At the end of the year – it seems only apposite (if somewhat cliched!) to engage in a retrospective of the year. However – as we will soon be awash with commentaries on the property market at large over the last year, I want to take the time to engage in looking at what Manston has undertaken this year, and re-iterate my thanks to all those whom have made it possible.

2025 has been the most active year for Manston in recent memory (certainly in my recent memory!) – both in terms of quantity of work, but also in terms of concrete achievements. And as all business-people know (perhaps those in CRE investment more than any!) – quantity (and quality!) of work does not always lead to results!

Manston has, however, achieved a huge amount this year:

We have acquired, across 4 transactions, some 12 units:

• Units 16, 17a, 17b Staverton Industrial Park, Bamfurlong, Cheltenham
  • Great small industrial units let to Screwfix , PACE Manufacturing Ltd and Boels Rental

• ‘The Old Buttercross’, Rutland
  • Our first foray into pubs in some 20 years – let to Marston’s PLC, and perfectly situated on the outskirts of Oakham, opposite the Rutland Show Ground.

• Units 26 and 26a Cottonbrook Road, Derby
  • Core-industrial units in Derby – let to McDonald’s and Alliance Automotive Group UK & Ireland

• Units 5-9 Long St., Hoxton
  • 6 High-Spec fully furnished office units a stone’s throw from the City – our first London acquisition – let to some great creative & innovative firms: Partizan, Appetite , And Rising and Neara, who we are really looking forward to working alongside into the future.
  • (get in touch with Rob Elman at BELCOR , or Jessie High at Fisher German LLP for the final unit!)

Respectively – our thanks for invaluable buy-side agency advice on these must go to Andy Price of AP Investment , Stephen Moore of Sampson Moore, Phil Randle of Salloway Property Consultants and Sam Peters & Simon Eddy of Fisher German LLP . Here also must thanks be given to Duncan Bedhall Manston’s Investment Property Consultant – who works tirelessly to review and examine prospective acquisitions alongside the Property Department to ensure that we know precisely what we are buying and how this fulfils our strategic and tactical aims.

These acquisitions have done wonders to re-balance our portfolio, increase our core industrial exposure, lengthen our WAULTS and provide exposure to the City-adjacent market in London. Transformative doesn’t quite do it justice. Manston entered 2025 in a strong position – we leave it in an exceptionally strong one!

We have reviewed countless more opportunities over the year – a number of which we actively pursued, but ended up losing out on. This is always disappointing, but a part of life! Pleasingly though – we feel as though those that we do bid on, we are putting forward sensible, competitive offers and continuing to mark our card as serious market players. To those agents (and other introducers) who we haven’t managed (yet!) to complete a deal with, we look forward to continuing to work together – and will provide an update on our acquisition strategy in the New Year. In particular, we would want to thank:

• Joseph Reece MRICS of Ereira Mendoza
• Bethany Popple of JLL
• Luca Scimeca of Avison Young │ UK
• David Tew MRICS of Savills
• Caleb Parker of Brave Corporation
• Barry Riley of 23; and
• Ben Gillen of Front Foot Capital

They all keep my inbox suitably full of interesting opportunities to review – and I hope they can all forgive both my reticence to over-bid against our opening gambit and our pickiness in only acquiring what we consider to be the ‘right’ assets!

We have also succeeded in disposing of a number of non-core investments this year, having sought to position them for maximum value – here, we must thank Miles Youdan, Lucy Johnson and Charles Warrack of Fisher German LLP, and Charles D’Auncey MRICS of Harris Lamb. In a market that is still selective in what it seeks to acquire – they have done exceptional work in disposing of four assets at a total value far in excess of our internal valuations through carefully curated competitive processes. Continuing a very pleasing streak of internally valuing assets both conservatively and pretty deuced accurately, I am delighted that all sales this year have either met or exceeded our book values (even though one by only £101.00!) – for an average realised gain on book value of 4.5% – pats on the back all round!

We have also refinanced and extended our debt facilities – consolidating our existing loans, and extending the quantum to enable the acquisition of The Old Buttercross in Oakham, and 5-9 Long St., Hoxton. Sincere thanks must go to Paul Richardson, and his team at Handelsbanken, Nottingham Ropewalk. Paul is absolutely one of those professionals who is a joy to work with – solution focused, flexible, commercial, dedicated and patient; weeks go by where I must speak more often to Paul than to my own mother! It is a continued pleasure to work with Handelsbanken, and I look forward to working more closely still with them next year, and beyond.

Ensuring that we keep our lawyers as busy as possible – we must thank – also Trish Kempson of HCR Wright Hassall, now of Lanyon Bowdler), and the team at Landsmiths Solicitors (particularly Rachael Briggs, Fiona Thompson-Butler, Edd Drury & Vik Moothia) who have fundamentally operated as an internal arm of Manston this year, what with the quantity of work we have given them – and which they have completed in truly admirable fashion. Being an ‘escaped lawyer’ myself – I am grateful for their seemingly infinite patience with me, and the tenacious manner in which they approach their work.

On top of this – we have also engaged in numerous renewals of leases, re-gears, chargings of security – some straightforward, some less so! I would also particularly like to thank Victor Ktori of Savills, here. The valuation of our Swain’s Park site was not the most straightforward endeavour, and we look forward to completing this work in the New Year!

When it comes to keeping on top of our portfolio and ensuring that it remains in optimum condition – we couldn’t do without Callum Kenny and colleagues at Grove West Property Consultants Limited – whom we have certainly kept busy this year in both routine surveys of our existing estate, pre-acquisition surveys on targets and a large-scale project at Manston Towers in Ashby.

With a couple of projects on the go in the realms of Solar – I must thank Rupert Harrow, @Nick Scott and Ingrid O’Donnell from Footprint Zero who have provided valuable advice on both our existing renewables estate, and also our proposed expansions of this – hopefully more to report on this in 2026.

In advising on some ‘special projects’ which will hopefully take more form in 2026 – I would also like to thank Adam Finch of HCR Wright Hassall and Dr Chris Stears of Edmund; also Matt Hutchinson, Mark Hook and the rest of the team at The Rowleys Partnership Ltd – who are always ever too happy to advise on our evolving accounting requirements.

Finally – I must thank (again) all the Manston staff who ensure that all of the above happens, seamlessly – integrating the input of so many professional advisors, managing the output, listening (seemingly patiently) to my ideas. Without Lynne Archer , Joanne Bayliss, Vicki Hall and Rebecca Roberts – the firm would most certainly not have achieved all the things that it continues to achieve.

I won’t say that there is a cast of thousands – but there is certainly a wide assembly of stakeholders, without whom Manston would not be where it is today. We consider ourselves lucky to work with you and look forward to continuing to do so well into the future.

See you all in 2026!