Emergency Out of Hours Contact Details

During the Christmas break, our offices will have limited cover. If you are a tenant in a commercial property that we manage, please note the following arrangements.

Commercial Property

Our offices are closed from Midday on Wednesday 24 December opening again on Friday 2 January.

If you have an urgent maintenance matter that requires immediate attention please call our Helpdesk on 0870 990 9613, which remains open throughout the entire period 24 hours a day.

We would like to take this opportunity to wish you a Merry Christmas.

Written by: Richard Roe on Wednesday 10/12/2014

Claims Occurring and Claims Made Insurance Policies – A Guidance Note for Insolvency Practitioners

It is common market practice for Insolvency Practitioners in the UK to arrange immediate open insurance cover on appointment. A review of the pre-appointment policies is then undertaken by the Insolvency Practitioners broker who advises on the options available based on the particular factors of the appointment.

As part of this process, it is important that both the Directors and the Insolvency Practitioner have an understanding of the implications of cancelling pre-appointment policies particularly where there are policies on a ‘claims made’ basis where there would be no cover should a claim arise in the future.

What is a Claims Made Policy?

Most UK insurance policies are insured on a “claims occurring” basis, where coverage is triggered at the date the incident, e.g. the injury or damage occurs, even if the claim is not made until years later. Thus if the policy is cancelled, that insurer will still deal with any future claims as long as their policy cover was valid on the date the claim occurred. A good example of this Employers Liability Insurance where a claim can be made years in advance but it is the responsibility of the insurer at the time of the accident to respond.

Some insurance policies, however, provide cover on a “claims made” (or “claims discovered”) basis i.e. the coverage is triggered at the date the claim is first made against the insured, even if the incident occurred years earlier during a previous insurance period. So the insurer dealing with the claim is the insurer whose policy is in force at the time the claim is made (or discovered), even if the incident which gives rise to the claim occurred in the past. This basis of cover has the effect that if a “claims made” policy is lapsed or cancelled, there is no insurance policy in force to deal with any future claims.

Types of policies which are on a “claims made” basis include Directors and Officers Liability, Pension Trustee Liability, Charity Trustee Liability, Employment Practices Liability, Professional Indemnity and Crime. However some overseas jurisdictions also require other policy types to be on a “claims made” basis e.g. General Liability insurance in France.

It is therefore necessary to ensure that all parties are aware of the implications and adequate coverage arrangements are made.

Full details of this topic can be found by downloading the detailed article here

Written by: Richard Roe on Monday 17/11/2014

Eddisons Has Tools For Letting Success

The Bradford office of Chartered Surveyors Eddisons has completed the letting of a trade counter unit in Bradford, to a national tool hire firm.

Brandon Tools, who provide tools and equipment for the building and construction industry through a network of over 170 branches nationwide, is the latest tenant to sign up at the Bowling Back Lane Industrial Estate.

The firm has taken over 7,100 sq ft on a 15 year term within the estate on Wakefield Road, which is recognised as a prime trade counter position. The asking rent was £45,000 per annum.

Other nearby occupiers include City Electrical Factors, Tool Station, Plumb Center and Yesss Electrical.

Eddisons acted on behalf of established and retained client Marrtree Investments.

Alex Wilkinson of Eddisons said: ‘This is a top of the range unit in one of the most sought after trade counter locations in West Yorkshire.

‘It enjoys a huge amount of passing traffic and is well connected to major road networks, which is what attracted Brandon Tools and other national blue chip tenants.’

Written by: Richard Roe on Tuesday 05/08/2014

Eddisons 2013 Auction Proceeds Top £60m

Eddisons generated proceeds of nearly £7.4m (£7,358,000) at its three day December sale held in Manchester, Leeds and London.

This brings total proceeds from the 21 auctions Eddisons has staged this year to in excess of £60,000,000. The firm has offered over 1,000 lots and achieved an average success rate of 81%.

Tony Webber, Head of Auctions at Eddisons said: ‘The auction room has once again proved a popular place for buyers looking for a variety of investment opportunities and vendors looking to dispose of surplus stock quickly.

