At present, there is over 500,000 sq m (5.38 million sq ft) of development in the planning pipeline, of which over 205,000 sq m (2.2 million sq ft) is scheduled to start on site over the next 3 years. Making a valuation of your property is not a simple occupation, there are few variables that raise the cost and there are sure components that abatement the quality. Cluttons' Telecoms team has been instructed by Stevenage Borough Council to act as its telecommunication consultant in managing and facilitating the development of new and existing aerial sites within the borough. The Council, which has received a large number of applications from mobile operators and is keen to unlock other opportunities within its £79,000,000 property portfolio has instructed Cluttons to provide expert advice and guidance on a range of areas including: The scope of the work currently being undertaken by Cluttons' telecoms team ranges from site identification right through to build completion and includes reviews, renewals, disposals, rating and other related services. The instruction is expected to result in a large increase in revenue for the Council and all future applications will need to comply with the Council's new telecom policy which covers public consultation and health & safety. The most advanced air traffic control centre in the world swung successfully into operation on the 27 January 2002 - six years behind schedule, due to computer problems. The building will replace the existing facility at West Drayton; at 45,000 m the new centre represents a significant expansion over its predecessor and was handed over on time and on budget in February 1994. The building nestles unobtrusively into its woodland setting, belying its size and high technology function. Between the operational and non-operational accommodation lies the 'Street', a glazed ribbon forming the physical and social heart of the centre and marking the boundary between the secure and non-secure areas. The 'ops' room is a column free space, half the size of a football pitch, which will be home to 200 air traffic controllers 24 hours a day. To make the ATCs' working environment as comfortable and safe as possible particular attention has been paid to the integration of architectural, mechanical, electrical and fire detection systems.
Furthermore, in the event of fire the building has been designed to allow the ATCs to remain in the 'ops' room for at least half an hour to safely 'clear the skies' before their own evacuation. The desire that the building should be a good neighbour is further manifested by the nature centre for local community groups constructed at the site entrance, as well as the tunnels under the perimeter fence for local badgers! D J Freeman acted for Benchmark JER 2 Limited Partnership in the acquisition of a 50% interest in 90 Long Acre from Asticus AB. The transaction involved a payment of approximately £55million to Asticus payable in 2 tranches on 15th January and 1st July 2002. Norton Rose (Simon Sackman) acted for Benchmark, Freshfields (Anthony McWhirter) for JER in relation to the partnership deed and Clifford Chance (Mark Rees-Jones) acted for Eurohypo. The Cartsburn Maritime portfolio in Greenock, Inverclyde was purchased from the Laser Richmond Trust and comprises three pavilion buildings totalling 4,514 sq m (48,597 sq ft) and three industrials that total 2,370 sq m (25,512 sq ft). The properties are all let to Scottish Enterprise on 25-year leases from 1994 and are sub-let to occupiers including Royal Bank of Scotland plc, Mercury Communications, Serco ltd and The Graham Group plc. At the same time, Antler has purchased a warehouse property in Livingston from Homestyle Group plc for £1.9 million. The building, 28A Firth Road, Houston Industrial Estate, totals 4,340 sq m (46,722 sq ft) on a site of 1.5-hectares (3.7-acres). Homestyle Group has taken a 15-year, FR&I lease. Roxburgh & Company advised Antler Property Investments on the Cartsburn Maritime portfolio while Insignia Richard Ellis advised Laser Richmond Trust. The first half saw record take-up levels of up-and-ready accommodation, although experienced a notable decrease of pre-letting activity. The second half of the year saw a dramatic change in pace, with the summer lull more prolonged due to increasing economic uncertainty which impacted on locational decisions and market activity.
During 2001, the M25 vacancy rate rose from 3.8% to 5.5%, and is now at its highest level since June 1996. However, placing these figures in context, a vacancy rate of between 5-10% indicates a fundamentally healthy market, allowing sufficient liquidity within the market to satisfy immediate requirements, while ensuring a sustainable level of rental growth.how property valuer get certified? Catherine Rees, Regional Research Manager comments Knight Frank has been commenting for almost four years about the lack of availability within the M25 office market. Liquidity is viewed as a healthy element of the market, allowing immediate requirements to be resolved and ensuring the market does not stagnate. From a leasing perspective Alistair Elliott, Head of Business Space comments, Acknowledging clients eagerness to try and gain a longer term perspective, we have taken a year-end 2002 view. Assuming none of the space currently under construction lets prior to completion and that none of the accommodation on the market today is let by year-end, our Research team calculates the M25 vacancy rate could rise to between 7-8.5% over the next twelve months. Whilst this does not take account of other space which will inevitably come onto the second-hand market, equally it assumes no letting of current supply - thus we feel it represents a realistic but cautious view - we shall see! Within the investment market, private investors became very active as interest rates were reduced. Demand from private investors will very much be dependent upon swap rates and their influence upon the financing markets. At the present time there is a reduction in debt driven activity and a small increase in the number of Annuity type institutional funds with active buying requirements. The take up of office space in the West End market fell by 55% over the four quarters of 2001, from 146,000 sq m in Q1 to 65,350 sq m in Q4. A significant drop in take up in November/December took the total for the year to 382,163 sq m - 16% lower than in 2000. Furthermore, a two-tier market is being created: tenants seeking to mitigate liablilities are putting space back on the market by way of assignment with historic passing rents, without seeking premiums.
