Eddisons secures £4m Knaresborough office development

Eddisons secures £4m Knaresborough office development


Property consultant Eddisons has acquired the freehold interest of Hexagon House on St James Business Park in Knaresborough on behalf of a private investor client.

The 23,000 sq ft office building, which was on the market for at £4m, was bought by Eddisons on behalf of its client and is currently let as the headquarters of national insurance group Broker Network for a term of 15 years, with eight years unexpired. The annual rental income of £365,000 represents a net yield of around 8.6%.

Hexagon House has recently been refurbished, with flexible office accommodation over three floors which could be occupied in up to six separate office suites and 112 parking spaces.

Steven Jones, associate director and head of agency at Eddisons in Leeds, said: “We were really pleased to be able to secure Hexagon House for our client. Its yield, together with a great location, on a prime business park between Harrogate and Knaresborough, make this just the sort of property that remains highly sought after.”

Matthews and Goodman, London acted on behalf of the vendors.


Written by: Steven Jones on Monday 30/11/2015



New units fully let as Bradford’s economy heads to recovery

New units fully let as Bradford’s economy heads to recovery


A group of newly refurbished industrial units in Bradford have been snapped up by new tenants and are now fully let just five months after going on the market, with four growing businesses relocating to the units at Granby Works on Stanley road in the city.

The 15,500 sq ft site, has undergone a £60,000 renovation including new electrics, security, bathrooms and kitchens, transforming the site from single-use industrial accommodation into space for four businesses. The units, which were completed in the summer, have been let by property consultant Eddisons.

Among the new tenants at Granby Works is Phoenix Fabrications, which produces bespoke metalwork installations for commercial and domestic clients, and Mercedes repairs and servicing specialist Prestige Car Care.

John Padgett, Director at Eddisons, said: “The speed with which we let these units shows that there is a healthy appetite for quality, affordable accommodation among small businesses, a sign that Bradford’s SME economy is well on its way to recovery.”

Jason Hawes, director of Prestige Car Care, which has taken a 3,600 sq ft unit on the site, said: “We started the business back in 2009 and have continued to grow, now employing five people, including two full-time technicians. Our new, larger and more modern, unit at Granby Works gives us the potential for future growth and expansion.”

He added: “Relocation can have pitfalls in a business like ours where we rely on repeat business from regular customers, however our new garage and workshop space is great and we have certainly not lost any trade as a result. We have a much better working environment at Granby Works and a welcoming reception area for customers. The location, close to the main Canal Road, also makes us extremely accessible, both to existing and new clients.”

”Affordable accommodation among small businesses, a sign that Bradford’s SME economy is well on its way to recovery.”


Written by: on Monday 30/11/2015



Major north Manchester strategic site on market with planning for homes

Major north Manchester strategic site on market with planning for homes


A 47 acre strategic residential development site in north west Manchester has been put on the market by the joint administrators of Ten Acre Limited, Brian Green and Richard Fleming of KPMG, and is being marketed by property consultant Eddisons.

The prime brownfield site, on Ten Acres Lane in Newton Heath, comes with a Manchester City Council resolution to grant planning for up to 500 houses over 36 acres. The site also has consent for 37,700 sq ft of employment space and includes 9 acres of open space.

Close to the Etihad Stadium, Sportscity and with direct rail links from the nearby Central Park train station, the Ten Acres Lane site was formerly occupied by Jackson Brickworks and is part of the wider administration of Lexi Holdings plc, the bridging loans firm which entered administration in 2006.

John Padgett, director and head of agency at Eddisons, said: “The resolution passed by Manchester’s planning committee to grant consent for a major housing development is a game changer for this brownfield land, bringing a vital urban site back to life.

“The development of 500 much-needed new homes will be of huge benefit to the local community, as well as being a superb opportunity for the right developer. This kind of development opportunity does not come along very often and, needless to say, we are already seeing substantial interest in Ten Acres Lane.”

The development will include new vehicle and pedestrian access from the surrounding roads as well as public space landscaping for the 9 acres of open space included in the plans.

For further information contact John Padgett at Eddisons: john.padgett@eddisons.com

“The resolution passed by Manchester’s planning committee to grant consent for a major housing development is a game changer for this brownfield land, bringing a vital urban site back to life.”


Written by: John Padgett on Tuesday 17/11/2015



Eddisons acquires Leeds city centre offices for Church of England

Eddisons acquires Leeds city centre offices for Church of England


Property consultant Eddisons has acquired the freehold interest of 17-19 York Place in Leeds on behalf of the Church of England diocese of West Yorkshire and the Dales.

The firm’s Leeds-based team acted on behalf of the diocese to purchase the freehold of the self-contained, grade A office building on York Place in the city centre from Bilfinger GVA who acted on behalf of LPA Receivers.

