On page 2...
The Update Quarter 3 2023
acorncommercial.co.uk
commercial@acorngroup.co.uk
acorncommercial.co.uk
@acorncommercial
Quarter 3 2023
Regular readers of our quarterly Update will note the shorter format this time around. This is not due to a lack of deals – far from it. The reality is that the market is changing all the time. Any news is old news, and time is at a premium. We make the market rather than follow it, and a deal completed back in July is now ancient history. We’ll quickly take you through the third quarter over the next few pages so we can get back to work!
In a nutshell
Diversification is key at present. Alternative uses, different deal structures, varying sources of funding – we’re heavily vested in them all, and that’s what keeps the phones ringing. There are lots of commentators in our sector. The social channels are awash with, well, property nonsense. If you’re a do-er as opposed to a talker, do get in touch. You’re exactly the type we want to talk to.
Jeff East — Director
Jeff.east@acorngroup.co.uk
Are you registered to receive our latest instructions and opportunities? Scan the QR code to register
Deptford SE8 Virtual freehold commercial unit recently let to a physiotherapist at £18,500pax. Working with Savills we sold the investment prior to auction for £185,000.
Dunmow CM6 Vacant freehold Grade II Listed former banking hall in a popular North Essex market town. Approx. 5,300 sqft – sold to a neighbour for £375,000.
Beckenham & West Wickham We don’t often experience chains on the professional side of the industry, but enjoyed the challenge of coordinating simultaneous deals to ultimately sell Grade I Listed Wickham Court School (pictured on the cover) Several offers for the 23,000 sqft former private school were forthcoming; with the best tabled by the congregation of St. John’s Coptic Orthodox Church in Dunbar Avenue, Beckenham (pictured above). They needed to sell to buy, so we introduced a buyer for the 8,000sqft building in Beckenham. That buyer had a tenant in tow, and so the matter became rather exhausting! Ultimately, premium day nursery operators N. Family Club will open in Dunbar Avenue, St. Johns Church have already moved to Wickham Court and our overseas clients at the top of the chain are happy to have sold their last UK asset. 2
Beckenham BR3 Virtual freehold commercial investment comprising 2 units underlet producing £35,000pax. ERV £50,000pax; one tenant holding over, one review due. Sold for £545,000 (6% NIY).
Bromley BR1 Somewhat selfishly, I’m delighted that we’ve sold this property for redevelopment. It’s been on my commute for 25 years and frankly, it’s an eyesore! Acquired by a longstanding client as a multi-let commercial investment, permission was secured for extension and conversion to create 11 apartments. We sold the property to a private build-to-rent investor.
New Eltham SE9 Lock-up shops in busy parades remain in high demand. This unit attracted several offers and was ultimately let to a chain of telecommunications shops for £14,000pax.
CGI
West Kingsdown DA3 Detached former day centre approx. 2,350 sqft on a half-acre plot. Sold vacant to a day nursery operator for £500,000 F/H.
Woolwich SE8 A vacant mixed-use freehold at the top of Woolwich; most recently operated as a bookmakers. The property has consent for alteration and extension to form two commercial units and 8 self-contained apartments. We sold the site in 2022, but the buyer decided to pursue other projects instead. We were only too happy to arrange a further sale, and understand the latest owner intends to build-out and retain the investment.
Greenwich SE10 The third industrial unit that we’ve sold on this estate in 2023. Approx 2,685 sqft and offered as a vacant freehold, we achieved £610,000.
Catford SE6 Dartford DA1 Vacant former day centre c.2,170 sqft and prominently positioned in central Dartford. Lapsed consent for community unit and 9 flats. Sold for £650,000.
Despite the recent hike in interest rates, property is an asset class that continues to appeal to investors. Modern socioeconomics suggest a solid future for businesses in childcare and early years education, and investors at all levels have been quick to recognise that. This attractive period building is let to a chain with over 100 day-nurseries nationwide, and generates an income of £68,079 per annum. We sold the investment to an overseas ex-pat family at a NIY of 6.7%. 3
In a nutshell
Meet the Team
Jamie Stevenson
Louis Markham
Steven Flannighan
Daniel Dennis
Adam Miles
Callum Reeves
Finn Robertson
Rosie Davis
Blaise Ribbons
Commercial & Development Agency
Commercial & Investment Agency
Commercial & Development Agency
Shirley CR0
Vacant freehold comprising E class unit, 4 bedroom upper flat, yard area and garaging. Sold to a local building contractor for occupation and investment.
Commercial & Development Agency
Commercial & Development Agency
Commercial & Development Agency
Senior Team Assistant
Commercial & Development Agency
Team Assistant
London Bridge SE1 Lock-up shop c.840 sqft on the ubercool Bermondsey Street. Trading positions here are always soughtafter; this one was taken by a local aesthetics business at £45,000pax. Tom Luck Director
acorncommercial.co.uk 4
Jeff East Director
Scan the QR code to register
Bromley Office
London Office
9 St Mark’s Road, Bromley, Kent BR2 9HG
120 Bermondsey Street, London Bridge, London SE1 3TX
020 8315 5454
020 7089 6555
commercial@acorngroup.co.uk
@acorncommercial
