COMMERCIAL PROPERTY MATTERS A recent RICS Survey found that the nationwide availability of commercial property had declined at its fastest rate since 1998 (when the RICS first started collating availability statistics). The latest results provide clear evidence that the economic recovery is broadening out across the country with rising employment increasing the demand for space in all sectors of the market. As a result, the balance of power is now shifting back to landlords with rent expectations turning increasingly positive. The pressure in the office sector is being exacerbated in popular locations such as the affluent Surrey and North Hampshire towns of Guildford, Farnham, Camberley, Farnborough and Fleet etc by the gradual conversion of secondary space to residential as a result of the governments relaxation of the planning laws. While making a much needed contribution to the substantial shortfall of homes, we at Wadham & Isherwood are now concerned that this is building a problem for businesses looking to expand their footprint as economic confidence grows. Wadham & Isherwood have logged a 26% increase in commercial property enquiries in the last quarter and are confident that this trend will continue throughout the year. We are now calling for property owners in the major centres in the Surrey/ North Hampshire area to come forward with properties to let or sell to meet the current market demand. Nick Reeve, Director (Farnham) said: “Confidence has definitely returned to the market and we are feeling optimistic about the prospects for the rest of 2015. There is now a shortfall of good quality commercial premises available, especially in the office and industrial / warehouse sectors. We would welcome enquiries from landlords and occupiers from across the region and suggest that they give us a call and see how we can help. As the market continues to improve, it needs the property stock to meet the growing demand.” Property news to keep your business focused SPRING 2015 ‘Stop the Press………. Balance of power shifts back to landlords’ Brennan House, Farnborough “IT’S DEAD EASY ISN’T IT?” ACQUIRING PROPERTY MAYBE MORE DIFFICULT THAN YOU THINK... WE POINT OUT SOME OF THE POTENTIALLY COSTLY PITFALLS! see inside Fully refurbished self contained office building set in a tranquil picturesque setting adjacent to the A3. www.abbeymill.biz Abbey Mill, Nr Guildford – Grade A Offices - 7,776 sq ft let, 11,063 sq ft remaining Brennan House comprises a self-contained three storey air-conditioned office building totalling 30,330 sq ft (2,817 sq m) that is being comprehensively refurbished to a very high standard. The building has a very generous parking ratio of 1:188 sq ft. Farnborough Aerospace Business Park is served by a regular shuttle bus service to the town centre and mainline railway station. The adjacent Tag Aviation Business Jet Airport is an established facility and caters for business aircraft and charter facilities. www.brennan-house.co.uk For further information please contact Wadham & Isherwood’s Nick Reeve or joint agent Will Foster of Knight Frank tel. 0207 6298171. CGI of new reception at Brennan House www.codytechnologypark.com CODY TECHNOLOGY PARK, FARNBOROUGH – High security office/labs space 100 – 40,000 sq ft Available Soon!
Transcript
COMMERCIAL PROPERTY MATTERS
A recent RICS Survey found that the nationwideavailability of commercial property had declined atits fastest rate since 1998 (when the RICS firststarted collating availability statistics).
The latest results provide clear evidence that the economic recovery is broadening out across the country with rising employment increasing the demand for space in all sectors of the market. As a result, the balance of power is now shifting back tolandlords with rent expectations turning increasingly positive.
The pressure in the office sector is being exacerbated in popular locations such as the affluent Surrey and North Hampshire towns ofGuildford, Farnham, Camberley, Farnborough andFleet etc by the gradual conversion of secondaryspace to residential as a result of the governmentsrelaxation of the planning laws.
While making a much needed contribution to thesubstantial shortfall of homes, we at Wadham &Isherwood are now concerned that this is building aproblem for businesses looking to expand theirfootprint as economic confidence grows.
Wadham & Isherwood have logged a 26% increasein commercial property enquiries in the last quarterand are confident that this trend will continuethroughout the year. We are now calling for propertyowners in the major centres in the Surrey/ NorthHampshire area to come forward with properties tolet or sell to meet the current market demand.
Nick Reeve, Director (Farnham) said: “Confidencehas definitely returned to the market and we arefeeling optimistic about the prospects for the rest of2015. There is now a shortfall of good quality commercial premises available, especially in the office and industrial / warehouse sectors.
We would welcome enquiries from landlords and occupiers from across the region and suggest thatthey give us a call and see how we can help. As themarket continues to improve, it needs the propertystock to meet the growing demand.”
