The Update
First Quarter 2016
Commercial & Development Division
Asset & Equity Management
Camberwell
Our Asset & Equity Management team co-ordinated the sale of a prominent freehold building in Camberwell on behalf of a private client during the first quarter. Our client initially acquired the long leasehold interest in the ground floor, and over the years we have arranged the letting to Paddy Power, the acquisition of the freehold interest out of Receivership and the subsequent management of the block. Working with Acquitus we offered the freehold at auction in February, and secured a sale at £750,000. The Asset & Equity Management team also acquired the former Thames Public House in Greenwich at auction on behalf of a residential development fund in March.
Greenwich
Our Planning Management team has engaged a panel of expert consultants to conceive a scheme for a new apartment block in place of the pub, which has sat derelict since the 1990’s. If you require any further information or advice in connection with our Equity & Asset Management services, please do not hesitate to contact Jeff East or Emma Fox on:
020 8315 5454 or 020 7089 6555
Whats Inside...
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The Acorn Group has already opened four new branches in 2016...
Development site sold with full planning permission in Crystal Palace...
Jeff East and Langford Russell’s Andrew Roberts took part in the Kentish Killer...
1 Sherman Road, Bromley, Kent BR1 3JH 020 8315 5454
116-118 Bermondsey Street, London Bridge, London SE1 3TX 020 7089 6555
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Editorial A massive final quarter looked a tough act to follow, but I’m delighted to report that a solid start to 2016 stands us in good stead for another strong year. During the first three months it wasn’t residential development deals that underpinned our figures, but income driven from investment sales and niche services including our Asset & Equity Management and Planning Management teams. With the major banks still unbelievably negative towards the UK property market, private equity is increasingly playing a major role. Our Asset & Equity Management services are tailored towards those clients that don’t have the time or specific expertise to manage their own projects. Likewise, our Planning Management Division effectively acts as ‘principal’, and coordinates teams of expert consultants to add value via the ever more complicated planning system. The Budget dealt us a few surprises (both positive and negative) and now Brexit is the latest buzz word. Regardless of the Referendum though, demand across all sectors is such that it seems unlikely the ultimate outcome will have much impact on the Greater London market.
You’ll read below that as a Group we’ve been on the acquisition trail – opening 4 new branches since the turn of the year. The Commercial & Development Division is also expanding, with larger premises in London Bridge under offer and set to open before the half year. The new offices will facilitate the recruitment of additional staff onto both the agency and niche service teams, and strengthen our presence in Central London. All our latest instructions and a full explanation of our services are listed on www.acorncommercial.co.uk. For up to the minute news please follow us on Twitter @acorncommercial, but for advice and general enquiries we’d always prefer to talk to you, so please call one of our offices. As always I hope our in-house Update proves interesting reading, and would welcome any questions or comments you may have.
Jeff East - Director jeff.east@acorn.ltd.uk
East Greenwich
We’re Expanding
Clapham
In wider Group business, we opened a new John Payne office in East Greenwich in early January. The prominent corner unit is located at 11-15 Woolwich Road; opposite the site of the former Greenwich hospital. In addition to residential sales, lettings and financial services, the office also serves as a local base for our John Payne Property Management team.
The prospect of a large, attractive period house in a lovely quiet street, with an SW4 postcode and needing remodernisation throughout would make most developer’s dreams come true.
Hot on the heels of the East Greenwich opening, we were delighted to acquire new branches in Welling, Bexleyheath and Dartford from TG Baynes. Similarly to the acquisition of John Payne residential in 2013 all former TG Baynes staff have been retained, but in this case the offices have been rebranded to Acorn corporate colours. We have a new Camberwell branch opening in late spring, and several other irons in the fire, so watch this space!
1 Sherman Road, Bromley, Kent BR1 3JH 020 8315 5454
Whilst this property certainly ticked the aforementioned boxes, it also came with two protected tenants, and was let as three flats that unusually weren’t self-contained! We relish a challenge though, and much to the seller’s delight, promptly completed a sale to a firm vastly experienced in the world of protected tenancies. Similar properties are urgently required across Greater London and the South East, so please don’t hesitate to contact us if you have a property you wish to dispose of.
116-118 Bermondsey Street, London Bridge, London SE1 3TX 020 7089 6555
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Crystal Palace
Sydenham
We recently sold this freehold development site with full planning permission for the demolition of the existing building, and construction of a pair of substantial semidetatched houses.
Following the recent refurbishment of the landmark Greyhound Public House at Cobbs Corner in Sydenham, we’ve been able to complete the letting of a prime commercial unit that was agreed to Sainsbury’s back in 2011.
The plot is located just outside the highly sought after Crystal Palace ‘triangle’, and we therefore have no doubt that the finished houses will be snapped up quickly!
Sainsbury’s are one of several high profile occupiers due to take up residency at the Northern end of the ‘High Street’, so watch this space!
Bromley
Southwark
West Norwood
This 8 bedroom HMO was sold subject to a rolling 12 month tenancy to Bromley Council. Producing £65,700 pax, we achieved a NIY of 7.3%.
Well-presented, B1 offices close to Southwark Tube. Such space is highly sought-after in SE1; we quickly completed a letting to an advertising agency.
Vacant freehold property comprising ground floor A5 unit with 5 bedroom flat in the uppers. Our marketing campaign resulted in a sale to a private family trust.
South Croydon
Lewisham
Beckenham
Vacant, freehold parcel of land in a predominantly residential area, with consent for a single dwelling; sold to a private developer.
Vacant, freehold double retail unit; sold to a private investor. The property requires extensive refurbishment, and will shortly be made available for letting.
Attractive mixed-use freehold sold to an investment firm comprising retail space, and upper offices with residential potential under PD rights.
1 Sherman Road, Bromley, Kent BR1 3JH 020 8315 5454
116-118 Bermondsey Street, London Bridge, London SE1 3TX 020 7089 6555
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Tackling the Kentish Killer Jeff East, and Andrew Roberts, Partner at our Langford Russell office in Chislehurst, undertook the gruelling challenge of cycling the ‘Kentish Killer’ on a particularly brisk day in late February. Whilst relatively short (70km), the Killer takes in all the major climbs of the North Downs, and certainly isn’t for the faint-hearted. Many thanks to Andrew & Alex at CWJ Solicitors who sponsored the event in aid of the Kent, Surrey and Sussex Air Ambulance.
Adam Hosking Associate
Emma Fox
Office Manager
Tom Luck Director
Jeff East Director
Tony Wood
Projects Manager
Could This Be You? If you are interested please send your CV to emma.fox@acorn.ltd.uk
Henry Hammond Projects Manager
Steven Flannighan
Projects Co-ordinator
Jess Adams Team Secretary
Lily Whitby
Team Secretary
Staff Focus Here’s what we found out after a brief conversation with Henry Hammond.... Describe yourself in 3 words? Fun, pragmatic, concise.
What sparked your initial interest in the property industry?
Meeting different types of people and assisting them with maximising the value of their assets.
Fresh out of education I was keen to establish myself in an industry. I focussed on property in particular as I was greatly inspired by a family friend who was a successful property trader.
You are based in our Bermondsey Street office. Where’s your favourite lunch spot?
Imagine you won a £1,000,000, what would be the first thing you’d buy?
My favourite place to eat lunch is probably the popular Bermondsey Street Deli, I challenge you to make a better chicken soup!
A yacht!
What do you find most interesting about your role?
henry.hammond@acorn.ltd.uk 020 7089 6555
The Acorn Group, incorporating:
This newsletter is designed and edited in-house by Acorn’s PR & Marketing Division. Please contact Adam Smith for more information on 020 8315 6959.
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