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QUEST Funds and Universal Investment acquires German office portfolio

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QUEST Funds and Universal Investment have acquired four inner-city office properties in Berlin, Hamburg, Frankfurt and Munich as part of an investment for Bayerische Versorgungskammer (BVK). The real estate portfolio named “Urban Office RE” and comprising around 25,000m² will be part of a fund managed by Universal-Investment. The properties are core/core plus properties in central locations that were acquired by the QUEST Group in recent years and specifically developed to reach portfolio quality. QUEST Funds acts as investment and asset manager of the portfolio.

 

The Berlin property is known as “P88”. Measuring 8,400m² in size, it was built in 1965 and extensively renovated in 2010. It is fully let to the security company Securitas and the Bioscentia laboratory. The complex includes 101 parking spaces. The building at Potsdamer Straße 88 is only a few minutes’ walk from Potsdamer Platz and the underground station Kurfürstenstraße.

 

In Frankfurt, it is the “Hotel Hohenzollern Office” right next to the central station that will become part of the portfolio. The office property was repositioned in recent years by QUEST’s project development division. The building, which is partly listed and dates back to 1910, offers a total rental space of 7,300m².

 

At Neuer Wall 54 in Hamburg, QUEST Funds has secured an office and commercial building with 4,700m² of total rental space, of which 65% is office space and 35% is retail space. Here, QUEST is currently modernising the entrance area and the common areas. The long-term tenant of the entire retail space is the Danish furniture store Illums Bolighus. The office spaces are partially vacant. They are to be upgraded and rented out in the course of the modernisation measures.

 

The property in Munich is “Fritz”, a project developed by QUEST. In Munich’s Ludwigsvorstadt district, the QUEST Group is revitalising the office and commercial building at Schillerstraße 23a, south of the central station, which was built in 1973. Completion is scheduled for early 2022. Following its modernisation and extension by two full storeys, the property will feature 4,500m² of total rental space and a new roof terrace. It will be added to the BVK portfolio as part of a forward deal.

 

“Thanks to the very good micro-locations in Germany’s top four cities and the high degree of diversification, this investment is a strong addition to our real estate portfolio and will generate attractive returns for our clients”, said Norman Fackelmann, Head of Real Estate at BVK. 

 

Roland Holschuh, Managing Partner of QUEST Funds, commented: “The mix of properties offers a strong combination of stable cash flows and upside potential. We look forward to working together and especially to actively further developing the portfolio.”

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EDEN CONFIDENTIAL: A new £10m home sweet home in the Cotswolds for Nick Candy and Holly Valance 

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You might have thought having a Chelsea pad worth more than £75 million would be enough for most property tycoons, but not for Nick Candy.

I can disclose that Candy and his pop star wife, Holly Valance, have splashed out well over £10 million on a Grade II‑listed mansion in Oxfordshire.

They will be a short drive from trendy private members’ club Soho Farmhouse, where Prince Harry courted Meghan.

That's sweet: Nick Candy and his pop star wife, Holly Valance, have splashed out well over £10 million on a Grade II‑listed mansion in Oxfordshire (pictured)

That’s sweet: Nick Candy and his pop star wife, Holly Valance, have splashed out well over £10 million on a Grade II‑listed mansion in Oxfordshire (pictured)

Holly Valance and Nick Candy attend Lisa Tchenguiz's 50th birthday party at the Troxy in 2015

Holly Valance and Nick Candy attend Lisa Tchenguiz’s 50th birthday party at the Troxy in 2015

The seven-bedroom property has a pool, stables, tennis and squash courts and its own chapel

The seven-bedroom property has a pool, stables, tennis and squash courts and its own chapel

While it is unknown how much the couple paid, records show it was bought for £8m in 2012

While it is unknown how much the couple paid, records show it was bought for £8m in 2012

The house is a short drive from trendy private members' club Soho Farmhouse

The house is a short drive from trendy private members’ club Soho Farmhouse

Candy and his pop star wife, Holly Valance, have splashed out well over £10 million on the property

Candy and his pop star wife, Holly Valance, have splashed out well over £10 million on the property

The seven-bedroom property has a pool, stables, tennis and squash courts

The seven-bedroom property has a pool, stables, tennis and squash courts

Candy, 48, declines to say how much they paid, but the house was bought by the previous owners for £8 million in 2012

Candy, 48, declines to say how much they paid, but the house was bought by the previous owners for £8 million in 2012

Prices have rocketed in the area, where locals include Kate Moss and JCB tycoon Lord Bamford and his wife Carole

Prices have rocketed in the area, where locals include Kate Moss and JCB tycoon Lord Bamford and his wife Carole

Candy, who has two daughters with his wife, adds: 'We're very immersed in our quiet country life at weekends'

Candy, who has two daughters with his wife, adds: ‘We’re very immersed in our quiet country life at weekends’

‘We have been looking for years to get something in the Cotswolds for the family, and finally, a year ago, we found a gorgeous family home in a wonderful village,’ Candy tells me.

