Bradford lots to go under the hammer at Eddisons auction

Bradford lots to go under the hammer at Eddisons auction

 

Vacant and tenanted properties, as well as commercial property and plots of development land in Bradford are to go under the hammer at Eddisons’ next Leeds property auction, which takes place at Leeds United Football Club on 25 February.

Five lots will be up for auction, including a plot of development land near Aberdeen Terrace in Clayton. The 0.1 acre site, which has access onto Pasture Lane, has planning consent for three houses and is guided at more than £80,000. A commercial property on Bowling Back Lane, close to Wakefield Road is also on offer. The 5,000 sq ft single-storey warehouse unit with mezzanine floor, yard and car parking has a guide price on more than £150,000

Three residential properties offer further opportunities for potential investors. Offered as one lot are 61 Market Street, 14 and 14a Fountain Street in Thornton. The two-bedroom flat and two one-bedroom flats, respectively, are fully let and provide a gross income of £11,400 a year and have a guide price of £110,000. Meanwhile, 11 Dewhirst Place, a two-bedroom mid-terrace house with vacant possession, is expected to achieve in excess of £32,000 and a one bedroom mid-terrace with vacant possession at 75 Kershaw Street, is expected to achieve in excess of £35,000.

Glenn Levison, associate director at Eddisons, said: “Bradford’s property market is currently experiencing something of a renaissance and these lots offer an attractive range of opportunities for potential investors.

“There is something for everyone, from a straightforward, fully-let properties providing an assured return to vacant properties and land with development opportunities and potential for longer-term capital gains.

“With both the commercial and residential markets performing well at the moment, we’re already receiving a lot of enquiries from around the country.”

The Leeds auction will take place on 25 February at Leeds United Football Club, Elland Roads, Leeds.

The full catalogues are available to view here.

Bradford’s property market is currently experiencing something of a renaissance and these lots offer an attractive range of opportunities for potential investors.

 

Written by: on Wednesday 17/02/2016

 

 

Thirty Leeds lots to go under the hammer at Eddisons auction

Thirty Leeds lots to go under the hammer at Eddisons auction

Vacant and tenanted properties, as well as commercial property and plots of development land in Leeds are to go under the hammer at Eddisons’ next Leeds property auction, which takes place at Leeds United Football Club on 25 February.

Nearly 30 properties will be up for auction, including 11 one-bedroom flats at Kingsdale Court in Seacroft. The flats are guided at £30,000-40,000 with the tenanted properties generating a rental income of between £3,000 and £5,000 a year.

Also on offer is a residential development site at Crank Cottage, off Albert Road in Morley. With full planning permission to develop four three-storey, five-bedroomed detached houses of around 2,200 sq ft each,] the site is guided at in excess of £220,000. Similarly, a potential residential development site at 32 Stonecliffe Drive in Farnley is being offered with a guide price of more than £30,000. The 0.14 acre plot is the site of a former garage, which has since been cleared, and is suitable for a single house or two flats.

The former Holbeck Day Centre on Holbeck Moor Road will be auctioned with a guide price of in excess of £100,000. The dilapidated, 3,000 sq ft, single-storey detached commercial premises, with pitched roof, stands on a site of more than half an acre. Unit 3 Linden House on Sardinia Street off Jack Lane in Hunslet is a two-storey, self-contained office building of more than 2,000 sq ft with eight parking spaces and is guided at more than £165,000.

Further investment opportunities include an end of terrace property at 28 Shafton View, containing seven self-contained studio flats which are fully tenanted, providing an annual income of £34,500 at a guide price of upwards of £115,000 and 2 Rokeby Gardens in Headingley. The vacant, three-storey, end of terrace house on the corner of Rokeby Gardens and Ash Road has around 1,700 sq ft of accommodation plus a basement and is expected to achieve in excess of £180,000.

