Here is a selection of case studies from some projects that we have worked on:
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".
A trio of new tenants have taken occupation at the successful Cringleford Business Centre situated on the south side of ...
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.
Roche have acted as Party Wall Surveyors for the owners of neighbouring properties on Cathedral Street in Norwich .....
Party Wall Award - 17/19 Cathedral Street, Norwich, NR1 1LU
Roche Chartered Surveyors have acted as Party Wall Surveyors for the owners of neighbouring properties on Cathedral Street in Norwich.
The properties are two neighbouring Victorian terrace buildings with extensions to the rear which total around 1,600 sq. ft. each. The owners of Number 19 wished to carry out substantial alterations to their building in order to convert it into two residential properties. The design involved a number of items that are classed as 'works to a party wall' under the Party Wall etc. Act 1996.
Roche Chartered Surveyors were approached by the owner of Number 17 who had received notice of the proposed works from the owner of Number 19. Through negotiation it was agreed that Roche would act as Agreed Surveyors for both parties to advise on the rights and the requirements of The Act. This culminated in a Party Wall Award which formally documented the works to be done and method to be undertaken.
The aim of the award is to protect both parties against claims for damage and prevent nuisance by agreeing how and when the works are undertaken. Roche's Chartered Building Surveyor responsible for the project, David Hall MRICS, commented "It is essential when undertaking work on Party Walls or boundaries to seek professional advice. This instruction proves that with the right approach the agreement does not have to be confrontational and serves to protect all parties involved."
Roche Retail have let 30 St Benedicts Street, Norwich to 'Marsden Leveridge' .....
30 St Benedicts Street, Norwich NR2 4AQ
Roche Retail acting on behalf of Managed Property Supply Ltd have let 30 St Benedicts Street, Norwich to 'Marsden Leveridge' a hairdressers. This is their first shop they have opened and they chose St Benedicts Street as it fitted their customer profile.
The shop comprised a total floor area of 932 sq ft arranged over the ground floor and basement. Marsden Leveridge took a 15 year lease at an initial rent of £12,000 pax.
Lloyd Perry of Roche Retail commented that "The shop attracted a significant amount of interest due to its location within the historic Norwich Lanes along with its aesthetically pleasing shop frontage. This entailed Roche Retail receiving multiple offers and from this they were able to advise on the most appropriate occupier for the shop and location".
Roche have let two office suites at the successful Wensum Mount Business Centre .....
New Tenants at Wensum Mount Business Centre, Low Road, Norwich, NR6 5AQ
Roche Chartered Surveyors, the Norwich-based property consultants and commercial letting agents, have recently arranged lettings of two office suites at the successful Wensum Mount Business Centre on the north-west side of Norwich, NR6 5AQ.
Lewis Jarrett, financial services consultant, has leased Suite 7 which extends to 1,162 sq ft and was been offered at a rent of £14,000 per annum. FCMH Group Limited has recently moved into Suite 8 which extends to 726 sq ft which was being offered at £8,750 per annum.
"Wensum Mount Business Centre provides excellently converted and well-maintained office accommodation with superb facilities. The location has the tranquillity of a rural setting yet is in easy reach of Norwich Airport and the outer ring road," commented James Allen of Roche Chartered Surveyors who dealt with the lettings. "We have another new tenant moving to the Business Centre in June, at which point it will be fully occupied, underlining the current strong demand for office premises with parking around the end of Norwich," he added.
Roche have been awarded the prestigious Estates Gazette "Most Active Agent Award for East Anglia" in the Retail category ...
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 seventh 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.
Roche has arranged letting of a significant industrial building at Burton Road Business Park, NR6 6AX ......
Refurbished Norwich industrial building let to major engineering company
Commercial property consultants and agents, Roche Chartered Surveyors has arranged the letting of a significant industrial building at Burton Road Business Park, NR6 6AX, on the north side of Norwich. The property known as Norwich Coachworks and previously occupied by Harford Engineering has been virtually re-built by Harber Properties Limited over the last year. It provides 16,760 sq ft (1,557 sq m) of refurbished space which has been let to Eriks Industrial Services Ltd, the national engineering services company which will be creating an enlarged regional hub for its business throughout East Anglia.
The refurbishment of this building forms part of a programme of reinvestment on the Burton Road site, with lettings of other buildings also imminent. These works follow Harford's relocation from the site.
Unit 2 at Burton Road has been taken back to its steel frame before being virtually re-built and therefore provides effectively a new building in an established industrial area which, like all locations on the north side of Norwich, will benefit significantly from improved accessibility when the Northern Distributor Road opens in the next 12 months. Harber Properties have shown great confidence in the Norwich industrial market, which is very strong at present and this has been rewarded in securing an international company of the calibre of Eriks. There is an acute shortage of buildings of this size and we are aware of several established companies with current requirements," commented James Allen of Roche Chartered Surveyors who acted for Harber Properties in the transaction.
Roche complete Building Survey of The Playhouse Theatre and Bar ....
The Playhouse Theatre, 42-58 St Georges Street, Norwich, NR3 1AB
Roche Chartered Surveyors have completed a Building Survey of The Playhouse Theatre and Bar on behalf of The Playhouse Trust.
The property encompasses a range of buildings including an historic Georgian maltings which was converted in 1995 to form a 300 seat riverside theatre, offices, and a modern bar with a large external seating area. The property totals around 1,270 sqm (13,700sqft) and includes a number of different ages, construction types and uses.
The building survey provided the client with detailed advice on the current condition and projected maintenance requirements of the property over the coming years. This involved inspecting and reporting on all aspects of the property including the historic building fabric and modern extensions and alterations. Roche engaged specialist engineers to advise on the mechanical and electrical installation and oversaw the project to provide the client with clear concise information regarding the repair and maintenance requirements and associated costs.
The aim of the survey was to allow the Trust to gain a comprehensive picture of the current condition of the property and allow the client to forecast their future maintenance costs. Roche's Chartered Building Surveyor responsible for the project, David Hall MRICS, commented "It is essential for any organisation that owns or is responsible for property to properly budget for its upkeep and repair. Timely repair of buildings provides substantial savings in the long run by preventing unnecessary damage".
Roche Retail acting let 21 St Benedicts Street, Norwich to 'One Life Left' .....
21 St Benedicts Street, Norwich NR2 4PF
Roche Retail acting on behalf of Broadland Housing Group have let 21 St Benedicts Street, Norwich to 'One Life Left' which is a video games themed café. This is their first shop they have opened and decided upon St Benedicts Street due to its eclectic mix of independent retailers and restaurants.
The shop comprised a ground floor area of 889 sq ft and 'One Life Left' took a 5 year lease at an initial rent of £16,000 pax.
Lloyd Perry of Roche Retail commented that "The shop was a positive letting for St Benedicts Street as it complements the already existing users along the street and offers an alternative and bespoke experience for the gaming market".
The North Denes Airfield at Caister Road, Great Yarmouth, NR30 5TF has been put up for sale ....
Roche instructed to sell redundant Great Yarmouth Heliport
The North Denes Airfield at Caister Road, Great Yarmouth, NR30 5TF has been put up for sale. The site was used as a base for helicopters serving oil and gas platforms in the Southern North Sea for many years but has not been operational for the last two years, owing to a decline in business and relocation to Norwich.
The 60.5 acre (24.5 hectare) site includes two hangars, a terminal building, offices and storage accommodation, as well as an air traffic control facility. The buildings total around 33,445 sq ft ( 3,107 sq m) of accommodation. Apart from roadways and the concrete helicopter landing areas, the majority of the site is un-surfaced, with two grassed runways. The site has a long frontage to Caister Road, adjacent to Great Yarmouth Stadium.
Roche Chartered Surveyors of Norwich have been instructed to handle the sale and are seeking expressions of interest and offers in the site as a whole, or for parts of it.
'We anticipate that the site will generate a lot of interest from a wide range of potential occupiers and developers', commented James Allen of Roche Chartered Surveyors. "The site clearly has potential for continued aviation use but the prospects of this seem unlikely and therefore alternative commercial uses and development are likely to be the focus of interest in the site. The input of Great Yarmouth Borough Council, as planning authority, is being sought and will be a factor in deciding the future ownership and use of this significant site," he added.
