In the annual report and accounts registered this week at Companies House, the Montagu Evans partnership has reported annual revenue of £54.8 million and a statutory profit of £ 14.1 million for the financial year to March 2023.

On the back of challenging and industry-wide market conditions, the partnership has taken a long-term view and continued to invest in its business, including an increased headcount, extended ESG capability, new business information system and further improved IT infrastructure.

Revenue of £54.8 million was a 15% decrease against the previous year’s record financial performance. The firm’s Planning team recorded 5% year-on-year growth, however, with further investment in people and focus on Central London, Housing and Historic Environments and Townscape, including major schemes in Earl’s Court, Stansted and across the capital.

Statutory profit decreased in parallel by £8.9 million year-on-year to £14.1 million. Distributable profit for partners reduced accordingly by 36%, while the non-partner bonus pool covering all other staff reduced by less, 27%, to £4 million. The average distributable profit per partner was £337,000.

Rob Bower, Managing Partner of Montagu Evans, said: “Even with global volatility affecting every part of the sector, we have kept a clear focus on planning and development and a strong programme of recruitment, promotion and succession that will position us well for better times ahead.

“Coming off the back of a record-breaking year in 2021/2022, these numbers are clearly a disappointment, but we have decided to protect our people and avoid redundancies, focussing on maintaining high levels of client service with properly resourced teams. This latest down cycle will pass, and when it does, we will be very well positioned to immediately support our clients. It’s times like this when true partnership businesses show their strengths.

 

Legal & General Investment Management (LGIM) has sold Meridian Leisure Park in Leicester to Greenridge Opportunities LP for £25 million, reflecting a yield of 8.50%. Montagu Evans advised the seller and Savills advised the buyer in this off-market transaction.

The prime East Midlands destination leisure park extends to 155,071 sq ft GIA across a 19.8-acre site southwest of Leicester City Centre, directly off the Leicester Ring Road (A563) and 1.5 miles from the M1 (J21). It is anchored by Vue Cinemas and Hollywood Bowl, with other occupiers including David Lloyd, Nando’s, Five Guys, Burger King, Pizza Hut and Frankie & Benny’s.

It has been owned by LGIM’s Leisure Fund since 2002, with a number of new leases and regears undertaken during this time. The park is 99% let with over half the income benefitting from rental indexation or fixed uplifts and a term certain of approximately 12 years.

Bik Bhuptani, Partner at Greenridge said: “We are excited about the addition of Meridian Leisure Park to our portfolio. This acquisition perfectly aligns with Greenridge Opportunities LP’s strategy of investing in high-quality, income-generating assets. The park’s robust tenant mix and prime location underscore our commitment to identifying and capitalising on unique opportunities in the leisure sector. We see significant potential for value creation and look forward to enhancing the park’s offering, further cementing its status as a key leisure destination in the East Midlands.”

Andrew Ferguson, Senior Fund Manager of the Leisure Fund at LGIM commented: “The leisure sector has been tested over the past few years in the face of wider economic challenges, particularly within the cinema market – however, good quality, well-managed leisure schemes in prime locations continue to remain resilient; Meridian Leisure Park is testament to this. As the sector is stabilising once again, with a positive pipeline of films over the next three to five years, we hope and expect to see a strong rebound for the cinema market. We’re pleased to have completed this transaction with Greenridge, allowing us to re-invest for new opportunities.

Edward George, Partner at Montagu Evans, said: “This is an exceptional transaction and an important benchmark for demonstrating liquidity in the sector. LGIM is one of a number of institutions looking to free up capital for new opportunities and portfolio-wide improvements, including ESG commitments. It sets the tone for a number of leisure park transactions expected over the next 12-18 months as the market recalibrates.

 

 

Kent County Council (KCC), advised by Montagu Evans, is marketing its County Hall building, Sessions House in Maidstone.

The landmark building extends to around 230,000 sq ft next to Maidstone East railway station in the town centre. The building, designed by Sir Robert Smirke in the Greek Revival style, will be 150 years old next year and is located close to town centre retail, leisure and amenities, and sits less than two miles from the M20 and 5 miles from the M2. Its complex is currently in use as KCC’s offices and civic centre but is now surplus to requirements.

Peter Oakford, Kent County Council Deputy Leader and Cabinet Member for Finance, Corporate and Traded Services, said: “For many years, long before the pandemic and the current financial pressures on local authority budgets, KCC has been considering the future of County Hall in Maidstone as its headquarters.

