OUTLOOK September
2008
A monthly e-newsletter covering Industrial, Commercial & Retail
Property, in
Published by BANKIER SLOAN CHARTERED SURVEYORS.
Acquisitions: Sales: Lettings: Lease Renewals: Rent Reviews:
Planning: Rating: Management
Regional Property Helplines : 01869 338866 and 01608 652888
Please
"forward" to any friends or colleagues you think may be interested
and hopefully they will reply directly to us saying "YES PLEASE" and
we'll add them to our register. Our e-mail address is reception@centre-p.co.uk
I hoped you enjoyed the beach and
the sunshine. If it was the latter then you probably didn't holiday in the
Whilst you've been away the
economy may not have got much better, the telephones may not have rung that
frequently, but I remain very positive that the next three months will actually
see an improvement in the amount of activity in the industrial and commercial
property market.
All has not been totally quiet.
The week I went on holiday clients completed on the letting of a shop in
Deddington, I showed a retained client round a rural site coming very close to
reaching a deal to take a new lease at some £45,000 per annum (a mixture of
offices and warehouse), I received an offer at
£450,000 for a freehold industrial property, and I agreed new lease terms on
behalf of a client on a retail unit in the centre of Banbury. Completion also
took place on a new lease for an existing tenant who occupies a substantial
rural property at £58,000 per annum. We also completed a letting on a 9,700 sq
ft unit on Thorpe Way Industrial Estate.
What we found through July and
August is that while the quantity of enquiries was down, the quality was good.
Those who were bothering to 'phone were making genuine enquiries about a
variety of properties and we probably had a busier August than I had in 2007.
As schools go back this week I think it is almost inevitable that the phones
will once again ring and we will see an upturn in enquiries, and I am sure we
will see a further flow of instructions. 2008 may yet prove to be ok!
* * * * *
Rural Property Required: We
are continuing to seek on behalf of a client a rural
property somewhere between
Workshop, Aynho: Work
has now finished on this inexpensive 1,600 sq ft unit. New lease, rent
£6,500 per annum. For full details telephone 01869 338866.
The Payment of Rates on
Empty Properties: We have been making enquiries from local authorities
in respect of the payment of rates on empty properties, and while it is not
possible to avoid such payments after a six month period we do believe we have
come up with an interesting idea which will greatly reduce future rate
liabilities where a property is expected to be left empty for a considerable
period of time. If you would like our information sheet on this, which we will
provide you with free of charge (even though we think it might save you a
fortune!), you promise to give us credit, and/or remember us when you have your
next instruction. Interested?...then please email reception@centre-p.co.uk writing the
words "empty rates" in the subject box, and within seven days we will
forward to you this information sheet. The reason it is not immediately
available is I've just come back from holiday and I wish to ensure the wording
is absolutely correct before distributing.
Solicitors: We
are continuing to add to the list of solicitors specialising in commercial conveyencing and we look forward to hearing from other
practices who are actively involved within the geographical area covered
by Bankier Sloan (
Section 26 Notice:
I am sure some tenants believe that the current Market Rent of their property
is less than they are currently paying. I have recently advised a client to
serve a Section 26 Notice and we are in the process of negotiations. I tell you
this only to remind those who may have forgotten, or may never have known, that a tenant is able to serve a notice at the end of
a lease, seeking a new agreement in exactly the same way as a landlord. The
tenants notice is a Section 26 as opposed to the much more commonly used
Section 25 Notice served by landlords. Having served a Section 26 Notice it is
of course up to the tenant to make the running in the legal process but it
may well be worth doing. I would be very happy to advise clients in connection
with this matter. I would warn tenants who are looking to do this however that
in the vast majority of cases 2008 Market Rents will be higher than when they
took on the lease, but this will depend greatly on the type and
location of the commercial property involved and we do strongly recommend
therefore that you seek professional advice, not only from your solicitor but
also from a chartered surveying practise such as Bankier Sloan,
dependent upon the location of your property.
Available Properties: We would just like to
remind you that our Available Properties list has now been updated, it now says
"September", and a full listing is available at http://www.centre-p.co.uk/availablemain.htm
Lease Renewals 2009:
Now is the time to start thinking about those rent reveiws
or lease renewals which are due to take place in March 2009 or beyond. As a
landlord you may need to start thinking about serving a Section 25 Notice,
but as with a Section 26 Notice we strongly advise you get professional advice
before serving such notices.
Residential Site,
Freehold factory,
Freehold for
Overthorpe
Road - Factory: The outgoing tenant is about to start repainting this
property in accordance with the terms of the current lease. When finished we
will have returned to our client a superb 4,600 sq ft office/warehouse unit,
ideal for a company who will appreciate this quality office with adjacent
storage, situated within half a mile of Junction 11 of the M40. See www.centre-p.co.uk/Overthorpe%20Road(Blakedowns).pdf.
Edited by Ian B Sloan FRICS
BANKIER SLOAN
The longest established Chartered Surveyors in the region dealing
exclusively with
Industrial, Commercial & Retail
Property.
Deddington
01869 338866 - Brackley 01280 700756
Moreton-in-Marsh 01608 652888 -