Screwfix hook Unit 4 Coomber Way, Croydon

Screwfix have recently taken a ten year lease with a break after 5 years at Unit 4 Coomber Way, Croydon.

The scheme, a terrace of 4 units, is now fully let and includes Rexel Senate, Dash Finishers and Balmoral Group on the estate.

The unit was let at a rent of £7 per sq ft.

Please contact Paul Londra of dohertybaines for further information.

Lettings for Blackstone

Unit 5 Colonial Drive, Bollo Lane, W4 has been let to The Original Door Company on a 3 year lease. The property comprises a warehouse/industrial unit of 10,507 sq ft.

For further information, please contact Michael Haines.

Freehold Sales for Hillview

At Genesis Business Park, Park Royal, NW10 Unit 15 (2,115 sq ft) has been sold to Ambros. The unit was a brand new two storey business unit.

For further information, please contact Michael Haines.

SEGRO Lettings across the A40 Portfolio

In Greenford, UB6, Unit 11 Fairway Drive (8,858 sq ft) has been let to Cooper Associates Ltd on a 5 year lease and at Metropolitan Park Unit 45 (3,051 sq ft) has recently completed to Saffron & Saffron Interiors Ltd for a term of 5 years.

At Victoria Industrial Estate, Park Royal, W3 Unit 7 (5,371 sq ft) has been let to VMI.TV Ltd for a term of 10 years.

For further information, please contact Michael Haines.

Wolseley tap into Six Bridges

Plumb centre have taken a 10 year lease with a break after 5 years at Unit C3 Six Bridges Trading Estate, London SE1. The unit was approximately 5,234 sq ft and was fully refurbished prior to marketing. The unit is just off the Old Kent Road and has good road links to the West End and City.

Also recently completed are two north London lettings:

Unit 8 Mowlem Trading Estate, London N17 let to RA Trading on a 3 year lease. This unit was approximately 7,433 sq ft. The last remaining unit on the estate was Unit 15 and this is now under offer. Again both units were refurbished by the landlord prior to marketing.

Units 7, 8 and 9 Crusader Industrial Estate, London, N4 were let as a combinedd unit, to Europride Ltd. The units had an extensive mezzanine across all three units and was let on a five year lease with a break after 3 years.

The last remaining unit on the Crusader Estate is also under offer.

If you require any further details on the above, please contact Paul Londra at dohertybaines.

Only 1 unit left for Canmoor at Vision, W3

Following the successful letting of Units 2 & 4 Vision, only Unit 15 is now available.

Unit 15 is a brand new HQ warehouse of 27,429 sq ft with high quality offices and demised yard and car parking.

Unit 2 (3,835 sq ft) was let to Louise Bradley for a term of 10 years.

Unit 4 (4,646 sq ft) was let to Chevalier Technologies for a term of 10 years.

For further information, please contact Michael Haines.

More Letting for SEGRO across the A40 Portfolio

At Acton Park, W3 Unit 33 (8,671 sq ft) has been let to Allan Reeder for a term of 10 years.

Units 10 & 14 Victoria Industrial Estate, W3 have also been let. Unit 10 (7,317 sq ft) has been let to The Soundhouse for a term of 15 years and Unit 14 (3,164 sq ft) has been let to Visual Impact for a term of 5 years.

Medco Health Solutions have taken 27 Greenford Park, UB6 (3,995 sq ft) for a term of 6 years.

For further information, please contact Michael Haines.

Inflation reaches record levels sparking fears of business rates hike

RPI increased from 5.2% in September sparking fears of a spike in the tax if the Government continues to use September's RPI rate to set the rates multiplier. If the increase goes ahead businesses will face the biggest increase in rates in over 20 years.

The Uniform Business Rate will rocket from 43.3p to 45.7p per £1 of rateable value. London firms will face rates nearing 50p in the £1 for the first time as a result of the additional 2p rate levied to help pay for Crossrail.

The increase will affect all businesses as well as owners of empty premises. Being prepared for the increase will help with the burden, dohertybaines can provide free budgets for your business rates liabilities and advise on ways of mitigating this tax.

Please contact Fiona Kelly to discuss your liability further.

Rating Reform in Scotland

The Scottish Government announced various business rates measures in its recent Budget which have potentially serious implications for Scottish property owners and occupiers. The most relevant is the reform of empty rate relief which it appears is being reduced dramatically.

