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
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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).
