OUTLOOK February 2007
An e-newsletter covering
Industrial, Commercial & Retail Property, in
Published by BANKIER SLOAN
CHARTERED SURVEYORS.
REGIONAL PROPERTY HELP LINE: 01869
338866
Acquisitions:
Sales: Lettings: Lease Renewals: Rent Reviews: Planning: Rating: Management
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
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Welcome to our latest OUTLOOK, particularly the 67 new contacts we have made during January who have asked to be put on our mailing list…we hope there is something here for everyone.
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Firstly, may I draw your attention to a beautiful freehold property located in South Bar (The Green) Banbury in the heart of the professional office sector. You really do need to view this on-line at http://www.centre-p.co.uk/45%20South%20Bar,%20Banbury.pdf. I have been asked in the last week, since some people have learnt that we have instructions…"what price"?. As I have said, my instructions are to market it!…so if you are interested please arrange to view and talk to us. Realistically I expect it to fetch somewhere between £400,000 and £600,000 !
The second freehold that has come my way in the last week is due to our
client deciding to sell rather than lease. We have now been asked to sell
the freehold of
Industrial Investment, Banbury
I'm jumping the gun here but…a retained client phoned me last week and said he was "90% sure" that he would sell a small industrial investment. The tenant has a 10 year lease, with a potential break clause after 5 years. There is a rent review due at the end of the 3rd year (in 2008) and the current rent is around £28,000 per annum. If this is of interest to you please send an e-mail, writing Industrial investment in the subject box to reception@centre-p.co.uk and as soon as we have confirmation of our instructions we will forward details to you…but please be patient it may be a week or two.
Web-sites
I am sure all readers of OUTLOOK have now found our web-site at www.centre-p.co.uk. We do our best to keep this up-to-date but we fully appreciate that sometimes we can be a week or two behind (at this point I should thank Lucy and her team for their dedication in trying to keep the site up-to-date). I became slightly less concerned when I was browsing through the web-sites of various Chartered Surveyors only last week when I came across the following "We are believers in an up-to-date and interactive web-site…" under a heading which said News and Views (updated June 2003)!!!. And just in case you thought it was a typing error it wasn't...when you go looking at the web-site the story relates to property items that are now some 4 years old! I am tempted to offer a prize of a bottle for the first person that comes forward and tell me the web-site, but then you might expect me to announce the winner and tell you whose site it was in the next edition of OUTLOOK… but then they might not talk to me again!
There are some excellent web-sites for those interesting in property and I would strongly recommend that you not only put Bankier Sloan on your "Favourites" list but spend some time finding the good web sites and ask those involved to keep you posted of their latest property news.
STOP PRESS…..STOP PRESS
A tenant has this morning given us notice to vacate a fenced yard at Aynho on 1st March. I cannot tell you it's exact size but it takes 4 narrow boats side-by-side, so it will be approximately 72' x 30'. Anticipated rent, £4,000 per annum. For viewing or for further details please telephone Ian Sloan on 01869 338866
Two interesting deals in hand here, one is the
freehold sale of a former motor repair garage which has outline planning
consent for residential use. As I write this I am expecting solicitors to be
instructed but am happy to hear from any parties who might wish to pursue this
should the transaction not proceed. Asking price £450,000.
The second is our continuing attempt to acquire in the
Industrial premises
We have received instructions this week to market three light industrial properties which we think will be of interest to local businesses. The first is 2,400 sq ft of space at Cotefield, Bodicote just to the south of Banbury where our clients have recently been granted planning permission for B8 use. It is in the process of being refurbished and full details should be available by the end of this week. The second unit is 5,350 sq ft at Fenny Compton which has a B2 planning use and has been used for heavy engineering purposes for the last 2 years but is to be vacated, we believe, by the current tenant by the end of February. At £22,000 per annum, we believe this looks like very good value for money for a company who are looking for good accommodation but are not needing to be in a prime location.
The third is an excellent unit built only 3 years ago on Thorpe Mead, Banbury. The basic unit was constructed as a 1,600 square foot property with excellent eaves height and within this has been constructed in the last 2 years by the current tenant 400 square foot of ground floor offices and a similar amount of excellent accommodation on the first floor. Our clients are seeking a rent of £14,000 per annum for what is an great unit on one of Banbury's major industrial estates. If you want details of any of these please write to reception@centre-p.co.uk stating which premises are of interest.
Scrap yard, Moreton in Marsh
Promoted for the first time in our OUTLOOK last month, the scrap yard at Moreton has generated more interest than probably any other single property in the last 12 months. Priced at just £120,000 regular readers will be interested to know that within a week we received 47 enquiries directly from OUTLOOK and have subsequently received some 20 other enquiries. I hope we are in the process of concluding a deal with a prospective purchaser as I write this newsletter.
Some final thoughts…I am always intrigued how often leases insist that tenants abide by Health and Safety regulations, Acts of Parliament, and that tenants must operate in accordance with Planning Permissions…which has made me consider how both the legal profession and the insurance industry will adapt to the new regulations relating to smoke-free (as in No Smoking) legislation which will come in to force on 1st July. Will leases in future incorporate this legislation?. If a tenant does smoke, throws away a lighted cigarette and the building is destroyed…will the insurance company pay out? An accident may be but also a certain breech of an Act of Parliament…..so will the insurers look for a get-out?!!
A final request…and here I really am giving away a bottle of wine (or an appropriate gift token if your far away)…I am looking for the agents board, in this region, that has been on a property for the longest time. In Banbury I know of a board that has certainly been unaltered for over two years and I am sure there must be plenty more. I sometimes wonder how clients are so patient. Either the agents are not doing a good job or the property is not being offered at the "market price". It may be hard to take but the value of property does sometimes go down and it is surely better to let a property at a reduced price than hold out for Shangri-La! All suggestion / entries to reception@centre-p.co.uk.
BANKIER SLOAN
Edited by Ian B Sloan FRICS
The longest established Chartered
Surveyors in the region dealing exclusively with Industrial, Commercial &
Retail Property.
Moreton-in-Marsh 01608 652888