At the moment vacant commercial properties in Scotland benefit from 100% rates relief for the first three months they are empty and unoccupied, followed by 50% relief thereafter. Vacant warehouse and industrial premises and listed buildings pay no empty rates. Mr Swinney announced that empty rates relief will be reformed in Scotland from April 2013 claiming that this is 'to provide strong incentives to bring vacant premises back into use, reducing the prevalence of empty shops in town centres and supporting urban regeneration'. Similar claims were made prior the major reform of empty rates relief in England and Wales in April 2008 and there is no evidence that the removal of rates relief after a short rates free period (6 months for warehouse/industrial property and 3 months for other commercial property) has reduced the number of vacant units.

It is not clear whether the Scottish Government intends to replicate the empty rates rules in England and Wales.

The only announcement that may be good news to Scottish businesses is the intention to continue the support of small businesses through the Small Business Bonus Scheme, whereby 74,000 businesses occupying small properties benefit from nil or reduced rates liabilities.

If you would like more information on your rates liability for property anywhere in the UK, please contact me and I would be happy to advise further.

Fiona Kelly

fkelly@dohertybaines.com

W3 Lettings

Unit 42 Westwood Park, Concorde Road, Acton W3 has been let A to Z Catering Supplies Ltd.

The unit which is 6,806 sq ft has been let for a term of 10 years. dohertybaines were acting on behalf of CBRE Investors.

Unit 1A Dukes Road Industrial Estate, Dukes Road, Acton W3 (7,503 sq ft) has also been let.

Topps Tiles took a prelet of the unit for a term of 15 years from RREEF. dohertybaines were acting for the landlord.

For further information, contact Michael Haines.

Petition for Empty Property Rates Change

The London Rating Network which is made up of a wide selection of specialists in business rates in both public and private sectors has created on online petition to lobby the Government to remove the unfair Empty Property Rates (EPR) threshold from £2,600.00 Rateable Value (RV) and reinstate the £18,000.00 RV threshold under which EPR are not payable for a minimum period of two years. It is their belief that this will offer a level of certainty to investors, encourage property development and revitalise local communities. It will stimulate SME growth and generate new employment opportunities. The London Rating Network believes Government should recognise the devastating effect EPR has had on the whole property industry and raise the issue of EPR by way of debate.

Fiona Kelly of dohertybaines is a member of the London Rating Network and is supporting this petition. If you agree then please sign the petition at http://epetitions.direct.gov.uk/petitions/318

Property Week Challenge 2011 - British 10k London run

In conjunction with the Property Week Challenge 2011, dohertybaines entered a team of four to the British 10k London Run. With three of the team having competed in the Property Triathlon just two days earlier, there were some tired legs and very impressive pre-race excuses (principally based around having been out on the Saturday night). Regardless, the team went on to notch up some very respectable times. Mark Howard, recovering from an injury and having not been for a run for what is believed to be over a decade, came in at a sterling 57.03. Tim Holmes finished with a respectable 52.12. Following a closely fought battle throughout including Colin Hughes sneaking past Chris Mitchell around the 7k mark, only for Chris (convinced he was on a road bike) to quietly "slip stream" the last 2.5k with Colin completely oblivious. The bragging rights clash ended in a spectacularly unnecessary/Tour de France inspired manor, with a sprint down the final 300m. Colin finished a mere 9 seconds behind Chris with the two finishing at 49.18 and 49.09 respectively.

Jones Lang LaSalle Property Triathlon 2011

Now in it's fifth year, dohertybaines once again had a strong presence at the Property Triathlon entering four individuals and one mixed team. The team, bucking their historic gold medal trend, came in a still very respectable 9th this year with a time of 1 hour 14 minutes and 6 seconds. Having had the splits closely scrutinised against last years by a team of analysts from MENSA, the figures clearly show the loss being a reflection of not having David O'Donovan's powerhouse cycling prowess on the day. The individual competition had been hotly contested internally in the months leading up to the event, with much male bravado being at stake. On the day the pressure was somewhat subdued with the news that Stuart Atkinson had to pull out due to "work commitments", leaving the remaining three to battle over the proverbial dohertybaines podium. Tim Holmes, competing in his first triathlon and dogged by "problems with the bike" (a.k.a. not knowing how to cycle), came in at 1 hour 35 minutes and 7 seconds. Colin Hughes, again competing in his first triathlon, obviously had used a bicycle before and came in at 1 hour 34 minutes and 56 seconds, giving him an 11 second lead over his colleague. This lead is made all the more impressive by the fact that he spent 8.5 minutes in the transitions as a result of being "unable to take a wetsuit off" or tie his shoelaces. With a full 5 minutes in the first transition it is widely rumoured that, due to his lack of experience, Colin didn't know you weren't meant to take a hot shower, wash your hair, blow-dry, put on hair gel, deodorant & Acqua di Gio before the run. Bragging rights, largely as a result of finally purchasing a set of actual running trainers (although still wearing very questionable attire including bright red floral board shorts) and being proficient in the use of a wetsuit, shoe laces & a bicycle, were won by Chris Mitchell who came in over 10 minutes ahead of his colleagues with a personal best of 1 hour 24 minutes and 37 seconds. There is now discussion of a second event/re-match later this year.http://www.propertytriathlon.com