The seven-bedroom property has a pool, stables, tennis and squash courts and its own chapel.

Candy, 48, declines to say how much they paid, but the house was bought by the previous owners for £8 million in 2012.

Since then, prices have rocketed in the area, where locals include Kate Moss and JCB tycoon Lord Bamford and his wife Carole, who started the Daylesford organic empire.

Candy, who has two daughters with his wife, adds: ‘We’re very immersed in our quiet country life at weekends and adore the friendly and welcoming village.’

Candy's luxury two-storey penthouse in Hyde Park has gone on sale for £175million

Candy’s luxury two-storey penthouse in Hyde Park has gone on sale for £175million

The stunning apartment is split over two levels, boasts five bedrooms, a 21m swimming pool, and measures around 18,000 sq ft - the equivalent of almost 18 average homes in England.

The stunning apartment is split over two levels, boasts five bedrooms, a 21m swimming pool, and measures around 18,000 sq ft – the equivalent of almost 18 average homes in England. 

Prolific author Alexander McCall Smith, creator of The No. 1 Ladies’ Detective Agency has been promised great things – but only after his death.

He says: ‘I was on tour in the United States and this woman came up to me with a book for signature, and she looked at me and said: ‘You know something, you’re going to be much more successful posthumously.’ ‘

The writer, 72, who has written 21 novels in the series, says. ‘She wasn’t being rude, but it was rather an odd thing to say to somebody.’

How guitar guru Beck gave Depp a silver lining 

Pictured: Johnny Depp is planning his comeback

Pictured: Johnny Depp is planning his comeback

With his acrimonious divorce from actress Amber Heard, and their bitter court room showdown in London last summer, Hollywood star Johnny Depp suffered the biggest setback of his glittering career.

Now, however, I hear he’s quietly planning his comeback — right here in Britain.

The 58-year-old star of Fantastic Beasts and Charlie And The Chocolate Factory has been taken under the wing of British rock legend Jeff Beck.

The Hi Ho Silver Lining guitarist, 77, who’s so talented he had each of his fingers insured for £700,000 in 2010, has secretly been hosting Depp at his Riverhall country estate in Wadhurst, East Sussex, where they’ve been writing and recording together in Beck’s studio. Depp is an accomplished guitarist himself.

‘They’ve been collaborating on material for Jeff’s next album,’ reveals a source close to Depp. ‘It’s been great for Johnny to get back to his first true love, which is music.

‘Jeff has been a great friend to Johnny during a very difficult time, and being away from Hollywood has been exactly what Johnny needed.

‘He wants to take a step back from everything and focus on a comeback through music.’

Eight-time Grammy Award winner Jeff, who has been called ‘one of the most influential lead guitarists in rock’ by Rolling Stone magazine, recorded a cover of John Lennon’s Isolation with Depp last year, intended to help people cope with life in lockdown.

Johnny Depp of Hollywood Vampires performs on stage at Celebrity Theatre in 2018 in Arizona

Johnny Depp of Hollywood Vampires performs on stage at Celebrity Theatre in 2018 in Arizona

In 2019 they played together at the Crossroads Music Festival in Dallas, Texas, for Eric Clapton’s charity, then did a short tour of the U.S.

Depp has previously featured on songs by Oasis, Iggy Pop, and Aerosmith, as well as on records by his ex-girlfriend, singer Vanessa Paradis, with whom he has two children. In 2015, he formed the super group, Hollywood Vampires, with Alice Cooper and Joe Perry.

‘Johnny hopes to return to films eventually,’ adds the source, ‘but it’s music first.’

Boogie-woogie pianist Jools Holland is learning to sing lullabies. The Later . . . with Jools Holland host has become a grandfather at the age of 63.

‘I am very pleased that I now have a wonderful grandson, Gabriel,’ he says. His musician daughter, Mabel Ray, 30, is the proud mum.

‘We seem to have identical hair,’ he adds of the baby. ‘He is a delightful little fellow. All thanks to the fantastic staff at Homerton University Hospital for delivering him to us.’

Queen’s Windsor gong show for late Duke’s loyal page

The Queen is making sure Prince Philip’s most steadfast former aides feel rewarded.

