We are all beginning to settle down and appreciate that in some cases the rent levels we were achieving three years ago will not be achieved in 2009. However, this is not the case for all properties or all locations.  It is at times like this that experienced property advisers will  provide good advice and will reward their clients with constructive advice.  

 

The first property that I completed on this year was an industrial unit at Thorpe Mead, Thorpe Way Industrial Estate, Banbury: Ground floor 1,600 sq ft, 1st floor office/store 400 sq ft . Let on a new 3 year lease from 1st February 2009. The adjacent unit, of a similar size, remains available - see http://www.centre-p.co.uk/Thorpe%20Mead2.pdf

 

2010 Rating Re-Valuation.  The Valuation Office are working hard to try to get this right  first time round, as they did in the vast majority of cases in 2005.  This time round I would expect RV's to be down, say 10% on 2005, which will concern  politictians up-and-down the land....because in order to 'stand still' as far as income from commercial property is concerned the rate-in-the-pound will need to rise by 10%....just at a time when both national and local elections are due.  Watch this space for an enterprising answer to this difficult problem !  In the mean time remember the key date for the values was 1st April 2008, so some RV may yet turn out to be higher than the market value in 2010.

 

Open Storage Yards:  We have three yards to let / for sale . Midland Road Nuneaton £210,000 or £18,000pa....Aynho (4 miles south of Banbury) any size up to 1 acre to let... Thorpe Way Banbury. Storage Yard with full length pit in  workshop, ideal for lorries, coaches etc. For full details see http://www.centre-p.co.uk/availableproperties.htm

 

Freeholds for sale -  West Bar and Overfield.  Two interesting small premises in Banbury.  One a two-storey office/shop priced at £125,000 within 100 yards of Banbury - see http://www.centre-p.co.uk/West%20Bar,%20Banbury.pdf.  And the second an excellent 1,900+ sq ft mid-terrace factory unit at £165,000 - see http://www.centre-p.co.uk/pdfs/OverfieldsJAN09.pdf

 

Valuing  Freehold of 199 year lease.    As I write this newsletter at the beginning of February, I am considering the value of a freehold interest and would be grateful for any professional input!    How much is this worth?  My client is the freeholder of a piece of land let on a 199 year lease from 1987 at an initial rent of £1,000 (One Thounsand Pounds) per annum which has not been reviewed,  but is capable of being reviewed in accordance with the lease every seven years, in line with RPI.  Help!!  All thought welcome  to reception@centre-p.co.uk.

 

North Cotswolds  Excellent 2,750 sq ft workshop. New Lease  Tel: 01608 652888

 

Workshops - Thorpe Way, Overthorpe Road Industrial Estates Banbury.  We have created a new information page  on our web-site dealing with this popular industrial estate and these can be seen at http://www.centre-p.co.uk/Banbury%20Guardian%20Advert%20(JAN09)(2).pdf

 

Section 26 Notices Landlord and Tenant Act.   If you are a tenant with a lease renewal coming to an end in the near future, you may wish to discuss with our offices whether it would be sensible to serve a Section 26 Notice on your landlord.  This has to be done with care because you will incur legal costs from day one !.    Call Ian Sloan, on 01869 338866.

 

Debbie at 21!!   This coming weekend will see my assistant/secretary/receptionist/tea maker/dogs body/stationery purchaser/friend(!) etc... celebrating (?) 21 years with Bankier Sloan.   Last year as some of you will recall Debbie earned a fortune(!) when you responded to congratulte her on last year's mile-stone.  So this year all I would like you to do is to send her a 21st greetings card either by post, fax, or e-mail.  Cards please to Debbie Coleman, Bankier Sloan, Centrepoint, Chapel Square, Deddington, OX15 0SG - fax: 01869 337146 -  debbie@centre-p.co.uk .  Please, act now otherwise it won't arrive before the weekend.  Thank you. Bottles of Champagne should be sent to her boss ! 

 

Paris on Valentines Day!  Yes I'll be there...how romantic you will be thinking!  Don't be silly, I'm going to see Scotland beat France in the Six Nations Rugby. If any readers are going to the game please e-mail back ...a drinks on me. As I write this note I'm in possession of a spare ticket. Please let me know if you're interested.

 

Avoiding paying empty rates  From 1st April (for one year only) you will not pay 'empty rates' if the RV is less than £15,000. However if you are going to be paying emty rates on your property after this date it's even more important that you take the advice set out in our briefing paper on this matter . If you are one of the two hundred and sixteen 'OUTLOOK' readers who have asked for this in recent months, we will be sending you a seperate note to inquire if you have encountered any problems with our suggested course of action. We have heard of none. What we are suggesting is legal, and should ensure you pay rates on your empty property for only 7 weeks in every 59 !  If you wish a copy of our advise please e-mail reception@centre-p.co.uk and just write the words EMPTY RATES in the SUBJECT box. Don't worry our advise is FREE !

 

Property Valuations:  In the last 7 days I have been 'phoned by two London agents, who where carrying out valuations in Banbury. In both cases, their clients were major household names, owners of very large premises in Banbury.  In both cases they had 'Googled' and found that BANKIER SLOAN dealt with Industrial Property in the area, but that was not the only common thread, amazingly and sadly neither had seen the property, and neither was planning to to so..as one commented 'we are doing a large portfolio and time is short' . Do major lenders never learn?, and do my fellow surveyors really have Professional Indemnity Insurance to cover valuations on properties they have not recently visited ?  We have always helped agents, as highlighted on our web-site  http://www.centre-p.co.uk/Estates%20GazetteNOV08.pdf , but maybe we should only help in future once the property has been inspected;  maybe there should be a requirement in the next revision of  The Red Book :  RICS Valuation Standards, that all valuations must include, on the opening page a dated digital photogragh showing the valuer standing outside the property!! 

 

Serviced Office Deddington  £70/week will get you a great office. Price includes carpet, desks/furniture, lighting, heating, cleaning, reception service and rates. See http://www.centre-p.co.uk/Excellent%20Offices-Deddington.pdf

 

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, write 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 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