Kinney Green are pleased to announce that we have a new Residential Consultancy capability: Nick Thornton will head up this exciting new venture focusing on residential consultancy across Central London. For the last six years Nick, who is a Chartered Surveyor, has been working as a key member for one of our clients, Hollybrook Ltd , a residential developer, focusing predominantly on the Central London market . Nick has gained a deep understanding of the residential development market and has also been instrumental in a number of schemes where commercial buildings have been converted to residential use to maximise value. He has a wealth of experience in all aspects of residential development from initial feasibility studies through to planning and completion of schemes. Nicks appointment provides an exciting opportunity for Kinney Green to expand into this increasingly important market and enable us to offer our existing clients, and new groups of clients, a comprehensive service in respect of residential development throughout Central London.
Author: Akiko Design
Kinney Green Go Carbon Neutral
As part of our drive to minimise harm to the environment and prevent pollution being caused by our business activities, Kinney Green is now carbon neutral.
We have worked together with the Carbon Retirement to undergo a full carbon audit and have permanently removed Carbon Allowances from the EU Emissions Trading Scheme to offset the carbon produced by the firm.
Throughout 2012 we will be using the carbon audit to further reduce emissions, additionally emphasising that we truly are Kinney Green .
If you would like to find out more about our sustainability objectives please contact Rob Macnab as detailed below.
Kinney Green are very proud to be celebrating our 40th year in business
Kinney Green are very proud to be celebrating our 40th year in business. Set up by Laurie Kinney and Maurice Green in 1972, initially as a niche City firm, the firm has grown over the years opening offices in the West End and Midtown, but has kept the specialist outlook.
We are now the only firm of Chartered Surveyors providing on the ground property advice in the three key central London business districts.
The Cold Weather is STILL here!!!
If you have not yet thought about the implications to your property or contacted our Cold Weather Management Team for advice now is the time with more snow & freezing conditions predicted.
The Cold Weather is Here ..
For your property you should be thinking about preventing freezing of pipes/services especially in unoccupied areas & preparing a plan to deal with any incidents that do occur. For help contact our Cold Weather Management Team
Time to think about Insurance
In the current financial climate we all know that every penny counts so it is important that your portfolio building cover is tendered regularly in a competitive environment. But you will not want to water down your comprehensive cover. You can have your cake & eat it ! How ? By working with an experienced Property Manager who works with a specialist property broker to best manage your risk to your advantage & that of your tenant/occupiers. Please contact Stephen Griffiths in our City office (020 7643 1520), if you would like to discuss this further and also benefit from a free and confidential health check on your current arrangements.
Chancellors Autumn Statement
On 29 November 2011, the Chancellor of the Exchequer delivered the Autumn Statement 2011 which included a small business rate relief extension and a business rate deferral scheme in 2012/13.
Small Business Rate Relief
The Chancellor announced that the government will extend the current small business rate relief (SBRR) holiday for a further six months from 1 October 2012. In England, small businesses are entitled to SBRR if they only occupy one property and the rateable value of their premises is less than £18,000 (£25,500 in London) as follows:
This temporary relief was initially introduced in the June 2010 Budget for one year from October 2010. In the March 2011 Budget, the relief was extended until September 2012.
Business Rate Deferral Scheme 2012/13
The Chancellor also announced that all businesses will be given the ability to defer 60% of the increase in their business rate bills for 2012/13 based on the Retail Price Index (RPI). The deferred amount is to be repaid equally over the following two years (i.e. 2013/14 and 2014/15).
London Olympics 2012 – Are you fit and ready
We at Kinney Green are in advanced stages of our contingency planning for the effects of the Olympics on our business & our clients properties.
If you need to get fit for your properties contact our Management team.
Expanding London Operations
Kinney Green acquires 8,500 sq ft in the newly refurbished 200 Aldersgate Street, on behalf of Oxera, who are expanding their existing London operation.
Drains Ready for the Change
Under new Water Industry Regulations any private sewers which were connected to the public sewage system prior to the 1st July 2011 will be automatically transferred to the statutory water and sewage companies on the 1st October 2011.
