A guide to investing. Appendix 3 Commercial property
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1 A guide to investing in Wales Appendix 3 Commercial property August 2013
2 Appendix 3 Commercial property To search for available commercial property options in Wales log onto: 1. Procurement options (leasehold or freehold) For companies setting up, the key property decision is whether to rent premises (known as leasehold ) or to buy premises (known as freehold ). The majority of commercial property is held on a leasehold basis. Importantly, there are no restrictions on overseas companies either buying or renting property in the UK. a) Leasehold Companies can either rent premises that are already available or enter into what is known as a pre-let (an agreement with a developer to lease premises before construction is completed, enabling prospective tenants to specify the design, layout and fittings of the building). Commercial leases typically run for 15 years with reviews every five years, although there is no set minimum term. In recent years, shorter terms are becoming more common. It may be possible to negotiate break clauses at set times throughout the lease (enabling the occupier to serve notice to vacate the premises prior to the end of the contractual term). The majority of leases on commercial premises are let on full repairing and insuring terms, which places the responsibility and costs for all upkeep, decoration and repairs onto the tenant. In multi-let buildings, leases are generally on effective full repairing and insuring terms in which the Landlord retains responsibility for all upkeep, decoration and repairs to the common parts of the building and recovers the ocst from the tenant via a service charge. In addition, most leases over three years in length will have a provision to increase the rent in line with the market conditions at pre-determined points throughout the lease. The standard clause allows for upwards-only open market rent reviews at five-yearly intervals (this means that, should the market rent rise, so does the rent payable). Businesses selecting a leasehold property option must also pay Stamp Duty Land Tax, which is calculated using the net present value of all rental payments due over the term of the lease as follows: Consideration Rate Purchase of a Building Not exceeding 150,000 0% Exceeding 150,000 but not exceeding 250,000 1% Exceeding 250,000 but not exceeding 500,000 3% Exceeding 500,000 4% The following rates apply to rents: Not exceeding 150,000 0% Any balance above 150,000 1% For more information (including an on-line stamp duty calculator), please see: For information on legal issues for business tenants, please see: b) Freehold Buying property in Wales is a straightforward process and, importantly, there are no restrictions on overseas companies. In addition to the price of the property, purchasers must also pay Stamp Duty Land Tax based on both the size of the transaction and the location of the property (please see details included within leasehold section). A guide to investing in Wales August
3 2. Property options There are various property options available to businesses throughout Wales (including leased offices, serviced offices, industrial properties and land for development). a) Leased office options There is a wide range of leased office options, from standard office accommodation to leading-edge headquarters buildings. The prime rent on a conventional office lease differs in each city/town depending on location, building specification and market conditions. The prime rental level in Cardiff at the end of 2012 is 237 psm ( psf) per annum. Rents are typically reviewed at the end of each fifth year of the lease term. In addition to annual rental charges, service charges are also typically charged at around 55 psm per annum. The service charge is levied by the building owner or their managing agent, and includes the basic running costs of the building such as repairs, maintenance, cleaning and common heating. b) Leased industrial options The average rental on new industrial and distribution units typically range from around 43 psm ( 4.00 psf) per annum in Newport, to 46 psm ( 4.25 psf) in Swansea and 54 psm ( 5.00 psf) in Cardiff. Service charges may also apply on multi-tenanted estates and typically range between 2.50 psm to 6.50 psm ( 0.25 psf psf) per annum. Typical estate services include the running costs of the estates such as landscaping, road maintenance, lighting, security etc. c) Serviced office options The key advantages of serviced offices are that all costs are combined into one monthly payment and leases can be as short as one month. Companies can usually move into a new serviced office within a week. Serviced offices are available in all major towns and cities across Wales, and range in size from a single desk through to large offices. Costs are usually based on the number of workstations and can typically range from 200 per workstation per month depending on the location and the range of services included. More information on both the cost and availability of serviced offices can be found at: or d) Land options development sites For businesses intending to build their own premises, Wales offers a wide variety of greenfield and brownfield sites. 