Empty Property Rate threshold to revert to £2,600 from 1 April next year!

This one line statement was buried amongst the various announcements on Monday from the Department for Communities and Local Government concerning Business Rates made yesterday by the Parliamentary Under Secretary of State Bob Neill.

This will effect a large number of small and medium sized businesses who still have vacant space, due to the current economic environment. The serviced and managed space sector will be particularly hard hit as this is where an increasing number of assessments under the threshold are to be found.

Whilst there is no getting away from the fact that this is bad news, it should be remembered that vacant space will still merit three months relief (six months if industrial in nature) and that a proactive adviser/operator should still be able to mitigate the empty rate liability.

dohertybaines will be supporting the BCA's campaign which has already commenced to overturn this decision in every way possible and we will also be available for support or advice to mitigate its' impact.

For further information, please contact Fiona Kelly.

Affiliated Managers Group PLC to grow presence in London

The Central London Office Agency Team has bagged a major acquisition instruction from the large Global Asset Manager AMG Plc.

AMG Plc who are headquartered in the US have appointed the Central London Offices Team to acquire their new Mayfair offices as they have outgrown their current offices on Park Lane overlooking Hyde Park.

The team has beaten off stiff competition to win the instruction and will be advising on the exit of their existing liability, whilst acquiring the new 3,000 - 4,000 sq ft prime Mayfair office.

It is quality high profile Mayfair acquisition instructions such as this, that will make the newly set up Central London Office Agency Department a success in its own right. We are thrilled to be working with a new client such as AMG.

Central London Office Agency Wins Double Instruction!!

The Central London Office Agency Team has been appointed by Holloway White Allom on a comprehensive property consolidation process. This will involve the sale of their long leasehold interest at 43 South Audley Street in Mayfair which comprises approximately 5,300 sq ft and will be of special interest to owner occupiers, as these buildings are currently in short supply.

They will also be acquiring for them a single 8,000 sq ft floor in Victoria. Two other leases in greater London will also be surrendered, therefore allowing staff from all 3 locations to finally be under one roof on a single modern floorplate.

A very exciting instruction with lots of angles. Long leasehold sale, acquisition of leasehold, surrenders as well as dilapidations advice from our Building Consultancy Department.

For any questions, please contact Alex Brown.

Park Royal Partnership Annual Dinner

The Park Royal Partnership Annual Dinner on the 2nd December at The Hurlingham Club in London was a great success and everyone who attended had a very enjoyable night despite the freezing temperatures and snow!

The winner of the dohertybaines sponsored Personality of the Year Award was Peter Davies from Alpha Beta Business Centres. Peter is considered by many to be a leading personality in Park Royal. Throughout the years he has helped a number of local businesses to grow and also helped them to deal with practical problems. Peter is known by most business owners in the Park Royal area and in addition he has been a long standing supporter of Park Royal Partnership’s work. We are delighted to have been able to sponsor this award and very much hope that Peter enjoys his prize.

If you would like future information about the work dohertybaines does with Park Royal Partnership please contact Fiona Kelly.

Doherty Baines have let two units at Mowlem Trading Estate to Lomarts Ltd.

Lomarts have taken 10 year leases on units 13 and 14 on the popular estate, close to the North Circular and the Edmonton Ikea.

There are a further two units available on the estate, units 8 and 15, the former is currently undergoing refurbishment.

For further information, please contact Paul Londra on 020 7355 3033.

Mobile Network Rationalisation – Everything Everywhere, T-Mobile, Orange and Hutchison 3G

If you have mobile phone installations on your sites will be aware of the ongoing consolidation in the industry to save costs. I attended the RICS Telecoms Conference on Tuesday 16th where there was a major presentation on the consolidation/integration of Hutchison 3G (H3G), T-Mobile and Orange. The consolidation of H3G and T-Mobile is now effectively completed (they have carried out 12,000 out of their 12,400 planned consolidations and 5,300 of their 5,700 planned deactivations) so you are unlikely to receive any more break notices for these company’s sites for the time being (though some clients still have issues with purported break notices they have received in the past! However, there is another round of rationalisation on the way. Orange and T-Mobile are now owned by a joint venture company, Everything Everywhere, and their networks are being integrated into one. The target is a single network of 18,000 sites. To achieve this they plan to decommission 9,000 sites. It will be a few months before the planning work is complete. If you have them as tenants, especially if there are both Orange and T-Mobile on the same rooftop, you may well hear from them sometime in 2011. An important KPI for them is reliable 24/7 access, so if you have scope to improve access arrangements this may be a cost-effective way to reduce the chances of them exiting your site.

