Category: Uncategorised

Kinney Green have been instructed on a mandate to provide asset management and consultancy services alongside Anglo Fortune Capital Group at 10 Old Bailey, EC4M.

We will seek to proactively identify and deliver strategies to maintain and enhance 10 Old Bailey which is a 72,000 sq ft high quality office building located on the eastern side of Old Bailey and occupies a site bounded by the Central Criminal Court (the ‘Old Bailey’ itself) to the north, Amen Court (the official residence of the clergy of St Paul’s Cathedral) to the east and 5 Old Bailey (a 1970’s office building) to the south.

Mr Moore wins internal L&T dilemma competition. Mumm would be proud of his sparkling intellect.

As we eagerly await the delayed Revaluation, the Valuation Office Agency confirmed on 1st February that the draft Rating List for the 2017 Revaluation will be published in September 2016. To be notified of your new assessment at the earliest opportunity you will need to register now

https://www.gov.uk/guidance/revaluation-of-business-rates

As all owners/occupiers will be affected by the 2017 Revaluation, we would urge you to review your current 2010 Business Rates assessment (if you have not already) as your current Rateable Value will most certainly have an impact on your rate liability for 2017 – 2022.

Can we can register on your behalf?

Read more here – Rating Revaluation 2017

We are delighted to announce that Kinney Green have successfully let the last remaining floor at 21 Conduit Street, W1.  Apperly Estates, who have owned the property since 1923, undertook a comprehensive refurbishment of the building, situated on one of the most prestigious streets in Mayfair, to provide approximately 4,000 sq ft of Grade A boutique office accommodation behind a retained period façade. Kinney Green’s West End Office Agency team were instructed to let the first to fourth floors, ranging from 800-1,000 sq ft. 

All four floors  were let within six months of completion of the works to a variety of occupiers at some of the highest rents ever achieved in Conduit Street. David Apperly, Chairman of Apperly Estates Ltd, comments, “Kinney Green secured very quick lettings of these high quality floors on good lease terms and at rents well ahead of our projections. There was competitive rental bidding for the final floor between a French property company and an Icelandic Fund Manager”  

For further information please speak with Kevin Kemplen or Henry Brewster on 020 3691 6060.

Our West End office is pleased to report a spate of transactions completed immediately after the summer period which sets the tone for the rest of 2015 and on into 2016.

Advised by Kinney Green, Biotechnology Company Silence Therapeutics, has recently moved into their new offices in Hammersmith. We were originally appointed at the back end of 2013 to advise the client on relocation, but after undertaking a detailed review of all options, the best course of action was for the client to renew their existing tenancy on a short-term basis and postpone the move.

Even though the Hammersmith market remained tight with limited supply, specially for units under 10,000 sq ft, we were able to successfully agree terms to take the seventh floor at 72 Hammersmith Road, W14, providing approximately 4,500 sq ft. The rent agreed reflects £43.50 per sq ft, an extended rent free period was granted to enable Silence Therapeutics to undertake an extensive fit-out of the floor to ideally suit their specific requirements.

Tim Freeborn, Finance Director and Company Secretary at Silence Therapeutics commented, “I’m glad we picked Kinney Green to help us find a new office. It was quite a restricted brief but they still managed to show us a good selection and they were flexible when our requirement changed during the search.”

In October 2012, the Government postponed the next business rates revaluation from 2015 to 2017. This decision was based on the desire to keep rates bills increasing by the rate of inflation year on year and to avoid unexpected hikes in rate liability.

However, in reality this will delay the much needed rebasing of rateable values which are currently fixed to ‘pre-recession’ rental levels in April 2008. In the vast majority of cases ratepayers would have paid significantly less in the ‘delayed’ 2015 revaluation as based on rental levels in April 2013 which in most cases will be lower than rental levels in April 2008 when the market was at its peak.

The 2017 Revaluation will be based on rental values at the Antecedent Valuation Date (AVD) which the government has set at 1st April 2015. The implication of this is that as rents have started to recover following the recession, rental value at the April 2015 AVD will be much higher than what would have been the April 2013 AVD, thereby significantly increasing the 2017 rateable values of most properties.

This delay in Revaluation heightens the importance for businesses to make sure their current rateable values are correct as with the likely reintroduction of transitional relief this could have a longer effect on your liability where calculated with reference to the rates paid in the previous year and subject to annual inflationary increases.

New values are likely to be published this time next year but we would welcome providing an appraisal now if you have not yet considered this potentially growing liability. With the valuation date being so recent, if you are in discussion on a rent review or lease renewal or have received a form of return we would advise taking advice as the implications could be significant for the next seven years!

Elsie Osunbor LLB

Business Rates Consultant & Research Analyst
Tel: 020 7643 1525
Email: e.osunbor@kinneygreen.com

The Kinney Green professional department has recently settled a compensation claim on behalf of a long established Brixton Nightclub which was to be Compulsory Purchased as part of the ‘Your New Town Hall” redevelopment by Lambeth Council. 

The ‘Your New Town Hall’ project is part of the Lambeth Council plans to regenerate a core 2.5 acre site around the Town Hall in Brixton between Acre Lane and Brixton Hill. 

The professional team engaged with the client early in the process to provide strategic advice which is essential in the build up to and when faced with compulsory purchase powers. 

Through this early dialogue the team were able to understand the clients business and aspirations and approach the assessment of compensation in a structured and justified way with the acquiring authority to enable early settlement before the Council made the Compulsory Purchase Order.

This project is just one of many Compulsory Purchase schemes Kinney Green is involved in. Should you wish to find out more about our CPO service then please do not hesitate to contact a member of the professional department. 

After several years of seeking a central City freehold with a ground floor banking  hall, Kinney Green identified 45/47 Cornhill in behalf of Ziraat Bank. We then negotiated the purchase of the building in an off-market transaction.

Kinney Green  have now also been instructed  to manage the building . The building which is arranged over ground and first –sixth floors will  need substantial modernisation.

Hot on the heels of their purchase of 10 Dean Farrar Street SW1 in December the CERN Pension Fund completed their purchase of Monument Place, 24 Monument Street EC3 on 16th March.

This 80,000 sq ft landmark building, situated next to Christopher Wrens’ monument to the great fire of London, is the jewel in the crown of CERN’s European property portfolio and confirms their continued commitment to the London commercial property market. The building was completed in December 2013 and following fierce competition from prospective tenants is now almost fully let.

As with all of CERN’s acquisitions to date, Kinney Green assisted throughout the due diligence phase pre-purchase and have been instructed to undertake the ongoing management of this prime asset.

For similar focused acquisition advice at partner level contact Stephen Griffiths or Jonathan Burt.