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The facts are that the huge amount of speculative commercial development has not taken place as happened in the late 1980’s (the same cannot be said for high value residential town centre schemes) and certainly the demand for freehold commercial property is still very good.

Truth be told regardless it makes waiting House Conveyancing inquiries in the personalities of numerous and particularly new land business contestants. Occupation of investment properties is not guaranteed and the opportunities to re-let secondary properties in a more bearish market might prove limited. The facts are that some of those companies that have been riding the crest of an economic boom have already had their wings clipped as evidenced by the high profile failures within the technology sectors.

Serviced office provider Gainsborough Group has been named as the nineteenth fastest growing British company in the ‘Sunday Times Virgin Atlantic Fast Track 100′ survey. The Fast Track 100 is described as the definitive league table of Britain’s fastest growing unquoted companies and the final 100 companies were selected from a database of one million businesses. Tenants up and down the country are expected to benefit from more flexible rent reviews after the Government recently accepted the recommendation of the Interim Working Party of Property Industry Organisations which stated that rent reviews should generally be to open market rent.

Jenny Rodericks, Associate Partner in Drivers Jonas’s Landlord and Tenant team states: ‘Any suggested changes to the Government’s code need to be implemented before we see any major changes in the market place, But all parties need to be aware of the choices that may now be open to them and the costs associated with them. Whatever happens, we are lilfely to see more rent reviews in coming years rather than less. Drivers Jonas’s latest West End Crane Survey for Mayfair and St James’s confirms that, despite the economic downturn and market uncertainty following 11 September, the level of development activity in the area has remained constant over the past six months.

It also predicts that the industry should see an increase in the number of deals being undertaken early in 2002. The survey confirms that while there has been a relatively low level of construction activity within the core area, there has been improvement in the amount of completed developments in the past six months. A total of 32,000 sq m (344,400 sq ft) has been built, up from 25,000 sq m (269,000 sq ft) in March. Consequently Drivers Jonas anticipate that there will be little or no over-supply of Grade A stock in Mayfair or St James’s in the foreseeable future.

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With regards to rents, the survey states that letting activity of all grades of offices has been markedly reduced. While top rents have been hovering around the £80 per sq ft mark (compared to the high of around £87.50 per sq ft), deals on the majority of Grade A offices in the better locations are now being concluded at around the £60-£70 per sq ft.

Shorter leases and breaks are also starting to be requested by those seriously looking to relocate. Paul Glinsman, West End Agency Partner at Drivers Jonas concludes: ‘Since September 11 the slowdown in the market has been even more pronounced but, despite this, the fundamentals remain strong. But we are encouraged by, the number of organisations that we talk to every day which say that they are starting to feel a bit more confident about the future. Many plan to review the situation early next year and we should start to see an increase in the number of deals being undertaken – it won’t be boom time, but hopefully enough to stop people talking the market into recession’.

Commonly referrerd to as Section 106 agreements, planning gain has, till now, been restricted to associated improvements or cash payments associated with an application in hand that would facilitate the development being proposed. It is now proposing to relax these restrictions, to allow applicants and developers to provide general contribtions which will have a general community benefit, irrespective of what is being proposed within an application. Drivers Jonas, chartered surveyors, has one of the largest planning and development team’s in the UK with major clients within both the public and private sectors, as well as many Government departments.

Chartwell Land has recently acquired the freehold interest in the B&Q and Halfords at Cannon Lane, Tonbridge from Hermes Property Asset Management for a price of £9million. This reflects a net initial yield of 6.05% and an equivalent yield of 7.38%. The property comprises two retail warehouse units of 3,580 sq. m (38,537 sq. ft) and 1,692 sq. m (18,209 sq. ft) let to B&Q and Halfords respectively with unexpired terms in excess of 20 years, providing a very strong base for future rental growth. Colliers Conrad Ritbiat Erdman acted for Chartwell Land whilst Healey & Baker advised Hermes.

In August, Chartwell Land acquired the freehold interest in the London Road Retail Park in Crawley, from MEPC, for £21 million and in Sidcup, purchased the freehold interest in a B&Q Supercentre store from Equitable Life, for a sum of £9.5 million. This extended contention can add to the lower expenses of online conveyancers, also suggests that there is more choice open to you. Chartwell Land proposes to develop a 10,684 sq m (115,000 sq. ft) flagship B&Q Warehouse on the site.

This year has seen a total of £75 million committed by Chartwell Land’s investment team including purchases in Sidcup, Grimsby and London Road Retail Park in Crawley. In addition, Chartwell have secured a number of new development projects at Cribbs Causeway in Bristol, Thurrock and Culverhouse Cross in Cardiff. At a purchase price equating to over £2m per acre.

