Annual Review 2017 - Sanderson Weatherall: UK Chartered ...sw.co.uk/documents/Company...

SANDERSON WEATHERALL ANNUAL REVIEW 2017

Annual Review 2017A look through some of our project highlights during the past year


WelcomeIt was dubbed the year of the political earthquake, with the shockwaves felt by the US Presidential Election and ‘Brexit’ setting the economic tone for 2016. The UK commercial property market was undoubtedly impacted by the uncertainty surrounding ‘Brexit’, but there are many reasons why we left 2016 feeling positive.

Occupier take up of space across our major cities remains strong and investors continue to find profitable opportunities in UK commercial property. Our cities also continue to transform, with exciting developments creating new places and spaces for us to live, work and play.

Technology continues to propel our capabilities and challenge convention. In what was once an industry governed by tradition, the property market is beginning to experience how digital disruption can redefine how our buildings are designed, developed and occupied.

As one of the UK’s leading independently owned property consultancies we’ve guided our clients through the periods of economic turbulence and maximised potential in fast moving markets. Our market leading property services for owners, occupiers, investors, developers and financial institutions continue to deliver results and ones that we’re incredibly proud of.

We’ve grown our business, expanded into new regions and welcomed new faces to our team. By embracing new ways of working we’re reducing our carbon footprint and operating more efficiently than ever.

We like to see our clients businesses and the people who work in them flourish. We are after all, a people business ourselves. With that in mind, if you have any questions about the projects we’re working on or would like some property advice yourself, please just let us know.


Co-opThe Co-operative Group, commonly known as the Co-op, is a leading British consumer co-operative with a diverse family of retail businesses. We provide strategic lease consultancy advice to the Co-Op for their convenience store and funeralcare portfolio in the Yorkshire, North West, North East, Central and Eastern regions.

Alan Stell, Co-op’s national estates manager said: “We have around 100 transactions taking place annually across the regions that Sanderson Weatherall now handle for us. Due to this volume of activity, it’s vital that we have a lease consultancy team with expert market knowledge able to manage the scale of the work whilst also maintaining very high quality standards throughout. Having partnered with Sanderson Weatherall for the past eight years, we know they can deliver the standard of lease consultancy services required to enable us to actively manage our property portfolio.”

SpeedloanWe completed a nationwide project for Speedloan Finance, operators of Albemarle & Bond and Herbert Brown. The company, which offers pawnbroking, cheque cashing and travel money services from its 115 branches across the UK, appointed us to review and restructure the Albemarle & Bond and Herbert Brown leasehold portfolio, which comprised around 130 properties nationwide. Our service to Speedloan Finance was delivered by our lease consultancy, building surveying, valuation and agency teams across our Leeds, Manchester, Newcastle, London and Bristol offices.

Commenting on our work, Speedloan Finance’s head of property, Shaun Brown, said: “This was a complex instruction that we required to be completed within a set timeframe, and Sanderson Weatherall’s ability to offer multiple services across a wide geographic area made the firm ideal for this work. David and his team provided excellent regional knowledge and technical expertise, which allowed them to deliver us great results.”

A nationwide solution for household names


M&G Real Estate | Roydhouse Developments | Marrico Asset ManagementCentral Square is a £100m landmark office development in Leeds City Centre, which opened in November 2016. In response to demand for quality, sustainable offices with large, flexible footplates, Central Square is delivering class-leading sustainability credentials with the largest floorplates in the city (25,000 sq ft²).

Along with eleven floors of office space, retailers M&S, Caffe Nero and Chop’d occupy ground floor retail spaces.

Acting as office letting agent, we have secured some of the UK’s leading corporate names as occupiers at Central Square, including PwC, BDO UK LLP and RSM UK.

McAleer & Rushe Due to complete in 2018, the £100m mixed use development at the Newgate Centre in Newcastle is set to include a 575-bed student residential scheme and 269-bed hotel, as well as 22,000 sq ft of retail and leisure space.

McAleer and Rushe purchased a two-acre site for £18.2m in 2006, and they began demolition on the existing 1960’s Newgate Shopping Centre in 2016, during which we managed the neighbourly matters with 64 surrounding property owners and occupiers.

Set to be a landmark development in the heart of Newcastle City Centre, we are now acting as letting agents on the scheme’s retail and leisure units.

A trusted partnership with developers

Photo Credit: DLA


Our talented team of registered valuers work with leading lenders and financial institutions, including Barclays, HSBC, Lloyds, Natwest, RBS and Handlesbanken providing quality, reliable and accurate reporting on property valuations across all sectors, nationwide.

