Thursday, 19 December 2013
Portsmouth – The latest quarterly report from the Royal Institute of Chartered Surveyors (‘RICS’) shows further improvement in demand across both occupier and investment markets which, coupled with a drop in supply is pushing rent expectations up for the second quarter in a row. It also noted that increased numbers of enquiries across the investment market are underpinning capital value expectations.
With the improvement in sentiment, the need for inducements has reduced for the first time in six years. The retail sector having been particularly hard hit is beginning to show some improvement on the back of increased demand and the industrial sector is continuing its positive trend.
Holloway Iliffe & Mitchell director Tom Holloway commented in this Quarter’s report:
“The south coast office market is showing signs of life under the 5,000 sq ft bracket with the industrial sector starting to see growth. However the condition, specification and location of buildings are becoming more important to occupiers.”
Craig Powell added:” There are a number of encouraging signs in the market with enquires increasing, tenants with more confidence committing to longer term leases, banks starting to finance loans for owner occupiers with a sensible deposit and lettable properties.”
The RICS report concludes that over the next twelve months, rents are expected to rise by around 2% in the office sector, 3.4% in the industrial sector and 0.5% in the retail sector. On the same basis, capital values are anticipated to rise 1.4% in retail, 2.9% in office and 3.6% in the industrial sector. Rents are expected to increase in the South East by an average of 2.3%.
Monday, 16 December 2013
Portsmouth – As Horndean’s village centre is poised to undergo a major transformation and the redevelopment of the Gales Brewery site will provide much needed new housing, there has been positive knock on effect at the Precinct. For the first time in a decade Horndean Precinct is fully occupied.
The development comprises 10 small lock up shop units with a first floor restaurant close to the village centre with occupiers including Horndean Newsagent, Take-away, Café and All For Dance. Recent lettings have included interior designer Country Patches Interiors and Florist, All Flowers.
Stuart Mitchell of commercial property advisers Holloway Iliffe & Mitchell has looked after this property on behalf of the owners, Royale Properties since 1990, initially under Mitchell Jones and then after he joined Holloway Iliffe & Mitchell and in that period it has only been fully occupied twice, now and 10 years ago.
Commenting on the latest developments, Stuart Mitchell said: “It’s very encouraging to see the Precinct fully occupied again. It certainly reflects the improvement in economic conditions across the south and with good occupational values, businesses are now beginning take space in good locations.”
Posted by Holloway Iliffe Mitchell at 10:30
Monday, 2 December 2013
Portsmouth – Following its purchase of Greywell Shopping Centre in 2012, Havant Assets Ltd has invested in the Leigh Park precinct and many of the empty units have now been revamped and new tenants found.
Commercial property agents, Holloway Iliffe & Mitchell and Osmond Brookes have let five units in recent months:
- 626 Cars has taken Unit 39a. The taxi firm was previously based in Havant and has moved to Greywell as the business continues to expand
- Existing newsagents [ The Kiosk News ] opted to expand their operation by moving into Unit 43
- Bedroom furniture [Beds R Us Ltd] has just taken a 12 month lease, with options to extend, on Unit 11 of 1300 sq ft.
- Vintage furniture outlet, [New 2U] has also taken a 3 year lease on the 550 sq ft Unit 57
- Ecigs retailer, Vapor –Z, has taken Unit 26 of 350 sq ft for 9 years
In addition to these transactions, South Downs College has renewed its lease on its site rather than moving to a new location, taking a new 10 year term.
Commenting on the recent transactions, Tom Holloway, Director of Holloway Iliffe & Mitchell said:
“The new owners have made great progress in refurbishing many of the common parts at Greywell which has had a positive effect on businesses looking for local availability. Over recent weeks interest in the few remaining units has continued and we feel confident that much of the centre will be occupied before long.” His joint agent Jeremy Braybrooke of Osmond Brookes added “ We have a further 3 lettings and a number of lease renewals in solicitors hands so will hopefully have more good news to report shortly”
Posted by Holloway Iliffe Mitchell at 14:30
Wednesday, 27 November 2013
20 years ago this month, Stuart Mitchell set up his own Hampshire commercial property consultancy, Mitchell Jones. Five years later, in 1998 Mitchell Jones merged with Holloway Iliffe to form Holloway Iliffe & Mitchell. With a continued focus on Hampshire and the south coast markets, Stuart has seen many changes over the last two decades, not least four Prime Ministers lead our country into and out of two recessions which have affected the property market in many ways, particularly in the last five years.
Commenting on his 20 years in business, Stuart said:
“The last two decades have seen a phenomenal amount of change across the world. From desk top monolithic PCs to mobile working and micro technology, I’ve experienced it all and the pace only seems to increase. The property sector too has seen a huge step change in occupier attitudes, most particularly in the last five years and only now are things beginning to even out. I expect the next few years to see further changes in the sector both locally and nationally and look forward to being part of it.”