Commercial property news in South East Essex

Acquisition-hungry Countrywide eyes South East lettings businesses

2011-03-21T02:39:00.000-07:00

Countrywide, the letting agent and property services group, is on the acquisitions trail – and has its eye on businesses in the South East.

The company, whose estate agency and lettings brands include South East-based Mann, Gascoigne-Pees and Bairstow Eves, has opened 70 lettings offices in the past seven months and is looking to continue a similar rate of growth throughout the year, through both acquisitions and organic growth.

The lettings business has doubled in the last three years to 300 branches and John Hards, co-managing director of Countrywide’s residential lettings division, wants to double it again, in branches, turnover and profits, though he won’t put a timescale on this.

Hards told Insider he was looking in particular for lettings businesses that could fit into existing estate agency branches or that filled gaps where Countrywide had no existing agencies.

Hards is looking to increase the pipeline of active potential purchases to about £10m at any one time – in addition to informal talks and “warm leads”.

“We’re constantly buying, or looking at buying. I look at a lot of businesses, though not all of them suit us.”

He said the ideal acquisition has a turnover of more than £100,000 but added: “We wouldn’t turn away anything that’s a good proposition.”

The average deal value, he said, was £500,000 to £1m – “though the bigger, the better”.

Recent purchases have included Ashton Burkinshaw in Kent and East Sussex, Hamptons in London, Ford Property Services in Portsmouth and the Letmore Group of Essex and East London.

Hards said he sees the South East as offering good potential since Countrywide has a “fairly substantial” agency network but fewer lettings businesses there.

“Acquiring some lettings businesses would be exciting for us. The whole South East is a good location and I would take a look at anything that came along.”

There are two South East businesses currently in the pipeline, both well-known names in their areas.

But Hards said the company does not discriminate when it comes to location. "The businesses we’re looking at are scattered all over the country,” he said.

Where existing business names are well established, they continue to trade under the same name, while others assume the identity of one of Countrywide’s portfolio of brands.

Acquisitions are funded from cash reserves, which gives the company an advantage in an environment where “there are not that many people out there buying”.

And Hards says decisions are taken quickly: “We’re decisive. When we look at something we will say quite quickly if it’s not for us, and we can be quick to make an offer if it is for us.”

Countrywide said it sees local letting agencies and portfolios as attractive because they offer a regular income stream. It is not so interested in estate agencies, though. “Because of the state of the market there are not many estate agencies making good profits. I’d be reluctant to part with cash for something that’s not going to be that cash generative.”

http://www.insidermedia.com/insider/south-east/48608-/

2010-12-20T03:03:00.000-08:00

Romford welcomes new housing development

http://www.easier.com/81804-romford-welcomes-new-housing-development.html

Leading house builder Persimmon Homes Essex is continuing to invest in Essex with the launch of a brand new residential development in Romford.

Shaftsbury Mews, which is being constructed off Shaftsbury Road in the town, will consist of a selection of two, three and four bedroom properties to meet the needs of a diverse mix of local househunters.

Neil Sykes, sales director for Persimmon Homes Essex, states: “Shaftsbury Mews not only boasts a fine selection of properties designed specifically to allow local people to continue to live locally, but we’re also building the homes to Eco Code 3 meaning there will be a number of energy efficient and eco friendly features to enable homeowners to adapt a greater way of living.”

Features include solar panels to subsidise heating costs, timber frames technology to promote greater insulation, water efficient tap and shower fittings, rainwater collection butts and compost collection bins. In addition the homes are being built to be 25 per cent more energy efficient than an older equivalent property.

Prices at the development start from £299,950 for a Grovewood housetype.

Neil concludes: “We are looking forward to welcoming househunters to our new development, in Romford and assisting them with finding their dream home at a price they can afford.”

Shaftsbury Mews lies just half a mile from the centre of Romford, giving homeowners easy access to a variety of popular high street and independent shops, leisure pursuits and eateries. Great local transport links mean London’s city centre is within reach in just 30 minutes from the local train station.

To find out more about the collection of properties at Shaftsbury Mews, visit: persimmonhomes.com

Money-saving deals from Taylor Wimpey East Anglia

2010-11-15T01:00:00.000-08:00

Taylor Wimpey offers a range of incentives to make homebuying easy for those in search of Suffolk property, new homes in Norfolk, property for sale in Cambridgeshire or houses for sale in Essex.

Leading housebuilder Taylor Wimpey is urging property-seekers in search of new homes in East Anglia to discover more about the range of fantastic incentives that make it easy to invest in a brand new home – right here, right now.

