Intali have been instructed to market a high yielding office investment in Bracknell Berks.
The asking price is £320,000, which will show an initial yield of over 11%.
Click here for full details
The Coalition: our Programme for Government unveiled this morning sets out the government’s key policy proposals across all departments.
For Communities and Local Government the document makes few fresh announcements but confirms plans abolish Regional Spatial Strategies, new powers to stop ‘garden grabbing’ and the abolition of the IPC.
It promises “longer term” “radical” reform of the planning system to “give neighbourhoods far more ability to determine the shape of the places in which their inhabitants live, based on the principles set out in the Conservative Party publication Open Source Planning.”
In addition the document says the government will:
- publish and present to Parliament a “simple and consolidated national planning framework covering all forms of development and setting out national economic, environmental and social priorities.”
- maintain the Green Belt, Sites of Special Scientific Interest (SSSIs) and other environmental protections, and create a new designation – similar to SSSIs – to protect green areas of particular importance to local communities.
- abolish the Government Office for London and consider the case for abolishing the remaining Government Offices.
- explore “a range of measures” to bring empty homes into use.
- promote ‘Home on the Farm’ schemes that encourage farmers to convert existing buildings into affordable housing.
- create new trusts that will make it simpler for communities to provide homes for local people.
On Transport the document confirms government support for Crossrail, a high speed rail network and the cancellation of a third runway at Heathrow and new runways at Stansted and Gatwick.
It says the government will make the transport sector “greener and more sustainable”, with tougher emission standards and support for sustainable travel initiatives, including the promotion of cycling and walking.
It will also “reform the way decisions are made on which transport projects to prioritise, so that the benefits of low carbon proposals are fully recognised.”
On the environment and energy the government says it will introduce measures to protect wildlife and promote green spaces and wildlife corridors in order to halt the loss of habitats and restore biodiversity.
It will also:
- launch a national tree planting campaign.
- review the governance arrangements of National Parks in order to increase local accountability.
- take forward the Marine and Coastal Access Act and ensure that its conservation measures are implemented effectively.
- create a presumption in favour of sustainable development in the planning system.
- decarbonise the economy and support the creation of new green jobs and technologies.
- seek to increase the target for energy from renewable sources, subject to the advice of the Climate Change Committee.
- continue public sector investment in carbon capture and storage (CCS) technology for four coal-fired power stations.
- encourage community-owned renewable energy schemes where local people benefit from the power produced and allow communities that host renewable energy projects to keep the additional business rates they generate.
- deliver an offshore electricity grid in order to support the development of a new generation of offshore wind power.
The developers of Peaker Park, a 10 acre mixed use scheme on the outskirts of Market Harborough, are proposing a new speculative office development aimed at local and national companies, and are seeking expressions of interest from potential tenants and/or occupiers.
Development on Peaker Park is well underway with a new petrol filling station and Tesco Metro store currently under construction, along with a 3.5 acre care village to the rear of the site.
The new office scheme will be focused on Plots 2, 3 and 4, and will be capable of providing freehold or leasehold opportunities in sizes ranging from 2,000 ft.² upwards.
Development is expected to commence during the autumn of 2010, with first completions being in the summer of 2011.
All enquiries should be made to Adam Burdett at Intali.
Eighty per cent of planning consultants think that Conservative planning proposals will lead to a fall in housing completions, according to a survey by Planning.
The research asked 20 leading planning consultants for their views on the Tories’ green paper. Sixty-five per cent warned that local authorities will be less receptive to development if the plans are implemented.
Only one respondent felt that councils would be more receptive, with 30 per cent indicating there would be no change or they were unsure.
The findings will come as a blow to the Tories, who have been promoting themselves as the pro-development party. Initial reactions to the green paper indicate that the sector has little faith in plans to scrap regional planning and introduce council tax incentives.
Strong reactions were received from some quarters. Bell Cornwell partner John Cornwell said: “I haven’t read anything this poor in 35 years of planning. It is frankly risible. I have not heard anyone who has a good word to say about it. It will lead to a collapse in housing completions, that’s guaranteed.”
Vincent and Gorbing director Martin Friend added: “The green paper shows a complete lack of understanding about how the planning system works. Incentivising communities to welcome development will be unsuccessful as communities are conservative by nature.”
Developers with outline permission and section 106 agreements in place face paying the community infrastructure levy (CIL) unless draft regulations are changed, lawyers have warned.
Consultation on the levy was completed last year, with final regulations expected soon. Legal experts have warned that the draft document means outline permissions will be caught if councils introduce charging schedules before reserved matters are dealt with.Mills & Reeve partner David Brock advised that development is chargeable if a schedule is in effect at the time that permission is granted.
