Does your Commercial Property meet the new Energy minimum?

Minimum Energy Standards

The Energy Act 2011 contains a number of provisions which will affect owners and occupiers of property. Probably most significant are the proposed minimum energy standards.

From April 2018, the proposed legislative changes would make it unlawful to let commercial properties with an EPC Rating of F or G (i.e. the lowest 2 grades of energy efficiency). This could have very significant implications for landlords, and for occupiers who wish to assign or sublet space, including: Š Marketability of some properties would become impossible unless they were upgraded to meet the minimum standards. It is estimated that approximately 20% of non-domestic properties could be in the F & G rating brackets. Š

Further clarification on the transactional trigger for minimum energy standards is awaited; however the new minimum standards could apply to all lettings and re-lettings, including sub-lettings & assignments. Š Valuations of such properties could be affected if their marketability is diminished. Š Rent reviews for properties in this situation could also be affected. Š Implications for dilapidations assessments would also exist. Given this risk to property owners and occupiers it is clear that a full understanding of the energy efficiency of your property assets should be attained.

Thereafter owners and occupiers will need to assess the costs and viability of undertaking retrofits or refurbishments, and possibly bringing forward properties for marketing prior to 2018 or re-gearing leases.

 

Property owners and occupiers should also consider how their property values may be affected. Linking minimum energy standards to the “Green Deal” The Government believes that the “Green Deal” may provide a financial solution to support energy efficiency refurbishment and retro-fit projects. Landlords and sub-letting occupiers will need to achieve an EPC “E” rating or have implemented the maximum package of works allowable under the Green Deal (even if they fall short of the “E” rating required). Exemptions may be made for certain types of properties via secondary legislation. Trading Standards Officers will enforce the rules for commercial properties; the precise level of fines will also be part of the secondary legislation.

If you are unsure of the energy efficiency rating of your property, or you know already that your property does not hit the 'E' minimum, contact us for a quote for an assessment tailored to your property.

Belvoir Commercial have been selling and letting commercial property in the Andover area since 2013 and have a large database of registered buyers, investors and tenants. Please contact us if you need modern and effective commercial property marketing. We always need more Retail, Industrial, Offices, Development Potential Property and Land.

Please call our team on 01264 366611

Off Market Opportunity to aquire the Freehold of this Character Property

Belvoir are delighted to offer an 'Off Market' Freehold of this beautiful character 3 storey High Street property (plus sizeable basement storage), located adjacent to one of the main entrances to Andover’s shopping centre. The property is set in a corner plot with dual aspect frontage in a recently updated and remodelled area of the high street near St Mary’s Church.

Corner Frontage

Ground Floor

Presently laid out as retail over the first two floors and office space to the second floor but could be re arranged to allow for conversion of the upper floors into 2 x 2 bed residential apartments (Planning for this conversion was granted but has now lapsed). The property would also suit a business owner looking to promote their business in a prime position with the possibility of converting the upper floors into accommodation for the owners or staff.

Ground Floor: 759 sq ft
First Floor: 642 sq ft
Second Floor: 518 sq ft
Basement: 480 sq ft

Total: 2399 sq ft

The property has many original features including exposed beams, brickwork, original floor boards, inglenook fireplace etc.

Retail Tenant Position: Due to the success of the business, the tenant will either move to larger premises or potentially keep this outlet as well as a new location. Therefore the property can be sold either with tenant in situ or with vacant possession.

For internal viewings of the property, please contact the office. In the interests of the tenant, please do not visit the property un arranged with Belvoir.

Guide Price: £495,000 

First Floor

Andover 
Picturesque market town located in the affluent Test Valley area of Hampshire 
£2.9m has been invested to extend and refurbish the bus station 
Further improvements underway to the town and community as part of the Andover Vision 20 year plan 
Strategic location adjacent to A303 and within easy reach of the M3 & M4 
Various car parks close by including a multi storey 
Andover has a number of core brands on the High Street that include Top Shop, Ernest Jones, Costa Coffee, Poundland, Boots, Argos, TK Maxx etc etc. 
Strong annual footfall or circa 7 million 
Catchment ; there is an affluent shopper catchment of approx 150,000 people drawing from the surrounding wealthy villages including Stockbridge and The Wallops 
Growing population ; there is substantial housing expansion underway with an additional 8250 dwellings to be built by 2029 with 6516 of those earmarked for Andover. There are recent communications and existing commitments at Picket Twenty & Augusta Park. 
Low unemployment; the town benefits from very low unemployment compared to the national average. 
Loyal customers ; people living in the core catchment area visit the town centre more than 70 times a year (rct 2010)

If you are interested in an internal viewing or more information, please contact us on 01264 366611

Development Plot Available - 0.64 acres

We have been instructed to bring to market a substantial plot of land on behalf of our client who has recently acquired the site. The plot spans between Western Rd & Osborne Rd and has access from both roads. The plot is close to Andover town centre.