I hear that she invited the Duke of Edinburgh’s loyal page, William Henderson, to Windsor Castle this week to collect his gong.

His appointment as a Lieutenant of the Royal Victorian Order was announced on what would have been Philip’s 100th birthday.

Henderson was among those who took part in the funeral procession, walking behind the coffin.

Known for his sarcastic quips when required to report on the love lives of the Royal Family, waggish news anchor Simon McCoy seems to be secretly obsessed with the Windsors.

‘If I were invisible, I would go into Highgrove and stand by the phone to listen to any conversation Prince Charles might have with Harry,’ admits McCoy, who recently moved from the BBC to its new rival channel, GB News.

‘I feel desperately sorry for Charles — I really do. Family difficulties are bad enough without one of you bleating about it to the Press all the time.’

Creating a buzz with Angelina the Queen Bee 

There’s a buzz about Angelina Jolie, but it’s nothing to do with her film career.

The actress brought a touch of Hollywood glamour to the new French Apidology Observatory, in Sainte-Baume, where she presented its first graduates with their diplomas.

Angelina Jolie with children Pax, Zahara and Shiloh seen shopping at trendy KITH's in Paris, France

Angelina Jolie with children Pax, Zahara and Shiloh seen shopping at trendy KITH's in Paris, France

Angelina Jolie (pictured shopping Paris) brought a touch of Hollywood glamour to the new French Apidology Observatory where she presented its first graduates with their diplomas

Jolie, 46, who’s recently been seen out with her British ex-husband Jonny Lee Miller, was there because she’s involved in the Women for Bees project, which aims to encourage women to become beekeepers.

Clearly, there’s only one Queen Bee.

Paymaster General Penny Mordaunt, who starred on TV diving show Splash, will be demonstrating her water skills at the local pool rather than heading off to the Med this summer.

‘I’ll be staying in my constituency and spending time at my local lido,’ the MP for Portsmouth North tells me at the Westminster launch party for her book, Greater: Britain After The Storm, which she’s co-written with Chris Lewis. ‘I’ve earned that — I went to great lengths to save it.’

The forecast is hotting up with Carol’s exotic secret 

This could liven up those dull BBC meteorological reports: weather presenter Carol Kirkwood has revealed a secret skill.

‘I can belly-dance,’ whispers the former Strictly contestant.

‘It is actually quite hard, but I learned to do it when I was a student travelling in Turkey and Greece.’

The Scottish hotelier’s daughter, 59, adds: I can’t claim to be very good at it — but I do at least have the belly for it these days.’

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Planning permission sought for 600 apartments on former Irish Glass site

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Planning permission for 600 apartments on the former Irish Glass Bottle site near Ringsend in Dublin has been submitted by a consortium led by developer Johnny Ronan.

The consortium, which also includes the National Asset Management Agency (Nama), Oaketree Capital Management, and Lincor Developments, is expecting construction to commence on what is the first phase of Pembroke Quarter early next year.

The site was once a symbol of Celtic Tiger hubris after receivers appointed by Nama were appointed in 2012 after its respective owners ran into financial trouble. However, the vacant plot is now earmarked to become Dublin’s newest suburb, which once completed will deliver 3,800 homes, more than one million sq ft of commercial space, and educational facilities and other community amenities.

One quarter of the units developed at the site are to be allocated to social and affordable homes.

The property has been earmarked for development for some time with a company called Becbay, which was backed by developer Bernard McNamara, property financier Derek Quinlan, and State agency the Dublin Docklands Development Authority, having acquired the holding in 2006 for €412 million in an Anglo Irish Bank-backed deal.

Consortium

Mr Ronan’s Ronan Group Real Estate (RGRE), Oaktree Capital and Lincor were chosen as preferred bidders for a 80 per cent controlling stake in the former Irish Glass Bottle site last year after submitting a bid valued at in excess of €130 million. Nama has retained the remaining 20 per cent stake in the project.

Other shortlisted bidders for the controlling stake last year were: Sean Mulryan’s Ballymore Group; Dallas-based private equity giant Lone Star’s Quintain Ireland housebuilding unit; and Hines, a US real estate group.“This site that, for many years, has held so much unfulfilled potential to deliver housing in Dublin is finally being brought to life,” said Rory Williams, chief executive of RGRE.

“Over the coming years Pembroke Quarter will deliver much-needed homes for more than 10,000 people in Dublin’s city centre. We understand deeply how acute the need for housing is in the city, so we are very pleased to be able to submit this planning application for the first phase of development so quickly after the purchase of the site,” he added.