But the regulations define outline permission as being granted when the final reserved matter is dealt with. “Any council that introduces a charging schedule will have planning permissions caught by this,” he saidOlswang head of planning Richard Keczkes said: “If we can go back to the phraseology of development commencing, it would make more sense and be much more in line with the government’s policy goals.”
Brock claimed that if the regulations are not amended, scheme viability will be affected. “If you have a permission with section 106 agreed, that should be it,” he declared. “But if the permission is then caught by CIL the planning authority will be getting some aspects twice. That may have an effect on profitability.”DLA Piper partner Howard Bassford said: “The government needs to make it clear that where outline permission predates CIL it will not be subject to this provision.”
The development of Plot 1 at Peaker Park, which was purchased BTE Properties, has now commenced, with the steel frame having been erected in the last few days.
The Development will provide a petrol filling station and a new 4,000sq.ft Tesco Express store, and is due to complete in the late spring of 2010.
The remainder of the 10 acre Peaker Park site is to be developed by Prime Life, and a 3 acre development of a new care home village is due to commence early in 2010, which will only leave Plots 2, 3 and 6 available for development.
Intali are currently discussing a mixed use development for the 2.5 acre Plot 6 site, with Plots 2 and 3 envisaged to be for light and/or general industrial use.
Intali have been instructed to sell a mixed office and investment property situated in the south Leicestershire village of Broughton Astley.
This sale represents an ideal opportunity for investors to acquire an income producing investment with the potential to increase returns by letting currently vacant space. The property will also appeal to office owner occupiers having the benefit of an existing income stream.
The building comprises two storey offices of 84.2m2 laid out to provide a reception, two offices and WC’s to the ground floor, with three offices and a kitchen to the first floor. The office accomodation would be suitable for a single occupier or alternativly would readily convert to provide serviced offices.
In addition there is a self-contained retail unit of 19.8m2 which is currently let and producing £6,492pa. To maximise income purchasers may consider converting part of the ground floor offices to provide additional retail space, although planning consent would be required.
The property occupies a prominent location in the centre of the village, within easy reach of Leicester, Lutterworth and Hinckley, and has good motorway access via junction 20 or 21.
The price is set at £190,000.
Deloitte’s latest Real Estate Executive Report published today makes fascinating reading, particularly the Property Financing Trends section.
Some of the points they raise include
1. As at May 2009 £15billion of outstanding lending to commercial property was in breach with a further £6 billion in default. A significant number of distressed debt is in excess of 100% LTV.
2. Falling valuations incentivise the banks not to realise the asset but to “amend and extend” loans to avoid selling at distressed prices and missing out on any upside. This is the scenario the banks suffered in the 1990’s.
3. This process could be creating a financing “time-bomb” with existing and amended loans falling due for re-financing in 2011-2012. De Montfort University estimates that £107 billion of loans to the sector fall due for re-financing by 2011.
4. Deloitte predict that the quantum of real estate loans to be re-negotiated will reduce bank’s appetite for new lending until 2012.
5. What new lending there is will be at much reduced LTV’s (55%-60%), and applying these to reduced valuations creates a significant funding gap.
6. Regulatory capital requirements dictate how the banks deal with distressed debt, and the least advantageous method to them is realising a loss. Therefore the report postulates that that the banks will reduce their exposure over time by requiring new equity to be injected.
We consider this report is the best summary of the commercial property market we have seen. We highly recommend you take a look at the full text at
Intali have been instructed to seek a tenant for a superb new design and build office development situated at Bardon near Coalville in Leicestershire.
The site is situated on the A511 Bardon Road just 1 mile from Junction 22 of the M1 motorway and offers easy access to Leicester, Derby and Nottingham.
East Midlands Airport is within 13 miles, and there is also easy access to Birmingham International Airport which is 36 miles away.
The development will provide new two and three storey office space in sizes ranging from 3,500sq.ft up to 60,000sq.t, and will be fitted to an high specification to include:
For further details, please contact Adam Burdett at Intali.
The Building Cost Information Service of the RICS (BCIS) have recently reported that tender prices fell by 4% in the second quarter of 2009 when compared to the previous quarter. This was the third successive quarterly fall following falls of 2.4% in Q1 2009 and 5.8% in Q2 2009.
Tender prices also fell by 11.7% in Q2 2009 compared with a year earlier, a very steep fall when compared to general inflation which fell by only 1.3%.
BCIS also report that although new work output has stabilized in Q2 2009, this follows four quarterly falls of 4%, 1%, 7% and 7% with new work output being 14% lower than in the same quarter of 2008.
Construction orders fell by 14% in the year to Q2 2009 although BCIS note that annual falls are slowing and there may be some stabilization in the coming quarters.
It is difficult to interpret the myriad various reports and analyses that appear in the general media, most of which seems to support a strong recovery in both the stock market and in property values, but it is clear from these figures that in the “real world” away from the various agendas of the national media, things are not as bright as they may appear.