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hartwell Land has also signed a deal with Tranville Developments to forward fund the development of a B&Q Warehouse and Halfords unit at Sheepfold Street, Grimsby. The £18m scheme provides for the redevelopment of the existing B&Q Supercentre and Halfords units, and will provide a 9,569 sq m (103,000 sq. ft) B&Q Warehouse, together with a fully fitted Halfords unit of 697 sq m (7,500 sq ft).

Earlier in the year Chartwell Land and Grantchester swapped properties in Cardiff and Norwich which resulted in Chartwell Land purchasing a nine-acre site at Culverhouse Cross, Cardiff from Grantchester. The site is being redeveloped to provide a new 9,197 sq m (99,000 sq ft) warehouse that has been pre-let to B&Q. The purchaser is a private overseas client of Andrew Barrs & Co, and Andrew Mayer Associates; the deal reflects a net initial yield of approximately 9%.

The Ericsson Building was developed in various phases between 1986 and 1992 and comprises a combination of offices and research & development accommodation, extending to approximately 14,319 sq metres (154,134 sq ft). Upon disposing of the freehold interest, Ericsson Limited simultaneously entered into a new full repairing and insuring 12-year lease at a commencing rent of £1,850,000 per annum, equating to approximately £129.17 per sq m (£12 per sq ft) overall.

The purchaser is a private overseas client of Andrew Barrs & Co, and Andrew Mayer Associates; the deal reflects a net initial yield of approximately 9%. The Ericsson Building was developed in various phases between 1986 and 1992 and comprises a combination of offices and research & development accommodation, extending to approximately 14,319 sq metres (154,134 sq ft). Upon disposing of the freehold interest, Ericsson Limited simultaneously entered into a new full repairing and insuring 12-year lease at a commencing rent of £1,850,000 per annum, equating to approximately £129.17 per sq m (£12 per sq ft) overall.

In this way, before you begin considering doing the conveyancing yourself, we should take a gander at a few reasons why you ought to utilize a skillful conveyancing firm to do the employment for you.  Nelson Bakewell and Morgan Pepper represented Frogmore, who are now marketing four other small units (ranging from 1,500 square feet to 3,000 square feet) on the ground and first floors.

Redhouse Projects Ltd, a Teesland Group plc (Teesland) and Clugston Estates Ltd (Clugston) joint venture has let a 234 sq m (2,518 sq ft) modular unit on a thirty-year FRI lease, at a rent of £50,000 pa to McDonalds Restaurants Ltd. This modular unit at Redhouse Interchange is amongst the first of a new type. The infrastructure works for the business park have started and the completion date for McDonalds is scheduled for March 2002.

 

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The letting to McDonalds is the first in the business park and is expected to provide around sixty jobs in the locality. It follows two recent deals on the distribution park to DFS Furniture and Nu-Tool. Additionally, Redhouse Interchange has received outlined consent for restaurant, pub and hotel uses.

 

This letting is key to Redhouse Interchange, as it opens up the site to a host of opportunities by providing the first stage of infrastructure to the office park. The site as a whole benefits from direct access to the A1(M) as well as a large local labour pool. DTZ Debenham Tie Leung and Knight Frank acted for Redhouse Projects Ltd and are also retained for the office lettings. McDonalds represented themselves. Continuously procure somebody with an effective foundation of exchanges that’s what settlement agents in Perth offers.

The Manchester office of Edward Symmons & Partners and joint agents, Morgan Williams, have sold Persimmon House, Stockport to Wm Morrison Supermarkets. The modern three storey office block, situated at the entrance to the Cheadle Heath Retail Park and fronting on to Stockport Road, extends to 743.2 sq m (8,000 sq ft) on a site of 0.38 acres with extensive parking to the rear. The offices are in an excellent location, with the M60 and M65 close by, the recently extended Manchester Airport lies within five miles and Stockport and Manchester City Centres are within two and six miles respectively.

The visible assurance provided by the NALS logo gives prospective landlords and tenants the confidence of knowing the service they can expect from dealing with us, said Hodgson Elkington partner, Sam Elkington. Chapel House extends to some 19,936 sq ft , and is let to Rank Hovis Ltd, with a guarantee from Rank Hovis McDougall Plc until November 2015.  Slough Estates, represented by its joint letting agents Healey & Baker and Brasier Harris, is due to announce the letting of the former Next unit in the near future.

Let to seven tenants on nine leases, the total gross mpassing rent of £433,960 per annum equates to £247.57 per sq m for the offices (£23 per sq ft), which compares with an estimated rental value of £323 per sq m (£30 per sq ft). Acting on behalf of Haslemere Estates, joint agents Culverwell and Company and Healey & Baker have let unit L2A Princes Mall, Edinburgh to specialist jewellery retailer ReSpective.

