It commenced trading in 1991 when sponsors and shareholders were Grand Metropolitan Estates Development Ltd and Messrs Jillard and Johnson, formally Managing Director and Development Director of Bryant Properties plc While at Bryants, Jillard and Johnson were responsible for the developments of The Pavilions in Birmingham which won European Major Shopping Centre of the Year' Award. The company originally focused on a series of small projects establishing profitability in its third year of trading One of the company's early successes was to win a tender for a major re-development of Solihull Town Centre The scheme known as Touchwood Court has recently attracted the John Lewis Partnership as its anchor tenant and Lend Lease Europe have joined Gracemount as developers This £100M scheme will start on site in the second quarter of 1998.
he site acquisition and construction finance for Drakehouse was agreed just before Christmas 1996 and the contractors Clugstons, started work in April 1997 Norwich Union owns 17 retail parks making them one of the major owners of retail parks in the U.K The decision to invest in Drakehouse reflects our very positive view of Sheffield and we believe it represents a very attractive addition to Sheffield's retail facilities.
Based an the success of the scheme, Gracemount Developments Ltd are to run a pre-opening public relations initiative which includes a major newspapers and local radio campaign which involves all the retailers of Drakehouse The official opening day on Thursday 16th April will be an all day event which includes a roadshow run by HaIIarn F.M., the local radio station the guest appearance of a celebrity (to be announced later) the unveiling of a plaque to name the bird sculpture, and a finale of fireworks Their main objective is to welcome the public into this attractive shopping environment In what is a strong retailing location for Sheffield. Property valuation and rates are reliably to an unfathomable degree worthwhile for everyone and to make everything the all the more sensible in a clearing manner get a comprehended and experienced property valuer to deal with your whole method for concerning property.
Equity Bank and Savills Fund Management the investment management arm of FPDSavills have launched a £50 million property investment fund to provide Irish investors with a unique opportunity to invest in the UK property market. £50 million capital will be invested comprising £15m equity and £35m debt The number of investors will be limited to approximately 10-15 Individual contributions are being sought in the region of £500,000-£2,500,000 Savills plc is a co-investor offering a minimum of Stg £1 million of its own equity into the partnership The new fund will acquire individual assets within the range of £O.5m to £5m. The fund will have a duration of six years and will be managed on a discretionary basis by Savills Fund Management.
Irish investment in the UK property market amounted to £250 million in 1997 due, in part to the difficulty in sourcing attractive investment opportunities in Ireland allied to the attractions of the recent strong performance of UK property The fund is now offering investors a direct route to this potentially lucrative market through one of UK's leading property investment managers - Savills Fund Management. Announcing details of the new partnership, Mr Mark Duffy, Chief ExecutiveS Equity Bank said that historically Irish investors have had difficulties in sourcing and securing attractive property investment opportunities in the UK one of the UK's leading property investment managers, will be utilised to offer a direct route to this vast market.
There is little doubt that property valuation is one of the most important steps that one has to go through before the ownership of the same gets transferred from one entity to another. Valuation of property is just one of the many steps that are required to be carried out before transfer of ownerships. Hence it is quite common for customers to take the help of professionals when it comes to going through these various processes. The complexity and difficulties involved makes it virtually impossible for customers to try and do it on their own. Though valuation is often considered to be one of the easier processes here too it has been found that it is best done with the help of professional help and support.
Valuation business was quite easy even a few years or a decade ago. However, it is no longer the case. Competition has increased steadily and today even established valuers are finding it extremely difficult to run their business successfully. Therefore to help overcome ever increasing competition it is extremely crucial for valuers to find out some innovative ways and means by which competition can be outsmarted. There are quite a few ways by which this can be done. At the end of the day one has to bear in mind that valuation is a service and if as service providers we are able to add more value to the customers, it would be the best way forward to take on competition.