Glenn Levison, associate director at Eddisons, said: “Leeds always holds a lot of appeal for potential investors and these lots offer an attractive range of opportunities across the city with some potentially very good yields.

“There is something for everyone, from straight-forward, fully-let properties providing an assured return to vacant properties and land with development opportunities and potential for longer-term capital gains.

“With both the commercial and residential markets performing well at the moment, we’re already receiving a lot of enquiries from around the country.”

The Leeds auction will take place on 25 February at Leeds United Football Club, Elland Roads, Leeds.

The full catalogues are available to view here.

With both the commercial and residential markets performing well at the moment, we’re already receiving a lot of enquiries from around the country.

 

Written by: on Wednesday 17/02/2016

Ipswich investment properties to go under the hammer at Eddisons auction

Ipswich investment properties to go under the hammer at Eddisons auction

 

Eight vacant and tenanted commercial properties in Ipswich will go under the hammer at Eddisons’ next Leeds property auction, which takes place at Leeds United Football Club on 25 February.

Among the lots are several retail units on Carr Street. Numbers 26-32 are a three-storey, 78,000sq ft unit which is fully let to Poundland until 2023, providing a rental income of £250,000 a year. The property, which also has a basement and car park, offers long-term redevelopment potential and is expected to achieve in excess of £4.25m.

Meanwhile, 10/12 and 14/16 Carr Street are two mid-terrace retail units, both of which are fully let providing an income of £75,000 a year. The properties are being auctioned as one lot and are guided at £900,000. Also on Carr Street, 32a and 34/34a, are two two-storey, mid-terrace retail units fully let to Betfred and Aston’s Barbers for £42,000 a year. Guided at upwards of £450,000, the properties will also be auctioned as one lot.

Further investment opportunities include 21 Upper Brook Street, a former snooker hall in need of repair and guided at more than £250,000, and 12-20 Upper Orwell Street, a two-storey commercial unit of more than 5,800 sq ft. Both properties are available with vacant possession.

Numbers 15/17 Upper Brook Street will also go under the auctioneer’s hammer. Currently trading as a charity shop and providing a rental income of £20,000 a year, the two-storey mid-terrace building is guided at more than £200,000. Similarly, 45-51 Upper Orwell Street, a single lot of three retail units currently let to two convenience and grocery stores, a gym and tattoo studio, give a combined income of £27,000 a year and are expected to achieve in excess of £240,000.

Finally, four retail units at 35-39 Upper Bank Street which generate a combined income of £58,000 a year, are guided at in excess of £700,000. The part two-storey, part three-storey buildings provide a total area of 2,000 sq ft and are currently let to Greggs, Lloyd Clare and Palace Amusements, with one unit being vacant.

Glenn Levison, associate director at Eddisons, said: “These lots offer investors an attractive range of opportunities and with Ipswich currently experiencing improved occupier demand, they’re already attracting a lot of interest, both locally and from further afield.

“There really is something for everyone, from straight-forward, fully-let units providing an assured return to vacant properties with development opportunities and potential for longer-term capital gains.

“With occupancy in the secondary market now improving and long-term voids becoming less of an issue, we’re expecting there to be some competitive bidding.”

The Leeds auction will take place on 25 February at Leeds United Football Club, Elland Roads, Leeds.

The full catalogues are available to view at here.

With occupancy in the secondary market now improving and long-term voids becoming less of an issue, we’re expecting there to be some competitive bidding.

 

Written by: on Wednesday 17/02/2016

 

 

Business Rates Agency Admits Struggle in Handling Backlog of Cases

Business Rates Agency Admits Struggle in Handling Backlog of Cases

 

The government department responsible for handling business rates appeals is struggling to cope with the growing backlog of cases it has to deal with. Senior sources within the commercial property market have commented that they can’t see how the Valuation Office Agency could possibly deal with the backlog of close to 300,000 appeals without more funding or outside help and speculation suggests that any third party assistance will come from private companies.

