Commercial & Development Division. We ve had our London Bridge office refurbished!

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1 The Update Fourth Quarter 204 Commercial & Development Division TITLE HOUSE COMPRISES MORE THAN 25,000 SQFT OF OFFICES OVER 4 STORIES, AND WILL BE CONVERTED INTO AT LEAST 45 APARTMENTS UNDER PERMITTED DEVELOPMENT RIGHTS. Bromley Acorn s Development team has Purelake intend to undertake the successfully completed the acquisition of conversion to a particularly high a substantial office building in Bromley specification, and hope to have the town centre for retained clients, The apartments ready for occupation by Purelake Group. Christmas 205. Title House comprises more than 25,000 sqft of offices over 4 stories, and will be converted into at least 45 apartments under permitted development rights. The property was acquired off market, and only after a huge effort was made both by our team and our clients to overcome a number of complicated technical issues. Inside... P2 P4 P6 Parcel of land in Orpington sold to a regional developer. We ve had our London Bridge office refurbished! Sale of a derelict public house in Bermondsey SE

2 Editorial Wow, what a finish to 204! For the major part of the year our pipeline looked like it might give us a grand finale, but December turned out to be a real showstopper! We managed to exchange contracts on 8 deals in the last 6 working days of the year making it our best December ever. This, somewhat less surprisingly, resulted in our strongest year since 200. The final quarter saw us conclude a real mixed-bag of deals including some notable development sites, commercial investments and various retail and office lettings. In the last Update I reported on the addition of Jess Adams to the team, and you ll read in more detail on page 3 that Michael Linane has recently joined to bolster our Corporate Asset Services team. The staff are more evenly spread across our two offices now, and we always have roles available for candidates of the right calibre. 205 is shaping up to be a big year what with a busy market, a General Election and a predicted rise in interest rates. With this in mind it s as important as ever for buyers, sellers, landlords and tenants to take expert property advice. Our expertise covers commercial and investment agency, development consultancy, planning and fund management and corporate asset services. We operate nationwide, and are always happy to offer free advice without obligation. Jeff East - Director jeff.east@acorn.ltd.uk Orpington Regular readers of our Update will recall that we acquired this virgin parcel of land from Thames Water on behalf of a private investment fund in March 204. Following acquisition, the project was passed to our Planning Management team, who promptly engaged BHD architects to help conceive a planning application. The planning process went without a hitch with detailed consent for eight 3 & 4 bedroom houses secured under delegated powers, and inside the 8 week statutory period. Our Development team were brought back into play and set about introducing a suitable buyer in order to add value to the project. A deal was agreed at the full asking price with regional developers, JP Whelan Homes, and the sale was completed in a matter of weeks. This particular project gave us the opportunity to showcase the depth of our management expertise from winning a competitive tender, to planning enhancement and ultimately through to a profitable sale. Dartford We probably receive more enquiries for freehold properties with D use than any other, and therefore it s no surprise that we ve become experts in this particular niche of the market over the last 0 years or so. Our Commercial team was instructed to sell this freehold property in Dartford on behalf of a local evangelical faith group, and our marketing generated an abundance of enquiries. A cash sale was quickly concluded to a representative of another faith group keen to relocate to larger premises in the area. If you have a property with D use to sell, or indeed if you are looking to acquire a property suitable for educational or faith purposes, please contact our offices for some free expert advice

3 Croydon The final quarter of 204 saw us complete the sale of this former office building in Croydon for 900,000. The property has planning permission for conversion into 8 residential units, and appears to offer potential for further accommodation (stpp). We are experiencing high demand for conversion and permitted development (PD) opportunities at present, so please contact the team if you have a suitable property to sell. Welcome to Michael Linane MICHAEL IS BASED AT OUR BROMLEY HEADQUARTERS, AND WILL INITIALLY FOCUS ON OUR CORPORATE ASSET SERVICES WORK. Catford Our Commercial team successfully managed the letting of this newly built unit in Catford to Co-op Food Group. We subsequently sold the investment to a private buyer; further enhancing our expertise in the convenience store sector. We re delighted to announce that Michael Linane has joined Acorn s Commercial & Development Division. Michael has operated independently for the last 8 months prior to which he spent 4 years with Allsop; mainly on the residential auction team. Born and raised in South East London, Michael studied at Greenwich University and took his first job in Lewisham. His role at Allsop saw him operate throughout the UK and Ireland, but apparently the opportunity to cover his home patch was too good to refuse. Michael is based at our Bromley headquarters, and will initially focus on our Corporate Asset Services work putting his vast experience advising banks, institutions, housing associations, local authorities, receivers and administrators to good effect. If you have a development site, residential or mixed-use investment to sell, please get in touch with Michael or another member of the team. Alternatively, if you ve dealt with Michael historically and would like to remind him of your requirements please ring or Michael at michael.linane@acorn.ltd.uk. Michael Linane, MRICS Associate Corporate Asset Services Division Sherman Road Bromley Kent BR 3JH

