Archive: (3)

Since Brexit reports from the property world have been gloomy, however HNF Property in Croydon is continuing to experience a lack of supply and surplus demand for both office and Industrial property.

In and around London and the south east Industrial property continues to be in short supply across the board and we have unfulfilled requirements.

Within Croydon we are seeing an increasing number of enquiries for office accommodation. Over the past few years’ office supply in the Croydon area has dwindled from 1.8 million square feet 2 to 3 years ago to approximately 300,000 square feet currently.

The Ruskin Square Development has recently secured a letting to HMRC who have taken 184,000 square feet, marketed at £35.00 per square feet.

Business is continuing to be attracted as development in the area gathers pace and the town centre undergoes a dramatic transformation which will see it regenerated to become a thriving London satellite town attractive to both occupiers and their staff.

Excellent transport links ensure good access to a skilled pool of staff and access to the city and west end in less than half an hour.

Apart from the value of a property the development potential of it is one of the most contentious factors in assessing price for freeholding enfranchisement and, on occasion, lease extension.

This often involves a discussion about the value of the loft space and its development potential, something that can be determined by the physical factors such as access hatch, its position, size, the height of the eaves, planning consent, etc.

At a tribunal hearing recently we have also had to consider a discussion on whether or not the value of development potential of a loft space is greater for a flat with a longer lease than for a flat with a shorter lease.

In a separate case we have also had to consider the possibility that a loft space could add to the value of the flat itself despite having no development potential.

 Many such issues are discussed at tribunal and as with many things in property there are often complications when initially none appear to exist.

 

HNF Property have recently been involved in a case requiring some detective work in North Surrey.

The case involved a collapsed fence surrounding the car park of the subject and an adjoining property.IMG_2866

On both sides of the fence the parties were denying liability and ownership and it required one of HNF’s surveyors attending site and examining the evidence.

Such disputes are not always easy to resolve.

When examining such situations, you can refer to title deeds and site plans but these are not always helpful.

On site you should be looking to see who has the “fair”, i.e. good, side of the fence and who has the one that shows the construction – the posts, the Arris rails etc.

In essence, the owner of the fence has the back. You should also determine where posts have sat in the past and the line of the fence. Additional assistance can be had by consulting any plans, past photographs, etc.

I am pleased to report that we were able to convince all parties with the evidence that we had found and the matter was quickly and easily resolved without recourse to legal action.