George Brown

The Chancellor’s budget has sought to support reducing the business rates burden on the retail, hospitality and leisure sectors by introducing a special business rates multiplier for these properties. Disappointingly, this will not take effect until April 2026 and will be funded by higher business rates for businesses with Rateable Values over £500,000. In the interim the retail, hospitality and leisure sector will see their current 75% business rates relief reduced to 40% from April 2025 meaning a significant year on year increase in business rates in the 2025/26 financial year. Whilst there is good news in the announcement regarding freezing the 2025/26 small business rates multiplier and commitment to business rates reform, ratepayers will need to keep an eye on announcements over the next 24 months to assess the impact of the governments’ proposed policies. We will be ensuring our clients are kept updated as there will be winners and losers as well as new opportunities to save money.

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Are you ready to unlock the future of work? If you’re one of the leading organisations asking ‘how can we make our estate work more effectively?’, you’re not alone. Discover how to navigate London's dynamic and evolving built environment with our exclusive mini-guide. We address challenges including enhancing productivity, wellbeing, and colleague experience while managing costs. Access the guide > https://hubs.ly/Q02NqKY20 #IntegratedFacilitiesManagement | #IFM | #FMInnovation

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  Today, Chancellor Rachel Reeves unveiled her first budget. Whilst the government have rightly increased investment towards housing and infrastructure, it is vital that the government continues to ensure that the United Kingdom remains an attractive country for investors and international businesses. You can read more about the Budget in this article from The Times: https://lnkd.in/ejX-tPYQ   #Budget2024 #EconomicGrowth #RachelReeves #Economy #UKPolicy

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NEW RESEARCH: Shopping Centre & High Street Spotlight Q1 2024 With recent high profile insolvency offset by significant acquisition activity, is the market about to see a significant renaissance, or simply experiencing its usual churn? Easing inflationary pressure has certainly had a positive impact on the direction of consumer confidence; as a result the retail market has seen the disparity between the volume of products sold and the value of retail sales begin to retract. Meanwhile, the anticipation of a recovery is leading to a hiatus in investment activity. Read the latest report from Savills Global Retail and Leisure here: https://lnkd.in/eWTuXYGV #savills #retail #highstreet #shoppingcentre

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‘The fitted bedroom and furniture market is having quite the moment as homeowners discover the beauty of the master suite and dressing room’, reports kbbreview. Daval MD, Simon Bodsworth, shares his expert insight on how KBB retailers can capitalise on the growing demand for luxury bedroom spaces in the latest issue, out now. Read the full article here: https://lnkd.in/ejE74SSB #KBBindustry

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It’s a bittersweet moment for investors in Lok'nStore Self-Storage, the UK listed self-storage specialist. Last week the board recommended an 1110p all cash offer from Shurgard Self Storage. Whilst the premium is an attractive 12.5% above the adjusted Net Asset Value investors will mourn the loss of a first-rate next generation real estate business.   All credit to Andrew Jacobs and the team for establishing and growing Lok'nStore Self-Storage into an impressive branded real estate development and operating business. Having raised about £50mn from shareholders over the years, including a £20mn capital raise last July at 765p which the VT Gravis UK Listed Property fund participated in, they have grown this capital into a business whose equity is now being valued at an impressive £378mn.   Along the way loyal investors have benefitted from a reliable dividend stream too, last year’s increase in the annual dividend, up 10.1%, was the 12th year in a row.   With EPRA (European Public Real Estate Association) estimating that UK REITs ended March trading at a whopping -25.3% discount to Net Asset Values, versus a 10 year average discount of -15.4%, it’s easy to imagine that there may well be a few more bittersweet moments ahead for investors in expertly run next generation real estate companies.     Disclosure: VT Gravis UK Listed Property fund is an investor in Lok’nStore Group.     VT Gravis UK Listed Property fund film: https://lnkd.in/dAbbG389   #Gravis #REITs #EPRA #MegaTrends #WealthManagement #NextGeneration #NextGen #MegaTrends     Disclaimer: Capital at risk. Past performance is not an indication of future performance. This post is for information purposes only and does not constitute any form of investment advice or recommendation. For UK readership only, not intended for distribution outside of the UK.

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According to Nationwide, house prices increased by 0.2% in June, resulting in an annual growth rate of 1.5%. The northern regions, known for their affordability, experienced stronger market performance, with the North West seeing the highest annual growth at 4.1% and Yorkshire and Humberside at 3.7%. On the other hand, the southern areas, which are more expensive, saw weaker performance, with declines in the East of England (-1.8%) and the South East (-1.1%). Interestingly, London saw an annual increase in values at 1.6%, defying the trend of the wider south. See more:

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The MCS has announced the redevelopment of its scheme in a bid to improve standards and consumer protections. Following a year-long consultation and due to launch in January 2025 the MCS is making 6 key changes: ❌ Consumer code membership is no longer mandatory 🔍 Standardised assessments 🤝 Direct Relationship with MCS 📉 Less focus on paperwork, greater focus on quality 😡 Centralised customer complaint management 🕝 Risked based approach to frequency of assessments What changes would you like to see made to the industry?