4 Crystal Palace Brockley Peckham A prominent freehold property in the ever popular Crystal Palace triangle comprising a ground floor retail investment, and four vacant floors with planning permission for the creation of four self-contained flats. Suffice to say this was a quick deal. We were instructed to market the property on 8th December, and exchanged contracts on 22nd December! Apparently the market is quiet just before Christmas?! Our Development team completed the unconditional sale of this site in Brockley in November 204. The buyer intends to pursue a planning application for conversion to residential apartments, and hopes to see the development completed in early 206. As always, development sites are in short supply, and we have a long list of buyers looking for new opportunities. If you re looking to dispose of a site for the maximum value, contact us for some friendly, no-nonsense advice. This disused parcel of land in Peckham was acquired subject to planning permission from Southwark Council for a private client. Our Planning Management team successfully secured a full planning consent for the construction of 8 contemporary apartments in a brand new block under Delegated Powers in August 204. The site was sold to a local developer, and our New Homes Division will be marketing the completed units in the Autumn. London Bridge Office Both our residential and commercial offices on Bermondsey Street were treated to a major facelift over the Christmas period. In addition to a more modern look, the refurbishment works have created a private meeting room which will prevent us from having to use the pub to meet and greet clients! The refit is only part of what we have planned in terms of our presence on the Southbank. Our profile and the team are both growing, and with several major development launches due in 205 we need to make some room for our New Homes colleagues, so watch this space! In the meantime we now have Chris, Henry and Jess based at Bermondsey Street full time, with the rest of the team working between the offices as appointments require. We re particularly keen for development sites and vacant offices in and around SE, so if we can be of assistance in this regard please telephone

5 Merton Whitechapel Freehold, mixed-use November saw completion of investment sold by our this freehold development site Corporate Asset Services with planning permission for a team on instructions mixed-use scheme comprising from solicitors acting as commercial space and flats trustees. above. Brockley Greenwich Vacant, freehold building Office suite in an attractive close to Crofton Park Station period building in the heart acquired for a private of historic Greenwich. Our investor client who intends letting of the space was to undertake a thorough completed within a week of programme of refurbishment. being instructed! Peckham Bermondsey A redundant former Former bookmakers close institutional premises to London Bridge Station acquired for a private and The Shard let to a client from Southwark software development firm. Council, subject to planning We urgently require more permission for residential office space to let in SE. development. Forest Hill Bromley Freehold warehouse with A vacant office building in Bromley town centre acquired for a private client. The property is likely to be converted to residential use under Permitted Development rights. trade counter extending to approx 9,000sqft on the popular Malham Road business estate. Sold to a local investor, and now available to let

6 Wakefield Our expertise isn t limited to London and the South East, and to prove it we ve recently sold this industrial investment in North Yorkshire. Acting on behalf of an established overseas client we undertook a national marketing campaign in order to generate interest in the long leasehold property. Various offers were received, and a sale was quickly concluded to a local property company at a NIY of 2.08%. Please contact us if you have an investment to sell anywhere in the UK. We ll tailor a marketing strategy to ensure that you achieve the best possible price within a realistic time frame. Bermondsey Our Corporate Asset Services team recently managed the sale of this derelict public house in Bermondsey, SE. An application for a new block of apartments was refused in April 203, and we were subsequently contacted to advise on value and provide a marketing strategy to maximise value by the solicitors acting as trustees. Given likely demand and the requirement for a prompt sale, we suggested that the property was marketed intensively for a short period. The site had only been on the market for a week and we had received formal offers, all above the guide price! Contracts were exchanged within 5 working days of a sale being agreed, with completion due in early 205. Our Corporate Asset Services team employs bespoke solutions in order to maximise the value of assets controlled by corporate and institutional clients. Sydenham Freehold industrial properties are a hot commodity in South East London, and therefore we were surprised to hear that another agent had struggled to locate a buyer for this property in Sydenham. We had no such problem, and promptly concluded a sale to a local company that is making a name for itself internationally as an innovative manufacturer of cycle storage solutions. We only know this because they ve already grown out of a smaller unit we sold them just a couple of years ago! WHEN ADAM FIRST CAME TO VALUE OUR PROPERTY HE WAS COURTEOUS & PROFESSIONAL. HE OFFERED US EXCELLENT ADVICE ABOUT MARKETING THE PROPERTY AT A REALISTIC PRICE & GAVE US TIPS FOR A QUICK SALE. MR W, VENDOR

7 Always up for a challenge. No nonsense, professional property advice nationwide. - Commercial Agency - Investment Agency - Development Consultancy - Corporate Asset Services - Planning Management Head Office London Office

8 Meet Our Team Tom Luck Jeff East Michael Linane Warren Guest Director Director Associate Senior Projects Manager Chris Henshall Kevin Neun Adam Hosking Henry Hammond Senior Projects Manager Projects Manager Projects Manager Projects Co-ordinator Joshua Beeston Persephone Pollock Emma Fox Jess Adams Projects Co-ordinator Team Secretary Team Secretary Team Secretary Bromley Head Office London Bridge Office 6-8 Bermondsey Street