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7th July 2006

BLUEMANTLE’S STABLE DEALS

Cheshire based investment and development company Bluemantle has completed a hat trick of deals in the South Manchester office market following recent sales/lettings at The Stables and Lombard House as well as its acquisition of the former Cheadle Institute.

Bluemantle has sold five of the six units at its popular East Didsbury office scheme, The Stables, achieving over £300 per sq ft. Jones Lowndes Dwyer is the latest occupier and is set to take 1,744 sq ft.

The Stables, which totals 10,352 sq ft, is a refurbished, self contained office scheme situated adjacent to the highly successful Parrs Wood Entertainment Centre and offers occupiers the chance to buy or rent unique self contained offices within a pleasant courtyard setting. Constructed in the late 1800’s, Bluemantle acquired the premises eighteen months ago from X Leisure. It subsequently carried out an extensive refurbishment to provide six contemporary, high quality offices ranging in size from 336 sq ft (31.2 sq m) – 10,352 sq ft (961.7 sq m) whilst retaining many of the buildings’ original features. Only one unit of 3,095 sq ft (288 sq m) now remains. Matthews & Goodman is the joint letting agent.

Charlie Williams of joint letting agents Berkeley Brown commented: “We are delighted with the success of this scheme and have had significant interest in the remaining unit. The continued low cost of borrowing with a preference for local and regional occupiers to buy rather than let smaller units has meant that the owner/occupier market continues to thrive in South Manchester.”

Mark Caldwell, Chief Executive of Bluemantle, said: “The success of The Stables has encouraged us to look for similar redevelopment opportunities in the South Manchester area and as a result we have just completed our acquisition of the former Cheadle Institute. We have already started an extensive refurbishment of this building to provide over 7,000 sq ft of office accommodation in an attractive and accessible location. This latest acquisition reiterates our intention to bring forward our existing £100 million development pipeline over the next five years.”

Bluemantle’s success in the South Manchester office market was re-affirmed by the letting of Lombard House – a 17,190 sq ft modern, three storey office building located on Carrs Road, close to the A560 in Cheadle. Countrywide Estates has agreed to take the top floor whilst the remaining ground and first floors have been let to Lambert Howarth.

Mark added: “Lombard House is a good example of our belief in matching the level of refurbishment and rent to occupier demand in a particular area. We are pleased that the building is now fully let and look forward to carrying out similar projects in the future.”

Based in Alderley Edge, Bluemantle is a family run business established by Jim Caldwell more than twenty years ago. Originally specialising in industrial break-ups, it has now successfully diversified into office, retail and residential development, investment and asset management whilst retaining its focus on the North West.

Berkeley Brown acted on behalf of Bluemantle in the acquisition of Cheadle Institute and the acquisition and letting of Lombard House.

For further information please contact:

Anna de la Perrelle PAPR LTD. 0161 209 3443 / anna@papr-uk.com