Service Charges in Commercial Property - RICS Code of Practice - 2nd Edition

The second edition of the Service Charge Code of Practice in Commercial Property has been launched by RICS and will become effective on 1 October 2011.

The Code of Practice is a guidance note for commercial property managers, owners and occupiers and is intended to promote best practice, uniformity, fairness and transparency in the management and administration of service charges in commercial property - an issue which often causes unnecessary conflict between owner and occupier if not managed effectively.

Building on the standards announced in the initial code, the updated code now requires that management fees are set on a fixed price basis rather than being calculated as a percentage of expenditure - which is considered as a disincentive to deliver value for money.

The issues around sustainability are addressed for the first time and two model lease clauses are available to ensure standards are being met in new and renewal leases. Compliance with the code also requires the adoption of the Industry Standard Cost Classifications.

Communication, transparency and timeliness remain key issues in the 2011 Code of Practice.

For further information, contact Mel Wheatley.

West London Transactions

On behalf of Blackstone Unit 2 Colonial Drive, Chiswick, W4 (6,192 sq ft) has been let to MGJV on a 14 months lease.

Happy Hour for Canmoor at Vision

Diageo have completed on Unit 16 Vision, Park Royal W3. The unit which is 29,103 sq ft has been let for a term of 5 years. This leaves only Unit 4 (4,646 sq ft) and Unit 15 (27,429 sq ft) available.

At 274/275 Abbeydale Road, Park Royal HA0 - 275 a unit of 38,640 sq ft has been let for term of 15 years to India Jane. This was done on behalf of Kingston Estates.

At Sapcote Developments scheme at Manor Farm Business Park, Alperton, HA0 only 2 units remain following the sales of Units 2, (3,436 sq ft), 7 (5,593 sq ft) & 9 (5,670 sq ft).

Units 3 (4,728 sq ft) and Unit 4 (3,768 sq ft) are available on a freehold basis.

Continued success for SEGRO on the A40 Portfolio

At Greenford Park, Greenford UB6, Unit 2 (43,504 sq ft) has been let.

National Electrical Wholesale have taken a new lease at 731 Tudor Estate, Park Royal, NW10. The unit was 5,793 sq ft.

14,586 sq ft has been let at Unit E Abbeydale Road, Park Royal HA0 to Bakkavor on a 10 year lease.

Unit 33 Acton Park, The Vale W3 (8,670 sq ft) has been let to Allan Reeder Ltd for a term of 10 years.

For further information, please contact Michael Haines.

Unit 4 Griffin Centre, Feltham

dohertybaines has recently let Unit 4 Griffin Centre, Feltham to Murphy Shipping. Murphy Shipping, who moved from Boeing Way in Southall have taken a five year term without break on the refurbished unit.

There is only one warehouse unit remaining on the estate, Unit 8 which is 15,113 sq ft.

For more information, please contact Paul Londra.

Clegg says Councils will keep business rates

Councils in England will be allowed to keep the business rates they collect rather than paying them into Treasury, under new government plans.

Deputy PM Nick Clegg said councils had no financial incentive to boost growth and prosperity in their areas but added that the changes would also be fair and poorer areas would not get less than they currently do.

Mr Clegg told the LGA conference in Birmingham last week that the tax system was currently "over-centralised" with just 5% of the tax take being raised locally.

Mr Clegg said "By localising the retention of business rates you are given a dramatic new incentive to work with business and with others, in order to boost economic prosperity in your areas."

Councils will also have the power to borrow against business rate income to fund local development.

