Strettons' 2016 Year in Review
Our 85th year has been an exciting year of consolidation and then rapid growth in all areas of the business.
Industrial Agency recently completed on the acquisition of a 152,000 ft2 unit in Harlow, Essex. This was the third largest deal to take place in Essex in 2016 and the largest along the M11 corridor.
We sold 5 acres of industrial land at Phoenix wharf for £10,250,000. This had a rent of £445,000 pa, a net initial yield of 4.25%. This had strong potential for redevelopment and formed part of Enfield Councils Meridian Water Masterplan.
On the investments side, City Fringe Agency sold a 40,000 ft2 multi-let commercial investment in Archway, N19. The investment secured in excess of the guide price of £17.5m, which represented a net yield of sub-4% and capital value of £430 / ft2. We also sold a 0.4 acre development site in Limehouse, E1 with planning permission for 78 apartments for £9.15m and acquired Elizabeth House, Chancery Lane, for £7.65m on behalf of a management client.
We have seen the value of the property management portfolio that we manage increase by over £200 million. Our asset managers have secured a 70% increase in the capital value of a building we manage in Devonshire Square EC2. The majority of our recent instructions have been secured in King's Cross, Shoreditch, Clerkenwell, Hackney and Soho.
East London Agency acquired 6 hotels on behalf of Travelodge with over 60 bedrooms in each across East London in Mile End, Dagenham and Romford. We also completed on a floor of offices in Solar House, Stratford, which set a record rent of £23/ ft2.
Auctions had a good year and notable transactions included the sale of a derelict Grade II Listed manor house on 13½ acres near Coventry. A small vacant house in South Ockendon, Essex on a ½ acre plot was guided at £140,000-£145,000 and attracted over 200 enquiries and sold for £300,000.
Receivership instructions were nationwide including a 13-acre industrial estate with contamination, Japanese Knotweed and an accusation of power fraud in West Wales, and two 1930’s Grade II listed, art deco water towers converted to form a modernistic house in Kent. In North London, we were appointed over a warehouse, shops and mosque where we were pleased to assist in agreeing a very rapid settlement.
Development Consultancy successfully won 2 tenders to advise a local authority in our key area on 4 development sites. We have contributed to several successful planning applications throughout the year and are becoming a well-trusted adviser in relation to development viability toolkits. This is an expanding expertise in an addition to advising 20 Registered Providers on valuation issues on a regular basis.
2016 was a solid year for our Valuation & Advisory team, and we won contracts with some of the new lenders in the market including Metro Bank PLC and Lancashire Mortgage Corporation. The Lease Advisory team continued to expand work in the Central London area including a variety of work in the West End, Covent Garden, Kensington and Camden Town. Our Expert Witness & Litigation team recorded the largest number of appointments in many years. The Leasehold Enfranchisement team continues to grow and secured instructions in a variety of Central and Greater London locations as well as out of town.
Internally, one new Director and one new Associate Director was appointed. We are now well in excess of 100 staff based over 3 offices and achieved a 100% pass rate in our graduate programme in 2016, the second year in a row!
Thanks to everyone who helped make 2016 a great year, and we look forward to helping others acheive their property goals in 2017.