A selection of money-saving initiatives is available at Taylor Wimpey developments of Norfolk property, new homes in Suffolk, property for sale Essex and houses for sale in Cambridgeshire to suit first-time buyers and would-be movers with a property of their own to sell, whatever their individual circumstances.

Selected brand new properties in East Anglia are available with the housebuilder’s amazing Easy Start shared equity scheme, which lets qualifying customers secure their first home for just 85% of the purchase price.

Alternatively, first-time buyers can take advantage of the Deposit Match incentive, through which Taylor Wimpey doubles their down payment on selected homes with an interest-free loan for up to 10% of the property price.

Meanwhile, those who can get help with their deposit from loved ones can benefit from Family and Friends Advantage, which offers anyone who can contribute a deposit up to 20% a generous 5% annual return on their investment for five years – totalling a quarter of the investment amount.

For those with a home of their own to sell, selected family-size Taylor Wimpey properties are available with Part Exchange. This stress-free incentive offers purchasers the market value of their current property (based on the average of independent professional valuations) off the price of their new home, allowing them to sit back and relax until their new place is ready to move into.

Another great way of taking the hassle out of moving is the Easymover incentive, through which Taylor Wimpey finds a buyer for the customer’s existing home and pays the estate agents’ fees – and can even take care of removals!

Taylor Wimpey customers can alternatively benefit from a subsidised mortgage fixed at a rate of 2.99% for two years. This means buyers can enjoy competitively low monthly repayments that are safeguarded from increases in the Bank of England base rate, allowing them to plan for the future and build up savings during the period in which their mortgage would typically be at its highest.

Stacy Dornan, Sales and Marketing Director for Taylor Wimpey East Anglia, says: “Despite negative reports in the media, confidence is continuing to return to the property market, with average house prices in the East of England more than 6% higher than this time last year according to official Land Registry figures.

“And with so many different money-saving incentives available to make homebuying easier, less stressful and more affordable for everyone, there’s no doubt that now is a great time to invest in a brand new Taylor Wimpey home at one of our fabulous developments across the region.”

Right here, right now incentives are available on selected properties at the following Taylor Wimpey East Anglia developments:

CAMBRIDGE
Churchill Gardens, Cambourne
Greenfields Park, Cambourne
Lion Mills, Soham
Papermill Lock, St Neots

ESSEX
Peninsula, Dovercourt

NORFOLK
Blenheim Grange, Carbrooke
Hunters Park, Costessey, Norwich
Kings Reach, Kings Lynn
Queens Hills, Costessey, Norwich
The Hampdens, Costessey, Norwich
The Rise, Norwich
Wellbourne Mews, Costessey, Norwich
Windmill Chase, Downham Market

SUFFOLK
Concept, Newmarket
St Edmunds Gate, Bury St Edmunds

www.Taylorwimpey.co.uk.

October residential housing price increase despite market conditions according to rightmove

2010-10-22T01:17:00.000-07:00

The Rightmove House Price Index has seen an increase in average asking prices every October for the past 10 years, so it was perhaps not surprising to see a 3.1% rise over the past month. However given the economic backdrop of near-record stock levels and deteriorating mortgage finance it may be the case that sellers will need to drop those initial asking prices over the coming months if they are to entice buyers.

Miles Shipside, director of Rightmove, comments: “Every year, vendors coming to market after the summer holidays hope to take advantage of any positive price impetus from buyers who are keen to be in a new home before Christmas. Between 2007 and 2009, October sellers tried higher prices in spite of the ‘credit crunched’ housing market, and it’s a habit that is proving hard to kick in the ‘spending review’ market of October 2010. It’s not likely to be a successful tactic, though it is a sign that many sellers are not experiencing high levels of financial stress but can’t afford to accept a lower price if they are to make their sums stack up for the next move”.

A key question for sellers will be whether they will be missing out on early buyer interest by dropping prices once their property is on the market. Research from Rightmove this month shows how the number of webpage views a property receives in the first week of coming to market is double that of the second and third weeks combined.

Miles Shipside explains: “The entry of a property to the market always has the potential to create a buzz among watching buyers as they are on the look-out for anything new that suits their needs better than what is currently on the market. When a property is launched to market the seller’s objective is to create a sense of urgency to view amongst buyers and a feeling of fear that by not viewing they will miss out on their dream home. This strategy is enhanced if it is keenly priced as buyers will act fast to get a possible bargain. If a newly marketed property fails to initially impress and find a buyer then it can quickly go stale and get written off even though its price may subsequently be substantially reduced. A high launch price can damage your chances of securing a sale and in recession-hit markets you often end up chasing prices down and achieving less in the end.”