KPMGWe sold the former Westwood Yarns site in Holmfirth on behalf of KPMG. The 8.54 acre site is set to be transformed into a vibrant community and workplace after being sold to West Yorkshire based property developers, Prospect Estates.

Prospect Estates has plans to construct 50 residential units, as well as converting the historic mill into 12 apartments, and also transforming the Millpond building into a hotel and restaurant. Part of the office and workshop accommodation will be leased by the Oil Can Café and IK Classic Cars, both of which are relocating from the Carding Shed, retaining local companies and safeguarding jobs in Holmfirth. The successful sale of the property follows the announcement earlier in 2016 that our machinery and business assets team had sold the majority of the plant and machinery by online auction, raising approximately £1 million.

Bibby Trade ServicesOur asset based lending team assisted Matchmakers International Limited (“Matchmakers”) by completing valuations and advisory work for the company’s proposed new trade and receivables refinancing purposes. Matchmakers are one of the oldest and most established equestrian brands in the world.

We were engaged by the proposed new funder, Bibby Trade Services to provide a full valuation of all of Matchmakers current inventory for a proposed new trade and receivables loan facility. Funding was provided by Bibby Trade Services who structured the innovate new deal that will allow Matchmakers to reorganise their debt obligations through a corporate refinancing deal.

Mark Hargreaves, director at Matchmakers said, “Sanderson Weatherall was appointed to work for the potential funders as part of our business refinance strategy. The work that was completed by Christian Humphreys and his team was of really high quality throughout and so I look forward to working with Sanderson Weatherall again, hopefully soon”.

First class advice for lenders & financial advisors


Canada Life We work closely with Canada Life providing asset management solutions on their property investment portfolio. In 2016 we were appointed to manage two multi-let office building in the heart of Manchester, including studying lease information, authorising tenant works and administering service charge budgets.

We also sold Canada Life Investment’s freehold office investment Hetton Court, in Leeds, for over £2m. The 20,197 sq ft office building was sold to Augustus House Ltd, advised by Mark Brearley & Co.

Litfield Land | Ibis Hotel Ground RentOn behalf of Litfield Land, we sold a ground rent investment on the site of the Ibis Hotel in Sawmills End, Gloucester to a private investor for £1.3m. The site is let to Ibis Gloucester Ltd on a 125 year lease from October 2009 (118 years remaining) at a rent of £39,750 per annum. The rent rises annually in line with RPI, capped at 4%.The price we achieved reflected a strong net initial yield of 2.86% but with inflation rising post Brexit the property offered the buyer strong potential for rental performance.

Chapter of YorkWe manage the entire property investment portfolio of York Minster, providing a comprehensive range of property management services. During 2016 we secured new tenants for three of their properties in the centre of York, and welcomed chocolate maker Cocoa & Sweet, jewellery brand Azendi and Hind Hair and Beauty to the city.

Redefine InternationalWe let an office space at City Point in Leeds, to Black Solicitors, on behalf of Redefine International.Black Solicitors acquired the second floor of City Point on a 10 year lease. The letting brought the 61,500 sq ft building, which was acquired by Redefine International in March 2016, to full occupancy for the first time.

Maximising potential for investors


Alan Shearer CentreThe Alan Shearer Centre, which is located in Newcastle, provides a specialist respite, residential and social facility for people with complex disabilities and acute sensory impairments. Our building and architecture team designed and developed the facilities hydrotherapy pool, which won a Gold SPATA award in February 2017.

GreggsHaving finished the fit out of the new Greggs Head Office at Quorum Business Park, our in house architects and building consultants were appointed by the baking giant to refurbish their 18,000 sq ft Innovate House building at Balliol Business Park in North Tyneside. Commenting on the project, Garry Graham, Head of Shop Development at Greggs, said: “Sanderson Weatherall are a trusted and reliable partner whom we are excited to work with on this significant development”.

Euro-HostelEuro Hostel, founded in 2000, aims to bridge the gap between budget hotels and backpacker hostels. It has sites in Edinburgh, Newcastle upon Tyne, Liverpool and Glasgow. We advised Euro-Hotsel on the modification of their Glasgow site, which included incorporating eight new self-contained, designer suites, offering a combined 66 bed spaces.