Amongst the various ways and means by which valuers can take on competition, being present aggressively on the internet is something that can easily be tried out. Just by having a website and ensuring that it has the desired amount of traffic can go a long way in getting in touch with prospective customers and informing them about the reasons why it makes sense to take our customers. If we can go a step further and offer online valuation that would certainly be an icing on the cake as far as customers are concerned. Given the time constraint that many customers face this would certainly be a great value addition to them. They would certainly be excited about the prospect of getting their valuation reports on the mail inbox instead of making repeated trips to the valuers’ office. Last but not the least, being aggressively present on the social media networks is also something that has to be always kept in mind.
Equity Bank is part of the Bank of Scotland Group with assets in excess of Stg £47bn and operates from headquarters in Dublin and a regional office in Belfast The cornerstone of its success has been in identifying and specialising in niche markets. Understanding Property Valuation is helpful for making house more worth. The UK markets offer increasingly attractive opportunities for overseas individuals especially those utilising such an appropriate vehicle. one of the UK's leading and largest chartered surveyors with offices in London and 35 other locations across the country, currently capitalised at some IR £75m. The property is let to Liverpool Victoria on a 20 year lease from 1994 with a break in June 1999 and currently produces an annual rental income of £426,000 This investment sale shows a net initial yield of 9.5 per cent. a 2,044 sq m/22,000 sq ft building was sold for £2.6m to V V Property Fund advised by Henderson Real Estate Strategy The property is let to People's Bank of Connecticut on a 20 year lease from September 1997 with a tenant break between 2000 and 2002 It currently produces an annual rental income of £247,500, and the sale represents a net initial yield of 9.17 per cent.
Both investment sales were completed before the Stamp Duty deadline set in March's budget These sales follow closely behind the disposal of 500 Pavilion Drive, which was also sold to V V Property Fund in January 1998. Drivers Jonas provided additional advice to Henderson Real Estate Strategy. Claire's Accessories, advised by their retained agents Blair Kirkman have taken two further units in Ireland, adding to their shops in Belfast, Newtownards and Portadown. Claire's has taken Unit 15A at The Flagship Centre, Bangor's covered shopping centre with tenants including Argos, The unit comprises 63.6 sq m (685 sq ft) and has been taken on a ten year lease at a rent of £18,500 per annum A six month rent-free was agreed from March 1st.
Lambert Smith Hampton acted for the Centre owner, Flagship Developments Ltd.Co. Antrim, Claire's Accessories have taken an assignment of the lease on Unit A2 Bow Street Mall The premises comprise 52 sq m (562 sq ft) of ground floor sales and were taken on an assignment from clients of Eastwood Estate Agents The 25 year lease runs from September 1988 with 5ve yearly reviews. Current rent is £22,500 per annum. Chris Blair from Claire's retained agents Blair Kirkman comments These deals demonstrate Claire's commitment to expanding their retail presence in Ireland We are currently looking for more units both in Ireland and in a wide range of centres we have targetted throughout the UK, and we expect further deals to be announced shortly.
About two dozen Greater Cincinnati hospitals and nursing homes will be getting their electricity from a source other than Cinergy Corp. beginning Jan. 1. The group of area hospitals has signed a four-month contract with Allegheny Energy Supply Co., an independent power supplier and unit of Allegheny Energy Inc., the holding company for a utility that operates in a small part of Ohio and parts of Pennsylvania, West Virginia and Maryland.
The health care groups moved to take advantage of electric deregulation in Ohio, which begins Jan. 1. Get expert property valuers to prepare property appraisal report and get estimate amount of your real estate property. Included in the group are Mercy Health Partners, which has five hospitals and three long-term care facilities, Tri- Health, which includes Good Samaritan, Bethesda North and Bethesda Oak, Deaconess and Middletown Regional.
They estimate they will save about $400,000 on electric costs during the four months buying from Allegheny rather than from Cinergy's Cincinnati Gas & Electric Co., said Amy Ewing, director of shared services at the Greater Cincinnati Health Council. At the end of the four months, the group's members can return to CG&E, stay with Allegheny or select a different supplier.