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The company specialises in sterling silver jewellery and accessories for women, and has chosen Princes Mall for its first Scottish outlet. This is the latest in a long list of new lettings which have recently happened in the centre, and it is positive to see that we are able to build on the recent successes. Masterplanned by BDP, with a new Harvey Nichols store and ten retail units designed by BDP, and a residential development at No 1 Deansgate by Ian Simpson Architects, the scheme will complete the transformation of the former Shambles West development in the city centre.

The scheme has been developed in close co-operation with the City and with Harvey Nichols, together with Crosby Homes and the adjoining Marks & Spencer development which shares the service access. Clad in natural stone, double height shopfronts animate the street frontages and projecting screens of terracotta cladding articulate the upper storeys. An expressive zinc clad projecting cornice completes the roofscape. On the off chance that you have any inquiries address the specialist/authorized conveyancer like Enact Conveyancing Company Brisbane who have given the quote.  The new Harvey Nichols Department Store shell will be complete at the end of 2002 and is due to open in 2003.

The National Care Standards Commission is taking a 10 year lease on a large two storey office building within the recently completed first phase of Lincoln’s new £5 million office park, The Point. The complex which, whilst designed and built speculatively by Nottingham based Bournston as a potential HQ building, proved to suit The National Care Standards Commission requirements very closely. This is a great feather in Bournston’s cap and vindicates the decision to proceed with the development of The Point, said Hugh Dibley, who is in charge of the project.

The completion of the first phase of The Point marks a significant milestone in the development of the city’s first large scale out-of-town office development. The first occupant, recruitment specialist Russell Moore and his team from Executive Network have now moved in to the high quality office development. The opportunity to buy a small, self-contained, state-of-the art office building with air conditioning and all modern amenities is unique in Lincoln and proved very appealing, said Mr Dibley.

The Point is a three-acre development on Whisby Road close to the Lincoln bypass and will be the largest office park Lincoln has ever seen. A speculative development of this size was a brave move for Bournston but their confidence in the commercial property market has been born out by the success of this scheme, said Daniel Race, of chartered surveyors, Hodgson Elkington. To have over half the initial phase sold, let or under offer before completion of the development also reflects the quality of the development and its location, added Mr Race.

We had been aware of the need to provide office accommodation in Lincoln for some time and had been looking at several potential sites. This is the first purpose-built out of town office park for Lincoln and it addresses the hitherto lack of good quality office accommodation available to businesses wanting to establish a base in the region and for others wishing to relocate he added.

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This is the first major development in Lincoln by Bournston, which as a group of companies has been responsible for several recent major developments in the East Midlands and Yorkshire, including the refurbishment and conversion of Town Wharf and Dobson’s Quay at Newark, the redevelopment of Sheffield City Council’s former works depot into student accommodation and the company’s flagship conversion of a 1970’s office building into 68 luxury apartments in Nottingham.

Contributing factors include the use of standardised contracts and documentation, simple and straight-forward handling of mortgaging and title registrations, and non-bureaucratic public authorities. The survey includes transactions with a minimum size of SEK 300 million (EUR 33 million). In addition, six listed property companies were acquired in deals worth SEK 44 billion (EUR 5 billion). In 2001, the number of large property transaction deals was 39, and the total value of transactions was SEK 36 billion (EUR 4 billion).

Warner Estate has recently agreed to purchase a £26.75 million office complex in Edinburgh from clients of Bilsdale Properties and a £97 million portfolio of properties from Moorfield Group. The latter includes a £26 million office and leisure complex in Kingston, Surrey; the Cavern Walks complex (which includes the world famous Cavern Nightclub) in Liverpool, a leisure complex in Blackpool and four regional office properties worth £56 million in Bournemouth, Leeds, Solihull and Redhill.

Our property focus has fully shifted into the commercial sector and, due to recent acquisitions we have need for additional specialist Asset Managers to ensure that we are maximising the portfolio returns. ATIS Real Weatheralls has been awarded a major instruction, as part of a specialist team, to provide regeneration and development advice to a grouping of Lille Métropole Planning Department, The canal is being restored to navigation, opening up a cross-border link from the Deûle in France to the Scheldt in Belgium.

The consultancy role is part of a joint project with French sister-company ATIS Real Auguste Thouard, British Waterways, Euromapping, Beckett & Co and Land & Water Consulting. ATIS Weatheralls  task will be to look at ways of improving the environmental quality of the canal and to identify development opportunities at up to 30 sites along its banks. Still if you get confused you can go with E Conveyancing Company Melbourne.

