Chancellor's Pre-Budget Statement alters commercial rates law

While the media's focus has been on the changes to VAT, National Insurance and Tax Allowances, the property industry welcomes the alterations to the rules on commercial property rates as a step in the right direction.

All vacant commercial properties with a Rateable Value of less than £15,000 will be exempt from business rates for the tax year commencing 1 April 2009.

Further details on the small print are available from Paul Stevens in Plymouth or Jonathan Ling in Exeter.

Recent deals

Quality offices let and sold within 2 months

Following Redrow's relocation to Bristol, the Exeter office successfully secured a letting of the offices to Connaught Group Plc.  The premises which comprise 8,481 sq ft were let by way of a new lease for a term of 15 years at an initial rent of £131,455 per annum (£15.50 sq ft).  The property was then sold to a private investor off the asking price of £1.9 million.  The double transaction was completed within 2 months of Stratton Creber Commercial receiving the instructions. 

Major lettings at Exeter office development

The first lettings at Exeter's Capital Court office development have taken place. NPS Property Services and Devon County Council have taken the whole of a 25,000 sq ft building at the scheme, which has been built by Cubex Land. Space is still available at the other two buildings at the scheme. Terms have been agreed with two further tenants for a further 7,500 square feet.

East Devon office scheme is fully let prior to completion

All units at Phase 2 of Woodmanton Barns, near Woodbury in East Devon, have been placed under offer before completion of the development.  The occupiers will be moving in immediately following completion of works, phased from November 2008 to February 2009. The scheme comprises four units from 330 to 1,590 square feet and the new occupiers will join Swan Communications, who have been on site for over a year.

Two deals at Exeter's Sowton Estate

An industrial unit of 2,890 square feet and an office of 1,130 square feet have been let in quick succession in November. The industrial unit, on Bittern Road, was let to Dormole Ltd on behalf of Light Hire, and the office, at Orchard Court on Heron Road, was let to Parkdean Holidays on behalf of Haven Investments.

Exeter city centre retail units let

The former Olan Mills Photography Studios in Exeter's Sidwell Street were let in November. The unit has been taken by two former employees of Olan Mills, who have re-opened the studio under a new trading name.

Also in November, the former Futon World showroom was let as a furniture showroom. The property has 2,000 square feet of showroom plus 1,200 square feet of warehouse.

New instructions

Exeter's finest period office building

Stratton Creber Commercial are now appointed jointly with Alder King to market the leasehold interest in Southernhay House. Formerly the offices of Francis Clark Accountants, the building offers 4,900 square feet in a detached building in the heart of Exeter's prime office district.

Historic building close to Exeter Castle

Bradninch Hall, next to Exeter's castle, is being marketed by way of a new lease. A total of 9,570 square feet is available in the former mansion, plus up to 28 parking spaces in the gated car park.

Large industrial units in Paignton

Two units on Paignton's Yalberton Industrial Estate have come to the market. Oaktree House is a detached building of 17,746 square feet on a site of around 1.15 acres, while the former Syntech premises offer 12,940 square feet on a site of around 0.95 acres. Both properties are offered either freehold or leasehold.

15 new industrial units for sale or to let

Mid Devon Business Park is a new development at Willand in Mid Devon by London & Devonshire Trust, and we are pleased to offer 15 newly-built industrial units on a freehold or leasehold basis. The units, at Ethmar Court on the business park, range from 80 square feet and are all built with mezzanines and first floor windows, allowing later installation of offices. The scheme is now complete and the first tenants have taken occupation. Details on www.mdbp.co.uk

Stratton Creber Commercial is intructed to acquire...

Stratton Creber Commercial is instructed by Warrens Bakers, who occupy over 60 retail properties throughout the Westcountry. The Cornwall-based firm is actively looking for new units in a number of towns across the region.

We are also instructed by Devon & Somerset Law Society to acquire new office premises in Exeter in 2009.

Stratton Creber Commercial are also instructed by Scottish & Southern Energy to acquire a large facility in Exeter, to include 12,000 sq ft of offices, 10,000 sq ft of warehouse and open storage land on a site totalling around one acre.