3. Timescale for obtaining property Although it is possible to occupy a new building within a few weeks, it is prudent to allow, on average, six to nine months from initialising the property search to taking occupation of an existing property. This includes time for searching locations and identifying buildings or sites, negotiation of leasehold or freehold terms, drafting of appropriate legal documentation and design, procurement and delivery of occupier fit-out. 4. Agent fees Property agents specialise in both the property search and in negotiating the most advantageous terms of the lease or purchase. Agents fees for procuring a leasehold property are approximately 10% of one year s rental costs. Agents fees for purchasing freehold properties are typically around 1 1.5% of the purchase price, although this is subject to confirmation of the full range of services required and individual negotiation. For more information on property agents and surveyors, please see: A guide to investing in Wales August
4 5. Legal fees Companies purchasing or leasing property should expect to pay legal fees (which incorporate conveyancing fees), costs for local authority searches and bank transfer fees. An experienced property solicitor is typically necessary to assist in the preparation of all required legal documentation. For contact details of property solicitors, including a searchable database, please see: www. lawsociety.org.uk. 6. Business rates Business rates are a Local Authority property tax that business occupiers pay towards the costs of local government services. The specific level of business rates payable is based on a professional assessment of the annual rent of each individual property (as if it were available to let on the open market) this is known as the Rateable Value. The most recent rating list came into effect on 1 April 2010 and is based on the valuation date of 1 April 2008 (all properties are valued from the same date to ensure that they are assessed on a level basis), and lasts for five years. The level of rates payable for an individual property is calculated by applying the Uniform Business Rate (UBR) to the Rateable Value. The UBR is set on an annual basis by the Local Billing authority. The UBR for Wales form 1 April 2013 to 31 March 2014 is 46.4 pence in the pound. Details of business rates can be found at: 7. Obtaining planning permission in Wales Planning regulations are administered by the local authority covering the area in which the particular building or site is located. Prior to making any commitments to amend an existing building, construct a new building or change the usage of a building, businesses must make contact with their local authority planning department (a full list of commercial property usage classes is included below). The planning system is different to the planning systems operating in many other European Union countries. For example: The planning system is discretionary. Wales has a clear process that typically provides planning decisions more swiftly than in many other European Union countries. The appeals system within Wales also follows a clear process whereas in many European Union countries the appeals process must be undertaken through the courts. The Statutory Consultation period is days from the date the Local Planning Authority (LPA) writes to the relevant Local Authority Committees. The period for determination is a minimum of 8 weeks or 16 weeks if an Environmental Impact Assessment is required. The period runs from the date of Registration of the Application. An outline planning consent is valid for five years but the applicant has three years to apply for a Detailed Planning Consent. A detailed planning consent is valid for five years from the date of grant of consent. A guide to investing in Wales August
5 Commercial property usage classes A1 are used) A2 A3 B1 B2 B8 C1 C2 D1 D2 Shops: Shops, post offices, travel agents, hairdressers, funeral directors, dry cleaners Financial and professional services: Banks, building societies, betting offices, and other financial and professional services Food and drink: Pubs, restaurants, cafes and hot food take-aways Business: Offices, research and development, light industry appropriate in a residential area General industrial Storage and distribution: Including open air storage Hotels: Hotels, boarding and guest houses where no significant element of care is provided Residential institutions: Residential care homes, hospitals, nursing homes, boarding schools, residential colleges and training centres Non-residential institutions: Surgeries, nurseries, day centres, schools, art galleries, museums, libraries, halls and churches Assembly and leisure: Cinemas, concert halls, bingo and dance halls, casinos, swimming baths, skating rinks, gymnasiums or sports arenas (except for motor sports, or where firearms A guide to investing in Wales August
