Update 2nd Quarter 2014

www.acorncommercial.co.uk

Second Quarter 2014

The Update Commercial & Development Division

Inside...

42 Hexagon Homes for Plumstead

Our Corporate Asset Services team concluded the sale of this period villa in Dulwich during the second quarter...

P3

Our Development team has recently concluded the acquisition of a substantial residential development site for Registered Providers Hexagon Housing Association.

This modern office building in Waltonon-Thames was sold by our Commercial team with a Permitted Development application pending...

P4

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

The redundant industrial site, which has planning permission for 36 houses and 6 apartments will be constructed by retained clients Skillcrown Homes, who fulfilled a vital role in evaluating and ultimately overcoming a number of apparent technical difficulties.

Having been put in touch with the landowner shortly after an earlier planning refusal, we introduced Regent Land & Developments who secured the existing planning permission, and agreed the sale to Hexagon. We subsequently

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

introduced Skillcrown to facilitate the construction, and effectively bring the project to life.

We enjoy the challenge of a complicated planning or technical issue, but not as much as the success of overcoming them and bringing another site forward for development! If you own a large site and are experiencing difficulties, please contact Jeff East or Tom Luck for some friendly, confidential advice.

For all the latest news and opportunities: @acorncommercial

1

Editorial Another exceptionally busy Quarter in Acorn’s Commercial & Development Division left me with precious little time to finish this Update on schedule (I failed).

Momentum continues to grow across our agency activities, and Tom and the team have enjoyed three huge months in terms of deals completed. Notable transactions include the sale of a mixed-use investment in Sidcup for over £8.9m and the acquisition of a 42 unit development site in Plumstead for affordable housing.

Our Commercial and Investment agency work has seen us complete the sale, acquisition and letting of a wide range of properties from High Street freeholds to office buildings, industrial units, shops and studios. The Development team has been busy too, with development sites acquired for clients in London Bridge and Bermondsey, and sites sold in Dulwich and Walton-on-Thames to name but a few.

Our Corporate Asset Services work is also growing in profile.

Over the last 3 months we’ve completed the sale of an office building in Hounslow for Barnardos, and a former school in East Dulwich for a local charity. We also sold a surplus Kingdom Hall in Erith for the local congregation of Jehovah’s Witnesses, and currently have two properties under offer for a youth charity. The Corporate Asset Services team is also now fully retained by a private property investment fund to oversee all of its acquisitions and disposals.

As you will read towards the end of this Update, our planning management work now has a brand, and an inspiring name – Acorn Planning Management! For fear of repeating myself I’ll leave you to read all about how we might be able to assist you in tackling the planning process on page 7.

The team continues to grow with Josh Beeston having joined during the second quarter (see page 6). We’re actively looking to employ another Secretary/Administrator, and would be delighted to hear from anyone that might be able to fill positions including Town Planner, or member of the agency team.

Please click on the website www.acorncommercial.co.uk or follow us on Twitter @acorncommercial for all the latest exciting news and instructions, or better still, give us a ring for the personal touch.

I hope that you find the rest of our second quarter Update interesting, and would like to take this opportunity to wish you a very summery summer.

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

Bermondsey Boom

Commercial Management

Prime retail units in SE1 are a hot commodity, so it came as no surprise that the availability of this former boutique on Bermondsey Street generated huge interest from both local and national businesses.

London Bridge Station is a stone’s throw from the property, and The Shard and More London are already proving a real asset to what is undoubtedly a booming area.

Eros House, Catford - managed by Acorn.

We hold a list of quality applicants looking to buy and rent commercial property in the SE1 area, so please contact Chris Henshall at our London Bridge office for further information and advice. chris.henshall@acorn.ltd.uk

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

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

We provide a comprehensive service in the management of commercial, residential and mixed-use property. The Acorn Group manages over 3,000 individual commercial or residential properties and more than 200 mixed-use or entirely residential blocks. The commercial elements of these properties range from retail space and restaurants to offices and studios.

