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DTZ

86

Commercial property investors and occupiers should start planning energy efficiency upgrades to ensure their assets meet minimum band ‘E’ standard or potentially face being unable to lease them, according to DTZ.

DECC has clarified details of the regulations which will be imposed on the non-domestic property sector under the Energy Act 2011, which seeks to improve the energy efficiency of the UK’s building stock.
Around a quarter of all UK building stock falls into Energy Performance Certificate categories ‘F’ and ‘G’ and the clarity of DECC allows organisations – both landlords and tenants – to prepare for necessary changes which must be completed by 2018. Failure to act could result in being unable to lease the asset and fines up to £150,000.

David Wilson, Director in DTZ’s Project & Building Consultancy team in Newcastle, said: “The absence of detail has caused uncertainty in the market so the clarity is very welcome. Owners of non-compliant buildings must act or face a twin burden of lost income from an asset they are unable to lease and diminishing capital value.

“The effects are being felt already with occupiers stipulating minimum performance ratings for new buildings and this will only increase. In essence you are looking at an emerging two-tier market with poorer performing stock being marginalised even before the regulations come into force unless investors and occupiers take steps to prepare for implementation.”

The Energy Act provides a framework to facilitate the upgrade of the UK’s worst performing buildings. DTZ anticipates the clarification will have a number of knock-on effects. On the occupier side, energy performance of buildings is likely to become an issue at rent reviews while lease renewals and dilapidations will also be affected.

Similarly, investors will add Energy Act compliance to their risk analysis of new purchases and valuations will also be reviewed closely in light of the impending regulatory deadline.

Stuart added: “For commercial property owners and occupiers, improving the operational performance and efficiency of their buildings has long been a primary objective. Improving energy performance is now an essential part of that agenda.”

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Commercial property investors and occupiers should start planning energy efficiency upgrades to ensure their assets meet minimum band ‘E’ standard or potentially face being unable to lease them, according to DTZ.

DECC has clarified details of the regulations which will be imposed on the non-domestic property sector under the Energy Act 2011, which seeks to improve the energy efficiency of the UK’s building stock.
Around a quarter of all UK building stock falls into Energy Performance Certificate categories ‘F’ and ‘G’ and the clarity of DECC allows organisations – both landlords and tenants – to prepare for necessary changes which must be completed by 2018. Failure to act could result in being unable to lease the asset and fines up to £150,000.

Raffaella Puricelli, Senior Sustainability Consultant at DTZ in Manchester, said: “The absence of detail has caused uncertainty in the market so the clarity is very welcome. Owners of non-compliant buildings must act or face a twin burden of lost income from an asset they are unable to lease and diminishing capital value.

“The effects are being felt already with occupiers stipulating minimum performance ratings for new buildings and this will only increase. In essence you are looking at an emerging two-tier market with poorer performing stock being marginalised even before the regulations come into force unless investors and occupiers take steps to prepare for implementation.”

The Energy Act provides a framework to facilitate the upgrade of the UK’s worst performing buildings. DTZ anticipates the clarification will have a number of knock-on effects. On the occupier side, energy performance of buildings is likely to become an issue at rent reviews while lease renewals and dilapidations will also be affected.

Similarly, investors will add Energy Act compliance to their risk analysis of new purchases and valuations will also be reviewed closely in light of the impending regulatory deadline.

Raffaella added: “For commercial property owners and occupiers, improving the operational performance and efficiency of their buildings has long been a primary objective. Improving energy performance is now an essential part of that agenda.”

60

One Stop Hire Limited has taken circa 5,500 sq ft of trade counter / industrial space at Unit 3 Matrix House in Hunslet, in the company’s first venture in to the Yorkshire market.

One Stop Hire Limited is the fastest growing hirer of power tools, access systems and small plants in the North of England and has been well established in the North West for a number of years since acquiring SJS Hire Tools and PSL Hire in 2009.

The move will mean that the company is located within an established location with prominent frontage on to Hunslet Road.

DTZ acted on behalf of the landlord to secure the five year lease.

Scott Morrison, Senior Surveyor in the Yorkshire Industrial and Logistics team at DTZ comments: “Hunslet offers One Stop Hire a modern and secure industrial estate in a prime location within the region. The presentation and quality of the unit together with excellent access on to the national motorway network provided the perfect fit for One Stop Hire and we are delighted to land such a household name.”

92

Global management, engineering and development consultancy Mott MacDonald is to become the latest tenant at 10 Templeback, Bristol.

News of the deal comes just two weeks after Momentum Financial Ltd moved into the building, which is asset managed by London-based Cube Real Estate on behalf of its owner, Benson Elliot.

