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Property searches double for the Cotswolds in lockdown

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The already in-demand Cotswolds have reached new heights of desirability amid the coronavirus pandemic, new research has suggested.

The area’s pretty rural villages have long been a favourite among the rich and famous, with homes in the area owned by Kate Moss, Jeremy Clarkson, David Cameron, Laurence Llewelyn-Bowen and the Beckhams, to name but a few.

And the desire to stay at home in somewhere more picturesque means the area’s rolling hills and open spaces are even more sought-after, with online searches for properties in the Cotswolds doubling in the second half of last year.

The number of sales agreed in the Cotswolds (pictured) rose 100 per cent in September

The number of sales agreed in the Cotswolds (pictured) rose 100 per cent in September

Online searches on Rightmove for the Cotswolds rose 102 per cent in the last six months of 2020 compared to the same period in 2019.

The property website said the increase in searches came as people looked to relocate for a quieter life in the countryside.

Rightmove explained its focus on the Cotswolds, saying that it saw a big shift in the number of people who were looking to move to the countryside last year, and as one of the country’s most iconic rural regions, it wanted to examine whether the Cotswolds in particular had seen a surge in interest. 

The Cotswolds covers 787 square miles, stretching from just south of Stratford-upon-Avon to just south of Bath near Radstock. It lies across the boundaries of several English counties, including mainly Gloucestershire and Oxfordshire, but also in parts of Wiltshire, Somerset, Worcestershire and Warwickshire.

The number of sales being agreed by agents in the Cotswolds outperformed the South West as a whole, peaking in September, Rightmove said.

There was a 100 per cent annual rise in the number of sales that were agreed by agents in the Cotswolds in September. 

This two-bedroom cottage in Chipping Campden, Gloucestershire, is for sale for £555,000

This two-bedroom cottage in Chipping Campden, Gloucestershire, is for sale for £555,000

The cottage in Chipping Campden has a garden and is for sale via estate agents Knight Frank

The cottage in Chipping Campden has a garden and is for sale via estate agents Knight Frank

Rightmove found that Wotton-under-Edge in Gloucestershire is where house prices increased the most in the Cotswolds in 2020.

Average asking prices in the leafy market town were up 14.8 per cent on 2019, an annual increase of £38,290.

The place with the biggest annual increases in buyer searches in the Cotswolds was celebrity hub Chipping Norton, up by 109.5 per cent, followed by Burford – up 82.3 per cent – and Chipping Campden, up 68.5 per cent.

Rightmove’s Tim Bannister said: ‘The headline market trend to emerge from 2020 was a huge jump in demand for rural areas and countryside living, and the Cotswolds ticks pretty much every box for home-movers seeking an escape to the country.

‘As a designated Area of Outstanding Natural Beauty, brimming with endless walking trails and tight-knit village communities, the Cotswolds represent much of what we hold dear about the great British outdoors.

‘It’s easy to see why the area is a magnet for people looking for a quieter life, and with remote working seemingly here to stay for many, I expect the popularity of the Cotswolds will continue to grow this year.’

This six-bedroom house near Minchinhampton, in Gloucestershire, is for sale for £1,495,000

This six-bedroom house near Minchinhampton, in Gloucestershire, is for sale for £1,495,000

Equestrian facilities: The six-bedroom house (as above) also boasts land and several stables

Equestrian facilities: The six-bedroom house (as above) also boasts land and several stables

Rupert Sweeting, of estate agents Knight Frank, described Cotswolds property viewing and buying as ‘completely frantic’ since the housing market re-opened in May.

He said: ‘In addition to the traditional reasons that have always attracted buyers to the Cotswolds, including the beautiful scenery, good schooling, and well-established transport links, the pandemic has drawn attention to how the Cotswolds can also offer a dreamy countryside lifestyle, strong broadband networks, and space and gardens without compromising convenient facilities.

‘After experiencing being cooped up during the multiple lockdowns with a small or no garden, city dwellers quickly realized the benefits of moving to the countryside.

‘The abundance of well-equipped towns and villages in the Cotswolds means that these urban buyers are able to achieve their dream countryside retreat without having to completely isolate themselves. ‘

He added that having the likes of Soho Farmhouse and Daylesford Farmshop around, while being about an hour and a half from the centre of London is an attraction for many buyers.’

‘The idealisation of the country perfectly reflects how the pandemic has seen people revaluate their day-to-day lives and consequently propelled the Cotswolds’ property market into a frenzy,’ he said.

This two-bedroom house in Wotton-Under-Edge is for sale for £500,000 via estate agents Fine & Country

This two-bedroom house in Wotton-Under-Edge is for sale for £500,000 via estate agents Fine & Country

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Maurice Investments sell London office building for €30.3m (GB)

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Allsop, acting jointly alongside Anton Page, has completed the sale of the freehold of a Grade A workspace in Aldgate, central London, on behalf of Maurice Investments for €30.3m (£26m). Acquired by Meadow Partners, the price is equivalent to approximately €1120 (£960) per ft² and a net initial yield of 5%.

 

Wool + Tailor, 10-12 Alie Street E1, comprises 27,158ft² of Grade A office and ancillary accommodation over nine floors. It is within a three-minute walk of Aldgate station and a 15-minute walk of six further train and underground stations, including Whitechapel which is on the newly opened Elizabeth line, and is multi-let to five tenants. Maurice Investments had initially acquired the building in an off-market deal advised by Allsop, which also went on to conclude a successful leasing campaign alongside Anton Page.

