Eddisons boosts Newcastle office with valuations director appointment Jason Smith

National property consultant Eddisons has appointed Jason Smith to the new role of director, with responsibility for real estate and commercial valuations across the North East.

Jason, who has 20 years’ experience of commercial property valuation in the north of England, joins Eddisons from specialist property adviser Christie & Co where he worked for ten years as a director. During this time he has built considerable expertise in valuing trading businesses in the hospitality, leisure, healthcare, medical and retail property sectors.

He will be based in the firm’s growing Newcastle office, which saw two new surveyor appointments last year, and is also a fellow of the Royal Institution of Chartered Surveyors with a degree in Urban Estate Surveying.

In his new role, Jason will head Eddisons’ valuations business across the North East, managing assignments for loan security, transactional, legal and accounting purposes. His remit will include valuing commercial real estate and investments as well as trading businesses.

Eddisons’ national head of valuations, Anthony Spencer, said: “Jason brings in-depth knowledge of the North East market and his valuations expertise, especially in hospitality, healthcare and retail, will enable us to offer an even more impressive service to clients in sectors where Eddisons is already seeing increased demand.”

He added: “Our Newcastle office is going from strength to strength and this new appointment will boost our presence in the region still further.”

For further information on our Valuation practice, please click here.

Our Newcastle office is going from strength to strength and this new appointment will boost our presence in the region still further.

Written by: Anthony Spencer on Monday 25/03/2019

Eddisons Taking a Stand at Global Steel Exhibition in Turkey

A team of metals processing experts from the industrial auction and valuation team at Eddisons will be attending a global exhibition in Turkey next month.

The Tube & Steel fair in the Turkish city of Istanbul brings together many of the world’s leading manufacturers, suppliers and agents operating in the metals processing sector, attracting over 10,000 attendees from over 170 countries around the globe.

Eddisons will be exhibiting in Hall 2 which focuses on Tube and Profile Manufacturers, but the event includes exhibitors from more than 80 countries and features industries from aerospace and energy, to food processing and construction.

Charles Moses, director at Eddisons said: “We are looking forward to exhibiting at this year’s Steel Fair in Istanbul as part of our strategy to grow our global steel equipment sales and valuation business.”

“Turkey is a real hub for the steel industry and the Tube and Steel Fair event brings together many global experts in the field. Given its significance in the global industry, Turkey is a key region for us strategically and this event presents an opportunity to meet face-to-face with some of our global manufacturing clients.”

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Eddisons has a strong track record of connecting buyers and sellers in the metals sector. Our expertise in Negotiated Sales offers clients in this sector a viable option when selling niche, complex or high-value assets, where markets and buyers are limited.

Recent successes for Eddisons in this sector include the sale of an Annealing and Pickling Line to Italy on behalf of a Turkish Steel Processor, the sale of a Japanese made Plate Mill in Haiphong, Vietnam to an Iranian Steel company, and the sale of a Rod & Bar Mill for an Austrian Steel Producer.

Turkey is one of the world’s leading steel exporters and connects markets across the European Union, Middle Eastern and North American countries. According to the Turkish Steel Exporters Association, its steel exports rose by more than 20 percent year-on-year to reach 21.4 million tons in 2018.

The event runs from April 17th to 20th. And the Eddisons team can be found at Hall 2, stand 202B.

RICS Publishes Guidance on Countering Bribery, Corruption and Money Laundering

RICS has published a series of statements relating to the interrelated issues of bribery and corruption, money laundering and terrorist financing, which it says “cut across our profession, regardless of geography or industry specialism”.

The institution’s stated aim in providing the guidance on these matters is to help chartered surveyors worldwide to identify and manage the risks of encountering unlawful or otherwise rogue activities in the course of their professional lives.

Statements given outline a series of mandatory requirements that will come into effect from September 1st 2019 and will apply to all RICS members and RICS-regulated firms on a global basis from that time.

However, if there are any local laws that contradict any of RICS’ statements in any particular parts of the world then the institution has said that that relevant legislation should take precedence.

On the subject of money laundering specifically, RICS points out that property purchases have the potential to be used by organised criminals to launder funds illegally acquired because these processes can effectively ‘clean’ significant sums of money from various sources in a single transaction.

“It is therefore critical that all professionals working in the sector are acutely aware of the issues and appropriately trained to identify and report any suspicions of money laundering,” the latest statements given by RICS explain.

