Merrifields is delighted to announce that WILLIAM DRAYTON has successfully completed his Assessment of Professional Competence and has been elected a Member of the Royal Institution of Chartered Surveyors. Will's main work within the firm centres around Commercial Agency instructions, particularly the sale and lettings of factories, offices and shops. Will can be contacted on 01284 700700, or will@merrifields.co.uk and would be pleased to talk to old clients and new regarding any enquiries they have.
Break With Care - 30.07.10
This recent case highlights the importance of correctly serving break notices:-
AHC Westlink took a lease from Hextone Holdings which contained an option for the tenant to break the lease on 31 October 2009. AHC Westlink had been purchased by Stobart Group Ltd in August 2007. The break notice sent to the landlord was signed "for and on behalf of Eddie Stobart Limited". The landlord contended that AHC Westlink remained the tenant as there had been no assignment to Eddie Stobart Limited and that the notice should have come from AHC Westlink. The Court agreed that the notice had not originated from AHC Westlink and therefore was not valid. The Court also rejected AHC Westlink's argument that the notice had been given by Eddie Stobart Limited as agent for AHC Westlink.
The lesson in this case is that parent companies should ensure that any notices served on a landlord originate from the tenant company. Likewise, where the landlord has an option to break the lease, the break notice should originate from the landlord company and not the landlord's parent company.
Commercial Property Investment
Click on the link to for the RICS Guide for the Small Investor
Temporary increase in Small Business Rate Relief - 21.07.10
Small Business Rates Relief is available to businesses whose rateable value is less than £18,000. From 1 October 2010 to 30 September 2011 anyone who is entitled to Small Business Rate Relief and has a rateable value of £12,000 or less will be eligible for an increased level of discount off their rates bill.
Eligible businesses with a rateable value of up to £6,000 will be entitled to 100% relief and rateable values between 6,001 and £12,000 will be entitled to relief on a sliding scale between 100% and 0%. To find out more please contact Gordon Ellis or Will Drayton on 01284 700700.
Completed this week -
Merrifields has completed the sale of a 30,000 sq ft factory on a site of 2 acres in Mildenhall to Gerda Security Products Limited. We wish them every success in their new premises.
Recent Instructions- 21.07.10
Our recent instructions include a town centre retail shop in the popular and thriving St Johns Street with a sales area of about 503 sq f; a modern detached factory/warehouse to let (freehold may be available) situated just of the Newmarket Road in Bury St Edmunds with a gross internal area of about 9,995 sq ft; and modern well specified offices from 1,798 to 3,596 sq ft close to the A14 at Woolpit.
For further information on any of these properties please contact the office.
New Instruction - 18.06.10
We have been instructed to market new offices at 1 Abbots Gate, Bury St Edmunds. The offices are currently under construction and will be available in late summer 2010 and provide up to 3,000 sq ft of accommodation, where units can be available from 400 sq ft if required. The offices will be built in a traditional style but to a high specification finish to include passenger lift and trunking. Further details are available from our office.
New Instruction - 18.05.10
We have been instructed to market a substantial factory at Caxton Way, Thetford. The property is a former food production unit of about 188,000 sq ft on a site of nearly 7 acres. It is suitable for refurbishment or redevelopment and includes offices, staff canteens, food testing rooms, food production unit, ovens and smoking facilities and a packaging hall. Please contact our office for further information.
Farmfoods Complete Lease on The Bartons Retail Park - 07.05.10
Merrifields is pleased to announce the letting of the final phase of The Bartons Retail Park at Barton Road in Bury St Edmunds with a purpose built new retail unit let to Farmfoods who have completed their fit out and commenced trading on 30 April 2010.
9-11 White Hart Street, Thetford - SOLD
Merrifields is pleased to announce the completion of the sale of 9-11 White Hart Street in Thetford, a property providing retail and residential accommodation in Thetford town centre. The property has been sold to a local property investor for redevelopment.
Town Centre Retail and Office Property - 13.04.10
Merrifields has been instructed to offer 3 properties within Baxter Court in Bury St Edmunds. A small ground floor shop/office suitable for an Estate Agents or Insurance office, a small first floor office and a well appointed second floor office with 2 inter-connecting rooms. Further details on request.
Short Term Lets - 13.04.10
Due to the change in Empty Business Rates liability many of our clients are paying rates on empty buildings. Some of those clients will consider short term lets with little or no rent being payable. Further details available from Gordon Ellis on 01284 700700.
Empty Property Rates - 16.03.10
All properties with a rateable value of £18,000 or less will not be subject to Empty Rates for the financial year 2010/2011.
For any further enquiries on rates, particularly new assessments that become applicable from April 2010, please contact our office where our specialist rates surveyor will be able to assist. We have recently been successful in saving many clients many thousands of pounds by providing them with rating advice.
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