For more information on your business rates bill contact Fiona Kelly fkelly@dohertybaines.com

Coverage for dohertybaines on Property Week website

New amendments to the Localism Bill could allow councils to refuse to hold referendums in "special cases".

Developers have expressed concerns over the original drafting of the Localism Bill, which included a right for a community to put local issues to a referendum after a strong response to a petition.

But amendments, tabled by Baroness Hanham yesterday, could mean councils can refuse a referendum if it has already been subject to a similar referendum in the last four years, if its officers think a referendum is too expensive to hold, or if there is already a process available for consultation, appeal or review of the matter in question.

The move goes further than an amendment tabled by the Earl of Lytton last week that would give local authorities the power to exclude planning applications from local referendums.

Following the Earl's proposals, Liz Peace, chief executive of the British Property Federation, said: "We have a democratic planning system in which an application is submitted, those with a legitimate interest have opportunities to object and a decision is reached by elected local councillors.

"The Localism Bill strengthens the degree of pre-application consultation that will be required. It would be wholly unreasonable as well as a waste of local resources if local referendums could see to influence or overturn planning decisions taken by a democratically elected authority."

Although moves to keep planning decisions within local authorities have been broadly welcomed, concerns remain over how such a complicated bill can ever be implemented.

John Fosbraey head of planning and development at dohertybaines said: "The practicable enforceability of various recent government amendments to policy don't seem to have been considered and instead of speeding thing up, there is a every chance they will slow them down.

"I don't think developers really know where they stand at the moment and which policies are going to be used to assess their proposals."

dohertybaines Delivers Kuehne and Nagle for Lewisham Industrial Estate

dohertybaines on behalf of a private client has let Units 11 and 12 on the Chiltonian Industrial Estate, Lewisham SE12 to logistics specialist Kuehne and Nagle.

Kuehne and Nagle took the 4,400 sq ft units on a five year lease at a rent of £9.25 per sq ft.

dohertybaines surveyor Paul Londra said: "db arranged the surrender of unit 11, to provide the additional space required. And the new lease was on longer terms than those of the lease remeining of the outgoing tenant of unit 11. We also rented a small yard to the rear of the units further increasing our client's rent roll."

For further information, please contact Paul Londra.

Surrender and Re-Grant

dohertybaines recently advised on the surrender of a lease of Unit 11 Chiltonian Industrial Estate, Lewisham, London SE12 and the subsequent letting of both 11 and 12 (the latter which was vacant) to Kuehne and Nagle.

The surrender results in our landlord client reducing their void for unit 12 whilst letting unit 11 on a longer lease, to a better covenant at a higher rent. An additional parcel of land was also leased and rentalised thus increasing the rent roll further for our clients.

For more detail, please contact Paul Londra.

More Lettings for Canmoor at Vision

Unit 11 Vision, Kendal Avenue, Park Royal W3 has been let to Tesla Motors Limited for a term of 10 years.

For further information, please contact Michael Haines.

Freehold Sales for Aberdeen Property Investors

Units 12/13 Lyon Way, Greenford, Middlesex UB6 0BN 17,101 sq ft has been sold to Polybags.

For further information, please contact Michael Haines.

SEGRO lettings in Park Royal

Units 47-49 Westway Industrial Estate, Old Oak Common Lane, East Acton W3 7XR (5,702 sq ft) has been let to Concept Engineering Consultants on a 10 year lease.

For further information, please contact Michael Haines.

SEGRO lettings in Greenford

Units 5 & 6 Greenford Park, Greenford UB6 0AZ have been let. Unit 5 (16,675 sq ft) has been let to High Point Global Solutions Limited for a term of 10 years and Unit 6 (10,788 sq ft) has been let to Evonik Membrane Extraction Technology on a 10 year lease.

At Metropolitan Park, Greenford UB6 8UJ leases at Units 43 and 46 have also recently completed. Unit 43 has been let to SSE Services Plc on a 3 year lease. The unit was 8,817 sq ft. Unit 46, 3,001 sq ft was let to Eurocell Building Plastics for a term of 5 years.

For further information, please contact Michael Haines.

Freehold Sales in Alperton

On behalf of Sapcote Developments Units 1, 8 & 10 Manor Farm Business Park, 95 Manor Farm Road, Alperton HA0 1BN have been sold. Units 1, 8 & 10 comprised 11,636 sq ft, 5,578 sq ft & 6,260 sq ft respectively.

