Recent News

December

• St Nicholas - terms agreed to let 4,000 sq ft unit. Solicitors instructed.
• Redemption of Hastings, East Sussex. Original Strata loan £388,000
• New Loan Drawn Down in Harpenden, Hertfordshire for 2 detached houses. Strata loan £330,000
• New Loan Agreed in Fulham, London for 1 semi-detached house. Strata loan £400,000
• Sale Agreed in Cobham, Surrey for £1.8m

November

• St. Hilary - Planning consent granted for 5 unit trade park on Hardwick Road, King's Lynn. All units under offer.
• New Loan Agreed in Cheltenham for 10 town centre apartments. Strata facility of £300,000
• Sale Agreed in Sunninghill for £4.15m
• Unit Exchanged in West Byfleet. First unit exchanged at £1.25m. Completion set for end of February

October

• New loan drawn down in Sevenoaks, Kent for 4 terraced houses and 2 detached houses. Strata loan £395,000
• New loan agreed in Tolworth, Kingston Upon Thames for 10 houses. Strata loan £630,000

 September

• King's Lynn - terms agreed to let ex Bennetts unit and assignment of unit 3 completed to Lituanica.
• Nottingham - terms agreed to re-let the car park to existing tenant. 
• Grantham - Savills instructed to undertake rent review.
• Strata - New loan drawn down in Hampton of £300,000 for two semi-detached 4 bedroom houses.

August

• Oxford - sale of property completed for £4.67m to BBC Pension Fund at 5.98% net initial yield.
• St Austell - application to 3rd party on Pizza Hut review.
• Strata - New loan drawn down in Barnes of £420,000 for three new houses and two apartments.

July

• Strata - New loan drawn down in Ascot of £300,000 for a single 5/6 bedroom house of 7,255 sq ft.

June

• Norwich - application from tenant to create outdoor seating area from existing bar area
• Strata - New loan drawn down in Wraxall of £400,000 for nine 4 and 5 bedroom detached houses.

May

• Strata - New loan drawn down in Newick of £570,000 for four 4 and 5 bedroom detached houses.

April

• Strata - New Information Memorandum available for £3m extension of the Fund.
• Strata - Gerrard's Cross sale completes at £4m.

March

• Strata - Blackboys £500,000 loan redeemed with full interest.
• St. Nicholas - Wickes rent review uplift documented and Bennetts Electrical go into administration.
• Strata - Plot 1 in Wimbledon sale agreed at £2.5m.

February

• New Strata website launched www.thestratafund.co.uk
• St. Hilary - terms agreed with Topps Tiles for development of new 4,500 sq ft unit.
• St. Austell - Travelodge rent review uplift documented.

January

• All Saints completes acquisition of £2.5m trade counter unit in Epsom at 8.25%.
• Strata - new loans completed in West Byfleet £485,000 and Esher £675,000.
• St. Christopher - Browne Jacobsen car park rent review uplift documented.

December

• Strata - new loans completed in Epson £500,000 and Kingswood £500,000.
• Strata - East Preston fully redeemed.

November

• Strata - new loan completed in Cobham £675,000.

October

• Practical completion of new 12,000 sq ft retail warehouse at St. Nicholas retail park pre-let to Bennetts Electricals.
• Savills instructed to conduct rent reviews at St. Austell property.

September

• Pigeon East of England Property LP completed First Closing on 23rd September with acquisition of £11m Anglia Water HQ in Peterborough.
• Solicitors instructed for re-financing of senior debt at St. Nicholas retail park from LBG to Barclays.
• Formal Affair rent review at St. Christopher property completed increasing rent from £12,500 to £13,250 p.a.
• 4.5% Distribution paid by Strata Fund.
•  Year end report and accounts sent out on all funds (except St. Mary).
• evolve welcomes Jill Foulds to the team as Fund Administrator.

August

• A quiet month but all the properties were inspected again and the service charge reconciliation process was completed for entire portfolio.

July

• 100% rent collection for June quarter date across portfolio.
• Prontaprint rent review at St. Christopher property completed increasing rent from £12,500 to £13,500 p.a. (Inness England acted for the fund).