RICS has also published a two-page document that can be downloaded online and that contains lists of “red flag indicators” of potential money laundering activities.

The organisation says that its profession needs to work closely with governments, supervisors and law enforcement agencies to effectively send a message to criminals that the property industry is consistently hostile to money laundering and any associated activities.

RICS has also said that it hopes to see the role of real estate organisations and the industry as a whole come to be more greatly appreciated on an international basis as playing a key role in efforts aimed at promoting responsible business agendas.

It is “important that the profession takes a leading role in ensuring that business interactions with the built environment are transparent and serve the public good,” RICS has said, adding that it is now working with the United Nations’ Global Compact organisation with those aims in mind.

Pugh & Co launches innovative online auction platform

Leading property auctioneer, Pugh & Co, has launched an online-only auction service to complement its market leading room auctions.

The innovative online-only service sits alongside the firm’s market-leading room auctions and offers an additional level of flexibility for clients by providing a range of disposal methods and sales opportunities.

Powering the online-only service is a customised technology that utilises the proven bidding platform behind Auction Technology Group’s global Bidspotter operations, which has been used successfully within the Eddisons asset auctions team to transact over £40m of sales each year.

Paul Thompson, Managing Director at Pugh & Co, said: “Our highly acclaimed auction room sales remain vital to us and attract a broad spectrum of selling clients and investors. Alongside the continued growth of our room auctions we are delighted to now also offer the online-only auctions as an additional and complementary facility.

“This platform offers vendors a unique, additional route to market, with all the advantages of the room auction but with additional flexibility for clients whose timelines don’t suit the room auction and need a bespoke solution.”

Pugh & Co sells an extensive range of property from across the UK at its room auctions, which take place throughout the year at prestigious venues the AJ Bell Stadium and Elland Road football stadium in Manchester and Leeds respectively.

Through the online-only service, clients outside of core regions can benefit from the national expertise and one of the highest sales percentages offered, to cement interested parties while retaining the full transparency of a room auction.

Click here to view the online-only properties for sale.

Britain’s tallest folly up for sale after financial failure of building preservation trust

 

Three historic listed British properties owned by the Vivat Trust, which went into liquidation in August 2015, including a Gothic tower, are to be sold.

Property consultancy Eddisons is marketing the properties, some of which have been fully restored, creating modern living accommodation.

They include the UK’s tallest folly, the 53m, Grade I listed Hadlow Tower near Tonbridge in Kent; as well as a 15th century timber framed gatehouse in North Yorkshire and a 14th century manor house near Hereford.

The Vivat Trust, a registered charity and a national building preservation trust, was dedicated to rescuing neglected and dilapidated historic buildings throughout the UK and providing them with a viable new use, as holiday properties. The trust’s directors called in insolvency firm Begbies Traynor last summer however, when the charity was hit by financial difficulties.

Now the properties owned by the trust have been put up for sale and Eddisons is inviting offers for the unique buildings, which have not been given a guide price.

Abdul Jambo, associate director at Eddisons, explained: “The properties are of such a unique and historic nature that we have rarely, if ever, seen anything comparable come to the open market.

“Because of this their values are likely to differ wildly depending on the potential buyers, whether they are a charity or a private enterprise. As such we will be leaving this to the market to decide and are looking to receive offers from anyone interested in owning an incredibly special piece of British history.”

Further information on all the Vivat Trust properties is available at https://eddisons.com/property-search/

The historic properties up for sale are:

Hadlow Tower, Tonbridge, Kent

Hadlow Tower, built by Kent industrialist Walter Barton May, is a fully restored rare Grade I listed early 19th century Gothic tower which originally formed part of Hadlow Castle.

The tower was begun in 1838 to a design by naval architect George Ledwell Taylor. Constructed of brick and rendered with Roman Cement, it stands 53m high – 1m taller than Nelson’s column which was built at the same time – and is the tallest folly in the UK.

In the Second World War it served as a vegetable store and observation post for the Observer Corps and Home Guard. It was used as a landmark by Luftwaffe pilots on their way to London, who dropped bombs in nearby fields.

Damage caused by the exceptional storms of 1987 created major structural problems and in the mid 1990s Tonbridge and Malling Borough Council carried out urgent safety work, removing the 40ft ‘lantern’ that crowned the structure.

