DohertyBaines

Clegg says Councils Will Keep Business Rates

Tue, 05 Jul 2011 04:02:53 -0400

Deputy PM Nick Clegg said councils had no financial incentive to boost growth and prosperity in their areas but added that the changes would also be fair and poorer areas would not get less than they currently do.

Mr Clegg told the LGA conference in Birmingham last week that the tax system was currently "over-centralised" with just 5% of the tax take being raised locally.

Mr Clegg said "By localising the retention of business rates you are given a dramatic new incentive to work with business and with others, in order to boost economic prosperity in your areas."

Councils will also have the power to borrow against business rate income to fund local development.

For more information on your business rates bill contact Fiona Kelly: fkelly@dohertybaines.com

Coverage for dohertybaines on Property Week Website

Fri, 01 Jul 2011 06:36:09 -0400

Developers have expressed concerns over the original drafting of the Localism Bill, which included a right for a community to put local issues to a referendum after a strong response to a petition.

But amendments, tabled by Baroness Hanham yesterday, could mean councils can refuse a referendum if it has already been subject to a similar referendum in the last four years, if its officers think a referendum is too expensive to hold, or if there is already a process available for consultation, appeal or review of the matter in question.

The move goes further than an amendment tabled by the Earl of Lytton last week that would give local authorities the power to exclude planning applications from local referendums.

Following the Earl’s proposals, Liz Peace, chief executive of the British Property Federation, said: “We have a democratic planning system in which an application is submitted, those with a legitimate interest have opportunities to object and a decision is reached by elected local councillors.

“The Localism Bill strengthens the degree of pre-application consultation that will be required. It would be wholly unreasonable as well as a waste of local resources if local referendums could seek to influence or overturn planning decisions taken by a democratically elected authority.”

Although moves to keep planning decisions within local authorities have been broadly welcomed, concerns remain over how such a complicated bill can ever be implemented.

John Fosbraey head of planning and development at Doherty Baines said: “The practicable enforceability of various recent government amendments to policy don’t seem to have been considered and instead of speeding things up, there is every chance they will slow them down.

“I don’t think developers really know where they stand at the moment and which policies are going to be used to assess their proposals.”

SEGRO Lettings

Tue, 15 Mar 2011 08:30:46 -0400

Unit 15 Premier Park, Abbey Road, Park Royal NW10 7NZ (4,650 sq ft) has also been let to Fareshare Ltd for a ten year term.

Unit 7 Frogmore Industrial Estate, Acton Lane, Park Royal NW10 7NP (17,145 sq ft) has been let to Magnet on a 15 year lease.

For any further information, please contact Michael Haines.

SEGRO reshuffles its Heathrow advisers

Tue, 15 Mar 2011 14:41:01 -0400

The portfolio totals more than 6m sq ft and includes more than 260 warehouses. It incorporates 3.5m sq ft of Airport Property Partnership assets in which SEGRO bought a 50% stake from BAA last June for £111.3m.

SEGRO's London markets business director Phil Redding said: "The newly-instructed agencies all have a proven track record in the Heathrow market and the wider industrial sector. I am certain their appointment will add real value."

For further information, please contact David O'Donovan.

dohertybaines sells Huntingdon for private client

Wed, 16 Mar 2011 05:20:24 -0400

A private investment client of dohertybaines has sold a state-of-the-art production and distribution facility in Huntingdon, Cambridgeshire to Aberdeen Property Investors. Unit C, The Interchange Industrial Estate, located on Latham Road in Huntingdon, was purchased for £4.1 million (approx. 4.8 million), reflecting a net initial yield of 6.5%.

The approx. 4,500-munit is currently let to leading specialist meat-packing business, the Hilton Food Group. The company has 22 years remaining on its lease (12 to the break clause), which includes fixed annual rental increases.

Rob Nelson, Partner at dohertybaines, said: The property is a modern, high quality unit let to a strong tenant which, combined with guaranteed rental growth provided by annual uplifts, will offer long-term secure income for the purchaser. The price achieved was above expectations and reflected the lack of quality product in that sector on the market at that time.

Are you still paying empty rates?

Sun, 13 Mar 2011 15:19:11 -0400

Figures from the department for Communities and Local Government show the government missed out on £631m of empty property rates in 2009-10. The figures reveal that it awarded £1.1bn in relief last year, a 56% increase on the £487m concession a year earlier. A spokesman for CLG said the rise was due to the government's decision to raise the rate relief threshold temporarily from £2,200 to £15,000. However, the industry has disregarded that claim on the back of the fact that 2010 Valuation Office Agency figures show that the average rateable value of a non-domestic property in England and Wales was £32,200.

