www.acorncommercial.co.uk
Third Quarter 2014
TheUpdate Commercial & Development Division
Inside...
Herne Hill SE24
Consented development opportunity in Shadwell, sold in early September.
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We first acquired 3 units on this industrial estate for a client at the end of 2007. The units had sound tenants in occupation and were producing good income. The intention, however, was to piece together the entire estate for redevelopment. The site is allocated as a major development opportunity within the London Borough of Lambeth’s development plan, however, market conditions changed and the project became inviable.
Large warehouse building in Bromley sold by our Corporate Asset Services team.
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1 Sherman Road, Bromley, Kent BR1 3JH 020 8315 5454
Our clients have now submitted a planning application for 152 flats and multiple commercial and industrial units. The commercial and industrial units proposed within the scheme provide approximately 40,000 sqft of accommodation, which is more than the tired space currently occupying the site! If you have a development site to sell, with or without planning permission, please contact us for friendly but forthright professional advice.
We were always mindful of the site’s potential for development; it was just a case of the timing being right. By the end of 2013 it became apparent that, with market conditions improving, a sale of the site for development was viable again. We worked closely with a developer client and pieced together an unconditional purchase agreeing deals with 7 separate owners, and 4 tenants.
116-118 Bermondsey Street, London Bridge, London SE1 3TX 020 7089 6555
For all the latest news and opportunities: @acorncommercial
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Editorial ‘Short and sweet’ is the theme for our third quarter update. We have deals aplenty, but precious little time to talk about them, so I’ll keep this brief!
recruiting for the ‘front line’ too, and there should be further news on this at Christmas.
A particularly busy summer has left us with a colossal pipeline, and a real opportunity to smash the annual target that we set ourselves at the beginning of the year. Suffice to say it’s a case of ‘all hands on deck’ between now and Christmas!
Our IT team are currently developing a bespoke management system to organise and store the many hundreds of enquiries we receive each month, and our PR team must be congratulated for the positive feedback that we’ve had for our ‘Nuts about Property’ campaign in the industry press.
Whilst you’ll read about a selection of the deals that the wider team has completed over the last three months, I’ve chosen to focus on our Corporate Asset Services work, and our success on the Southbank in this edition of the update. Both have had a significant impact on our performance already this year, and serve as an indication of how diverse the division is becoming.
Nuts about Property Commercial • Investment • Land and Development • Corporate Asset Services Planning Management • New Homes
LONDON OFFICE
116-118 Bermondsey Street, London SE1 3TX
020 7089 6555 commercial@acorn.ltd.uk
BROMLEY OFFICE 1 Sherman Road, Bromley BR1 3JH
020 8315 5454 acorncommercial.co.uk
Please email, tweet or preferably ring if you’d like to help us ensure that 2014 finishes with a flourish!
The volume of business going through the team has lead to us recruiting a third Team Secretary, and I’m delighted that Jessica Adams has settled in so quickly. We’ve been
Jeff East - Director jeff.east@acorn.ltd.uk
Forest Hill SE23 We aim to please, and when asked by the owner of this mixed-use development site if we could find a buyer able to exchange contracts before his year end, we jumped at the chance. The challenge in this instance was that we only had five working days to succeed in our quest. There’s clearly no long version of this story – it basically went like this: 3 days to find a buyer, 2 days to get contracts exchanged. Job done, happy customer.
St Johns SE8 A redundant, back land former industrial site with full planning permission for 4 houses and 4 apartments. Our development team were instructed to undertake an open marketing campaign, but to a tight timescale. Our experience in the sale of literally hundreds of similar sites over the past 20 years has left us with a huge database of reliable buyers. A deal was agreed with local firm JFD Developments, and contracts were exchanged inside a week.
Shadwell E1 Another recent, quick-fire deal came in the form of a single storey commercial building in Sidney Street E1. Offered for sale on behalf of the owner with planning permission for 7 apartments in a new six storey block, a sale was concluded to a cash buyer in just two weeks. Our development team has the experience, motivation and contacts to be able to quickly maximise value on behalf of landowners across the capital, so please contact us if you have a development site to sell. 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
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London Bridge Our agency team has made a real splash on the Southbank during 2014, matching numerous tenants with suitable properties through good old-fashioned hard work.
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Chris Henshall heads the agency team at our London Bridge office, and seems to be adding to his list of satisfied customers on a weekly basis. If you have an investment or development site to sell, or a commercial property to let or sell, please contact Chris personally on 020 7089 6555. In the meantime, to follow is a brief selection of deals we completed on the Southbank during the third quarter.
Webber Street SE1
A refurbished, split level suite of offices extending to 1,600 sqft and located close to Southwark tube. Our London Bridge team agreed a 5 year lease to award-winning lighting designers, GIA Equation, at a rent of £25/sqft. GIA are typical of the high calibre tenants we have on our books looking for good quality offices in SE1.
