Update 3rd Quarter 2015

The Update

Third Quarter 2015

Commercial & Development Division

Ashford, Kent The variety of work undertaken by our Corporate Asset Services team is growing

shopping centre

by the month, but at 9 acres, this certainly ranks as the largest site we’ve sold in recent years.

site

ashford INTL.

Comprising three adjacent parcels of redundant land formerly occupied by Power-gen, the site occupies a strategic and highly visible location on the edge of the town centre. Whilst the land has a historic consent for 1,000 residential units, contamination and infrastructure problems will have to be overcome.

Acting on behalf of the Receivers appointed by Israel Discount Bank, our task was to locate a buyer after a West End agent had failed to do so. Rather than undertake a public marketing campaign,

we directly approached a host of established firms with the credentials to take on such a project. Unconditional contracts were exchanged with a national property company in August 2015, and we understand the buyers propose a major mixeduse development scheme.

Our Corporate Asset Services team undertakes asset management and disposal work for banks, building societies, receivers, funds, institutions, charities and local authorities. We’re always happy to offer free advice on how to maximise the value of a single asset or portfolio. Better still – we operate nationwide!

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Prime development site in Bickley with planning permission, sold to a local development company...

We had a fantastic day at this years Bermondsey Street Festival and raised £650 for The Manna Society...

A redundant scrap yard acquired for clients, and then sold to a regional developer in July...

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 The third quarter can prove a frustrating time, with lots of buyers, sellers, solicitors and agents taking well-deserved summer breaks. Traditionally, this used to make it difficult to get deals over the line, but I guess that modern technology now affords us the luxury (?!) of keeping business moving whilst on our hols.

This period also plays a crucial part in shaping production for any businesses like ours that work to the calendar, rather than fiscal year. I’m therefore delighted to report another bumper quarter that looks like setting us up for our best year since 2007.

Development work has been the main driver; with notable deals completed in Beckenham, Bickley, Eltham, Peckham, New Cross and Brixton amongst others. There’s no doubt that demand far outweighs supply, and as a result we’re achieving strong premiums for land with or without consent.

Office to residential permitted development schemes also appear to have redressed the supply/demand balance for office accommodation, with rents and take-up increasing across most of Greater London as a result. Finally, investments are still highly sought after with no shortage of cash in the market, but precious few opportunities to generate a decent return away from property.

few changes in the Commercial Division with Tony Wood and Steve Flannighan joining the team. Tony joined from our residential branch in Orpington, whereas Steve was recruited from a little further afield – Perth, Australia! Both have vast experience in the industry, and have slotted into the team seamlessly.

Hopefully you’ll have noticed our recent advertisements in the Estates Gazette. As much as a property journal should be full of pages of properties, we thought we’d get reader’s minds working with some light-hearted challenges. We’ve been awarding bottles of champagne to the first few correct word searches, crosswords and Sudoku entries received, and judging by the number of bottles of champagne we’ve sent out, the challenge has been relished!

We fully intend to end the year on a high, and are urgently seeking new instructions across all sectors. If you have a development site or investment to sell, or an office, warehouse or retail unit to let, please contact us for some free, friendly advice.

In company news you’ll notice from this Update that Acorn has opened its 23rd office in Eltham. We’ve also made a

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

Brixton

Bickley

Our investment team concluded the unconditional sale of two adjacent industrial buildings just off the main A23 in August.

The development team in our Bromley offices, led by Adam Hosking, has completed the sale of a prime residential development site in a sought-after private road.

Located on the edge of a Major Development Opportunity Site, the units appear to offer significant mixed-use development potential, and our marketing generated interest from a number of keen purchasers.

The land has the benefit of full planning permission for 4 detached houses of over 4,000 sqft each; likely to result in a GDV of around £8m.

Guiding at £2.4m; we eventually achieved a whopping £3.2m for the freehold interest which equated to almost £275/sqft, and a NIY of just 2.9%!!

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

The sale of the finished units will be managed by our New Homes Division. Meanwhile, Adam and his team are busy looking for other similar sites to sell. Please get in touch if you think you can help!

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

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We’re expanding!

The Acorn Group continues to grow with the opening of our 23rd residential branch in Eltham.

Managed by Josh Price, the Eltham branch boasts an experienced, home-grown team offering residential sales, lettings and financial services. If you have a property to sell or let in Eltham, or indeed if you’re looking for a property in the area, please telephone the team on 020 8860 9999.

With other openings planned for East Greenwich and Camberwell in early 2016, we’re also on a recruitment drive. Continuing the Acorn tradition of promoting from within, we’ve launched the Acorn Academy Apprenticeship Scheme. A tongue-twister it may be, but it’s working already – we have our first two apprentices working in our IT and Reception teams.

Apprenticeships at Acorn allow young people to hone their skills in the workplace, and develop a career, not just a job.

We’re offering apprenticeships in a variety of roles across the Group – for further information please email recruitment@acorn.ltd.uk.

Bermondsey Street Festival 2015 On Saturday 19th September, Acorn and hundreds of other local businesses opened their doors to more than 18,000 visitors to the annual Bermondsey Street Festival.