 

Wool + Tailor was redeveloped in 2019 to include two additional floors and a new façade, with BREEAM “very good” and EPC A and B ratings. It features an eco-friendly biodiverse roof, cycle racks to accommodate up to 36 bikes, and a WiredScore Gold certification with fibre optic internet. Wool + Tailor further benefits from outstanding natural light throughout, which is enhanced by floor-to-ceiling heights of up to 3.3 metres, and a 7th floor communal business lounge with dual aspect terraces offering panoramic views of the City and beyond.

 

Matthew Millman, Partner at Allsop, said: “The sale of Wool + Tailor concludes a highly successful business plan for our client where we advised on the off-market acquisition, letting, then disposal of what has become one of the finest buildings in Aldgate. Wool + Tailor satisfies the requirements of the modern investor and occupier for ‘best in class’ office space with strong ESG credentials, excellent connectivity and plentiful nearby cafes, bars and restaurants.”

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AnaCap secures €59m loan for Paris office deal (FR)

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Tristan Capital Partners’ TIPS One “Income Plus” Real Estate Debt Fund has provided senior debt financing to funds advised by AnaCap Financial Partners, to support the €59.25m acquisition of South Station, a freehold office asset located in Massy, in the second ring of Paris. South Station is a high-quality property ideally located in Massy – the largest economic centre in the Southern Paris area – and is adjacent to the town’s main transport stations (RER and TGV). The asset is one of the most attractive buildings in the submarket offering modern A-grade office space with excellent amenities.

 

The sale and partial leaseback acquisition will see the vendor CGG, a geophysics specialist, remain as the majority tenant. Pramena Investment will act as the asset manager for the property.

 

Ashil Sodha, Director, Debt Investment at Tristan Capital Partners, said: “As TIPS One continues to diversify, we are pleased to have closed our first loan in France. We are focused on lending on high-quality assets with the right ESG characteristics and we believe this loan exemplifies this strategy well. We look forward to working alongside AnaCap and Pramena and supporting them in optimising their strategy for this asset.”

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Barratt and David Wilson invest €45.5m in UK resi market

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Harworth Group plc has sold two residential land parcel at its Waverley and Thoresby Vale developments to Barratt and David Wilson Homes, for a total consideration of €45.5m (£39m).

 

At Waverley in South Yorkshire, Harworth has competed a €33.8 (£29m) land sale which will see the delivery of approximately 450 homes, of which over 30% will be affordable. This represents Harworth’s largest-ever serviced residential land sale by number of plots. The new homes will represent Barratt and David Wilson Homes’ fifth phase at the site and will be situated adjacent to both Highwall Park and the Waverley Lake, benefitting from unique water frontage in an area of the development known as Waverley Waterfront. Construction will follow a bespoke design code, devised in partnership between Harworth and Barratt and David Wilson Homes, that complements the existing Waverley development while maximising the amenity value of the area’s waterfront location. The development will include a pedestrianised promenade, further enhancing the site’s placemaking and connectivity.

 

At Thoresby Vale in Nottinghamshire, Harworth has exchanged on the sale of serviced land capable of delivering 174 homes, for €11.6m (£10m). This represents the second phase of the Thoresby Vale development, following the sale of two land parcels at the site to Harron Homes and Barratt and David Wilson Homes in 2019 and 2020 respectively. Alongside the new homes, Barratt and David Wilson Homes will provide a new surface water attenuation pond and a multi-use path and associated landscaping, which will enhance connectivity and link to the site’s planned primary school and local centre, for which site preparation works are currently underway. The sales conclude an active first half for Harworth’s residential developments, during which over 100% of its budgeted residential land sales for the year were completed, exchanged or under offer, and it also launched its first single-family Build to Rent portfolio.

 

Andrew Blackshaw, Chief Operating Officer at Harworth, commented: “Barratt and David Wilson Homes is a trusted and valued partner to Harworth, and we are pleased to be developing our relationship with these two significant land sales. Harworth is particularly well-placed in volatile markets as our serviced land provides housebuilders with a product which is de-risked and ready to build on from day one. The acceleration of both our Waverley and Thoresby Vale sites will see Harworth stepping through its strategy to take advantage of the placemaking and levelling up that these schemes ultimately bring to these communities. In addition, these sales will enhance the maturation of these socially diverse neighbourhoods when delivered alongside our recently launched single family Build to Rent product, Project Spur.”

 

Ed Catchpole, Joint Regional Director for Yorkshire & Central at Harworth, added: “Barratt and David Wilson Homes has a proven track record of high-quality housing delivery at Harworth sites, and these transactions will help to further accelerate the build-out and placemaking at Waverley and Thoresby Vale. Both sites are also set to benefit from additional investment which will see the creation of new Build to Rent homes and local amenities.”

 

Mark Cotes, Managing Director at Barratt and David Wilson Homes North Midlands, said: “We’re thrilled to have secured the land for an extension to our Thoresby Vale development and will look forward to another opportunity to meet the growing demand for housing in Nottinghamshire. Our growing community in Edwinstowe will continue to provide new jobs for local people and we’ll be making further ecological and financial investments as the development progresses.”

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