“It is a vast, historic building which has a significant presence in Maidstone. Unfortunately, parts of the building are almost 200 years old, and it no longer provides a modern workspace fit for delivering the Council’s services. In addition, following the pandemic, our staff are working more flexibly with many large areas of the building already mothballed and no longer utilised. At a time when KCC is under enormous financial pressure, the authority cannot meet an annual running cost of £2m pounds to maintain a building that requires a huge amount of modernisation.

“KCC will always have a presence in the County town of Maidstone, but following extensive stakeholder engagement and exploring options to increase revenue under our ownership, a decision has now been made to market test the whole of the building, with interested parties invited to submit proposals to lease or buy the property by the end of the year.

Sam Blake, Partner at Montagu Evans, added: “Sessions House has served Kent County Council and its constituents for many years, and the decision to bring the site to market has not been taken lightly, but with increasing pressures on the public purse, this is the right time to explore new opportunities. There is huge potential here to incorporate new uses into this landmark building – from new homes to event and flexible working space – and Kent County Council is open to commercial proposals that will secure its long-term future.

The Council is inviting offers for a long leasehold interest on the whole or any parts on an ‘All Enquiries’ basis by the beginning of December.

More information is available from Montagu Evans here.

 

Planning and development consultancy Montagu Evans has strengthened its Planning team with the appointment of Rachel Crick as Partner.

Specialising in securing complex planning consents in the London market, Rachel joins the partnership this week following six years with Avison Young.

At Montagu Evans, she will continue to focus on advising housebuilders, landowners, investors, developers and public sector clients across a range of large-scale and complex development projects across the capital, collaborating with specialist historic environment and townscape and advisory colleagues. In addition to Central London, Rachel has particular expertise and experience delivering projects in Lewisham, Newham and Barnet.

Rachel is a member of the RTPI and has served on the British Property Federation’s Planning Committee since 2021.

This is the latest appointment in the growth of Montagu Evans’ London-based planning capability. In the past six months, there have been 13 new recruits to the team, of which five – Emma Gill (Associate), Anna Harrhy (Senior Planner), Olivia Fuller (Planner), Phoebe Milner (Planner) and Alexander Nesti (Graduate) focus on planning and development projects in the capital.

Craig Blatchford, Head of Planning at Montagu Evans, said: “Rachel’s specialism in securing consents for complex schemes across London is more important than ever as the team’s activity increases and our focus on supporting clients in overcoming planning and development challenges continues.

“Considering alternative uses, retrofitting and repurposing, particularly in the capital, is a major focus, as is increasing sustainability and social value. Rachel and our other new team members are all integral to our growth in these areas, and we are very pleased to welcome them to the partnership.”

Rachel Crick added: “I’m delighted to join the Planning team at Montagu Evans, which has a remarkable reputation in securing permissions for high-profile and challenging projects across London. I’m looking forward to working with the planning and development teams to navigate the ever-changing landscape of the planning system for our clients.”

Montagu Evans has recently helped secure the go-ahead for 55 Bishopsgate and changes to the Dorchester Hotel, as well as a new ice rink in Kensington Gardens. It is also advising on future plans for Hammersmith Bridge, Highgate Cemetery and Holborn Tunnels.

 

The London Borough of Sutton (the Council), advised by Montagu Evans, is seeking a development partner for a major new regeneration project: Sutton Civic and Town Centre Regeneration.

The opportunity coming to market this week comprises four key town centre sites: St Nicholas Shopping Centre, Sutton Civic Centre, Gibson Road Car Park and the vacant Secombe Theatre. Together they will create 10 acres of opportunity with capacity for around 1,000 homes, 180,000 sq ft of commercial space as well as a new Civic Hub.

St Nicholas Centre was acquired by the Council in August 2021, giving them control of a key strategic asset within the town centre to enable development in line with its regeneration ambitions which have already seen the delivery of co-working hub Oru Sutton. Proposals for a comprehensive mixed-use scheme on this land, which will include a new and fit-for-purpose Civic Hub, will allow the release of the current Civic Centre site.

Councillor Ruth Dombey, Leader of Sutton Council, said: “This is a major opportunity to implement the Council’s plans for creating a vibrant, sustainable town centre, making the most of our town’s transport connections, links to London and status of the world-leading cancer research campus.

“We are ambitious for our borough and our residents. Sutton is an exciting place to invest in and create the sustainable jobs, workspaces and homes that our residents and businesses deserve and want. There is a real buzz about the exciting changes we are starting to see in Sutton town centre, and we want to build on that positivity and momentum.

John Percy, Partner at Montagu Evans, said: “LBS is seeking a partner that will help create a distinctive identity for the town, bring forward a diverse range of uses and increase accessibility. This is a significant opportunity to deliver a new Civic Hub together with new housing, retail, leisure and community space, enhancing the existing centre and its public realm and supporting economic resilience.

