Roche announce appointment of two new Associates ......
NEW APPOINTMENTS AT PROPERTY FIRM ROCHE
Award-winning Norwich commercial property consultants, Roche Chartered Surveyors have announced the appointment of two new Associates and the next chapter in the firm's leadership, ahead of its 30th anniversary later this month.
Specialist Building Surveyor, David Hall and Graham Jones have both been promoted to Associate. David Hall joined Roche in early 2017 and has expanded the firm's Building Surveying activities, providing a wide-range of services including surveys, dilapidations, project management and refurbishments, as well as advising on reinstatement costs and planned maintenance on commercial property throughout East Anglia. Graham Jones, who rejoined Roche last November, is expanding the firm's activities in the leisure and licensed sectors along with other specialist property including student housing and care homes. Graham is also an RICS Registered Valuer.
'David and Graham's promotions to Associate are richly deserved, reflecting both their reputations as well-established professionals and the on-going expansion of the firm,' commented Roche's senior partner, James Allen. 'We now have a team of eight professional staff and as the largest specialist commercial firm in Norfolk, our client base and activities continue to expand as we approach our 30th anniversary this month.'
As Roche embarks on its fourth decade, it has also announced that Sam Kingston will become Managing Partner and succeed James Allen in leading the firm. 'It was a great honour to succeed our founder Mark Roche in 2009 at what was a challenging time for commercial property through which the firm has emerged with a larger and stronger team. As we embark on our next chapter, now is an appropriate time for Sam to lead the firm as Managing Partner. I am looking forward to continuing as a partner and to working with our existing and future clients,' commented James Allen.
Roche will be marking its 30th Anniversary later this month, and the celebrations will be boosted by news of its latest award from the industry-respected Estates Gazette in retaining the accolade of East Anglia's Most Active Retail Agency which Roche has now held for an incredible 8 years in succession. The firm has also won the Estates Gazette award to Norfolk's Most Active Agent for the last 5 years. 'Retaining the Estate Gazette Retail award for the whole of East Anglia for 8 years in succession is a terrific achievement for a single-office firm and is a great tribute to Adrian Fennell and the rest of our team that are involved in our retail activities throughout the region,' added Sam Kingston.
Roche recently sold 9-10 Plowright Place, Swaffham, PE37 7LQ .....
Swaffham, 9-10 Plowright Place, PE37 7LQ
Roche Chartered Surveyors have recently sold 9-10 Plowright Place, Swaffham, PE37 7LQ. The property is arranged over ground and first floor and extends to 1830 sq ft, with car parking to the front. The freehold attracted multiple offers and was sold for over the asking price of £185,000 to a local business that will use the premises for office use. Lloyd Perry of Roche commented " It is good to see the property being sold to an owner occupier for continued office use as it shows confidence in the Swaffham office market. Although Roche received strong interest from other users, a sale to an office occupier was the most straight forward option". Roche Acted on behalf of the freeholder.
Estates Gazette award Roche "Most Active Agent Award for East Anglia" ......
Roche Win Top Regional Agent Award
Roche have been awarded the prestigious Estates Gazette "Most Active Agent Award for East Anglia" in the Retail category. This marks the eighth year running Adrian Fennell, Head of Roche Retail, said that "he was delighted that Roche has yet again won this prestigious award representing the whole of East Anglia and it reflects the hard work the retail department have put into getting deals across the line in a very exacting marketplace"
These awards are given annually by the Estates Gazette to recognise the top commercial surveyors across the country, and are widely regarded as being a reliable reflection of activity during the past year. The award underpins yet another extremely successful year for Roche.
The industrial and warehouse market is in strong demand
Strong demand reduces availability of industrial and warehouse units
The industrial and warehouse market in Norwich, and elsewhere in Norfolk, has seen strong demand in the last two years with the availability of larger buildings halving over an 18-month period.
Roche Chartered Surveyors monitor the availability of buildings over 10,000 sq ft in the Norwich area. In September 2015, total availability of such buildings stood at a peak of 393,000 sq ft. By April 2017, the figure had dropped to below 152,000 sq ft. The reduced availability during this time has restricted take-up and therefore a modest increase in availability in the last 6 months, largely a result of re-structuring by a small number of occupiers, has helped to meet market demand.