Roche have sold former Job Centre at 16/18 High Street, Dereham, NR19 1DX .......
Dereham, 16/18 High Street, NR19 1DX
Roche Chartered Surveyors have recently sold the former Job Centre situated at 16/18 High Street, Dereham, NR19 1DX. The property is arranged over ground floor only and extends to 6200 sq ft, with car parking to the rear. The freehold was sold for close to the asking price of £350,000 to a local business that will use the premises for office use. Sam Kingston 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 Dereham office market. Although Roche received strong interest from leisure users, a sale to an office occupier was the most straight forward option". Roche Acted on behalf of the freeholder, Telereal Trillium.
A key aspect of the Government's Energy Act 2011 is the Minimum Energy Efficiency Standards (MEES) Regulations .......
Property Markets set to be impacted by Energy Regulations
A key aspect of the Government's Energy Act 2011 is the Minimum Energy Efficiency Standards (MEES) Regulations that come into force on 1st April 2018. The regulations will have a wide ranging impact for the commercial property market across the region.
MEES will apply to all privately rented property in England and Wales which currently requires an Energy Performance Certificate (EPC). The regulations will make it an offence to:
From 1st April 2018, let a property with an EPC rating of less than 'E'. This will apply to new leases, lease renewals, lease extensions and under letting.
From 1st April 2020, continue to let a residential property with an EPC rating of less than 'E'.
From 1st April 2023, continue to let a commercial property with an EPC rating of less than 'E'.
There are variety of exemptions but Landlords must register them to avoid enforcement action. Exemptions are only valid for 5 years and cannot be transferred between landlords if the property is sold.
It is estimated that around 20% of privately rented property is currently sub-standard with the office market particularly affected with around 23%. Landlords holding properties with sub-standard EPC ratings will be unable to generate rental income and may have to incur the expenditure of making improvements. It will be difficult to attract high quality tenants for sub-standard property with market value of such assets being negatively affected.
The changes will also affect tenants looking to sub-let space, assign their lease or carry out works that might require a new EPC to be carried out. Fines are substantial with minimum fines set at £5,000 and the maximum £150,000.
Landlords and investors should be auditing their portfolios now to check which properties are affected by MEES and whether exemptions could apply. They should be carrying out energy assessments to check whether their current EPC ratings are correct and whether any work is required to sub-standard properties. Tenants and landlords should review leases to understand their rights and plan ahead so that renewal dates and planned works can be aligned to reduce additional costs. We are advising many clients who are already responding pro-actively to the impending regulations and finding that cost-effective and practical solutions are generally available.
Roche now have an accredited Royal Institution of Chartered Surveyors (RICS) APC assessor .....
Roche Chartered Surveyors now have an accredited Royal Institution of Chartered Surveyors (RICS) APC assessor. David Hall, a Chartered Building Surveyor at Roche recently completed his assessor training at the headquarters of the RICS in Parliament Square, Westminster.
All Chartered Surveyors are required to go through the Assessment of Professional Competence (APC) in order to become Chartered. The assessment requires submission of a number documents including a case study following a period (usually 24 months) of structured training. The candidate is then interviewed by a panel of assessors to test their knowledge and understanding of best practice.
Having a trained APC assessor at Roche will be of benefit to the firm as a whole in helping keep up to date in regulatory compliance, and will be a great advantage in assisting Roche's graduates through the APC process.
David Hall, Building Surveyor
Roche Retail have let 1 Royal Arcade to Scribbler ......
Norwich - 1 Royal Arcade
Acting on behalf of Legal & General, Roche Retail have let 1 Royal Arcade in Norwich, NR2 1NQ to Scribbler for their second shop in East Anglia, bringing the total number of outlets to 35, mainly situated in the South East of England. The shop forms an important gateway entrance into the Royal Arcade that houses an eclectic mix of national and independent retailers. Legal and General undertook a major refurbishment of the Grade II listed 1,500 sq ft property which fronts on to Gentleman's Walk, the principal retail thoroughfare in Norwich. Adrian Fennell of Roche Retail commented that "the letting was another example of Norwich's very high ranking in the national retail hierarchy that was continuing to draw new retailers to the city, thus ensuring its vibrancy and growth".
Norwich - 112/114 Prince of Wales Road, NR1 1NS
Roche Retail acting on behalf of KFC have surrender their leasehold interest in their former restaurant at 112/114 Prince of Wales Road, Norwich, NR1 1NS to the landlord, MCR Property Group. The restaurant comprises a total of 5,000 sq ft and the passing rent was £25,000per annum exclusive. The landlord is currently undertaking a major redevelopment of the former offices above, known as Grosvenor House, into residential accommodation.
Roche Retail, on behalf of Columbia Threadneedle, let 24 The Thoroughfare, Ipswich to 'Ohh Deer' ......
Ipswich, 24 The Thoroughfare
Roche Retail acting on behalf of Columbia Threadneedle have let 24 The Thoroughfare, Ipswich to 'Ohh Deer' a quirky illustrated gift company. This is their second shop they have opened in the UK and are expecting to open more in the future.
The shop comprised a total floor area of 650 sq ft arranged over the ground floor. 'Ohh Deer' took a 5 year lease at an initial rent of £20,000 pax.
Adrian Fennel of Roche Retail commented that "The shop was an important letting for The Walk and The Thoroughfare as it is located on the Buttermarket entrance to the shopping street linking through to Tavern Street, which are the two primary retail thoroughfares in Ipswich. The new tenants use will complement the existing users in The Walk and The Thoroughfare, which has recently undergone an extensive refurbishment".
Roche Retail have let 23 St Benedicts Street, Norwich to 'Farmyard' ....
23 St Benedicts Street, Norwich NR2 4PF
Roche Retail acting on behalf of Broadland Housing Group have let 23 St Benedicts Street, Norwich to 'Farmyard' a high end bistronomy style restaurant. This is their first restaurant they have opened and they chose Norwich as they are local to the area and wanted to source all their produce from the county.
The restaurant comprises a total ground floor area of 1,269 sq ft. 'Farmyard' took a 15 year lease at an initial rent of £25,000 pax.
Adrian Fennel of Roche Retail commented that "The restaurant was an important letting for St Benedicts Street as it adds an alternative eatery to the ever improving street that forms part of the Norwich Lanes which is renowned for its strong mix of eclectic retail and restaurant operators ".
The Background .... Business rates are a tax on the occupation of non-domestic property .....
Briefing Note on Business Rates - July 2016
- Business rates are a tax on the occupation of non-domestic property.
Since 1.4.1990 a rating list has been prepared on a 5 yearly basis except for the most recent revaluation which was delayed from 1.4.2015 to 1.4 .2017.
The rateable value of each property is assessed by the Valuation Office Agency (VOA) and it is an estimate of the annual rent that would be paid for the property at a fixed date, which has always been 2 years prior to the beginning of the list, thus the most recent revaluation is effective from 1.4.2017 but with the actual valuation date being 1.4.2015. Summary valuations will be available on the VOA Website on 30.9.16.
Rating assessments can be altered subsequently to any revaluation either to reflect changes in the property or if a valuation is appealed against.
Local Authorities apply a multiplier to obtain the actual rates payable. This is known as the Uniformed Business Rate (UBR). There has been and will continue to be, a differential between the UBR as applied to the rateable values of small and larger properties.
Changes with effect from 1 April 2017:
- With effect from 1.4.2017, small businesses who occupy premises with a rateable value of below £12,000 (up from £6,000) will pay no business rates at all. This is known as the small business rates relief scheme (SBRR). It is estimated, over 600,000 businesses will benefit from this change.
There is tapered relief which will be implemented for rateable values between £12,000 and £15,000.
With effect from 1 April 2017 the lower UBR for smaller properties will be applied to those having a rateable value of below £51,000. Previously the upper limit was £18,000, thus taking probably another 250,000 smaller properties out of the higher rate UBR multiplier.