For further information, please contact Michael Haines.

Is everyone ready for the proposed lease accountancy changes when or IF they come about?

Proposed changes to accounting standards represent a radical shake-up of accounting for leases. Under these new measures all lease obligations will be capitalised on the balance sheet. These proposals, if implemented, will have a profound impact on every company that is a user of real estate. The new lease accounting standards are likely to come into effect from 2013, however because of the need to restate prior year figures the true starting period could be from January 2012. This means that companies have another year to put changes in place.

The project's objectives are as follows:

• 
  
  To develop a new accounting model for the recognition of assets and liabilities created by leases


• 
  
  To ensure that lessors and lessees present relevant, faithfully representative information about the rights and obligations that arise from leases


• 
  
  To ensure that users of financial statements are provided with useful, transparent and complete information about leasing transactions in the financial statements


• 
  
  To assist users of financial statements in their estimations of the amounts, timing and uncertainty of cash flows arising as a result of leases

However, should these proposals be implemented, users of property will place a far greater onus on the lease versus purchase question. The proposals are in the very early stages although we have been working with several clients to assess their impact. Please feel free to call us for an informal chat on our current views.

Nigel Doherty

dohertybaines Planning Consultant

The first draft of the National Planning Policy Framework will "decouple the idea that economic growth always causes environmental degradation" and set a tough, pro development agenda, according to documents obtained by Property Week.

The draft, produced by the NPPF advisory group and due to be revealed by Secretary of State for Communities and Local Government Eric Pickles next week, represents a change in tone and an overall simplification of the national planning system in favour of locall driven development.

Under the new regime, the issue of viability will be given greater significance and local authorities will develop a single, local plan, rather than local development frameworks as part of a bid to simplify the process.

The plan will also reduce the powers of the secretary of state to "call-in" schemes of national importance, placing the responsibility entirely in the hands of local authorities.

In a letter to Greg Clark, published this morning, the advisory group said: "We believe that there need be no inconsistency between the promotion of the increased levels of development which the country needs and the protection of the environment."

"Indeed we hope that this is a clear and strong there in our draft - based on the idea that economic growth can be decoupled from environmental degradation."

"Property planned, increased levels of development can enable to achievement of multiple "wins" - enhanced economic growth. Better access to housing and the means to achieve positive environmental enhancement."

The draft will argue that town centre planning must be more proactive as retail requierments are currently constrained to town centres.

For further information, please contact John Fosbraey.

dohertybaines has faciliated siting of Avon & Somerset's Police Community Caravan locally know as the 'Police Pod' at the Cable & Wireless' Brean Cable landing site. This is to provide Community support at the centre of this busy holiday resort, the venture was funded and supported by local businesses and will be manned by a mix of local beat officers and volunteers from the local community.

For further information, please contact Nigel Rummey.

Heathrow relocation for Bonded Services

dohertybaines client Bonded Services has agreed a deal with SEGRO to take two sheds at Spacewaye Park in Heathrow, west London.

Bonded Services, which is a leader in film storage and video archive services, has agreed a 15-year lease on units four and five at the park totalling 34,000 sq ft. The new warehouses will be used for general storage, distribution and film services and include specialist temperature and humidity controlled environments.

Bonded Services UK managing director Stephen Holmes said: "Our focus this year is to continue the development of the company. The move to larger premises provides us with a much greater capacity in which to grow."

For any further information, please contact Mark Howard.

SEGRO Lettings

At Acton Park, The Vale, London W3 7QE, Unit 22 (2,942 sq ft) has been let to Analox Instruments for a term of 10 years.

Unit 15 Premier Park, Abbey Road, Park Royal NW10 7NZ (4,650 sq ft) has also been let to Fareshare Ltd for a ten year term.

Unit 7 Frogmore Industrial Estate, Acton Lane, Park Royal NW10 7NP (17,145 sq ft) has been let to Magnet on a 15 year lease.

For any further information, please contact Michael Haines.

More Lettings for Canmoor

On behalf of Canmoor, dohertybaines have let Unit 10 Vision, Kendal Avenue, Park Royal W3 0AF.

Zuekoo Ltd have taken a 5 year lease on the unit which is 5,029 sq ft.

For any further questions, please contact Michael Haines.

SEGRO reshuffles its Heathrow advisers

Industrial REIT SEGRO has appointed dohertybaines, Savills and De Souza as joint agents for its Heathrow portfolio, one of the largest industrial agency instructions in the UK.