June

• New letting to Brabura Solutions Services (UK) ltd in Tunbridge Wells office building at £118,000 p.a. on behalf of private client.
• Savills instructed to conduct rent review for Wickes unit at St. Nicholas retail park.

May

• New evolve Summer 2010 newsletter published – see Library.

April

• Miller return to St Mary site to commence their outstanding works.
• All Saints – contracts exchanged on 13th April to acquire Whitbread’s Premier Inn in central Norwich. The property has another 30 years unexpired on the lease and the yield was 6.5% (this will improve to 6.25% if the vendor varies the rent review clause to reflect RPI in the future).
• St Nicholas – resolution passed by the investors to approve the proposed 12,000 sq ft letting and a mezzanine facility to finance the construction costs.

March

• Evolve All Saints Property LP – First Close took place on 24th March with £3m of equity.
• St Nicholas – Contracts exchanged with Carousel Diner for 2nd restaurant at £20 psf for 1,100 sq ft.
• St Nicholas – Terms agreed to let 12,000 sq ft on Phase 2 to electrical retailer at £13.50 psf.
• St Mary – Investor reception at the hotel on 15th March.
• St Ursula – Application to assign Autocentre unit to Nationwide Autocentres Ltd. In solicitor’s hands.
• Strata Fund – New £560,000 loan advanced for £3.4m development in Sunninghill and loan for Clapham substantially redeemed.
• Strata Fund – resolution passed by the investors to permit the Fund to be enlarged in the future.

 February

• Lots of snow across the portfolio but little activity.

January

• 100% rent collection from December 2009 quarter day.
• St Christopher – Travelodge rent review increased rent from £389,100 to £451,173, an increase based on actual RPI of 3% p.a. compound over previous 5 years.
• Structure put in place to complete outstanding works for St Mary Fund Radisson hotel
• Strata Fund advances loan for Fulham scheme

December

• The re-financing of the St. Mary Fund completed on 21st December. The Fund is now in full control of the hotel and evolve is fully engaged with Radisson. The hotel opened in October 2009.
• The Strata Fund agreed to lend £1,090,000 for a new development in Fulham. The loan is due to complete in January 2010.

November

• Domino’s Pizza opened for trade in its new restaurant developed at St. Nicholas King’s Lynn on 13th November. The development was completed on time and on budget. The second unit is being marketed.
• The letting to Nottingham Credit Union at St. Christopher Nottingham completed on 16th November.
• The Strata Fund completed the redemption of the Pinner loan (£675,000 loan plus £128,000 interest) and completed its 14 loan for a development in Banstead (£500,000) on 30th October.

October

• The 4 star, 176 bedroom RadissonBlu hotel in central Bristol opened in mid October after extended delays. evolve continues to be very busy as Investment Manager working on behalf of investors the St. Mary Fund.
• Work commences on the recent launch of the evolve All Saints Property LP. Having ‘called the market’ back in early 2005, All Saints marks evolve’s return to the commercial property market after 4.5 years.
• Fergus Scholes starts at evolve to help on prospective property acquisitions for All Saints. Fergus was well known to evolve having previously worked at Mason Owen before taking a travel break.
• Travelodge commit to a 61 bed hotel to be located at the St. Nicholas Centre in King’s Lynn.

September

• The Strata Fund Investors have received a 5% of initial equity Distribution.
• All Saints Asset Management has successfully collected 100% of rents from the evolve portfolio.
• The construction of the new Domino’s Pizza restaurant at The St. Nicholas Centre in King’s Lynn continues on target for a November opening.
• The letting to Nottingham Credit Union for a small unit in St. Christopher Nottingham progresses.

August 2009

• The year end reports and audits for all evolve Funds (except St. Mary) are in the process of being completed and will be sent to Investors in early September. The Strata Fund agreed to new loans (Warlingham and Banstead), with the improved sentiment in the residential market filtering through to completed Strata developments in East Grinstead, Lingfield and Baldock.

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