Property owners should consider straightaway what the impact of such a transfer will be on their premises and possible future redevelopment rights. There are strict deadlines to raise any appeal and we are encouraging property owners to review their Estates immediately to see what the impact of the new Regulations might be.
Purchase of the freehold of 103 Cannon Street
Kinney Green have recently introduced and advised on the purchase of the freehold of 103 Cannon Street, EC4 on behalf of Walbrook Land.
Situated in a prime City location opposite Cannon Street station, 103 Cannon Street is an attractive listed building built in 1866 currently comprising approximately 15,000 sq ft. The 5 upper floors of office space are currently vacant whilst the ground floor retail unit is let to All Bar One for a further 11 years.
Whilst the building will retain its attractive period features externally, internally the offices and common parts are to be reconfigured, extended and fully refurbished to a high specification. The office floors will comprise approximately 2,500 sq ft each and will benefit from generous floor to ceiling heights and excellent natural light. The refurbished building will offer a unique opportunity for small occupiers seeking their own floor in a well specified high profile building within 100m of over 1.72m sqft of new office development. The finished product is due to be delivered to the market in the spring of 2012.
Are your service charge demands right and proper
It may be considered as just another head of expenditure when it comes to owning and occupying commercial property; however, recovery of service charge monies by landlords is not always black and white.
Service charges can often cover a large list of costs, sometimes over multiple schedules and are often demanded with little in the way of supporting documentation. The recoverability of costs incurred by your landlord is dictated by your lease and this is supported by best practice guidance set out by the Royal Institution of Chartered Surveyors and case law.
As specialists in service charge matters, Kinney Green is able to review service charges for owners and occupiers to ensure that sums demanded are right and proper. In our experience, a service charge that seems in order from a cursory glance can hide a number of discrepancies, once a thorough review is undertaken; often leading to savings for owners and occupiers alike.
For service charge consultancy advice that Kinney Green is able to offer, Please Click here
A growing Partnership
Kinney Green are delighted to announce that they have promoted Rob Macnab and David Thomson to Partners in recognition of the progress made by each in promoting Midtown agency and property management as well as the collective interests of the firm.
5 Lloyds Avenue, London EC3
Kinney Greens investment department continue to be active in the current tricky market. On behalf of private Hong-Kong Chinese investors, we have recently negotiated the purchase of the freehold interest in this prominent modern office building in the insurance sector of the City.
The property comprises some 25,000 sq ft of first class air conditioned offices, multi-let to five office tenants and a high quality food outlet, offering significant asset management opportunities with rent reviews and break options imminent over the next few years. The asking price for the freehold was £14.75 million.
Kinney Green sign up to the RICS Valuer Registration Scheme
Kinney Green are pleased to announce that five of our highly skilled professionals have qualified to become RICS Registered Valuers. From 30th April 2011 it became mandatory for all RICS members undertaking valuations in accordance with the RICS Valuation Standards (the Red Book) to be an RICS Registered Valuer.
With qualified Registered Valuers spread across our 3 offices, the scheme ensures we are easily identifiable to clients as the best regulated, qualified and experienced professionals within the field of valuation in Central London.
Successful deal on Kingsway
Kinney Green acting for LaSalle Investment Management has let the 2nd floor of 77 Kingsway, London, WC2 to Law firm Bracher Rawlins who were represented by Newton Perkins.
The Art of Valuation
Damages and dilapidations: In the second part of the lecture, Kirk Reynolds QC concentrates on the legal aspects of this area of the law and, in particular, the two limbs of section 18.
To view the article as a pdf click here30 Farringdon Street, London EC4
Private clients of Kinney Green have sold 30 Farringdon Street, London EC4 to Invista Real Estate Management for £18,910,000, reflecting a yield of 5%.
The building is let to Reed Elsevier UK Ltd for a rent of £1,000,000 per annum until 2054.
Kinney Green was initially instructed on the failure of the previous tenant, BNB Resources, to market the vacant building. However, under privity of contract, Reed Elsevier, the original tenant, were required to take back the lease and pay the rent, which enabled the investment sale.
