News
1982 Property Valuations
Following successful sales of Commercial Property Investments over the past 6 months, Aiken Commercial, as RICS registered valuers, have been busy preparing 1982 valuations for Capital Gains Tax(CGT) purposes.
"We have detailed records of 1982 sales of both commercial properties and housing specifically to support our 1982 CGT valuations which are required by vendors and their accountants to calculate tax due following a gain on sale."
Southampton Yacht Services Take On Additional Unit At Centurion Business Park In Southampton
Advised by Aiken Commercial, Southampton Yacht Services have taken on additional space at Centurion Business Park in Southampton to help service their full order book for yacht building and repair work. A new lease of the 11,485 sq ft refurbished Unit C was agreed at a rental of £5.65 per square foot.
Under pressure to have occupation of the Unit for new work arriving in January, Gary Aiken commented “We were pleased that the landlord was able to agree terms within 24 hours of our viewing the property and impressed that the solicitors completed the lease within a week!”
Vail Williams represented the landlord, Staffordshire County Council.
Aiken Commercial represented the tenant, Southampton Yacht Services.
Retail investment Market Deals Happening Despite Economic Gloom
Aiken Commercial report that investors with cash reserves are still actively buying property despite the continuance of Economic Gloom in the forecasts. The fact is that there are few alternatives open to investors with cash in the bank. Interest returns on bank savings may be 2% whereas secondary retail investment property often show in excess of 9% in the current market with shops let to multiple retailers showing up to 7.5%.
Even after downgraded forecasts in December deals were set up and Aiken Commercial are pleased to see January completions on two retail investment deals in Gosport and Crediton.
53/61 Forton Road in Gosport has been sold by Aiken Commercial on behalf of a private investor. Let to the Sue Ryder charity and producing £23,540pa income, the sale reflected a yield of over 9%.
Southern Co Operative’s convenience store at Crediton in Dorset was acquired by Aiken Commercial on behalf of a private investor. It was let on a 15 year lease at £32,000pa and the purchase price reflected an initial return of 7.25%.
Gary Aiken reports “As well as buying and selling for private investors, we are fully retained to acquire retail property on behalf of the Local Shopping REIT who have funds available to purchase neighbourhood shopping centres, shopping parades and convenience stores across the South.”
RICS Registered Valuers
Aiken Commercial Limited is pleased to announce that it has been accepted as a Registered Valuer firm within the RICS Valuer Registration Scheme which was introduced in April 2011. The scheme assures the quality of valuations and provides clients with a clearly identifiable designation for the best regulated and qualified professionals in the field.
Instructing an RICS Registered Valuer is your safeguard that your advisor will be knowledgeable, experienced, thorough and professional whilst displaying the highest standards of competence and integrity within their specialist field.
Click here for further details on the RICS Valuer Registration Scheme
Success in 2010 Marina Business Rates Appeals
Aiken Commercial has negotiated a rating appeal on the 2010 Valuation List at Parkstone Yacht Club’s Marina and premises in Poole bringing about a reduction in Rateable Value from £230,000 to £113,000.
Aiken Commercial has negotiated a rating appeal on the 2010 Valuation List at Lake Yard in Dorset. This is a boatyard and Marina premises where the Rateable Value was reduced from £72,500 down to £38,500.Business Rates Transitional Arrangements Will Not Last
It seems a long time since April 2010 when all Business Rates in the UK were revalued based on rental levels of a more buoyant time in April 2008.
The government’s plan of softening the effect of business rate increases in England by introducing Transitional Arrangements limiting increases in 2010 to between 5% and 12.5% seems to have had the desired effect resulting in fewer appeals being lodged.
Gary Aiken, director of Aiken Commercial property consultancy in Portsmouth warns “Ratepayers should not be lulled into a false sense of security. The planned rises in coming years are up to 25%!”
The set limits on the percentage by which your rates liability can increase each year, prior to inflation but before any other relief such as small business rate relief |
||
| Year | Small property | Large property |
| 2010-11 | 5% | 12.50% |
| 2011-12 | 7.50% | 17.50% |
| 2012-13 | 10% | 20% |
| 2013-14 | 15% | 25% |
| 2014-15 | 15% | 25% |
Aiken Commercial points out that there are significant savings to be made around the margin between what are referred to as Large Property and Small Property. Outside London, a small property is defined as one with a Rateable Value below £18,000.
We Want Your Shop Investments
Aiken Commercial has been appointed by the Local Shopping REIT plc to advise on the purchase of retail investment property in the central South of England and the Isle Of Wight. Considering selling? Call today for an immediate, hassle-free deal from a purchaser with cash. Offers can be made within one hour and contracts can be exchanged within 5 days. Local shopping parades or neighbourhood centres are wanted and of particular interest at present are pharmacies, convenience stores and take aways. The Local Shopping REIT will also look at acquisition of retail investment companies and can buy with cash or shares allowing roll over of any Capital Gains Tax liability.
Empty Property Rates
From April 1st 2008, with a few exceptions, all unoccupied commercial property in England and Wales became liable to 100% business rates due to the abolition of empty property rate (EPR) relief, first introduced almost 30 years ago. In addition, the commencement of the exemption period has been set retrospectively, meaning that anyone with a property that has been empty for more than six months for industrial, or three months for all other commercial property, becomes liable to full rates.
Business Rates 2010
After all the talk it is now upon us and businesses are faced with a new Rateable Value, new business rates multiplier, new Small Business Rates Relief criteria, new Transitional arrangements (softening the impact of rising rates bills and removing some of the benefit to those lucky enough to see a reduction in their rates bill).
Contact us now for your free Business Rates Audit. Upon confirmation of your instructions, we will inspect your property, carry out research, make a Business Rates Appeal if appropriate and promote a professional case for a reduction in your Rateable Value. In addition, we will advise on any action required to minimise your rates liability and we will assist in the completion of Requests for Information from the Valuation Office Agency (VOA). Simply call Gary Aiken on 07941 768099 or email gary@aikencommercial.co.uk with your contact details, address, postcode and details of any rent passing on your property.
Aiken Commercial’s Report on Marina Rateable Values
Aiken Commercial’s Report on Marina Rateable Values compares the 2005 and 2010 Rating Lists and shows an average 37% increase across England and Wales. Whilst a few marinas had pleasure in seeing their Rateable Values falling in the 2010 list, almost all saw significant increases with several seeing their Rateable Value double and one marina in Lancashire seeing its valuation almost quadruple! It was interesting to note that the traditionally booming marinas on the Central South coast did not see the same hike in Rateable Values as they showed on average a 35% rise.