The site presently has a substantial Victorian building on it (formally a working man's club) but provisional drawings have been created to demonstrate the plot would allow at least 13 dwellings on it STPP.

We have calculated that the exit value of these houses would be circa £3 - £3.4m subject to quality and planning permission etc.

It has been suggested that the 13 properties would be made up as follows:

3 x 2 bed houses

7 x 3 bed houses

3 x 4 bed houses (from the existing building on site)

The guide price for the site is £1m and we would like to hear from anyone that would interested in purchasing the site. Please contact us at your earliest convenience if you would like to discuss this further.

Mixed Use Property For Sale - Andover High Street

Belvoir Commercial have been instructed to sell another substantial residential & commercial mix property on the High Street here in Andover. The property is in the closing stages of the upper floors being converted into 4 residential flats.

The freehold sale of the property consists of as follows:

2 x 2 Bedroom Flats

2 x 1 Bedroom Flats

1085 sq ft Commercial Retail unit

The location of the property sits in what is considered the 'sweet spot' of the high street and is presently let to the premium greetings card retailer 'House of Cards' on a 15 year lease. The property shares its location with big brands such as hsbc, Lloyds, tsb, Santander, Boots, Dorothy Perkins, Costa & Burton etc.

The entrance to the flats on the first and second floor are accessed via a communal residential side access from the side of the building.

As previously mentioned, the flats are presently being finished so will be presented 'as new' when completed and are ideal for letting on a assured shorthold tenancy agreement which this office can assist with.

Rental Valuation:

Commercial: Presently paying £28,500k pa + vat

1 beds: £625pcm x 2

2 beds: £695pcm x 2

Total annual residential lettings income: £31680

Total Annual Income: £60180pa

Yield: Approx 6.69%

Added Value: 1 Years free lettings management of the property post purchase

If you would be interested in this property, please contact this office for more information

Established tenant needs 6000 sq ft

We have registered a commercial applicant that is looking for circa 6000 sq ft of office space within commutable distance from Andover.

Example Property Required

If you have, or know someone that does, a property that might suit the applicant, please get in touch as soon as possible.


Applicant Details:
• Established Business
• Circa 50 Staff
• Will either purchase or lease a suitable property
• Award winning business (120 industry awards to date)
• Timescale: ASAP
• Requirement: 6000 - 7000 sq ft
• Type: Offices


We look forward to hearing from you.


commercial@belvoirandover.com


01264 366611

New measures will make it easier to turn underused office buildings into new homes

Housing and Planning Minister Brandon Lewis  announced earlier this month new measures that will make it easier to turn underused office buildings into new homes.

The move will provide thousands of new homes, and make the best use of existing buildings including some that are underused and neglected – while at the same time protecting the green belt.

Brandon Lewis said:

We’re determined that, both in Whitehall and in town halls, everything is done to get the homes we need built.

Today’s measures will mean we can tap into the potential of underused buildings to offer new homes for first-time buyers and families long into the future, breathing new life into neighbourhoods and at the same time protecting our precious green belt.

First introduced in 2013, temporary permitted development rights have enabled offices to be converted to new homes without having to apply for planning permission. It has meant that between April 2014 and June this year, almost 4,000 conversions were given the go-ahead.

However, these rights were set to expire on 30 May 2016 – potentially introducing a raft of unnecessary red tape and bureaucracy that would have hampered the conversion of underused office buildings and slowed down the delivery of thousands of new homes.

Today, Mr Lewis announced that these permitted development rights will now be made permanent. In addition those who already have permission will have 3 years in which to complete the change of use – ending potential uncertainty for developers and enabling the development of much needed homes.

To further support the delivery of new homes, the rights will in future allow the demolition of office buildings and new building for residential use.

In addition, new permitted development rights will enable the change of use of light industrial buildings and launderettes to new homes.