Their greater fluidity, a willingness to take risks and low interest rates are combining to secure some of the best disposals and new opportunites arriving on the market. The high levels of activity in the first half of 2001 gave way to a much quieter second half. Car Parts and Accessories specialist Motor World Ltd, advised by its retained surveyors Geo Hallam Sons, has chosen Denvale Trade Parks at Bristol, Cardiff and Crawley as locations for the latest stage of its expansion programme. In total the lettings add up to just under 1520 sq m (16,360 sq ft) - with the largest, of 632 sq m (6,808 sq ft) at Bristol. The lettings provide further examples of the attractions of the Denvale Trade Park concept. We are also in advanced negotiations with the company to take space on another of our parks. We hope to do further deals on future Trade Parks as we are in a position to provide full 'packages which fulfil Motor World's requirements he added. Twenty per cent of the 6339 sq m (68,277 sq ft) development is let to Retif SA, the French-owned group of specialists shop equipment suppliers. Joint letting agents are Hartnell Taylor Cook, King Sturge and NAI Gooch Webster. Motor World is taking 464 sq m (5,005 sq ft) again at a rent of £8 a sq ft. This will be the company's second outlet in Cardiff and adds to an existing store base of 24 shops in South Wales Joint letting agents are EJ Hales, King Sturge and Healey & Baker. At Crawley, West Sussex, Motor World has taken 422 sq m (4545 sq ft) on the 8,003 sq m (86,146 sq ft) Trade Park at a rent of £12.50 a sq ft. All three Denvale Trade Parks are being undertaken in conjunction with John Mowlem & Co.Plc - Geo Hallam & Sons acted for Motor World. Acting on behalf of the landlord, Carmel Southend, Manchester industrial agency specialists Fletcher King Braithwaite, have secured the largest industrial letting in the area for the last 12 months by securing the letting of Unit 10, Stretton Distribution Centre to Elizabeth French Plc who have relocated from Altrincham.
Accordingly, only Unit 4C remains available which comprises a comprehensively refurbished semi-detached unit of approximately 18,000 sq ft with an extensive external yard area. Sainsbury's Supermarkets Ltd has taken the last Magdalen Street unit at Crest Nicholson Properties (CNP)/Standard Life Investments' successful 18,580 sq m (200,000 sq ft) Northgate Quarter in the heart of Oxford City Centre. property valuer certification is vivaciously positive for everybody and to make everything the all the in like course pushing forward in a clearing manner secure a guaranteed and experienced property valuer to manage your entire framework for concerning property. The Northgate Quarter is already proving to be one of Oxford's most popular shopping destinations. The addition of Sainsbury's to our strong tenant mix will bring a much-needed food retailer back into the City Centre and doubtless further the development's appeal to students, residents and visitors alike. It was redeveloped behind the old Debenhams store façade to remain in keeping with Magdalen Street's distinctive character.
Wills-Williams will work alongside Harry Ward and Michele Russam, based at ATIS Weatheralls' West End office, when he takes up his new role. ATIS Weatheralls is very ambitious, with plans to rapidly develop and expand its activities in the retail sector and I look forward to putting my experience to good use. The business, which employs ten people and is hoping to take on more, has relocated from converted residential premises at South Hykeham. We were very restricted in our previous premises and now we have the ability to spread our wings and take on more staff, said Peter Cole. Spring Hill House was designed by William Watkins, an eminent Lincoln architect of the day who also designed the Lincoln School of Art on Lindum Hill and the Constitutional Club, and has been comprehensively refurbished by its owners, Lindsey Securities, to provide eleven individual offices on three levels. The building is ideal for professional office use with good on-site car parking and we are very pleased to welcome Peter Cole Consultants, said Lindsey Securities director, Robin Taylor. Planning permission has now been granted for a new Sports Complex in Berkhamsted which will be project managed by Fletcher King Howard. In the end one thing you need to review is that while doing property valuation process you ought to always take case that just a demanded and experienced property valuer is doing that framework to keep up a key partition from any sort of risk or crash or any sort of budgetary scene. The complex, which will be utilised by the 1,400 students of Berkhamsted Collegiate School, comprises 16,000 sq ft (1,500 sq m) and will include a swimming pool, sports hall, fitness gymnasium and all changing facilities. Howard assisted in obtaining approval by planning a building which is incorporated into the landscape, built into the sloping grass bank. When facing the building the façade will be entirely visible however, from above it will be completely undetectable, as the roof will be covered in sedum having been dug well into the bank. Berkhamsted sports complex is a hugely exciting project, not only will it provide sports facilities for 1400 students, architecturally the building is revolutionary. The design is genuinely green since the decision was made to build it into the grassy bank, leaving the landscape uninterrupted. At a dinner, held at the Washington Mayfair Hotel, the UK's foremost Society of Property Researchers (SPR) honoured two of its most prominent personalities from the fields of commercial and residential research.