John Woodhouse - Associate
jwoodhouse@dohertybaines.com

More Segro Lettings

Greenford Park, Greenford, UB6

Unit 9 (13,469 sq ft) has been let to Stephen Morris Shipping for a term of 10 years.

Premier Park, Park Royal, NW10

Unit 15 (4,650 sq ft) has been let to Fareshare for a term of 10 years.

dohertybaines were acting for Segro.

For further information, please contact Michael Haines on
020 7355 3033
mhaines@dohertybaines.com

Park Royal Personality of the Year Award

dohertybaines are delighted to be sponsoring the first Park Royal Personality of the Year Award! The Award will be given to the winning person at the Park Royal Partnership Annual Dinner on the 2nd December. Other corporate awards on the night are sponsored by SEGRO and HSBC but dohertybaines are sponsoring the only award to an individual. Watch this space for details on the winner....!!

Fiona Kelly
Associate
fkelly@dohertybaines.com

Results for the db Office Agency Team

The Office Agency team – acting for Green Property – has agreed two new leases comprising some 70,000 sqft at Kings House, Harrow. Pollsters Ipsos MORI has taken 40,000 sqft and Job Centre Plus and the Department of Work & Pensions have taken a combined area of some 30,000 sqft. A further 20,000 sqft is available in the building on two floors currently undergoing refurbishment.

On behalf of TX Europe Ltd (trading as Timex) dohertybaines’ Office Agency team has successfully completed a new lease at The Mille, Great West Road, Brentford. Timex is using part 4th floor as its UK headquarters. dohertybaines has represented Timex for 11 years.

For further information, please contact Richard Ford
rford@dohertybaines.com
020 7355 3033

New faces in the Cable & Wireless team

We have added two new faces to our Asset Management department, both of which are working on the Cable&Wireless contract.





Nick Wombill - Senior Surveyor












Andy Nagel - Senior Surveyor

Business Rates going up again!

The business rates that you pay each year increase by the RPI inflation rate for the September before the new rates become payable. The September RPI has just been announced at 4.6%. This inflation rate would give us a 2011/12 rates multiplier of 42.6p (England & Scotland) and 42.8p (Wales) although Government may set a different figure. The multiplier is currently 41.4p.

This is well in excess of the 2% increase that many people have been budgeting for.

Don’t get a shock in March next year - feel free to contact me for an updated, accurate figure for your rates liability for 2011/12 based on the new rates multiplier. As soon as the multiplier is confirmed in the new year I will get in touch with you again to ensure that your budgets are correct.

And if you haven’t done so already speak to me about how you can reduce this liability permanently!

Fiona Kelly - fkelly@dohertybaines.com

Tel: 020 7355 3033

ABC’S of Industrial

ABC’S
dohertybaines have been instructed by Aberdeen Asset Management to let Units 12/13 Lyon Way, Greenford. This is a warehouse of 17,101 sq ft that is to be fully refurbished.

On behalf of British Airway Pension Fund and Canmoor Developments a further 3 units have recently been let at Vision on Kendal Avenue, Park Royal.

Parax Offices have taken Unit 1 3,898 sq ft, Slurp Wine have taken Unit 5 4,593 sq ft and CCS Media have taken Unit 6 4,652 sq ft.

At Victoria Industrial Estate, Victoria Road, Park Royal Unit 9 3,754 sq ft has been let to LBC Express. dohertybaines were acting on behalf of Segro.

