1 Sherman Road,Bromley, Kent BR1 3JH020 8315 5454

116-118 Bermondsey Street, London Bridge, London SE1 3TX 020 7089 6555 acorncommercial.co.uk

The UpdateCommercial & Development Division

First Quarter 2015

Lewisham

Acorn’s Development team have successfully concluded the

sale of the landmark Nella Cutlery site in Hither Green to Hyde

Housing Group.

The industrial units, which occupy a prime 0.60 acre plot close

to Hither Green Station, will make way for a mews style, 43

unit residential scheme comprising a mix of 1, 2 and 3 bedroom

apartments.

Senior Projects Manager, Warren Guest, overcame a number of

technical issues by introducing a building contractor to provide

reassurance to Hyde of the viability of the project.

Demolition of the existing buildings is scheduled for Q2 2015,

and construction will begin during the summer.

Our Development team has acted for private, corporate and

institutional landowners for more than 25 years, and is vastly

experienced in the sale of property for alternative uses. If you

have a site with planning permission, or a property that may

offer development potential, please contact Warren Guest on

020 8315 5454.

P2 P5P5Inside...

ConstruCtion is Due to CommenCe on the site in the early part oF the summer oF 2015, with a sCheme oF 43 units Comprising a mix oF 1, 2 anD 3 beD apartments.

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Full planning permission secured for commercial unit and 22 private apartments in Lewisham.

Development site in Shirley with full planning permission sold by our Development team.

78-82 nightingale grove, se13 6DZ

Prime retail unit in Blackheath let to retail guru Mary Portas’ charity.

1 Sherman Road,Bromley, Kent BR1 3JH020 8315 5454

116-118 Bermondsey Street, London Bridge, London SE1 3TX 020 7089 6555 acorncommercial.co.uk

I have to admit to feeling ever so slightly nervous as I walked

back into the office after the festive break. We enjoyed a bumper

final quarter of 2014, but how would the market hold up with

a predicted rise in interest rates, and a General Election on the

horizon?

Well, those nerves quickly subsided as the team picked up pretty

much where it left off in December. With inflation at 0% interest

rates are more likely to fall than rise; which is encouraging

investors to look even harder at commodities including property

for a return on their capital. With a little effort or the assistance

of a decent managing agent, some commercial properties still

offer double-digit returns, and off relatively affordable lot sizes.

Demand for retail space remains strong off the back of a record

year for business start-ups in 2014, and the office market in the

suburbs is recovering largely due to displacement from office to

residential PD schemes. Finally, with the latest housing targets

(unsurprisingly) higher than most Local Authorities anticipated,

development land is as highly coveted as ever.

So, all in all the future looks bright, unless of course the Aussies

retain the Ashes and win the Rugby World Cup on UK turf!

Anyway, as far as specifics are concerned, the first quarter saw

us conclude the sale of a variety of development sites, a number

of unbroken residential blocks and several notable commercial

investments. These deals, coupled with a host of smaller freehold

sales and numerous retail and office lettings, put us comfortably

on target after 3 months.

As dull as it may sound, over the last 12 months we’ve been

developing new software to better manage our instruction book

and enquiry database. The new system went live at the beginning

of March and whilst it’s still being ‘tweaked’, it has already made

client and applicant contact easier and more recordable. We’ve

also forged alliances with specialist rent review and valuation

surveyors, which will enable us to offer a more rounded service

to our clients under the single Acorn banner.

As ever I hope this latest Update proves interesting reading, and

would be delighted to hear from you personally; particularly if

you have a property to sell!

Lewisham

Editorial

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Jeff East - Director jeff.east@acorn.ltd.uk

Our Planning Management team have recently secured planning

permission for the redevelopment of Acorn’s former headquarters

in Lewisham Town Centre.

