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.
Tuesday, 15 March 2011
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.
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.
Monday, 7 March 2011
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.
Thursday, 10 February 2011
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.”
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.”
Friday, 4 February 2011
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.
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.
Tuesday, 1 February 2011
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.
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
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
Friday, 28 January 2011
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.
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
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
Friday, 21 January 2011
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
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