenants will attract institutional funding despite challenging market conditions.”

Chris McCormick, Fund Manager at Aviva Investors added:

“Millennium Quay is an exciting development area in the city and combined with a 35 year, indexed linked lease from Jury’s Inn this presents a sound investment opportunity.”

Due for completion in September 2011, the 204 bedroom, five floor hotel benefits from a prime waterfront position located on South Shore Road just a short walking distance from internationally recognisable landmarks including the Gateshead Millennium Bridge, The Baltic, The Sage and is in close proximity to Newcastle city centre.

John Brennan, CEO of Jurys Inn hotel group said,

“We’re very pleased with the investment by Aviva, which we believe is a very strong endorsement of the strength of the Jurys Inn business model. The opening of Gateshead will be the tenth new Jurys Inn hotel to open as part of our current expansion programme and will bring the total number of hotels we have in the UK to 25.

“This excellent development and prime location fits right in with our customer proposition of ‘Exceptional Everyday City Hotel’ and we look forward to welcoming new guests to the hotel in 2011, as we continue to position Jurys Inn as a clear mid-market leader in the UK hotel market.”

McAleer & Rushe Group’s ‘Millennium Quay’, also has planning permission for a new 60,000sq.ft. riverside office building forming Phase II of the centrally located development.

The new Jury’s Inn Newcastle will be a popular choice due to its central location and riverside views.

Steerforth Partners advised the McAleer & Rushe Group and Knight Frank acted for Aviva Investors.

100% of redeveloped Swiss Centre on London’s Leicester Square let with signing of ‘M&M’S World’ store


London, September 10, 2010 – McAleer & Rushe Group today announced that it has let the commercial space of the redeveloped Swiss Centre on London’s Leicester Square with the letting to Mars Retail Group for its M&M’S World store, the first M&M’S World in Europe. Construction of the building is now well advanced and all of the development has now been let prior to completion construction.

M&M’S World will occupy the entire commercial space extending to almost 35,000 sq. ft. with the remainder of the building already pre-let to another UK first, Starwood Hotels & Resorts prestigious ‘W London-Leicester Square’.

Eamonn Laverty, Chief Executive of McAleer & Rushe Group, commented,

“Securing a single commercial tenant with the calibre of Mars Retail Group contributes hugely to the success of our scheme and together with the ‘W’ hotel brand, will ensure this landmark project assists with the regeneration of Leicester Square reinforcing it as a premier retail and leisure destination”.

“When it opens in the summer of 2011, M&M’S World will provide visitors with a fun and interactive experience, offering M&M’S chocolate candies and an array of fun colorful M&M’S branded merchandise,” said Susan Saideman, president of Mars Retail Group.

CB Richard Ellis Central London Retail team advised the landlord and Cushman Wakefield acted on behalf of the tenant.

McAleer & Rushe sponsored Hampshire Royals win FP t20 final at the Rose Bowl Southampton

McAleer & Rushe sponsored Hampshire Royals

Hampshire win (lost fewer wickets)
Somerset: 173 – 6
Hampshire: 173 – 5

McAleer & Rushe sponsored Hampshire Royals have won the Friends Provident t20 final in front of a packed house at the newly contructed Rose Bowl, Southampton.

The last over went on forever – chasing 173 we needed eight runs from it (seven if we kept our wickets) and we scrambled so much that there were almost three run outs. Then the wet ball was changed and Dan Christian took the two runs we needed off the penultimate ball, pulling a muscle in his leg in the process so he needed a runner.

Out came Jimmy Adams, hero of the competition this year with almost 680 runs, but there was an agonising wait while the ground staff painted the white lines needed. One ball left: a wicket and Somerset lifted the trophy – a run, and we did. And although there was a very close lbw call that had everybody wondering, Adams put his head down and charged a leg bye. Christian came out of his crease and could have been run out, but Somerset didn’t realise this until too late. Hampshire had won and the fireworks went off.