The portfolio totals more than 6m sq ft and includes more than 260 warehouses. It incorporates 3.5m sq ft of Airport Property Partnership assets in which SEGRO bought a 50% stake from BAA last June for £111.3m.

SEGRO's London markets business director Phil Redding said: "The newly-instructed agencies all have a proven track record in the Heathrow market and the wider industrial sector. I am certain their appointment will add real value."

For further information, please contact David O'Donovan.

Private client of dohertybaines sells Huntingdon distribution facility to Aberdeen Property Investors for £4.1 million (UK)

A private investment client of dohertybaines has sold a state-of-the-art production and distribution facility in Huntingdon, Cambridgeshire to Aberdeen Property Investors. Unit C, The Interchange Industrial Estate, located on Latham Road in Huntingdon, was purchased for £4.1 million (approx. €4.8 million), reflecting a net initial yield of 6.5%.

The approx. 4,500-m² unit is currently let to leading specialist meat-packing business, the Hilton Food Group. The company has 22 years remaining on its lease (12 to the break clause), which includes fixed annual rental increases.

Rob Nelson, Partner at dohertybaines, said: “The property is a modern, high quality unit let to a strong tenant which, combined with guaranteed rental growth provided by annual uplifts, will offer long-term secure income for the purchaser. The price achieved was above expectations and reflected the lack of quality product in that sector on the market at that time.”

dohertybaines instructed on 274/275 Abbeydale Road, Park Royal HA0 1TW

dohertybaines have been instructed by Kingston Estates to dispose of 274/275 Abbeydale Road.

The unit comprises a modern warehouse/industrial unit which has recently been refurbished and benefits from a large secure yard and an eaves height of up to 8.7 m.

The property is available as a whole (60,760 sq ft) or alternatively can be split to provide units from 22,120 sq ft. It is available on a leasehold or freehold basis.

For further information, please contact Michael Haines.

Are you still paying empty rates?

The government handed out more than £1bn in empty property relief last year as clever avoidance tactics employed by the industry started to take their toll.

Figures from the department for Communities and Local Government show the government missed out on £631m of empty property rates in 2009-10. The figures reveal that it awarded £1.1bn in relief last year, a 56% increase on the £487m concession a year earlier. A spokesman for CLG said the rise was due to the government's decision to raise the rate relief threshold temporarily from £2,200 to £15,000. However, the industry has disregarded that claim on the back of the fact that 2010 Valuation Office Agency figures show that the average rateable value of a non-domestic property in England and Wales was £32,200.

A major contributor to the rise in relief was the industry's use of tactics to avoid paying the tax. These tactics included intermittent occupation, whereby a tenant occupies a building for six weeks, enabling a six-month, rate-free period. If the occupier can make some use of the building for six weeks, they can claim a fresh rate-free period. There is no end to the number of times that can happen. A whole industry has sprung up around what they call the 42-day rule - more and more companies are saying we will occupy your building for just 42 days and then take a part of the saving that the landlord will achieve from the empty rate relief.

Between 2005 and 2008, empty property rate relief cost Whitehall roughly £1.3bn pa. Ministers then scrapped the relief, which cost the property industry £800m.

However, these latest figures show that the government is back to handing out near pre recession levels of relief.

Don’t miss out on your opportunity to avoid this tax, speak to dohertybaines today on how this can be avoided. dohertybaines are working with a number of occupiers who will occupy your premises and make use of the 42-day rule. Giving you up to 6 months empty rates relief on vacation.


For further information, contact Fiona Kelly.

Scotland expected to follow England in empty rates legislation

In Scotland the proposals for a “Tesco Tax” or an additional levy on large food stores and retail was kicked out by the Scottish Parliament last week. This left the Scottish Finance Secretary with a shortfall of circa £30 million in next year’s budget. The bad news is he is now considering “harmonising” with England and from next April Scotland will follow England and adopt the same empty property provisions. This will see empty rates relief on office and retail increase from the 50% rates currently payable to 100% and industrial property increase from 0% payable to 100%.

This is something that we have been expecting and if you have empty property in Scotland you should be preparing for the increase. Please call me if you would like information on your rates liabilities in Scotland.

Fiona Kelly
fkelly@dohertybaines.com

Compass West

dohertybaines have let Unit 11 Compass West, London N17 to Polbake Ltd, who are moving from East London to take advantage of the good access to the City and West End, that Edmonton provides.

