Roche Chartered Surveyors

Roche Celebrate 25th Anniversary

11 April 2013 was a day to be remembered at Roche Chartered Surveyors.

Not only did we celebrate 25 years of being in business to the day but were also able to celebrate the contribution the founding partner, Mark Roche, had made to the business community with his retirement on the same day.

The occasion was marked by a drinks party to which former members of staff and guests from not only the Norwich business community but further afield comprising fellow professionals, clients and former clients gathered to toast the success of the firm and a standing ovation was given to Mark after his farewell speech. Mark presented the firm with an aerial photograph of Norwich, representing one of his key hobbies, flying his Auster.

May 2013

Guildford - 6 Friary Street

Acting on behalf of Legal & General, Roche Retail have continued the asset enhancement initiative for Friary Street by negotiating a surrender of the existing Shakeaway shop lease at 6 Friary Street, Guildford and agreeing a new 10 year lease to T-Shirt Store that are a Swedish specialist t-shirt retailer with 16 stores in Sweden, plus stores in London and Shanghai. Guildford will be the first T-Shirt Store out of Central London.

May 2013

Distressing Times

The Government has confirmed it is to restrict landlord's remedies for recovering commercial rent. It will press ahead with the abolition of distress and the introduction of Commercial Rent Arrears Recovery (CRAR) in April 2014.

This action is important as distress is a common-law, self-help remedy allowing landlords to recover arrears of rent by seizing a defaulting tenants' goods and selling them. Landlords do not have to give any notice or obtain permission from the Court, before exercising this remedy and therefore it allows them to recover rent arrears, ahead of other creditors in a quick and efficient manner, where the tenant has valuable goods on the premises. The new CRAR narrows the scope of landlords, as whilst it allows goods to be removed and sold, new checks and balances are introduced to protect tenants.

What Landlords need to know about CRAR

• It only applies to commercial premises and does not include mixed use premises. If part of the premises are actually used for residential purposes, except if part of the premises are used illegally for residential use, then it will be termed as residential.
• Tenancies have to be in writing.
• Only "basic" rent plus VAT and interest can be recovered. CRAR will not be available for service charges, insurance charges, rates etc.
• The landlord will be required to serve "notice of enforcement" on the tenant before sending in the Bailiffs and the notice period may be seven clear days.
• The landlord will only be able to recover rent arrears above a minimum level. Such level is currently unconfirmed.
• Only an enforcement agent authorised in writing by the landlord can seize the tenant's goods. In other words, landlord can no longer seize goods themselves.
• Enforcement under CRAR can take place any day of the week which is wider than the current remedy which cannot be exercised on Sundays or public holidays.

Preparation for this change in Legislation

Keep looking out for further comment on this proposed regulation and the matters which you need to consider are :

• A general management point is, you need to carefully consider what security should be taken to protect against rent arrears.
• Pay particular attention to the drafting of the permitted use clause in leases of mixed use premises and whether it would be better to lease the commercial and residential element separately.
• If the commercial premises are held on an inclusive rent, bear in mind that only "basic" rent can be recovered and it may be wise to state in any new lease how the inclusive rent has been calculated.
• For lease renewals etc, leases will have to be updated to remove references to distress for rent.

The best defence of all where tenants owe you money is to not let them get that far in the first place! 

For further information please contact Jackie Crisp at Roche.

March 2013

King's Lynn - Vancouver Quarter

Roche Retail have secured the letting mandate on the 375,000 sq ft Vancouver Quarter that comprises around 60 retail units anchored by Sainsbury's, Wilkinson and Beales Department Store.

The Shopping Centre forms part of the prime retail offer in King's Lynn and also has the benefit of the largest car park in King's Lynn, totalling 415 spaces.

Roche Retail have been instructed by the Lotus Group to undertake letting of the available units and asset management initiatives. Commenting on this new instruction, Adrian Fennell said that it underlined Roche Retail's predominant position in shopping centre letting in the East Anglia region. Adding to existing shopping centre instructions in Great Yarmouth, Lowestoft, Norwich and Newmarket.

May 2013

Norfolk Freehold Pub Sales Continue Throughout Summer

Despite the Summer being a traditionally quiet period in the commercial property market, Roche Chartered Surveyors leisure team were pleased to have successfully sold two more freehold public houses on behalf of Enterprise Inns plc and be instructed to sell a further three, one of which has recently been put under offer, whilst the other two are already attracting strong interest.

The five pubs comprised two in Norwich and ones in Wymondham, Coltishall and Swainsthorpe.

Graham Jones of Roche, who acted for Enterprise Inns, commented: "The positive interest shown in the pubs continues to demonstrate robust demand for sensibly priced freehold opportunities, in what is still a very challenging market. It is also interesting to note that despite already having a comprehensive list of applicants on our database, by conducting a strong marketing campaign it is still possible to find a number of new prospective purchasers with cash funds who are willing to buy unconditionally. Indeed, two of the sales have gone to best and final offers''

Roche have now acted for Enterprise Inns plc for nearly 5 years and continue to be involved in the sale of freehold pub sites throughout the East Anglia region.

For further information contact graham.jones@rochesurveyors.co.uk.

October 2012

Newmarket - The Guineas Shopping Centre

Roche Retail are retained by Helical Bar to undertake the retail agency on The Guineas.  Since Helical Bar's purchase of The Guineas at the end of 2010. Roche have completed 11 new lettings resulting in the Shopping Centre having virtually no vacant units. One of the most recent transactions was of the simultaneous letting of the former Peacocks unit to Poundland which immediately improved pedestrian flow throughout the Centre.

Another initiative has been the letting of smaller retail units to local specialist food retailers resulting in an award winning delicatessen, fishmongers and butcher, adding to the multiple tenant line up.

October 2012