Editorial
We’re keen for new instructions across all sectors & Stirling Ackroyd join the family!
Transactions
Shops, offices, investments, development sites – read all about it!...
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A strong Q2 performance from the team. The key to this success has been providing the right advice and delivering bespoke marketing strategies to ensure that we create maximum value for our clients’ assets. We have been producing great results across a wide range of properties, a number of which are reported in this update. With a change in government who are promising to build 1.5m homes and stimulate the property market, it will be great to see some stability now returning. Only time will tell but with the recent news of inflation holding and potential interest rate cut, there is a real positive sentiment.
In our second year of ownership under LRG, we are excited to announce that the group has recently acquired Stirling Ackroyd with their 31 offices across London and the Home Counties. Their successful commercial, investment and development team headed up by Brett Sullings will work closely with our team providing clients from both businesses with more opportunities. With this acquisition, we have now become one of the largest agencies operating in the new homes, commercial and development sectors across the Capital and Home Counties.
Our team are here to provide advice. If you are a landlord with a vacant property or a seller of an investment or development site, please get in contact and we would be delighted to assist. We have some great new instructions and our client bank continues to grow so we expect Q3 to produce great results.
Our client had owner-operated this 0.13 acre site on the outskirts of Swanley for 37 years as a bus depot.
In recent times, B2 class buildings with yard space have proved particularly popular and 4 Bower Road proved no exception with 50+ enquiries and 12 offers.
A sale was achieved to a local property maintenance company in excess of the listing price.
Acorn acted for this owner in 2023 with the disposal of a commercial investment in Bromley. Following the sale, we were asked to secure a buyer for their last remaining asset in the area. A local landlord known to us was an obvious buyer, and after a swift review, they made an offer which met the vendors expectations. The property offers potential for a long term secure income with a strong covenant and in the event the tenant vacates, there would be no shortage of operators who would jump at the chance for this prime retail pitch on Market Square.
With two motivated parties and two very capable solicitors, the transaction completed in 6 weeks from start to finish.
“How’s the market?” is the most frequent question we’re asked by office vendors at present, although unfortunately there is no blanket answer.
Offices offering high quality fit-outs and in strong locations are still a hot commodity. In the last quarter we sold this office in Bermondsey, albeit situated on the outskirts near the St Saviours Estate (0.9 miles from London Bridge Station).
As always we pulled out all the stops in the marketing, and the transaction has subsequently completed at precisely £44,250.87 in excess of our guide price!
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Wood BR5
Mixed-use freeholds are very much still in demand, and this was certainly the case for 311 Upper Elmers End Road in Beckenham. Offered with a vacant commercial unit and two flats let on ASTs, we received interest from both owner-occupiers and investors.
After a full marketing campaign resulting in a range of offers, our client decided a cash buyer was the way forward and contracts exchanged 4 weeks after receipt of the legal pack.
The buyer plans to increase the rents for the two flats and find an occupier for the commercial unit.
Now and again we receive calls from clients who have seen a property on the market with another agent and would like us to acquire it on their behalf. In this case, a local agent was marketing a freehold mixed-use building in Penge for sale, and our client wanted to add this property to their local portfolio. They thought having a well-known commercial agent acting on their behalf would mean their offer would be taken more seriously.
Acorn viewed the property on their behalf and spoke with the selling agent about the vendor’s position. After reporting back to our client, we agreed on what was required to put forward in the offer to make it stand out to the vendor. The property went under offer to our client and four weeks later contracts exchanged. Our client plans to hold this property in their portfolio of investments.
A former HSBC bank for many years, we sold this substantial freehold building on Sidcup High Street following an extensive marketing campaign.
Since completion in May, the buyers plan to re purpose the ground floor for existing commercial use, convert the first floor and extend to provide residential accommodation.
We have now been instructed to market the ground floor to let and have agreed terms with well-known restaurant operator. Watch this space!
There is no doubt having a strong online presence creates leads, although not all end in fee earning opportunities. When we received a valuation request from the owner of three freehold commercial buildings in Croydon, it was clear they were genuine sellers. Competing with other well-established commercial agents in Croydon, we visited the site the same day and provided a detailed valuation the following day. Pleased with the approach and marketing strategy, the owner instructed Acorn. Fast forward two weeks later, the property went under offer to a local investor who owns several buildings in the local area, purchasing with cash reserves. Exceeding price and time expectations the vendor was keen to proceed and the transaction completed 4 weeks later.
The property produced £80,000 per annum which reflected a 7% gross return. With 8,000 sqft to manage, the buyer is now looking at ways to improve the rents and possible planning angles.
The owner of this freehold industrial property in Thornton Heath acquired it as part of a portfolio in 2021. Inheriting a commercial tenant as part of the deal, the lease was due to expire in June 2024. Having given the owner advice on the planning potential of the site, a decision was made to market the property for rent, as planning permission for development would likely take years. We were tasked with securing a tenant on a short-term flexible basis which would allow the owners to get vacant possession back if planning were to be achieved. With this in mind, we went ahead with a public marketing campaign. Interest was strong from the outset and multiple offers were received from a range of operators including a scaffolding firm, car storage business and a contractors. Terms were agreed with the contracting firm and a surrender of the existing lease was executed simultaneously with the completion of the new lease, and therefore no void period for the owner.
The benefits of the changes to planning use classes in September 2020 are continuing to be felt four years later with no better example of that being the three lettings that we have concluded in these new build units in Greenwich. With a newsagents in one, an aesthetics clinic in another and a religious community group in the third, there’s something for everyone!
Measuring c.7,000 sqft across the three units, the lettings were concluded with a total annual rent of £97,000 per annum. EXCHANGED
Jamie Stevenson
Regional Manager
Miles
Commercial & Development Agent
Tom Luck
Director
Senior Commercial & Development Agent
Daniel Dennis Office Manager
Rosie Davis
Senior Commercial & Development Agent
Senior Commercial & Development Agent
Neil Louth
CEO
Finn Robertson
Commercial & Development Agent
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Acorn did a fantastic job helping sell our commercial properties. They were extremely proactive and helpful throughout the entire process. Local knowledge helped match us with the ideal purchaser.
Excellent service from everyone at Acorn. Their ability to remain focused and proactive has been really impressive. I would certainly recommend them for anyone looking to buy or sell.
The London SE1 market is incredibly competitive and having the right team to market is key. Acorn’s proactive approach, dedication and readiness to offer solutions made the entire process pain free.
Our
Acorn’s Commercial & Development Division sold this site adjacent to Sidcup Train Station back in 2021 to Purelake New Homes.
The site was sold with the benefit of planning permission for 59 private flats and 11,500 sqft of commercial space pre-let to Marks & Spencer.
With construction complete and the M&S open (attracting over 200 people on its grand opening day!), Acorn New Homes have been busy selling off the finished units with 34 of the luxury one, two and three bedroom units already sold or under offer. All apartments boast open-plan living spaces complemented by high-quality, custom-designed kitchens and private outdoor areas.
Our latest Build to Rent development located in Kirkdale, Sydenham!
Embracing an industrial, warehouse-style throughout, these modern apartments feature contemporary openplan living areas, bright bedrooms boasting huge crittalstyle windows, and fully-tiled bathroom suites.
Launched end of April 2024, all apartments were fully let prior to site completion with final move-ins having taken place end of June 2024.
Having successfully launched over 2,500 apartments, our Build to Rent division offers an all-encompassing service. With our clients valuing our knowledge and experience, we are commonly involved from the early stages of a scheme, through to letting and property management.