The government Comprehensive Spending Review also looks likely to have a negative effect on housing market sentiment and consequently challenge sellers to price more realistically in order to meet buyers at a more realistic pricing level for the finance that is available. Shipside adds: “Buyers and sellers are staring each other out, and it’s a question of who will blink first. Even if they wanted to, buyers cannot blink unless lenders release more funds for mortgages. As that’s not going to happen, there are likely to be some blinking sellers this winter!”.

Largest number of property sales in Essex

2010-10-11T07:22:00.000-07:00

Ilford in Essex has topped a list of towns with the biggest property sales during the first half of this year.

http://www.telegraph.co.uk/finance/personalfinance/8034538/Largest-number-of-property-sales-in-Essex.html

Students To Boost House Prices In University Towns

2010-08-23T00:41:00.000-07:00

Lloyds TSB, alongside with data from the Higher Education Statistic Agency, has promulgated research concerning house prices dynamics within and nearby university towns across the UK.

It was found that first year undergraduates usually prefer to live in halls (most courses offer accommodation), meanwhile students in their second or third year think about renting houses with their partners or friends, which in turn pushes the neighbouring local market up. In the majority of university regions prices have soared by 60% in the last five years, and this figure is even higher in universities with an increasing number of students.

For instance, Aberdeen, which is home to more than 29 thousand students, saw a house price growth of 39,6%, meanwhile the average for Scotland is only 14%. Among other examples Lloyds underlines Winchester, where a price increase completed 29pc, in comparison with the average 2.5% across the South East. The prices in Winchester are now 65% higher than the middle regional ones. By the way, 17 of the 29 towns that demonstrated the most significant uplift are situated outside Southern England.

Nitesh Patel, Lloyds TSB’s housing economist remarked that we can observe this because the demand from students’ side bears the activity all over the local market.

However, the number of students in big cities is not big enough to influence the market. London, Glasgow, Birmingham and Leeds have seen insignificant changes, despite the fact that their student populations have risen by from 30% to 70%.

http://www.e1buytoletmortgages.co.uk/news/housing-prices-news/students-to-boost-house-prices-in-university-towns-4281.html

Rockspring’s Hanover Property Unit Trust has bought the freehold of the Wollaston Industrial Estate in Basildon from Standard Life.

2010-08-10T06:41:00.000-07:00

The trust, advised by Caisson Investment Management and represented by Montagu Evans, bought the freehold for over £5m at a net initial yield of 8.75%.

Wollaston Industrial Estate is a 130,000 sq ft property comprised of multi-let units of between 2,000 and 20,000 sq ft.

Rockspring’s Paul Crosbie says: “This acquisition continues our strategy of seeking multi-let industrial assets which require specialist asset management. The estate has great potential and, with some careful asset management to bring added value, we expect it to perform well.”

Caisson Investment Management’s Mark Bowden said: “Historically, Basildon has always done well as a multi-let industrial location. We expect, once we have put our asset management plan in place, to revitalise the estate, bring back tenants and enhance the asset’s underlying value by focussed active asset management.”

Standard Life was advised by Strutt & Parker.

http://www.propertyweek.com/5004058.article?origin=PWdailynews

How imperial House might look

2010-07-05T02:03:00.000-07:00

Warehouse.me.uk Ltd in Evening Echo

2010-07-05T00:28:00.000-07:00

Southend Evening Echo 5th July 2010 following up on David Hurst climbing Kilimanjaro, thanks to support of Warehouse.me.uk Ltd

Warehouse.me.uk Ltd boss climbs to top of Kilimanjaro for charity

2010-07-02T06:10:00.000-07:00

On the 25th June David Hurst MD of Warehouse.me.uk climbed to the top of the highest mountain in Africa and the largest single land mass in the world Mt Kilimanjaro.

Thanks to sponsorship from warehouse.me,uk Ltd over £10,000 has been raised for the Southend Fund to support 100's of local charities in Southend.

The climb took 7 days.

Southend-on-Sea Borough Local Plan

2010-05-17T01:19:00.000-07:00

Latest edition

http://www.southend.gov.uk/content.asp?section=222&content=2857

Fears over listed building eight months after blaze

2010-04-28T05:43:00.001-07:00

FEARS have been raised over the future of an endangered listed building, the former officers’ mess at the old Shoebury Garrison.