SPR is delighted not only to have established the post of President, to advance its strategic aims, but also to be able to present these awards to two people who have made major contributions to both commercial and residential property research in the UK. IPD has revolutionised the property market in terms of its understanding of property's performance. Larrik Properties, a newly-formed high street retail property company, has recently completed a £14.7 million portfolio acquisition from British Land Plc. The portfolio comprises 12 retail investments across a number of locations throughout the UK from Blackpool to Brighton and includes a number of refurbishment and development opportunities. Larrik Properties Limited is a joint venture between Mark Robinson, who has recently left Chartwell having previously worked at leading property consultants Churston Heard and Dalgleish & Co, and the Epsom based leisure property company Oracle Group. The company was formed in May 2001 and currently has equity funds in excess of £5 million in place, in addition to principle finance enabling some £20-£30 million of investment over the next 18 months. Larrik provides the opportunity to combine Oracle's strong balance sheet and sources of finance with Mark's experience and contacts, in order to create a new company that has the ambitions and ability to become a player in this dynamic market. Although we have already exceeded our expectations since forming the company in May, we have significant equity funds available to enable us to rapidly expand the portfolio in terms of existing investments and development opportunities. Management of the recently acquired portfolio will be handled by the existing management team at the Oracle Group and this balance of resources should allow Larrik to develop a much expanded portfolio as the opportunities arise. Property valuer career is near Land examination, land valuation or property valuation is the procedure of esteeming genuine property, which is generally used to situate the deal cost. The next stage in the redevelopment of Tees Valley's flagship Middlehaven scheme was given the green light today with the news that the government has approved a further 36m package to fund the second phase of the waterfront development.
This work has led to the reclamation of 15.8 ha (39 acres) of land immediately surrounding Middlehaven Dock and a total of more than 80 ha (197 acres) of land is being opened up for future development. This is wonderful news. This investment will allow us to drive our plans for redevelopment forward and exploit Middlehaven's full potential as a driver in the economic regeneration of the Tees Valley. I look forward to coming back to Middlehaven when the first phase of development starts. Paula Hay-Plumb, Chief Executive of English Partnerships, pledged the agency's continuing commitment to the project and to the local community: Our land, funding and expertise will all contribute to revitalising this area for the local community and the region at large. A property valuation is an appraisal of value, normally given by a land specialists. The infrastructure for the McDonalds unit opens access to the remainder of the business and leisure park, which is masterplanned for approx 140,000 sq ft of offices and further leisure uses. Additionally, Redhouse Interchange has received outline consent for restaurant, pub and hotel uses. It is estimated that Redhouse will eventually provide over 5,000 jobs. The deal with McDonalds compliments potential business uses at Redhouse and highlights our success following lettings to DFS and Nu-tool. The key to the scheme is flexibility - such a large area allows us to adapt to users needs. Rogers Chapman has completed a major acquisition project on behalf of the Learning and Skills Council of some 410,000 sq ft (38,030 sq m) of offices in 24 locations across London and the South East of England. The office requirements were specific on location, price and timetable and we were pleased we have completed the task well within the timeframe that we were given. The new portfolio now comprises good modern office buildings across such principle locations as Central London, Croydon, Hounslow, Bedford, Abingdon, Norwich, Ipswich, St Albans, Plymouth and Truro in the South West. Most of the acquisitions were achieved by way of assignments of existing leases and Rogers Chapman has been instructed to acquire further new buildings to meet the ongoing needs of the Learning and Skills Council. J Sainsbury Developments Ltd (JSD) in conjunction with GD Estates has successfully completed the purchase of the 1.517 hectare (3.75 acre) Celotex site at Junction 1 of the M3, Sunbury. The site is unique in that it is not only right on a motorway junction but also has extensive frontage directly onto the M3 affording an exceptionally prominent location for a major occupier.