The agency is currently preparing new charges for 1.8million properties which will be made public this coming September before coming into force in April 2017. However, the number of appeals is believed to be at almost the same level it was 12 months ago, based on analysis which has been carried out by a national property advisory firm, and it is also believed that the agency is working at a rate of approximately 10,000 appeals a month.

There are also concerns from sources in the commercial market that many businesses are set to face these historic rate rises in 2017 because of the huge rise in property values in many areas and this is likely to result in another wave of appeals.

Currently the private sector firm Capita already have an assisting role in some local authorities when it comes to the collection of business rates and council tax but there is a belief that firms of this nature may begin to play a more direct role in handling the backlog of appeals.

Simple Business Rates System Needed

Both the owners of property firms and business rates campaign groups have persistently called for a much simpler system with more frequent rates valuations and a change to the current five-year cycle to a three-year or even annual cycle. Campaigners believe this would bring the number of appeals down by linking the current property values more accurately to business rates.

A spokesman for the Department of Communities and Local Government, which has responsibility for the Valuation Office, commented: “We provide significant funding to the Valuation Office Agency for its valuation duties, including responding to appeals. The VOA is independent and has to prioritise its resources appropriately, including delivering the major programme of preparing for Revaluation 2017.”

Additional pressure has been added to the situation after the same national property advisory firm, which carried out the business rates appeal analysis, sent a warning letter to the government, highlighting the pressure facing the Valuation Office Agency and the appeals system.

A spokesperson from the firm said: “With revaluations only every five years, we have clearly created a culture of appeals. We are calling on government to seriously consider three-yearly revaluation as a way of producing a more accurate rateable value, thereby suppressing the need to appeal.”

They also asserted the need for additional funding for the department and how there is currently an ‘unacceptable backlog’ of appeals.

Not everyone is keen on the idea of private company involvement to sort out the problem but the chances of receiving government funding is unknown at present and a solution is quickly needed.

Many businesses are set to face these historic rate rises in 2017 because of the huge rise in property values in many areas

 

Written by: on Wednesday 03/02/2016

 

 

The city centre of Leeds has had its second-most successful year ever

The city centre of Leeds has had its second-most successful year ever

 

The city centre of Leeds has had its second-most successful year ever in terms of take-up of office space and occupancy in 2015. This information has come via the Leeds Office Agents’ Forum who distribute definitive market data and are made up of leading surveying firms in the city, including Eddisons. The statistics for 2015 are second only to 2013 which was the city’s best ever year and the figures from the fourth quarter of the year were particularly promising, as the highest ever recorded.

A total volume of 680,100 square foot of office space in Leeds city centre changed hands or was transacted in the whole of 2015 which marked a 25% increase on the figures from 2014 and as mentioned, was only surpassed by the record topping figures of 2013. The figures for 2015 were also significantly higher than the average for the five-year period of 546,762 square foot.

The final period of 2015, Q4 2015, was the most successful, with more city centre office occupancy take-up recorded than ever before with take-up in the period reaching 267,187 square foot which marked a 138% increase on the previous period and a positive sign for the coming year. The largest letting of the whole year was also transacted in Q4 2015, 97,022 square foot which was pre-let to Sky at Leeds Dock.

Commenting as a representative for the Leeds Office Agents’ Forum, Robin Beagley, Partner at WSB Property Consultants said: “Activity in the Leeds office market has exceeded our expectations – overall city centre take-up is the second highest after the record breaking year of 2013. Activity in the final quarter was particularly strong, not only did we see the biggest letting of the year, a couple of long-running requirements, namely Harrison Goddard Foote agreeing terms at 1 City Walk and Leeds University taking space at 21 Queen Street, finally came to fruition.

“Looking ahead, with buildings 5 and 6 Wellington Place, Central Square, 6 Queen Street and 3 Sovereign Square coming on stream during 2016, the future of the city centre office market looks extremely positive.”