We have a fully qualified management team in-house, and can provide all manner of services including rent collection, insurance, maintenance, compliance, rent reviews and valuations. Please contact our offices for further information.

For all the latest news and opportunities: acorncommercial.co.uk

2

Squat On Earth Was Going On?

In a Nutshell...

Chislehurst Vacant freehold A3 unit on Belmont Parade sold for £225,000 in May. May saw the completion of the sale of this substantial period villa in the sought-after suburb of East Dulwich.

Most recently used as a private school, we were appointed by the Charitable Trust to manage the disposal when the property became surplus to requirements.

Our widespread marketing campaign generated interest from all manner of potential purchasers from developers, to schools, churches and private owner-occupiers.

Concluding the sale to a private investor proved challenging; mainly due to the

occupation of the building by squatters.

Nevertheless, our team worked tirelessly in support of the client, the house guests were evicted and the deal successfully completed.

Properties with D1 use are in short supply across the London suburbs, and our Corporate Asset Services team has the expertise to ensure the best possible marketing exposure regardless of the size, nature or condition of a property. If you represent a charity or institution and have a property to sell, please contact Adam Hosking or Jeff East on 020 8315 5454.

South Norwood Vacant shop with residential upper parts on Portland Road sold for £255,000 in April.

Southwark Office Letting We’ve recently completed the letting of two office suites in this attractive, modern building close to Southwark tube, and have another two firmly under offer.

The office market in the area is particularly strong at present, with a plentiful supply of good firms keen to relocate into SE1. The sheer volume of redevelopment in the vicinity is also displacing good quality, established tenants, which leaves us with more punters than properties!

If you have offices available to let of any size, and anywhere in SE1, please contact Chris Henshall or Josh Beeston on 020 7089 6555.

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

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

Peckham New ground floor retail unit sold as a vacant shell in June for £250,000.

Brockley Modern commercial unit in a mixed-use scheme sold vacant in May for £150,000.

For all the latest news and opportunities: @acorncommercial

3

Have Faith

Dress to Impress

This prominent High Street freehold in Beckenham was sold in June for the first time in almost 90 years!

Operated as a traditional gentlemen’s outfitters for as long as anyone can remember, the property was snapped up by local investors who plan to create first floor offices, and an improved ground floor retail unit.

We receive more enquiries for properties with D1 use (non-residential institutions) than any other, and have an enviable track record of achieving premium prices on behalf of our valued institutional clients.

This former cinema in Erith had been converted to provide a 150 seat auditorium by the local congregation of Jehovah’s Witnesses, but was sold to facilitate the acquisition of a larger property locally.

High Street retail units are always in high demand, why not contact Henry Hammond for free impatial advice?

Our marketing campaign unsurprisingly generated huge interest, and a sale was successfully completed to another faith group for continued D1 use.

henry.hammond@acorn.ltd.uk or 020 8315 5454.

If you have a D1 property to sell or let please contact Kevin Neun on 020 8315 5454 or via kevin.neun@acorn.ltd.uk.

Shed Sale

This freehold industrial unit sits in a predominantly residential area and appears to offer development potential.

Our client had tried unsuccessfully to secure planning permission, and we were instructed to arrange a prompt sale at the best possible price.

Whilst interest from developers was forthcoming on an unconditional basis, we had a number of live freehold industrial requirements, and managed to conclude a sale to a local manufacturing business.

Commercial freeholds for all manner of uses are highly sought-after at present, and we’re keen for instructions in all areas.

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

Picking Up Pace

Our commercial team recently concluded the sale of Pace House, an attractive modern office building arranged over 3 floors, located in the centre of Walton-on-Thames. With the attractive prospect of residential development potential, we were inundated with interest allowing us the opportunity to wrap up a deal quickly, and for a competitive price.

The property was sold to a private developer who intends to convert it into 6 residential dwellings under permitted development rights legislation. The finished units are expected to be ready by the end of 2014.