This was the final unit in the estate that remained vacant, and now dohertybaines have let 3 units in the past 6 months on the estate: Units 11, 12 and 14.

This success followed hard on the heels of a further two lettings in the area on the Mowlem Trading Estate in December 2010.

For further information, please contact Paul Londra.

UK Broadband Telecoms Sites

Those of you who used to have UK Broadband installations on your rooftops will be aware that they decommissioned virtually all of their sites last year. I have just heard from them that perceived demand for mobile broadband and government support for such initiatives has enabled them to get new financial backing. They are now planning a new rollout.

The numbers are around 200 in London initially, followed by Birmingham and nationwide. The equipment is being redesigned but probably will consist of a small equipment cabinet and a couple of panel antennas. This is all still at its early stages but I expect they will go back their former landlords and seek rights for new installations. You may be hearing from them again later this year and my colleagues and I will be happy to help if you wish.

John Woodhouse
jwoodhouse@dohertybaines.com

dohertybaines will be hosting events at MIPIM 2011

dohertybaines will be attending MIPIM this year from 8th to 11th March 2011 and will be hosting a series of events including lunches and dinners on board the MY Five Fishes. Investors, developers and corporate occupiers are all welcome. We will also be co- hosting a party with Citygrove, on 10th March. This years theme is “The Boat That Rocks” with live music by The Fabba Girls.

Please let us know if you are attending MIPIM this year and we will be delighted to arrange a time to meet.

Nigel Doherty
ndoherty@dohertybaines.com

Now Fully Let The Chase Centre, Chase Road, Park Royal, NW10 6QD

Acting on behalf of LaSalle Investment Management, dohertybaines are pleased to announce that following the letting of Unit 3 The Chase Centre is now fully occupied.

Radiocoms Systems Limited have taken a 10 year lease on the property which is 3,790 sq ft.

For further information, please contact Michael Haines.

Newcastle Upon Tyne

dohertybaines, acting for clients who hold a head leasehold interest in the property, agreed terms with the occupational tenants to remove a break option in return for 3 months rent free. It was further agreed that the rent free allowance would be spent on repairing the property, thus reducing both parties’ terminal dilapidation liabilities.

The removal of the break has resulted in a reduction in the clients holding costs by over £160,000.

Graham Pepper commented ‘We, at dohertybaines, explore all asset management opportunities within the portfolios we manage. We are aware of the importance of reducing our clients holding costs, particularly in the current economic climate.’

New letting in Wycombe

dohertybaines have successfully sublet Unit 4 Sunters End Sands Industrial Estate, High Wycombe to local occupier Origin Frames for the remainder of their clients lease, expiring in 2014. This is despite competition from other available premises nearby who were offering large incentives.

The 12,117 sq ft unit previously had an occupier but they had gone into administration and as a result, our clients had to seek a subtenant to reduce their liabilities.

Unfortunately the situation described above is becoming more and more common. However, occupiers in this scenario should still seek to look at all options - one of which may be to sublet/assign their interests to reduce their outgoings (and may now include business rates) and not just pay the rent without thought.

If you require any further information on the above, please contact Paul Londra at dohertybaines.

More lettings for Canmoor

3 more units let at Canmoor’s Vision Scheme in Park Royal:

Units 7 & 8 Vision, Kendal Avenue, Park Royal totaling 10,605 sq ft has been let to The Organic Pharmacy Ltd for a term of 10 years.

Melville Exhibition and Event Services Ltd have also taken Unit 9 Vision 5,935 sq ft on a 10 year lease.

For more information please contact Michael Haines.

Lettings and Sales for SEGRO

dohertybaines are pleased to announce the following lettings and sales for SEGRO:

At Fairway Drive in Greenford, Unit 2 has been let to Chesapeake Ltd.

At Metropolitan Park, Greenford, Unit 37 Halifax Road (4,054 sq ft) has been let to Sceptre Leisure Solutions Ltd on a 4 year lease.

Units G, H & J Metropolitan Park totaling 35,955 sq ft have also been let to H&M Hennes & Mauritz UK Ltd on a 5 year lease.

Ultra Electronics have also taken 18,677 sq ft at Unit 51 Metropolitan Park.

Acting on behalf of SEGRO the sale of 274/275 Abbeydale Road, Park Royal 60,170 sq ft has also completed.

For further information please contact Michael Haines.