The Vivat Trust took over the building 2008 and carried out a full-scale restoration of the tower with donations from local fundraisers, £2.6m from the Heritage Lottery Fund, as well as other funding from English Heritage.

With a steel staircase rising to the summit of the tower, the living accommodation is made up of three bedrooms, a drawing room, dining room, two bathrooms and a wet room spread over five storeys. The tower also has outdoor space.

Further information on the history of Hadlow Tower at http://www.hadlowtower.com/

Bolton Percy Gatehouse, near Tadcaster, North Yorkshire

The 15th century timber framed Grade II* listed gatehouse is located in the Yorkshire village of Bolton Percy, eight miles south west of York, and has been converted into a fully modernised two-bedroom house.

Restored by the Vivat Trust between November 2009 and April 2010, the gatehouse originally formed the defensive entrance to the village rectory and a courtyard of medieval buildings. The rectory was rebuilt in 1698 and the outbuildings, with the exception of the gatehouse, were demolished in the early 19th century.

The gatehouse now includes a kitchen and bathroom on the ground floor and a two-bedroom suite at first floor level with a sitting and dining area. The house also has its own private garden.

With the village pub on one side, the churchyard on the other and magnificent oak gates to hide behind, the gatehouse is in an idyllic village setting.

Wellbrook Manor, Peterchurch near Hereford

Wellbrook Manor, in rural Herefordshire, is a Grade II* listed farmhouse and has the substantial remains of a fine medieval hall house, dating from the late 14th century, at its core.

The house’s main surviving medieval elements are the ground floor entrance hall and sitting room which extends to the floor above, with a high ceiling and timber framing. It also has a medieval ‘solar wing’ or dining room, as well as a main bedroom above which has a spectacular roof structure and fireplace.

The Vivat Trust took over Wellbrook Manor in 2011, carrying out a rigorous restoration process which was not fully completed. The 2-acre estate includes the farmhouse, farm buildings, stone-built garages and a garden studio house.

Manor Cottages, a two-bedroom caretaker residence for Wellbrook Manor, is being marketed separately and is also available via Eddisons.

 

Written by: Abdul Jambo on Friday 20/05/2016

 

 

West Yorkshire water tower among lots at Eddisons property auction

 

A disused water tower near Wakefield and a grade II listed former Victorian hotel building in Cleckheaton are among over 60 lots included in Eddisons’ next Leeds property auction, which are expected to generate in excess of £5 million.

The Leeds auction, which takes place at Elland Road Stadium on 21 April, includes a number of unusual lots, including the old Midgley Water Tower, at Flockton, near Wakefield, which is up for sale as a development opportunity with a guide price of just £4,000.

The George and Mead Hall in Cleckheaton town centre, which in the 19th century was an imposing hotel, has fallen into disrepair and has a guide price of £200,000-plus. The building covers almost 7,000 sq ft and has car parking and extensive landscaped grounds.

Glenn Levison, associate director at Eddisons , said: “We have a diverse array of properties and land going under the hammer in our spring auction which are generating plenty of interest. Property investment opportunities are in particularly high demand at the moment and the new stamp duty being levied on Buy to Let and second homes does not seemed to have diminished buyers’ appetites.”

He added: “Unusual properties always attract plenty of interest and the water tower at Flockton has already generated lots of enquiries. We are expecting it to go to an adventurous winning bidder, probably for rather more than its £4,000 guide price.”

Investment opportunities in the Leeds auction include a row of three Cleckheaton shops with two apartments above, at 28-36 Westgate. The shops are fully let to a recruitment agency, a tattooist and a beauty salon and the residential accommodation is also fully tenanted, generating a total rental income of £25,500 a year. The guide price is set at £275,000.

A two-storey, 4,000 sq ft building at 93-95 Main Street Garforth, Leeds, is also included. The premises is fully let to Barclays Bank on a five year lease until 2020, producing a rental income of £23,300, and with a guide price of £350,000 plus.

Monarch House on George Street in Wakefield city centre is a 9,000 sq ft landmark building suitable for division into two self-contained business units. It has a guide price of £260,000.

The auction will take place on 21 April at the Norman Hunter Suite, Leeds United Football Club, Elland Road, Leeds.

The full catalogue is available to view at https://eddisons.com/assets-for-sale/

 

Written by: Rob Limbert on Wednesday 20/04/2016