Update 4th Quarter 2015

The Update

Fourth Quarter 2015

Commercial & Development Division

Sydenham A local firm of solicitors kindly recommended our services to the owner of this redundant builder’s yard.

Despite having a planning consent in hand for the construction of 9 apartments, the owner had recieved an offer of £1m by way of a long term option. Sensing that this didn’t represent best value for his client, the seller’s solicitor suggested that he contact us for some expert advice. With input from our New Homes Division we undertook an appraisal of the site, and quickly ascertained that the existing consent was perfectly saleable, and for a figure far higher than had been offered.

Our development team was instructed to find a buyer, and introduced a local developer. The seller took comfort from the fact that we’d sold other sites to the same purchaser in the past and as promised, contracts were exchanged inside a month. The price, I hear you ask? We achieved £1.4m – 37% more than had been offered, and that’s after we’d deducted our fee!

If you have a development site to sell be sure to speak to an agent – we really do add value!

Whats Inside...

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Commercial lettings completed to Costa Coffee and Kaspa’s Desserts at Christopher House...

Attractive commercial freehold sold to a local investor at 5.7% NIY...

Ground floor office suite let to a local tenant in popular Bermondsey...

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 A cracking final quarter, and in particular a bumper December, ensured that 2015 was the Commercial & Development Division’s best year since the heady heights of 2007. Furthermore, similarly stellar performances from our Residential Sales, Lettings and New Homes Divisions resulted in record turnover and profits for the wider Acorn Group.

Speculative development deals again drove the final quarter with notable consented sites sold in Sydenham, Purley, Lewisham and Forest Hill, to complement unconditional sales made in Brixton, Deptford and Eltham.

Freehold investments continue to be highly sought-after with sub £1m lots in particularly short supply. It’s also great to see the suburban office market return to form. Undoubtedly driven by the displacement that Permitted Development has created, our letting of Huntingdon House in Bromley at £22.50/sqft to the Probation Service is, nevertheless, a positive sign.

In team news, I’m delighted and rather proud to report that we witnessed some outstanding personal performances during 2015. It’s not just the value of commissions generated by the likes of Adam Hosking, Chris Henshall and Henry Hammond that we focus on, but the quality of service they provide, and results they achieve for our clients. In this regard the team has excelled over the last 12 months.

With this in mind Adam Hosking has been promoted to oversee all agency business undertaken from our Bromley offices, and Chris Henshall likewise from our London base.

Adam Hosking has been promoted to oversee all agency business undertaken from our Bromley offices, and Chris Henshall likewise from our London base.

Henry has been deservedly promoted to Projects Manager, and will be based in London full-time.

Whilst Tom and I will continue to service agency business, the majority of our time will be focussed on the development of our Corporate, Planning and Equity Management services.

A full breakdown of the various services we now provide as a team is available on our new website acorncommercial.co.uk.

Alternatively, pick up the phone and one of us will be happy to explain how we might be able to assist you!

Meanwhile, I’d like to take this opportunity to wish you a happy, peaceful and prosperous 2016!

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

Sidcup The Purelake Group’s development of the former Christopher House site in Sidcup has been completed following the letting of the ground floor commercial units.

Having let 106 hotel bedrooms and a bar/cafe to Premier Inn, and 168 student rooms to Rose Bruford College, the remaining commercial space will house a Costa Coffee franchise, and another ice cream parlour to add to the 12 that Kaspa’s Desserts already have open across the South East.

CGI

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

CGI

Photo Jan 16

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

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Donations To Manna We are delighted to report that we continued our support for The Manna Society over the final quarter. Emma Fox, Laura House and Emma Lander spent a day with Manna staff and visitors; helping to cook food, serve lunch and wash up an abundance of crockery and cutlery. Laura reported “The day was as rewarding as it was exhausting, and enlightened us even more as to how much the Centre helps those in need.”

On Friday 4th December, our London Bridge team delivered a huge trolley full of clothing, food and toiletries to the Centre on Melior Street.

The generous contributions were the result of a Halloween themed fun day at Group HQ including fancy dress, our legendary bake-off, and some classic Halloween games, all in aid of Manna!

We’ve already got dates in the diary for volunteering throughout 2016, and encourage others to give in any way they can.

Chislehurst Our agency team completed the sale of this attractive, period freehold building during the final quarter of 2015.

Home to a confectionary and party-planning business, the property is one of three in Chislehurst occupied by the successful ‘Annabel’s’ chain.

Subject to a long commercial lease at a current passing rent of £25,000pax, the property was sold to a private investor at a NIY of 5.7%.

Bromley The widening of the GPDO to allow the Permitted Development (PD) of B1 offices to C3 residential has proven a controversial subject, particularly with Local Authorities.