The market out-of-town in Leeds also followed a similarly positive upturn with a 98,490 square foot of office space transacted in Q4 2015 and a take-up for the full year of 268,041 square foot which was again an increase on the previous year, this time of 13%. Many of the deals secured in the last quarter were for large premises of over 10,000 square foot including the largest of them all at 16,122 square foot, let to Cascade HR at the City West Business Park.

Senior Surveyor at Fox Lloyd Jones, Nick Salkeld also commented on the out-of-town market, saying: “We have seen a resurgence in the out-of-town market with circa 270,000 sq ft of take-up during 2015 and a new headline rent set which is testament to the demand for improved quality of stock. The market will be strengthened by new development planned at Thorpe Park, WROP and Kirkstall Forge where these quality benchmarks look set to compete with the city centre stock. These schemes complement existing stock levels across the city and ensure occupiers considering Leeds will be able to choose from a wider range of quality options.”

A positive 2015 sets a good precedent for 2016 to continue in the same vein and for more businesses to make the most of what the Leeds business scene has to offer, both in the heart of the city but also in business and industrial sites around the outskirts and out-of-town areas.

A positive 2015 sets a good precedent for 2016 to continue in the same vein and for more businesses to make the most of what the Leeds business scene has to offer.

 

Written by: John Padgett on Thursday 28/01/2016

 

 

Legal & General team up with PGGM to build 3,000 new UK homes

Legal & General team up with PGGM to build 3,000 new UK homes

 

Legal & General, the pensions and insurance firm, have joined in partnership with Dutch pension fund managers PGGM to build and rent 3,000 new flats across the UK. The scheme will see the new properties built and let out with Legal & General acting as landlord to the new occupants. The scheme is set to start with properties built in Bristol, London and Salford before possibly spreading further around the UK.

The two companies have joined together in this new venture which will begin with 650 flats in Bristol, Walthamstow and Salford and it is their way of taking steps to help tackle the housing crisis. Experts have estimated that over 250,000 new homes need to be built every year to manage the crisis and less than half this number is actually being built. The Legal & General Plan has been described as a “build-to-rent” venture and is said to be worth £600m.

Traditionally the UK private rental market has been dominated by individual landlords who work on a buy-to-let basis rather than large businesses but this has been changing as more companies have adopted a ‘build-to-rent’ mentality and put up blocks of homes and apartments purely for tenancy and not for sale.

Speaking on behalf of Legal & General Capital, the main investment division of the company, managing director Paul Stanworth described the UK rental market as ‘dysfunctional’ and said, “For this to change, and renting to become more affordable, we need to invest in the ‘new’, and build new homes to rent, and just stop inflating the prices of old housing stock.”

Throughout this project Legal & General will act as the property developer and then the landlord of the properties once they are built. The company plans to use rental income to pay pensions and has a target of yields of 3 to 5%.

Legal & General are not the first insurance company to invest in private rental housing, as the asset management arm of the Prudential insurance group, M&G and Hermes Investment Management have also launched similar funds within the last few years. M&G’s first move in the rental market was to build 152 private homes for rent in Acton in West London.

Legal & General’s plan is to focus on urban areas with good transports links around the UK and they also have a focus on the outskirts of London due to their popularity. This new partnership with PGGM has come almost a year after Legal & General made their first investment into the private rental housing sector, with a £25m site in Walthamstow bought in February 2015, with plans to build and rent over 300 new flats.

In contrast to the UK, the build-to-rent market in other countries is much more commonplace with Legal & General’s new partner PGGM regularly investing in this sector and, in fact, have been doing so for over 40 years with nearly £3bn invested into residential projects both back at home in the Netherlands but also in the USA.

Build-to-rent satisfies the needs of the public with demand for housing being so high and also provides something palpable in return on investment for the investor; in this instance Legal & General and PGGM.

more companies have adopted a ‘build-to-rent’ mentality and put up blocks of homes and apartments purely for tenancy and not for sale.