Click here to see the brochure >>

Click here to register your interest >>

 

West London NHS Trust (the “Trust”), advised by planning and development consultancy Montagu Evans, is bringing to market the old Broadmoor Hospital site in Crowthorne, Berkshire, presenting a significant development opportunity to create a thriving ‘new working village’ amongst the leafy Berkshire countryside.

The development opportunity, which will be residential-led, comprises circa 60 acres within the former secure perimeter wall, including approximately 100,000 sq. ft. of Grade II listed buildings, which include a chapel, kitchen garden and expansive terraces. The site boasts exceptional three-county views across Berkshire, Hampshire and Surrey.

This site has been adopted into the local plan, underpinned by a masterplan created by BDP in 2011 that included 210 new build homes, 60 apartments for later/supported living, a 60-bed care home and 4,200 sq. m. for an R&D facility.

In addition to this, there are also circa 32 acres outside of the secure perimeter to be allocated for Suitable Alternative Natural Greenspaces (SANGs) – one of the Thames Valley’s Special Protection Areas to mitigate against the development of the surplus former hospital site.

Award-winning architecture practice LDA Design has prepared a revised residential-led masterplan for the site, which includes between 251-332 new build homes, 33 later-living apartments, 56 converted apartments within the Grade II listed building, a 60-bed care home and flexible workspace. Owing to shifting market conditions and requirements, the R&D facility is no longer deemed a priority by the Trust.

The historic Victorian facility, which dates back 160 years, was replaced by a modern building and grounds on a secured, screened, adjacent site, with the new hospital opening in December 2019.

Vanessa Lee, Head of Property & Major Transactions at West London NHS Trust, comments: “The old Broadmoor Hospital site represents a rare and significant opportunity to deliver a thriving new working village that is respectful of the site’s heritage, yet fit for the needs of modern life. We envisage a healthy new and diverse community with homes to suit differing needs from first-time buyers to retirees and amenities that allow the village to be largely self-sustaining.

“The combination of restored Victorian buildings with exceptional countryside views, gardens and contemporary housing, all with easy access to nature, makes for a highly compelling proposition.

Howard Williams, Partner at Montagu Evans, adds: “This is a rare opportunity to bring forward a major Thames Valley site for high-quality residential redevelopment. The launch represents the culmination of years of hard work between the Trust and the wider project team, and we look forward to exploring meaningful opportunities with interested parties who can appreciate this new vision and future direction.

For further information regarding the commercial opportunity, please contact Howard Williams at Montagu Evans: howard.williams@montagu-evans.co.uk  or 07825 114 879.

Planning and development consultancy Montagu Evans has this week welcomed its 2023 early careers cohort.

15 new graduates have joined the partnership to work across the business’s key areas, from planning and historic environments to advisory and agency roles.

With dedicated support in the form of managers, mentors and ongoing training, all are continuing a qualification pathway, and the firm has a robust and market-leading programme in place to help them in their ongoing development and growth as young professionals.

This year’s new recruits are: Luke Audis, Harry Beveridge, Zahra Bhojani, Paloma Calvert, Ed Elliman, Matthew Fitzgerald, Tobias Johnston, Harry Lloyd Jones, Sophie Kenworthy, Oliver Moir, Alex Nesti, Tom Pitts, Tami Raji, Xanthe Sloane and Nathan Wilson.

Victoria Thompson, HR Director at Montagu Evans, said: “We are very pleased to welcome this talented group of young professionals to the partnership. Throughout the application process, they have impressed us with their attitude, capability and potential, and we have recruited from a wider range of higher education institutions and courses than ever before.�?

In addition to these graduate appointments, Montagu Evans offered 13 intern places this year – its largest intake to date – including three students from the 10,000 Black Interns programme and two from 10,000 Able Interns, as well as others applying through its website. For the first time, the planning and development pathway was offered to provide interns with a wide grounding in the partnership’s specialist areas.

Click here for more information on our Early Careers programmes.

 

Planning and development consultancy Montagu Evans has appointed Jon Neale as Head of Research & Strategic Insight.

From 4 September this year, Neale will take on a firm-wide role providing market analysis, social and economic insight and strategic advice to support the full spectrum of the partnership’s clients, including Aviva Investors, U+I, Network Rail and Homes England, in making decisions around future opportunities, risks and impacts.

He joins after 12 years at JLL, including a decade as head of UK research and strategy. His previous roles included Head of Market Intelligence at the then Homes and Communities Agency (now Homes England).