It is estimated that over half of all business rate payers will see a fall in their business rates or will not pay any business rates at all from 1 April 2017.
All of this may be subject to transitional relief.
- UBR rates are increased with inflation with the current multiplier being in line with the Retail Price Index (RPI). However from 1 April 2020 this will move to the Consumer Price Index (CPI). This will bring business rates in line with a main measure of inflation and it is estimated businesses will save £370M in the first year alone.
However the downside is, this saving will have to be paid for elsewhere and it is estimated the UBR for properties having a rateable value in excess of £51,000 will increase from 1.4.2017.
It is also suggested the Government may introduce 3 yearly revaluations of premises which if this is implemented will mean the next revaluation after 2017 will be with effect from 1 April 2020, thereby effectively restoring the previously anticipated revaluation date of 2020, being 5 years on from 2015.
The provisional UBR for the 16-17 year should be issued in December 16 with the actual UBR set in early February 17.
- SBRR is applicable if only one property is occupied and the rateable value is less than £12,000. Please see above. This relief has to be applied for on an annual basis.
If an occupant occupies multiple properties, each may be eligible for a small business rates relief if the rateable value of each of the other properties is less than £2,600. The rateable values of these properties are added together and relief applied to the main property.
Charitable Rate Relief
- If a property is used for charitable purposes, an application can be made for relief of at least 80% but this is at the discretion of the billing authority. Eligible users include not only charities but also amateur community sports clubs. The building must be wholly or mainly used for charitable purposes.
Enterprise Zone Relief
- Up to 100% business rate relief can be achieved, again at the discretion of the Billing Authority, up to a maximum of £275,000 over a 5 year period.
Enterprise zones in East Anglia include:
Norwich Research Park, Norfolk
Suffolk Business Park, Bury St Edmunds
Scottow Enterprise Park, Coltishall
Egmere Business Zone, Nr Wells
Greater Ipswich, Suffolk
Futura Business Park
Princes Street Office District
Sproughton Enterprise Park
Nar Ouse Business Park, King's Lynn, Norfolk
Stowmarket Enterprise Park, Suffolk
Great Yarmouth and Lowestoft Enterprise Zone
- Some Local Authorities offer rate relief up to a £1,000 for businesses occupying a retail property with a rateable value of up to £50,000. Eligibility parameters are the premises must be used as a shop, restaurant, café or drinking establishment and the relevant Local Authority should be contacted.
Breckland Council are operating their own scheme for Dereham for 12 mths and up to 80% relief may be available.
Empty Buildings Relief (EBR) (aThis element is subject to review)
- All commercial properties can receive EBR. All commercial properties can obtain EBR for a minimum of 3 months and this period can be extended, in the case of industrial/warehouse premises for a further 3 months. In addition there are premises which are exempt until reoccupied and these are as follows:
- Listed Buildings
Buildings with the rateable value of less than £2,600.
Properties owned by charities and which are likely to be next used for charitable use.
Community Amateur Sports Club Buildings, if the building is likely to be used as a sports club.
- Whilst changes of ownership do not trigger a fresh 3 or 6 months exemption, as the exemption applies to the property and not the person paying the rates, there is some relief from this by way of short term occupation of the property of at least 42 days and this can be organised on a cyclical basis. It is advisable to inform the Local Billing Authority each stage of change.
The property can be removed from the Local Rating list if it is not capable of beneficial occupation, that is as a broad brush approach, the building is in a very poor condition and not could not be economically repaired or is undergoing major renovation works or if the property is demolished or undergoing redevelopment.
It is worthy of note, none of these reliefs apply until the owner occupier applies to the VOA for the property to be removed.
This information may be subject to change at any time so please check all information before applying it to your situation.
- Rating liability whilst ongoing building works are being undertaken now falls to be decided having regard to the Court of Appeal case of Newbiggin (VO) v SJ & J Monk 2015 where the Court has ruled that rates will be payable unless a vacant building is beyond economic repair.
Of significance, the case states that "the mere fact that the ratepayer intends to produce at some future date a building which will be different in kind from that which exists on the valuation date cannot determine whether or not the hereditament can or cannot be put into a state of reasonable repair at economic cost on the valuation date itself."
The current authority for the economic test is now Thomas & Davies (Merthyr Tydfil) Ltd v Susan Jennifer Denly (VO) Upper Tribunal (Lands Chamber).
If works of refurbishment are being undertaken, this suggests, the works are economic & therefore it is unlikely the VOA will delete/reduce the assessment to nil.
- The matter is to be put before the Supreme Court later this year. Pending this, it is advised appeals are submitted on the grounds of Material Change in Circumstance. The appeal must be made during the period of the works.
The Woolway case concerned whether the 2nd and 6th floors of Tower Bridge House in London formed one hereditament or two. The Supreme Court decided following a careful examination of established legal principles that each floor formed its own hereditament. It set out clear tests for establishing the hereditament.
Geographic test - are the premises evidentially a single unity on plan, horizontally and/or vertically? Are they separated by a common area or are they connected directly?
Functional Test - This is likely to be an exceptional situation whereby the use of one is necessary to the effectual enjoyment of the other.
Occupation - There must be actual occupation, exclusive to the possessor, possession must be of value to the possessor and possession must not be for a transient period.
Functionality - Whether or not the various uses within the assessment are so very different as to enable 2 assessments to be made eg. York Union Case - York Railway Station rated as one, but comprised station and hotel, thus 2 different uses.
Capable of Separate ~Definition - The property must be able to be defined.
Roche Retail purchase freehold investment of 28 London Street in Norwich ......
Norwich, 28 London Street, NR2 1LD
Roche Retail have advised private clients in connection with the purchase of the freehold investment of 28 London Street in Norwich where the principal tenant is White Stuff that are paying a rent of £105,000 per annum exclusive.
The property is situated at the junction of London Street and Castle Street and represents a 100% prime position for this increasingly popular location for fashion retailers where Jigsaw, Cath Kidston, Crew Clothing, Gap, Joules, Dr Martens and Moda in Pelle are all represented.
Adrian Fennell, the Partner responsible for the retail department commented that 'our client was delighted to secure this prime retail investment where there is strong rental growth anticipated in a city centre that has been ranked as the 2nd Hottest Retail Location in the UK (CACI 2015).
Roche Retail complete three new shop lettings on Bank Street .......
Norwich - 11/17 Bank Plain, NR2 4SF - A trio of new lettings
Roche Retail have recently completed three new shop lettings on Bank Street to estate agents, Century 21 and BMA Estates, along with financial services firm Charles Derby Group.
The three shops are all arranged over ground floor only and range in size between 718 sq ft and 981 sq ft, totalling 2,666 sq ft. All the occupiers took new 5 year leases.
Lloyd Perry of Roche Retail commented that "This is encouraging news for Norwich's residential market, demonstrating its buoyancy and establishes a concentration of residential estate agents and related services within close proximity to each other."
Roche have strong interest in the remaining unit at 15 Bank Plain that comprises 967 sq ft.
Roche Retail has let 40A Westgate Street, Ipswich to 'The Stylers', .......
Ipswich, 40A Westgate Street, IP1 3ED
Roche Retail has let 40A Westgate Street, Ipswich to 'The Stylers', a unisex hairdresser with 11 salons in the UK and which has the expectation of expanding.
The shop comprises a total floor area of 2,106 sq ft arranged over 3 levels. The Stylers took a new 10 year lease at an initial rental of £15,000 pax.
Lloyd Perry of Roche Retail commented that "This a positive retail let for Ipswich as it is another addition to the top end of Westgate Street, which is one of Ipswich's primary retail thoroughfares and which has recently seen the enlarged Primark open."
Hints and tips in the run-up to the revaluation ......
A quick history lesson! Since 1990, Business Rates Revaluations have taken place at regular intervals, which, up until the most recent revaluation, were carried out every 5 years. The current revaluation date is set for the 1 April 2017, but keeping to sensible tradition, there has always been a preceding valuation date, usually 2 years before, called the Antecedent Valuation Date (AVD). Therefore, the prima facie evidence for the 2017 rating list will be market rents set as at 1 April 2015, nearly a year ago. The valuation is tempered by any relevant circumstances at the actual valuation date itself of 1.4.17, such as the physical layout and use, etc.