The four-storey building, which comprises three Georgian townhouses, provides 17,590 sq ft of prime office accommodation together with 16 spaces in the undercroft car park. Part of the ground floor and first floor are let to property developer Moorgarth and construction consultancy Mace, providing an annual rental income of £82,660.

The remaining 10,000 sq ft of floor area, on the top two floors and part of the ground floor, is vacant and will be occupied by the diocese’s resource team.

As part of its instruction, the Eddisons agency team carried out a full search of suitable city-centre opportunities and its building and project consultancy team conducted a pre-acquisition survey on behalf of the diocese. The purchase followed a nationwide marketing campaign with interested parties coming from London, the North West and also from Yorkshire. After two rounds of sealed bids on the York Place office, the diocese became the successful party.

Steven Jones, associate director and head of agency at Eddisons in Leeds, said: “The client had very clear criteria for this purchase; that the property must be freehold, within 10 minutes walk of the train station and be available for occupation from late 2015.

“It is rare to find an office building in the central business district that precisely meets a client’s freehold requirements, but York Place really stood out above all the other properties we looked at and offered the diocese everything they were looking for.”

The York Place building will enable the diocese’s administrative team to relocate from offices in East Leeds, Wakefield, Steeton and Harrogate to work in one central location. A church drop-in centre is being considered for the ground floor.

Matthew Tootell, director and head of office agency at Bilfinger GVA commented: “After a full, comprehensive marketing campaign we were very encouraged by the high level of interest shown in 17-19 York Place and also from where the interest was coming, including property companies and private individuals in London. However the higher bids were coming from owner occupiers in the market rather than investors or developers looking at alternative uses.”

The joint diocesan secretaries, Ashley Ellis and Debbie Child, added: “We have been looking for somewhere in Leeds which can accommodate about 100 staff and would provide meeting and training rooms, all within easy reach of the main transport links. York Place offers us just what we need, and will allow us to support parishes and schools more effectively and efficiently.”

The Diocese of West Yorkshire and the Dales covers an area of 2,425 sq miles, made up of 471 parishes, 656 Anglican churches and 250 church schools.

Peter Foskett and David Whitaker of law firm Lupton Fawcett Denison Till, Leeds also acted on behalf of the diocese. Tim Maddison of law firm DLA Piper acted for the LPA Receivers.

York Place offers us just what we need, and will allow us to support parishes and schools more effectively and efficiently.


Written by: Steven Jones on Monday 16/11/2015



Understanding The Importance Of Commercial Property Yield

Understanding The Importance Of Commercial Property Yield


At its most basic, commercial property yield can be represented by the following:

Yield = Income + Capital Growth

But, in reality, arriving at an accurate figure for commercial property is considerably more complicated than this simplified equation suggests, and much more problematic than finding yield for a residential property, especially during turbulent economic times. In the case of commercial property, there are many more factors to take into account.

Establishing commercial property yield

Which is why, before making any decision regarding a commercial property acquisition, you need to recruit an experienced professional to help you ascertain property value and, subsequently, derive an informed figure on potential yield.

To begin with, when it comes to commercial property yield, it’s necessary to understand that your return on investment comes from two sources: rental income and the capital value of the property. Which is why so many investors in commercial property see these investments as long-term ventures.

It’s up to a valuation expert to help you establish this figure. Obviously, property value is a major factor, but there are many other factors at play also, such as the condition of the property, its location, whether or not a tenant is already in situ and to an extent, how financially successful that tenant is in their operation at the premises.

Economics factors in the wider market will affect also yield. Yield will increase when there are fewer properties available, or when finance to acquire these properties is cheap and readily available. Similarly, when investors sense rental growth as the result of an upturn in the economy, or there’s a change in legislation, such as a new government incentive, all of these variables can affect yields in the commercial property sector.

Not all commercial property is equal

It’s also worth pointing out that not all commercial property is the same. Within general investment property, you have the individual categories of retail, office and industrial commercial property, all of which come with their own pros and cons.

Then there’s development land, which operates much differently to investment property. As it has not yet been built upon, a developer’s margin will need to be assumed and considerable more market knowledge will be needed to make an assessment when it comes to yield. Planning issues, construction complexities, local authority levies and regional issues all conspire to make determining the sales values for commercial units notoriously difficult to predict. Developing land can be a very high-risk venture, so this risk needs to be accounted for within the yield assessment.

Get the right advice

Moreover, there will always be anomalies in commercial property yield that only an experienced professional can understand. No one individual can be an expert in all of these variables associated with commercial property, so it’s important to get advice from a team with the track record and in-depth knowledge of the specialist areas involved in commercial property yield.

Find out more by talking to the people at Eddisons here.