 

Written by: Ian Harrington on Thursday 28/01/2016

 

 

Commercial agents seal deal for global temperature control specialists

Commercial agents seal deal for global temperature control specialists

 

Eddisons has acquired the freehold interest of the Alpha Building on Euroway Industrial Estate in Bradford on behalf of temperature control specialists ICS Cool Energy.

The investment will see ICS, which has operations across the globe, relocate from its existing premises in Caspian House on East Parade in Little Germany to the 30,000 sq ft warehouse on the industrial estate off Wharfedale Road, next to the M606, south of the city centre.

Eddisons’ Leeds-based team acted on behalf of the company, to purchase the freehold of the single storey warehouse, which was on the market for £1.3m through Knight Frank on behalf of previous owner-occupiers, Maccess, the car parts and accessories wholesaler.

Alex Wilkinson, senior surveyor at Eddisons, said: “Large warehouse sites such as the Alpha Building are becoming increasingly hard to find, especially in a prime location and with good motorway access.

“Being able to support ICS in its development by securing a substantial facility that will accommodate its long term growth plans is particularly rewarding and we look forward to seeing the company’s continued success.”

Adam Spolnik, director of ICS Cool Energy, commented: “Having recently acquired the freehold on a 90,000 sq ft facility in Southampton, our board was very keen to invest in another freehold. We’ve worked with Eddisons for a number of years and were confident they would get this purchase over the line for us.

“The Alpha Building offers great potential for a change in our operation and hugely increases our capabilities to support our core industrial customer base across the M62 corridor, the North East and Scotland, while giving a fantastic working environment for our staff.”

Nick Prescott, associate at Knight Frank, who represented the vendor, added: “The Euroway is one of Bradford’s premier industrial estates and, combined with the pent-up demand the city is currently experiencing, we knew the Alpha Building would be highly sought after.

“Occupiers searching for warehousing in the region are having to re-think their approach and accept that they may well have to pay the asking price to secure the right premises – discounts on second-hand warehousing are becoming a thing of the past.”

Large warehouse sites such as the Alpha Building are becoming increasingly hard to find.

 

Written by: on Wednesday 27/01/2016

 

 

Figures Show Rise in Insolvency Cases Among UK Property Investors

Figures Show Rise in Insolvency Cases Among UK Property Investors

 

A newly compiled set of figures has shown a considerable increase in the number of property investment companies around the UK being entered into insolvency in recent quarters.

But rather than being taken as a negative indicator for Britain’s commercial real estate sector, the trend is in fact being attributed to an increase in property values and rental rates around the country and particularly in London.

According to the commercial law firm EMW, there were 346 instances of commercial property investment companies entering insolvency in the second quarter of 2015, which represents an 8 per cent increase as compared with the same period of the year before.

The figures also represent a continuation of a longer term trend with the number of insolvency cases in this context having more than doubled from 154 in the second quarter of 2011.

EMW explains its own findings by suggesting that banks are becoming more inclined to push for insolvency proceedings in situations where their property investment customers have been unable to make repayments on their debts and have effectively existed only as ‘zombie’ companies for the past several years.

Until relatively recently there has been little or no incentive for banks to push for insolvency proceedings in these cases but there is now much more optimism that value can be extracted from what were generally considered to be bad debts in the wake of the credit crunch and the financial crisis.

“Banks have been holding onto these sour loans since the credit crunch struck and are using this opportunity to recoup some of the value tied up in this bad debt,” explained Geoff Willis from EMW.

“Ironically, the rise in insolvencies is down to the improved property prices, rather than an indication the market is in trouble,” he continued.

“Higher occupancy levels and rental increases, especially on office investments in London and the South East has driven up prices.”

Continued growth in demand for office space in various parts of central London, including most notably the West End and the City of London, has been a key source of optimism and value increases with the UK’s commercial property sector in recent years.