For further information, please contact:

Michael Haines - mhaines@dohertybaines.com
020 7355 3033

Building Consultancy Refurbishment

The newly refurbished buildcon team consist of John Atkinson, who has been promoted to head of the department and the appointment of Colin Hughes as a senior surveyor. Along with the existing workload preparation of schedules of dilapidations and negotiations, acquisitions surveys and contract administration works they will be Managing a number of projects. These include the NFU conference centre, redevelopment of an existing multi level car park, office refurbishment in Bromley and warehouse alterations and installation of dock levellers in Basildon. A number of other projects are in the pipeline which they hope to assist our clients on in 2011.

If you would like to contact them, please call 020 7355 3033. Speak to their secretary, Teniele Martin, if they are unavailable. They are also contactable on the following email addresses.





John Atkinson - jatkinson@dohertybaines.com











Colin Hughes - chughes@dohertybaines.com










:

Investment Team Growth

Stuart joins dohertybaines as an Equity Partner with over 18 years experience in National Business Space agency and investment. Stuart has mostly focused on industrial and office investment at Holley Blake and more recently Colliers International. Acting for a broad range of institutional, property company and developer clients, he has structured a wide range of portfolio/single asset acquisition and disposals, sale and leasebacks and fundings. He is a keen golfer and squash player and has recently taken up kitesurfing.

Stuart can be contacted on 020 7355 3033
email: satkinson@dohertybaines.com

Investment Update.....Grosvenor Street acquisition completes!

A private client of dohertybaines has recently completed the purchase of the long leasehold interest in 21-22 Grosvenor Street for a price of £17.25 million. The property was substantially refurbished and extended in 2008 and comprises a prime office and residential building of approximately 14,500 sq ft. It is let to a number of tenants including Sunseeker, Punj Lloyd, Baer Capital and Banco Itau Europa. In addition, dohertybaines have been appointed to manage the property and administer the service charge on behalf of the client.

Any further information please contact Robert Nelson on 020 7355 3033 or rnelson@dohertybaines.com

Conference Building - Stoneleigh

dohertybaines are project managing the planning and construction of a new Conference and catering facility at the NFU headquarters at Stoneleigh. The building will be single storey of 568sq ft, capable of housing a maximum of 100 delegates and having 72 covers within the restaurant, a raised decked area will overlook the pond. The building will have a grass roof but there is no plans to utilise this area for the grazing of animals! Additional parking and hard standing facilities are to be provided to the front of the existing parking area. The land deal is currently with solicitors and it is anticipated for the works to commence by the end of October.

John Atkinson - Associate
jatkinson@dohertybaines.com

Paradise Gained

AMBASSADOR HOUSE, PARADISE ROAD, RICHMOND

On behalf of Zisman Bowyer Partnership dohertybaines’ National Office team has recently acquired c.10,000 sqft of leasehold offices in Ambassador House, Paradise Road, Richmond. The move was a historic one for Zisman Bowyer who had occupied its existing office on Eton Road for in excess of 40 years. The move marks a new phase in the company’s development and dohertybaines’ team was able to agree a lease term specifically tailored to the clients’ business plan.

Richard Ford - Partner
020 7 355 3033

4TH FLOOR, APEX PLAZA

On behalf of the rapidly expanding Aldemore Bank dohertybaines’ National Office team has recently acquired c.8,000 sqft of leasehold offices in Apex Plaza, Reading. The team advised on a number of prospective locations for this new office before selecting Reading and Apex Plaza provided a perfect solution in terms of size, quality and proximity to the mainline rail station. Aldemore is currently fitting out the premises for occupation in September.

Richard Ford - Partner
rford@dohertybaines.com

2 Units Let

Units 9 & 10 Hanover West Industrial Estates comprising 4,058 sq ft have been let to Nationwide Auto Centre for a term of 10 years.

dohertybaines acted for the landlord ING.

Michael Haines - Associate
Industrial Department

Industrial Comings and Goings

Comings
The industrial team have taken on two new instructions, both are refurbished units both instructions are from landlords and both are from well respected funds!

