Fifield Glyn have recently completed three major deals on Gadbrook Park. Firstly, letting 12,000 sf in Chelford House to The Hut Group on behalf of Hurstwood at a rent £175,000 pa.

Secondly, again on behalf of Hurstwood, Fifield Glyn advised on the purchase of Greystone House let to Network Services (Nationwide) Limited at a rent £115,000 pa. Purchased through Alsop’s at £950,000.  The building extends to about 10,000 sf and is let for 15 years from August 2015.

Thirdly, on behalf of MCR, negotiated the sale of Brunel Court to Osborne House for £730,000 to comprise the Long Leasehold interest of the entire with the benefit of ground rents, car parking income and two vacant refurbished office buildings.

Richard Smith at Fifield Glyn, who negotiated all three transactions, commented “These deals show the continuing strong demand on Gadbrook Park from both occupiers and investors.  We will shortly be offering the two vacant office buildings on Brunel Court and there is further land available on Gadbrook Park for Design & Build packages.”

Associate Directors required:

 

GP Surveyor: Mayfair

L&T Experience, Commercial Agency, Valuations & Development, Investment Agency

CV etc please to:- rod.welfare@fifieldglyn.com

 

Building Surveyor: Edgware

S.20 Experience, Dilapidations, Minor Works, Project Management.

CV etc please to:- edward.fifield@fifieldglyn.com

 

Closing date: Tuesday 16th August 2016 at 5.30pm

Landlords and Tenants need to understand the impact. 

Compliance with the new standard is not required until 1 January 2019 but it is important for Landlords and Tenants to give proactive consideration to the implications of the requirements now.

Under IFRS 16, the distinction between finance lease and operating leases will disappear and all leases will be treated in the same manner. This new treatment is broadly similar to that currently seen for finance leases, so Tenant companies will need to recognise an asset (being their right to use the underlying asset) and a liability (their obligation to pay for that asset) on their balance sheet.

From 2019 full liabilities under real estate leases will need to be shown on the Tenant’s balance sheet. The new regime will also have an impact on a Tenant’s reported profit in its accounts.

Tenants may seek to limit the impact on their balance sheet by pushing for shorter leases. The new regime does not recognise Tenant break rights as a way to limit the liabilities on a balance sheet unless that break right is more likely than not to occur.

Additionally, it is possible Tenants may seek longer rent-free periods instead of other incentives and Landlords are likely to face increasing pressure for shorter lease terms.

For more information please email steve.jones@fifieldglyn.com

Pensions Auto-Enrolment Seminar

7^th July – 8.00am – 9.30am

Workplace pension’s law has changed and as an employer regardless of your size, you are legally required to comply with these changes.

At our Auto enrolment seminar you will be given the opportunity to speak with our professionals to get their view on your circumstances, how these changes will affect your business and the risks that deferment carries. The seminar will also valuable to those employers who are seeking reassurance that what they have done meets the required standards.

Our pension’s specialist David Glaister (IFA) will outline the issues that pension stagers are facing and applying this practically. Howard Worth’s payroll team will discuss the practicalities and complexities of ensuring that your payroll systems and procedures are up to the challenge.

We know that you will find it useful and we will be delighted to see you there.

It will be on Thursday 7^th July from 8.00am till 9.30am at our offices on Gadbrook Park, Northwich, CW9 7RA.

A light breakfast will be provided.

Book your free place here

Congratulations and thank you to everyone who took part in the Gadbrook Park Bike to Work Day yesterday!

Huge thanks to the staff at Caffé Arabica, Active Cheshire and Alpha Omega for their assistance, and as ever, the continued help and support of Stephen Hall of H&M Disinfection Systems which was invaluable – despite short outbursts of rain we had a great turnout!

We would also like to thank Twelve50 Bikes for their fantastic display of bikes and accessories on the day and for supplying the prizes for the draw.  Should anyone wish to visit Twelve50Bikes their website is www.twelve50bikes.com

The draw was made by Mike Roberts, the Chairman of the Gadbrook Park Executive Board at Caffé Arabica at lunchtime yesterday and the lucky winners were as follows:

First Prize – a bike worth £500                    – Congratulations to Cesar Roux from The Hut Group            

Second Prize – a goody bag worth £50         – Congratulations to Matt Stainsby from MIS   

Third Prize – a goody bag worth £25             – Congratulations Adrian Levett from Nationwide Network Services

We are pleased to announce that there were 72 participants.