So in advance of this revaluation, the first consequence of it is, that ratepayers are likely to see an increase in requests for information from the Valuation Office Agency (VOA) in the "forms of return". These forms have to be completed by law and ask questions which are relevant such as the rent payable, the date the rent was set, and why it was set, detailed lease information etc. It is worth reiterating these forms must be completed by either the ratepayer or their agent.
The second consequence for ratepayers is that forecasting your actual rates payable beyond the revaluation date of 1 April 2017 is going to be very difficult. This is for the following main reasons:
- Business Rates Payable normally increase annually in line with the RPI index.
However, with a revaluation, the rateable value is likely to change and the new level of Uniform Business Rate (UBR) is to be set. The UBR is the multiplier to be applied to the rateable value.
- Transitional adjustments, which are the phasing in of new rateable values, may or may not be put in place.
The final major consequence, is that rate payers are highly likely to see a fall in rateable values, because of the fall in rental values in many sectors and parts of the country, especially in East Anglia, due to the economic recession, since the 2010 list was established using 2008 rents. Unfortunately, rates payable cannot be expected to fall in exactly the same way as the rateable values as the Government has a duty to maintain revenue and therefore the UBR is likely to offset substantive overall falls. This situation is highly likely to be exacerbated by the use of transitional reliefs. The exception to this scenario is in London where increased rateable values and increased UBR multiplier could result in a major effect on rates payable for those businesses located in the capital.
How can this affect the actual market rents payable now and in the future? For example retail rental values in Southwold have increased fourfold and in Great Yarmouth they have halved during the life of the current list. Over the life of the next list, which is likely to be for a period of 5 years, the amount of money available to tenants to pay for outgoings will remain fairly constant so monies available for rent will decrease in Southwold and increase in Great Yarmouth, thus this may have a direct effect on rental values and this should be factored into investment decisions going forward.
Publication dates of the new rateable values is likely to be September 2016 and from the start of this year, the VOA will need to value some 1.8 million non-domestic properties having a total value in the local rating lists of more than £57 billion.
One thing is hopefully certain, the principals of an appeal against any rating assessment will remain and relate to changes or inaccuracies in actual use, size, unique physical factors affecting premises and mode of occupation.
Roche Retail complete new shop lettings to Pandora, CEX and Boots Opticians ....
Newmarket - The Guineas - a trio of new lettings!
Roche Retail have recently complete three new shop lettings in The Guineas Shopping Centre to retailers, Pandora, CEX and Boots Opticians, which now means the shopping centre is fully let.
The Guineas Shopping Centre in Newmarket comprises a total of 110,000 sq ft with 46 retail units, having a mix of multiple retailers including Marks & Spencer, Argos, Poundland and Superdrug, but also strong independents such as The Pantry, Newmarket Sports and Peters Opticians.
Adrian Fennell of letting agents, Roche Retail, commented on the very positive effect that the three new retailers are having to Newmarket, adding to the retail vibrancy of The Guineas and encouraging new consumers to Newmarket. As a result there is a growing list of quality retailers looking to gain representation in The Guineas.
Roche has arranged the sale of a freehold office building at 27 Yarmouth Road in Norwich ........
Roche Sell High Profile Investment in Great Yarmouth
The Norwich commercial property agents and consultants, Roche Chartered Surveyors, has arranged the sale of a freehold office building at 27 Yarmouth Road in Norwich on behalf of R G Carter Holdings. The prominent building in Thorpe was previously occupied by two of Carter's subsidiaries, Eyre Electrical and Sonata Security who have expanded into other Group premises.
The property is located close to the centre of Thorpe St Andrew in a popular residential area and the purchaser has obtained consent for conversion to residential under Permitted Development Rights. The approved scheme shows the two storey building of 6,756 sq ft (628 sq m) being converted into 14 flats. The property was being marketed at an asking price of £525,000. The purchaser was Yarmouth Road Project Limited, part of Estateducation Limited.
"Over the last two years, following the introduction of the expedited planning procedure under Permitted Development Rights, there has been a marked trend of disused office buildings being purchased for residential conversion in both the city centre and in suburban locations.The property in Yarmouth Road is well located for the city centre and Thorpe with the upper floor having fantastic views over the river valley so it is no surprise that it is being sold for residential conversion, despite the very strong demand from office owner-occupiers at the present time", commented James Allen of Roche Chartered Surveyors who handled the sale as joint agent for R G Carter Holdings.
Roche Retail has let 3 Royal Arcade to Simply Pearls ......
3 Royal Arcade, Norwich
Roche Retail has let 3 Royal Arcade to Simply Pearls that specialise in the retail sale of pearl jewellery and related products. They were previously based in Frome and have relocated their business to Norwich, which includes a web based offer.
The shop comprises a total of 483 sq ft. Simply Pearls took a new 5 year lease. Roche Retail asset manage the Royal Arcade for the landlord and Adrian Fennell of Roche Retail said' that this completes another letting in this historic Arcade that is one of Norwich's principal tourist attractions and is a quality and niche shopping destination, linking Gentleman's Walk and Castle Street'.
Roche has let 59 The Guineas, Newmarket, to CEX .......
Newmarket, 59 The Guineas
Roche has let 59 The Guineas, Newmarket, to CEX. The shop comprises a ground floor of 1,208 sq ft and CEX took a new 10 year lease at an initial rental of £37,500 pax.
This letting to CEX means that the Guineas Shopping Centre is fully let, highlighting the Centre's success in the regional retail hierarchy and Newmarket's increasing attractiveness, being renown as the centre of horse racing and as dormitory town to Cambridge.
Adrian Fennell of Roche Retail commented that "Now that the Centre is fully occupied, we are looking at asset enhancement opportunities, focusing on attracting multiple retailers and strong independants to Newmarket for the first time".
Roche Chartered Surveyors have recently concluded four pub sales ....
Roche Conclude Four Pub Sales
Roche Chartered Surveyors have recently concluded four pub sales, these being the sale of Kings PH in Norwich, The Mill Inn in Saxlingham Thorpe, Queens Head in Wymondham and The Forge in Aylsham.
All four pub sales were sold on behalf of Roche's long-standing clients, Enterprise Inns. Three of the pubs were sold to local investors who are looking to re-let the premises for pub or restaurant use. The Forge was sold to a local owner-occupier who previously rented a south Norfolk pub, but was keen to buy his own freehouse.
Graham Jones of Roche commented: "It is encouraging to see that not only are freehold pubs still a popular proposition for investors and developers, but also that a number are now being bought with the intention to re-open as licensed premises. This marks somewhat of a change, as up until recently the majority of the demand had been from developers seeking to convert or redevelop the pubs to other commercial uses or residential use. Whilst the interest from developers remains, the improved demand from publicans and restaurateurs highlights the growing confidence in this sector evidently fuelled by the trend of people eating out more often as the economy continues to recover".
Norwich office market continues to see a strong demand for good quality accommodation ......
The Norwich office market continues to see a strong demand for good quality accommodation and where landlords are prepared to undertake extensive refurbishment tenants will follow. So far in 2015 there have been two noticeable transactions to underline this.
In February this year Roche acted in the letting of the final floor of Yare House, Norwich to BDO, who join the Broads Authority, Orbit Housing, Rostrons and Tobar. Yare House was previously the regional headquarters of Anglia Water. It was acquired by a private landlord and when Anglia Water vacated, they took the brave step to comprehensively overhaul including adding an additional floor and a new façade. The property is now the only fully let office in multiple occupation in Norwich. The quality of the accommodation, along with location has been the key selling point to occupiers.
Sam Kingston of Roche said" Yare House is a shining example of how a comprehensively refurbished building will let. There are a number of offices which have seen cosmetic improvements, but most occupiers see beyond this and in our recent experience, tenants are prepared to pay a premium price for the right property as they recognise the importance of a healthy and vibrant working environment."