We urgently require office buildings for both B1 use and with development potential. If you have a property that you wish to dispose of, please don’t hesitate to contact Kevin Neun on 020 8315 5454 or via email kevin.neun@acorn.ltd.uk.

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

For all the latest news and opportunities: acorncommercial.co.uk

4

Sidcup Investment Sold for £8.925m

The recent sale of this landmark property in Sidcup to a global investment fund marks the culmination of a 5 year association with the site for Acorn’s Tom Luck. Tom first managed the assembly of two adjoining sites; one housing a 1960’s retail/office building, and the other a Locally Listed public house. The former was acquired unconditionally with the retail unit let to Carpetright plc; the latter purchased at auction with vacant possession. A surrender of the lease to Carpetright was then negotiated in order to bring about vacant possession across the entire site.

Planning permission was secured for a mixed-use scheme comprising approx 14,000 sqft of ground floor retail space, an 84 bedroom hotel over two upper floors and 60 parking spaces to the rear. Pre-lets were agreed with Waitrose

in respect of 9,000 sqft of retail space at £135,000pa, and Travelodge Hotels Ltd in respect of the hotel at £360,040pa.

The development was constructed by a private client and the remaining ground floor commercial space let to Bexley Council for use as an Adult Education Centre. Part of the roof space was let to Vodafone for the installation of a mobile phone mast, resulting in a total rental income of £569,540pa.

Tom sold the completed investment in May for £8,925,000 reflecting a blended NIY of 6.03%. Acorn do far more than simply manage acquisitions and disposals. Our expertise is far reaching such that we can advise upon and manage the identification, conception, promotion and facilitation of complicated mixed-use projects. For further information contact Tom Luck or Jeff East on 020 8315 5454.

Forest Hill SE23 We’re experiencing strong demand across all sectors, as the recent sale of this office building proves. Comprising more than 7,500 sqft of B1 space, we were able to generate interest from several potential buyers, and successfully sold the office and light industrial space to a local developer for use as their head office.

Hounslow TW3 A detached, single storey office building extending to more than 3,000 sqft sold on behalf of regular clients Barnardos.

The property, located close to Hounslow’s busy town centre, was sold with vacant possession to a private investor.

Catford SE6 We were instructed by the owner to manage the letting of the new commercial space at this prominent site in Catford. We concluded a deal during the second quarter at a notable rent to retailer Mobilva, who are already in occupation and trading.

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

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

For all the latest news and opportunities: @acorncommercial

5

Fuelling New Development

Eat Street

This prominent A3 unit on East Street in Bromley’s busy town centre spent the majority of 2013 deserted and drab before we contacted the Cornwall-based landlord and offered to assist.

We were instructed to locate a new tenant for the ground floor unit in early 2014, and were quickly able to generate considerable interest.

Such was competition for the unit, we agreed a new 20 year lease over the entire building on FRI terms at a rent substantially higher than the landlord had ever received in the past.

A huge programme of public realm works in East Street has recently been completed, and now the restaurant quarter will be enhanced with the addition of an Asian inspired eatery.

We hold a substantial database of quality tenants keen to secure commercial units with A1, A2, A3 or A5 use across South London. Please contact Henry Hammond if you have a property to let.

Our London team has successfully acquired a prominent petrol filling station site in Bermondsey from Gerald Ronson’s Rontec Vehicle.

Acting on behalf of private developer clients, the site on St James Road was purchased unconditionally, and is earmarked for a landmark mixed-use scheme.

We have retained clients with cash funds readily available for the acquisition of development sites with and without planning permission across London.

For further information please contact Chris Henshall at our London Bridge office.

Josh Beeston is the latest addition to the Commercial & Development Division.

A Smashing Opportunity

A Midlander born and bred, Josh worked in the retail insurance industry for three years after graduating from Wolverhampton University.

Josh made the move down to the big smoke earlier in the year, and has been gaining valuable experience on secondment in our Beckenham and Locksbottom estate agency branches.

Drafted into the commercial team for the second quarter, Josh splits his time between our Bromley and London Bridge offices where he focuses on the acquisition, disposal and letting of all types of commercial property.