A major contributor to the rise in relief was the industry's use of tactics to avoid paying the tax. These tactics included intermittent occupation, whereby a tenant occupies a building for six weeks, enabling a six-month, rate-free period. If the occupier can make some use of the building for six weeks, they can claim a fresh rate-free period. There is no end to the number of times that can happen. A whole industry has sprung up around what they call the 42-day rule - more and more companies are saying we will occupy your building for just 42 days and then take a part of the saving that the landlord will achieve from the empty rate relief.

Between 2005 and 2008, empty property rate relief cost Whitehall roughly £1.3bn pa. Ministers then scrapped the relief, which cost the property industry £800m.

However, these latest figures show that the government is back to handing out near pre recession levels of relief.

Don't miss out on your opportunity to avoid this tax, speak to dohertybaines today on how this can be avoided. dohertybaines are working with a number of occupiers who will occupy your premises and make use of the 42-day rule. Giving you up to 6 months empty rates relief on vacation.

For further information, contact Fiona Kelly.

Scotland empty rates legislation

Sun, 13 Mar 2011 15:17:10 -0400

In Scotland the proposals for a Tesco Tax or an additional levy on large food stores and retail was kicked out by the Scottish Parliament last week. This left the Scottish Finance Secretary with a shortfall of circa £30 million in next year's budget. The bad news is he is now considering harmonising with England and from next April Scotland will follow England and adopt the same empty property provisions. This will see empty rates relief on office and retail increase from the 50% rates currently payable to 100% and industrial property increase from 0% payable to 100%.

This is something that we have been expecting and if you have empty property in Scotland you should be preparing for the increase. Please call me if you would like information on your rates liabilities in Scotland.

Contact: Fiona Kelly

Compass West

Sun, 13 Mar 2011 15:14:59 -0400

This was the final unit in the estate that remained vacant, and now dohertybaines have let 3 units in the past 6 months on the estate: Units 11, 12 and 14.
This success followed hard on the heels of a further two lettings in the area on the Mowlem Trading Estate in December 2010.

For further information, please contact Paul Londra.

UK Broadband Telecoms Sites

Sun, 13 Mar 2011 15:12:34 -0400

Those of you who used to have UK Broadband installations on your rooftops will be aware that they decommissioned virtually all of their sites last year. I have just heard from them that perceived demand for mobile broadband and government support for such initiatives has enabled them to get new financial backing. They are now planning a new rollout.

The numbers are around 200 in London initially, followed by Birmingham and nationwide. The equipment is being redesigned but probably will consist of a small equipment cabinet and a couple of panel antennas. This is all still at its early stages but I expect they will go back their former landlords and seek rights for new installations. You may be hearing from them again later this year and my colleagues and I will be happy to help if you wish.

Contact: John Woodhouse

dohertybaines at MIPIM

doherthybaines — Sun, 13 Mar 2011 15:06:39 -0400

dohertybaines will be attending MIPIM this year from 8th to 11th March 2011 and will be hosting a series of events including lunches and dinners on board the MY Five Fishes. Investors, developers and corporate occupiers are all welcome. We will also be co- hosting a party with Citygrove, on 10th March. This years theme is The Boat That Rocks with live music by The Fabba Girls.

Please let us know if you are attending MIPIM this year and we will be delighted to arrange a time to meet.

Newcastle Upon Tyne

dohertybaines — Sun, 13 Mar 2011 14:43:11 -0400

The removal of the break has resulted in a reduction in the clients holding costs by over £160,000.

Graham Pepper commented We, at dohertybaines, explore all asset management opportunities within the portfolios we manage. We are aware of the importance of reducing our clients holding costs, particularly in the current economic climate.

The Chase Centre Let

dohertybaines — Sun, 13 Mar 2011 13:44:42 -0400

Acting on behalf of LaSalle Investment Management, dohertybaines are pleased to announce that following the letting of Unit 3 The Chase Centre is now fully occupied.

Radiocoms Systems Limited have taken a 10 year lease on the property which is 3,790 sq ft.

For further information, please contact Michael Haines.

dohertybaines instructed on Park Royal

Sun, 13 Mar 2011 15:23:36 -0400

The unit comprises a modern warehouse/industrial unit which has recently been refurbished and benefits from a large secure yard and an eaves height of up to 8.7 m.

The property is available as a whole (60,760 sq ft) or alternatively can be split to provide units from 22,120 sq ft. It is available on a leasehold or freehold basis.

For further information, please contact Michael Haines.

More Lettings for Canmoor

Tue, 15 Mar 2011 08:35:03 -0400

Zuekoo Ltd have taken a 5 year lease on the unit which is 5,029 sq ft.

For any further questions, please contact Michael Haines.

Freehold Sales in Alperton

Mon, 23 May 2011 01:53:48 -0400

Units 1, 8 & 10 comprised 11,636 sq ft, 5,578 sq ft & 6,260 sq ft respectively.