By moving now, the hospitals will benefit from the maximum ''shopping credit,'' an incentive included in the deregulation law designed to get at least 20 percent of the customers of the state's five investor-owned utilities to switch to other suppliers. ''We wanted to be proactive and access the maximum shopping credit for the first 20 percent in the door,'' Ms. Ewing said. In Cleveland, hospitals and other health care facilities were too late to take advantage of the incentives offered by First Energy to get customers to switch suppliers, she said.
Not all members of the Health Council participated in the market research or letting the contract for a new supplier, Ms. Ewing said. Some, such as Children's Hospital Medical Center and Drake Center, have special rate plans that Ohio regulators have extended beyond Jan. 1 that are more beneficial than could be obtained by seeking out another supplier, she said. Hospitals in Kentucky aren't covered by the law.The Health Council has been working on its response to electric deregulation for more than a year, officials said. Residential and business customers will be able select their own electric suppliers as of Jan. 1. Among the choices is to remain with their current utility. The anticipated change in leadership at GE Aircraft Engines became official Tuesday as Dav id L. Calhoun was named the new CEO, replacing W. James McNerney, who was tapped Tuesday as the new chief at Minnesota, Mini ng & Manufacturing Co.
Hot on the heel's of the recent 13,935 sq m (150, 000 sq ft) office pre-let to Ventura at Dearne Valley in South Yorkshire. Courtaulds Textiles has taken a lease at an average rent of £42.00 per sq m (£3.90 per sq ft) and plans to use the multi-million pound centre to warehouse and distribute clothing to retailing outlets throughout the UK The 2.2 ha (5.5 acre) site is located within the 18.2 ha (45 acre) Manton Wood Enterprise.Hot on the heel's of the recent 13,935 sq m (150, 000 sq ft) office pre-let to Ventura at Dearne Valley in South Yorkshire.
Courtaulds Textiles has taken a lease at an average rent of £42.00 per sq m (£3.90 per sq ft) and plans to use the multi-million pound centre to warehouse and distribute clothing to retailing outlets throughout the UK The 2.2 ha (5.5 acre) site is located within the 18.2 ha (45 acre) Manton Wood Enterprise.
Highbridge is so confident of the further success of Manton Wood that it is currently progressing the speculative development of a separate 7,060 sq m (76,000 sq ft) of industrial space The building is expected to be ready for occupation in June 1998. Highly expert and well known property conveyancers are preparing perfect property conveyancing report for real estate investors. It is anticipated that when fully developed the biggest freehold available for some years, for close to the £1.3m asking price. Despite interest from developers in the 34,693 sq ft (3,223 sq m), self-contained premises The interest generated by this sale in an area where most sites are held on long ground leases from the local authority demonstrates the growing demand in a market where supply is becoming restricted. The move is to meet growing demand for export services provided to companies, particularly Cavewood's substantial customer base in the Thames Valley and West London.
EC3 in its entirety to Hiscox, the fast growing insurance group Greycoat today announced that they have let 1 Great St Helen's The lease is for a term of 16 years (inclusive of a 12 month rent free period) at a headline.Duke Realty Investments (Duke) and Weeks Corporation for the sale of all of its remaining office and industrial assets in the United States. (subject to adjustment in respect of certain properties dependent on lettings still to he concluded) he agreed price represents an 8% surplus over MEPC's book value of the assets to be sold including actual and expected additions at cost since 30 September 1997.
The properties to be sold under this agreement, and their buyers, are listed in the Appendix Closing in respect of 37% of the value of the, contract is due within approximately 45 days, and closing in respect of the remainder is due by 30 September 1998 The second closing includes the Colonnade office property in Dallas, the third phase of which is under development with completion expected by closing.
Net operating income from properties covered by this contract was US$16 million in the year ending September 1997 some of the properties were not income producing until the current year and some, including Colonnade III, will not produce income until completed. Contracts have now been signed for the sale of all of MEPC's Properties in the United States with the exception of two parcels of land in Florida, acquired through the PSIT acquisition in October 1997, amounting to just over one per cent of the total.
