Update 4th Quarter 2014

The Update

Fourth Quarter 2014

Commercial & Development Division

TITLE HOUSE COMPRISES MORE THAN 25,000 SQFT OF OFFICES OVER 4 STORIES, AND WILL BE CONVERTED INTO AT LEAST 45 APARTMENTS UNDER PERMITTED DEVELOPMENT RIGHTS.

Bromley Acorn’s Development team has

Purelake intend to undertake the

successfully completed the acquisition of

conversion to a particularly high

a substantial office building in Bromley

specification, and hope to have the

town centre for retained clients, The

apartments ready for occupation by

Purelake Group.

Christmas 2015.

Title House comprises more than 25,000 sqft of offices over 4 stories, and will be converted into at least 45 apartments under permitted development rights. The property was acquired off market, and only after a huge effort was made both by our team and our clients to overcome a number of complicated technical issues.

Inside...

P2

P4

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Parcel of land in Orpington sold to a regional developer.

We’ve had our London Bridge office refurbished!

Sale of a derelict public house in Bermondsey SE1.

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

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

acorncommercial.co.uk

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Editorial Wow, what a finish to 2014! For the major part of the year our pipeline looked like it might give us a grand finale, but December turned out to be a real showstopper!

We managed to exchange contracts on 18 deals in the last 16 working days of the year making it our best December ever. This, somewhat less surprisingly, resulted in our strongest year since 2007.

The final quarter saw us conclude a real mixed-bag of deals including some notable development sites, commercial investments and various retail and office lettings.

In the last Update I reported on the addition of Jess Adams to the team, and you’ll read in more detail on page 3 that Michael

Linane has recently joined to bolster our Corporate Asset Services team. The staff are more evenly spread across our two offices now, and we always have roles available for candidates of the right calibre.

2015 is shaping up to be a big year what with a busy market, a General Election and a predicted rise in interest rates. With this in mind it’s as important as ever for buyers, sellers, landlords and tenants to take expert property advice. Our expertise covers commercial and investment agency, development consultancy, planning and fund management and corporate asset services. We operate nationwide, and are always happy to offer free advice without obligation.

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

Orpington Regular readers of our Update will recall that we acquired this virgin parcel of land from Thames Water on behalf of a private investment fund in March 2014.

Following acquisition, the project was passed to our Planning Management team, who promptly engaged BHD architects to help conceive a planning application. The planning process went without a hitch – with detailed consent for eight 3 & 4 bedroom houses secured under delegated powers, and inside the 8 week statutory period.

Our Development team were brought back into play and set about introducing a suitable buyer in order to add value to the project. A deal was agreed at the full asking price with regional developers, JP Whelan Homes, and the sale was completed in a matter of weeks.

This particular project gave us the opportunity to showcase the depth of our management expertise from winning a competitive tender, to planning enhancement and ultimately through to a profitable sale.

Dartford We probably receive more enquiries for freehold properties with D1 use than any other, and therefore it’s no surprise that we’ve become experts in this particular niche of the market over the last 10 years or so.

Our Commercial team was instructed to sell this freehold property in Dartford on behalf of a local evangelical faith group, and our marketing generated an abundance of enquiries. A cash sale was quickly concluded to a representative of another faith group keen to relocate to larger premises in the area.

If you have a property with D1 use to sell, or indeed if you are looking to acquire a property suitable for educational or faith purposes, please contact our offices for some free expert advice.

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

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

acorncommercial.co.uk

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Croydon

The final quarter of 2014 saw us complete the sale of this former office building in Croydon for £900,000.

The property has planning permission for conversion into 8 residential units, and appears to offer potential for further accommodation (stpp).

We are experiencing high demand for conversion and permitted development (PD) opportunities at

Welcome to Michael Linane

present, so please contact the team if you have a suitable property to sell.

MICHAEL IS BASED AT OUR BROMLEY HEADQUARTERS, AND WILL INITIALLY FOCUS ON OUR CORPORATE ASSET SERVICES WORK.

Catford Our Commercial team successfully managed the letting of this newly built unit in Catford to Co-op Food Group.

We’re delighted to announce that Michael Linane has joined Acorn’s Commercial & Development Division.

work – putting his vast experience

Michael has operated independently

If you have a development site,

for the last 18 months prior to which

residential or mixed-use investment to

he spent 14 years with Allsop; mainly

sell, please get in touch with Michael

on the residential auction team.

or another member of the team.

Born and raised in South East

Alternatively, if you’ve dealt with

London, Michael studied at Greenwich

Michael historically and would like to

University and took his first job in

remind him of your requirements please

Lewisham. His role at Allsop saw

ring 020 8315 5454 or email Michael at

him operate throughout the UK

michael.linane@acorn.ltd.uk.

and Ireland, but apparently the opportunity to cover his home patch

advising banks, institutions, housing associations, local authorities, receivers and administrators to good effect.

Michael Linane, MRICS Associate

was too good to refuse.