Take Command
Damages and dilapidations: In the first part of the lecture, which was recently published, Nick Eden offers guidance to valuers and others on the correct process and methodology to adopt when dealing with instructions in this area.
Damages for Dilapidations
As part of the 35th annual series of the prestigious Blundell Lectures, which covers topical issues in property, Nick Eden recently delivered a lecture entitled Damages for Dilapidations, jointly with Kirk Reynolds QC of Falcon Chambers. The lecture was attended by over 200 barristers and solicitors and some surveyors in Lincolns Inn Fields. Nicks lecture focused on section 18 diminution in value to reversionary interests.
Whalley returns
Tom Whalley is returning to Kinney Green in a new role as a partner in the firm’s expanding Professional team and will be based in its City office.
Tom started his career at Kinney Green’s City office working in both the Agency and Professional teams. Following this, he moved to Jones Lang LaSalle where he spent 4 years in their City Agency team as an Associate Director. For the last 2 years Tom has been based in Dubai working as an Asset Manager for Majid Al Futtaim Properties, a leading mixed-use developer and manager in the MENA region. He is now looking forward to returning to Kinney Green and the London market. Here he will combine his knowledge of the London office market with his strategic asset management experience to provide professional advice to both landlord and tenant clients on areas including lease restructuring, rent reviews and lease renewals.
New recruit for Professional work.
We are pleased to announce that Stephen Lines has joined Kinney Green as a Consultant in our West End Office.
Stephen is formerly from King Sturge where he was Head of their City and more recently Central London Consultancy Department following their acquisition of Bates Richards in 1996, where he was an Equity Partner.
Stephen has a wealth of experience in providing professional advice to a wide range of clients and we look forward to establishing a new team in our West End office.
Regulations Confirm Increased Empty Property Relief Threshold for 2010/11
In 2007, the Rating (Empty Properties) Act 2007 (REPA 2007) removed business rates relief for most unoccupied properties with effect from 1 April 2008. REPA 2007 was widely criticised by the property industry as an additional strain on businesses in a time of economic difficulty.
In response to this criticism, the 2008 Pre-Budget Report announced that with effect from 1st April 2009, empty properties with rateable values of up to £15,000 would be exempt from business rates for the year 2009/10. This resulted in an estimated 70% of empty commercial properties being exempt from paying business rates.
The Government announced in the 2009 Pre-Budget Report, that the temporary increase in the threshold for empty property relief would be extended for a further year. The Non-Domestic Rating (Unoccupied Property) (England) (Amendment) Regulations 2010 (2010 regulations) which will come in to force on 1st April 2010 provides that for the financial year 2010/11, empty commercial properties with rateable values of up to £18,000 will be exempt from business rates.
However, the 2010 regulations provide that the threshold will reduce to £2,600 for financial years beginning on and after 1 April 2011.
Crossrail Business Rates Supplement
Cross London Rail Links (Crossrail) is a joint venture company formed by Transport for London and the Department for Transport, which was established in 2001. This is a vital new east-west train link that will provide a major boost to Londons economy.
The Mayor of London is proposing to introduce an annual Business Rates Supplement (BRS) from 1st April 2010 intended to finance £4.1 billion of the Greater London Authoritys (GLA) agreed contribution towards the £15.9 billion Crossrail project. A levy of 2p on non-domestic properties with a rateable value of £55,000 or more in London is planned. This supplement will help to pay for Crossrail and is expected to run for between 24 and 30 years, until the GLAs borrowing is repaid. Properties with rateable values below £55,000 will not be liable for any BRS. Under the current Rating List this would mean that 85% of all properties in London will be exempt from paying the BRS. This proportion could change following the 2010 revaluation. Eligible charities and community amateur sports clubs will be entitled to a mandatory 80% relief (or in some cases full relief) on their BRS contribution as applies under the National Non-domestic Rates (NNDR). The Mayors intention at this stage is that empty properties will be liable for the Crossrail BRS, unless the properties are still eligible for empty property relief under the NNDR system.