With a very limited supply of Grade A space in Norwich now available any landlords prepared to refurbish accommodation could benefit from the imbalance between supply and demand for quality accommodation.
This trend is seen by the letting of 98 Pottergate, Norwich by Roche a self-contained premises with good car parking. The office was vacated by the previous occupiers and to make the accommodation more appealing the premises was comprehensively overhauled to provide a combination of open plan and cellular space. The premises were let before completion of the works to Lanpro a planning and regeneration specialist.
Sam Kingston of Roche commented" the refurbishment of this office gave it every chance to re-let. Although not in the core business district the condition of the property made it an attractive proposition for occupiers, looking for self-contained premises with good car parking."
The Norwich industrial market has got off to a good start in 2015, with Roche acting on two noticeable transactions .......
Improving Industrial Market
The Norwich industrial market has got off to a good start in 2015, with Roche acting on two noticeable transactions totalling 167,000 sq ft .
In March Roche let a 34,000 sq ft warehouse to Angling Direct on the Rackheath Industrial Estate. The property had only been on the market for a short period of time after Royal Mail had vacated, before being re-occupied. Tilia Properties, the landlord, undertook an extensive refurbishment of the office element of the property and provided Angling Direct with a new larger facility for their expanding business which relocated from Aylsham Road.
Sam Kingston of Roche, acting for the landlord said. "the shortage of large warehouses over 30,000 sq ft is now evident and the speed at which this transaction completed was essential to enable the tenant to re-locate their business prior to their busy trading season". Nick Hovey of Tilia said" we are pleased to welcome Angling Direct to Rackheath, where they join a number of well know Norfolk businesses including Delta Fire and Milltech Engineering".
Roche Retail let the former HMV store at 21 Gentleman's Walk to NatWest Bank .......
Norwich, 21 Gentleman's Walk, NR2 1NA
Roche Retail has let the former HMV store at 21 Gentleman's Walk to NatWest Bank. The property occupies a 100% prime location in Norwich City Centre and comprises over 13,300 sq ft, with a secondary entrance on to Davey Place.
Roche Retail acted for the landlord, Legal & General, and negotiated NatWest Bank taking a new 10 year lease at an initial rental of £325,000 pax.
Adrian Fennell, who heads up Roche's retail and leisure division, commented; "This is the most significant retail letting in Norwich for the past 5 years. NatWest opening one of their 'flagship' banking centres, reinforces Norwich's retail and commercial dominance in the region."
Roche act for Cemex in the disposal of its interest in Woodland Place, Pinetrees Business Park .......
Housing Trust Acquires Woodland Place Office Building, Norwich
Norwich-based property consultants, Roche Chartered Surveyors has acted for Cemex, the international building materials company, in disposing of its interest in Woodland Place at Pinetrees Business Park, one of the largest available office buildings in the Norwich area. The building extends to approximately 22,300 sq ft and has 96 car parking spaces. It has previously been occupied by Royal Bank of Scotland and Virgin Bank.
The surrender of Cemex's leasehold interest has enabled the property to be sold to Saffron Housing Trust that intend to convert the building to flats. Permission for the conversion was granted by Permitted Development Rights, the fast-track planning process introduced by the Government to increase the housing stock and provide alternative uses for vacant offices.
"The disposal of Woodland Place represents a significant liability disposal for our clients, Cemex, and is an example of the Permitted Development Rights proving effective," commented James Allen of Roche Chartered Surveyors who handled the property for Cemex.
Roche Retail let 33 High Street in Southwold to Tilley & Grace ......
Roche Retail let 33 High Street Southwold
Roche Retail, acting on behalf of a private landlord, have let 33 High Street in Southwold to Tilley & Grace that are an independent accessories retailer, already based in Aldborough.
The property had been extensively refurbished and extended by the landlord and comprises a retail area of approximately 580 sq ft and is close to the town's principal car park and adjacent to Fatface.
Adrian Fennell of Roche Retail commented that "there was extensive interest in the property which underlines Southwold's continuing success as a retail destination for holiday makers and the surrounding catchment. It offers an eclectic mix of multiple and local retailers and we are delighted that we have managed to secure a strong local retailer that will add to the retail diversity of the town centre".
Roche Chartered Surveyors, "Most Active Agent for Norfolk", for the third year running ............
Roche Retain Top Industry Accolade
Roche Chartered Surveyors, for the third year running, have been awarded the Industry's most prestigious award as the Estates Gazette "Most Active Agent for Norfolk".
The annual award, which is given by the Estates Gazette to recognise the top commercial surveyors across the country are widely knowledgeable in the property sectors as being market leading and are a reliable reflection of activity during the past year. The award underpins an extremely successful year for Roche, that has seen them advising on some of the most significant transactions across the region including the sale of a 227,438 sq ft distribution centre in Beccles; the largest office letting in Norwich of 40,000 sq ft to Perenco at St Andrews Business Park; the letting of 24,000 sq ft of new build industrial premises at Campbell's Meadow Business Park in King's Lynn at a record rent for the town and advising on the investment purchase of The Guineas Shopping Centre in Newmarket, totalling 110,000 sq ft.
James Allen, Senior Partner of Roche Chartered Surveyors, commented that the uplift in the economy has created a much increased level of activity throughout all commercial property sectors and Roche are looking forward to a buoyant year ahead".
April 1st 2015 is not just April Fool's Day ..... it is also the actual valuation date for the 2017 Business Rating ...
Business Rates Update
April 1st 2015 is not just April Fool's Day ..... it is also the actual valuation date for the 2017 Business Rating Revaluation. Although the new rating list will not come into force until 1st April 2017, the revised values will be based on what will then be historic values as of this April. This ensures all properties share a common valuation date.
The basis for the revaluation will be market rental information pertinent to April 2015. It is acknowledged not all property will have a new rent established on that day as:
The premises may be occupied by the owner, rather than rented, or
There may be vacant accommodation, or
The passing rent may have been established at either an earlier or later date by way of a new letting, rent review or lease renewal.
However, in the majority of cases where premises have a contemporary rent, the rental evidence can be distilled into a rate per square metre, taking into account any relevant issues including the surrounding built environment, the physical characteristics of the premises, the lease terms agreed and any other pertinent factors.
The Valuation Office Agency (VOA) will consider all the evidence that it has collated to create a tone of values specific to an area that relate to premises of the same use, with the tone being adjusted to apply to each property, to reflect its unique characteristics.
Property occupiers may be asked to provide information on their property by the VOA, and should do so as it is a statutory obligation!
So, what this means is, any occupier who agrees a rent review or lease renewal or who acquires a new lease on premises in line with market conditions on or around 1st April this year, may have a good indication of the new rateable value which will apply in 2017. There is therefore extra incentive to make sure the rent is agreed at an appropriate level - to do otherwise might be doubly foolish
Jackie Crisp, FRICS, Partner, Roche Chartered Surveyors
Roche Surveyors recognised for their expertise in industrial space .....
Roche recognised for industrial space expertise
Roche have been recognised for their expertise in industrial space recently by the Estate Gazette. In the bi-annual industrial focus Roche were ranked as the second most active agent in the East of England for industrial property, outperforming a number of multi office businesses covering a far wider geographical area. Over the first 6 months of 2015 Roche transacted in 286,500 sq ft of warehousing and industrial accommodation.
Sam Kingston of Roche commented" it is pleasing to see our market knowledge and high level of instructions have placed us as the second most active agent across a wide geographical area. We are involved in a number of the largest transactions in Norfolk and beyond and the percentage of the market share we have is far greater than many of our larger competitors and our expertise is recognised by our clients". Notable transactions have included the sale of Caley Close a 133,000 sq ft warehouse to Peter Colby Commercials and the letting of a 30,000 sq ft warehouse at Vulcan Road, Norwich to Tuffnells, the parcel delivery business.
This award dovetails well with the EG's most active Norfolk Agent which Roche have held for the last 3 years.
.... demand for prime offices in Norwich is re-affirmed with three companies agreeing to move to Broadland ...
