Recent News

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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