Docstoc

INSITE

Document Sample
INSITE Powered By Docstoc
					INSITE
... on a roll
Following our successful appointment, in 2003, by Greggs to advise on p ro p e r t y m a t t e r s w i t h i n t h e East Midlands region, we have been hard on the acquisition trail for new units. Charles Trafford, Head of Retail Agency in our Nottingham office said: “Since winning this prestigious instruction, we have undertaken a considerable amount of groundwork in researching and canvassing the dozens of opportunities within the identified target locations.” In 2004 we have already successfully secured three new town centre retail units in Corby, Melton Mowbray and Coalville. In addition, we have also recently had offers accepted on two suburban units in Nottingham and Derby and are actively considering additional stores throughout the region. We have also been asked to undertake a variety of professional work to include a number of rent reviews, in particular the prime retail unit on Listergate in Nottingham. As far as ongoing acquisitions are concerned, Greggs remain keen to secure further units in prime town centre and surburban locations as well as within train and bus stations, airports, university and college campuses, and to gain representation within major industrial estates or office parks.

into east midlands property
ISSUE 07 July 2004

Craig Straw appointed Director
Craig Straw has been appointed as a Director at Innes England.
Craig, originally from Nottingham, spent 7 years in private practice in Nottingham before moving to London to take up a position at Marconi Plc. In February 2002, he joined the practice and returned to Nottingham to work alongside Director Nick Ebbs, focusing on Business Agency and development consultancy. Commenting on his appointment, Neil Hannah, Chairman, said “Craig has made a huge contribution to the practice over the last two years and his appointment is very well deserved”. Craig’s role within the practice will remain largely unchanged. He will continue to head up Business Agency in Nottingham and provide ongoing support to the development consultancy team. Craig added "The last few years have been exceptionally busy and hugely rewarding. Last year the Nottingham Business Space team disposed of or acquired over one million sq ft - this year we will double that figure". Looking forward, Craig and his team have plenty to keep them busy. Disposal of Carlton Studios for ITV plc and the acquisition of RAF Newton are some current assignments. In conjunction with Nick Ebbs, Craig is also working on the hugely exciting proposals by Eastside and City Developments to redevelop part of Nottingham’s Eastside - one of the UK’s largest regeneration schemes. For further information please contact Craig Straw cstraw@innesengland.com

Greggs plc are the UK’s biggest bakery and sandwich specialist and continue to go from strength to strength reporting in their 2003 year end accounts an 8.1% increase in turnover to £457m with pre tax profits rising 10.4% to £40.5m. For further information please contact: Charles Trafford on 0115 924 3243 or email ctrafford@innes-england.com

Acquisition of landmark office headquarters in Derby
Following the acquisition of Pentagon House by Donington Investments Ltd, our Derby office have been retained as letting agents for what is probably Derby’s best known office headquarters building on Sir Frank Whittle Road. The 4 storey building, originally designed and built for Williams Holdings Plc, offers extremely high quality, comfort cooled offices, together with extensive on-site parking. Pentagon House will form part of the growing property portfolio for Donington Investments, who own other prestigious office accommodation across the country. Currently, around 13,000 sq ft of space is available within the building, in suites over the ground, first and third floors. An extensive programme of refurbishment of all vacant space is currently being undertaken by our clients. For further information please contact Nick Hosking nhosking@innesengland.com.

Over a Business Lunch!
For reasons better known to themselves, a banker, a corporate financier and a commercial property consultant agreed, over a business lunch back in January, to attempt to climb the four highest peaks in England / Scotland / Ireland / Wales, totalling some 15,000 ft, in just 48 hours.
Society, whose aim is to enhance the quality and prospect of life for disadvantaged children and young persons within the UK. Their impressive efforts were well rewarded – the team of three raised over £15,000 for the charity, and completed the Challenge in under 48 hours, finishing after 47 hours and 10 minutes. Their impressive climbing time of 15 hours and 8 minutes, combined with their fundraising total, gave the lads a final overall position in the Challenge of 15th position. A stunning achievement! The whole event raised over £405,000 for the Wooden Spoon Charity.
The Top of Carantouhill

In July of this year Matthew Hannah, Director at our Nottingham office, together with Jon Howe of Fortis Bank and Keith Pickering of Catalyst Corporate Finance, and over 60 other teams from across the UK, undertook the gruelling Four Peaks Vauxhall Challenge scaling Ben Nevis, Helvellyn, Snowdon and Carantouhill. Why? To raise money for the charity of British Rugby, the Wooden Spoon

As he crossed the finish line in Ireland, an exhausted Matthew Hannah managed a gasp of “Guinness please” and then added, “It has been a fantastic experience – a one off (hopefully!) – but seriously, we would like to thank all our sponsors for their generosity and our families for their support and encouragement throughout the training.” If you feel in need of a challenge take a look at the events for 2005 at the Events Unlimited website at www.eventsunlimited.co.uk