Mott MacDonald hopes to move its 100-strong team from its Prince Street, Bristol address in June 2015.

The consultancy is taking 10,000 sq ft on the ground floor of the building on a ten year lease, accommodating up to 125 people. There is now just 41,000 sq ft left at the building, with another two units currently under offer.

Mark Shields, office manager at Mott MacDonald in Bristol, said: “We chose 10 Templeback because it offered Grade A office space at a stunning waterfront location, which is typically very hard to come by.

“Our new premises will give us the opportunity to strengthen and expand our service offering while improving operations efficiency, allowing our staff to work more closely and with our clients.”

Jonathan Lawes, asset manager at Cube, continued: “The interest we’ve had in 10 Templeback is phenomenal. With two deals done and another two on the way, we are confident the building will be fully let before long.

“The offices are in a prime city centre location and offer modern, bright and adaptable workspaces on flexible terms, in line with today’s business demands.”

The real estate firm has been granted planning permission to improve the arrival experience at 10 Templeback with a re-designed entrance and re-modelled reception. The firm also plans to create a new shower hub in the car park which will include cycle racks, showers, a drying room and lockers to further enhance the building’s green credentials and promote sustainable travel. The building already has a ferry stop.

10 Templeback is a 123,000 sq ft building and one of Bristol’s most prominent Grade A office developments. The waterfront building is one of the city’s greenest buildings and is available to new tenants on tailor made attractive terms.

NFU Mutual currently occupies two floors but substantial high quality space remains across three floors.

10 Templeback is being jointly marketed by DTZ and Alder King.

110

Allied Irish Bank (AIB GB) has relocated its Nottingham office to newly refurbished office space at Park View House, 58 The Ropewalk in the heart of the city’s professional quarter.

DTZ acquired the space on behalf of AIB GB whilst Geo Hallam and Sons and JLL acted on behalf of the landlord, a fund advised by F&C Reit.

The bank has taken a ground floor suite on a 10 year lease at Park View House which offers open plan Grade A detached office space within Nottingham’s established business quarter.

AIB GB will be relocating from its previous base at Byron House following a lease expiry. The new premises will continue to serve the Owner Managed Business market in the East Midlands.

Gemma Constantinou, Senior Surveyor in DTZ’s Agency team commented: “This is a great move for AIB GB. Park View House is a rarity, offering detached grade A office space in the city centre which combines traditional and contemporary architectural styles.”

Gerry McPake, who leads the AIB GB team at Park View House said: “When we made decision to relocate The Ropewalk was by some distance our number one choice. DTZ, and Gemma in particular, acted on our behalf with great professionalism to meet our aspirations not only in terms of location, but also timescale.”

James Hall of Geo Hallam and Sons who acted for F&C Reit commented: “Park View House was speculatively refurbished to Grade A standard by client’s of F&C Reit and following the completion of the lease to AIB GB, the building is now fully let with AIB GB joining professional occupiers Mazars and Gateley who have recently relocated to these city centre offices.”

129

An overseas trust has purchased the long leasehold interest in 24 Chiswell Street, London, EC1 for in excess of £45m.

Stenprop had placed the 76,465 sq ft multi-let office investment onto the market seeking offers in the region of £45m but following substantial interest, a price in excess was agreed.

24 Chiswell Street occupies a highly prominent site in Central London with exceptional views over The Honourable Artillery Company’s playing fields. Chiswell Street is located in the centre of one of the most exciting areas of Central London close to Finsbury Square, Old Street Roundabout and The Broadgate Estate which has seen the completion of some notable new developments recently and the influx of some notable occupiers including Linklater’s, Slaughter & May, Google, Bloomberry and Invesco.

The building was constructed in 1989 and comprises D1 accommodation on the lower ground and ground floor with offices on the 9 upper floors. The accommodation is multi-let to 10 tenants including The Royal Bank of Scotland, Omnilife Insurance Company Limited, Czarnikow Group and Tesco Stores Limited.

The entire building generates an annual income of £2,857,311 (£37.18 per sq ft) and is held on a virtual freehold.

Jonathan Gilbert of acquiring agents, Hartnell Taylor Cook LLP said: “This prominent office building offers our clients many opportunities including the restructuring of leases to enhance the rental income, potential refurbishment opportunity as floors become vacant as well as repositioning the building.  It is in an area where demand from occupiers has remained strong with a rental increase as a consequence and therefore this is a very exciting proposition for our clients.”

Hartnell Taylor Cook LLP advised the purchaser and DTZ advised the vendor.

173

DTZ’s Birmingham office has expanded its Project & Building Consultancy team with the appointment of Stephen Mealings as Director to head up its new Neighbourly Matters team.