Well done to everyone who took part, we hope participants may consider biking to work more often (we know that quite a few do this every day anyway). We look forward to seeing you again next year!

Click on the link to read John Fifields letter in the Estates Gazette dated Saturday 28th May 2016, Chairman of Fifield Glyn.

Architect v Developer

Save Tuesday 14th June in your diaries as the popular Gadbrook Park Bike to Work Day returns!

Supported by the Gadbrook Park BID, the event encourages employees to cycle to work for that day, with each employee that participates being entered in to a FREE PRIZE DRAW for a BRAND NEW BIKE worth £500!

Everyone who cycles in to work that day will also be provided with a FREE BREAKFAST BAP TOKEN for Caffe Arabica, where you can enjoy a delicious free breakfast sandwich and a drink.

Helpful advice will be freely given on any maintenance issues by Stephen Hall of H&M Disinfection Systems Ltd, and stewards will be on site to dish out breakfast tokens and to collect names for the prize draw from 6:00am until 9:30am.

The draw itself will be taking place at Caffe Arabica at 1:00pm, and all winners will be notified. We hope to see you there!

So get involved and don’t miss out on your chance to win a fantastic new bike!

The BID are holding an Emergency First Aid at Work Training Course taking place on Tuesday 21st June 2016, which is FREE for all employees from Gadbrook Park to attend (lunch will be provided). Ofqual accredited, this is a great opportunity to broaden the skillset of staff and fulfil any legal requirements. The course will cover basic life support training, choking, bleeding and managing an incident.

Please click here for the booking form – if you would like to reserve a place, please e-mail stephanie.leese@groundwork.org.uk with your completed booking form.

Cats Protection have appointed Fifield Glyn to identify and purchase a “purrfect” new 1.5 acre site to relocate their existing homing centre based at Maida Vale, Wrexham. The site must be close to the Town Centre and residential areas with easy access to the regional road network (A483, A5).

See our latest advert in the Estates Gazette July 2016

For more information email richard.smith@fifieldglyn.com

How it will affect both your commercial and residential property?

From 1st April 2018, it will be unlawful for Landlords of commercial and residential properties with an EPC rating of less than ‘E’ to grant new leases or renew  leases except for some exemptions as follows:-

•    Listed Buildings do not need comply with MEES
•    Properties with a short lease (6 months or less) or with a long lease (greater than 99 years)
•    Cost effective improvement works that cannot have a payback period of 7 years
•    The Landlord cannot obtain Third Party consent from; Local Authority, Lender, Superior Landlords, Sitting Tenant etc.
•    If a Surveyor determines that the energy efficiency improvements would devalue the property by more than 5%.

Exemptions are valid for 5 years and to qualify, the Owner/Landlord must register the property on the Private Rented Sector (PRS) Exemptions Register. www.prsaccreditation.com/contact-us/
•    Penalties for non-compliance range from £2,000 to £150,000 depending on the rateable value of the property.
•    Penalties apply where the Landlord has supplied incorrect or false information on the PRS Register
•    Names of Landlords will be published on the PRS Register
•    If a substandard property is sold, the new owner has 6 months to comply with MEES.

What do you need to do next?
1.    Assess the possibility
a.    Identify properties with E or lower EPC ratings
b.    Ensure EPCs are valid
c.    Determine if any properties are exempt and are on the PRS Register

2.    Plan improvement works
a.    Develop a plan of work needed.
b.    Obtain any necessary consents
c.    Investigate funding available

3.    Consult with your Tenants
a.    Leases do not usually state works to include energy efficiency.
b.    Discuss proposals with them early
c.    Add Memorandum of Understanding to any new Lease for future works
d.    Ensure Tenants fit out proposals will not affect the EPC rating

Edward Fifield, Director of Fifield Glyn comments ‘We believe that it is beneficial for Landlords to act prudently and plan ahead. We at Fifield Glyn are happy to advise our Clients with their property portfolios and see which property’s fall below the ‘E’ grade and help take the necessary works to improve the EPC rating or whether exemption will apply’.

If you would like to know how this new regulation can affect your property, please contact Edward.fifield@fifieldglyn.com or your Property Manager.