Written by: John Padgett on Thursday 05/11/2015


Top tips when it comes to buying land

Top tips when it comes to buying land


Investing in land can feel like a risky endeavor, but with the right mindset and knowledge, it doesn’t have to be.

According to the UK Land Directory, the price of residential land has risen eight-fold over the past 20 years. If you are thinking about investing in land rather than concrete property, there are some things to bear in mind to inform your purchase.

Be realistic about your expectations

Many look to invest in land with an idyllic view of what it will be, and then become disheartened when it requires more effort than they are willing to put in. To have a successful acquisition of land, you need to do your research to understand and mitigate the risks. By analysing the market in your area, you will be able to assess whether the land, legal and survey costs, building costs and the unforeseen is really within budget. Then you need to assess whether your project will make a realistic profit.

Determine the plot’s history

Ensuring that there are no environmental issues before you buy will save you a lot of trouble in the long run. Without this research, there is the potential that you will be liable for any environmental problems once the property is developed in your name, which would make the land very hard to re-sell. Get in touch with a professional surveyor and find out what the land has been used for, why it’s for sale, and other important facts about the area you’re considering.

Examine what the neighbouring land/properties are like

When it comes to re-selling the property for a profit, the adjoining properties in the area could have a large impact. If there are any problems in the surrounding area that are beyond your control, while the land itself may seem a good investment, you could be left unstuck if you’re unable to sell once you’ve developed on it.

Find out the availability of utilities

Although the land might be in a beautiful and scenic area, if there is not access to water, sewer, electricity, phone and (fast and reliable) internet, then it may not be considered a worthy build. As most people buy land to build on you will need to be aware of anything that will make the property unlikely to make a profit.

Determine if there are any usage restrictions

Make sure that you understand the restrictions in place within the city or township, so that you do not end up in conflict with the local council or find yourself forced to pay fines for not adhering to planning rules and regulations. In the main, most restrictions will be understandable and will benefit you as well as the whole area. However, there are times when the restrictions are not in keeping with the plans that you have with the land. Get yourself in the know now and avoid any pains later.


Written by: John Padgett on Friday 23/10/2015

Beginners’ guide to investing in commercial property – Eddisons

Beginners’ guide to investing in commercial property – Eddisons


A distinctively different asset class from residential property, commercial real estate has plenty to offer in the way of gains to savvy investors.

The UK’s commercial market is set to enjoy huge gains as investor confidence has returned to the market following the 2007 recession, with deal volumes at the close of Q3 2015 totalling over £50 billion. It isn’t too late to move into this market, and with the specialist knowledge and assistance of commercial property experts, investors can find incredible deals in established markets such as London and elsewhere throughout the UK.

Understanding the basics

Commercial property is, by definition, real estate that is used for business purposes.

This can therefore include a range of properties, from warehouses to offices, car parks, retail space, and even vacant land. You can invest indirectly through a fund such as a REIT, or directly by investing in a fund that holds physical property in it’s portfolio. Alternatively, you can invest directly by simply acquiring the physical asset yourself. A collective investment scheme is perhaps the easiest way for first-time investors to break into this market.

When a conventional bricks-and-mortar fund invests directly, they will buy the property and assume responsibility for the maintenance and rent collection. While there are certainly benefits to this method, there are some difficulties, the obvious drawback being that large buildings like offices and warehouses are not easily or often bought or sold. Another factor to consider is the cost of buying such a property outright, along with the time and effort associated with running the property, leasing it, and collecting rent.

Therefore, many buyers examine the prospect of a property securities fund, which invests in the shares of listed property companies. Investors also have the option of directly purchasing shares in a REIT, a real estate investment trust, which will normally have a portfolio of numerous properties.

Prime, secondary and tertiary commercial property

Commercial properties are broken down by asset class based on their value, and are categorized as being primary, secondary or tertiary property.

Prime property is the most valuable, high-quality property, normally located in central areas of large towns and cities, and therefore more likely to draw in a high quality of tenant. Secondary and tertiary property can be found in less prime locations, but still have lots to offer investors. However, a smaller pool of tenants means there is a higher risk of prolonged vacancy rates, or periods when the property lies empty.

Whether investing in any property in any category, it’s important to bear a few things in mind when entering the market. One thing to think about are vacancy rates; not only can an empty property put a dent in your cash-flow, but it can attract thieves and miscreants that can cause huge amounts of costly damage. Finding high-quality tenants to avoid defaults on rent is important, and so you should always ensure a guarantor is in place when leasing a property.

Volatility, diversification and liquidity are three aspects of investment that those interested in commercial real estate should be keenly aware. Working alongside a specialist firm with experience in this sector can help you make an informed decision and protect your investment.


Written by: John Padgett on Thursday 22/10/2015