Total take-up including out of town was in the order of 550,000 sq ft comparing very favourably with other major provincial cities. The results stem from a complete analysis of the Sheffield central area office market recently undertaken by Knight Frank, Sheffield office on behalf of Sheffield One whose remit is to regenerate the central area. The study also shows that availability levels are at an all time low, stimulating rental growth and improved investment yields. The market was helped by several high profile public sector transactions, but the overall trend is upwards with Sheffield now showing comparable growth with its near neighbour Leeds. The real estate valuation process of commercial real estate is reflective of the way that the general market approaches the value. Best rents achieved last year were at £150.60 per sq m (£14.00 sq ft) plus car parking and yields achieved were generally between 7.5% - 8%. Take-up levels are expected to dip next year because of the lack of new space coming through producing real opportunities for developers. This is probably the most exhaustive survey undertaken of the health of the central area office market and the results prove the continuing resurgence of Sheffield as a major office location. Gitcombe House - one of the most stunningly located cottage complexes in the UK - has been sold in a deal that demonstrates a continued interest for self catering business opportunities, especially at the luxury end of the market. Joint agents Knight Frank and Marchand Petit announced the sale of Gitcombe House, set in the South Hams, approximately five miles from Dartmouth and Totnes near the river Dart.
In addition to the main house there are seven self-catering holiday cottages with accompanying leisure facilities, including two heated swimming pools, a large games room, soft cushioned play room and a championship-sized tennis court. Colette Charsley from Knight Frank said the sale demonstrated the market still has faith in tourism and its long-term economic prospects.
The sale of Gitcombe emphasises the continued strong demand for self catering businesses in particular, Colette said. The purchasers - a consortium of businessmen - have particularly exciting plans to refurbish the property to a level of sophistication rarely seen outside London and more in line with the level of luxury seen in five-star boutique hotels.
We feel this innovation will bring self catering firmly into the 21st century and we cannot envisage a more suitable location or property than Gitcombe, she finished. He just liked to do it all. We are expert property valuers, a company where you can talk to the real estate valuer! He was a very remarkable man. Innovation, a willingness to work with tenants and make them true partners will be key to the "experience economy" as businesses seek to integrate retail and food and beverage offers in the leisure and entertainment proposition, according to former Dome boss PY Gerbeau.
More than 350 shopping centre, town centre and asset managers are attending the conference which mixes keynote speeches and workshops. Around 15 years ago people were looking at the passive concept. he big change in the last seven to eight years is that they want to be interactive.
That understanding and a desire to build a brand rather than rescue a brand led Gerbeau to be attracted to the Xscape offer and the brand. He is expanding the concept, which is primarily targeted at the 15-34 core audience, to new UK sites including Leeds and Glasgow and then on to continental Europe. While the ethos will remain the same, the newer sites will ensure that all the features and offers are on 'up front' view for the customer. Gerbeau is also doing deals with retailers and others including travel agents that he says will provide a win-win scenario for all parties. It's about trying to integrate them with the brand and its values in a partnership.
Gerbeau also placed great stake in innovation of the product - pointing out that changes to the Milton Keynes site had increased dwell time from about 20 minutes to 3.5 hours. He believes that a pay per view approach to leisure is better than a pay at the gate approach. The self-effacing Gerbeau, who once played ice hockey for France in the Olympics, also found time to jest about some of his previous jobs including referring to himself as that French bloke and The Dome as that little tent I used to run on the east side of London.
He said that Euro Disney and the Dome all had lessons to teach the industry. During the two-day conference, which is run by the BCSC in conjunction with the College of Estate Management, delegates also heard from Simon Quin, City Centre Manager of Reading and Mike Godliman, Director of Pragma Consulting, as well as attending industry related workshops.
Neil Mitchenall, President of the BCSC, opened the conference by emphasising the importance of retail-led regeneration and announcing forthcoming publication of the BCSC report on the initiative. By creating value in this way, we are playing an enormous part in delivery the renaissance of our towns and cities. Get talented valuers at cheapest rate and prepare property valuation report and the original value of your property. Mitchenall also revealed that BCSC intended to introduce an Advance Diploma Course for the Diploma in Shopping Centre Management. His assessment comes as BCSC announces that it plans to introduce an Advanced Diploma course commencing in 2003. The Class of 2001 features 37 graduates who are working in shopping centres across the UK.
More than 60 students are on the two-year Diploma course, which attracts managers from a variety of Shopping Centres across the UK looking to increase their knowledge and skills within the industry. The new graduates bring the total of Diploma holders to 353 since the programme. We're delighted to see that the diploma programme is helping to set new high standards in the profession of shopping centre management.