6 Commercial Property Review 2012 UK Office Market The impact of the economic downturn on UK regional office activity has been plain to see over the past couple of years. The national recovery in 2012 has not been as significant as previously anticipated with GDP growth for the year expected to have been minimal. A reduction in occupier demand, limited levels of new office development and static rental levels have subdued many office markets around the country. Some regional city office markets, such as Manchester and Glasgow, have recorded an increase in occupier demand since 2011, but the level remains low. Other cities, such as Birmingham, have not fared so well, ending the year significantly under the ten year annual average take-up level. In London, the core markets of the West End and The City have also succumbed to the cautiousness of tenants, seeing a drop in take-up over the past 12 months. Nevertheless, tenants are still moving with some taking advantage of lease events or being driven by * Prime rent remains largely untested due to low levels of activity operational change. Expanding sectors such as technology and media are taking up some of the slack left behind by more traditional occupiers. For those tenants who choose to stay put, some landlords have been happy to extend leases on terms favourable to the tenant rather than risking extended void periods. Despite lower than average levels of demand across the country, the supply of available Grade A space is reducing as there has been minimal construction activity over the last few years. This reducing availability is slowly translating into incentives such as rentfree periods coming under pressure to fall and this, in time is likely to drive a rise in prime rental levels. When greater confidence does return to the economy the low levels of available top-quality supply suggests that rents could rise again; but the timing of this improvement remains uncertain. Cardiff is an established office market and achieved above average take-up in 2011 as a result of the pre-let of 202,000 sq ft to Admiral Insurance at 1 David Street. However, 2012 is not expected to surpass this level having only achieved a third of the previous years total at the end of Q3 2012* with just over 24,000 sqm (240,000 sq ft). The most notable deal of the year was 45,000 sq ft of office space taken by ACT Training at Ocean Park House; this was one of just five deals over 1,000 sqm (10,000 sq ft) in * Latest available data point at publication A guide to investing in Wales August
7 Like most UK office markets, Cardiff has been impacted by tenant cautiousness as a result of the continuing economic uncertainty. Despite this, corporate occupiers with lease events or those who are looking to upgrade space will continue to experience competition for the decreasing amount of high-end product available with around 4,645 sqm (50,000 sq ft) on the market in the city centre. As a result of the current squeeze on availability of Grade A space, prime rents in Cardiff have crept up to 237 psm ( psf) per annum from 226 psm ( psf) at the end of 2011, having maintained this level since Rent-free periods remain at 24 months for a 10 year lease; this is expected to fall going forward. Cardiff office prime rents per sq ft Source: Alder King/PROMIS Take-up in in 2012 was down 77% on 2011, and 42% under the five-year annual average with just over 4,645 sqm (50,000 sq ft) transacted. The fall is largely as a result of one large freehold deal in 2011, in which Swansea Metropolitan University took 65,000 sq ft of office space from The Land Registry in The largest deal to complete in 2012 was 575 sqm (6,200 sq ft), a private freehold sale at Mansel Street. At the end of 2012, the availability level stood at just over 41,800 sqm (450,000 sq ft) of office space. Prime rental levels remained at 156 psm ( psf) the same level seen in Newport is located a short distance from the principal city of Cardiff. Take-up in this market recorded just below 7,430 sqm (80,000 sq ft) in 2012, the largest letting of which was 2,390 sqm (26,000 sq ft) taken at Hexagon House, Cleppa Park, at a rent of 129 psm ( psf). Availability levels at the end of 2012 total approximately 34,835 sqm (375,000 sq ft), representing a slight increase of 7% on the level seen at the end of Prime rents are currently 161 psm ( psf) although this level is largely untested with no evidence of completed deals at this level in Previous Next Next Previous Back to to contents A guide to investing in Wales August
8 Cardiff Industrial prime rents per sq ft Source: Alder King/PROMIS A guide to investing in Wales August
9 Contacts Chris Lewis Director Deloitte Real Estate Deloitte LLP Tel: +44 (0) A guide to investing in Wales August
10 Notes A guide to investing in Wales August
11
12 Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited ( DTTL ), a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of DTTL and its member firms. Deloitte LLP is the United Kingdom member firm of DTTL. This publication has been written in general terms and therefore cannot be relied on to cover specific situations; application of the principles set out will depend upon the particular circumstances involved and we recommend that you obtain professional advice before acting or refraining from acting on any of the contents of this publication. Deloitte LLP would be pleased to advise readers on how to apply the principles set out in this publication to their specific circumstances. Deloitte LLP accepts no duty of care or liability for any loss occasioned to any person acting or refraining from action as a result of any material in this publication Deloitte LLP. All rights reserved. Deloitte LLP is a limited liability partnership registered in England and Wales with registered number OC and its registered office at 2 New Street Square, London EC4A 3BZ, United Kingdom. Tel: +44 (0) Fax: +44 (0) Designed and produced by The Creative Studio at Deloitte, London A Previous Back to contents
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