Three new occupiers for Broadland Business Park
The upturn in the demand for prime offices in Norwich has been re-affirmed with no fewer than three companies agreeing to move to Broadland Business Park. Roche Chartered Surveyors are sole agents for the development and dealt with the hat-trick of deals.
TaxAssist Group is relocating its international headquarters to a suite in Bankside 300 of 5,033 sq ft. The move will be part of a new era for the business which recently changed ownership following a management buyout.
An international energy company has leased 3,630 sq ft in the last remaining suite in Lakeside 200 and will be taking occupation shortly.
Lastly, Persimmon, the national house-builder, has agreed to buy Bankside 100 and has recently submitted a planning application for a proposed building of 9,000 sq ft which it intends to construct this year. The company plans to relocate its office at Oulton Broad to the new facility.
In addition to the new office occupiers, Costa Coffee has recently opened a new outlet on the site and work continues on a pub/restaurant for Greene King which is due to open in the spring of 2015.
Norwich will no longer be the largest city that is not connected to the motorway network via a dual carriageway ......
A11 dualling - the impact on commercial property
The long-suffering business community and residents of East Anglia that use the A11 as a means of connecting with the wider world, can finally look forward to the imminent opening of the last dual carriageway section of this vital trunk road.
Norwich will no longer be the largest city that is not connected to the motorway network via a dual carriageway. Journey times for people and goods will be reduced whilst predictability of arrival and delivery times will be dramatically improved. But what impact will this have on commercial property in East Anglia?
A sudden improvement in accessibility can change distribution patterns. The overall improvement in the accessibility of Norwich will undoubtedly enhance the City's appeal as a business location. However for distribution, it will now be easier for companies to cover the whole of East Anglia from, say, Thetford or Bury St Edmunds which are geographically more central. My firm is already advising logistics clients that are reviewing their operations in this way. Therefore, a boost for warehousing in the centre of the region.
Manufacturers will find it easier to get goods to and from East Anglia. This should reduce costs, improve service and therefore competitiveness. Logically, I expect to see improved demand for industrial units in Norfolk and Suffolk along the A11.
For retailers, critical considerations are catchment areas and drive-times. Therefore the big regional centres of Cambridge and Norwich will be further boosted by being more accessible from the centre of the region, possibly to the disadvantage of smaller towns between the main cities. Better communications within the region might also make East Anglia more attractive to big retailers such as IKEA and Decathlon as more households fall within an acceptable drive-time.
As far as offices are concerned, Norwich will be significantly enhanced, enabling it to challenge Cambridge with more credibility. With prime office rents exceeding £30 per square foot, arguably Cambridge has become over-heated. Norwich is roughly half this level and therefore well placed to take up the pressure. Norwich Research Park's competitive prospects are similarly enhanced.
It will take time for the consequences of this significant improvement in our road infrastructure to work through the economy and into the commercial property market. The overall impact will undoubtedly be positive but as improved accessibility opens up new markets, there will be greater challenges for businesses in some locations although I expect the over-riding impact to be extremely positive.
by James Allen, Senior Partner, Roche Chartered Surveyors, Norwich
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.
"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.
For further information contact firstname.lastname@example.org
Roche have successfully negotiated a business rates appeal on 21 St Stephens Street in Norwich based on the devaluing effect ...
Roche achieve successful business rates appeal - the first of its kind in the city
Roche have successfully negotiated a business rates appeal on 21 St Stephens Street in Norwich based on the devaluing effect of the bus stop and accompanying canopy on the shop.
The appeal was first lodged in June 2011 and a 15% deduction was proposed on the 2010 rateable value, which is based on rental evidence and a valuation date in April 2008, from £45,250 to £38,450.
Various appeals had been lodged against the property and surrounding properties in the past based on the effect of a bus stop on a shop front, however all had been unsuccessful both at the discussion stage and at Valuation Tribunal. Despite this, Roche felt the case for the effect of the bus stop on the shop, which was not reflected in the rental value as of the valuation date, was a valid proposal based on the evidence.
After the process was delayed for a long period due to on-going discussions for St Stephens Street with the VOA and the Rating Surveyors Association, discussions ensued and ended with the VOA offering a 7.5% reduction on the rateable value. Roche decided given the strength of our case of evidence that we would go to Valuation Tribunal to try and achieve the full 15% reduction. The successful result however came about through further negotiations which ended a week before the Tribunal with the VOA where we received a 12.5% reduction for ‘Tunnel effect bus st/overhang'. We also had the unit re-measured which also bought the rateable value down further for a combined 15.47% decrease to £38,250.
This has meant the rate payer for the property has been refunded all overpaid business rates since 2010 and their rates liability has been lowered going forward.
Roche Chartered Surveyors can give advice on business rates and can undertake appeals for most types of commercial property in Norfolk and the Eastern region. Please contact Jackie Crisp for further information.
Roche Retail have secured the letting mandate on the 375,000 sq ft Vancouver Quarter .......
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.
Roche Chartered Surveyors leisure team have sold two more freehold public houses
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 email@example.com.
Roche Retail are retained by Helical Bar to undertake the retail agency on The Guineas.
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.
Roche acting on behalf of Aberdeen Property Investors have been instrumental in marketing Unit C Frenbury, a 41,000 sq ft ...
Aberdeen Property Investors - Unit C Frenbury Industrial Estate, Norwich
Roche acting on behalf of Aberdeen Property Investors have been instrumental in marketing Unit C Frenbury, a 41,000 sq ft warehouse located adjacent to the Outer Ring Road.
The property was substantially refurbished to ensure it stood out from competing premises and with the benefit of a secure self-contained yard, has been of interest to several potential occupiers.
A number of parties have inspected the property and it has now been let to Edmundson Electrical for a new 15 year term.
For the past seven years Roche Retail have provided asset management, agency and professional advice to Legal & General ...
Legal & General - Royal Arcade, Norwich
For the past seven years Roche Retail have provided asset management, agency and professional advice to Legal & General on this Grade II listed arcade linking Gentleman's Walk to Castle Street.
Following a regearing exercise with the majority of the tenants, the Royal Arcade is fully let and rental values have been maintained throughout the recession.
Following a strategic overview, Waterstones were identified as a potential risk having a second branch within 50 metres and after discussions with them, Roche Retail negotiated a surrender of their lease and a simultaneous new 25 year lease to Jamie's Italian ensuring a key anchor tenant is retained for the Arcade going forwards.
Roche Retail acted on behalf of Miller in their purchase of Market Gates Shopping Centre in 2005.
Miller - Great Yarmouth, Market Gates Shopping Centre
Roche Retail acted on behalf of Miller in their purchase of Market Gates Shopping Centre in 2005.
Miller subsequently extended the Centre following pre-lettings to Debenhams and New Look, with subsequent lettings agreed to Brighthouse, Starbucks and O2.
We have also provided asset management and letting advice for the Centre throughout, with key lettings agreed to 99p Stores, Store 21 and Blue Inc.
Roche Chartered Surveyors are acting for Tesco Stores in providing advice on the letting of commercial units which are to be ...
Tesco - Campbells Meadow, King's Lynn
Roche Chartered Surveyors are acting for Tesco Stores in providing advice on the letting of commercial units which are to be built as part of the planning obligation for the new Tesco Superstore. The site will provide approximately 8,000 sq ft of offices, 10,000 sq ft of smaller industrial units and a 20,000 sq ft warehouse.
Roche provided advice to Tesco on the likely market demand, rental level and freehold values to enable them to undertake their detailed appraisal. The new premises, when constructed, will be one of only a handful of brand new offices and warehouses in the town.
Roche have acted for the owners of Yare House for a number of years having previously sold the investment to Indigo ...
HCL - Yare House, Norwich
Roche have acted for the owners of Yare House for a number of years having previously sold the investment to Indigo Commercial Properties. Roche provided advice to the owners on the comprehensive refurbishment of the premises which included a new fourth floor.
The property has attracted a wide range of interest from occupiers due to the quality of the accommodation and its location and accessibility.
The first letting has been undertaken to Rostrons (local accountants) with further floors under offer. The refurbishment and subsequent interest in the property shows that quality opportunities in the right location will be of interest to occupiers, even in a depressed market.
