Fenn Wright

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Fenn Wright

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  • fennwright.co.ukfennwright.co.uk

    WHERSTEADPARKHigh Quality Office to Let

    Fenn Wright recently acted for the East ofEngland Co-operative Society in relation tothe Freehold acquisition of Wherstead Park tothe south of Ipswich town centre. The propertywas formally occupied by E.On and comprisesa total of about 88,000 sq.ft. of high qualityoffices and ancillary accommodation, withinattractive landscaped grounds extendingto 17.5 acres. The main building totalsapproximately 68,000 sq.ft. and is arrangedover three floors, around an impressive fullheight central atrium. The guide price forthe freehold interest was 7,000,000.

    The East of England Co-operative Societywill operate Wherstead Park as a prestigiousregional business park. Wherstead Park willalso provide a new headquarters for theSociety and the total workforce on the siteis expected to be between 400 and 500.

    The property also includes an impressivefully refurbished Grade I Listed Georgian

    Manor House which will be used as atraining and conference centre.

    There will be some 33,000 sq.ft. of modernoffice space available to let to otherbusinesses. Fenn Wright have been instructedto let this accommodation and already haveinterest from a number of companies, witha 10,000 sq.ft. suite already under offer.

    Alistair Mitchell comments the property isin an excellent strategic location adjacent tothe A14/A137 intersection and within easyreach of both Ipswich and Manningtreerailway stations. There are extensive on sitefacilities and the property offers some ofthe best quality accommodation in the area.

    For further information:Please contact either Alistair Mitchell orMark Sargeantson at the Ipswich office.E: agm@fennwright.co.ukE: mjs@fennwright.co.uk

    Fenn Wright acting on behalf of FaberMaunsell have acquired 6,000 sq.ft. of thirdfloor offices at Saxon House, Chelmsford on anew 10 year lease. Fenn Wright were retainedto identify high quality accommodation inChelmsford with easy access to the railnetwork and it quickly became apparent thatSaxon House with fit their requirementswell. On behalf of Faber Maunsell, FennWright were able to secure a refurbishmentof the accommodation, a generous rent freeperiod and competitive rental terms.

    CHELMSFORD ACQUIREDFOR FABER MAUNSELL

    Contents PageEmpty Property Rates 2Investment & Tax Planning & Approaches 3Corporate Recovery 3Market Place - Sold & Let 3Energy Performance Certificates 4Faber Maunsell Expand into Chelmsford 4

    NOTCUTTSEXPANDNORTHWARDSNotcutts has recently completed thepurchase of a further 6 established GardenCentres in the Midlands and North WestEngland to compliment the 13 NotcuttsGarden Centres that are owned and operatedby this successful 111 year old Woodbridgebased business. It is now the third largestchain of Garden Centres in the country. FennWright were delighted to receive instructionsto value 7 of the freehold Garden Centresalready owned by Notcutts as part of thecorporate funding arrangements.

    Deputy Chairman William Notcuttcommented we would not have been ableto achieve this deal on time and on pricewithout the full support of Fenn Wright.These sites will compliment the Notcuttsbrand as each has an excellent team of staffwho achieve high standards of customerservice and plantsmanship.

    Commercial, Residential, Rural and more...

    Winter 2009

    DILAPIDATIONBRIEFING

    As you are no doubtaware a landlord canenforce the repairingclauses of a leasethrough a Scheduleof Dilapidations. Thisdocument identifiesitems of disrepairwhere a tenant hasfailed to comply withthe repairing covenantswhich then Schedulesthe works required toleave the demise in

    repair. This can be done by way of variousoptions, a Notice of Repair, an InterimSchedule or finally a Terminal Schedule.

    A Terminal Schedule of Dilapidation canbe served in the last three years of theterm, or up to six years afterwards. If theSchedule is drawn up before the end of thelease, there is a greater chance that repairswill be undertaken by the tenant and thatthe property will be left in adequatecondition for re-letting. If the tenant takesno action then their only option is to makea damages payment based on an agreedclaim amount.

    However, a claim against the tenant may belimited by statute and case law, which coulddrastically reduce a claim and is not alwaysbased on the cost of repair.

    We recently succeeded in settling aTerminal Dilapidations Claim to cover thecost of a complete external redecorationand repair of premises in Ipswich. This alsoincluded the landlords professional feeswithin the claim. One of the reasons thatthis claim was successful was that thelandlord proved their loss by undertakingthe works. An example of where a claim canbe limited is where a rent free period isprovided to a new tenant to mitigate thecost of the disrepair if no works have beenundertaken. In this respect we were alsorecently succeeded in agreeing adilapidation claim against an outgoingtenant where the incoming tenants rent freeperiod was 4 months to cover the cost ofthe disrepair to the premises, whichresulted in our client receiving a damagespayment to compensate their financial loss.