Ironically, the rise in insolvencies is down to the improved property prices, rather than an indication the market is in trouble.

 

Written by: Anthony Spencer on Wednesday 06/01/2016

‘Unique’ Bradford industrial site up for sale

‘Unique’ Bradford industrial site up for sale

 

One of the few remaining large-scale development sites in Bradford city centre has come to the market following confirmation of packaging company Holmes Mann’s plans to relocate its business.

Property consultant Eddisons has been instructed to sell the freehold interest of the 73,000 sq ft industrial units on a 2.4 acre site on Harris Street in Bradford. The firm has also been appointed to acquire new premises on behalf of the 125-year-old family business, which produces a range of cardboard and wooden packaging for blue-chip clients such as Rolls Royce, Sony and Johnson & Johnson.

Situated close to the ring road, the prominent site also fronts the Shipley Airedale Road and is suitable for a variety of uses. The existing building includes a number of interconnecting single-storey industrial units, secure yard and car parking areas.

John Padgett, Director at Eddisons, said: “The recent opening of the Broadway shopping centre has been a real boost to the city centre and is helping to put Bradford back on the map in the eyes of developers. Large city centre sites such as Holmes Mann’s, with good access and in a convenient location, are becoming increasingly rare.

“This is one of the last remaining city centre development opportunities which is attracting a lot of interest from a wide range of prospective buyers and we’ve already undertaken numerous viewings.”

Barny Holmes, managing director at Holmes Mann, added: “It’s been a landmark 12 months for Holmes Mann, we’ve celebrated our 125th anniversary, heavily invested in new equipment and expanded the workforce to keep up with growing demand. We now need to move to more modern premises to increase production levels and double our turnover to £7.5 million in 2016 so we need somewhere that will accommodate that growth.”

Holmes Mann has a long history in Bradford. The fifth generation family business was established by Jonas Holmes in 1890 to produce rolling boards for the city’s booming textiles industry. The company plans to relocate to new premises in Bradford.

For further information on the Harris Street site, contact John Padgett at Eddisons: john.padgett@eddisons.com

 

Written by: on Wednesday 16/12/2015

 

 

‘Treasure trove’ of historic Scottish textile industry artefacts to go under the hammer

‘Treasure trove’ of historic Scottish textile industry artefacts to go under the hammer

 

The assets of an historic Ayrshire textiles mill have been put up for sale by online auction. As well as high-tech weaving equipment, the mill also contains numerous antiques and objects d’art, as well as vintage weaving machinery that has played a part in the evolution of the textiles industry in Scotland.

March Street Mills in Peebles closed with the loss of 87 jobs last month after parent company Moorbrook Textiles sold two arms of its business. The factory produced fabric for the Robert Noble and Replin Fabrics brands, which were bought by Moorbrook in the 1990s.

Robert Noble traced its history in textiles back to the 17th century, supplying apparel fabrics and design services to leading fashion and clothing brands from the Peebles site. Replin Fabrics, which produced fabrics for the transport industry, was established in 1945.

Among the industrial antiques that have been discovered inside the mill is one of the earliest Scottish examples of a spinning jenny, the multi-spindle spinning frame that was one of the key inventions, in 1764, of the industrial revolution. There is also a range of antique furniture and collectables.

An 1876 oil painting of sheep by Scottish artist William Watson is also due to be auctioned.

Jason Pinder, director and head of machinery and business assets at Eddisons, said: “Lots such as these very seldom come to market in their original environment. This is a rare chance for anyone interested in the history of the textiles industry to see a treasure trove of artefacts that have been hidden away for – in some cases – centuries.”

The auction will take place on Thursday 10 December with viewings available on Tuesday 8 December. More information on the auction and registration details are available at http://www.eddisons.com/machinery-business-assets/

“Lots such as these very seldom come to market in their original environment”

 

Written by: on Monday 07/12/2015