Kinney Green delighted to provide asset management services at 10 Old Bailey, EC4M

Kinney Green has secured a mandate at 10 Old Bailey Kinney Green. The firm will provide asset management and consultancy services alongside Anglo Fortune Capital Group.

In this role, Kinney Green will proactively identify strategies. It will also deliver actions to maintain and enhance the asset.

Therefore, the focus will remain on protecting long-term value. In addition, the team will aim to improve overall building performance through active management.


The Property

10 Old Bailey is a 72,000 sq ft high-quality office building in EC4M. It sits on the eastern side of Old Bailey in the City of London.

Importantly, the building occupies a prominent position. It is surrounded by key landmarks. To the north sits the Central Criminal Court (the Old Bailey itself). To the east lies Amen Court, the official residence of the clergy of St Paul’s Cathedral. To the south is 5 Old Bailey, a 1970s office building.

As a result, the property benefits from a highly established and recognisable location.


Mandate Overview

The 10 Old Bailey Kinney Green appointment reflects continued growth in the City of London office market. Moreover, it strengthens the firm’s position in high-quality commercial asset management.

Kinney Green will work closely with Anglo Fortune Capital Group. Together, they will identify opportunities to enhance performance and ensure the building remains competitive.

In addition, the mandate will include ongoing strategic asset management input. This will support long-term value creation and occupier satisfaction.


Outlook

Therefore, this instruction further expands Kinney Green’s portfolio of central London assets. It also demonstrates the firm’s commitment to proactive and value-driven consultancy.

Finally, Kinney Green is delighted to work alongside Anglo Fortune Capital Group on this landmark EC4M property.

Small business rates relief UK Budget boost

The small business rates relief UK changes announced in the 2016 Budget have been welcomed by small businesses across the country.

The Chancellor increased the threshold for 100% business rates relief from £6,000 to £15,000. As a result, around 600,000 small firms will pay no business rates from 1 April 2017.

In addition, the Small Business Rates Multiplier threshold will rise from £18,000 to £51,000. This means a further 250,000 businesses will benefit from lower business rates.

These reforms are designed to reduce costs and support smaller businesses across the UK. They are also expected to improve cash flow and reduce financial pressure for many firms.

However, the impact will vary depending on individual rateable values. Some businesses will benefit fully, while others will see partial reductions.

We strongly encourage businesses to review their 2010 Business Rates assessment. This is important because your Rateable Value directly affects your 2017 liability.

In some cases, reassessments may reveal savings opportunities. Therefore, reviewing your valuation could deliver a meaningful financial benefit.

It is also worth noting that business rates assessments are not always aligned with current market conditions. As a result, many properties may be eligible for adjustment or correction.

Overall, the Budget measures will significantly reduce costs for hundreds of thousands of businesses and support long-term stability in the UK small business sector.

Valuing in the Hypothetical World

Nick Eden delivered a talk titled “Valuing in the Hypothetical World” at the Index Conference at Warwick on 8 March. The event was attended by over 100 people, including surveyors and lawyers.

Following the presentation, Nick Eden took part in a Q&A session alongside Zia Bhaloo QC of Enterprise Chambers. The discussion also formed part of the wider session on valuation principles and professional practice.

The talk, Valuing in the Hypothetical World, focused on perspectives on value and the framework of assumptions used in valuation. The aim was to ensure that valuation outcomes remain reliable and based on realistic foundations.

A key message from the session was that the market is king. In other words, valuation must reflect real market behaviour rather than theoretical or excessive assumptions. Therefore, any assumptions used should remain realistic and limited in number.

The discussion highlighted that valuation accuracy depends on discipline in applying assumptions. In addition, participants emphasised that over-complicating valuation inputs can reduce reliability in outcomes.

It was also noted that case law should be used with care. Many valuation-related cases depend heavily on specific facts and circumstances. As a result, these cases may not always be directly applicable in other situations.

However, case law remains an important reference point when used appropriately. It should support valuation reasoning rather than replace market evidence.

The session, Valuing in the Hypothetical World, reinforced the importance of maintaining a balanced and practical approach to valuation practice. This helps ensure consistency, transparency, and reliability in professional outcomes.

The event brought together surveyors and legal professionals. It provided valuable insight into how valuation theory is applied in real-world professional contexts.

2016 Index Conference

Kinney Green confirms that Nick Eden, Consultant, will speak at the Index Conference 2016 on 8 March at Ardencourt Manor Hotel in Warwick.

He will deliver his talk, “Valuing in the Hypothetical World”, jointly with Zia Bhaloo QC of Enterprise Chambers, Lincoln’s Inn. The session will focus on how valuers apply assumptions in practice and how these assumptions affect outcomes.

The Index Conference 2016 brings together professionals from the valuation and legal sectors. It provides a forum to discuss key industry issues and current challenges in the commercial property market.

The agenda includes the Economic Review and Prospects, the Code of Measuring Practice, and Valuing in the Hypothetical World. It also covers Dealing with Uncooperative Parties, Costs and Offers to Settle, and a Case Law Update.

