40 property
Sound legal advice helps real estate prospects develop
As the second half of 2014 gets underway, the seeds of recovery sown earlier in the year are beginning to flourish. Mark Izquierdo, a partner and real estate specialist at legal firm Herrington & Carmichael, explains that choosing the right solicitor is vital for anyone looking to make the most of these fresh opportunities. Bea Longworth reports
“Real estate is a great barometer of confidence,” explains Izquierdo. “When times are tough, people become extremely cautious about property decisions. Now we’re finally seeing plans for growth and expansion that were put on hold in 2008 restarting.”
Herrington & Carmichael has already felt the impact of this renewed optimism and grown its real estate team accordingly. Following the recruitment of an additional real estate team member in April, Izquierdo joined the firm in July.
'The money brought into towns, both by developers and new residents, fuels the local economy and stimulates town centres'
In addition to his wealth of commercial property experience, Izquierdo puts a lifetime of local knowledge at his clients’ disposal. Having lived in Wokingham since he was five years old and worked in the area for many years, his appointment at Herrington & Carmichael is a chance to rekindle old contacts and contribute to the town’s renewal that Izquierdo relishes.
“I joined the firm because its straight- talking attitude is a great match for my own approach,” Izquierdo says. “More than ever, landlords, tenants, landowners and developers choosing a legal services provider aren’t just looking for information. They want a trusted adviser who has the breadth of expertise to oversee every aspect of their real estate needs. The focus Herrington & Carmichael has on understanding clients’ needs and tailoring its service is what sets us apart from the competition.
“I’m also delighted to be back working in Wokingham when there’s a real buzz in the town. Over the past few years many businesses got into the habit of short-term thinking about their property investments.
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housing shortage is a challenge we must meet and the consequences of residential development can be very positive. The money brought into towns, both by developers and new residents, fuels the local economy and stimulates town centres.
“In my home town of Wokingham there’s been talk about regeneration for as long as I can remember. Now, with the current wave of large-scale developments taking place in and around the area, I feel it’s coming true at last. Extra money is being channelled into infrastructure, road and leisure improvements as the money being spent building new homes and renewing business premises permeates through the town.”
Having advised on a number of large transactions, including acting for a landowner selling land with a value of over £15 million to a developer planning to build 800 units, Izquierdo has the expertise and experience to ensure that his clients are positioned to capitalise fully on property opportunities.
“Whether it’s a matter of hundreds of houses or a three-unit development in someone’s back garden, landowners and developers need access to the same fund of knowledge about planning, infrastructure and legislation,” explains Izquierdo. “That’s the key to realising the value of the opportunity, however large the scheme may be.”
Mark Izquierdo
There was a strong trend towards people becoming very reactive, choosing short- term renewals and making alterations rather than moving to new premises if they needed more space. Now there’s a return to long- term thinking and we’ve seen an increase in enquiries from commercial occupiers that’s very encouraging.”
Izquierdo has identified a particularly strong trend towards growth in residential development and believes the combined efforts from national and local government have helped to nurture this. One medium sized developer for whom he recently acted stated that around half the reservations for its latest 12 unit scheme involved Help to Buy, a national initiative designed to enable buyers to get a mortgage with as little as 5% deposit.
Local authorities have also responded positively to pressure to meet housing quotas. Strategic structure plans are in place to minimise environmental impact and ensure that entire communities benefit from improved services and infrastructure.
“Understandably, residents in developing areas are often concerned about the effects,” says Izquierdo. “However, the
THE BUSINESS MAGAZINE – THAMES VALLEY – SEPTEMBER 2014
Izquierdo credits increasingly savvy landowners with some of his increased workload. “A few years ago, if a developer knocked on someone’s door with an option agreement, it’s more than likely they’d sign up on the spot. Now landowners realise they need support from someone who has the practical experience to deliver the advice and protection they need. A solicitor who can help get your planning application in and drive the project through to completion will ensure you get what your property is worth.”
Details: Mark Izquierdo 01276-686222
Mark.Izquierdo@herrington-carmichael.com www.herrington-carmichael.com
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