THE VALUE OF FREEHOLD PROPERTY
Napoleon once said that England was a nation of shop keepers - the ills of high street retailers are well documented and that is no longer true. However, the country is characterised by well run entrepreneurial businesses where the owners and managers are realising that owning the property that they trade from is a much better option than paying rent to a faceless landlord. Where a freehold property is being acquired, sometimes it is being acquired in the personal pension fund of the company directors and sometimes by the operating company itself.
In the last eighteen months Barnes Noble Edwards, Kettering’s principal firm of Chartered Surveyors, have noticed a significant upturn in enquiries from freehold purchasers and this has led to an increase in the sales of freeholds.
To reinforce this point BNE are appointed on behalf of an occupier to search out a freehold property in Corby of 60-100,000ft² for manufacturing and distribution. The company will not contemplate, under any circumstances, proceeding with a leasehold property. Likewise, BNE have secured an instruction to sell a 24,000ft² freehold unit on the Earlstrees Industrial Estate in Corby where interest has been received from a company looking to relocate from Northampton: the reason why such a relocation is being contemplated is that there are no freeholds available of the right size in Northampton.
In Kettering, BNE have successfully sold 7 The Constellations on behalf of a local investor to Coles for Fires who will operate a major fire show room from the property. Elsewhere in the town, BNE have now placed under offer 8 Orion Way to an international food operator: the property comprises a refrigerated and frozen food production building and again, whilst the original transaction was negotiated as a letting, the company has now determined that they wish to buy the property instead. On Pytchely Lodge Road, BNE are now offering a freehold factory and showroom at £33.00/ft² on a site of 1.47 acres which represents one of the very best bargains available in the market place today. The Company have other freehold instructions where land is available, again on Pytchley Lodge Road for a self build or open storage on either a leasehold or freehold basis: the plot which comprises 1.19 acres is available at £425,000. Again, in this same vicinity BNE are marketing on behalf of Mulberry Property Developments Limited a site at Pytchley Park where a unit of up to 40,000ft² can be delivered again on a freehold basis to an occupier’s exact requirement.
If you, as a company director or shareholder are thinking about expanding or contracting and want to secure a freehold property, you would be pleasantly surprised at the availability of bank finance to complete a property purchase. For those companies that do buy their own properties they find that the cost of a commercial mortgage is always less than the rent that would be paid on the property. For confidential advice on all matters relating to freehold and, indeed, any other issues on commercial premises call Andy Griffiths at Barnes Noble Edwards on 01536 517777 or email ag@bne.co.uk
ANDY GRIFFITHS
03/02/12