The first, is on the Six Bridges Trading Estate, just off the Old Kent Road, is the second instruction on the subject estate from AXA. We have already been asked for two proposals from occupiers prior to marketing. The unit is 5,300 sq ft and is a mid terrace 1980’s build.

The second new instruction is from Threadneedle for the Langley Business Park, a 27,218 sq ft unit ideally located for the M4 corridor, Heathrow and the M25. This is also a 1980’s approx build unit.

Goings
We recently have let two units on the Compass West Industrial Estate, N17, a SEGRO owned estate and have a further one under offer. These units were approximately 2,200 sq ft each and were let at £10.50 per sq ft. SEGRO had refurbished the units prior to marketing and this assisted the marketing process.

Paul Londra - Associate
Industrial Department

New Lettings & Instructions

We are pleased to announce that in the last month dohertybaines have taken on 2 new warehouses and have completed 4 deals in Park Royal.

Black Rock have appointed dohertybaines to market Units 4 & 9 Townsend Industrial Estate, Waxlow Road, Park Royal. Unit 4 is 6,071 sq ft and Unit 9 is 1,885 sq ft.

Acting on behalf of LaSalle Investment Management Unit 1 The Chase Centre, Chase Road, Park Royal (2,716 sq ft) has just been let to Datawaind Ltd for a term of 5 years.

Unit 708 A Tudor Estate, (1,755 sq ft) and 706 Tudor Estate Abbey Road, Park Royal (5,143 sq ft) have also been let to Aquaplus UK Water Distribution and to Stol Joinery respectively on behalf of Segro.

Carlo Manzi Ltd have also taken Unit 5 Royal London Estate (7,200 sq ft) Ltd for a term of 5 years.

Michael Haines - Associate

All Change for Scottish Dispute Resolution

On 7th June 2010, The Arbitration Act (Scotland) came into force and which in time is to fully supersede the former Arbitration regime of Scotland which has a rather difficult and complicated set up. The new Act, however, provides a arbitration system which should be clearer and more user friendly and there will be few surprises for those familiar with the 1996 Arbitration Act that applies to England, Wales and Northern Ireland. The Act attempts to harmonise Scots law with other jurisdictions while at the same time improving on the perceived deficiencies in those other jurisdictions!

Brendan Joyce
Partner
bjoyce@dohertybaines.com

Asbestos – The Hidden Killer

As property professionals we should all now be familiar with our obligations under the Control of Asbestos Regulations 2006, but that only applies to Non-domestic properties – so what about your home???
Almost half (47 per cent) of homeowners in the UK who do DIY are unaware that asbestos was used as a building material until the 1990s, new statistics from the British Lung Foundation indicates.
The charity carried out the survey as part of Action Mesothelioma Day on the 2nd July 2010, discovering that 65 per cent of people are not confident about identifying asbestos.
On top of this, one in ten (11 per cent) of survey respondents said they would try to dispose of asbestos if they came across it in their home.
Exposure to asbestos can cause mesothelioma, a form of cancer that kills one person every five hours in the UK.
British Lung Foundation Chief Executive Dame Helena Shovelton said: "Despite such a devastating illness, the general public knows very little about mesothelioma.”
"There's definitely more work that needs to be done to ensure people are asbestos aware."
Almost 14 million homes were built in the UK while asbestos was being used in construction, the charity notes.
Exposure to large amounts of asbestos fibres can also cause lung cancer, asbestosis and diffuse pleural thickening, according to the Health and Safety Executive.
Further information on Asbestos can be found on the HSE’s own website http://www.hse.gov.uk/asbestos/
Or if you are unsure about your duties under the legislation for non-domestic properties whether you are a Landlord/tenant/owner please contact us and we will gladly advise you.

Nigel Rummey - Senior Surveyor
nrummey@dohertybaines.com

New Equity Partner at dohertybaines

We are delighted to announce that Stuart Atkinson will be joining dohertybaines as an Equity Partner. Stuart brings a wealth of expertise in the national Investment market specialising in office and warehouse property and development funding. Stuart’s most recent career has been at Colliers where he was considered one of their most high profile directors and highest fee earners over the past few years. We look forward to introducing our clients to Stuart over the coming months. Stuart will be a great addition to our existing team and fully compliments the skills of the other Investment partners Vince Taylor, Rob Nelson and Paul Simms. Chris Mitchell will also be joining our Investment Team from our Asset Management team in early September.