Roche have provided strategic property advice to ATB Laurence Scott, one of Norwich's iconic manufacturing businesses. This ...
ATB Laurence Scott - Gothic Works, Norwich
Roche have provided strategic property advice to ATB Laurence Scott, one of Norwich's iconic manufacturing businesses. This has included negotiating the purchase of the freehold interest in its existing premises; Gothic Works is a multi-million pound property deal. As the company only had a short-term lease, this effectively secured the business in Norwich and removed doubt over its future.
Subsequently, the freehold of an adjoining site has also been bought in, enabling the company to completely control its own destiny. On-going advice involves planning issues, the company's future property strategy and liaison in respect of development proposals in the East Norwich area.
Roche acted for Dencora in the acquisition of an un-serviced development site at Clipbush Lane, Fakenham.
Dencora - Clipbush Lane, Fakenham
Roche acted for Dencora in the acquisition of an un-serviced development site at Clipbush Lane, Fakenham.
Advice was provided regarding the potential occupiers for the scheme and the likely values which would be achievable.
Since the site has been acquired Travis Perkins, Marstons and GJL Animal Foods have all acquired land and constructed units.
Acting on behalf of the Receivers we manage this large, standalone block of shops with vacant offices on the upper floors. ...
27 Castle St, Norwich
Acting on behalf of the Receivers we manage this large, standalone block of shops with vacant offices on the upper floors. The building has frontages onto Castle Meadow, Castle Street and Arcade Street. Occupiers include O2, Schuh, Joules and Maplin.
On taking over the management we undertook a comprehensive review of the services provided, streamlined them and cut costs to the tenants.
Additionally, we are advising our client on the rating issues associated with this mixed use property as well as being the letting agents.
We took over management of this mixed use part three and part four storey building in the centre of Norwich near the ...
Amari Group - Haldin and Jacquard House, Norwich
We took over management of this mixed use part three and part four storey building in the centre of Norwich near the Cathedral in September 2010.
We have had to oversee and solve a variety of service charge related issues relating to:
- The refurbishment of the ground and first floor bar accommodation
- An extremely large outstanding utilities bill
- Lack of security on site
- Updating of fire provisions
- Updating of Fire and Health and Safety Audits
- A variety of leasehold arrangements
- New tenants
- Out of date utilities contracts
A phased series of further alterations and improvements are planned for the new service charge year budget to keep the building and the service to the tenants to a high standard, whilst keeping the service charge to a minimum, improving value for money for the tenants.
The largest office letting in the Norwich area this year, regional accountancy firm, Lovewell Blake has leased two floors ...
Lovewell Blake - Broadland Business Park, Norwich
The largest office letting in the Norwich area this year, regional accountancy firm, Lovewell Blake has leased two floors totalling 20,000 sq ft in Bankside 300, the latest office building at Broadland Business Park. Lovewell Blake plans to move into the building during November following its recent merger with Banham Graham.
The letting is the latest in a string of transactions in which Roche have been involved, having been consultants and letting agents for the business park since its inception nearly 20 years ago. Since construction of the scheme commenced in 1998, much of the first phase of 200 acres has been development, including over 300,000 sq ft of offices and approximately 680,000 sq ft of warehouse and other uses. Approximately 3,700 people are now employed at Broadland and the adjoining business parks.
James Allen of Roche, the letting agent for Broadland Business Park commented, "We are very pleased that Lovewell Blake, as one of Norwich's leading professional firms, has decided to move to Broadland Business Park, recognising it's pre-eminence as the leading business park in the Norwich area and one of the largest schemes in East Anglia".
Roche have acted on behalf of C&J Clark on a number of freehold acquisitions and sale and leasebacks throughout the ...
C & J Clark - 39 High Street, Leighton Buzzard
Roche have acted on behalf of C&J Clark on a number of freehold acquisitions and sale and leasebacks throughout the country.
Recently Roche have offered 39 High Street, Leighton Buzzard for sale on the basis of a 10 year lease back to C&J Clark International.
The property is currently under offer.
As part of an asset enhancement drive, Roche have advised Legal & General on two lettings to Jamie's Italian in Friary ...
Legal & General - Friary St, Guildford and Royal Arcade, Norwich
As part of an asset enhancement drive, Roche have advised Legal & General on two lettings to Jamie's Italian in Friary Street, Guildford and Royal Arcade, Norwich.
Both transactions involved negotiating surrenders with existing tenants and securing new long leases to Jamie's Italian, thus improving investment value and driving pedestrian flow in both locations.
Roche Retail act on behalf of Aviva providing all the agency advice on their St Stephens Street ownership. This has involved ...
Aviva - St Stephen's Street, Norwich
Roche Retail act on behalf of Aviva providing all the agency advice on their St Stephens Street ownership. This has involved a number of pro-active asset management initiatives and lettings over the last couple of years to reposition the street and drive values forward. New lettings have been agreed to Brighthouse, Yours, CEX, Coral, Sole Sensations and Cardzone.
Acting for X-Leisure, Roche advise them on the Riverside Quarter, Norwich comprising over 200,000 sq ft of dedicated leisure.
X leisure - Riverside, Norwich
Acting for X-Leisure, Roche advise them on the Riverside Quarter, Norwich comprising over 200,000 sq ft of dedicated leisure.
It is anchored by a 13 screen Odeon cinema, alongside Hollywood Bowl, Fitness First, Project Nightclub, restaurants and a range of waterside bars.
Following the surrender of a prime unit this was split into three separate entities and Roche advised on its re-letting to Chiquitos, Bella Italia and Artorios.
Changes in ownership, refurbishment of premises, and growth of the management function, plus a myriad of other reasons, have ...
BNP Paribas - King St, Norwich
Changes in ownership, refurbishment of premises, and growth of the management function, plus a myriad of other reasons, have resulted in our management business base growing substantially over the last few years.
One property we were instructed on in March 2010 is a beautifully reconstructed and extended mixed use development in Norwich city centre.
Management issues regarding rent collection and service charge misallocation created various issues for the landlord and eventually the receivers. We have managed to review all those issues and streamline them into a more manageable state, whereby the tenants have been informed at every stage of the changing process.
Since the beginning of October 2011, the sale of the investment, which was sold by Roche, completed and the new owners, Black Orange Investments have assumed the role of self-managing the property.
Acting for the East of England Co-op we achieved an increase in rent on the Auto Devotion premises.
East of England Co-op - Hall Rd, Norwich
Acting for the East of England Co-op we achieved an increase in rent on the Auto Devotion premises.
An interesting case, the car showroom and workshop has an area of about 12,800 sq ft. The premises have the largest external car sales spaces of any of the comparable leasehold properties in Norwich and the rent review pattern was 7 yearly, an unusual frequency.
These two issues gave rise to justification for an increase with which the client was pleased in this difficult market.
Acting on behalf of Legal & General, in October 2011 Roche advised on the purchase in of 43 High Street Guildford which ...
Legal & General - 43 High Street, Guildford
Acting on behalf of Legal & General, in October 2011 Roche advised on the purchase in of 43 High Street Guildford which is let to Santander UK PLC at a current passing rent of £155,000 pax.
Acting on behalf of a landlord from South London we advised on the 2010 rent review on these premises occupied by Costa ...
48 London Street, Norwich
Acting on behalf of a landlord from South London we advised on the 2010 rent review on these premises occupied by Costa Coffee.
One issue to agree with the tenants retained surveyor was on floor areas. The floor layout is unusual and challenged the measuring techniques of both surveyors.
Although an agreement was reached on floor areas, the rent at review was recorded at a nil increase.
Although it is recognised that times are testing, it was disappointing that we could not achieve uplift in the rent. However we were able to advise our client, with confidence, all aspects of the review had been considered and the conclusion reached was due to lack of good comparable evidence at rents higher than that already paid.
Fosters Solicitors occupy the prominent corner of Bank St and Bank Plain in Norwich city centre. We were instructed to ...