There have been some undoubtedly positive consequences though, with diminishing supply creating a renewed demand for office accommodation across the South East.

Office rents in Bromley town centre have almost doubled over the last 24 months, and demand is unprecidented, leading to a number of notable lettings. In this region, we’ve recently let Huntingdon House on Masons Hill to the London Probation Service. We achieved £22.75/sqft across 7,050 sqft.

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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Forest Hill

East Dulwich Freehold investments are a hot commodity at present, regardless of their condition. We concluded the sale of this vacant shop and upper parts on Forest Hill Road just prior to the festive break, and urgently require other similar instructions.

The shop had previously traded as a bookmaker’s and the uppers can only be described as dilapidated. The new owner intends to refurbish the entire building to provide a rationalised commercial unit and two 1 bedroom apartments for rental purposes. If you have a similar property to sell, please contact Henry Hammond or Tony Wood.

Our agency team successfully sold this smart warehouse unit to a local investor earlier in the year, and was subsequently appointed to locate a tenant.

The property is located in an established business district just off the South Circular road, and extends to a little over 8,000sqft.

With demand high for good quality business space we soon located a tenant who has taken a commercial lease at a headline rent of £65,000pa.

Deptford The agency team at our London Bridge office has concluded the sale of this derelict former public house in a popular backwater of Deptford.

The property sits adjacent to a major mixed-use development scheme, and appears to offer potential for a residential-led project.

Having sold the property to a residential developer on an entirely unconditional basis, we urgently require other similar instructions. If you have a property to sell that may offer development potential, please contact us on 020 7089 6555.

Bermondsey At present, we’re receiving more enquiries for office accommodation on the Southbank than for any other type of property.

Our London Bridge team was instructed to locate a tenant for a ground floor suite of offices in this attractive period building. Migrating tenants didn’t stand a chance though, as the space was quickly snapped up by a PR firm already based next door!

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

Eltham

Bermondsey

Freehold development site with full planning permission for a new 3 bedroom house; sold to a local developer by our Corporate Asset Services team on the instructions of Royal Greenwich Council.

Ground floor offices set in a period warehouse conversion off Bermondsey Street. Let to locally based florists Hayford & Rhodes; who required more space for expansion.

Orpington

Bromley

Freehold office building just off the busy High Street with apparent potential for conversion to a residential dwelling under Permitted Development rights. Sold to a private investor/developer by our agency team.

Mixed-use freehold building comprising ground floor offices and a first floor flat. Sold to an investor who intends to convert the offices to a 2 bedroom flat via PD rights.

Greenwich

Forest Hill

Two storey, freehold mews style garage set just off the Woolwich Road. In spite of a planning refusal for B1 (office) use we completed a sale within two weeks of marketing commencing!

Detached, freehold office building sold with vacant possession.

Acquired by an investment company that proposes a PD conversion to 4 residential apartments.

Bromley

Lee

High Street freehold building comprising vacant ground floor A2 unit with ground rent income from 3 flats.

Sold by our agency team from one private investor to another!

Freehold investment comprising the income from two ground floor commercial units, and ground rent from the upper maisonette. Sold to a local investor.

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

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Meet Our Team

Chris Henshall Associate

Chris heads the agency team based at our London Bridge offices. Chris has forged a reputation for completing complicated land assemblies and achieving premium prices for investments and development land. If your property has a London postcode there’s no doubt that Chris will be keen to hear from you! 020 7089 6555.

Adam manages the agency team at our Bromley head offices; focussing mainly on the London suburbs and South Eastern counties. Adam was born and raised in Bromley, is now into his 9th year with Acorn and has vast experience across a range of commercial, investment and development deals. Adam can be contacted on 020 8315 5454.

Adam Hosking Associate

Emma Fox

Jeff East

Tom Luck

Tony Wood

Henry Hammond

Steven Flannighan

Jess Adams

Lily Whitby

Office Manager

Projects Manager

Director

Projects Co-ordinator

Director

Projects Manager

Team Secretary

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 Chris Henshall....

Describe yourself in 3 words?

Where is London’s next property ‘hot spot’?

Tenacious, creative & loyal.

The Old Kent Road. We have a number of major projects in the immediate area, and I believe the streetscape will be unrecognisable 10 years from now.

What is your favourite place in London.

Since moving from Shropshire I’ve lived in various parts of the capital. I have a particular affinity with SE1 though, so I’d have to say The Shard. It’s had a massive impact on the area, and serves as a great venue to celebrate a deal!

What’s next for you Chris?

I’ve just been handed the reins to our London Bridge office, and I’m keen to impress, so watch this space!

Favourite memory from working at Acorn?

The Christmas parties are legendary, and this year’s do at Quaglinos didn’t disappoint!

chris.henshall@acorn.ltd.uk 020 7089 6555

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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