A monthly e-newsletter covering Industrial, Commercial & Retail Property, in North Oxfordshire,

Acquisitions: Sales: Lettings: Lease Renewals: Rent Reviews: Planning: Rating: Management

Spring has brought life back not only to the beautiful countryside in which I have the privilege of working, but also I believe there are more people in the market than there have been for some months. Admittedly retail rents are continuing to fall and the major retailers, if they are not already contracting, are thinking of doing so, but on the industrial side there really is new life.

Thorpe Drive, Banbury: In the last month we have completed the sale of this freehold premises - see http://www.centre-p.co.uk/Newtown%20Vehicle%20Rentals.pdf . Originally on the market at £520,000 I think both the vendor and the purchasers believe they have done well; a sign surely of a satisfactory deal. There were, as you would expect in these interesting economic times, some hurdles to be jumped by the purchasers as far as the bank was concerned, but as all parties acted professionally and in good faith, the deal was completed, a testimony I hope to the work of Bankier Sloan as well as the two solicitors involved, Robert Jackson at Bower & Bailey in Banbury, and Robert Davies at Davies Murray White in Stratford-upon-Avon. Thank you gentlemen.

Letting of Unit, Bodicote: The 2,400 sq ft warehouse we have been marketing for some months in Bodicote has now been let with completion having taken place and the tenant due to move in this week.

Brackley: Not suprisingly (as far as we are concerned) we have generated good interest for a freehold on Boundary Road Industrial Estate. Unit 8c may be mid-terrace, may be 20+ years old, but is still fantastic value at £115,000 for 2,300 sq ft of industrial space - see http://www.centre-p.co.uk/Brackley.pdf.

Legal Fees: As many of you will be aware it has been our practice to insist that purchasers or prospective tenants pay legal fees in advance. The fee is to be paid as solicitors are instructed and this concentrates the mind of both our clients and the purchasers/tenants. All our details make it clear that this commitment is required and I know over the years it has saved a considerable amount of hassle, grief and uncertainty as far as our clients are concerned. It is a practice we will continue to operate and we understand the many solicitors with whom we now work also find it helpful. Everybody knows the parties involved are serious once legal fees have been paid.

Regional Property Helplines: 01869 338866 and 01608 652888

Client Account: Bankier Sloan manages a large number of properties on behalf of clients but unlike many we do not operate a Client Account for the collection of clients rent. We send out invoices in our clients names and we ask for cheques to be returned to our office. We then bank the cheques...in our clients' accounts! We believe this practice produces a very simple form of management and it reassures our clients that we are not holding money that is legitimately theirs. From our point of view it substantially reduces our professional indemnity insurance premium.

Little Bourton, Nr Banbury: Our clients are about to start work on an interesting detached property adjacent to the A423 on the corner of the site originally occupied by Little-B petrol station. On the ground floor my clients have planning permission for an 800 sq ft commercial unit, and on the first floor a similar amount of living accommodation. The outside area being offered is substantially more that you might normally expect as it provides 7 parking spaces and should prove attractive to a number of individuals. Priced at just £320,000 this is excellent value for money. A copy of the plan I hope will be available on our web-site within the next week, if however you want details sooner, please write to reception@centre-p.co.uk writing the word "Little Bourton" in the subject box and full details will be posted to you.

Woodford Halse, Northants: As you will see on our available properties list, we have instructions to market this excellent prominently located workshop. We are seeking a rent of £9,000 per annum and if you would like full details please write to reception@centre-p.co.uk putting "Woodford Halse" in the subject box. A link to the full details on our website should be in place by the end of the week.

Various units: A reminder that we do have instructions to market premises at Sugarswell Business Park, Shenington, Thorpe Mead, Banbury as well as locations such as Tower Hill Business Park, Poundon, Thorpe Way, Banbury, and Chacombe. Details of everything currently available can be found at http://www.centre-p.co.uk/availableproperties.htm

Serviced Office, Deddington: Within the last month we have let one office in Deddington, but one other has become available at a basic rent of £70/week. This is excellent value as it includes carpet, desks/furniture, lighting, heating, cleaning, reception service and rates. See http://www.centre-p.co.uk/Excellent%20Offices-Deddington.pdf

Emscote Road, Warwick: We are delighted to have received instructions from a long established client who own the freehold of this vehicle rental site, opposite the Tesco superstore. Please see - http://www.centre-p.co.uk/Warwick.pdf.

Sub division of units to avoid £15,000 Rates trigger: As many readers of OUTLOOK will be aware as from this month if your commercial property has a rateable value of £15,000 or below you will not have to pay rates on empty property for the coming financial year (until the next general election!). This has raised the question with a number of my clients as to whether it is sensible to spend money, which might otherwise have been paid out in rates, to sub-divide a large property, hoping to create two or possibly more smaller units which each have a rateable value of below £15,000. This needs to be thought through and done with care but is likely to be financially beneficial in many cases. Please let us know if you would like advice. Some owners may also be able to claim rates relief under Section 44a of the 1989 Local Government Act, where part of their property is unoccupied on a long-term basis, but where it is not possible to create a separate property as far as the rateable value is concerned.

Nuneaton: My clients are still obtaining rent on this unit - see http://www.centre-p.co.uk/pdfs/Nuneaton(2).pdf and will do so until the 1st July but will consider all offers for the freehold, or for a new lease.

Paying fees for pre-application planning advice: I was intrigued to receive a consultation document from a local council who are proposing to charge fees for pre-application advice. You may hold your hands up in horror, but I for one would support the introduction of these providing the advice received can be relied on. I guess this will be like having a planning consultant with "inside knowledge". This sounds OK to me!

Duplicate copies of OUTLOOK: As we continue to add hundreds of names per year to our e-mailing list we know that on occasions we do duplicate names, and we are sorry to inconvience you if you do receive multiple copies. If this does happen please "reply" to all but the first copy you receive, writing the words EXTRA COPY in the SUBJECT box, and our computer will delete you from the extra listings. If you receive more than two I am sorry but you are required to do this for each additional copy you receive. If you wish to be totally removed from our listing again press "reply" and just write "please remove" in the subject box and you will automatically be removed from future mailings.

Available Property. Please view our latest listings at http://www.centre-p.co.uk/availableproperties.htm

Finally, please remember we welcome all comments, these should be sent to Ian Sloan FRICS at reception@centre-p.co.uk

Edited by Ian B Sloan FRICS – 31st March 2009

The longest established Chartered Surveyors in the region dealing exclusively with

North Oxfordshire, North Gloucestershire, South Northants and South Warwickshire.