Although Abdul Razzaq (23) and Adams (40) got the Royals off to a great start (62 runs in the powerplay) there is no doubt that it was a middle order partnership between Man of the Match Neil McKenzie and Sean Ervine that put Hampshire in a position to win. Ervine finished 44 not out off 31 balls with 7 fours; McKenzie’s contribution was the coolest 52 I have ever seen and by the time he was out at the beginning of the 19th over the Royals had 163 on the board.

Somerset’s attack was hampered by the loss of Kieron Pollard in the final over of their innings when he took a ball from Dominic Cork behind the guard of his helmet and ended his day in A&E.  That last over was as influential as the one in the second innings, because as well as Pollard going off, Cork took two wickets for just 3 runs. He finished with figures of 2 for 24 and restricted Somerset’s total to something last was at least achievable.

Other bowling honours go to Razzaq who snared both Marcus Trescothick for 19 and Hildreth for 12, and Christian and Danny Briggs who finished with one apiece.

It has been an incredible journey for Hampshire, who, beset by injuries, won only half their group games and scraped into finals day courtesy of virtuoso performances by James Vince and Briggs at Edgbaston. Every member of the team that won the final has played an important part at some point along the way – it has been a complete squad effort, and everyone here at The Rose Bowl is unbelievably proud of them.

Words: Jane Cable. Pictures: Oliver Zee
Reproduced with permission from Hampshire Cricket

McAleer & Rushe on target with 250,000 sq ft Bradford development


A major step forward in the renaissance of Bradford city centre has taken place with the topping out of McAleer & Rushe’s 250,000 sq ft, £45 million Southgate development.

The Irish developers are on target to deliver Southgate, the new headquarters of loans company Provident Financial on the corner of Godwin Street and Thornton Road, by this autumn.

Stephen Surphlis, Development Director of McAleer & Rushe commented: “Southgate is one of the few major developments in the north of England progressing in the current market. We are on target to hand over the building to Provident Financial in September.

“The benefit to Bradford is huge. We would like to thank everyone concerned with this prestigious project, which has been carried out against the backdrop of the worst recession since the Second World War. Their hard work and commitment has been amazing,” he said.

The topping out ceremony marked both the completion of the new building’s structure, which will also house a 200-bed Jury’s Hotel.

Alex Munro, Head of Commercial Development at global property consultancy Knight Frank, and advisers to McAleer & Rushe, commented:

“This is a tremendous development for Bradford, especially in these challenging economic times. It is a first-class landmark HQ building for Provident Financial and the Jury’s Hotel is a fabulous addition to the city centre. Everyone involved in this project should be very proud of themselves.”

The development was made possible by a £6m loan to McAleer & Rushe by Bradford City Council. Most of this loan has already been repaid, with the remainder being handed over shortly.

Peter Crook, Chief Executive of Provident Financial, commented:

“I am delighted with the progress to date on our new head office building. This has been a real team effort with McAleer & Rushe, Bradford City Council, the project team at Provident, and many others all working together effectively to realise this imposing new building.”

Alex Munro of Knight Frank, added: “This is 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”.

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

McAleer & Rushe Announces Joint Development with British Land


McAleer & Rushe today confirms it has sold 2-14 Baker Street, London, to British Land with the new development planned for the site to be carried out on a joint basis. The property is situated in a prime location on the corner of Portman Square, just north of Oxford Street. The existing 93,000 sq ft building was constructed in the 1950s and is largely vacant.

Planning consent was granted in 2009 for a new 139,000 sq ft office building with retail units at ground floor level. Redevelopment is planned to start during the course of this year with completion in 2013. The total cost of development including land is expected to be around £100 million.

Eamonn Laverty Managing Director McAleer & Rushe Group said, “By working with British Land we have brought together a wealth of London office development and construction experience which we believe will produce one of the best office buildings in the coming market, whilst also achieving a development funding solution in this difficult economic climate.”

Commenting on the acquisition, Tim Roberts, Head of Offices at British Land said, “This is a great opportunity for British Land to buy into one of the limited number of prime central London locations with planning consent at an early stage in the recovery cycle. We are optimistic about the outlook for rental growth in the West End office market and expect to generate strong returns as we leverage our development expertise. We look forward to working with McAleer & Rushe on this exciting project.”