Department growing from strength to strength

The Recovery Department have had an exceptionally busy year, acting primarily for a number of Banks and secondary lenders. The types of LPA properties we have acted on in the past have been very varied and below we highlight a few of these.

As a general practice, our main geographical area has always been traditionally within the M25, where we have been particularly strong in North and East London and the City fringes, where we have carried out a number of open market transactions, valuations, rent reviews etc.

Alexandra Avenue, Harrow, Middlesex
400 flats in 15 separate blocks, on a variety of tenures. We took over the running of the management company. This instruction included a major refurbishment programme of the individual blocks and vacant flats. These were then subsequently sold off to owner occupiers. We then sold the freehold interest.
SALE PRICE: £17 million

Commercial Road, Swindon
Disposal of a block of 14 flats and commercial unit below to a major Plc.

High Street, Thatcham, Berks
Disposal of a site with planning permission for ten residential units and two retail units below.

Kirkham, Sydenham
Land sold for future residential housing scheme.
SALE PRICE: £4 million

Wimblington, Cambridgeshire
Sale of a 4,900 sq ft industrial unit to an owner occupier.
SALE PRICE: £200,000

Hildenborough, Kent
Sale of 12 new-build houses. Prices ranging from £280,000-£495,000.

Oxford Road, Reading
Site for disposal with planning permission for 8 residential units.

Bensham Manor Road, Croydon
Disposal of a development comprising 6 flats.

Crossbrook Street, Herts
Disposal of shop and upper parts (2 flats)

1270, 1272, 1282 & 1284 Uxbridge Road, Hayes
Mixed use blocks sold
SALE PRICE: £6.5 million

Islington, London N1
Sale of nine shops and upper parts.
SALE PRICE: £9.25 million.

Stamford Lodge, Amhurst Road, London N16
A block of 60 flats, sold with a variety of tenures.
SALE PRICE: £10 million

Ellerston Lodge, Finchley, London N3
Block of 20 flats, in a variety of tenures, freehold sold.
SALE PRICE: £2.5 million

Royal Docks
Sale of a portfolio of flats in the Royal Docks, flats ranging from 950 sq ft plus. SALE PRICES: from £400,000 per individual unit.

School Road, Messing, Essex
Sale of a part completed residential development, comprising seven houses.
SALE PRICE: £1.5 million

Hall Lane, Heybridge, Maldon
Sale of a 4-acre site, with 52,000 sq ft of existing space, for potential redevelopment. £1.5 million.

Wickham, Essex
Sale of a 20,000 sq ft warehouse and office building to an owner occupier.

London Road, Isleworth, Hounslow
Sale of nine studio flats, producing an annual income of £60,000 pa exclusive.

London Road, Leigh on Sea, Essex
Disposal of a secondary retail parade, comprising approximately 5,000 sq ft of retail space.

Southend, Essex
20,000 sq ft industrial unit for sale to an owner occupier

1332-1338
London Road, Norbury, SW16
Sale of a parade of secondary retail units with planning permission for 6 flats above.

Moor Lane, Upminster, Essex
Sale of a secondary retail unit, with the upper parts sold off producing £12,000 per annum exclusive. SALE PRICE £134,000

Broad Walk, Pinner Road
Sale of a ground floor lock-up shop investment.
SALE PRICE: £250,000

52-56 Camden High Street, London NW1
Block of shops and upper parts sold.
SALE PRICE: £2 million

62-64 Well Street, Hackney, London E9
Block of shops and upper parts sold.
SALE PRICE: £1.5 million

Ashley Road, London N7
25,000 sq ft factory, long leasehold sold.
SALE PRICE: £1.25 million

Highbury, London N5
Sale of 4,500 sq ft office building with development potential.
SALE PRICE: £850,000

Muswell Hill, London N10
Disposal of a block of 4 flats. SALE PRICE £ 500,000.

Lunham Road, London SE15
Sale of freehold block of nine flats on an individual basis.
SALE PRICES: from £140,000.

Beardeal Street, London SE19
Sale of site with previous planning permission for 3 flats.

Brockley Road, London SE4
Disposal of shop and upper parts (2 flats)

Whittington Road, London N22
Disposal of shop and upper parts (configured as 4 flats/studios)

Town Road, London N9
Disposal of shop and upper parts (2 flats)

Charles Street, Mayfair, London W1
House SALE PRICE £3.6 million.

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Tech City: Britain’s Silicon Valley?

Copping Joyce attended Property Week’s East London Summit 2011 at Canary Wharf on 24 November. The conference held a panel discussion entitled Tech City: Britain’s Silicon Valley? Speakers included Eric Van Der Keliij, CEO of the Tech City Investment Organisation and Kam Star, founder of Digital Shoreditch and Chief Executive of Playgen. Discussions included what has attracted the large influx of tech companies to the Shoreditch and Old Street area over recent years. Factors include the cheap rents, proximity to the City, vibrant night life and presence of other “creative industries”. Interestingly the number of tech companies in the area has doubled in the last year and the area is now considered the digital capital of Europe. There is still scope for growth as we are some way behind similar areas in New York and of course silicone valley.

What can the property industry do to help continued growth in this area? Keep rents competitive – although there is bound to be upward pressure, the speakers warned that the occupiers are after all digital companies and can be located anywhere in the world. They also need a continued supply of smaller but self contained units to house the large number of start ups coming to the area. Plenty of opportunities for us all, but food for thought too!!

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Property Taxation

Richard Alford, Partner in Copping Joyce, has been appointed to act on behalf of the owners of a large residential development in Baker Street, to assist in negotiations with the District Valuer and Inland Revenue over tax payments, following the transfer of ownership of the building.

Copping Joyce were requested to provide an assessment of the market of the subject property for the purposes of tax. This is a relatively complicated matter and arguments range over whether this should be considered a standard Capital Gains Tax transaction, or whether it should be considered an asset appropriated from trading stock, where tax payable should be on the basis of Corporation Tax.

The questions are of significant importance, since a Capital Gains Tax assessment produces a significantly higher tax liability, based as it is on past case law which allow the Inland Revenue to calculate the individual value of units within the subject property on a break up basis, with no deductions for costs, profits etc.

In view of this, expert counsel's opinion has been obtained and arguments put to the District Valuer acting on behalf of the Inland Revenue.

Given the potential level of tax exceeding £20m, these arguments are of crucial importance.

Watch this space as it is considered probable that the matter will go to court.

Successful outcome on behalf of Copping Joyce's client may see precedents set.

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Excellent Summer for the Valuation Team

The summer has seen a record number of portfolio instructions from Copping Joyce Valuation Department. This has kept all parties extremely busy in both residential and commercial properties. Our business valuer, Adrian Judge has seen a steady increase in the number of hotel, public house and key market valuations.

Our congratulations to Jonathan Rogers on his marriage to Elin. Jonathan has returned from a well earned holiday/ honeymoon.

The early summer saw a number of excellent meetings between Copping Joyce’s surveyors and clients including 20/20 Cricket matches at Lords, attendance at the India-v-England Test at Lords where most of us were delighted to see England finally winning the accolade of the best team in the world. We are all now looking forward to the Rugby though regrettably none of us will be visiting New Zealand.

The Valuation Department are now advertising for a new Valuation Surveyor – so watch this space!

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Experienced Valuation Surveyor Required

We are seeking a highly motivated Chartered Surveyor (Registered Valuer) with experience in both commercial and residential valuations to join our valuation team focusing primarily on valuations for loan security purposes for the leading banks. The successful candidate should have a minimum of 2 year post qualification experience.

Please e-mail your CV to Richard Alford BSc MRICS at ralford@cjllp.co.uk

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