Corporate Asset Services Division

to a private buyer; further enhancing

Michael is based at our Bromley headquarters, and will initially focus

Bromley

our expertise in the convenience store sector.

on our Corporate Asset Services

We subsequently sold the investment

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

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

1 Sherman Road Kent BR1 3JH

acorncommercial.co.uk

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Brockley

Peckham

A prominent freehold property in the

Our Development team completed the

ever popular Crystal Palace ‘triangle’

unconditional sale of this site in

comprising a ground floor retail

Brockley in November 2014. The buyer

investment, and four vacant floors

intends to pursue a planning application

This disused parcel of land in Peckham was acquired subject to planning permission from Southwark Council for a private client.

with planning permission for the

for conversion to residential apartments,

Our Planning Management team

creation of four self-contained flats.

and hopes to see the development

successfully secured a full planning consent for the construction of 8 contemporary apartments in a brand new block under Delegated Powers in August 2014.

Crystal Palace

completed in early 2016.

Suffice to say this was a quick deal. We were instructed to market

As always, development sites are in

the property on 8th December,

short supply, and we have a long list of

and exchanged contracts on 22nd

buyers looking for new opportunities.

December! Apparently the market is

If you’re looking to dispose of a site

quiet just before Christmas?!

for the maximum value, contact us for some friendly, no-nonsense advice.

The site was sold to a local developer, and our New Homes Division will be marketing the completed units in the Autumn.

London Bridge Office

Both our residential and commercial offices on Bermondsey Street were treated to a major facelift over the Christmas period.

In addition to a more modern look, the refurbishment works have created a private meeting room which will prevent us from having to use the pub to meet and greet clients! The refit is only part of what we have planned in terms of our presence on the Southbank. Our profile and the team are both growing, and with several major development launches due in 2015 we need to make some room for our New Homes colleagues, so watch this space!

In the meantime we now have Chris, Henry and Jess based at Bermondsey Street full time, with the rest of the team working between the offices as appointments require. We’re particularly keen for development sites and vacant offices in and around SE1, so if we can be of assistance in this regard please telephone 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

acorncommercial.co.uk

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Merton

Whitechapel

Freehold, mixed-use

November saw completion of

investment sold by our

this freehold development site

Corporate Asset Services

with planning permission for a

team on instructions

mixed-use scheme comprising

from solicitors acting as

commercial space and flats

trustees.

above.

Brockley

Greenwich

Vacant, freehold building

Office suite in an attractive

close to Crofton Park Station

period building in the heart

acquired for a private

of historic Greenwich. Our

investor client who intends

letting of the space was

to undertake a thorough

completed within a week of

programme of refurbishment.

being instructed!

Peckham

Bermondsey

A redundant former

Former bookmakers’ close

institutional premises

to London Bridge Station

acquired for a private

and The Shard let to a

client from Southwark

software development firm.

Council, subject to planning

We urgently require more

permission for residential

office space to let in SE1.

development.

Forest Hill

Bromley

Freehold warehouse with

A vacant office building in Bromley town centre acquired for a private client.

The property is likely to be converted to residential use under Permitted Development rights.

trade counter extending to approx 9,000sqft on the popular Malham Road business estate. Sold to a local investor, and now available to let.

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

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

acorncommercial.co.uk

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Wakefield Our expertise isn’t limited to London and the South East, and to prove it we’ve recently sold this industrial investment in North Yorkshire.

Acting on behalf of an established overseas client we undertook a national marketing campaign in order to generate interest in the long leasehold property.

Various offers were received, and a sale was quickly concluded to a local property company at a NIY of 12.08%.

Please contact us if you have an investment to sell anywhere in the UK. We’ll tailor a marketing strategy to ensure that you achieve the best possible price within a realistic time frame.

Bermondsey Our Corporate Asset Services team recently managed the sale of this derelict public house in Bermondsey, SE1.

An application for a new block of apartments was refused in April 2013, and we were subsequently contacted to advise on value and provide a marketing strategy to maximise value by the solicitors acting as trustees. Given likely demand and the requirement for a prompt sale, we suggested that the property was marketed intensively for a short period. The site had only been on the market for a week and we had received 7 formal offers, all above the guide price! Contracts were exchanged within 5 working days of a sale being agreed, with completion due in early 2015.

Our Corporate Asset Services team employs bespoke solutions in order to maximise the value of assets controlled by corporate and institutional clients.

Sydenham Freehold industrial properties are a hot commodity in South East London, and therefore we were surprised to hear that another agent had struggled to locate a buyer for this property in Sydenham. We had no such problem, and promptly concluded a sale to a local company that is making a name for itself internationally as an innovative manufacturer of cycle storage solutions. We only know this because they’ve already grown out of a smaller unit we sold them just a couple of years ago!

WHEN ADAM FIRST CAME TO VALUE OUR PROPERTY HE WAS COURTEOUS & PROFESSIONAL. HE OFFERED US EXCELLENT ADVICE ABOUT MARKETING THE PROPERTY AT A REALISTIC PRICE & GAVE US TIPS FOR A QUICK SALE. MR W, VENDOR

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

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

acorncommercial.co.uk

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- Commercial Agency - Investment Agency

Always up for a challenge.

No nonsense, professional property advice nationwide.

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

- Development Consultancy - Corporate Asset Services - Planning Management

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

commercial@acorn.ltd.uk acorncommercial.co.uk @acorncommercial

Meet Our Team

Tom Luck

Jeff East

Michael Linane

Warren Guest

Director

Director

Associate

Senior Projects Manager

Chris Henshall

Kevin Neun

Adam Hosking

Henry Hammond

Senior Projects Manager

Projects Manager

Projects Manager

Projects Co-ordinator

Joshua Beeston

Persephone Pollock

Emma Fox

Jess Adams

Projects Co-ordinator

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

acorncommercial.co.uk

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