Ground floor offices approximately 930sqft located just off Blackfriars Road. A five year lease was agreed to a Putney based architectural studio Sustainable By design at a rent of £27,000 pax. We struggle to keep count of the number of enquires we receive every day for offices in SE1, with most tenants looking for 500 - 5,000 sqft.
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Risborough Street SE1
Risborough Street SE1
Westminster Bridge Road SE1
Having successfully agreed the letting of No.17 Risborough Street, we were asked by the same client to locate a suitable tenant for a similar suite of offices at No.19. The split level space was promptly let to SE1 based interior design practice WISH London. Five year leases are currently the norm, with this deal having been completed at £26/sqft for 1,550 sqft.
We’ll never tire of letting office suites but it’s refreshing to deal with a freehold sale every now and then! We were appointed to market this 3 storey office building, and undertook a national marketing campaign to ensure that maximum interest was generated. Despite an adverse planning history, we were able to complete a prompt unconditional sale to a cash buyer at a figure reflecting more than £600/sqft.
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
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Corporate Asset Services Our Corporate Asset Services team employs tailored solutions in order to maximise the value of assets controlled by corporate and institutional clients. Far from simply being a sales service, we offer detailed, practical advice that might involve a recommended scope of works, the introduction of tenants to a vacant property or a bespoke marketing campaign.
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Bromley BR2
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Our Corporate Asset Services team concluded the sale of Beacon House, a large warehouse and office building in Bromley during the third quarter. Acting for CSV, an education and training provider, we were able to generate several offers well in excess of the guide, and ultimately completed a sale to Bromley Council. Following a programme of refurbishment works, we understand that Bromley intends to re-open the centre in 2015 and continue to operate as an educational facility. Please contact us if you have a surplus property for redevelopment or sale.
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Regular readers of our Update will know that we’re particularly well-versed in the marketing and sale of surplus meeting halls and places of worship.
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Bexleyheath DA6
We’ve sold numerous examples across South London and Kent for the Jehovah’s Witnesses in recent years, and we’re currently managing the sale of several properties for local Brethren congregations. This hall on the outskirts of Bexleyheath town centre unsurprisingly attracted much interest, and was quickly sold for almost £350/sqft! We’re widely regarded as being the go-to agent for faith and community groups in the area, and have the track record to support our reputation.
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We relish the challenge of a corporate instruction large or small, and the former Gardener’s Guild premises in Downham safely qualifies as the latter! Essentially little more than a shed, we were appointed by a major Housing Association to locate a buyer with the vision to exploit the apparent development potential of the property. We did as we were asked, and following an open marketing campaign a sale was completed to a private cash buyer. Sheds, offices, petrol stations, shops, schools and even chicken farms – we have the experience and drive to maximise value, regardless of exactly what we’re selling.
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
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Commercial & Development Division
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Dulwich SE21
Beckenham BR3
Camberwell SE5
Residential development site with full planning permission for the construction of a 4 bedroom detached house c.3,000 sqft GIA.
Consented residential development site with planning permission for the construction of a single mews house.
Mixed-use freehold comprising 3 shops and 11 flats with active management potential, sold to a private investor.
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Hither Green SE13
Lewisham SE13
Greenwich SE10
Freehold building comprising a vacant lock-up shop, with two bedroom flat above let on an AST at £1,000pcm.
Redundant back land industrial site in a residential area with a recent planning refusal, acquired for a retained client.
Two prime commercial units on the landmark Galliard New Capital Quay development, one let to Costa Coffee, the other to a day nursery.
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Regular clients will no doubt be aware of the wide range of property that our agency teams buy, sell and let on behalf of clients. If you’re new to our regular update, this page offers a good insight to the diversity of our experience and expertise. Think of us as a one-stop-shop for any property that a High Street residential agent wouldn’t have the knowledge to manage on your behalf.
Lewisham SE13
Bromley BR1
Vauxhall SE11
Converted former public house close to the town centre arranged as 6 self-contained flats; all let on AST’s. Sold to a major investor.
Prime retail unit in a leisure-led parade; surrender negotiated in order to facilitate a new letting to Gourmet Burger Kitchen.
A first floor office suite of approx 1,964 sqft, let by our Southbank agency team to project management outfit Spiralis Europe at £40,000 pax.
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
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Meet Our Team
Tom Luck
Jeff East
Warren Guest
Kevin Neun
Director
Director
Land & Development Manager
Investment Manager
Chris Henshall
Adam Hosking
Henry Hammond
Joshua Beeston
Projects Manager
Projects Co-ordinator
Projects Co-ordinator
Projects Co-ordinator
Could this be you? We are always looking for new, enthusiastic and driven members of the team. If you’re interested please send your CV to emma.fox@acorn.ltd.uk
Persephone Pollock
Emma Fox
Jess Adams
Team Secretary
Team Secretary
Team Secretary
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
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