These sessions give insight into how valuation practice is changing. They also show how legal and economic factors influence valuation decisions. Speakers will discuss how practitioners can apply consistent and realistic assumptions.

Further speakers at the Index Conference 2016 include Simon Durkin (BNP), Zia Bhaloo QC (Enterprise Chambers), Tasmin Cox and Nat Duckworth (Falcon Chambers), Emma Humphreys (Charles Russell Speechley), Max Crofts (JLL), and Dr John Fletcher (RICS Dispute Resolution Service).

The event allows professionals to share knowledge and discuss current market developments. It also encourages debate on valuation methods and dispute resolution practice.

Friday Fizz: Internal L&T Competition Winner Announced

Mr Moore has been named this week’s L&T competition winner after taking first place in the internal challenge.

The L&T competition winner demonstrated strong analytical thinking and a clear understanding of lease and tenant matters. He worked through each scenario with accuracy and confidence.

Throughout the exercise, he showed a strong grasp of key principles and applied them consistently. This approach helped him stand out from the rest of the participants.

The L&T competition winner also impressed with his structured approach to problem-solving. His attention to detail ensured strong and consistent answers across all scenarios.

There was also a light-hearted reference to his “sparkling intellect,” which added humour to the internal competition and kept the tone informal.

Internal initiatives like this are a valuable way to bring teams together and encourage engagement across the business. They also help reinforce technical knowledge in a more relaxed and interactive way.

These types of incentives are particularly effective because they:

  • Encourage friendly competition across teams
  • Help strengthen technical understanding in a practical setting
  • Promote knowledge sharing in an informal environment
  • Improve collaboration between colleagues
  • Add variety to day-to-day work activities

Overall, initiatives like this support both learning and team culture. They create a positive environment where colleagues can develop skills while enjoying the process.

Congratulations once again to Mr Moore, this week’s L&T competition winner.

Business Rates Income 2017: Councils Predict £400m Increase

With the 2017 Rating Revaluation fast approaching, the government has predicted that Councils across England will make a record-breaking business rates income 2017 total of about £23.5 billion; an increase of about £400 million.

The local government minister, Marcus Jones, attributed the increase to a rise in the number of new businesses across the country, as figures show there are 900,000 more businesses now than in 2010. However, the Confederation of British Industry (CBI) has warned that the burden of rates payments, coupled with the apprenticeship levy and the living wage, could cripple companies over the next five years.

Relief and Support Measures

The government introduced more than £1 billion in support for business rates bills in 2015 to 2016 and has confirmed that the doubling of Small Business Rate Relief will continue into 2016 to 2017. In total, councils already plan to hand out £3.2 billion to charities and businesses through mandatory and discretionary allowances and reliefs.

Future Retention and Local Powers

Under the current rating legislation introduced in 2013, councils in England keep 50% of the business rates income 2017 generates, paying the other 50% to the Treasury. By 2020, this is expected to change to allow councils to keep 100% of the rates they collect. From 2020, councils will also have the power to abolish the uniform business rate (UBR), allowing them to cut rates to stimulate local growth.

Review Your Liability

With this constantly growing overhead, it is even more important to review your current rate liability. If you have not already considered a review or rate ‘check-up’ for the 2017 period, please revert to us.

2017 Rating Revaluation: Draft List & Business Rates Update

Rating Revaluation 2017: Fast Approaching!

We are eagerly awaiting the delayed revaluation process. On 1st February, the Valuation Office Agency (VOA) confirmed a key date. They will publish the draft Rating List for the 2017 Rating Revaluation in September 2016. This announcement gives businesses a vital window to prepare for new overhead costs.

You must register your interest now to receive your new assessment early. You can find official guidance on the government website. We highly recommend early registration. This helps you avoid the last-minute rush when the draft list goes live.

How the Revaluation Affects You

This change affects all owners and occupiers. Therefore, we urge you to review your current 2010 Business Rates assessment immediately. Many people wrongly believe that old assessments no longer matter. However, your current Rateable Value serves as a critical baseline. It will directly impact your rate liability for the five-year period between 2017 and 2022.

The upcoming shift reflects property market changes since the last valuation. For many, this means a significant change in the “multiplier.” We use this figure to calculate your annual bills. If you understand your position in the draft list early, you can forecast your finances better. It also allows you to spot errors in the VOA data.

Professional Registration and Support

The VOA requirements and the “Check, Challenge, Appeal” process are complex. Busy business owners often struggle to find the time. You may ask: “Can we register on your behalf?” The answer is yes. We provide a full service to manage the registration for you. Our team ensures you receive your data the moment the VOA releases it.

Act now to identify unfair assessments. You should do this before the new rates take full effect. If you have not booked a professional rate ‘check-up’ yet, contact our team today. We are ready to help you manage your liability.

