commercial property 47


Highcross lets final space at 1000 Lakeside


Highcross has let the last remaining space at its 1000 Lakeside office building in Portsmouth to Helistrat, a leading environmental consultancy and contract management company.


Helistrat is moving its head office to 1000 Lakeside following expansion and has taken 5,500 sq ft, over twice the size of its current Gosport-based office.


This latest letting follows a 17,500 sq ft deal with sports retailer, Wiggle earlier this year. Occupiers at the 275,000 sq ft office building also include Capita, The Southern Co-operative, Babcock, Hippowaste and Coffin Mew.


Highcross is now marketing a wide range of additional office opportunities at Lakeside North Harbour, ranging from bespoke design and build schemes along the lakeside to newly-refurbished accommodation at existing office buildings on the business campus.


Helistrat was founded in 2009 and works with some of the UK’s best known brands including M&S, Ann Summers, Gatwick Airport and the Environment Agency to unlock the commercial and environmental benefits of more sustainable business models. The business has grown quickly, from five people when it started, to more than 70 today.


Helistrat managing director Joy Donnell commented: “We have outgrown our original head office following rapid growth and 1000 Lakeside offered a great location which is easily accessible for our staff, including our field team who are located all around the country. The office space is much better for our needs and the excellent selection of facilities on site will also be a great benefit.“


Agents for Highcross at Lakeside North Harbour are Hughes Ellard and Vail Williams.


Bournemouth’s largest office building sold


Acting on behalf of Axa Real Estate Investment Managers UK, Goadsby Commercial has sold the freehold interest of Heron House, Christchurch Road, Bournemouth.


This substantial office building occupies a prominent position at the Lansdowne and comprises approximately 47,500 sq ft. The ground and second floors are let to NatWest Bank with the remainder vacant.


Bill Parker, director Goadsby Commercial, commented: “We received a lot of interest in this building, particularly due to the permitted development rights which allow the property to be converted to residential use. Prior approval had been granted for 70 residential apartments.


In the


end, we received 16 bids for the property from a mixture of local and national developers and the price exceeded expectations.“


Commercial construction figure almost double that of 2013


Figures released on September 18 reveal that the total value of commercial and retail construction contracts in the UK in August almost doubled compared to the same month in 2013.


Barbour ABI’s latest Economic & Construction Market Review shows that the value of commercial and retail construction contracts totalled more than £870 million in


August, a 95.8% increase on the same month last year and 17.4% higher than July.


The report also shows that the sector accounted for just over a quarter (26%) of the total value of all construction contracts UK-wide.


Barbour ABI is the chosen provider of the Government’s Construction and Infrastructure Pipeline.


THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – OCTOBER 2014 The 2014 Land Grab


Whether it is a self-fulfilling prophecy from positive publicity, or a result of evidence of a recovering economy, 2014 has seen a resurgence in the market for commercial property and, as Russell Brasington from Eric Robinson Solicitors’ commercial team explains, with growing excitement comes the need for people to remain as vigilant and scrupulous as ever


There is no doubt, that when it comes to commercial property, things are busy. With investors looking for assets, developers for new projects, leases being reviewed and businesses such as pubs and hotels changing hands, it feels like a new era of opportunity.


As well as the usual business leases, sales and purchases Eric Robinson Solicitors’ commercial team deals with, my specialism is land development, acting for owners who wish to sell land and developers who want to purchase and build on it. In this kind of transaction there are two main types of contract: ’option agreements’ and ’conditional contracts’.


Option agreements give a developer time to investigate the land’s potential, get planning permission and possibly raise finance before deciding whether to buy. Under a conditional contract, both parties are bound to complete the sale once a specified condition, often securing planning permission, is satisfied. The latter is usually better for a landowner who is keen to sell as it shows the developer’s commitment to purchase.


With the property development market continuing to pick up, higher rates of building lead to shortages in materials and labour which puts pressure on build costs. Competition for good sites and increased costs means developers are becoming ever more inventive in the terms they offer landowners and deals can get complicated.


Sellers need to keep their wits about them, get the right professional advice on the value of their land and then consult with lawyers such as myself who


will scrutinise the terms of any proposed contract.


One thing I see frequently is landowners not appreciating just how long they are potentially tying up their land for. When land buyers sit down to do a deal they will talk about the prospect of obtaining planning permission and how quickly it can be done, but they tend to gloss over the potential for delay in the planning process that they want built into the contract.


That is no criticism of land buyers; apart from being an optimistic bunch, they are quite sophisticated in property development, so what they take for granted, isn’t always obvious to a landowner. It therefore pays for a seller to be alert and get the advice early on from an experienced lawyer to make the transaction much quicker and smoother.


Details: Russell Brasington Associate solicitor 023-8022-6891 russell.brasington@ ericrobinson.co.uk


www.ericrobinson.co.uk


www.businessmag.co.uk


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