The tired, two storey retail and office building is set to be replaced

by a contemporary five storey building comprising a commercial

unit and 22 apartments. The new building was designed by Yurky

Cross Architects to set a precedent for the scale and quality of

future development in the key section of High Street between

the pedestrianised centre, and Morley Road. Constructed to

sustainability Code Level 4, the project will include private amenity

space for each flat, a communal roof terrace, green roof and will be

partly powered by solar energy.

The commercial space has been designed to house a bespoke

staff training suite for the Acorn Group, whilst all 22 apartments

will be made available for private letting or sale. Why no

Affordable Housing? Nine months of negotiation by our Planning

Management team and their consultants, bptw and Savills, resulted

in a cash payment in lieu of an Affordable provision.

Our Planning Management team has the expertise to assemble and

co-ordinate teams of consultants to tackle planning applications

both large and small. If you require assistance with a planning

application or legal agreement please contact Jeff East.

1 Sherman Road,Bromley, Kent BR1 3JH020 8315 5454

116-118 Bermondsey Street, London Bridge, London SE1 3TX 020 7089 6555 acorncommercial.co.uk 3

Our investment team has recently completed the sale of two unbroken residential blocks in Bromley to London & District Housing Ltd.

Our residential management team had acted for the private Irish owner for many years; introducing tenants and co-ordinating renewals etc. With the client keen to reduce her portfolio ready for retirement, we were brought in to advise on the best way to maximise value.

With neither block fully compliant and utilities shared, the decision was made to market each building as a whole rather than on a piecemeal basis.

Whilst the purchase of both buildings was not a prerequisite of the marketing

campaign, their proximity and similarity to each other encouraged most interested parties to bid on both.

The national marketing effort guaranteed huge interest and a host of offers. London & District emerged as the most competitive buyers, and their acquisitions completed in February 2015. Given our knowledge of the blocks, we have been retained to manage both estates and the individual tenancies.

If you have a long-standing or unbroken investment that you might consider selling please get in touch – you might be pleasantly surprised by the current value.

Camberwell We’ve lost count of the number of properties that we’ve sold for the

Jehovah’s Witnesses in recent years. Far from resting on our laurels

though; we relish the opportunity to turn on the style and maximise

value for our institutional clients.

The Witnesses acquired this c.6,000sqft commercial unit from

Galliard Homes several years ago, and secured planning permission

(albeit personal) for D1 use. A change of internal strategy left the

building surplus to requirements, and presented as nothing more

than a watertight shell.

Undeterred, given the sheer volume of space in such a popular

postcode we were confident of achieving a premium price. As always

seems to be the case, our national marketing campaign generated

numerous offers. A deal was promptly agreed with a private

investment company, and contracts exchanged inside 2 weeks!

With a sale concluded at a figure 25% ahead of the guide, and

almost 50% more than the original purchase price, we can

confidently report another happy (repeat) customer!

If your faith or community group has a property to sell but you’re

worried about achieving the best price, please contact Adam

Hosking or Jeff East for some confidential and impartial advice.

Bromley

BrockleyUnbroken residential blocks are hot property with investors at present. Whilst yields are typically a long way short of similar sized commercial investments, the active management, re-financing and break-up potential always ensure that we have no shortage of interest.

This period building in an attractive terrace on the Brockley Conservation Area has been arranged as four self-contained flats, and remained in the same ownership since the 1980’s. Being fully let made the opportunity to conduct viewings rather difficult, but we still had no trouble finding a buyer.

1 Sherman Road,Bromley, Kent BR1 3JH020 8315 5454

116-118 Bermondsey Street, London Bridge, London SE1 3TX 020 7089 6555 acorncommercial.co.uk

This redundant parcel of land was acquired from Bromley

Council on behalf of a private investment fund in late 2013,

subject to planning permission.

Our Planning Management team promptly set about the

conception of a suitable scheme for development, utilising the

expertise of BHD Architects and RE Planning. A proposal for

eight 4 bedroom houses was presented at a public exhibition,

and approved by majority decision at committee at the first

attempt.