    Should you have any queries in respectof property matters with regard todilapidations either as a landlord or tenantplease do not hesitate to contact:

    Nigel Berry BSc MRICS - Building SurveyorT: 01206 216563 E: nb@fennwright.co.uk

    ENERGY PERFORMANCE CERTIFICATESFOR COMMERCIAL PROPERTY- A BENEFIT OR BURDEN?From 1st October it became a legal requirementfor vendors and landlords to obtain an EnergyPerformance Certificate (EPC) for the vastmajority of commercial properties offered on themarket for sale or to let.

    EPCs have been introduced as part of the UKimplementation of the EU Energy Performance ofBuildings Directive. The phased introduction ofthe new regulations started in April and therequirements for EPCs now relate to nearly allcommercial properties which come onto themarket. There are a few exceptions where anEPC is not required although these are verylimited. Trading Standards Officers are responsiblefor the enforcement of these regulations andpenalties for non compliance are based upon12.5% of the Rateable Value, subject to aminimum of 500 and a maximum of 5,000.

    The Certificates which rate building energyperformance on a scale of A to G, are valid for aperiod of 10 years and are intended to give anestimate of the energy usage and CO2 emissionsof a building.

    EPCs have to be produced by suitably qualifiedenergy assessors and the Certificate must beavailable at the point the property goes onto themarket. After 4 January 2009, an EPC must beavailable when marketing commences.

    These new Certificates will not in themselveshave any impact upon actually reducing carbonemissions as this is dependent

    upon how the future occupier uses the premises,rather, they provide an indication of the energyefficiency of the building fabric and the heating,ventilation, cooling and lighting systems within it.

    A high proportion of our clients have receiveddetails of these new obligations with frustration;EPCs can be expensive, the cost of provision formost medium sized commercial properties willbe 500 1,500, and routinely potential tenantsand occupiers fail to ask to see an EPC andwhere produced are ambivalent about its content.

    With due deference to the increasinglyimportant green agenda, it is not difficult toadvance a strong argument that EPCs offer poorvalue for money and contribute little to the processof selling and acquiring commercial property.

    Fenn Wright are able to recommend a local, fullyaccredited Consultant to undertake EPCs.

    For further information:Please contact eitherL C ChambersE: lcc@fennwright.co.ukorA G MitchellE: agm@fennwright.co.uk

  • Market Place

    7,149 sq.ft. LET - MeltonFenn Wright in Ipswich let this modern warehouseat Melton to Seers Medical Ltd at a rent close to thequoting rent of 27,000 pa.

    The property comprises a modern warehousebuilding of steel portal frame construction andarranged upon two floors, together with a largesurfaced forecourt. The property has twin rollershutter doors, a gas fired heating system and aircondition to the first floor office accommodation.A large external forecourt provides parking.

    7,093 sq.ft. SOLD - IpswichFenn Wright have recently sold premises in FoundationStreet, Ipswich with a total floor area of 7,093 sq.ft.Acting on behalf of Corsegreat Developments, theproperty was sold to a local charity and is to beoccupied by The Iceni Project.

    The property is arranged upon three floors, togetherwith basement storage accommodation and offers acombination of cellular and open plan accommodation.

    Car parking is provided to the rear of the propertyfor approximately eight vehicles accessed off LowerBrook Street.

    16,250 sq.ft. LET - ColchesterActing on behalf of Fame Commercials andColchester Tractors Ltd, this 16,250 sq.ft. industrialpremises has been let to Goldstar Fabrications on anew 10 year lease at a rent close to the askingfigure of 5 per sq.ft.

    35,000 sq.ft. LET - ColchesterActing on behalf of the East of England Co-operativeSociety, this purpose built 35,000 sq.ft. warehousehas been let to Air Business Ltd, for a five year periodreflecting an overall rent in excess of 4.25 per sq.ft.

    POST CREDIT CRUNCH - INVESTMENTAND TAX PLANNING OPPORTUNITIESThe decline in capital values in the commercial property investment sector over the last 18months combined with the recent sharp reduction in Bank of England base rate, with theprospect of more to come, is producing some attractive investment opportunities.

    The latest data from the IPD Commercial Property Database indicates capital values for the 12months to the end of October 2008 across all commercial property reduced by