Local authority investment in commercial property is under threat on two fronts. Our national team of commercial property experts provides comprehensive advice to the day nurseries, independent, maintained, higher and further education sectors. https://www.elycathedralbusinessgroup.org/previous-fourth-mondays Specifically, the proposal would prevent local authorities from buying investments primarily for yield, whilst maintaining their ability to undertake regeneration and provide housing.

Where investment has been solely for income, purchases have not been restricted to properties within the local authority’s boundary, and ‘off patch’ investments have become an increasing trend. Our experts can help to deliver educational buildings that make successful schools possible, create safer and stronger communities, promote thriving town centres, and contribute towards a cleaner and more sustainable environment. View case study. Carter Jonas partner Will Rooke added: “From its inception, Cambridge Science Park has played a pivotal role in championing innovation and supporting the ‘knowledge economy’ that the region has become so famous for. Combined with our expert market knowledge in the key regional cities, we are well placed to advise on alternative income opportunities for councils going forward in the face of changing sentiment and legislation. The acquisitions have been agreed by Carter Jonas’ Cambridge office. We do not think it likely that all investments will be banned, and it is therefore likely that any restrictions will still permit regeneration and purchases for economic development purposes. Project management services in respect of all aspects of the HQ relocation for this prestigious medical college. William Rooke is an investment and commercial development property specialist. Response to Coronavirus: We have pooled together our thoughts and opinions on the likely impacts of the global pandemic. May 2011 – Present 9 years 6 months.

Together with the broader uncertainty, local authorities should be considering the strategic implications of this, as well as the impact of COVID-19 on their existing assets. Once a new system is in place, it is intended to reduce the interest rate on new PWLB loans (subject to market conditions).

How much have local authorities invested and why? They could, for example, grant themselves a head lease on a 30-40 year term and sell this to investor for say 3%, thereby turning a 6% investment into a 3% one and doubling their receipt. Building a hotel on Island in Dubai. Sale and leasebacks – if a council wishes to liquidate some funds quickly, it could offer a sale and leaseback on a property in their portfolio.
There are still risks and uncertainties associated with this option, for example, who would be responsible for capex on the building during void periods? Further growth plans are currently in place for the next few years. He has over 15 years’ experience in the UK investment market, with a particular focus on business and office parks. Therefore, opportunities which assist regeneration are likely to remain on the table. The relocation was delivered in 9 months (inception to completion) and Richard also handled dilapidations matters on exit. Career Highlights: The valuation of property is a core part of our practice and stands at the heart of all property ... Head of Architecture and Building Consultancy. Sign up to our newsletter to receive further information and news tailored to you. Acquisition of vacant office building in North Cambridge for £1m and subsequent letting and Asset Management to create a £7m investment. Although investment levels have reduced over the last year, Q1 2020 still saw purchases totalling £325 million. We believe that education and learning should take place in safe, stimulating and engaging environments.

Three career highlights: Building a Helipad on roof of 11 story building in London. Acquisition of vacant office building in North Cambridge for £1m and subsequent letting and Asset Management to create a £7m investment. More information on our use of cookies is available in our privacy policy, including how to disable cookies. In January 2017 Michael was formally appointed by the Haberdashers’ Company to also advise them on all of their schools which include their Academy schools. The Treasury is now undertaking a consultation on the use of PWLB lending by local authorities for commercial investment, due to close on 31 July.

Whilst Michael has been advising the College for over 20 years on various property maintenance matters, prepared a strategic plan to prioritise maintenance and improvement works and for a number of years dealt with refurbishment projects  up to £400,000 in value, in 2016 Carter Jonas were asked to tender for the role of Front Quad Surveyor. Securing planning consent and anchor tenants for a £100m industrial development in the Midlands. However, some sort of assessment criteria may be required before funds can be drawn down. The volume of property bought by local authorities has been buoyed by their ability to outbid other purchasers. Land assembly in central Cambridge for 316 room student housing scheme. However, office and industrial property will also be affected. Investing in sectors that are not likely to be prohibited – there are numerous green energy investments which could be classified separately to commercial investment, and MP’s are very unlikely to hinder those councils aspiring to meet their 2035 Carbon Neutral targets by withdrawing funding to this sector.

Three career highlights: Land assembly in central Cambridge for 316 room student housing scheme. More information on our use of cookies is available in our privacy policy, including how to disable cookies. The Haberdashers’ Company School Surveyor Carter Jonas has acquired a number of investment properties for local authorities since the trend began and has an in-depth understanding of the rules and procedures in place with our public sector clients.

To perform their core activities, educational organisations and institutions need land that is in the right location, and buildings that are safe and suitable for effective teaching. For example, the National Audit Offices estimates that 47.9% of all acquisitions by value in 2018/19 were outside the boundary. The project arose from a survey identifying incidences of dangerous stonework and the project incorporated extensive masonry repairs, reroofing, redecorations, stained glass replacement, access improvements and drainage improvements. Other impacts will take longer to feed through as some occupiers choose not to renew leases on expiry or exercise break options. This has particularly focused on secondary town centres and those with obsolete high street offices or tertiary retail. The PWLB lending rate is now similar to what is being offered through normal commercial lending channels, which remain available to local authorities. William Rooke is an investment and commercial development property specialist. The service line has doubled the number of specialists working within it in the last two years, becoming the largest team within the division.

Disclaimer These particulars are for general information purposes only and do not represent an offer of contract or part of one. Other opportunities could include strategic locations for Waste to Energy plants, for example. Michael has been advising Schools and College bursars on Planned and Preventative Maintenance (PPM) for over 20 years throughout England and Wales.

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