‘Market conditions have certainly improved since this time last year and we can look forward to the New Year with plenty of optimism.’

Highlights of the Manchester leg of the December sale included a tenanted commercial and residential investment in Edgeley, Stockport producing income of £25,050 per annum, which sold for £242,000. The guide price was £160,000 plus.

A tenanted commercial investment property on Churchgate in Bolton guided at £170,000 plus, sold for £206,000.

And a part tenanted office building at the Adlington Business and Industrial Park in Cheshire sold for £200,000. The guide price was £150,000 plus.

The Leeds sale saw a part-tenanted investment property in the Beeston area of the city sell for more than £100,000 above the advertised guide price.

The detached property which had been guided at £180,000 to £200,000, finally sold for £316,000. It is arranged as 12 self-contained flats currently producing income of £30,000 per annum.

Elsewhere, a former water tower on the Great North Road in Bawtry, near Doncaster sold £30,500 which was well in excess of the advertised guide of just £2,000.

Buyers wanting to get their hands on a former public toilet in Marsh, near Huddersfield had to spend more than a penny. The single storey building which has change of use consent for A1 retail sold for £37,500 off a guide of £20,000 plus.

The London sale included a freehold retail and residential investment in the Whingate area of Leeds let to One Stop Stores, a subsidiary of Tesco Plc, producing income of £35,200 per annum, which sold for £400,000.

And two leasehold residential investments at the Garand Court apartments in the Islington area of London producing annual income of £21,840 and £20,800, sold for £410,000 and £408,000 respectively. The guide price in both cases was £325,000 plus.

Elsewhere, a parcel of former Ministry of Defence land in Pendine, which was offered with outline planning permission for 40 houses sold for £205,000. The guide price was £125,000.

Eddisons is currently inviting instructions for its first three day sale of 2014 which takes place in London on February 18, Leeds on February 20 and Manchester on February 25.

The full 2014 auction diary can be viewed by clicking here

Written by: Richard Roe on Thursday 12/12/2013

York Place Property Under New Ownership

The Leeds office of Chartered Surveyors Eddisons has completed the purchase of 6 to 8 York Place in Leeds, on behalf of Frank Marshall Estates, for an undisclosed sum.

The part-let property in Leeds’ commercial district extends to 18,000 sq ft and is now due to undergo a major refurbishment programme in a bid to attract additional tenants. On completion it will offer space ranging from 340 sq ft to approximately 7,500 sq ft.

Jimmy Marshall of Frank Marshall Estates said: ‘Although we are a Bradford based firm, we have been reviewing the Leeds market as part of our longer term strategic plan to increase our footprint in the Yorkshire area.

‘York Place fits perfectly with our current portfolio, being in an area occupied by property related businesses and many other top companies.

‘We are appreciative of the help Eddisons provided and the price they negotiated, which will allow us to undertake a refurbishment programme aimed at delivering what tenants in Leeds expect, but at very competitive prices.’

The firm already has commercial assets in Bradford, Halifax and Huddersfield.

John Padgett, Director of Agency at Eddisons said: ’We are pleased to have completed the purchase on behalf of our client and look forward to working with them on similar acquisitions in the future.’

Written by: Richard Roe on Wednesday 06/11/2013

Business Rates – Are You Getting a Fair Deal? (Infographic)

Earlier this year, we published a news article criticising the Government’s decision to postpone the next business rates revaluation from 2015 until 2017.

Our Rating Director Rod Edwards described the Government’s decision as ‘a badly thought out move, which will prevent any hope of rateable value realignment which ratepayers so desperately need’.

At the moment rates are based on rents in 2008, when the market was at its peak. The delay means that business rates liabilities will continue to increase in line with RPI through until the 2016/2017 rate year. Property occupiers are having to pay rates that in no way reflect their circumstances or the current value of the property

To illustrate this, we’ve broken down the issue into an easy-to-digest infographic that asks: are you getting a fair deal on business rates?

Written by: Richard Roe on Tuesday 17/09/2013

Business Rates – Are You Getting a Fair Deal? – An infographic by Eddisons