Update 1st Quarter 2015

The Update

First Quarter 2015

Commercial & Development Division

78-82 Nightingale Grove, SE13 6DZ

Construction is due to commence on the site in the early part of the Summer of 2015, with a scheme of 43 units comprising a mix of 1, 2 and 3 bed apartments.

Lewisham Acorn’s Development team have successfully concluded the

reassurance to Hyde of the viability of the project.

sale of the landmark Nella Cutlery site in Hither Green to Hyde

Demolition of the existing buildings is scheduled for Q2 2015,

Housing Group.

and construction will begin during the summer.

The industrial units, which occupy a prime 0.60 acre plot close

Our Development team has acted for private, corporate and

to Hither Green Station, will make way for a mews style, 43

institutional landowners for more than 25 years, and is vastly

unit residential scheme comprising a mix of 1, 2 and 3 bedroom

experienced in the sale of property for alternative uses. If you

apartments.

have a site with planning permission, or a property that may

Senior Projects Manager, Warren Guest, overcame a number of

offer development potential, please contact Warren Guest on

technical issues by introducing a building contractor to provide

020 8315 5454.

Inside...

P2

P5

P5

Full planning permission secured for commercial unit and 22 private apartments in Lewisham.

Prime retail unit in Blackheath let to retail guru Mary Portas’ charity.

Development site in Shirley with full planning permission sold by our Development team.

1 Sherman Road, Bromley, Kent BR1 3JH 020 8315 5454

116-118 Bermondsey Street, London Bridge, London SE1 3TX 020 7089 6555

acorncommercial.co.uk

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Editorial I have to admit to feeling ever so slightly nervous as I walked

Anyway, as far as specifics are concerned, the first quarter saw

back into the office after the festive break. We enjoyed a bumper

us conclude the sale of a variety of development sites, a number

final quarter of 2014, but how would the market hold up with

of unbroken residential blocks and several notable commercial

a predicted rise in interest rates, and a General Election on the

investments. These deals, coupled with a host of smaller freehold

horizon?

sales and numerous retail and office lettings, put us comfortably

Well, those nerves quickly subsided as the team picked up pretty

on target after 3 months.

much where it left off in December. With inflation at 0% interest

As dull as it may sound, over the last 12 months we’ve been

rates are more likely to fall than rise; which is encouraging

developing new software to better manage our instruction book

investors to look even harder at commodities including property

and enquiry database. The new system went live at the beginning

for a return on their capital. With a little effort or the assistance

of March and whilst it’s still being ‘tweaked’, it has already made

of a decent managing agent, some commercial properties still

client and applicant contact easier and more recordable. We’ve

offer double-digit returns, and off relatively affordable lot sizes.

also forged alliances with specialist rent review and valuation

Demand for retail space remains strong off the back of a record

surveyors, which will enable us to offer a more rounded service

year for business start-ups in 2014, and the office market in the

to our clients under the single Acorn banner.

suburbs is recovering largely due to displacement from office to residential PD schemes. Finally, with the latest housing targets (unsurprisingly) higher than most Local Authorities anticipated, development land is as highly coveted as ever.

So, all in all the future looks bright, unless of course the Aussies retain the Ashes and win the Rugby World Cup on UK turf!

As ever I hope this latest Update proves interesting reading, and would be delighted to hear from you personally; particularly if you have a property to sell!

Jeff East - Director jeff.east@acorn.ltd.uk

Lewisham Our Planning Management team have recently secured planning permission for the redevelopment of Acorn’s former headquarters in Lewisham Town Centre.

The tired, two storey retail and office building is set to be replaced by a contemporary five storey building comprising a commercial unit and 22 apartments. The new building was designed by Yurky Cross Architects to set a precedent for the scale and quality of future development in the key section of High Street between the pedestrianised centre, and Morley Road. Constructed to sustainability Code Level 4, the project will include private amenity space for each flat, a communal roof terrace, green roof and will be partly powered by solar energy.

