Roche Chartered Surveyors

56 Thorpe Road, Norwich,
Norfolk, NR1 1RY

Tel: 01603 619876
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Assets of Community Value - implications on the sale of property

Assets of Community Value - implications on the sale of property

Assets of Community Value (ACV) enable qualifying local community groups to nominate land or buildings that provide an ...

July 2017

Assets of Community Value - implications on the sale of property

Introduced by the Localism Act 2001, Assets of Community Value (ACV) enable qualifying local community groups to nominate land or buildings in their area which they believe provide an important service to that community. This can include public houses, libraries and local shops amongst others, although excluding residential premises, operational land or land for which a site licence is required. As an example, current statistics from CAMRA show that 15% of pubs in Norfolk are listed as ACV's. A listing can affect the disposal of an asset as well as its development, and therefore it is important for owners of ACV's to understand the process and possible implications.

In order to become an ACV the asset must be nominated by a qualifying community group. The Local Authority then has 8 weeks to make a decision and if successful, the asset must be added to a register of ACV's and relevant parties informed. The owner can appeal the Authority's decision, and claim for compensation if it is determined that the listing has had a detrimental effect on the value of the property. It is important to note that ACV listings are not permanent and must be removed no later than 5 years from date of entry on the list.

Owners of ACV's must inform the Local Authority if they wish to sell their asset. This triggers an initial six week moratorium in which community groups may express interest. If interest is received, a full six month moratorium follows, to allow the community group to put a bid together. An ACV listing does not give the community group a right to buy, and the owner is able to negotiate a sale with a preferred buyer during the period. In this instance, the sale cannot conclude until the end of the moratorium. 

A moratorium is not triggered if an ACV is disposed of as a Transfer of Going Concern. This was often used as a loophole, especially with sales of pubs, to enable permitted development rights to convert to residential use. A statute passed in 2015 now prevents this and requires that any change of use on an ACV needs full Planning Permission.

The designation of ACV's is now an accepted consideration in dealing with property in which there is a potential community interest, with local shops and pubs being the most frequently listed commercial properties. Awareness of the legal and valuation implications is vital to avoid pitfalls and surprises during proposed transactions.

Chloe Green

July 2017

Roche retain major commercial property awards

Roche retain major commercial property awards

Roche retain title as Norfolk's most active firm for fifth year in succession .... 

July 2017

Roche retain major commercial property awards

Norwich-based commercial property consultants, Roche Chartered Surveyors has retained its title as Norfolk's most active firm for the fifth year in succession, in the commercial property sector's leading awards.  The title is awarded by the Estates Gazette for the firm conducting the most transactions across all sectors of the commercial property market and has now been won by Roche every year since its inception in 2013.

The Norfolk award follows Roche's success in retaining the Estates Gazette's regional award as the East of England's leading firm in the retail sector, again based on the number of transactions arranged during the year, for an impressive 7 years in succession.

To cap Roche's success, one of the firm's partners, Sam Kingston, won the Dealmaker Award for the individual involved the most transactions throughout 2017, the third member of the Roche team to receive this accolade in recent years.

James Allen, Senior Partner of Roche Chartered Surveyors, commented "The Estates Gazette Awards are widely acknowledged in commercial property as being market-leading and are a reliable reflection of activity during the past year.  We are therefore extremely proud and pleased to have retained our title as Norfolk's most active firm and the regional retail crown.  The Awards reflect a huge amount of effort by everyone in the firm and the extent of our activities in all the main commercial sectors including retail, leisure, offices, industrial and warehousing.  Sam Kingston's individual Award is thoroughly deserved. We are finding that 2017 is proving to be another busy year."

James Allen

July 2017

21 and 22 Kingsway, City Trading Estate, Norwich, NR2 4UD

21 and 22 Kingsway, City Trading Estate, Norwich, NR2 4UD

Roche let two adjacent units to The Theatre Royal and K Foley Ltd ......    

May 2017

21 and 22 Kingsway, City Trading Estate, Norwich, NR2 4UD

Acting on behalf of Clipstone Industrial Trust, Roche have recently let two adjacent units of 2,370 sq ft, to separate occupiers - The Theatre Royal and K Foley Ltd. The properties had recently been refurbished and were let within 6 months of coming to the market at new record rents for the location , in the region of £7.00 per sq ft.

Sam Kingston, acting on behalf of the landlord commented "This edge of city location attracted a high degree of interest and the landlord was able to consider the most appropriate occupiers for the estate. Interest levels for good quality trade counter and industrial units remains buoyant , especially where they have been well maintained".