Further information

Those areas that are currently exempt from the office to residential permitted development rights will have until May 2019 to make an Article 4 direction if they wish to continue determining planning applications for the change of use.

There are areas in 17 local authorities in England consisting of individual buildings, roads or zones that are currently exempt from the rights, including:

• The City of London
• The London Central Activities Zone, which covers parts of the boroughs of Camden, Islington, Hackney, Tower Hamlets, Southwark, Lambeth, Wandsworth, Westminster, Newham, and Kensington and Chelsea
• Areas in the borough councils of Stevenage, and Ashford (Kent)
• Areas in the district councils of Sevenoaks and East Hampshire
• Manchester City Centre

These exemptions will remain in place until May 2019, providing time for local authorities to consider making an Article 4 direction to remove the rights and require a planning application for any proposed change of use.

Those who already have prior approval or who secure permission will have 3 years in which to complete the change of use.

The rights to allow for demolition of offices and new build as residential use will be subject to limitations and prior approval by the local planning authority. Further details will be provided in due course.

The new permitted development rights for the change of use of light industrial buildings and launderettes to residential use will be subject to prior approval by the local planning authority. Further details will be provided in due course.


If you have a commercial property that you believe might be suitable for conversion, please contact Greg Greatbatch of Belvoir Commercial 01264 366611

Belvoir Commercial have successfully SOLD various types of commercial property to developers for the purposes of the above. Whether you have offices, floors above retail, pubs, clubs, land or unused buildings, give Belvoir a call to see we can do for you.

7 Property Investment Opportunity

Property Portfolio Opportunity

Belvoir Andover are delighted to be bringing to the market 7 individual apartments located on Andover’s High Street in an historic and picturesque heritage property.

The building is being sympathetically restored and converted to allow a mix of studio, 1 bed & 2 bed apartments.

A communal entrance hall greets you home with a sweeping grand staircase to the upper floors and an atrium allowing daylight to come flooding down through the centre of the building.

This unique investment opportunity allows you to potentially buy from 1, to all 7 ‘off plan’ at an early stage where, if desired, you can watch and oversee the conversion process.

The properties can be purchased at a favourable rate by buying early and these prices are as follows:

		Type	Sq Ft	Purchase Price	Rent	Yield
Flat 1		1 Bed	705	£135,000	£650	5.78%
Flat 2	1 Bed		576	£130,000	£625	5.77%
Flat 3		1 Bed	433	£130,000	£625	5.77%
Flat 4		2 Bed	747	£155,000	£700	5.42%
Flat 5		Studio	449	£110,000	£575	6.27%
Flat 6		2 Bed	618	£155,000	£700	5.42%
Flat 7		Penthouse 1 / 2 bed	778	£155,000	£700	5.42%
Total			4306	£970,000	£4,575	5.66%
Average Yield						5.66%

We now have floor plans for the individual dwellings so we can these to you upon request.

About Andover
Andover, despite being a market town, has a high rental demand and relatively low availability driving rental prices upward. Great road links (A303/M3) and a mainline (London Waterloo) train station taking you to the nation's capital in under an hour make it an ideal commuter town. Many large brands make Andover their national/international HQ (Stannah Stair Lifts, Le Creuset Kitchenware, Twinings Tea, Lloyds TSB National Call Centre etc).

If you are interested in finding out more about this exciting investment opportunity, please contact Greg Greatbatch on greg.greatbatch@belvoirandover.com or by calling 01264 366611

What are the costs of buying or leasing a Commercial Property

Are you about to buy or rent a commercial property for the first time?

One thing you will need to build into your business plan is the costs of a commercial property.

In this blog you will learn about the various costs associated with buying or renting a commercial property:

Purchase or Rental costs

This seems an obvious one, but don't forget to check if there is VAT to pay on either of these. If the property is owned by a business the n the chances are there will be VAT to pay. It is common practice for an agent to say if the property is 'VAT Elected' or not. VAT at 20% can make a big impact on your set up and/or onward running costs.

Business Rates

OK so all commercial property you will have to pay the business equivalent of council tax. This starts off as the 'Rateable Value'. However, depending on a number of criteria, the council will give you up to 100% relief on the business rates. Read more about this by reading our blog on this subject by clicking here.