The commercial space has been designed to house a bespoke staff training suite for the Acorn Group, whilst all 22 apartments will be made available for private letting or sale. Why no Affordable Housing? Nine months of negotiation by our Planning Management team and their consultants, bptw and Savills, resulted in a cash payment in lieu of an Affordable provision.

Our Planning Management team has the expertise to assemble and co-ordinate teams of consultants to tackle planning applications both large and small. If you require assistance with a planning application or legal agreement please contact Jeff East.

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1 Sherman Road, Bromley, Kent BR1 3JH 020 8315 5454

116-118 Bermondsey Street, London Bridge, London SE1 3TX 020 7089 6555

acorncommercial.co.uk

Bromley Our investment team has recently completed the sale of two unbroken residential blocks in Bromley to London & District Housing Ltd. Our residential management team had acted for the private Irish owner for many years; introducing tenants and coordinating renewals etc. With the client keen to reduce her portfolio ready for retirement, we were brought in to advise on the best way to maximise value.

With neither block fully compliant and utilities shared, the decision was made to market each building as a whole rather than on a piecemeal basis.

Whilst the purchase of both buildings was not a prerequisite of the marketing

campaign, their proximity and similarity to each other encouraged most interested parties to bid on both.

The national marketing effort guaranteed huge interest and a host of offers. London & District emerged as the most competitive buyers, and their acquisitions completed in February 2015.

Given our knowledge of the blocks, we have been retained to manage both estates and the individual tenancies.

If you have a long-standing or unbroken investment that you might consider selling please get in touch – you might be pleasantly surprised by the current value.

Brockley Unbroken residential blocks are hot property with investors at present. Whilst yields are typically a long way short of similar sized commercial investments, the active management, re-financing and break-up potential always ensure that we have no shortage of interest.

This period building in an attractive terrace on the Brockley Conservation Area has been arranged as four selfcontained flats, and remained in the same ownership since the 1980’s. Being fully let made the opportunity to conduct viewings rather difficult, but we still had no trouble finding a buyer.

Camberwell

We’ve lost count of the number of properties that we’ve sold for the Jehovah’s Witnesses in recent years. Far from resting on our laurels though; we relish the opportunity to turn on the style and maximise value for our institutional clients.

The Witnesses acquired this c.6,000sqft commercial unit from Galliard Homes several years ago, and secured planning permission (albeit personal) for D1 use. A change of internal strategy left the building surplus to requirements, and presented as nothing more than a watertight shell.

Undeterred, given the sheer volume of space in such a popular postcode we were confident of achieving a premium price. As always seems to be the case, our national marketing campaign generated numerous offers. A deal was promptly agreed with a private investment company, and contracts exchanged inside 2 weeks!

With a sale concluded at a figure 25% ahead of the guide, and almost 50% more than the original purchase price, we can confidently report another happy (repeat) customer!

If your faith or community group has a property to sell but you’re worried about achieving the best price, please contact Adam Hosking or Jeff East for some confidential and impartial advice.

1 Sherman Road, Bromley, Kent BR1 3JH 020 8315 5454

116-118 Bermondsey Street, London Bridge, London SE1 3TX 020 7089 6555

acorncommercial.co.uk

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Biggin Hill

Southwark

This redundant parcel of land was acquired from Bromley Council on behalf of a private investment fund in late 2013, subject to planning permission.

Our Planning Management team promptly set about the conception of a suitable scheme for development, utilising the expertise of BHD Architects and RE Planning. A proposal for eight 4 bedroom houses was presented at a public exhibition, and approved by majority decision at committee at the first attempt.

With consented development sites at such a premium, and substantial value added to the project, the decision was made to pursue a sale.

