The commercial property market started 2014 in considerably better shape than any of the preceding 5 years ......
2014 Sees Green Shoots in the East Anglian Commercial Property Market
The commercial property market started 2014 in considerably better shape than any of the preceding 5 years, following a turnaround in confidence during 2013. Occupier activity throughout East Anglia has reflected the economic indicators, showing a distinct improvement. This has not gone undetected by investors with more money being placed into property with capital values strengthening. However, the improvement in occupier demand is still at an early stage, with the greatest activity around smaller premises and no widespread evidence of rent values increasing yet.
With virtually no substantial speculative development for 5 years, good quality accommodation is in short supply, particularly offices and warehousing. New and quality stock has been depleted during the downturn and choices for our larger companies wanting to expand are restricted. This ought to be a catalyst for new development but only if occupiers can commit to longer leases on less flexible and less favourable financial terms than they have become accustomed to in recent years. Otherwise, new construction simply will not be viable. The problem will be compounded if the housing market accelerates construction price inflation.
Norwich has retained its strength as a retail centre, Ipswich is improving whilst Bury St Edmunds remains vibrant. The county towns continue to be vital centres for professional services as evidenced by recent large office lettings in both Norwich and Ipswich. Demand for residential conversion opportunities, eased by recent planning changes, is seeing several moribund offices being taken out of the market. New infrastructure investments, such as the A11 and at Felixstowe, will boost property prospects in the manufacturing and logistics sectors. With energy and technology driving demand and new construction on the east coast, at Norwich Research Park and Adastral Park, the region's commercial markets have an interesting year ahead.
Norwich-based commercial property consultants, Roche Chartered Surveyors will be joint sponsors of Archant's survey of the ...
ROCHE SPONSORS 'TOP 100 BUSINESSES 2014'
Norwich-based commercial property consultants, Roche Chartered Surveyors will be joint sponsors of Archant's survey of the Top 100 businesses in Norfolk and Suffolk. Roche will be joining fellow sponsors, PwC and Mills & Reeve, both of whom have had a long involvement with the highly-regarded annual review of leading businesses in the area.
The 2014 Top 100 survey is due to be published in the Eastern Daily Press, the East Anglian Daily Times and on-line in early April, following a launch event. Subsequent business forums involving leading companies are planned throughout the year.
"We are delighted to be involved in Archant's Top 100 as joint sponsors. The annual survey always attracts a great deal of interest and is well recognised by the business community throughout Norfolk and Suffolk. In view of our extensive activity with leading companies across the region through commercial property, it is very logical for us to be involved. With the economic recovery gaining momentum, we are looking forward to the survey being published with great interest and to the associated events throughout the year", commented James Allen, Senior Partner of Roche Chartered Surveyors.
Roche Chartered Surveryors are instructed by Norwich Cathedral's Dean & Chapter to find new tenant ...
Prestige Offices in Norwich Cathedral Close To Let
Norwich-based commercial property consultants, Roche Chartered Surveyors has been instructed to find a new tenant for a prestige office building in The Close by Norwich Cathedral's Dean & Chapter. No 15 The Close is a detached building that overlooks the Lower Green with excellent views of the Cathedral. It extends to 3,191 sq ft and has the benefit of central heating, period character features and a large car park with capacity for at least 10 vehicles.
The availability of 15 The Close is a rare opportunity for an office occupier to locate in the unique surroundings of The Close. It is an extremely calm and tranquil setting, yet close to the all the city centre facilities and other office occupiers, with excellent car parking. "Roche are delighted to be acting jointly with Savills in seeking a new tenant on behalf of the Dean & Chapter of Norwich Cathedral," commented James Allen of Roche Chartered Surveyors.
Jackie Crisp has achieved the Advanced Professional Award in Expert Witness Evidence .....
Surveyors acting as Expert Witnesses
Jackie Crisp has achieved the Advanced Professional Award in Expert Witness Evidence, a Masters level qualification held by no more than 150 surveyors throughout the UK and which is now the only standard recognised by the Royal Institution of Chartered Surveyors, of which she is a Fellow.
Surveyors acting in a capacity as an Expert Witness can provide evidence in lease renewal, rent review, valuation, dilapidations or other disputes. Where the surveyor is acting in such capacity the RICS Practice Statement and Guidance Note, Surveyors Acting as Expert Witnesses, clearly states the duty of the surveyor is to the judicial body presiding; the court, arbitrator or tribunal and NOT to their client. This may come as a surprise to some clients, especially when the client realises the surveyor is required to include all facts which may or may not harm their client's case.
The surveyor is required to give truthful, impartial and independent opinions to enable the judicial body to make an informed decision.
At the inception of the instructions the surveyor must ask himself if he has the knowledge, experience, qualification and training relevant to the case in question. He must also ask himself if there are any conflicts of interest, actual or perceived, which may arise out of the instruction given. If there is any cause for concern on this matter the instruction must be declined.
These are important parameters which need to be adhered to rigidly because if they are not, the weight given to the surveyors evidence is lessened or compromised.
Greene King - one of the UKs leading pub and brewing companies has instructed Roche to act on their behalf .....
Roche appointed by Greene King for pub disposals
Greene King - one of the UKs leading pub and brewing companies has instructed Roche to act on their behalf in the disposal of some of their public houses in the East Anglia region. The first pub was The Beehive on Cannerby Lane in Norwich, which after only a short marketing period has now been sold to the East of England Co-op for conversion to a community food store. The latest instruction is to sell the freehold of The Little Rose public house in the popular village of Haslingfield, some 6 miles south-west of Cambridge.
Graham Jones of Roche commented that he is delighted to be able to cement Roche's relationship with Greene King, which is not only a leading regional business but also one of the most successful pub companies in the UK with a growing estate of circa 2,300 public houses. Inevitably there are some public houses within their estate which are no longer viable and by selling them not only can Greene King re-invest the money into their continued expansion but also the properties will provide opportunities to owner occupiers to acquire their own freehold premises or indeed to developers to regenerate the sites.
The appointment by Greene King marks Roche's growing presence in the regional leisure sector with other clients including Enterprise Inns, Punch Taverns, Admiral Taverns and a number of independent local and regional pub and restaurant businesses.
"The appetite for freehold commercial property continues to grow ........"
Freehold Pub Sales Continue in Norfolk
"The appetite for freehold commercial property continues to grow, no more so than for well-located and sensibly priced public houses", comments Graham Jones of Roche Chartered Surveyors that have just completed another successful period of pub disposals this year.
Roche have just concluded the sale of 4 public houses on behalf of long term client Enterprise Inns. These were The Fox & Hounds, The Street, Lyng which was acquired by a local investor to be re-opened as a pub, The Jolly Sailors, Pakefield Street, Lowestoft which is to be converted into a fish restaurant, The Rampant Horse, Lynn Road, Gayton which has been sold for residential development and The Falcon on Cromer Road, one of Norwich's principal arterial roads, which is likely to be converted to retail use.
The pubs offered different opportunities and ranged in size from 2,852 to 5,287 sq ft on plots from 0.41 acres to 0.77 acres.
All 4 pubs were subject to strong interest with 2 of them going to best bids and one to auction. Graham Jones adds: "each pub is unique and can require a slightly different marketing approach, tailored to the likely end-use and the market for the property in its particular location. The volume of freehold pubs coming to the market is beginning to slow and we are seeing very strong demand as potential purchasers realise that the available stock is drying up."
Roche have now acted for Enterprise Inns plc for 6 years and continue to be involved in the sale and letting of pub sites for a range of clients throughout the East Anglia region.
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