Pentagon House, Derby

Director Craig Straw

Derby T 01332 362 244 Leicester T 0116 255 5455 Nottingham T 0115 924 3243

www.innes-england.com

INSITE
Before 1 June 2004 Section 25 Notice Landlord serves Section 25 notice. Tenant required to serve counternotice within 2 months. From 1 June 2004

into east midlands property
ISSUE 07 July 2004

Quicker, easier, fairer and cheaper the ‘New’ Landlord and Tenant Act
On the 1 June 2004, major amendments to the Landlord and Tenant Act 1954 came into force. The purpose of these reforms is to make the renewal or termination of business tenancies “quicker, easier, fairer and cheaper” . Anyone with an interest in commercial leasehold premises, whether as a landlord or tenant, needs to be aware of the following major changes: -

Linney Direct Expansion
Acting on behalf of Linney Direct, we have successfully acquired further expansion space for the rapidly growing arm of the Mansfield based, Linney Group. Linney Direct have taken a brand new 40,000 sqft industrial unit located on the Crown Farm Industrial Estate in Mansfield, an attractive location, offering Enterprise Zone status with Rate Free occupancy until Autumn 2005. The Crown Farm location is also perfect in terms of its close proximity to the Linney Group headquarters and suitability for Linney Direct’s operations. The deal agreed, with the property developers, gives Linney Direct a 10 year lease with an option to break after 5 years. John Long, based in our Nottingham office commented: “This transaction underlines the strength of indigenous demand from within Mansfield and also the continuing draw of business space offering Enterprise Zone status.” Linney Direct’s MD Ian Jessopp, added: “With a business currently growing at around 30% year on year, suitable additional space is always on the agenda. Working with Innes England has allowed us to tap into a key knowledge base of the availability of current, and future space, and ensured that we can act as quickly as our new client acquisition frequently demands.” We are also in the process of acquiring new industrial premises of upwards of 40,000 and 80,000 sqft for two other retained clients within the Mansfield and Kirkby areas. For further information please contact John Long jlong@innes-england.com

Landlord’s notice must contain proposals for new tenancy e.g. rent payable and key terms. Tenant’s counternotice abolished. Either party can issue the application to court. Parties can agree to extend the time within which an application to court is made, provided that agreement is reached before the expiry of the original deadline or any previously agreed extension. Tenant serves Section 26 request. Landlords must respond within 2 months only if they wish to oppose a renewal. Landlord can make an application to the court to bring a tenancy to an end. The application can be made as soon as the Section 25 notice or Landlord’s counternotice to a Section 26 is served. If Tenant ceases to occupy premises before the expiry of a lease, a continuation tenancy will not arise. After expiry of a lease, Tenant can give 3 months notice ending on any day, not just a 1/4 day. Either party can apply for an Interim rent. Maximum to 15 years. No court approval is necessary. Landlord serves Tenant a 14 day ‘Health Warning’, or, 14 days can be waived, and the Tenant has to sign a Statutory Declaration.

Court Application to renew tenancy

Only the Tenant can make an application to the court for a new tenancy providing it is within 2-4 months of a Section 25 or a Section 26 notice.

Section 26 Notice

Tenant serves Section 26 request. Landlord serves counternotice within 2 months.

Court Application to oppose new tenancy

No application exists.

Section 27 Notice

Tenant serves Section 27 Notice to prevent a continuation tenancy arising, giving not less than 3 months notice. After lease expiry, Tenant must give 3 months notice expiring on a 1/4 day. Only a Landlord can apply for an Interim rent. Maximum of 14 years. Parties have to make a joint application to court. Parties incur costs and time delays.

Interim Rent Length of lease at Court Contracting Out

This is just a brief insight into some of the major changes that have been implemented. For further advice and guidance on this matter please contact Robert Hartley, rhartley@innes-england.com or Vicky Tiner, vtiner@innes-england.com

Derby brush opposition aside
Derby RFC emphatically brushed aside bottom of the table Bedworth, running in 11 tries in their highest score of the season at our Innes England sponsored game. Many of the movers and shakers of the Derby property world were there to witness the win, which concluded with a final score of Derby 72- 05 Bedworth. Keeping guests on their toes up until the final moments of the game, Russell Rigby had organised a ‘Guess the score’ competition which, after a count bat, was won by Nigel Gell. The season ended in success, with Derby RFC gaining promotion after a tight play-off game, into Midlands Division 1.

No1 at Golf Day
Our golf team swept the board at the Nottingham Rugby Club, Golf Day, held at Ratcliffe on Trent Golf Club, earlier in the Summer, taking first prize against tough competition. Our winning four comprised Neil and Matthew Hannah together with Roger Pickering of Carpetstyle and Simon Beatham, who is coach at the NRFC.

RESS… S S .. .S T O P P .. .S T O P P R E
We have recently been instructed to dispose of East Midlands Television Studios in Nottingham on behalf of ITV Plc. 230,000 sq ft on a 16.5 acre site. Prime location between city and motorway links. Details from cstraw@innes-england.com or pdoleman@innes-england.com.

John Long

Derby T 01332 362 244 Leicester T 0116 255 5455 Nottingham T 0115 924 3243

www.innes-england.com


				
DOCUMENT INFO
Shared By:
Tags: INSIT
Stats:
views:22
posted:1/22/2010
language:English
pages:2
Description: INSITE