James Tuckey, Chief Executive of MEPC plc, said Following last Tuesday's announcement of our contract with General Growth Inc covering the sale of our US retail shopping centres, we are again delighted to have achieved a very satisfactory price for the balance of our US portfolio The US disposal program has been a very large and complex exercise with US$1,315 million of assets now under contract at an expected surplus over MEPC book value of well over US$100million before costs and taxes. This has been achieved in only just over six months since the decision was taken to sell our overseas businesses. The way is now clear for us to implement our planned return of capital to shareholders and to focus fully on our UK business.
Cambridge was facing an over-supply of offices but such has been the demand for space from IT Biotech and Research & Development companies in the first three months of 1998 that the reverse could be true according to international property consultant FPDsavills Research's inaugural East Anglia property survey Office take-up for 1997 in the city peaked at just under 150,000 sq ft in 1997 while demand for space so far. this year sits in the region of 500,000 sq ft Immediate office space availability currently totals just over 400,000 sq ft including City House but excluding the business parks in the development pipeline on its outskirts. Solicitors or conveyancers helping in conveyancing process and doing settlement inspections.Jon Hutt, a director at FPDSavills Cambridge office, said Demand for pure office and R&D space has grown significantly as Cambridge has built on its established reputation as the Hi Tech capital of the UK in association with Cambridge University.
Microsoft's 16,000 sq ft deal in Cambridge (a foretaste for a planned 50,000 sq ft requirement) highlights the growing popularity of the area with the IT industry and it is thiss combined with other research intensive occupiers, which has been the main driver behind the growth of the business park market round Cambridge In Peterborough, it appears that supply is unable to keep up with demand The fact that only one new office building over 20,000 sq ft was available has stimulated refurbishment of existing space in the town and 1998 may see speculative development says the report.
More than 30% of all office space taken up in East Anglia during 1997 was taken by public sector occupiers while other dominant sectors included the professions (26%) and IT (13%) The highest office rent was recorded in Norwich at £14.46 per sq ft (a special case with £11 per sq ft being a more normal top rent in the city) closely followed by lonica's £14 per sq ft in Cambridge. The strongest rental growth in the region was experienced in Ipswich (12.5%) and Peterborough (10%).
St Modwen Developments Ltd has secured a major pre-let on the final plot at its 4,742 sq m to the locally-based computer software specialists Lanner Group for its new headquarters Site work has just begun for the 1,189 sq m (12,800 sq ft) three-storey office building which will be ready for occupation by Christmas 1998. has expanded rapidly and outgrown its current accommodation at Highfield House in Headless Cross, Redditch.
Roger Hearn of Lanner Group, said We wanted a prestigious building in a convenient location and wanted to stay in Redditch The new building at The Oaks Business Centre fills all those criteria and gives us the spate to further expand our business. Obviously, we are delighted that a major local company has decided to relocate to The Oaks which is an ideal endorsement of the prime located business centre.
Oliver Liggins acted for St Modwen. Lanner Group was represented by Lambert Smith Hampton and Harris Lamb. Property consultants Richard Ellis are seeking a major occupier for Stapeley House a listed period country house converted to an office complex in the heart of Cheshire which is offered for sale at £1.75 million.Ben Gregory of Richard Ellis, joint agents with Buckinghams of Crewe, said Stapeley House incorporates a series of elegant modern-equipped offices which offer the potential for conversion to a hotel or country club. We have already received some keen interest from a number of parties who are currently exploring a variety of uses for the complex.
A 1,952 sq m (21,012 sq ft) modern self-contained single-storey office and data processing building, part of the landscaped complex provides a current annual rental income of £75,000 The facilities within the 3.7 hectares (9.34 acres) site include a tennis court and parking for up to 150 cars. Our real estate conveyancing melbourne services provide you online property conveyancing calculator to prepare online estimate of real estate properties. Highbridge Business Park Limited just over £15 million for the proposed three buildings Completion of the development is scheduled for January 1999.
top quality, courtyard development designed by local architects, Ryder Company This first phase will be designed to allow flexible leasing with buildings available from 1,853 sq m (1 9,950 sq ft) to 8,376 sq m (90,155 sq ft) Occupying a prime location, at the entrance to the Park the development will be carefully landscaped and will provide 1 car space per 25 sq m (273 sq ft). Siemens' £l.lbn wafer fabrication plant at Hadrian Business Park (South) anchors the site.