With consented development sites at such a premium, and

substantial value added to the project, the decision was made

to pursue a sale.

Having managed the sale of a similar site for the same fund to

JP Whelan Homes in December they seemed the obvious buyer,

particularly given that their offices are in the same street as

the site! Needless to say Whelan couldn’t bear the thought of

passing another developer’s boards every day, and a sale was

quickly concluded!

Whilst our agency work attracts all the attention, this project is

further evidence of the depth of services we are able to offer.

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Biggin Hill

Our London Bridge office has recently competed the

letting of this self-contained office building to a children’s

entertainment company at a premium rent.

We sold the property to the current owner in 2013; and

negotiated a leaseback to the previous proprietor. With

that agreement coming to an end we were re-instructed

to locate a new tenant.

The property sits in a convenient location close to

Borough tube, and with demand for offices in SE1 at a

seemingly all-time high, we were confident of achieving a

strong rent. Quoting £42,500pa for the 1,041sqft building

(£40.83/sqft) we had a new lease completed within 3

weeks of being instructed!

We are genuinely very keen for office instructions of any

size in SE1. We’re receiving an average of 5 fresh, good

quality enquiries every day, and simply don’t have the

supply to satisfy demand. Please contact Chris Henshall

or Henry Hammond if you have any B1 accommodation

available in SE1.

Southwark

New Streatham branch for Acorn!

Our Commercial Team have

successfully sourced a prime

A2 unit for the Group in

Streatham, and we’re delighted

to announce that our latest

residential branch opened at

4 Streatham High Road on

Saturday 11th April.

If you’re keen to expand your

business but need help locating

the right premises why not give

us a call? No deal – no fee!

1 Sherman Road,Bromley, Kent BR1 3JH020 8315 5454

116-118 Bermondsey Street, London Bridge, London SE1 3TX 020 7089 6555 acorncommercial.co.uk

GreenwichVacant A2 unit on Trafalgar Road let to Chestertons who are set to open by summer 2015.

John Payne are coming to East Greenwich too...

Peckham Vacant freehold

building located

prominently on the

Old Kent Road, sold by

our Corporate Asset

Services team for a

charitable trust.

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Crystal Palace Former public house

in the heart of Crystal

Palace, let to a niche

retailer who will begin

trading by summer 2015.

Shirley Development site with

planning permission

for four houses, sold by

our Development team

in January 2015.

Peckham Freehold mixed-use

investment producing

a total income of

£52,150pa and offering

potential to extend; sold

to a private investor.

Bexleyheath BrixtonFreehold building

comprising a shop

with residential uppers

sold by our London

Bridge team to a private

investor.

BlackheathProminently positioned

retail unit in Blackheath,

let to TV personality

Mary Portas’ charity

‘Living & Giving’ in

association with Save

The Children.

Former nightclub let by

our Commercial team

to McMillan Williams

Solicitors, who plan to

extensively refurbish

the space to provide

high quality offices.

acorncommercial.co.uk

Meet Our Team

Tom Luck Director

Jeff East Director

Warren GuestSenior Projects Manager

Chris HenshallSenior Projects Manager

Kevin NeunProjects Manager

Adam HoskingProjects Manager

Henry HammondProjects Co-ordinator

Joshua BeestonProjects Co-ordinator

Persephone PollockTeam Secretary

Emma FoxTeam Secretary

Jess AdamsTeam Secretary

bromley head office1 Sherman Road,Bromley, Kent BR1 3JH020 8315 5454

london bridge office116-118 Bermondsey StreetLondon Bridge, London SE1 3TX020 7089 6555

commercial@acorn.ltd.uk acorncommercial.co.uk @acorncommercial

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Could this be you?We are always looking for

new, enthusiastic and driven members of the team.

If you’re interested please send your CV to

emma.fox@acorn.ltd.uk

This newsletter has been designed and edited in-house by Acorn’s PR & Marketing Division.Please contact Adam Smith for more information on 020 8315 6959.