Nama chief executive Brendan McDonagh said: “We are delighted to see this superbly located Dublin Bay site move into the first phase of its development lifecycle with the submission of this first planning application for 600 residential units.”

He added that the 25 per cent allocated to social and affordable units would “provide homes to those most in need, close to the heart of Dublin”.

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New-build flats with communal work-from-home space are just the job 

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Whether it’s perching computers on ironing boards or struggling to find a peaceful corner in the chaos of a noisy family house, most of us have had to adapt our homes over the past 18 months.

But as the trend for flexible working looks set to continue, a new concept in housing is gaining traction.

Work from home (WFH) developments with a ‘hub’ shared by other residents are popping up across the country.

Modern living: Work from home developments with a 'hub' shared by other residents, which aim to retain the social aspect of office life, are popping up across the country

Modern living: Work from home developments with a ‘hub’ shared by other residents, which aim to retain the social aspect of office life, are popping up across the country

‘The hub is a way of retaining the social aspect of office life,’ says Karly Williams, director of Barratt North Thames. ‘Being close to home enables residents to manage domestic issues, while mixing with others staves off any sense of loneliness and alienation.’

At Barratt’s Linmere development in Houghton Regis, Bedfordshire, which is due to launch in December, the office hub will be surrounded by cafes, shops and green outdoor space.

WFH residents won’t feel they are missing out on the coffee breaks and sandwich lunches they used to enjoy as part of conventional office life. Barratt’s co-working offices and homes are priced from £101,000 to £439,500.

WFH developments can also be effective in regenerating rural areas where unemployment is a problem.

In the village of Lawrenny in the Pembrokeshire Coast National Park, planning permission has just been granted to a local farmer, David Lort-Phillips, to build a WFH development of 39 homes with shared offices. 

Lawrenny has been in steady decline since the 1980s and until recently looked like becoming little more than a cluster of holiday homes.

‘A village should be more than that; it should be a place to earn a living and to have a busy family life,’ says Lort-Phillips. ‘Many of the new WFH houses will be bought by people returning to Lawrenny, having been brought up here.

‘They will put back into the community, using local businesses and training up local young people.’

Prices of the new homes will range from £300,000 to £500,000 for two to four bedrooms, with management fees of £400 per annum.

One danger of building this kind of development in the countryside is that the new homes will jar architecturally with older, nearby properties. But this doesn’t have to be the case.

Galion Homes builds its developments in Somerset with home-workers in mind, so all the homes have offices with superfast broadband as well as nearby hubs and cafes.

‘We won’t be ugly “tack-ons” to villages,’ says Victoria Creber, sales director at Galion. ‘We build developments of no more than 50 homes, at low density, using local stone with a big nod to the local vernacular.’

Disturbing research, based on figures from the Office for National Statistics, was published recently showing 25 per cent of WFH Londoners said they had suffered reduced well-being.

Fizzy Living, which targets its rental apartments at young professionals with an average age of 32 and earning £44,000 a year, tries to make life as stress-free as possible in its East 16 block in Canning Town. 

The scheme comprises 292 apartments, each with its own balcony. Amenities include a meeting room, residents’ lounge, games area and yoga studio.

It claims to be the most pet-friendly building in London, having a specially designed dog washroom (known as the Pawder Room) and it offers a pet-friendly furniture pack for the more delinquent cats and dogs.

‘This block works for me because I can use different spaces for different activities and this combats stress,’ says designer Asher Peruscini, 37, from San Francisco.

‘I use my desk when I’m in design mode, the balcony for more creative stuff and the meeting rooms downstairs for socialising.’ Rentals are from £1,430 pcm.

For those who appreciate the zany side of life, Quintain Living has built The Robinson, a collection of three apartment blocks at Wembley Park in North-West London, in what its describes as ‘retro kitsch’ style.

Each building has a roof terrace where there are surreal delights such as a giant orange-shaped juice bar, a 50-yard row of sun loungers — reputedly the longest in Britain — and a slide that runs down to a courtyard in the floor below.

The WFH component isn’t forgotten — high-speed wifi is found in converted campervans on the terrace.

To de-stress, there is even a rentable spa caravan with a hot tub. From £1,755 furnished; £1,670 unfurnished.

Are WFH developments here to stay?

‘I don’t think working from home will ever replace the buzz of a team of people working towards one goal in the same office,’ says Harry Downes, managing director of Fizzy Living.

‘But I do foresee people being given the freedom to work at home when they need to, reporting into the office only to be kept updated on the bigger picture. It’s a new lifestyle and this type of development caters for it.’ 

On the market… with office space 

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