Fosters Solicitors - Bank St, Norwich
Fosters Solicitors occupy the prominent corner of Bank St and Bank Plain in Norwich city centre. We were instructed to undertake a review of the rating assessments and attempt to reduce the occupier's liability for business rates payable.
The main body of the office accommodation is located on two floors above what formerly was the Post Office and is now vacant shops to let. The reception area is on the ground floor only and the whole area occupied by Fosters previously had been subject to two separate assessments with one assessment having too many parking spaces attributed to it.
We appealed against the 2010 assessment and the parking spaces were reduced appropriately. We agreed with the Valuation Office to merge the assessments which resulted in a substantial reduction in rateable value and therefore a decrease in rates payable but a lower rates liability for the future.
We have advised Fosters on the 2010 list and 2005 list assessments on all their offices.
Acting on behalf of Enterprise Inns PLC, Roche agreed the letting of this former pub to Tesco Stores Limited on a new 20 ...
Enterprise Inns - 164 Cromer Road, Norwich
Acting on behalf of Enterprise Inns PLC, Roche agreed the letting of this former pub to Tesco Stores Limited on a new 20 year lease. Subsequently, Roche were instructed to sell the freehold investment and successfully negotiated the sale to a local investor which completed the sale within one month from solicitors being instructed and at a price reflecting a sub 6% yield.
The letting confirmed the strong demand there is amongst retailers, particularly food retailers, for certain public houses which are located in prominent locations and benefit from good sized car parks.
The investment sale demonstrated that despite the challenging economic climate, the investment market for properties let on long leases to tenants with a strong covenant is still relatively buoyant and often they provide investors with an attractive and robust alternative to other forms of less well performing investments.
On behalf of the property owners we have advised on and appealed against the 2010 list rateable value for these premises.
27 London St, Norwich
On behalf of the property owners we have advised on and appealed against the 2010 list rateable value for these premises.
It is on the basis that they have been rated as a property on London Street. However in practise the premises does not have the benefit of a full retail frontage to the street. Secondly, no allowance has been made for frontage-to-depth ratio of the unit which should diminish its rateable value.
We are currently awaiting further information on the schedule of negotiations with the Valuation Office.
We are also retained as letting agent for the landlord.
Roche were instructed to sell the freehold interest of this former pub on behalf of Enterprise Inns PLC. Following very ...
Enterprise Inns - 131 Colman Road, Norwich
Roche were instructed to sell the freehold interest of this former pub on behalf of Enterprise Inns PLC. Following very strong interest, mainly from retail developers, best bids were invited and the pub was sold unconditionally to Yorkshire based developer Commercial Development Projects.
CDP subsequently retained Roche to act on their behalf in seeking interest in their proposed redevelopment scheme which comprised converting the pub into two retail units with four flats above and building a 4,000 sq ft retail unit on part of the former pub car park.
Prior to works being completed Roche agreed the sale of the freehold interest of the new retail unit to East of England Co-op and subsequently let the completed ground floor retail units to Coral and Cashmaker.
We assisted the owner of these premises to arrange a temporary occupation thus mitigating his empty rates liability.
13-15 Cathedral St, Norwich
We assisted the owner of these premises to arrange a temporary occupation thus mitigating his empty rates liability.
These were two storey refurbished offices and after three months the client was looking to pay full rates liability on the vacant premises.
The offices are now let and income producing.
Reflecting its involvement in significant office properties throughout East Anglia, Roche has been instructed by Telereal ...
Telereal Trillium - Yarmouth House, Great Yarmouth
Reflecting its involvement in significant office properties throughout East Anglia, Roche has been instructed by Telereal Trillium to market Yarmouth House, a landmark building in the centre of Great Yarmouth and one of the town's principal office buildings.
The 7-storey building extends to 19,259 sq ft (1,790 sq m) and has the benefit of 49 car parking spaces. The former Crown property enjoys outstanding views over Yarmouth's port, the town centre and the surrounding countryside.
The property is being offered for sale or to let as a whole or by individual floors.
Roche were pleased to have been appointed to carry out CIPFA and RICS Valuations Standards compliant valuations on 121 of ...
North Norfolk District Council - North Norfolk
Roche were pleased to have been appointed to carry out CIPFA and RICS Valuations Standards compliant valuations on 121 of the properties either held by the authority for investment purposes or occupied by it as tenant.
Given the properties were within the geographical area of NNDC, Roche had a well-established knowledge of the locations of all of the premises which varied from industrial estates held for investment purposes, to ground rents on a variety of properties from sea front uses to tennis courts and car parks.
Roche assisted the NNDC officers in categorising the various properties, as required by the CIPFA regulations.
Acting on behalf of Decco, Roche provided advice on the residential value of a redundant warehouse complex.
Decco - Rosary Road, Norwich
Acting on behalf of Decco, Roche provided advice on the residential value of a redundant warehouse complex.
The property was located in a mixed use area and the client required swift resolution to the disposal of the site. Consequently the land was put onto the market with a set closing date (informal tender) which resulted in a number of bids, both on a conditional and unconditional basis. The preference was for an unconditional disposal and an acceptable figure was achieved.
The site is now ready for residential development.
Towards the end of 2010 and early 2011, J & H Bunn Ltd requested a valuation of their extensive portfolio which enabled ...
J & H Bunn - Great Yarmouth
Towards the end of 2010 and early 2011, J & H Bunn Ltd requested a valuation of their extensive portfolio which enabled them to sell the business to an American corporation, Koch Industries.
The portfolio comprised nine properties ranging from sites inland and in Great Yarmouth, the main base for the company, and from vacant land and premises, through to owner occupied premises, rented accommodation to investment properties and which included one listed storage premises.
Roche had to work closely with the client and their other advisors, PWC and Birketts at all stages to ensure a smooth transaction was achieved.
Jackie Crisp, a Partner in Roche Chartered Surveyors of Norwich, has recently achieved an Advanced Professional Award in ...
Advanced Professional Award in Expert Witness Evidence for Jackie Crisp
Jackie Crisp, a Partner in Roche Chartered Surveyors of Norwich, has recently achieved an 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. The qualification recognises Mrs. Crisp's ability to act as an Expert Witness in legal disputes involving commercial property issues.
To accomplish the top award, Mrs. Crisp undertook an intensive course culminating in taking and passing the requisite examinations.
Mrs. Crisp has been in the surveying profession for over 30 years, specialising in commercial property throughout East Anglia. She commented, "The Expert Witness Qualification endorses my credentials to act as a witness in legal disputes and I look forward to working in conjunction with Lawyers and their clients in helping to resolve cases in the future."
When the American company, Hamlin Electronics developed a new purpose-built factory of 64,000 sq ft (5,958 sq m) on a 3.7 ...
Hamlin Electronics - Saw Mills Road, Diss
When the American company, Hamlin Electronics developed a new purpose-built factory of 64,000 sq ft (5,958 sq m) on a 3.7 acre (1.5 hectare) site in 1995, it established the largest manufacturing plant in the South Norfolk market town of Diss. Following a re-organisation of the business in 2009, the property became surplus to requirements.
Roche were engaged jointly with Cushman & Wakefield to market the property locally, nationally and globally, mindful that it was likely to appeal to a company outside the town in view of its size.
A sale of the property to Glazing Vision Limited, a company previously based at Brandon in Suffolk, gave the local economy a massive boost and coincided with Hamlin's move to a new technical centre at Broadland Business Park in Norwich.
James Allen of Roche who negotiated the sale commented, "It was extremely satisfying that the property was bought by another manufacturing company and has therefore remained a source of local employment, enabling Hamlin to progress its own plans and maintain a strong presence in the area. The sale was the largest industrial building to change hands in Norfolk during 2010".
Acting on behalf of Enterprise Inns Roche was involved in the sale of the former Woodside Pub.
Enterprise Inns - Plumstead Road, Norwich
Acting on behalf of Enterprise Inns Roche was involved in the sale of the former Woodside Pub.
The property sits on an acre site which means that it is likely to be developed for alternative uses.
After promoting the premises a successful sale was achieved to a residential developer on an unconditional basis.