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BLOG CATEGORY ARCHIVE - Commentary

The Rating Revaluation Postponed

23rd January 2013, by CPAdmin

Open letter to Rt Hon Brandon Lewis, Minister for Local Government.

 

Dear Minister.....

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The Changing Face of Agency

22nd March 2012, by Graham Chase

The decision by Hammerson to review its agency instructions puts an interesting slant on how it intends to manage its shopping centre portfolio in the future. Despite claims of improving efficiency and performance, the principle determinants are more likely to revolve around the current challenging market place and jobs.

Land Securities took the option of "rationalizing" their agency instructions three years ago so Hammerson's actions could be argued to be late in the day. Land Sec's approach was to improve the management of its service providers when it was felt that there were too many to handle. The external perception has been a culling of agents and reliance on a couple of principle large agencies with some latitude to add others where necessary.

Another consideration is the size of the in-house management teams which have grown significantly in the last 10 years. In the USA and some other parts of the world, the use of external agencies is reserved for certain brokerage activities otherwise the letting and day-to-day management is now handled in-house on strict corporate, procedural and branding arrangements.

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Local Data Company - End of Year Vacancy Report 2011

15th February 2012, by Keith Nelson

We welcome the Local Data Company's most recent report on retail vacancy in Great Britain which is timely in its release and focuses on an issue recently highlighted in the Portas Review.

The headlines are not unexpected – a GB vacancy rate of 14.3% with 183 retailers...

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Mary Portas High Street Review

14th December 2011, by Graham Chase

Mary Portas' review on town centre high streets is welcomed, particularly as it focuses on good business common sense rather than indoctrinated and polarized positions usually found in the world of politicians, planners and landlord and retailer clubs. The focus on the town...

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National Grid Pulls Plug on 24 Agents to Cut Costs - Property Week 11/11/11

13th December 2011, by Graham Chase

There is nothing unusual in the users of property services companies reviewing who they use and the number of advisers they employ.  In the current market, the cutting of costs is a crucial part of corporate survival, as well as looking at ways of getting the best out of...

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Half Term - An Unwelcome Peace!

26th October 2011, by Graham Chase

The half-term period is with us and with quieter phones it is clear that it is not only the children taking a break.

Also quiet, are the number of lease renewals, with the IPD and Strutt & Parker Annual Lease Events Review identifying that renewal...

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Open Market or Guaranteed Uplifts. What do Investors Prefer?

9th September 2011, by Keith Nelson

In this uncertain market, demand for food store investments has possibly never been as strong as it is today. Investors of all types, from private family trusts through to the largest institutions, recognise the attraction that foodstore investments offer and this is likely to...

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More problems for the High Street

18th August 2011, by Administrator

Depressing news about further retailer failures confirms the continued weakness of the consumer and no signs of recovery.

The good news is that some of this vacated space was snapped up quickly, demonstrating that the world does not stop, but will our high streets ever...

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All markets, good and bad, provide opportunities and reveal failures

17th August 2011, by Graham Chase

A number of revelations last week demonstrate just how volatile the current property market is, particularly for investors and developers. Shares in the UK's largest REITs of Land Securities and British Land fell around 8% at their lowest point. The message here is that rental growth and income generally looks uncertain and under pressure, particularly in the secondary market.

Moody's report on the European commercial mortgage/securities market advise that values in the secondary property market will not recover before 2013 and lending in markets will be subdued throughout this year and next year. Those lenders who are prepared to lend will only do so against prime or top quality stock and at a maximum loan to value ratio of 65%.

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UK Commercial Property - A Safe Haven?

4th August 2011, by Graham Chase

The last two weeks have seen turmoil in the Euro zone with the Greek debt crisis and uncertainty over the budget allocations in the USA. No wonder the financial markets are in disarray. Stock Exchanges around the world have been behaving like yoyos and precious metals have reached record values, despite huge selloffs and a crash in prices just a few months ago.

Uncertainty is not good for any market and commercial property is no exception. So with this background does UK commercial property become a safe haven or part of a boiling sea of distress?

There is no doubt that investment info in UK commercial real estate between Q1 2010 and Q2 2011 produced a significant inward shift of yield against very low pricing points in Q4 2008. However, after 6 quarters of relatively stable activity of over £8billion per quarter, Q2 2011 has seen a downward trend of approximately £6.6billion according to the UK investment transactions report issued by Lambert Smith Hampton last week.

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Upward only reviews

20th July 2011, by Graham Chase

Whereas record rents continue to be set in the principal shopping streets in central London and the letting of Westfield's mega shopping centre at Stratford continues apace, the rest of the country is seeing a very different picture.

Rental levels are continuing to fall in many centres reflecting reduced demand and shrinking business as a result of restricted consumer expenditure. With increasing competition from the internet, pressures on the retail property sector outside the South East are significant and of considerable concern regarding its future health.

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