May 2017

View all news
Assets of Community Value - implications on the sale of property

Assets of Community Value - implications on the sale of property

Introduced by the Localism Act 2001, Assets of Community Value (ACV) enable qualifying local community groups to nominate ...

July 2017

Assets of Community Value - implications on the sale of property

Introduced by the Localism Act 2001, Assets of Community Value (ACV) enable qualifying local community groups to nominate land or buildings in their area which they believe provide an important service to that community. This can include public houses, libraries and local shops amongst others, although excluding residential premises, operational land or land for which a site licence is required. As an example, current statistics from CAMRA show that 15% of pubs in Norfolk are listed as ACV's. A listing can affect the disposal of an asset as well as its development, and therefore it is important for owners of ACV's to understand the process and possible implications.

In order to become an ACV the asset must be nominated by a qualifying community group. The Local Authority then has 8 weeks to make a decision and if successful, the asset must be added to a register of ACV's and relevant parties informed. The owner can appeal the Authority's decision, and claim for compensation if it is determined that the listing has had a detrimental effect on the value of the property. It is important to note that ACV listings are not permanent and must be removed no later than 5 years from date of entry on the list.

Owners of ACV's must inform the Local Authority if they wish to sell their asset. This triggers an initial six week moratorium in which community groups may express interest. If interest is received, a full six month moratorium follows, to allow the community group to put a bid together. An ACV listing does not give the community group a right to buy, and the owner is able to negotiate a sale with a preferred buyer during the period. In this instance, the sale cannot conclude until the end of the moratorium. 

A moratorium is not triggered if an ACV is disposed of as a Transfer of Going Concern. This was often used as a loophole, especially with sales of pubs, to enable permitted development rights to convert to residential use. A statute passed in 2015 now prevents this and requires that any change of use on an ACV needs full Planning Permission.

The designation of ACV's is now an accepted consideration in dealing with property in which there is a potential community interest, with local shops and pubs being the most frequently listed commercial properties. Awareness of the legal and valuation implications is vital to avoid pitfalls and surprises during proposed transactions.

Chloe Green

 

July 2017

21 and 22 Kingsway, City Trading Estate, Norwich, NR2 45UD

21 and 22 Kingsway, City Trading Estate, Norwich, NR2 45UD

Roche let two adjacent units to The Theatre Royal and K Foley Ltd ......

May 2017

21 and 22 Kingsway, City Trading Estate, Norwich, NR2 45UD

Acting on behalf of Clipstone Industrial Trust, Roche have recently let two adjacent units of 2,370 sq ft, to separate occupiers - The Theatre Royal and K Foley Ltd. The properties had recently been refurbished and were let within 6 months of coming to the market at new record rents for the location , in the region of £7.00 per sq ft.

Sam Kingston, acting on behalf of the landlord commented "This edge of city location attracted a high degree of interest and the landlord was able to consider the most appropriate occupiers for the estate. Interest levels for good quality trade counter and industrial units remains buoyant , especially where they have been well maintained".

May 2017

Cringleford Business Centre in Norwich attracts Three New Tenants

Cringleford Business Centre in Norwich attracts Three New Tenants

A trio of new tenants have taken occupation at the successful Cringleford Business Centre situated on the south side of ...

May 2017

Cringleford Business Centre in Norwich attracts Three New Tenants

A trio of new tenants have taken occupation at the successful Cringleford Business Centre situated on the south side of Norwich at Intwood Road, NR4 6XB. The lettings were arranged by Roche Chartered Surveyors, the Norwich commercial property specialists.

Cambridge Community Services, an NHS Trust, has leased Suite 3 extending to 4,183 sq ft as an administrative base from which to run its local services.  

Stable Pilates has moved into Suite 4 and has created a 2,221 sq ft studio, having relocated from Colney Hall. 

Expanding recruitment consultants, Just Recruitment Solutions have moved from Ketteringham Hall into Suite 8B of 1,095 sq ft at Cringleford.  

"These latest lettings reflect the continued demand for office accommodation with parking on the south side of Norwich.  Over many years, Cringleford Business Centre has maintained its popularity by providing flexible and economical terms, having the significant benefit of being very close to the A11 and the A47 southern bypass.  We have further new lettings in the pipeline," commented James Allen of Roche Chartered Surveyors who acts for the owner of Cringleford Business Centre.

May 2017

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