Property news to keep your business focused SPRING 2015
‘Stop the Press………. Balance ofpower shifts back to landlords’
Brennan House, Farnborough
“IT’S DEAD EASY ISN’T IT?” ACQUIRING PROPERTY MAYBE MORE DIFFICULT THAN YOU THINK... WE POINT OUT SOME OF THE POTENTIALLY COSTLY PITFALLS! see inside
Fully refurbished self contained office buildingset in a tranquil picturesque setting adjacentto the A3.
www.abbeymill.biz
Abbey Mill, Nr Guildford –Grade A Offices - 7,776 sq ft let, 11,063 sq ftremaining
Brennan House comprises a self-contained threestorey air-conditioned office building totalling30,330 sq ft (2,817 sq m) that is being comprehensively refurbished to a very high standard. The building has a very generous parkingratio of 1:188 sq ft.
Farnborough Aerospace Business Park is served bya regular shuttle bus service to the town centre andmainline railway station. The adjacent Tag AviationBusiness Jet Airport is an established facility and caters for business aircraft and charter facilities.
www.brennan-house.co.uk
For further information please contact Wadham &Isherwood’s Nick Reeve or joint agent Will Foster ofKnight Frank tel. 0207 6298171.
CGI of new reception at Brennan House
www.codytechnologypark.com
CODY TECHNOLOGY PARK, FARNBOROUGH – High security office/labs space 100 – 40,000 sq ft
Available Soon!
Offices Offices Industrial IndustrialGrade A Grade B Grade A Grade B
Poundland open their doorsin FarnhamWadham & Isherwood acting for local investor Farnham Estates provided extensive advice duringtheir purchase of the freehold interest in this landmark building which they acquired earlier in 2014.After a short marketing period Wadham & Isherwood acting jointly with Lunson Mitchenallsold the property to clients of Savills who subsequently negotiated a letting to Poundland.
Cody Technology Park, Farnborough - 31,400 sq ft oflettings in 6 monthsActing on behalf of QinetiQ, agents Wadham & Isherwood and Lambert Smith Hampton are delighted to announce 5 new lettings at Cody Technology Park totalling approx 31,400 sq ft – Balfour Beatty (13,833 sq ft), Info Assure Ltd (1,100sq ft), Inchora (12,464 sq ft), ISat (1,400 sq ft) and B Squared (2,637 sq ft).
Further Success in Woking forWadham & IsherwoodActing on behalf of Oakmoore Estates Ltd, Wadham & Isherwood have let the entire second floor at St Andrews House to engineers McClellan & PartnersLtd. The second floor comprises just under 12,000sq.ft. and was let on the basis of a 10 year lease, subject to a tenants break at the end of the fifthyear of the term, at an initial rent equating to £18per sq.ft.
Eastgate Court - Lease regearwith Premier Asset ManagementLease regear – Acting on behalf of LancashireCounty Council Pension Fund Wadham & Isherwoodhave completed a 9,850 sq ft lease regear with Premier Asset Management who have taken a newlease paying £21 per sq ft on ground and 1st floorsfor a term of 10 years.
Quality pays dividendIn 2014 Threadneedle undertook a £600,000 refurbishment of building M1 Millenium Centre following the expiry of the previous lease. The comprehensive refurbishment which included newfloors, ceilings and air conditioning proved a worthwhile investment. 75% of the building is nowlet with Net Technical Solutions on the first floorand Handelsbanken fitting out. This leaves only1,870 sq ft however this suite has just been placedunder offer (quoting rent £21.50 per sq ft).
Systems House, Petersfield -SoldWadham & Isherwood have recently sold SystemsHouse which comprises a 22,024 sq ft modern twostorey business unit with first floor offices andground floor R&D accommodation. The propertywas sold to Craigard Investments / Moneybarn.
The sale involved a pre-let to Moneybarn, specialists in providing car finance. Lambert SmithHampton acted on behalf of Money Barn / Craigard.
“It’s dead easy isn’t it? I can make enquiries fromthe boards that I’ve seen around, check out variouswebsites, locate a property, haggle about the rent,length of lease, maybe rent free period, leave therest to my solicitor and that’s it!”
Maybe so, but bear in mind the following:
1. Do I have the time and is this the most efficientuse of my time, should I not be concentrating onrunning my business successfully?
Finding the right property can be a time consumingbusiness, by giving a clear brief and delegating toexperts, the time spent on these projects will be cutconsiderably.
2. Do I have the market intelligence or sufficient knowledge?
Unfortunately, the property market is an imperfectmarket, not every opportunity is listed on commercial sources, sometimes by virtue of timing,sometimes as a result of instruction. Agents andsurveyors have access to comprehensive databasesas well as contacts enabling them often to unearthopportunities which may not generally be in thepublic domain.
