Steve Cole BSc MRICS

 

Career History

Jan 2014- present: Established Lexicon Cole Ltd along with business partner David Nicholson

2005 – 2013: GVA -Investment Agent acting for a range of clients including large institutions, property companies, syndicates, high net worth private investors remit included: Property investment, portfolio rationalisation, strategic asset management, business development, corporate recovery and portfolio management. Specialism- investment acquisition and disposal.

2004- 2005: GL Hearn Property Consultants -General Practice Surveyor- commercial agency, acquisition and disposal, L&T valuation, property management and rating.

2002-  2003  Bradley Hall Chartered Surveyors

Undergraduate Assistant Surveyor- property management, commercial and residential lettings, and market research.

Key Project Experience:

New York Ind Est, North Tyneside- disposal of 160,000 sq ft modern prime industrial investment on behalf of a southern based property company. This was part of a strategic portfolio rationalisation being undertaken by the client involving a geographic reallocation of assets nationally.

Doxford International Business Park, Sunderland- acquisition of 36,000 sq ft modern out of town business park office investment let to Royal Mail on behalf of a high net worth private client. The addition forms an important part of a business plan in the growth of the portfolio with a key asset management role.

Q5, Quorum Business Park, Longbenton, Newcastle- disposal of 70,000 sq ft modern out of town multi-let office investment on behalf of LPA Receivers/RBS. The instruction involved a number of complex asset management issues affecting value in a challenging occupational and investor market.

Tyne House, Bracken Hill Business Park, Peterlee- disposal of 30,000 sq ft modern out of town office on behalf of Tritax, as part of a review of certain areas of the portfolio with significant out of town office holdings resulting from large scale investment in enterprise zones.

King Street, South Shields- disposal of prime high street single-let retail investment on behalf of F&C Reit, as part of a geographic portfolio rationalisation and review.

Units 1-2 and 7b Cathedral Park, Belmont Industrial Estate, Durham- disposal of 15,000 sq ft and 6,500 sq ft modern industrial investments on behalf of Royal London. The exercise was part of a partial exit strategy following the merging of two large institutional bodies.

Coast Road, Wallsend and Cockerton, Darlington- disposal of roadside mixed use retail and residential parade, and single-let high street shop on behalf of Northern Retail Consortium. The disposals were part of a portfolio rationalisation process involving asset management of various assets and exiting of other positions.

Sunrise Enterprise Park, Sunderland- disposal of portfolio of modern industrial investments on behalf of CBRE Global Investors. The exercise was part of a wider exit strategy for the particular fund and involved providing advice on the rationalisation of other assets.

Phase 1 & 2 Royal Quays, North Shields – Acquisition of 83,000 sq ft out of town office let to a government body on behalf of CIT Real Estate Ltd Partnership. The building was let to a Government body promoting advanced industry operators with positive publicity for the area.

Residential / Commercial Portfolio, North East Region – management, restructuring and disposal of assets within a 200 property portfolio on behalf of a number of national banks. The project involved maximising performance across the portfolio and making strategic decisions relating to management of income streams and preservation of capital values.

31-34 Commercial Street, Newport – acquisition of parade of prime high street retail units on behalf of Royal Liver Pension Fund. Tenants included Nationwide, RBS and Dollond & Aitchison on institutional leases and added a core long term holding to the Fund’s portfolio.

West Chirton Industrial Estate, North Shields – disposal of well let industrial estate on behalf of CBRE Global Investors. The investment provided a mix of secure long term income from established occupiers and shorter income from small starter companies. The achieved disposal price of £4.4m represented a highlight in the regional investment market at 6.7% net initial yield, considered particularly strong for such an asset class.

Colima Avenue, Sunderland Enterprise Park, Sunderland – acquisition of 17,000 sq ft multi-let mid 1990s pavilion style business park offices on behalf of Alchemist Estates Ltd. The property was occupied by a mix of local, regional and national operators on a well established business park and represented a significant addition to the client’s portfolio.