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As we head swiftly towards what will inevitably be a wet Bank holiday weekend, this will leave a warm glow.......... ☀ Improved consumer confidence & a steady month on month drop in inflation has seen "take up" in retail rise sharply across the UK in the first quarter of the year Commercial real estate data provider, CoStar UK, estimate the increase in leasing activity represents a 25% uplift on the same period a year ago, a significant shot in the arm of the retail sector. Whilst the volume of activity increased, so to did the size of many of the deals concluded. Leasing activity in UK shopping centres has helped fuel the numbers with some giant's of the high street Marks and Spencer, Sportsdirect.com, B&M Retail, Frasers Group, Abercrombie & Fitch Co. & Lane7, all leasing significant space. This is exceptional news for the high street. Havwoods is a market leading, internationally recognised supplier of beautiful timber solutions, working in partnership with many of the UK's most recognisable & highly respected retail brands. Whilst our #roots are firmly in the UK, we are an international business with a global footprint & global capabilities. If you have an existing or forthcoming requirement, we will have a solution for you. Talk to me. #retail #retailsector #leasing #highstreet #highend #shopping #shoppingcentre #uk #timber #timbersolutions #surfacesolutions #flooring Kasia Lovell Ralph Simpson Lyndsey Dyson Jenson Calder Edward Eagle

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Housing stock sees 23% increase as sellers hope to capitalise post-election rush New market insight from Home Sale Pack revealed that there are a total of 810,353 homes currently listed for sale across Britain - 22.3% more when compared to January of this year.

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*Property Portfolio Shakedown* If you think of a property portfolio as you might an old pair of your favourite jeans: Sometimes they need a few holes repairing, other times you might give them a shake and find a few hidden pounds tucked in the pockets. Resonate? Get in touch with TheCredo.Group for all your portfolio patchwork requirements. #property #propertyportfolio #assetoptimisation #assetmanagement

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On GCW's website, under Opinions, Michael Hardy's Opinion. "From Retailer to Landlord" is, with respect, nothing new. Ok, it's relatively new for entire shopping centres but not for freeholds otherwise. Long ago, British Shoe Corporation bought the freehold, as did C&A, Boots, F Hinds, John Lewis, most independent department stores, and several other multiple retailers. I used to act for Waide Pollard & Sons Ltd - until they went broke after more than 100 years - amongst their 76 branches were a few parades of shops where they occupied one or two units; the other shops let. One of my regular clients used to have some 45 branches, which, when it sold the business, kept the freeholds, a few of which it still owns. As for one-off landlords, many were owner-occupiers before selling the business on a new lease and keeping the freehold as investments. Speaking of which, where a landlord, having been the owner-occupier, grants a new lease in conjunction with the sale of the business; generally, the initial rent is based on the profitability of the business. At the first rent review, chances are that it'll be a nil increase because the initial rent was over-rented compared to the open market rent (as defined by the lease). The test of whether an initial rent is the same as the open market rent (as defined by the lease) is that if there were a rent review on the same day as the term commencement date, it would be the same rent. I've lost count of the number of ex-owner-occupiers now landlords, for whom I've acted, who've been disappointed at the outcome of the first rent review. If only, as I tell them, they'd consulted an experienced surveyor, not necessarily me, they would've been advised how to avoid nil increase. Interestingly, considering how much of a favour such tenants think they're doing, landlords whose rents are index-linked to cap and collar are likely to get at least the minimum increase. I have landlord clients - I am sure other surveyors and other professional advisers, for example, lawyers and accountants, do too - who wouldn't let their shops go to betting offices or amusement centres, or such like, because they don't approve of gambling. Fair enough, but ironic. Usually, their commercial property investment rent reviews are to open market rent. An open market rent is a gamble - a high risk - because the valuation methodology is invariably comparable evidence, which means relying on what other landlords and tenants have agreed. Where evidence is scarce or non-existent, opinion evidence is also risky because a third party whose opinion is binding under the lease might not agree.

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BRANDLORDS - Excellent Q&A by Jessica Middleton-Pugh with Katherine Russell from John Lewis Partnership on the growing positivity and momentum behind its build-to-rent strategy, as other supermarkets gear up their own housing plans in what could be a hugely significant contribution towards Britain's brownfield development potential. Labour's push for homes and its desire to reform or forget about some of Gove's measures in the first year is to be welcomed and what the wider industry needs to do is demonstrate how safer, higher quality, sustainable, decent homes require new capital, which in turn requires a pragmatic and workable solution to planning and viability. Profit doesn't need to be a dirty word and the way to do that is to demonstrate a real sense of social purpose - something which has always underpinned the Partnership's ethos. https://lnkd.in/eAMzpu6t Chris Wynn David Jennings Peter Denton Patrick Dunne Simon Williams Ian Lawrence Dan Foxton David Hatcher James Buckley James Dunne Alex Greaves Dan Batterton Chris Hogwood Theo Plowman

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Manchester Q1 2024 take-up totalled 179,000 sq ft across 50 transactions. Both take-up and transactions were 15% below the same period in 2023 and 14% below the previous quarter. Although Q1 take-up was slightly down, there is cause for optimism with a number of large requirements in the market that we expect to fall into Q2/Q3 2024. Grade A and Prime take-up totalled 97,000 sq ft in Q1, therefore accounting for 54% of the total. This was 10% lower than the Grade A and Prime take-up in Q4 2023. There is, however, c.522,000 sq ft of Prime and Grade A under offer which is expected to land in Q2/Q3 of this year.

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