An agent’s specialist knowledge can identify opportunities immediately without the need totrawl through dozens of sets of details or websites.The property market is ever changing, as are levelsof demand and supply and as a result the terms thatcan be negotiated at any one point in time.
The agent’s expertise will enable you to acquire thedesired property on the best terms possible. It isjust as galling to have overpaid for a property as itis to have pushed too hard in negotiation and lostthe opportunity as a result.
3. Can I rely on my solicitor to negotiate a commercial deal, see it through and on time?
While solicitors are undoubtedly the experts inlegal matters, and whilst they are likely to have agreater knowledge than most people, they are notat the “sharp end” of the commercial property market - they are not negotiating levels of rents,rent free periods, lengths of leases etc.
They are instructed once these basics have beenagreed. They are not aware of levels of demand andsupply, nor of the differences in rent for location,style or condition.
Such matters as to whether a “schedule of condition” is appropriate, or a certain liabilityshould be excluded will emanate from a surveyor.
The best results are when the surveyor and solicitoract together in tandem. You will find that it is oftenthe surveyor who will drive the deal through to completion.
In conclusion, you may be able to acquire your ownproperty, but we would be very surprised if by placing these matters in Wadham & Isherwood’shands, you did not save yourselves time, effort,money and worry, leaving you free to continue todrive your business forward.
Peter Da Silva, Business Space Agency
Rare consented land for Industrial / Warehouse / Leisure use. Bordon, Hants.Available for sale from approx 1 acre.
Contact Matthew Seary or Geoff Reeve on01252 710822.
There may be more to acquiring your ownpremises than you think...
Wadham and Isherwood’s very ownMatthew, Nick and Gill (Geoff Reeve’s wife)successfully completed the Grim challengeon Saturday 6th December 2014. Despitethe freezing temperatures and 1cm thickice covering all of the puddles all threecompleted the 8 mile run through theAldershot Army training course.
Thanks to some very generous clients andfriends the team managed to raise justunder £1,200 for Phyllis Tuckwell Hospice.
Whoops, Wadham & Isherwood Farnham hit 25years old, now 26 years!
The Market must have turned! Wadham & Isherwood Farnham wereso busy last year they completelymissed turning 25!
1st March 1989 was the day that theFarnham office was set up by ChrisLock and Geoff Reeve who previouslyhad run Weller Eggar Commercialbased in Farnham. And next year Wadham & Isherwood Guildford will becelebrating an amazing 30 years in thebusiness. How time has flown sinceMark Isherwood and Nigel Wadham setup Wadham & Isherwood back in 1986,dodgy 80’s photos to follow in the nextnewsletter!
PHYLLIS TUCKWELL HOSPICEGOLF DAY - 16th June 2015
For the second year running Wadham & Isherwoodhave teamed up with Phyllis Tuckwell Hospice andwill be sponsoring a charity golf day at the SuperbNorth Hants Golf Course.
There are limited places so please register yourteam ASAP to guarantee a place. To register pleasecall 01252 729446 or email [email protected].
GRIM CHALLENGE! - £1,200raised for charity
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Success in Guildford for Wadham & Isherwood
On behalf of Motcomb Estates Wadham & Isherwood have let 6/7 North Street, Guildford toDreams Beds on a 10 year lease at £100,000 pa. The corner unit extends to 3,700 sq ft.
Guildford £290
Farnham £110
Camberley £80
Petersfield £70
Farnborough £65
Godalming £60
Weybridge £60
Fleet £50
Cranleigh £45
Alton £45
Egham £40
Frimley £37
Aldershot £40
Bordon £30
Successful planning application for A1 retail use
On behalf of Big Yellow Storage Wadham & Isherwood have sold a ¾ acre site at WoodbridgeMeadows for £2.8m following a successful planningapplication for A1 retail use. Lidl have purchasedthe site with a view to building a store of 15,000 sq ft. Big Yellow have retained the adjoining site fora future development for their own occupation.
193 High Street, Guildfordnow let
Acting for Wolfe Properties Wadham & Isherwoodhave let 193 High Street, Guildford, a 3,500 sq ftshop to Morrisons local on a 15 year lease at£125,000 pa. Following refurbishment of the adjoining shops these are now being marketedthrough the Guildford office.
Retail Deal Stories
Zone A Retail Rents
Purchase, let, investmentsale
Wadham & Isherwood have just completed a successful involvement with 20/21 The Boroughhaving acquired the property on behalf of FarragonInvestments, relet the retail units to Headmastersand Romans Estate agents and then sold the created investment at a yield of just under 6%.