Nigel Doherty

King Sturge Property Triathlon

dohertybaines is pleased to announce our mixed relay team came first at this year's King Sturge Property Triathlon last Friday on the hottest day of the year! This was mainly due to David O' Donovan's crazy training and aerodynamic lycra outfit with Rosie Donaldson bringing the winning team home on the running leg in a respectable 22 mins exactly. Chris Mitchell finished the whole course in a brilliant 1hr 25 mins 25 seconds using a wetsuit he borrowed from his 6ft 2 friend, a bike from a girl and trainers from the 80’s.

DOHERTYBAINES ARE RUNNERS UP IN PRP 5-A-SIDE TOURNAMENT

dohertybaines, fully clad in brand new kit (thanks Doré), competed in the inaugural “Park Royal Cup” 5-A-Side football tournament held at the Goals Soccer Centre in Wembley on the 14th July.

The team started well with an unprecedented five wins in quick succession all with clean sheets by veteran keeper John Atkinson. Highlights included a Matthew Varley super strike from within his own half, some “Archie Gemmillest” ™ footwork from Chris Mitchell, Graham Pepper dominating prior to suffering a recurring knee injury banishing him to the side lines and a brilliant, yet extremely bold, spot kick from Nick (I love rugby) Spencer through the legs of the unsuspecting, then rather shocked Asperity Employee Benefits goalie. The team went on to hold Thames Valley University to a 0-0 draw securing their place in the final. Unfortunately the “Dream Team” were trounced 3-0 in the final in part due to fatigued line-up facing a well drilled Lakethorn Contract Cleaning team (who evidently had played together at least once before) and partly due to an incensed Paul Wise spending a large part of the game time debating with the referee over an obvious foul at the kick off. Calls for a video referee appeal were swiftly dismissed. In the changing room banter which ensued it became apparent that our own Michael Haines (Industrial Agent) listed the winners as one of his clients so the official line is now that we let them win in line with dohertybaines’s commitment to client care.

There was a quiz after, however due to BBQ queue issues and WAG commitments dohertybaines did not compete leaving playmaker Phil Disbrey (who’s WAG is currently in Canada) to accept the runners up medals on behalf of the team.

The event was organised by the Park Royal Partnership, sponsored by McVitie’s and was in aid of Macmillan Cancer Support.

Rates Savings Result!!!

Its been a very successful couple of weeks for the business rates team and our clients.

Highlights include a reduction on the 2005 Rating List for a client with a warehouse in Bishop’s Stortford. Due to the backdated savings the client will be receiving a cheque for almost £77,000.

We have also just reduced the Rateable Value on an office in Mayfair on the basis of disturbance from the adjoining building site. The reduction has resulted in savings of over £137,000 and a very happy client. If you have building works near you then please let us know so that we can assess if you have grounds for an appeal. We’ll never charge anything unless we are successful in saving you money so it’s always worth speaking to us.

Fiona Kelly
Associate

New G-Shock East retail store

Our client, Casio, opened a new G-Shock East store successfully opened last week in Dray Walk, within the busy and fashionable Truman Brewery estate, just off Brick Lane and set amongst a back drop of niche boutiques, opposite Rough Trade records. The music group Hadouken opened the store and who stayed on to perform a DJ set into the night. The store has been designed to reflect the G-Shock range’s toughness whilst remaining true to the surrounding area’s industrial look and feel. This we have achieved by using raw materials throughout the product displays and other fittings. East London, and in particular this part is synonymous with creativity and we intend the store and brand to get involved with this community. As such it will also feature art and sculptures from local artists, commissioned to emphasize the elements of G-Shock toughness, displayed in a dedicated window area.

Brendan Joyce - Partner

Promotions

We would like to congratulate the following people on being promoted.











