Update 3rd Quarter 2016

The Update

Third Quarter 2016

Commercial & Development Division

Peckham We received instructions from a private family trust to manage the marketing and sale of this pair of period detached buildings in Peckham.

Arranged as an unorthodox mix of self-contained and not so selfcontained units, both buildings require rationalisation and refurbishment throughout.

We undertook a high profile, national marketing campaign, and hosted several busy block viewings over an intense 2 week period. Simultaneously to the marketing, we worked closely with our clients’ solicitors to ensure that a full legal pack was ready by the time that offers were received. Our marketing and prep work clearly paid dividends with contracts exchanged to a cash buyer at almost 10% more than the guide price, and within just 24 hours of the offer being accepted!

We thought we did a great job but don’t take our word for it; here’s what our clients had to say…

“Everyone involved from Acorn understood the investment and development angles that the properties offered. The marketing strategy you suggested to us maximised the value… and we were absolutely delighted with the sale price achieved!”

What’s Inside...

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We recently sold this unbroken mixed-use freehold for a figure well in excess of the asking...

Our corporate team acquired this redundant office building in SE1 for a retained client...

We celebrated the launch of our brand new office space by throwing a party...

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

Renaissance Works, 120 Bermondsey Street, London SE1 3TX 020 7089 6555

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Editorial Three months ago I reported that the second quarter of 2016 had been “frustrating, but equally rewarding”. I make no excuse for repeating myself having reflected on the third quarter’s business.

The impact of Brexit continues to linger, and given that our new PM hasn’t even pushed the proverbial button yet, I suspect it will hang around for some time. The market hasn’t stopped though; in fact far from it. Over the last 3 months we’ve marketed and sold a number of quality assets on behalf of motivated sellers, and in each case have surprised even ourselves with the prices achieved.

Whatever happens as a result of Article 50 it seems highly likely that good quality, well-priced properties will continue to attract strong interest. Pricing is key, as is the level of marketing exposure that a property benefits from.

All the more reason to select your agent wisely then; and heed their advice!

Clearly the Bank of England has done its bit in trying to spur on the wider economy. Interest rates resting at an alltime low is bad news if you’re a serial saver, but can only serve to assist the property investment market.

All we need is a review of the penal SDLT structure in the Autumn Statement and we’ll be cooking on gas!

We have several exciting new instructions in the pipeline for the final quarter, but there’s always room for more. If you’re a motivated seller who wants sincere, but forthright advice and a totally committed marketing approach, please get in touch.

Finally, whilst we moved into our new offices at London Bridge back in early July, we let the Summer pass before holding the official launch party. We cleared the desks from the office and the great and good of the local property world were treated to a drinks reception on a lovely September afternoon. Day quickly turned to night, and the DJ’s tunes and packed room had the local public mistaking us for a new nightclub! Great fun appeared to be had by all, and the party served as the ideal way to kick-off what is traditionally our busiest period of the year.

As always I’d welcome any questions in connection with the projects reported over the following pages, and hope they prove an interesting read.

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

East Dulwich

Locksbottom

Having been vastly mis-valued by a rival agent, we were appointed to manage the marketing and sale of this attractive mixed-use freehold over the summer.

When it was announced that Barclays Bank would be vacating their long-term base in Locksbottom, the local grapevine went into overdrive. The owners, a Midlands based property company, received numerous direct approaches, but appointed our Commercial team to manage the marketing on their behalf.

We had advised during the probate process, and were appointed as sole agents by the Executors at a competitive guide price. Our marketing was high profile, direct and far-reaching; and certainly seemed to do the trick. We received a host of offers, and promptly concluded a sale at a figure more than 15% ahead of the guide.

Our appraisal advice is always carefully considered, tailored individually to suit a particular property or client and supported by a raft of comparable evidence. Please contact our offices if you require professional advice.

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

Despite a huge volume of interest being received, it came as no surprise to us that a deal was done close to home – next door in fact! A letting has been completed to the adjacent restauranteur, who plans to extend his existing business into the former Barclays premises – taking advantage of the prominent corner spot and private parking.

We have an excellent track record in the letting of key retail and leisure units. Please get in touch if we can be of assistance.

Renaissance Works, 120 Bermondsey Street, London SE1 3TX 020 7089 6555

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London Bridge Acting on behalf of an International Collective Investment Scheme (ICIS), we recently concluded the sale of one of their medium term, mixed-use assets to a private local investor.

Well-located on Union Street, and just a few hundred yards from London Bridge Station, the subject property comprises B1 offices over ground and lower ground floors, with three 1 bedroom flats over the upper three storeys.

We anticipated strong demand for such an attractive mixeduse freehold investment in Central London. With this in mind we chose to employ a high profile marketing campaign in order to maximise value on our client’s behalf. Ultimately several buyers competed to secure the property, and the successful bidder exchanged contracts in just 3 working days.

Acorn’s Investment department is able to provide a proactive approach to the promotion and disposal of any properties in order to maximise the sale price.