The appointment also follows Oli Pye joining Montagu Evans as Head of Sustainability in February. Both are newly-created roles within the firm’s Strategic Advisory team designed to build further on its strategic consulting, economic development and social value capability and support wider client activity, from retrofitting and repurposing assets in a way that optimises value to unlocking regeneration in brownfield sites across regional cities.

Jenny Rydon, Partner at Montagu Evans and head of its Strategic Advisory team, said: “Current market conditions mean most of our clients are facing significant planning and development challenges, and we want to find ways to simplify, make it easier, and help solve problems quickly.

“Our recent appointment to support the GLA at the Royal Albert Docks and work with CTI at London Stansted Airport demonstrate that clients value our ability to bring together experts from across the partnership, who understand the broader economic landscape, to combine strategic advice with practical support to unlock these challenges.

“Jon is an important hire, at the top of his field, who fills a gap in the market for independent, thought-provoking planning and development insight as we help public and private sector organisations navigate changing landscapes.?

Jon Neale added: “More than ever before, real estate decision-makers need to incorporate a huge range of social, economic and environmental factors in their thinking, with a clear fix on future risks and impacts as well as emerging opportunities.

“This new role will involve applying these insights to areas that I am particularly passionate about, from reinventing town centres amid rapid structural change or repurposing and upgrading our building stock through to Britain’s chronic housing crisis. I can combine this with a clear focus on supporting businesses engaged with and open to these challenges – there is enormous potential here, and I’m looking forward to getting started.

 

London Square, advised by Montagu Evans, has been given the go ahead by LB Wandsworth for the final residential phase of the outline planning permission at Springfield University Hospital.

This phase will deliver 253 new homes in a range of sizes and tenures (including 43% affordable) set within hard and soft landscaping.

London Square Earlsfield, as it will now be known, has been designed by Assael Architecture for London Square, with high-quality new homes using brick and other materials designed to complement the Grade II listed Springfield Hospital building and the new public park, with a series of park-facing detached and semi-detached houses and apartments. New public squares, courtyard gardens and new streets will provide a green and attractive setting.

The wider Springfield Hospital outline planning permission will deliver a new state-of-the-art mental healthcare facility, with over 800 new homes in total (262 within the Grade II listed Main Building) and the creation of a 33 ha publicly-accessible park.

Adam Lawrence, Chief Executive, London Square, said: “The Springfield Village masterplan is transforming the Springfield University Hospital site. We are delighted to receive approval to build new homes of exceptional quality, responding to a range of housing needs, from affordable, supported living to private for-sale homes to first-time buyers and families. We look forward to continuing to work with the London Borough of Wandsworth and South West London and St George’s Mental Health NHS Trust on the delivery of this final stage in the evolution of Springfield Village.

Anna Russell-Smith

, Partner at Montagu Evans, said: “This reserved matters decision unlocks the delivery of the final phase of new homes approved under the outline planning permission. It represents an important milestone for the redevelopment programme overall, as well as continuing to provide both private and affordable housing within the area.

“The high-quality design approved by the LB Wandsworth carefully considers the site’s context, including the setting of the Grade II listed building, historic park and garden, as well as its location, in part, within the MOL.

Montagu Evans has advised on planning throughout this process as advisors to both the Trust and London Square; its Historic Environments and Townscape team supported the site’s heritage elements.

 

 

 

 

 

 

Montagu Evans has appointed Industrial and Logistics specialist Luca Nardini as a Partner, expanding its team and increasing the partnership’s capability in this sector.

Luca rejoins the business following time as Development Manager for Taurus Developments. He was previously an Associate at Montagu Evans for six years.

In his new role, Luca will focus on agency and development funding, working with colleagues from across the partnership to provide integrated sector-specific advice – from planning and development consultancy to valuation, leasing, lease review and rating.

Montagu Evans has recently advised Boreal JV on the acquisition of Thames Gateway Park in Dagenham, the largest property in a £145 million three-asset portfolio deal agreed late in 2022, as well as purchases for Mileway in Hounslow and Clipstone in Ashford. It is currently leasing assets across London and the South East for ABRDN, Boreal IM, CBRE IM, Prologis and Segro, as well as advising Bloom on occupational requirements. In January this year, its planning team supported Columbia Threadneedle in securing consent for a major logistics and business hub next to Stansted Airport.

Gerry Young, Partner at Montagu Evans, said: “Luca is already very well-connected, with the ability to provide top-quality opportunities and advice to clients. He now returns with greater exposure to the development market and additional funding experience, which will knit well with our wider team. We are very pleased to welcome him back.”

Check out Luca’s profile here.