The building, which has been empty for years, was damaged by arsonists in August last year.

Brian Sandford, secretary of conservation group the Shoebury Society, said developers Country and Metropolitan Homes (formerly called Gladedale Homes), which bought the site from the Ministry of Defence, had ignored his requests to find out what was happening with the building.

He told the group’s latest meeting: “Many months have passed since firebugs badly damaged this lovely old building, but still nothing is being done to it.

“There are more listed buildings in Shoebury than in Southend, some in the old garrison lands. I have simply had no replies to my inquiries about the officers’ mess.”

Josie Saunders, spokeswoman for Country and Metropolitan Homes, said: “Since the unfortunate fire at the former officers’ mess last year, we have had structural survey work carried out and the building has now been stabilised.

“Architects have been appointed to look at how we can bring the property back to its original condition and this work is still ongoing

Caffé Nero takes unit in Southend.

2010-04-12T01:14:00.000-07:00

Specialist retail consultancy Smith Price has advised Nero Holdings Ltd (t/a Caffé Nero) on the latest acquisition in its continuing expansion programme, a prominently positioned character property in the seaside town of Southend-on-Sea.

The property is located in a prime corner plot of the busy pedestrianised High Street (143 High Street) and has an abundance of character to create the perfect continental coffee house experience.

The company has acquired the 3,773 sq ft premises by way of an underlease for a term until 30th July 2020 at a commencing rental of £70,000 p.a. excl. subject to a first review with effect July 2015. Nero Holdings Ltd received a rent-free period on occupation.

Smith Price represented Caffé Nero and GCW represented the head tenant, Southern Amusements.

John Mortimer, Head of Agency Team at Smith Price said: "This acquisition takes advantage of a rare opportunity to acquire this well positioned period building and follows a number of store completions we have undertaken on behalf of our long standing client Café Nero in East Anglia, where we are the firm's retained agency."

Essex property investment ready for take off as airport prepares to expand

2010-04-07T04:19:00.001-07:00

Property investors with holiday homes or rental accommodation in Essex were given an Olympic boost recently following news that plans have been approved to extend the runway at Southend Airport.
The proposed improvements at the airport will also assist in the regeneration of the area which in turn will increase the value of property investments.
The Stobart Group, which owns Southend airport, says the expansion plans will be finished well before the start of the London Olympic Games in 2012 and they estimate close to two million people will be using the facility by 2020.
Building work on a new railway station linking the area with the centre of London has already started and is due to open this summer which will increase the rental opportunities for buy to let landlords and property investors.
Plus, the journey from Southend to the main Olympics Park at Stratford in East London, will only take 40 minutes making the area an attractive place for visitors to rent during the 2012 games.
Alastair Welch, MD of Southend Airport said: “We are incredibly pleased that the project can finally and fully get underway. The approval will see a 300m south west extension to the runway. Works will now get underway as soon as possible to meet the target completion date in 2011.
“It is not just about the convenience of a local airport serving popular destinations, it is about the regeneration that this will bring to the wider Southend-on-Sea area, with the potential to enable many thousands of additional jobs over the next 10 years.
“This development will make a significant contribution to increasing the attractiveness and prosperity of the South Essex area for businesses, which experts believe will have a positive effect on house and commercial property prices.”
The final go head for the plans was given by John Denham, the Secretary of State for Communities and Local Government.

Property Asking Price Report for Essex - February 2009 to February 2010

2010-02-26T02:07:00.000-08:00

This report displays the average asking prices for property for sale in Essex for each month from February 2009 to February 2010. The price trends are broken down by property type and number of bedrooms.

You can view the Property Asking Prices Report for Essex over another date range or view the report for another location using the options at the bottom of the page.

http://www.home.co.uk/guides/asking_prices_report.htm?county=essex&lastyear=1

Pinsent Masons to help University of Essex with student accomodation

2010-02-16T01:46:00.000-08:00

Pinsent Masons has won the University of Essex as a new client on a greenfield property development in Colchester.

The firm will advise on the entire lifecycle of a student accommodation project, including funding, planning, environment and construction work.

Pinsents’ role includes assisting on the project structure, which could see the university partnering with the private sector and lenders to create new income streams.Projects partner Victoria Goddard said: “Everybody seems to be looking at this market at the moment. [In contrast with elements of the commercial property market] there still seems
to be a decent return on student residences.”

