Property Seminar presented once again by law firm Birketts LLP, Chartered Surveyors Roche and accountants and business ...
PROPERTY SEMINAR AT NCFC - NOVEMBER 2014
The annual Property Seminar presented by law firm Birketts LLP, Chartered Surveyors Roche and accountants and business advisers BDO LLP has been held again this year at Norwich City Football Club. A diverse range of property experts attended the event, which sets out to update the eastern counties' property community on current commercial property matters and related tax and legal topics, at a time when there are increasing signs of the property market improving.
100% of property delegates expect to be buying property in one to two years, according to the findings of market research undertaken at the event. When asked if the Election next year would have a significant impact on the property market, 50% of respondents said no, 25% yes and 25% were undecided. 62% of people who took part in the research think that residential property prices have stopped rising.
Commercial property specialists Roche provided an insight into the regional market. Partner Sam Kingston commented: "There has been a large improvement in the commercial property market in Norfolk since the last seminar in November 2013." Roche also highlighted the organic growth and inward investment in the county, and pointed out that capital values are improving.
Birketts talked about the very latest developments in property law, focusing on subjects such as break clauses, easements and the changing world of permitted developments. BDO's talk entitled "Keeping on top of tax", covered corporate and business tax topics such as VAT and stamp duty land tax planning.
Roche Chartered Surveyors have arranged the sale of St Cuthbert’s House, one of the largest office buildings in ...
St Cuthbert's House bought by property company
Roche Chartered Surveyors, the Norwich-based commercial property agents and consultants have arranged the sale of St Cuthbert's House, one of the largest office buildings in Norwich city centre.
Acting for the owners, First Investments, Roche arranged the sale of the 39,000 sq ft, 6-storey building in Upper King Street. The property has been bought by a London-based private company that has obtained planning consent to convert the building to residential use.
St Cuthbert's House has until recently been occupied by HM Revenues & Custom and Overburys Solicitors prior to the firm's merger to become Spire Solicitors. The building is in the heart of Norwich's professional and financial areas with upper floors that have superb views over Norwich Cathedral and The Close.
"The Government's introduction of a streamline planning process for converting office buildings to residential use has been met with a positive response from developers at a time of strong demand for new housing. St Cuthbert's House occupies an attractive city-centre location and being a relatively modern building, is quite flexible in accommodating a change of use. It therefore makes an ideal conversion opportunity", commented James Allen of Roche Chartered Surveyors who dealt with the marketing of St Cuthbert's House.
Roche Chartered Surveyors have been appointed to handle Kinnerton sale …...
Roche appointed to sell food factory
Kinnerton Confectionary Limited is expanding its Fakenham factory to meet growing demand for its chocolate products. As a result, its satellite site at South Creake in north-west Norfolk is surplus to requirements. Roche Chartered Surveyors have been appointed as joint agents to handle the sale.
The property extends to approximately 40,900 sq ft on 4 acres which includes production and storage space, along with ancillary offices. The overall site includes two houses and there is further land of approximately 22 acres that is potentially available. Kinnerton plan to vacate the site during 2015.
"The availability of Kinnerton's premises at South Creake provides a relatively rare opportunity to purchase extensive food-grade premises that have been comprehensively refurbished in recent years and which comply with the stringent requirements of a number of the UK's largest food retailers", commented James Allen of Roche Chartered Surveyors who is dealing with the sale of the property.
With the changes in the economy and parties to a lease having an eye to every opportunity to improve their situation and ...
Break Clauses - Back to Square One
With the changes in the economy and parties to a lease having an eye to every opportunity to improve their situation and their business strategy, break clauses have become and continue to be a hot topic.
The drafting of leases historically, was, thought to create a water tight situation where both parties can rely on the lease to satisfy all scenarios in respect of break clauses.
However, changing times have proved this not to be the situation and case law is now prevalent and ever-changing on this matter. The leading case in these circumstances relates to Marks & Spencer PLC v BNP Paribas Securities Trust Company (Jersey) Limited and another 2014.
This case has recently been heard at the Court of appeal.
By way of background, a lower Court decision permitted M&S to reclaim rent paid in advance and which was relevant to the period of time after the break date itself. This earlier decision has been swiftly over-turned by the Court of Appeal stating "...it would have been obvious to the parties before they signed up to the lease that there was a possibility that rent would have to be paid on the last quarter day in full for a period which went beyond the break date. They would therefore have made some provision for this case". Obviously not!!!
This latest decision does give certainty in this situation and going forward it is evident this situation must be addressed in all future leases. Thus if the intention is for rent after a break clause to be reimbursed it must be stated so.
Not a welcome decision for tenants but at least it gives clarity.
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.