Ladywell This freehold development site is occupied by a detached industrial unit, which was originally sold on an unconditional basis by our Development team to Goldcrest Homes back in 2013. Having successfully secured full planning permission for 92 student rooms and 4,004 sqft of B1 office space, we were instructed by Goldcrest to locate a buyer for the property with the benefit of this consent.

Following a thorough marketing campaign, the site was acquired by a local developer who intends to construct the approved student scheme with a view to securing tenants from nearby Goldsmith’s University, and University College Hospital Lewisham.

With the evolution of town planning and urban design, very few of our projects nowadays are purely residential. Our expertise extends to student housing, hotels, retail, office, industrial and affordable housing too. Please contact Tom Luck if you have a site that offers development potential of any type.

Bermondsey Led by Jeff East, our Asset & Equity Management team acquired this redundant office building via auction in July 2016. This is the third property purchased on behalf of a new private investment vehicle since its inception in March 2016. The property sits just a short walk from London Bridge station, extends to approx. 3,800 sqft and offers potential for continued B1 use, or for a variety of other purposes.

For further information on our Asset & Equity Management services please click on www.acorncommercial.co.uk. For a confidential consultation regarding the services we offer contact Jeff East on 020 7089 6555.

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

Renaissance Works, 120 Bermondsey Street, London SE1 3TX 020 7089 6555

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Eastbourne Following the successful sale of a redundant care home in St Leonards-on-Sea reported in the last ‘Update’, we were appointed to manage the disposal of a similar property in Eastbourne by the same private care business.

Again our marketing generated lots of local and regional interest, and we held three well-attended block viewings. A competitive tender process resulted in an offer some 22% ahead of our guide from a local care operator. Unconditional contracts were duly exchanged inside 4 weeks.

Our Corporate Asset Services team are experts at maximising value on behalf of institutions, charities, Local Authorities, private and public companies. Our professional approach includes transparent reporting to Trustees and Boards, and a documented summary of the marketing undertaken and offers received.

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

Ashford

Westgate-on-Sea

Acting on behalf of a regular client, we recently sold this redundant garage block in Ashford, Mddx complete with planning permission for the construction of a pair of semi-detached houses.

Our Planning Management team has secured approval for the change of use of this property from C2 to C3 (residential) on behalf of Barnardo’s. We hope to have the property sold by the next ‘Update’!

West Norwood

Crystal Palace

This vacant lock-up shop with upper parts was in need of some TLC, yet it took us just 24 hours to locate a buyer, and 5 days to secure an exchange of contracts. Similar instructions are always required.

Commercial investments are proving hot property – even when occupied by an ice cream parlour! This attractive freehold unit with A3 use was acquired by a local private investor.

Renaissance Works, 120 Bermondsey Street, London SE1 3TX 020 7089 6555

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Renaissance Works Opening Party We moved into our new offices at London Bridge back in July, but let the holiday season pass before we threw a party. And what a party it was!

Staff from across the Group hosted clients invited by our Commercial & Development, New Homes, Private Rented Sector, Financial Services and PR Divisions. With a DJ in the house, and enough food and drink to sink a battleship, Renaissance Works proved the ideal venue for clients and staff to discuss new business, and forge working relationships.

The evening was a huge success, and it certainly won’t be the last time we throw a party at Renaissance Works!

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

Renaissance Works, 120 Bermondsey Street, London SE1 3TX 020 7089 6555

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Bermondsey Street & Peckham Festivals We’ve been busy with events this quarter, hosting stalls at both the Peckham Festival and SE1’s famous Bermondsey Street Festival; which celebrated it’s 10th anniversary. Acorn was proud to sponsor both events as well as take part.

Acorn staff along with family and friends manned the stalls which included games such as ‘Guess the number of Acorns’ and ‘Find the Key’. As always, prizes were awarded to the winners, including a £100 voucher to spend at a chosen restaurant.

All proceeds raised by both staff and visitors at the Bermondsey Street Festival were in aid of Manna; a charity we have been supporting for the last year. The total raised was a generous £629.34! Thank you to all those who donated and supported!

Adam Hosking Associate

Emma Fox

Tom Luck

Office Manager

Director

Jeff East

Tony Wood

Director

Projects Manager

Henry Hammond

Projects Manager

Could This Be You? If you are interested in joining our team, please send your CV to emma.fox@acorn.ltd.uk

Steven Flannighan Projects Co-ordinator

Andrew Tilbrook

Projects Co-ordinator

Michael Posner

Projects Co-ordinator

Lily Whitby

Jess Adams

Team Secretary

Team Secretary

Staff Focus Here’s what we found out after a brief conversation with Steven Flannighan....

Tea/coffee?

Best film ever made?

Coffee

Rocky 4

Favourite sport to watch?

Football

Where do you most want to travel, but have never been?

One superpower?

Boston

Omnipotence

Favourite takeaway?

You’re stuck on a desert island. Pick one object.

Pizza

Boiling pot

Favourite breakfast?

steven.flannighan@acorn.ltd.uk 020 7089 6555

Marmaris Café in Eltham

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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