Commenting on our building consultant Martin Smith’s contributions to the project, William McClelland, managing director at Euro Hostel said: “We used separate designers and contractors on the project, and Martin was invaluable to us, effectively functioning as an overall clerk-of-works, procurement advisor and Construction (Design and Management) Principal Designer. He was involved in advising on the proposed building contracts, carrying out regular inspections and producing reports itemising areas the contractors needed to address, as well as fulfilling important health and safety responsibilities. His technical knowledge and understanding made successfully implementing the project so much more straight forward for us than it would otherwise have been. We’ve employed Sanderson Weatherall since the beginning of this year and Martin’s efforts on this task indicate what a good decision we made at that time.”

Creating amazing spaces


LogicorWe work closely with Logicor on its vast portfolio, delivering leading agency services in the North East, North West and across Yorkshire.

Deals completed for Logicor this year include a secured letting in Peterlee of a 6,218 sq ft unit to Holcrofts and a 29,871 sq ft property at Haslemere Industrial Estate, which was let to Retail Storage Solutions. Richard Phillips, portfolio director at Logicor, said: “We are delighted to welcome Retail Storage Solutions to the Haslemere Industrial Estate. The estate’s location close to the M6 is an attractive feature for many potential tenants.”

Allied GlassWe secured the letting of a 189,142 sq ft facility for Allied Glass, the premium glass packaging manufacturer. Located at Wakefield Europort, a leading logistics and distribution centre, the newly refurbished space is being used for bottle decoration and storage.

Wakefield Europort is located at Junction 31 of the M62. Its other occupiers include DHL, TJX Europe (TK Maxx), Argos, ASDA, Kuehne & Nagel, Warburtons, Royal Mail, 3663 and One Stop.

Howdens Joinery Acting for the owners of Barnsley Trade Park, we secured the letting of a new 10,000 sq ft trade unit to Howdens Joinery, the UK’s largest manufacturer and supplier of kitchens and appliances.

Phase one of Barnsley Trade Park, which was speculatively built, reached full occupancy in 2014 with tenants Screwfix, Jewson, Toolstation, Yess Electrical, Euro Car Parts, Eurocell and Halfords. Greggs and Subway also occupy two retail units at the front of the site. Phase two of the development was built on a two acres site at the park in 2016, and created an additional 15,000 sq ft of industrial space.

Market leading advice for manufacturers


Maguires Country ParksWe sold a 43-acre holiday park in Bamburgh, Northumberland, to Maguires Country Parks. Maguires Country Parks operate award winning sites across Northumbria, North Yorkshire and County Durham. The family run business has purchased the Northumberland site, which was formerly operating as The Kaims Bamburgh, and was marketed asking offers in excess of £5.5m.

Billy Maguire, owner of Maguires Country Parks said, “The Kaims, Bamburgh site is a fantastic opportunity for our luxury holiday park brand. The site’s location and surroundings are perfectly suited to help us deliver our aim of providing beautiful, peaceful and relaxing Country Parks in first class destinations.”

Yours ClothingWe supported Yours Clothing with their expansion into the South West of England. The high-street fashion brand’s expansion includes the opening of its new store in Plymouth, which required pre-acquisition surveys undertaking in a short timeframe.

Derihon Coquard, business development manager at Yours Clothing, commented: “We’re very excited to have expanded into Plymouth and Sanderson Weatherall has been instrumental in us meeting that objective. What has impressed us the most was the speed and efficiency with which the pre-acquisition survey was undertaken, as it was complete in little under a fortnight.”

YogaworksWorking alongside YogaWorks London, we provided a hat-trick of integrated services including town planning, agency and architecture. Now complete, the facility will officially open later this month. Our three-pronged strategy saw us undertake a bespoke initial planning appraisal to ascertain the premises’ potential to be converted from retail to leisure use, followed by concept plans being prepared by our architecture and agency teams. After receipt of planning permission from the local authority, YogaWorks retained us to discharge the pre-commencement conditions attached to the permission.

Phillipa Hawkins, founder and owner of YogaWorks London, commented: “We are very excited to be opening our new facility and Sanderson Weatherall has been vital in helping us to receive planning permission. Owen and the team were extremely professional and achieved a great result in a very efficient way. I hope they will one day come and enjoy a class of their own.”

Enabling brands to grow


Teesside UniversityWe advised Teesside University on the acquisition of the former Gazette offices in Middlesbrough by providing valuation, building surveys and deal negotiation services. The acquisition was part of their continuing investment in creating a high quality campus with first class facilities, and a great opportunity for the university to grow its portfolio in the area.