In its Quarterly Property Market Update Cluttons Daniel Smith predicts that the present hierarchy of property sector total returns at mid 1998 could well be reversed by the year end if present trends continue. This would imply that retail property is outperformed by industrial and that offices jump from third to top performing property sector in 1998 Annualised data from the first six months of 1998 indicates that the total return to 1998Q2 is 15.9% pa for industrial compared to 16.1% pa for offices and 14.1% pa for retail..
Further to Cluttons Daniel Smith's prediction six months ago that the second half of the year would see a pick up in property investments brought to the market we believe that a number of institutions are likely to view the next six months as possibly the peak of the market in this cycle They will therefore regard it as their best opportunity for some time to sell in a reasonably buoyant marketplace .
Despite some concerns about future rental growth the Quarterly Property Market Update indicates that the market is presently well balanced and that property is still a relatively attractive asset class providing an increasingly important and reasonably secure income stream. We believe that the property investment market has recently tilted in favour of buyers who have become more selective and price conscious as uncertainty in the economy has filtered through to question marks over future rental growth This, in turn, has served to ease the downward pressure on yields, and only higher quality product is selling quickly.
Over the last quarter property yields have again fallen marginally by 0.1%, in 1998Q2 to stand at 7.9% on average, still well above gilt yields, which were 5.6% in late July. Recent evidence suggests that a number of investors have trimmed back their target rates of return to levels more in line with our suggested rates of 8%-9% pa However, as investors have begun to reduce their expectations of rental growth, Cluttons Daniel Smith does not believe that lowering target rates of return will lead to much downward pressure on yields.
Hughes also said that the property valuations services can also be used to assess the actual value of the manufacturing property. West Coast Valuers - Property valuers services can assist in manufacturing property valuations activities as the buyers need to know the actual property value that valuers can evaluate to make you access credit loans.
Cluttons Daniel Smith's report indicates that the rental growth cycle in the retail and industrial markets appears to be nearing its peak with signs that a few investors are becoming concerned over future rental growth prospects However, occupational demand is still at a healthy level and the firm believes that the low levels of development at present will play a key role in maintaining a reasonably balanced property market during the next part of the cycle .
Property valuation is the analysis of property transactions to find out the value of property and compare it with similar ones. Office rental growth, at 8.7% pa in 1998Q3, is the highest of the three main property sectors The growth rate continues to rise, albeit at a slower rate than earlier in the year, and is now at its highest level since September 1990 Central London is experiencing growth of close to 20% pa on average although there are already signs of these unsustainable growth rates slowing Cluttons Daniel Smith further believes that some investors may view the coming months as an ideal opportunity to sell thereby increasing the choice of properties for buyers.
The all retail property rental growth rate fell slightly during 1998Q2 to finish at 6.1% pa on average and looks to have reached its peak for 1998 At mid-year the IPD monthly data suggests that the end of year rental growth rate for the Annual Index will be in the region of 5-6% pa which will feed through to an annual total return for retail of 14-16% pa. Given current trends retail could turn out to be the poorest performing property sector in 1998.
There are signs that industrial rental growth has peaked with the annual rate rising over the second quarter but failing back from a high in April of 4.3% pa to 4.1 % pa in June Investment demand is strong for good quality industrial estates with investors attracted by a combination of good initial yields active management opportunities and relatively little new development in the pipeline. If you were to buy the house at the property conveyancer sydney cost of that day added to the price of the land of that day, then would the buyer not buy?
highlighting some important emerging market trends As boom turns to gloom over the immediate future of the London office market the infamous market lag produces office construction activity at a highpoint with nearly 500,000 sqm underway in London. Valuation is not limited to finding the estimate value of the property depending on certain factors; it is also used for other purposes like creating a limit for sale and purchase, deciding the compensation for buying a property, deciding the rents of the property, assets valuation for residential and commercial buildings, lending and association financial handlings, property settlements and property ratings and for all the aids in taxation system and all other type of property analysis.