Having managed the sale of a similar site for the same fund to JP Whelan Homes in December they seemed the obvious buyer, particularly given that their offices are in the same street as

Our London Bridge office has recently competed the letting of this self-contained office building to a children’s

the site! Needless to say Whelan couldn’t bear the thought of

entertainment company at a premium rent.

passing another developer’s boards every day, and a sale was

We sold the property to the current owner in 2013; and

quickly concluded!

negotiated a leaseback to the previous proprietor. With

Whilst our agency work attracts all the attention, this project is

that agreement coming to an end we were re-instructed

further evidence of the depth of services we are able to offer.

to locate a new tenant.

The property sits in a convenient location close to Borough tube, and with demand for offices in SE1 at a seemingly all-time high, we were confident of achieving a strong rent. Quoting £42,500pa for the 1,041sqft building (£40.83/sqft) we had a new lease completed within 3 weeks of being instructed!

We are genuinely very keen for office instructions of any size in SE1. We’re receiving an average of 5 fresh, good quality enquiries every day, and simply don’t have the supply to satisfy demand. Please contact Chris Henshall or Henry Hammond if you have any B1 accommodation available in SE1.

New Streatham branch for Acorn!

Our Commercial Team have successfully sourced a prime A2 unit for the Group in Streatham, and we’re delighted to announce that our latest residential branch opened at 4 Streatham High Road on Saturday 11th April.

If you’re keen to expand your business but need help locating the right premises why not give us a call? No deal – no fee!

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1 Sherman Road, Bromley, Kent BR1 3JH 020 8315 5454

116-118 Bermondsey Street, London Bridge, London SE1 3TX 020 7089 6555

acorncommercial.co.uk

Shirley

Peckham

Development site with

Freehold mixed-use

planning permission

investment producing

for four houses, sold by

a total income of

our Development team

£52,150pa and offering

in January 2015.

potential to extend; sold

Peckham

Crystal Palace

Vacant freehold

to a private investor.

building located prominently on the

Former public house

Old Kent Road, sold by

in the heart of Crystal

our Corporate Asset

Palace, let to a niche

Services team for a

retailer who will begin

charitable trust.

trading by summer 2015.

Bexleyheath

Brixton

Former nightclub let by

Freehold building

our Commercial team

comprising a shop

to McMillan Williams Solicitors, who plan to extensively refurbish the space to provide

with residential uppers sold by our London Bridge team to a private investor.

high quality offices.

Blackheath

Greenwich

Prominently positioned

Vacant A2 unit on Trafalgar Road let to Chestertons who are set to open by summer 2015.

retail unit in Blackheath, let to TV personality Mary Portas’ charity ‘Living & Giving’ in association with Save

John Payne are coming to East Greenwich too...

The Children.

1 Sherman Road, Bromley, Kent BR1 3JH 020 8315 5454

116-118 Bermondsey Street, London Bridge, London SE1 3TX 020 7089 6555

acorncommercial.co.uk

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Meet Our Team

Tom Luck

Jeff East

Warren Guest

Chris Henshall

Director

Director

Senior Projects Manager

Senior Projects Manager

Kevin Neun

Adam Hosking

Henry Hammond

Joshua Beeston

Projects Manager

Projects Manager

Projects Co-ordinator

Projects Co-ordinator

Could this be you?

We are always looking for new, enthusiastic and driven members of the team.

Persephone Pollock

Emma Fox

Jess Adams

Team Secretary

Team Secretary

Team Secretary

Bromley Head Office 1 Sherman Road, Bromley, Kent BR1 3JH 020 8315 5454 commercial@acorn.ltd.uk

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If you’re interested please send your CV to emma.fox@acorn.ltd.uk

London Bridge Office 116-118 Bermondsey Street London Bridge, London SE1 3TX 020 7089 6555 acorncommercial.co.uk

This newsletter has been designed and edited in-house by Acorn’s PR & Marketing Division.

Please contact Adam Smith for more information on 020 8315 6959.

@acorncommercial

acorncommercial.co.uk