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:

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


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


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


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  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.