The Essex development is part of a £250m capital investment project, which includes a first-stage construction of 750 units plus related infrastructure on The Meadows site outside the main campus.

The project could see the university release funds from the sale of existing buildings.

“Part of the new site could be sold off at a future stage for housing; hopefully that means we’ll have a long-term role,” said Goddard.

Pinsents has experience on similar projects. The student accommodation team has advised Leeds Metropolitan, Nottingham Trent and City universities.

20 ft Containers for storage

2010-02-12T01:24:00.000-08:00

20 ft Containers for storage

In secure yard, Star Lane, Great Wakering.

Brand new, clean, 20ft x 8ft x 8ft

£30 per week

Call 01702 290475

Wanted racking in good condition

2010-01-07T05:33:00.000-08:00

Wanted

Good condition racking 600mm or 900mm deep shelves will collect.

Call David 01702 290475

UK commercial property values rise for 5th consecutive month

2010-01-04T05:56:00.000-08:00

The latest figures from CB Richard Ellis’ Monthly Index have revealed Britain’s commercial property values have risen for the 5th month in a row.

In fact, the 2.7% increase for November is the highest monthly increase since records began 9 years ago. The consultants have said retail warehouses and shopping centres were behind the growth, which grew at 4% and 3.9% respectively. Commercial property values have been rising since July, when they slumped by 44% from the peak of the property bubble in summer 2007.

New research out this week also shows renewed interest in Central London office space. Interest in London commercial property has now risen by a fifth on a month-to-month basis. Nearly 3.5 million square feet of office space were under offer by the end of November – nearly double the quantity at the beginning of 2009.

Experts predict that if the decrease in available space is sustainable, rents will begin to rise. Landlords will be able to charge more as the amount of free office space continues to dwindle. In the last few months, the London commercial property market has seen a surge in investor activity which is the latest sign the market could begin to stabilise in early 2010.

£2.9m for super youth centre in Shoeburyness

2010-01-04T05:31:00.000-08:00

Southend-on-Sea Borough Council has successfully secured £2.9 million funding to build the first of a new generation of facilities for young people.

The 2.9m ‘myplace’ grant was awarded by the Big Lottery Fund on behalf of the Department for Children, Schools and Families (DCSF) and will be used to build new state-of-the-art facilities for young people in Shoeburyness.

The new landmark building will include an informal contemporary restaurant with a professional kitchen, a garden and terrace area, a dance studio, gymnasium, large multi function sports hall with a climbing wall plus modern changing and shower facilities. Additionally, there will be an IT suite, a soundproofed music area offering rehearsal and recording facilities, a games room, a bike and motor vehicle workshop, a youth volunteering centre and office accommodation.

The high specification restaurant and kitchen will offer reasonably priced locally sourced seasonal food in an informal but stylish environment. The restaurant will be run as a Social Enterprise by the YMCA and will be used as a training kitchen and work place for vulnerable young people.

Councillor Roger Hadley, Southend-on-Sea Borough Council’s Executive Councillor for Children and Learning, says: ‘I am delighted that we have been able to secure this government funding in order to provide our young people with first-class facilities and increase their opportunities to develop.

‘The new centre will allow young people to access information, advice and guidance services and provide facilities for positive evening and weekend activities.’

Janice Lyons, Local Service Manager, said: ‘This will create a landmark building for Shoeburyness and provide access to services and facilities seven days a week. It will challenge perceptions of what youth facilities have to be like and who they are for.

‘Most of all it will raise young people’s aspirations by sending out a positive message about Shoeburyness and providing a building that local people can be proud of.’

Syrie Cox, Chief Executive of Southend YMCA, says: ‘We are delighted to be working in partnership with Connexions to develop this new resource. The success of this funding bid is testament to the different organisations’ commitment to working collaboratively to achieve the best outcomes for young people.

‘With this new project, I look forward to building on our success of engaging with young people with food related and customer service related schemes.’

David, who is 16 and uses the current Connexions facilities at Shoebury, says: ‘Having this wonderful new building will give lots of young people opportunities to do so many new things. Young people will have a good time using these new facilities and the centre will be a great place for the whole community.’

Plans for the new building have been developed by Southend-on-Sea Borough Council’s Property and Regeneration team and architects Camal, in consultation with young people at Shoeburyness Youth Centre. Plans for the building are expected to be approved shortly and it is hoped that works will begin in the first half of 2009. The project is expected to take around 12 months to complete.

http://www.southend.gov.uk/news/default.asp?id=2709