Home GroupWe provide Home Group, one of the UK’s largest providers of high quality housing and integrated housing, health and social care, with a range of property services for its commercial and residential portfolio. Home Group houses over 120,000 vulnerable people every year, and manages around 55,000 properties nationwide.

We provide market advice, valuations, agency, strategic and development consultancy services across their commercial and residential properties in the North East, North West, Yorkshire, South West and London regions.

Leeds Mencap & Diocese of LeedsActing on behalf of the Diocese of Leeds, we sold a vacant development site to Leeds Mencap, an independent local charity which supports children and adults with learning disabilities.

Loretta Jones, head of fundraising at Leeds Mencap, said: “This fantastic new building provides us with the opportunity to expand our services over time and as Sanderson Weatherall was able to secure us a buyer for our former site, it helped contribute to the necessary funding to make the move viable.

“Our fundraising efforts now focus on raising money for our services and if we can continue to secure support, we will be able to work towards meeting the needs of more people with learning disabilities.”

Supporting the public sector and charities


On March 1st 2017 a landmark ruling by the UK Supreme Court resolved whether owners of commercial properties will need to pay business rates during renovation or development work.

Our rating team first started work on the S J & J Monk v Newbigin case in 2013, when the Valuation Office Agency stated they would base the rateable value of an office, during renovation and subdivision, on its pre-scheme rateable value.

The decision meant that the owners, S J & J Monk, still had to pay business rates on the 15,000 sq ft Sunderland office space, with a rateable value of £102,000, despite it having being stripped to a shell and unable to be occupied during the renovation.

The case was taken to Valuation Tribunal by Rating Partner, Richard Farr, who appealed the decision on the basis that until then, properties undergoing major work had been given a nominal rateable value of £1. Farr later won the appeal at Lands Chamber, but the decision was subsequently overturned at High Court.

However, the ruling by the Supreme Court concluded that the property should be given a nominal £1 rateable value, on the grounds that it is undergoing significant refurbishment which restricts it from being a functional office space.

Richard Farr commented, “I am delighted by the eventual ruling at the Supreme Court, four years after I first started this case. The decision is welcome news for ratepayers, who will not be required to pay business rates on properties that are undergoing construction.

“This is of course also good news for the industry, with the threat of unnecessary rates bills no longer creating barriers for developers and investors.”

The nominal assessment will not be automatic, and affected ratepayers will need to seek advice from a professionally qualified rating surveyor.

A landmark Supreme Court ruling


British Heart FoundationWe raised over £3250 for British Heart Foundation in our annual bike ride, by cycling 215 miles from London to Paris. Simon Heather, Partner in the Manchester office, and organiser of this year’s trip said: “After a particularly tough first day, we are absolutely delighted to have completed the trip as a team, all in one piece…and with all our luggage!

“The funds we have raised will be gratefully received by this year’s chosen charity. On behalf of the team, I would like to say ‘thank you’ to everyone that has donated as this support really does make all the hard work worthwhile.”

Canal & River TrustWe run an initiative to assist partner organisations in becoming full members of the Royal Institution of Chartered Surveyors (RICS) too by helping them to qualify as a member by passing the Assessment of Professional Competence (APC).

Alistair Staton, commercial surveyor at Canal & River Trust, the charity that cares for over 2,000 miles of historic waterways in England and Wales, took advantage of our mentoring scheme and achieved his APC qualification this year. We coached Alistair through the latter stages of his written submission and conducted mock interviews with a panel of experts from the firm.

He commented: “Sanderson Weatherall’s mentoring was very helpful in allowing me to gain my full qualification. David and his team have a wealth of experience and plenty of advice, as well as conducting very authentic mock interviews and checking the format of my written submissions.

“At Canal & River Trust we have worked with Sanderson Weatherall on a variety of property matters, but providing this mentoring was definitely going above and beyond. I am very grateful to all those who offered their advice and would recommend the scheme to any of my colleagues looking to pass the APC.”

So far, graduates from Greggs, SIG, Costcutter, Canal & River Trust and Town Centre Securities have also benefited from the mentoring scheme, which is offered at all our offices nationwide.

Doing our bit

[email protected] 122 3050

sw.co.uk

Get in touch

Annual Review 2017 - Sanderson Weatherall: UK Chartered ...sw.co.uk/documents/Company...

Documents

Transcript of Annual Review 2017 - Sanderson Weatherall: UK Chartered ...sw.co.uk/documents/Company...