Double digit rental growth in Italy, Luxembourg, France and Norway was cancelled out by similar sized falls in Switzerland, Sweden and Turkey. Rents were largely static in Central and Eastern Europe but Moscow rents rose by 18% over the year. In this type of depreciation your accountant will accept that your property will basically be useless some time or another and deteriorate a rate of the property every year.
Heathrow s total occupancy cost (rent, plus property taxes and service charge) stands at 274 per sq m, while second-placed San Francisco s is 265 per sq m Despite this, there were still some areas of growth, notably Denver which saw the highest rental growth with rents increasing by 15% to 72 per sq m. The 6,800 sq ft Hard Rock Café will join the recently opened Zizi, the extended Loch Fyne, Pizza Hut, Franky & Benny s, Media Nightclub and the hugely successful Cornerhouse development.
The recently opened cafes in Birmingham and Manchester are enormously popular, especially with those looking for great live local music in a pulsating rock environment. The Nottingham café will join sister UK locations in London, Edinburgh, Manchester and Birmingham and is likely to open in the third quarter of 2002 overlooking the Market Square.
David Hargreaves said the search for an appropriate site had taken 6 months but was well worth waiting for. Philip Westin-Hardy of New West went on to say that it was indicative of the strength and regard in which the Nottingham Leisure Market was held that Hard Rock should have chosen Nottingham for its 5th outlet in the UK. Geest Tilbrook has taken a new lease on Brickhill Point, Tilbrook, and Readi-Bake Ltd has taken a new lease on Nimbus House, Kingston.
Enjoying a prime position on Kingston Employment Area, Nimbus House offers a total of 4722 sq m (50,827 sq ft) which has been let to Readi-Bake Ltd on a new lease. Readi-Bake has moved from Bradwell Abbey. One of the most prominent landmark buildings in Belfast City Centre has attracted a new tenant in the form of Botanic Inns limited. The property formerly occupied by Athena Cards and the Carlton Restaurant has been acquired by Botanic Inns Limited and is in the process of being totally refurbished into a themed bar/brasserie.
The refurbishment represents a total investment in excess of £0.5 million. On completion the new city centre venue will certainly be in character with the many outstanding architectural features and will be located on one of Belfast’s busiest pedestrian thoroughfares. The unit of 6,880 sqft arranged on ground and first floors has been secured on the basis of a new 5 year lease incorporating 5 yearly rent reviews at an initial rental of £90,240 per annum. The landlords, Aberdeen Asset Managers were represented by Lisney and the tenants were represented by Insignia Richard Ellis Gunne and further underpins the strengthening City Centre Leisure scene.