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.