John Fifield has put together a consortium of 22 small/medium sized property owners who sponsored the Tax Payers Alliance (TPA) to produce a report on Empty Property Rates. The TPA’s key findings were:-

• Empty Property Rates will hinder a private-sector led economic recovery. Last year, empty rate relief was worth £1.2 billion to businesses.

 

• With high vacancy rates across the UK, many landlords may simply to choose to demolish empty properties instead of paying the new rates. This would contract the fixed capital stock and make the economic recovery more difficult.

 

• Collecting Empty Property Rates also causes councils problems, with increased administrative and collection costs. And some are using taxpayers’ money to destroy buildings to avoid paying the tax themselves.

 

• Pensioners who are funding their retirement with rental income from a small number of commercial properties will also be hit despite receiving no income from empty properties.

 

• In opposition, senior Liberal Democrat and Conservatives were highly critical of the tax.

Click here for the TPA’s full report – http://www.taxpayersalliance.com/emptypropertyrates.pdf

Allsop’s March auction produced a success rate of 73.5% compared with 70% in February and 80% in December 2010.

Allsop commented that sales in the room were again predominantly to new investors, which seems to confirm that seasoned investors are perhaps ‘keeping their powder dry’ awaiting an increase in interest rates and the arrival of distressed sellers later in the year.

Once again, London based properties and properties let on longer leases to better covenants proved to be the most popular, which is unsurprising with current world events.

Only 4 bank investments were sold, compared with 10 in February with an average yield of 5.82% compared with 5.94%.

With petrol prices hitting a record high this year, and the recession still having a very real impact on people’s pockets, the Gadbrook Park Bid is encouraging people to try filling their empty car seats for Climate Change Week.

To support Climate Change week which takes place between 21st-27th March 2011 the Gadbrook Park BID aims to encourage commuters to discover the benefits of sharing their drive to work. People who work on Gadbrook Park are able to search for someone to share their journey with on www.gadbrookpark.com

You don’t need your own car to join the Gadbrook Park Liftshare Scheme. Many members are happy to give someone a lift in return for a contribution to the fuel costs and a bit of friendly company. Thousands of people will be giving car-sharing a try during Climate Change Week.  

The Gadbrook Park BID is encouraging everyone on the business park to support this initiative towards greener travel… so to help you benefit from the scheme, we’re holding a prize draw throughout climate change week (21st to 27th March 2011).

Any Gadbrook Park employee who signs up to the scheme throughout the week and provides us with a success story from car sharing will be entered into a fantastic prize draw to win a £25 John Lewis Voucher.

Sheffield Mutual Friendly Society have purchased this investment which is let to Walton Design Limited on a 15 year FRI Lease from 17 October 2008 at a current rental £22,000 pa for £350,000 (6.04% net).

 

Fifield Glyn acted for Sheffield Mutual and Cradick Retail acted for the Vendor.

Charles Fifield FRICS is our RICS Registered Valuer.

All RICS registered valuers are regulated to international valuation standards which means they work to a consistent standard throughout the world.  To ensure the best practice, RICS registered valuers and their firms are subject to professional, independent regulation.

RICS registered valuers have access to the latest data and are experts in their fields in providing clear reports based on diligent investigations, market commentary and analysis.  http://www.rics.org/vrsbrochure

 

Allsop’s February auction produced a success rate of 70% compared with 80% in December

In October Allsop commented that confidence among seasoned investors appeared to be waning, whilst demand from new investors had increased. This is a trend which appears to be continuing as Allsop estimated 80% of this month’s sales were to new investors, with one bank achieveing almost exactly the same price as it had at the top of the market in July 2007 – perhaps the ‘old hands’ are anticipating an increase in interest rates later in the year.

In terms of price, the average price/yield on 10 bank investments was £991,500 & 5.94% compared with £691,321 & 5.45% in December, whilst the sale of more secondary lots was ‘increasingly challenging’.

Edward Fifield, Director of Fifield Glyn Chartered Surveyors in London & Cheshire, has kicked off his New Years resolution with a bang by entering this years Cholmondeley Triathlon on Sunday June 19th 2011!

 

All proceeds raised will go to the Neuro Muscular Centre, Winsford, which that provides physiotherapy and support to people with muscular dystrophy, a charity close to Edwards heart.

 

 For more information click on the Neuro Muscular Centre www.nmcentre.com

 

 

It is with deep sadness that Fifield Glyn announced that Chris died on Monday, 24th January after a short illness. He was in his early 70’s and had been in a wheelchair for over 40 years following a swimming accident in Australia.

Chris was highly regarded throughout his professional career and whilst he was involved in many major property deals he probably thought his build up from zero to about £100 million in Providence Capital Property Fund was his greatest – it certainly put Fifield Glyn on “the map” and for that we are eternally grateful.

Chris was a family man with 4 children and a keen sportsman, particularly horse racing. In 1980 he had a “runner” in the Grand National and he himself rode the course as an amateur in the Foxhunter Chase a few years before his accident

Chris will be sadly missed by all of us who had the privilege of counting him amongst our friends.

 

Rod Welfare announced today that Fifield Glyn has bought a majority shareholding in Spencer Lewis of Battersea, London SW11 who are a specialist residential block management firm looking after 44 buildings with 660 apartments in Belgravia, Knightsbridge, Kensington, Chelsea and Battersea. Fifield Glyn already has some residential block management and is keen to expand further into the sector which they see as a growth area.

For more information see www.spencerlewis.co.uk

 

Allsop reported an 80% success rate in the room for their December auction, the highest rate since May. Once again retail, London based property and long dated income produced the most competitive bidding. 14 Bank investments were sold with an average lot size of approximately £690,000 with 5.46% yield compared with £912,000 and 5.47% in October.