The underlying trend of reduced availability is causing upward pressure on capital and rental values which will hasten the day when new speculative development is likely to occur. Recent new developments have been restricted to owner-occupiers and starter units. Refurbishment of old sites in established locations meet a ready demand, a prime example being Unit 2 at Burton Road Business Park which was virtually re-built by Harber Properties to create a high-specification 16,760 sq ft that was let to ERIKS, a national engineering services business who relocated from Union Park. This was the largest letting in the first half of the year.
Demand for smaller units of less than 10,000 sq ft has been equally strong with few available unit on the principal estates at Bowthorpe, White Lodge, Sweetbriar and Hellesdon Hall. With most of Norwich's industrial estates being owned by pension funds and other landlords, there is a pent-up demand for freehold units and buildings. Demand for property on the north side of the city has been boosted by the prospects of better accessibility with the imminent opening of the Northern Distributor Road.
With little new development in recent years, availability rates are also low in the main centres throughout the county including King's Lynn, Great Yarmouth and Dereham, with few freehold opportunities in most of the market towns.
The sustained improvement in the market over the last two years bodes well but the availability of sufficient immediate choice for businesses wanting to expand will become a concern if new development does not increase the supply. The provision of new buildings is essential and it must be hoped that economic returns and other factors enable developers to respond accordingly.
Introduced by the Localism Act 2001, Assets of Community Value (ACV) enable qualifying local community groups to nominate ...
Assets of Community Value - implications on the sale of property
Introduced by the Localism Act 2001, Assets of Community Value (ACV) enable qualifying local community groups to nominate land or buildings in their area which they believe provide an important service to that community. This can include public houses, libraries and local shops amongst others, although excluding residential premises, operational land or land for which a site licence is required. As an example, current statistics from CAMRA show that 15% of pubs in Norfolk are listed as ACV's. A listing can affect the disposal of an asset as well as its development, and therefore it is important for owners of ACV's to understand the process and possible implications.
In order to become an ACV the asset must be nominated by a qualifying community group. The Local Authority then has 8 weeks to make a decision and if successful, the asset must be added to a register of ACV's and relevant parties informed. The owner can appeal the Authority's decision, and claim for compensation if it is determined that the listing has had a detrimental effect on the value of the property. It is important to note that ACV listings are not permanent and must be removed no later than 5 years from date of entry on the list.
Owners of ACV's must inform the Local Authority if they wish to sell their asset. This triggers an initial six week moratorium in which community groups may express interest. If interest is received, a full six month moratorium follows, to allow the community group to put a bid together. An ACV listing does not give the community group a right to buy, and the owner is able to negotiate a sale with a preferred buyer during the period. In this instance, the sale cannot conclude until the end of the moratorium.
A moratorium is not triggered if an ACV is disposed of as a Transfer of Going Concern. This was often used as a loophole, especially with sales of pubs, to enable permitted development rights to convert to residential use. A statute passed in 2015 now prevents this and requires that any change of use on an ACV needs full Planning Permission.
The designation of ACV's is now an accepted consideration in dealing with property in which there is a potential community interest, with local shops and pubs being the most frequently listed commercial properties. Awareness of the legal and valuation implications is vital to avoid pitfalls and surprises during proposed transactions.
Roche let two adjacent units to The Theatre Royal and K Foley Ltd ......
21 and 22 Kingsway, City Trading Estate, Norwich, NR2 45UD
Acting on behalf of Clipstone Industrial Trust, Roche have recently let two adjacent units of 2,370 sq ft, to separate occupiers - The Theatre Royal and K Foley Ltd. The properties had recently been refurbished and were let within 6 months of coming to the market at new record rents for the location , in the region of £7.00 per sq ft.
Sam Kingston, acting on behalf of the landlord commented "This edge of city location attracted a high degree of interest and the landlord was able to consider the most appropriate occupiers for the estate. Interest levels for good quality trade counter and industrial units remains buoyant , especially where they have been well maintained".