John Atkinson - Associate
Building Consultancy










Michael Haines - Associate
Industrial Agency











Philip Disbrey - Associate
Asset Management











Christopher Mitchell - Senior Surveyor
Asset Management

Schedule of Conditions

At a recent seminar hosted by a law firm the viability of schedule of conditions were raised. The intention is to limit the liability of the incoming tenant at the end of the term. However, a number of surveyors acting on behalf of the landlord do not consider them when preparing the terminal schedule of dilapidations. The reason being that the schedules are usually photographic only and they have been photocopied numerous times making it difficult to identify anything on the photos. Usually the original schedule of condition cannot be found rendering the copy ineffective.

To ensure the tenant is protected by the schedule, a full schedule should be produced including text, photos and a plan with the location of the photos marked on. A colour copy should be held by the client and their solicitors and only colour copies made. The benefits at the end of the term will outweigh the initial cost and will ensure the tenant does not have a claim against them for items they have no obligation to repair. If any significant items are identified on the schedule of condition it would be beneficial for the future tenant to have a building survey undertaken to ensure that any items that may be progressive can be removed from their obligation.

In short, pay a small cost now and have a potential large cost at the end of the term or, pay a slightly larger initial cost and ensure the costs are limited at the end of the term.

John Atkinson - Associate

A new face in the Asset Management Department

We welcome Olivia Minns to the dohertybaines team. She will be working in the Asset Management department, assisting Graham Pepper, Mike Thomas and Rosie Donaldson on several contracts including NFU, Canada Life, SJP and Cicero Enterprises as a Property Administrator.











Olivia Minns


Hanrie Kolesky - Operations Manager

BLINK AND YOU WILL MISS OUT

Blink, the high fashion retailer has just acquired a unit on the Clocktower estate in Isleworth on a five year term. This is the first letting on the recently completed scheme where we are discussing terms with occupiers on 6 other units. Following a successful occupiers open day, enquiries are still coming in from parties looking for modern efficient industrial accommodation close to Heathrow, the M3 and with easy access to central London.

Paul Londra - Associate

Air Conditioning units with R22

Whilst on site with a Mechanical and Electrical Consultant we inspected some Air conditioning units which had Ozone depleting HCFC compound R22 as the refrigerant. It is now Illegal to use virgin HCFC’s but recycled HCFC’s can be used up until 2015.

The AC units will require annual maintenance and it is expected that although the units can be topped up with recycled R22, the components of the AC units will not be available as the manufacture of them ceased in 1998. This could potentially be a substantial cost for the tenant/occupier of a property if the units are not in repair at the termination date. R22 can be stockpiled to service existing units and systems but it is envisaged by many to run out before 2015. We recommend that the liability owing to the AC is reviewed and the necessary steps are taken to ensure that tenants are aware their system does or does not contain HCFC’s/R22 refrigerant. The unit will need to be in repair and serviceable at the end of the lease term, if not, they could be liable to replace the system as a whole.

John Atkinson - Chartered Building Surveyor

Property Triathlon 2010 – watch this space – again

Since its inception in 2007 dohertybaines have had a great record at the annual property triathlon held by King Sturge with 2 winning titles and several in the top 5. This year dohertybaines have 2 entries in the competition: Chris Mitchell entering as an individual male 26 – 28 and David O’Donovan, Rosie Donaldson and another tbc (thanks Niall Crowley) entering as the mixed relay team.

It’s a fantastically attended event with a multitude of lycra outfits. Be sure to watch out for us, we’ll be the ones with the trophies and champagne.

Rosie Donaldson - Chartered Surveyor


http://www.propertytriathlon.com

More Pitfalls in Break Clauses

It is quite common knowledge that for many break clauses to be effective, the whole of the quarter’s rent should be paid even if the break occurs mid-quarter.

What may not be such common knowledge is that if there is no specific allowance in the break clause, the tenant may not be entitled to any refund of rents that could be apportioned after the break date.

