In a nutshell

Deptford SE8

Smart E-class unit c.650 sqft forming part of a modern development with river frontage. Let to a physiotherapy clinic on a new lease at an initial rent of £18,500pa.

Bromley BR1

Eltham SE9

Investment acquired for a private client comprising a freehold house subject to a lease in favour of Greenwich Council, with just 28 years unexpired. Similar properties required.

Mixed-use investments seem to be very much back in vogue. We had a strong run on shops with residential uppers in late 2021 - early 2022, but interest dropped off a little as lenders seemed to inexplicably lose their appetite. More recently though, and despite the rise in interest rates, competition amongst investors for unbroken, mixed-use buildings from £500,000 -£2M has improved notably. Given the cost of debt currently, most buyers are using cash. Returns therefore must be sensible to attract interest, but slightly lower yields are tolerated if a property offers active management angles.

This building at the top end of Bromley’s busy High Street comprises an E class unit let to an estate agency chain and a vacant office to the rear with potential for re-letting, or residential conversion. The upper parts were extended and converted 10 years or so ago to provide one studio apartment, two 1 bedroom and two 2 bedroom flats. Part-let on ASTs and in need of some cosmetic improvement, the building offered plenty of opportunities for a new owner to both make their mark and improve the income stream.

Interest was strong and resulted in several offers. A sale was ultimately concluded to local investors who plan to get the building up to scratch, and retain it long term.

Bromley BR1

Prominent E-class unit fitted as a café and extending to approx 750sqft. Let to a Caribbean restaurant operator on new FRI terms at an initial rent of £20,000pax.

Sidcup DA14

Since the pandemic there has been much talk about the ‘demise’ of the office market. It’s true that for the short time that most office staff worked from home, that sector of the market was horribly quiet. A change in general working practices now sees most office-based firms have staff in at least 3 or 4 days each working week. This has led to many taking less space, but providing higher quality environments. After an unsuccessful marketing period with another agent, we were instructed by BexleyCo to locate a tenant for c3,720sqft of grade A office space on the popular Five Arches Business Estate. We introduced Spy Alarms – a regional business with 75,000 customers across the South East. Spy took a new 10 year FRI lease at £17.50/sqft.

In a nutshell

New Eltham SE9

Smart, self-contained first floor office suite extending to approx. 1,250sqft. Located on a popular business estate and including 3 parking spaces, we introduced an established cleaning firm at £26,000pax.

Sidcup DA14

By way of proof that the letting for BexleyCo wasn’t a one-off, we also let 2,184sqft at River House on the same estate during the second quarter. Global accountancy and business services provider Azets took a 10 year lease at £26.50/sqft.

The letting to Azets underpins another new trend as major businesses take multiple regional office suites in lieu of an expensive HQ in the City. As well as saving money for the employer, local bases are popular with employees who benefit from a reduction in commuting time and costs.

The ‘old’ office market is likely gone for good, but new trends are creating transactions; particularly if you have an active commercial agent! If you have offices available to let please give us a ring…

Hither Green SE13

Tidy shop with upper parts comprising a ground floor takeaway, a 1 bed and a 2 bed flat. Currently under-let at £37,200pa; the ERV is in excess of £56,000pa. Sold to an investor for £610,000.

Canning Town E16

A complicated property comprising two freehold and another short leasehold title. Lapsed consent for 18 affordable housing units, and offered on behalf of Receivers. We ultimately sold for alternative use.

Anerley SE20

Seemingly everything is conspiring against a buoyant land market at present. If it’s not build costs and availability of labour, it’s planning delays, the cost of money or lack of buyer incentives.

There’s no doubt that all the above are impacting upon residual land values, and the pool of ready, willing, and able developer buyers is smaller than it was. Nevertheless, we’re still grinding out results; successfully selling any decent opportunity that is sensibly priced.

This former builder’s yard on a quiet side road in Anerley has a smart, simple consent for the construction of 4 new three bedroom houses and attracted offers from several local developers. Terms were agreed at £1.18M with a cash buyer, and the sale successfully completed in June 2023.

If you have a development site to sell, please get in touch. We won’t necessarily tell you what you want to hear, but we will tell you what your site is truly worth in the current climate.

Beckenham BR3

Our involvement with this particular building stretches way back to when it was a bank, some 15 years or so ago. When the bank closed, we were involved in the letting to the Metropolitan Police who operated the building as a neighbourhood office when they were all the rage. A client of ours then acquired the investment, which we sold for him when the Police vacated. We then advised the next owner on the promotion of the property for residential development and were instructed to sell it once planning permission had been secured. The consents allow for the conversion of the ground floor, and introduction of a lightweight first floor extension to provide four self-contained flats with balconies or private outside space.

Smaller ‘oven-ready’ development schemes always prove popular, and we had no trouble generating interest. A sale was concluded at £647,500 during the second quarter of 2023, with construction due to begin in the summer. Similar instructions are always required.

Eltham SE9

Interest in commercial properties across all sectors of the industry continues unabated, and in some instances we’re still experiencing strong competition for favoured trading positions. We work closely with several departments within Savills, and were contacted by their estates team to advise on the value and marketing of a car showroom and forecourt owned by the Crown Estate. The site is one of four similar on a half mile stretch of Sidcup Road (A20); all of which became vacant in early 2023. Despite the mass departure, replacement tenants were found for all four sites within a relatively short window.

The Crown’s site extends to just under half an acre and comprises c2,500sqft of buildings, a canopy and display parking for more than 50 vehicles. We invited rental offers in excess of £65,000pax and our marketing quickly generated interest from a host of local and national operators. Demand from two top-end roadside operators drove the price, with Thrifty ultimately taking a 10 year lease at an initial rent of £100,000pax.

Gravesend DA12

Residential is no longer the answer to the question of best value in many cases. Our clients acquired this very attractive, Grade II Listed former courthouse in the centre of Gravesend in late 2022. The residential market was strong at the time, and local authorities still had housing targets. Much has changed in the interim, and when a pre-app for residential conversion went down like a lead balloon, we were contacted to arrange a prompt disposal.

The property was most recently occupied by a charity for a variety of purposes and was left in reasonable condition. We were encouraged by the busy location, and saw potential for a range of uses. Our marketing generated plenty of enquiries and we hosted several busy block viewings. A cash offer with the promise of a quick completion was too good for the sellers to refuse, and the buyer proved true to her word – completing the acquisition just 10 days after receiving the draft contract!