Solicitor/Legal Costs

Even though solicitors are normally used by both sides for the sale/purchase of a residential property, solicitors are rarely used for residential lettings. However, in the commercial world, solicitors are always used. This is for a variety of reasons and not least because of the longer term commitment that is presented in commercial property. The other 'norm' is the inbound tenant or purchaser often pays the legals costs of the landlord/vendor. If you are looking to lease a property, as with looking to rent a residential property, you will also be responsible for the costs of the background checking of yourself and/or the business that will be leasing the property. This is so the landlord can evaluate your credit worthiness and ability for onward rent payments etc. Some landlords even like to see a business plan before accepting you as a tenant so it is worth having this available if this becomes required.

Planning Costs

Each commercial property is given a 'Use Class' and this determines what the commercial property can be used for. For example if you were simply selling widgets, most likely you would need A1 Retail use. If you were an estate agent, you would need A2 Professional Services us. So if the property does not have the right Use Class, then it may be necessary for you to apply for a 'Change of Use'. This is usually approx £350 and is payable to the local council. Along with your application, you will need to provide detailed 'Plans'. These have to be correctly scaled either to 1:50 or 1:100 annotating the rooms proposed use. Contact us to arrange to have these plans drawn up.

If you are planning on leasing or purchasing a commercial property, please contact us at commercial@belvoirandover.com or telephone 01264 366611 for more information,

Belvoir is an award winning Commercial & Residential Real Estate Agent based in central Andover, providing modern & efficient property marketing services in the Andover, Tidworth, Ludgershall & Whitchurch areas of Hampshire & Wiltshire.

How Will You Market My Commercial Property?

The most comprehensive online portal exposure from ANY agent in Andover or the surrounding areas

Property Portal advertising generates around 95% off all enquiries into the office so this is a key marketing tool. We advertise on more portals than any other agent in town which include both residential and commercial portals. With Zoopla, PrimeLocation & Rightmove having the largest market share of hits, these are the big 3. However niche investors & business owners visit other sites that include:

Resi specialist

Rightmove (including premium upgrades from the standard offering)

Zoopla (including premium upgrades from the standard offering)

PrimeLocation (including premium upgrades from the standard offering)

Gazette & Herald Online

Andover Advertiser Online

Nestoria

and many more

Commercial specialist

PropertyLink

Estates Gazette

MoveHut

In negotiations with others

Local & National Websites

National Site: www.belvoir.co.uk

Local Site: www.belvoirandover.com

Social Media

All our investment opportunities are spread via our extensive social media channels such as LinkedIn, Twitter, Google+ & Facebook. We have placed a number of investments to developers & investors via targeted mailings on LinkedIn which appeals to high net wealth individuals looking to invest.

Direct Marketing

We have spent countless £10,000 on marketing over the years since our 1997 birth and have developed close relationships with 1000's of local & national developers as well as local, national & international investors due to our significant market share in the resi lettings and buy to let arena. Networking at local events and the hosting of buy to let evenings in partnership with Barclays Bank here in Andover. We are therefore able to reach out and touch 1000's of potential purchasers directly to their email inbox as well as the usual follow up phone call.

National Network

We are part of a 161 strong network of offices around the UK & Ireland that include offices in Chelsea & Fulham and other affluent areas of the country. Strong in buy to let potential.

Dedicated Belvoir Andover Smart Phone App
Your property will be featured on our dedicated smart phone app for iPhone & Android devices which has been downloaded by local people serious about finding property. The app syncs with the onboard maps to provide sat nav directions to the property.

Local Commercial agent vs National Agent

We are the only residential & commercial estate agent in Andover and therefore benefit from a wider audience of investors. Many investors have a mix of both types of property and therefore get the lion's share of leads in this area. Unlike many of our national competitors, we are based in Andover town centre and can therefore easier facilitate adhoc viewings to more potential buyers and tenants. We consistently achieve quicker and more lucrative results than our national agent competitors often when property has languished on the open market for months and sometimes even years with national agents before coming to us.

If you have a commercial or residential property to sell or let, please contact Greg Greatbatch on 01264 366611 or via email greg.greatbatch@belvoirandover.com

Find out more about Belvoir Commercial here: www.belvoirandover.com/commercial.html

5962 sq ft Office-to-Resi Development Opportunity

*** GUIDE PRICE £595,000 ***

We have been instructed on a sole agency basis, a splendid Georgian 5962 sq ft property that is presently used as offices but could be converted to a number of quality character residential dwellings STPP.

A real feature of this grade II listed property is the expansive gated car park, that again STPP, could be built on as has successfully been permitted next door where 4 properties have been erected.