Kinney Green – The Conduit to Success

Kinney Green is delighted to announce a recent success in the West End. Our team successfully let the last remaining floor at 21 Conduit Street, W1. Apperly Estates has owned this property since 1923. Recently, they undertook a comprehensive refurbishment of the building. It sits on one of the most prestigious streets in the area. The project provides approximately 4,000 sq ft of Grade A boutique offices in Mayfair behind a retained period façade.

Record-Breaking Lettings

Our West End Office Agency team received instructions to let the first to fourth floors. These spaces range from 800 to 1,000 sq ft. We secured tenants for all four floors within six months of the works finishing. A variety of occupiers now call the building home. These deals reached some of the highest rents ever seen on Conduit Street.

David Apperly, Chairman of Apperly Estates Ltd, shared his thoughts on the project. He noted that Kinney Green secured very quick lettings for these high-quality floors. We achieved good lease terms and rents well ahead of their initial projections. In fact, the final floor sparked a bidding war. A French property company and an Icelandic Fund Manager competed for the space. This demand proves the continued appeal of premium offices in Mayfair.

Why Choose This Location?

Mayfair remains a top choice for global businesses. The blend of historic architecture and modern Grade A interiors creates a unique working environment. At 21 Conduit Street, the “boutique” feel appealed to high-end occupiers who value privacy and prestige. The success of this instruction highlights our team’s ability to match the right tenants with luxury spaces.

If you are looking for premium offices in Mayfair or need advice on your commercial portfolio, we can help. Our agents understand the local market dynamics. We strive to deliver results that exceed expectations for both landlords and tenants.

For further information, please speak with Kevin Kemplen or Henry Brewster. You can reach our team at 020 3691 6060.

West End market experiences an Indian summer

Finding the right offices in Hammersmith is a priority for many businesses as we head into 2016. Our West End office is pleased to report a spate of transactions completed immediately after the summer period. These deals set a positive tone for the rest of 2015. Despite usual seasonal lulls, the market remains incredibly active.

Securing Premium Offices in Hammersmith

Advised by Kinney Green, Biotechnology Company Silence Therapeutics recently moved into their new premises. We originally received our appointment at the end of 2013 to advise the client on relocation. Our team conducted a detailed review of all available options. After this review, we decided the best course of action was to postpone the move. The client renewed their existing tenancy on a short-term basis instead.

This strategic delay allowed the client to wait for the perfect opportunity. Even though the local market remained tight with limited supply, we found a solution. The market was particularly difficult for units under 10,000 sq ft. However, we successfully agreed terms for the seventh floor at 72 Hammersmith Road, W14.

Achieving Favourable Lease Terms

The new space provides approximately 4,500 sq ft of high-quality accommodation. The agreed rent reflects £43.50 per sq ft. We also secured an extended rent-free period for our client. This allowed Silence Therapeutics to undertake an extensive fit-out. Now, the floor ideally suits their specific technical requirements.

Tim Freeborn, Finance Director at Silence Therapeutics, praised the result. He noted that Kinney Green helped find a new office despite a restricted brief. Our team showed a good selection of properties and stayed flexible as requirements changed.

Expert Advice for Offices in Hammersmith

Hammersmith continues to attract top-tier tenants in the science and tech sectors. Low vacancy rates drive competition, but expert advice can still secure premium space. If you are searching for offices in Hammersmith or need to review your current lease, our team offers the local expertise you need.

Office Measurement Standards: Do You Measure Up?

New office measurement standards are set to change the way we value commercial property. On 1st January 2016, a new Professional Statement will replace the familiar Code of Measuring Practice (6th Edition). This update represents Part 1 of the “RICS Property Measurement 1st Edition.” It aims to create a consistent global standard for the measurement of offices. Later updates will cover retail, residential, and industrial property.

Understanding IPMS 1, 2, and 3

The International Property Measurement Standards (IPMS) will replace traditional terms. We will no longer primarily use Gross External Area (GEA), Gross Internal Area (GIA), and Net Internal Area (NIA). Instead, these will become IPMS 1, IPMS 2, and IPMS 3 respectively. These office measurement standards introduce several technical differences that landlords and tenants must understand:

  • IPMS 1 (formerly GEA): This remains largely comparable to the old standard. However, the new code now includes balconies and roof terraces in the total area.

  • IPMS 2 (formerly GIA): This changes how we view windows. You must now measure to the glass if the window area covers more than 50% of the wall.

  • IPMS 3 (formerly NIA): This version includes columns in the measurement. Furthermore, we now measure partitions on multi-tenanted floors to the middle of the partitioning.

Mandatory Office Measurement Standards

These new office measurement standards are mandatory for all RICS members. The industry is moving toward global transparency. By using a unified system, international investors can compare assets in London, New York, or Tokyo with ease.

Currently, it remains unclear if properties require immediate remeasuring. We are waiting for confirmation on whether these figures must align for the upcoming 2017 Rating Revaluation. However, staying ahead of these changes is vital for accurate property valuation. If you need advice on how these IPMS changes affect your current floor space, our team is ready to assist. We can help you navigate the transition to these updated office measurement standards to ensure your portfolio remains compliant.