£650

RAISED FOR THE MANNA SOCIETY!

The weather was kind, and we enjoyed a fantastic day of fun, games, food, live music and more!

Staff and their families

hosted the Acorn stand which offered face painting, photo opportunities in the world’s smallest car (thanks to Gary Hillman), and our infamous ‘key to the door’ game.

The Acorn effort was made in support of The Manna Society – a charity for the homeless based in nearby Melior Street.

Staff and clients generously donated an abundance of clothing and food in advance of the event, and we were delighted to raise £650 in cash on the day.

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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Peckham Our London office enjoyed a particularly busy quarter as far as development deals are concerned; with the acquisition of this filling station site just one of a number of large deals concluded.

The quarter acre site occupies a prominent position on the main A202 on the Peckham/Camberwell borders, and was acquired unconditionally for a private developer client.

A high density, mixed-use project is planned for the site. Watch this space for further news...

New Cross Chris Henshall, Manager of our London offices, has caused a stir in the local development market with the sale of a site at what must be a record plot value for the LB Lewisham.

The redundant warehousing site on Pomeroy Street was sold to a Registered Provider (Housing Association) with planning permission for 37 residential units, for £5.45m. The figure we achieved for the sellers equates to a staggering £175,800 per plot for the private element of the scheme.

We’re experts in maximising the value of development land, so if you have a consented site to sell, or property that you believe may offer development potential, please contact our offices for some free, forthright advice.

Peckham This scrap yard just off the Old Kent Road is far from the prettiest site we’ve ever sold and certainly qualifies as ‘Brownfield’!

Nevertheless, there’s money in muck, and we’ve both bought and sold it already this year!

We acquired the site for a private investment fund earlier in the year, but having made a preapplication submission for a 6 storey block, persuaded the client to sell without making a planning application.

We introduced a regional developer, whose purchase completed in the late summer. A full planning application is now being formulated, so watch this space...

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

Catford

Croydon

Previously used as a doctor’s surgery, this freehold building with D1 use in Catford was sold to a successful day nursery operator with a chain of other sites across South London.

This mixed-use freehold property was sold with planning permission for conversion and third floor extension to create an additional two bedroom flat.

Forest Hill

Sidcup

This A1 unit on the popular Dartmouth Road parade formerly traded as an art gallery.

Our agency team successfully assigned the 13 year unexpired lease to another retailer.

A premium was paid by a restauranteur for a new lease over this A3/ A5 unit on a busy local parade on the edge of Sidcup town centre.

Wandsworth

Plumstead

This freehold investment comprising a vacant retail unit and ground rent income was sold to a local investor. Our agency team is now offering the shop to let on a new lease.

A strong offer was received for this property from gym operators, Shapers Fitness, subject to change of use. A D2 consent was secured by our landlord in order to complete the deal.

Dulwich

Bromley

This attractive period building located on the popular Lordship Lane was sold to a local investor subject to a commercial lease over the entire property. More freeholds are urgently required.

This D1 property was formerly used as a doctor’s surgery, but was sold with planning permission for conversion into three 1 bedroom flats with offstreet parking.

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

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Allsop Festival of Cycling 2015 Jeff East joined the London & District Housing team to compete in the second annual Allsop Festival of Cycling on 15th September 2015.

Held at Brands Hatch, teams competed in a variety of events including individual time trials, a Brompton/Boris Bike race, Wattbike Challenge and King & Queen of the Mountain; all in support of Land Aid. Hosted by Allsop’s Duncan Moir the event was very well organised, but ultimately won by rival auction house Andrew Scott Robinson!

Meet Our Team

Jeff East

Tom Luck

Director

Director

Tony Wood

Projects Manager

Henry Hammond Projects Co-ordinator

Chris Henshall

Emma Fox

Senior Projects Manager

Office Manager

Steve Flannighan

Jess Adams

Projects Co-ordinator

Team Secretary

Adam Hosking Projects Manager

Lily Whitby

Team Secretary

If you’re interested in joining our enthusiastic and driven team please send your CV to emma.fox@acorn.ltd.uk

Staff Focus Here’s what we found out after a brief conversation with Adam Hosking....

Describe yourself in 3 words.

What do you enjoy the most about your job?

Tall, dark, handsome... or otherwise diligent, conscientious and hard-working.

I love the variety of business we undertake, and particularly enjoy unlocking complicated deals!

Tell us about your career with Acorn so far.

adam.hosking@acorn.ltd.uk 020 8315 5454

I started my career at Acorn in March 2008 as a Trainee Lettings Negotiator at our Bromley South Langford Russell branch. I have since worked in our Beckenham, Chislehurst and Dulwich branches and enjoyed a stint as Branch Manager in Peckham before moving to the Commercial & Development Division in 2013.

What did you want to be when you were young?

An architect. I then discovered that my drawing wasn’t great but, I’ve always wanted to be in property!

If you could travel anywhere in the world where would it be?

I’m perfectly happy in South London and North Kent thanks!

The Acorn Group, incorporating:

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.

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