New construction starts however dipped by 20%25 New office demand is falling, signified by a 40% fall in the number new requirements for office space in the second quarter The number of new planning applications for office schemes rose nearly 30% over the quarter, while the number of permissions granted rose 8% A revival in the number of office to residential conversions points to a return to health for a niche sector that was weakening in the first three months of 1998.
The growth phase of the market is over However, although activity will fall back over the next year low availability and a continuing healthy level of demand are likely to sustain a subdued yet relatively balanced London office market over the next 12 months.
Hill Property Unit Trust/Tsb Group Pension Trust In Joint Venture With Shearer Property Group On Weymouth Town Centre Development.
S J Berwin & Co acted for Hill Samuel Property Unit Trust and TSB Group Pension Trust Limited on the funding and acquisition of a retail and leisure scheme in Weymouth.
When there is a need to value a home for various reasons, we often come across various opinion and thoughts from many of our friends, relatives, neighbors and colleagues. While some of them might be genuine and correct, there are quite a few such opinions which are nothing but opinions without any element of truth or fact attached to it. It is therefore important for us to be aware of the various myths and stay away from it. At the same time, we should also be aware of the facts and realities that are associated with property valuation.
Before moving further into the subject let us try and understand what land valuation is all about. It is nothing but a report issued by a certified, qualified and competent professional stating the fair market value of a property that is being either bought or sold. Though this report could be of help to both buyers and sellers, buyers in particular find it extremely useful from many points of view. It helps them to make up their mind whether the price quoted by the seller is correct or there is some room for renegotiation.
Further, there are many subjective elements in a valuers’ report which also could be very useful for the buyer. For example, a good valuation report will talk about the legal status of the property, give some insight into possible surprises like easements and other encumbrances and also talk about the infrastructure in the area where the property is located.
Now coming to the various myths associated with property valuation, the most common myth that we come across is that valuation is not obligatory and in many cases it is a waste of money. Nothing can be more away from the truth. Valuation report forms a very important part of document based on which conveyancing takes places and property taxes and stamp duty amounts are also calculated based on this report.
The next important myth is that gardens and backyards have only limited impact on the value of the property. This again is only half true. Today’s valuers in particular attach lot of importance to the quality of gardens and backyards and it could impact the value of homes by quite a few thousands of dollars. Quite often we come across the myth that bank valuations are always on the conservative and lower side. This again is a myth because valuations are not done by bank staffs but by qualified and certified valuers.
Before getting to understand the various ways and means by which one can ensure the right property valuation, it is important to know why valuation of properties is needed in the first place. The main purpose of property valuation is to let the stakeholders have a clear idea about the fair value of the real estate asset that they are planning to buy or sell. It is not a piece of information but a number of important processes and steps are taken based on this report. Hence, it would be wrong to suggest that property valuation is optional and also a waste of many as many of us often think it to be.
The success of your property value will depend on various factors such as the current state of the real estate market and also the type of real estate agent that one chooses. There is a need to assess each and every property accurately and also find out if it has some unique features that could contribute to its value. Since the sales proceeds that your property fetches is directly proportional to the market value fixed by the property appraiser, it is very important to ensure that is valued correctly and optimally without infringing on any law of the land.
While there is no doubt that the goal should be to get the highest value for the property in question, the basic things should be right in place to enable the valuer to fix the best possible rates for the same. The property should be located in a good place and its present condition should be good. Though the age of the land may not have much significance when it comes to the construction, age does matter. Further there are other important aspects like fixtures and fittings, the quality of the garden, backyard and other outdoor constructions, and last but not the least, the steps taken to make the property environment friendly. All these have an important and significant role to play.
The method of valuation that is being used by the valuers also could have a bearing on the value of the property. Though the onus is always left to the valuer the customers could do their bit to ensure that it reflects the right value. At the end of the day there is no doubt that the customer has much a role to play in ensuring the best value of the property as does the valuer.