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Property
News 43
Edited by Ellie Bothwell
[email protected]
The agent
Positive predictions
T
he European
Commission
predicts the UK
will be the fastest
growing major European
economy in 2014, signalling
a potentially prosperous
new year. With recent
figures, from the Office for
National Statistics, showing
the UK economy growing
at its strongest rate since
2007, unemployment rates
falling and forecasts that
the economy will grow by
up to 2.8% in 2014, we seem
to have turned a corner.
Since the sub-prime
mortgage crash of 2007,
there have been high
volumes of corporate
disposals from the pubcos,
which have saturated the
market and had an adverse
impact on values due to
supply outweighing
demand. The combination
of overall economic
We look forward
to further sector
evolution for
the year ahead
stability and sector-specific
performance, which has
fared well compared to
others with some operators
reporting like-for-like sales
up year on year, should
start to change lenders’
perception of pubs as a
high-risk investment.
We expect the level of
corporate disposals to
decrease throughout 2014,
which, coupled with
greater access to finance
and equity for investors
and operators alike, should
see the strengthening of
the private market as
values improve across the
sector. Many private
individuals and investors
have taken advantage of
this period of corporate
disposal and we fully
expect their investment to
pay dividends, now and in
years to come.
With individuals and
companies alike
continually innovating,
such as Bramwell’s Wild
Lime Bar & Kitchen, we
look forward to further
sector evolution and
growth for the year ahead.
Tom Cormie, graduate
surveyor, Everard Cole
Leading National Licensed Property Agents
Selling?
We Value
your Business
Agents slam delays
in ACV procedure
Ellie Bothwell
[email protected]
Property agents have spoken
out against councils listing
pubs as assets of community
value (ACV), saying the process is “long” and “unwieldy”.
The Campaign for Real Ale
(CAMRA) said last week (6
February) that it has hit its
target of getting 300 pubs
listed as assets of community
value, which allows local
communities to make a bid if
a pub is put on the market.
Speaking exclusively to
the Publican’s Morning
Advertiser, Fleurets director
Simon Hall said the process
is a “nightmare”, and “doesn’t
do anything other than create a delay” in purchasing.
“It costs the pub company
money while the property is
closed and there is no guarantee the community will be
able to buy it,” he said.
“In many cases it compromises the value of a property
even if the community
doesn’t end up buying it.
“It could well be the worst
decision a community makes;
they blow money on saving a
pub and find it’s continuously
bleeding money.”
People power: communities can help save their local pub
Bettesworths MD Matt
Bettesworth said the process
was long, unwieldy and has
“many hoops for the prospective buyers to jump through”.
“This inevitably leads to
many well-meaning plans
falling by the wayside,” he
said. “We currently have one
such deal moving slowly forward in south Devon, but it is
taking months to progress.”
Kevin Marsh, director of
trading and leisure at Savills,
said that market forces
should determine what is
preserved and what is not
and there are more examples
of businesses run unsuccessfully by communities than
those that are successful.
“To list community assets
and prevent redevelopment
sounds like a good idea if the
owner is a pubco and the perception is that it can afford
not to sell. But if privately
owned I think it’ll be very
tough on a struggling owner
to be told by the local community that they want to save
the pub and so the financial
losses continue, perhaps
until bankruptcy,” he said.
“This will be made all the
more difficult to swallow if the
same community that want
the pub preserved are not
using the pub regularly
enough to make it profitable.”
However, Guy Simmonds
MD Stephen Taylor, said he is
a supporter of the ACV principle and grateful pubs can
attract more potential buyers, creating competition.
the only charge for our valuation
& consultation is a cup of coffee
Guy Simmonds have both private & corporate
purchasers urgently seeking to acquire suitable
Freehold and Leasehold licensed property
throughout the whole of England & Wales.
Telephone in confidence to discuss your sale
and arrange a free discreet valuation and
no obligation appointment.
View all property details at www.guysimmonds.co.uk or call on 01332 865112 or via email: [email protected]
morningadvertiser.co.uk
13 February 2014