Jeremy Edge, director   regeneration at ATIS Weatheralls, says:  The UK connection was particularly appealing to Lille Métropole, since it is keen to replicate the success of schemes such as Brindley Place in Birmingham and Limehouse Basin in east London. The French canals should not be confused with the likes of the Grand Union canal in England   they are larger, and provide more water space and more public land lending itself to development.

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This is an important instruction and could open the door to many more such projects across France s vast canal network,  adds Edge. It is the first time an architect has been appointed to the post, which traditionally leads to the presidency of the organisation. Ogg has been a BCSC board member for the last five years.

 

He grew up in Kingsley, Cheshire, where his parents still reside and now lives in Wakefield, West Yorkshire. It s a great privilege to take on this role within BCSC at a time when urban design is extremely high on the national agenda. Your conveyancer like best conveyancing in Sydney will raise any enquiries with the merchant’s conveyancing supplier, before sending you a report containing data about the title and a preparatory draft of the agreement.

Newer shopping centres throughout the UK are no longer just retail destinations but they serve as community focal points and provide the hub for new neighbourhoods. We re at last at a point where the retail property industry is acknowledged as the sparkplug for the regeneration of town and city centres and that means BCSC has an ever increasing role to play in the future shape of our towns and cities.

The construction of SP33, the largest speculative office building to be developed in Welwyn Garden City for over a decade, has just been completed and provides 3,269 sq m (35,190 sq ft) Grade A office accommodation together with 141 private car parking spaces (1:250 sq ft). Shire Park has seen some significant deals in the last quarter, including the purchase of 10 acres adjoining SP33 by Roche (the Swiss pharmaceutical company) and the acquisition by an owner occupier of the last remaining undeveloped plot on the park.

The result is that Shire Park has fully matured and consolidated its reputation as one of the best business parks in the South East. This development by Bell Hammer and funded by clients of Baring, Houston & Saunders a member of ING Real Estate has been designed to the highest specification and offers an excellent opportunity for companies seeking a headquarters facility on one of Hertfordshire’s premier office parks.

While both London and Tokyo have seen a decline in rents over the year, London has still increased its lead over the other cities. Old economy occupiers for example have been more active in some markets and a less competitive leasing market has reduced the threat of over-heating which was clearly present in a number of areas in early 2001.

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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.

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The company, a member of Compass Group PLC, which owns international food brands including Caffe Ritazza and Upper Crust, has taken the unit on a 20-year lease at a rent of £70,000 per annum. Located on the upper level of the centre close to Tesco and Sega Park, the unit is currently undergoing a fit out in the style of a contemporary ‘American diner’. Select Service Partner will launch this – its 50th UK Burger King restaurant – with a grand opening at the centre on Saturday (1.4.00), creating 30 full and part-time jobs.

Tax Depreciation is a pay charge induction that permits a local to recuperate the expense or different reason of certain property utilized as a bit of business, over a certain time of time.  Securing the best possible location for our Harlow restaurant was of paramount importance to us. The Harvey Centre embodies our requirements perfectly, offering a superb unit situated within the heart of a busy and fully occupied shopping centre.

Letting agent Dalgleish & Co acted on behalf of GPE, while Select Service Partner Limited was represented by Harper Dennis Hobbs. The £85 million redevelopment site will total over 370,000 sqft (gross) and include 12 new retail units, two kiosks, a new foodstore totalling over 22,000 sqft, five new restaurants, a 12 screen cinema and a 38,000 sqft health club. The scheme has attracted substantial interest from well-known retailers and Pillar expects to announce an impressive retail line up in due course. Key anchor tenants that have already been secured for the site include Wamer Village Cinemas, Sainsbury’s Central and David Lloyd Leisure, which will develop a health club, including swimming pool, gymnasium and exercise studios.

The demolition work is not expected to cause any disruption to the local transport systems and should only have a minimal temporary impact on traffic. Strong interest has already been received for space at this extensive regeneration site and we are confident of the significant impact it will have in terms of the commercial value of the area and the quality of services for local residents.

“These are exciting times: we had planned to extend our operations into this region by 2000 and we are on track to achieve our target. This property is a crucial element of our plan for the North West, it will represent a very strong foundation on which to build and we are looking forward to developing our presence here and to working with people in the area.It is already home to Bank of England, Chubb Insurance of America and NM Rothschild & Sons.

The Manchester office forms part of a major expansion of Merrill Lynch’s private banking business in the UK. The firm has existing operations in London, Edinburgh and Newcastle and plans to open further offices in Dublin, and Leeds. There are six residential apartments totalling 1, 512 sqm (16,270 sqft) on the sixth and seventh floors of Stirling Square. Three of the apartments totalling 784 sqm (8,439 sqft) have now been sold at a total of just over £10 million which equates to an average sales price of £1,190 per sqft.

 

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