The main building is a mix of mainly character Georgian style and fabric but there is a number of more recent extensions to the rear along with a modernistic barn-style section that also has vaulted ceilings.

The property is located on East Street in Andover which is located just a stone's throw from the town centre.

Demand for residential property in this location is high and typically achieves higher than average values (examples of property sold and let by us in this area available by request).

The property is presently Let with the present tenants moving to larger premises. They are due to vacate circa April 2016 which should allow any planning proposals to be completed prior to completing on the property.

The floor plan of the property is as below (larger digital version available upon request)

For more photography and information, please follow this link: http://www.zoopla.co.uk/for-sale/commercial/details/37626821

Please register your interest initially by email to commercial@belvoirandover.com, along with any initial questions you may have.

*** 8% Yield Investment Opportunity on Tenanted Commercial Property ***

Having recently LET a light industrial unit on Woolworth Business Park, we are delighted to be able to offer the property to the market for sale.

This 1405 sq ft unit on Focus Way is now tenanted on a 3 year covenant at £800pcm

The property is available for purchase at £120,000

For more information on this property, please follow this link:

http://www.zoopla.co.uk/for-sale/commercial/details/33108082

Belvoir Commercial have a variety of Investments, Buy to Lets, commercial & residential mix properties, land & development opportunities for sale and let. Please contact us to find out more.

Belvoir Commercial 01264 366611 commercial@belvoirandover.com

Should I move my business to Andover, Hampshire?

Moving your business ?

If you are considering moving your business to the Test Valley area of Hampshire, why not consider Andover, a picturesque market town located in an affordable (compared to its neighbouring towns such as Basingstoke, Salisbury & Winchester).

£2.9m has been invested to extend and refurbish the bus station

Further improvements underway to the town and community as part of the Andover Vision 20 year plan

Strategic location adjacent to A303 and within easy reach of the M3 & M4

Various car parks close by including a multi storey

Andover has a number of core brands on the High Street that include Top Shop, Ernest Jones, Costa

Coffee, Poundland, Boots, Argos etc etc.

Strong annual footfall or circa 7 million

Catchment – there is an affluent shopper catchment of approx 150,000 people drawing from the surrounding wealthy villages including Stockbridge and The Wallops

Growing population – there is substantial housing expansion underway with an additional 8250 dwellings to be built by 2029 with 6516 of those earmarked for Andover. There are recent communications and existing commitments at Picket Twenty & Augusta Park.

Low unemployment – the town benefits from very low unemployment compared to the national average.

Loyal customers – people living in the core catchment area visit the town centre more than 70 times a year (RCT 2010)

Mainline Train Station - Andover benefits from being a commuter town with its own mainline train station serving London Waterloo in just over 1 hour.

If you are considering moving your business, please contact Greg Greatbatch of Belvoir Commercial to discuss your requirements.

greg.greatbatch@belvoirandover.com or 01264 366611

Finding a suitable commercial, retail, office or light industrial property in Andover, Ludgershall, Whitchurch or Tidworth

According to Estates Gazette, whatever type of property you are looking for: retail, office, research and development, or warehousing, start your search six weeks prior to the time you need to move in as this is roughly the period they are put on the market before they are able to be let.
Once you have begun, make the following considerations:

• Connectivity for roads, rail and airport. Know what the travel needs of staff are going to be, as a location that alienates key employees will lead to a poor long term result.
• Broadband capacity (fibre optics?)
• Social infrastructure such as cafes, shops, access to residential space and amenities are particularly important in the technology sector and especially relevant to Generation Y.
• The nature of the space should be open plan with capacity for a cellular fit-out, it should have natural daylight, and you should have a strategy for heating, ventilation and air conditioning. This will affect the wellbeing of staff and in turn employee recruitment, retention and productivity.
• A workplace strategy will create flexibility in the day-to-day working environment, allowing for changes in the way departments are arranged and in the needs of the business as it evolves. An open plan footprint works best for this.
• Find a project manager to ensure the preferred space is capable of delivering the working environment required and that there are no services or building condition issues likely to impair the building.
• Choose an agent that will work with to ensure you get the property that suits and meets your exact requirements.

If you are looking for such a property, BELVOIR Andover is on hand to help you in your search. Contact them on 01264 366611 or email andover@belvoirandover.com or visit their Google+ page here: +Belvoir Andover Estate & Lettings Agent