If the break clause is silent on the apportionment of rent which straddles the break date, one suggestion is that when making payment, the tenant should reserve their right to recover rent for the period after the break date in the hope that they can reclaim it back once the break has been successfully exercised.

Brendan Joyce Partner

Breaking News Breaking News - Pop Star at db

The new Head of Central London Agency Alex Brown has an exciting past as a Pop Star ! please check out Alex's videos for Supernatural Love at http://www.youtube.com/watch?v=l6yk3_VB9Dc&feature=related and That's what it Takes at http://www.youtube.com/watch?v=bDfU1pYV9M8&feature=related

Now that U2 have cancelled their appearance at Glastonbury we may try to get Bono into the Investment team over the summer months !

New Head of Central London Agency Arrives at db

We are dleighted Alex Brown has now joined the firm as a Partner and Head of Central London Agency. Alex is one of the most respected agents in the business and brings a depth of market knowledge and deal making expertise which will be of interest to occupiers and landlords.

Alex Brown Partner - Head of Central London Agency

Rooftop Telecoms Sites – Break Notices from Mobile Phone Operators

The major mobile phone operators are currently rationalising their portfolios. This is part of their various joint infrastructure projects aimed at reducing the size of their portfolios to save rent and operating costs generally. We have received several break notices recently for a number of our clients’ sites. Some of these are using straightforward clauses in the lease or licence but others are based on rather more obscure concepts such as their beneficial use of the site being adversely affected. We are working with our clients and their solicitors to resist the ones which appear to be invalid. I am aware that other landlords in the industry are having similar experiences, so if you have received a break notice recently, please contact me if you’d like to liaise and compare notes.

John Woodhouse - Assocaite
jwoodhouse@dohertybaines.com

Significant Rate Savings

We have recently had a great result on a rates appeal for Apcoa Parking. We reduced the Rateable Value on each of two car parks in the North West by more than 30% leading to significant savings over the 5 years of the 2005 List and a substantial rebate cheque.

Everyone is concerned about saving money these days and although many times Business Rates are an unavoidable tax it does pay to speak to an expert on ways of reducing your liability. The legislation can be difficult to navigate but there are often ways to reduce your liability.

We’re always happy to offer free advice on possible ways of reducing your Business Rates, give me a call if you’d like more information.

Fiona Kelly - Associate Rating

New Instruction from Safestore

Rent Reviews and Lease Renewals come in all shapes and sizes and we have just been instructed By Safestore Limited to negotiate the rent review with their tenant VIP Lounge in Edgware. The premise comprises 12,900 sq ft of first floor good quality banqueting space and ancillary areas with seating for around 600 guests at any one time.

Brendan Joyce - Partner Professional Services

Industrial Lettings Off to a Great Start !

The db Industrial Team have got off to a great start in our new financial year. 7 Units totaling 62,991 sq ft of warehouse/industrial space have been let in the first month in Park Royal.

Highlights include letting 4 Units for Segro at Victoria Industrial Estate totaling 21,829 sq ft and another 2 Units at Premier Park totaling 28,034 sq ft and 13,058 sq ft at Unit 2 Nucleus on behalf of Aberdeen Asset Management

Michael Haines - Associate Industrial
mhaines@dohertybaines.com

New Client Requirements

We have just been asked to look at opportunities for these new requirements

West End Offices- 1,500 sq.ft leasehold

West End Offices - 5,000 Sq.ft leasehold

M4 Corridor Offices - Sites or Buildings 100,000 sq.ft freehold

Witham/Braintree/Chelmsford Offices 5,000 sq.ft freehold or leasehold

NEW MULTI-MILLION POUND INITIATIVE LAUNCHED TO FIND BRITAIN'S TOP THINKING BUSINESSES

We are proud to be associated with the Park Royal Partnership who have just announced a new HSBC multi million pound initiative, designed to find Britain's Top Thinking Businesses!

Thinking businesses across the UK could win a share in £90 million worth of funding, a financial reward of up to £100,000 each and an overseas Thought Exchange Trip for networking and business development, all courtesy of HSBC Commercial Banking. Launching today, ‘Business Thinking 2010’ is a new initiative from the Bank to help support and fund the UK’s most innovative and forward thinking companies.

