High streets are moving

commercial property

with Vail Williams

Dorset industrial market strong, but supply needed

Since the start of the pandemic the industrial market has consistently outperformed other commercial property sectors, both in Dorset and throughout the UK, buoyed by the effects of Brexit on UK supply chains and the pandemic on online retail.

Certain sectors experienced record sales during the pandemic which has increased their industrial requirements to meet consumer demand – from online retailers to household improvement companies. We have seen this translate into a flurry of industrial property deals in recent months.

Since the merger with Cowling & West six months ago, Vail Williams has acted on over 165,000 sq ft of industrial property transactions across the Dorset region, including the recent letting of a 40,000 sq ft industrial unit in Poole to cosmetics retailer Lush.

Interest from owner occupiers and investors in smaller freehold industrial properties has also gone up significantly across the region, as we’ve seen with the recent sale of seven brand new industrial units at Hoburne Enterprise Park, Ringwood, where we acted for Hoburne Development.

Indeed, such is the level of industrial property demand, that the price to acquire premises and their associated rental yields, have increased in the past 12 months.

This was the case recently, when we sold a 3,820 sq ft industrial investment on the Ferndown Industrial Estate for full quoting price, at just under half a million pounds, in an off-market deal.

With the delivery of over 200,000 sq ft of much-needed industrial supply in the pipeline, the developers of Bedrock Park, Ferndown Industrial Estate, Westcroft Business Park and Three Legged Cross, are responding to occupier demand, bringing crucial, high-quality industrial space to the market in the six to nine months.

To discuss your industrial needs as an occupier or for help with delivery of an industrial scheme, contact commercial property experts, Vail Williams. Bryony Solan, Associate, specialist in industrial property. T: 01202 558 262 E: bsolan@vailwilliams.com www.vailwilliams.com

Lucy and Sophie Maidman at Store & Secure

High streets are moving

Retailers deserting high streets can increasingly be found in storage units, with hundreds taking space in Store & Secure’s premises over the last five years.

Since Covid struck, the number moving into the company’s huge sites in Bournemouth and Basingstoke has risen dramatically.

The family-run firm is making it possible for the UK to once again become a ‘nation of shopkeepers’.

With the lockdowns making online purchasing second nature, many retailers have moved their businesses online only. Almost a third of all retail sales are now made over the internet and it is a figure that is predicted to grow. Businesses taking space in a storage unit can increase revenues because there are so few overheads compared with having a high street presence.

Start-ups that have grown out of ‘dining rooms and spare bedrooms’ are also moving into Store & Secure’s premises.

Lucy and Sophie Maidman run the multi award-winning business that opened its first branch in Yeomans Way, Bournemouth, in 2010. Lucy said: “The growth in this part of the business has been dramatic and we will be able to help lots more online retailers and start-ups when we open new facilities.

“It makes complete sense for retailers to go online only and base themselves in our units because it is so much cheaper than having a shop.

“There are no rates or utility bills to pay, no parking or access issues and of course it is completely secure with seven-day-a-week access.

“We’ve got former shopkeepers and market stall holders who have moved into our units.

“And many start-ups that have grown out of their dining rooms and spare bedrooms are taking space with us as they get bigger.

“Many people will come in the mornings before their full-time jobs, pack up orders and get them sent off before doing a day’s work.

“We receive deliveries for them and let them know they’ve arrived – a service that is all included in the cost.

“All manner of things are sold from our sites including vinyl records, sealed sweets, furniture, baskets, phone accessories, books and clothing.

“We have different size units available, and clients move in and out of them depending on stock levels and other requirements.

“It is like having a high street in our facilities and each morning and evening as clients get their orders out.

“Some people have built successful businesses in our units and have since moved out into their own larger premises.

“An increasing number of clients are those who started online trading during lockdown.

“The trading element of our business was something we didn’t really anticipate when we opened, but in the last five years it has developed.

“We identified the trend early and encouraged that part of the business which has been massively accelerated by the lockdowns.

“There are several hundred retailers based in our Bournemouth and Basingstoke facilities.”

More than 90 per cent success rate for Diverse Abilities Advice Team

The Advice Team, operated by Dorset’s disability charity Diverse Abilities, has been successful in 93.5 per cent of its appeal cases in the 2019/20 financial year.

Following a 20 per cent increase in demand for its services over the same period, the Advice Team has continued its record of success in helping people with disabilities and their families claim the financial support they are entitled to.

Elaine Ewing, Advice Team manager, commented: “Benefit applications and appeals are an incredibly stressful process during what is already an emotionally intense situation and it is easy to become overcome by the process. We always advise our clients to remember the ‘yes, but’ model of answering questions – yes you may be able to take your medication every day, but only because someone prompts you – these important contextual extras are all important when it comes to explaining your individual situation during an assessment or when completing a benefit application.”

More than 450 people have also been helped by the Advice Team in creating Lasting Powers of Attorney, requesting telephone advice, and completing benefit applications. The Advice Team also assists clients with Limited Capability for Work applications, Carers Allowance (CA), Child Disability Living Allowance (DLA), Attendance Allowance (AA), Blue Badges, and Personal Independence Payments (PIP), as well as referring clients to free wills and wills with trusts.

Elaine added: “Our advisors are experienced and supportive when helping people in often overwhelming situations. Applying for disability benefits and preparing legal documentation for appeals can be a daunting task, so we strive to do everything we can in order to make the process as seamless as possible.”

Call 0300 330 5514, or email advice@ diverseabilities.org.uk for further information.

www.diverseabilities.org.uk #GetBusinessDone

FOCUS ON accountancy

with Morris Lane

How does COVID funding impact R&D tax credits?

The majority of businesses have had to make big changes to the way they operate over the past year during the Covid-19 pandemic, with many turning to government grants and subsidies for much-needed financial support. So does receiving Covid-19 grants/subsidies compromise securing R&D tax credits?

Well, the answer is – it depends. A company might not qualify for SME R&D reliefs if it has received grants or subsidies, especially if they’re for the project they are claiming.

Coronavirus Job Retention Scheme (CJRS): Under CJRS, staff mustn’t be working so any claim for employee costs will fail as HMRC will know these workers were not contributing to R&D projects. However holiday and sickness pay may be claimable. Use of the CJRS does not preclude an SME R&D claim.

Coronavirus Business Interruption Loan Scheme (CBILS): CBILS is classified as notified state aid, i.e. aid which has been approved by the European Commission. Use of CBILs does not affect a company’s R&D claims so long as the loan money is not spent on any project related to the R&D claim. If it does, then the project won’t qualify under the schemes designed for SMEs although the business could still claim under the government’s Research & Development Expenditure Credit (RDEC) scheme.

Bounce Back Loans (BBL): BBLs are classified as ‘de minimis’ forms of state aid i.e. they are regarded as a subsidy for the first year’s interest and fees and dependent upon the use of the funds they may affect future R&D tax credit claims.

Take up of Government grants and subsidies as well as the use of schemes such as the Enterprise Investment Scheme can affect any R&D tax credit claim and our recommendation is you take professional advice due to the complexity of the rules surrounding these. For further information please contact Carla Hobby on 01202 715950. www.morrislane.co.uk