Stephen joins DTZ from James Mealings Chartered Building Surveyors in Halesowen and has also had stints at Walker Son & Packman and Schatunowski Brooks in London.

Based in Birmingham but with a national remit, Stephen will specialise in Neighbourly Matters, in particular, Rights To Light, Daylight & Sunlight Analysis, Party Walls, Access to Neighbouring Land, Access Agreements, Easements & Boundary Disputes and Expert Witness.

He brings 25 years’ experience and is also an active member of the RICS having held positions as the RICS West Midlands Regional Chairman and was twice elected onto the RICS Governing Council.

Also joining DTZ’s 16-strong Project and Building Consultancy team is Richard Nock who rejoins the firm as Associate Director following 14 months at engineering firm, AECOM and Craig Chatwin who also joins from AECOM. Craig recently qualified as a Chartered Building Surveyor.

Andy Irvine, Senior Director, Project and Building Consultancy at DTZ in Birmingham said: “I am delighted with securing these new hires. As activity levels and opportunities increase, their appointments will add additional breadth to the existing team and the introduction of a new service line will supplement our current core services.”

Stephen Mealings added: “I am extremely pleased to join DTZ’s Project and Building Consultancy team and I am looking forward to the challenge of establishing this new team and offering a new service to DTZ’s clients.”

124

Commercial property investors and occupiers should start planning energy efficiency upgrades to ensure their assets meet minimum band ‘E’ standard or potentially face being unable to lease them, according to DTZ.

DECC has clarified details of the regulations which will be imposed on the non-domestic property sector under the Energy Act 2011, which seeks to improve the energy efficiency of the UK’s building stock.
Around a quarter of all UK building stock falls into Energy Performance Certificate categories ‘F’ and ‘G’ and the clarity of DECC allows organisations – both landlords and tenants – to prepare for necessary changes which must be completed by 2018. Failure to act could result in being unable to lease the asset and fines up to £150,000.

Jo Williams, Director in DTZ’s Project & Building consultancy team in Bristol, said: “The absence of detail has caused uncertainty in the market so the clarity is very welcome. Owners of non-compliant buildings must act or face a twin burden of lost income from an asset they are unable to lease and diminishing capital value.

“The effects are being felt already with occupiers stipulating minimum performance ratings for new buildings and this will only increase. In essence you are looking at an emerging two-tier market with poorer performing stock being marginalised even before the regulations come into force unless investors and occupiers take steps to prepare for implementation.”

The Energy Act provides a framework to facilitate the upgrade of the UK’s worst performing buildings. DTZ anticipates the clarification will have a number of knock-on effects. On the occupier side, energy performance of buildings is likely to become an issue at rent reviews while lease renewals and dilapidations will also be affected.

Similarly, investors will add Energy Act compliance to their risk analysis of new purchases and valuations will also be reviewed closely in light of the impending regulatory deadline.
Jo Williams added: “For commercial property owners and occupiers, improving the operational performance and efficiency of their buildings has long been a primary objective. Improving energy performance is now an essential part of that agenda.”

79

Simon Lloyd, National Head of Industrial agency, based in Birmingham comments on the impact of the Budget on the West Midlands:

“The background to the Chancellor’s Budget is one of positivity with the trade deficit at its best position for 15 years linked to good growth forecasts which are both strong and steady. These forecasts make it easier for businesses to plan for the future including their property requirements so it is also important that sufficient land and building opportunities are available to accommodate such plans.

“A number of new initiatives have been announced which help to improve the business dynamics of the region. The success of the region’s automotive industry is recognised with £20m towards the ‘Autodrive’ initiative for driverless cars which will be focused on locations including Coventry and the extension of the EZ at MIRA. The success of the energy sector is also recognised with the £60m investment into the Energy Research Accelerator and the new Energy Systems Catapult which is to be based in Birmingham.”

68

Keith Hardman, Head of DTZ’s Leeds office on the impact of the Budget on Yorkshire and the North of England:
“There have been number of welcome initiatives and further investment in support of the Northern Powerhouse announced in the Chancellor’s Budget, including the interim report of Transport for the North, building on the HS3 concept to develop a network of high quality rail connections across the north, the electrification of the Hull to Selby line and extending Enterprise Zones in Humber, Manchester, Mersey Waters, Tees Valley; amending the Leeds Zone; and developing a Zone in Blackpool

“Several of these are business rates based, most notably the powers extended to Greater Manchester and Cheshire East to retain 100% of additional business rates growth and the extension of the EZs. The announcement earlier this week however, to comprehensively review the non-domestic rates system with proposals to be tabled in April 2016, will make a meaningful assessment of the benefits very difficult. The uncertainty could lead to some local authority and LEP investment decisions being deferred.”