Businesses with turnovers in excess of £2million can log onto www.hsbc.co.uk/businessthinking and put forward their vision and ambitions for the company, how its management team intends to achieve them and how the prize would help them succeed.

David O'Donovan - Partner Industrial

Going Green and Getting Profit for Clients

We have recently partnered with Ecovest to explore the opportunities of creating renewable solar energy in the UK. Our partners have over 8 years experience in roof mounted solar systems throughout Europe. They recently completed a JV partnership with BP for one of the world’s largest solar Photovoltaic (‘PV’) installations.

Among the benefits are an additional revenue stream, increasing the occupiers green credentials and hence the marketability of the premises and the production of local, on-site energy

We are focusing on large owner occupiers and landlords who have buildings with a foot plate in excess of 80,000 sq ft in southern England. This is the beginning of a new industry in the UK. We believe that through our real estate expertise and close relationships with prominent occupiers in each of the market sectors dohertybaines can assist our new partners in achieving market leadership in this industry.

This is a really exciting opportunity for us and for our clients. if you would like to get further detailed information please contact me.

Niall Crowley
ncrowley@dohertybaines.com

A bit of creative thinking unlocks value

We have just saved a retained client circa £500,000 of holding costs to lease expiry at two sites over the course of Q4 2009 and Q1 2010.

Both properties were let to a client of dohertybaines, both were within their onerous legacy portfolio. We negotiated with each of the client's Landlords and introduced one new tenant – agreeing a surrender of the retained client’s lease and a new lease to the new tenant. At the second property db negotiated the removal of the sub tenants break clause and a simultaneous assignment to the client's sub tenant. The market is tough but its a matter of energy and creative thought.

Graham Pepper Partner - Head of Management

New Head of West End Agency at dohertybaines

We are delighted to announce that we have appointed Alex Brown to head up our West End Agency Team. Alex was previously at The Deerbrook Group and a director at CBRE and Crossland Otter Hunt. Alex will be focusing on growing all aspects of our West End business and one of his first priorities will be to appoint another experienced West End agent into the team. We have great faith in the resilience of the West End market and look forward to introducing Alex and his team to existing clients as well as welcoming new clients to the firm.

Nigel Doherty

Move Management Highlights

We are are currently on-site for the relocation of FTSE 100 Technology Company Invensys plc's Headquarters office in London SW1. The scheme includes the acquisition of the 17,000sqft Grade A office accommodation with office fit out design and procurement, thereafter the move management and relocation of the office over one weekend, and the negotiation and settlement of the Break Clause dilapidations with LandSecs. Its a great project and we were working flat out to ensure we met the deadlines.

Paul Phillips - Partner Building Surveying

Beware of Break Clauses

Break Clauses are being analysed by landlords in great detail at the present time to see if there is any challenge which can be sustained to their validity. We have just agreed the successful defence of a client's break clause in the somewhat turbulent Bracknell letting market with delivery of specific works before the break date, under the landlord's targeted financial settlement and below client's allotted business case budget. A good result.

Paul Phillips - Partner Building Surveying
pphillips@dohertybaines.com

ISO Audit

We are currently going through the process of renewing our ISO Certification. This involves a review on all operational procedures, reviewing client satisfaction and continual improvement on all internal audit procedures, schedules and records and ensuring legal compliance on all matters. We are confident that we will pass with flying colours!

Hanrie Kolesky - Operations Manager

New Understanding Can Bring Benefits For All

We are seeing signs that there is more co-operation between landlords and occupiers as a result of current property market conditions. By breaking through the old fashioned confrontational relationships which have often existed and working together for mutual benefit we have found immediate savings can be generated for occupiers and value created for landlords. This approach has got to be the way we avoid huge swings in the relationship pendulum within the commercial property markets.

Did you know in a recent occupier survey, 50% of respondents thought building service charges offered poor value and landlord moves to improve transparency haven't come quickly enough - what's your experience ?

Nigel Doherty