Interestingly, Josh has settled in London on the Lewisham/Blackheath borders, and lives in a flat built on a site that we sold to clients JFD Developments in January 2013!

When not in the office, Josh struggles to find any spare time away from his modelling assignments!

March saw us complete the acquisition of a development site If you’ve been kind enough to read every article in this issue of our from Thames Water on behalf of a Update, you will have noticed that development sites are in short retained client.

supply, and SE1 is one of the most sought-after London postcodes at The redundant land was sold in present. the open market with the benefit

No prizes, therefore, for guessing how popular this development of outline planning permission site in SE1 proved! It was so popular thatand it never reached the forin8 fact, houses, we are currently market, and was sold to the first buyer that we introduced. managing a Reserved Matters application for the client.

The former glassworks has planning permission for the construction Rapleys LLP acted for Thames Water. of two commercial units and 8 apartments, with residential re-sale values in the region of £900/sqft anticipated.

joshua.beeston@acorn.ltd.uk 1 Sherman Road, Bromley, Kent BR1 3JH 020 8315 5454

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

For all the latest news and opportunities: acorncommercial.co.uk

6

Acorn Planning Management The Acorn Group has been co-ordinating planning related projects for developer clients for over 20 years. Our Planning Management team has now been assembled to offer an all-encompassing service to a far wider audience. Our team of experts work with external consultants to ensure that a bespoke strategy is implemented in each case. The ultimate aim is the same with every project though – to deliver the best possible consent in the shortest time frame, and at a competitive fee.

In addition to managing residential and mixed-use development projects, we’re also well placed and suitably experienced to co-ordinate change of use, permitted development and smaller householder applications.

Furthermore we can provide a ‘one-stop’ service to include all plans, statements, reports and management as required.

Acorn’s Planning Management team can be retained as consultants in the usual fashion to co-ordinate some or all of the planning services you require. Alternatively, we are always willing to consider joint ventures or other financial arrangements in order to bring forward development opportunities. Please visit www.acornplanning.co.uk for further information.

Orpington BR5 Our Development team managed the acquisition of this site, which came complete with an outline consent for residential development. On behalf of a private client we co-ordinated the submission of a Reserved Matters application for eight 3 & 4 bedroom houses, which was approved by Bromley Council under delegated powers during the second quarter.

Biggin Hill TN16 We acted for a private client in securing the conditional purchase of this site from Bromley Council in the open market.

Our subsequent planning application for eight 3 storey houses was approved at local level in early June 2014.

Lewisham SE13 Our third planning approval during the last quarter came in the form of this landmark mixed-use scheme on Lewisham’s busy High Street. Planning permission was approved at local level for the construction of 22 apartments and a new commercial unit.

For further information please click on www.acornplanning.co.uk.

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

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

For all the latest news and opportunities: @acorncommercial

7

Meet Our Team

Tom Luck

Jeff East

Warren Guest

Kevin Neun

Chris Henshall

Director

Director

Land & Development Manager

Investment Manager

Projects Manager

tom.luck@acorn.ltd.uk

jeff.east@acorn.ltd.uk

warren.guest@acorn.ltd.uk

kevin.neun@acorn.ltd.uk

chris.henshall@acorn.ltd.uk

Henry Hammond

Adam Hosking

Joshua Beeston

Persephone Pollock

Emma Fox

Projects Co-ordinator

Projects Co-ordinator

Projects Co-ordinator

Team Secretary

Team Secretary

henry.hammond@acorn.ltd.uk

adam.hosking@acorn.ltd.uk

joshua.beeston@acorn.ltd.uk

persephone.pollock@acorn.ltd.uk

emma.fox@acorn.ltd.uk

Bromley Head Office

London Bridge Office

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

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

commercial@acorn.ltd.uk

commercial@acorn.ltd.uk

acorncommercial.co.uk

acorncommercial.co.uk

@acorncommercial

@acorncommercial

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

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

For all the latest news and opportunities: acorncommercial.co.uk

8