Roche recently sold 9-10 Plowright Place, Swaffham, PE37 7LQ .....
Swaffham, 9-10 Plowright Place, PE37 7LQ
Roche Chartered Surveyors have recently sold 9-10 Plowright Place, Swaffham, PE37 7LQ. The property is arranged over ground and first floor and extends to 1830 sq ft, with car parking to the front. The freehold attracted multiple offers and was sold for over the asking price of £185,000 to a local business that will use the premises for office use. Lloyd Perry of Roche commented " It is good to see the property being sold to an owner occupier for continued office use as it shows confidence in the Swaffham office market. Although Roche received strong interest from other users, a sale to an office occupier was the most straight forward option". Roche Acted on behalf of the freeholder.
Estates Gazette award Roche "Most Active Agent Award for East Anglia" ......
Roche Win Top Regional Agent Award
Roche have been awarded the prestigious Estates Gazette "Most Active Agent Award for East Anglia" in the Retail category. This marks the eighth year running Adrian Fennell, Head of Roche Retail, said that "he was delighted that Roche has yet again won this prestigious award representing the whole of East Anglia and it reflects the hard work the retail department have put into getting deals across the line in a very exacting marketplace"
These awards are given annually by the Estates Gazette to recognise the top commercial surveyors across the country, and are widely regarded as being a reliable reflection of activity during the past year. The award underpins yet another extremely successful year for Roche.
Lovell is to relocate to Broadland Business Park, Norwich .....
Lovell Relocates to Grade A Offices on Broadland Business Park, Norwich
Leading national partnership housing developer Lovell is to relocate to Broadland Business Park in Norwich from its existing premises on nearby Thorpe Road.
The company has agreed a 10-year lease on both suites on the second floor of the Lakeside 500 building, comprising 8460 sq ft (786 sq m). Lovell is set to take occupation by the end of October.
Established in Norwich for over 15 years, Lovell is moving following the continued expansion of its highly successful East Anglia business. Its workforce in the region has grown from 79 to 114 in only the past year, with more than half of employees being office-based.
Lovell, which has 900 employees nationwide, is a housing developer specialising in residential construction and partnership housing. Current schemes in East Anglia include fast-selling Firs Park, a £13.5 million, 67-home development of 57 homes for sale and 10 affordable homes in Hellesdon, Norwich. Among other major projects is £19.9 million Orchard Place, developed in partnership with the Borough Council of King's Lynn and West Norfolk, and the recently launched 213-home, £58.6 million Heath Farm scheme in Holt.
Simon Medler, Regional Managing Director for Lovell, said: "This is a very exciting time for Lovell in East Anglia where we are working on some of the region's most high-profile housing projects. Our move to these impressive premises at Broadland Business Park will play an important role in the business's continuing growth, providing our teams with increased space, modern office accommodation and a fantastic working environment, thanks to the excellent range of facilities on or near Broadland Business Park. We are looking forward to the move."
James Allen of Roche Chartered Surveyors said: "The second floor suite of Lakeside 500 provides Lovell with some of the best Grade A office space in Norwich. It is a superb location, being in the centre of the Park and adjacent to the lake and Waterside Café. Lovell is an ideal tenant for Broadland Business Park and joins some of the area's leading companies on the Park.
"As well as excellent facilities and accommodation, public transport links are very good and the Park benefits from its location on the A47, east of Norwich and the new Norwich Northern Distributor Road, which runs adjacent to the Park.
Tenants on the Park include Aviva, Lovewell Blake, NHS Norfolk, RBS, Bertram Books, Start-rite Shoes, RBS, Persimmon Homes, TaxAssist Accountants, Bunn Fertiliser, VPS Evander and D & F McCarthy.
For details of the office and commercial opportunities at Broadland Business Park, contact James Allen at Roche Chartered Surveyors, 01603 619876, email@example.com, Nick O'Leary at Lambert Smith Hampton, 01603 931764 or go to www.broadlandbusinesspark.co.uk.
The industrial and warehouse market is in strong demand
Strong demand reduces availability of industrial and warehouse units
The industrial and warehouse market in Norwich, and elsewhere in Norfolk, has seen strong demand in the last two years with the availability of larger buildings halving over an 18-month period.
Roche Chartered Surveyors monitor the availability of buildings over 10,000 sq ft in the Norwich area. In September 2015, total availability of such buildings stood at a peak of 393,000 sq ft. By April 2017, the figure had dropped to below 152,000 sq ft. The reduced availability during this time has restricted take-up and therefore a modest increase in availability in the last 6 months, largely a result of re-structuring by a small number of occupiers, has helped to meet market demand.
The underlying trend of reduced availability is causing upward pressure on capital and rental values which will hasten the day when new speculative development is likely to occur. Recent new developments have been restricted to owner-occupiers and starter units. Refurbishment of old sites in established locations meet a ready demand, a prime example being Unit 2 at Burton Road Business Park which was virtually re-built by Harber Properties to create a high-specification 16,760 sq ft that was let to ERIKS, a national engineering services business who relocated from Union Park. This was the largest letting in the first half of the year.
Demand for smaller units of less than 10,000 sq ft has been equally strong with few available unit on the principal estates at Bowthorpe, White Lodge, Sweetbriar and Hellesdon Hall. With most of Norwich's industrial estates being owned by pension funds and other landlords, there is a pent-up demand for freehold units and buildings. Demand for property on the north side of the city has been boosted by the prospects of better accessibility with the imminent opening of the Northern Distributor Road.
With little new development in recent years, availability rates are also low in the main centres throughout the county including King's Lynn, Great Yarmouth and Dereham, with few freehold opportunities in most of the market towns.
The sustained improvement in the market over the last two years bodes well but the availability of sufficient immediate choice for businesses wanting to expand will become a concern if new development does not increase the supply. The provision of new buildings is essential and it must be hoped that economic returns and other factors enable developers to respond accordingly.
Introduced by the Localism Act 2001, Assets of Community Value (ACV) enable qualifying local community groups to nominate ...
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.
Roche let two adjacent units to The Theatre Royal and K Foley Ltd ......
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".