Shop/residential freehold market valuation in Middlesex
1,071 sq. ft (99.6 sq. m) commercial space with 1st floor self-contained flat
We carried out a Freehold Marketing Appraisal for our client which included a detailed overview of the property, a review of services and state of repair and a market value based on the current market and comparable retail evidence. We were delighted to receive his review of our services:
“I wanted to take this opportunity to thank Mike for his advice with our property matter. I found him to be personable, easy to reach by phone and his advice helped us to make well-informed decisions.” Dr Vik Kapoor, Bucks. – Sept 2020
Do One Thing
Our employees, customers and community are our #1 priority and our goal is to provide excellent service whilst maintaining everyone’s health and safety during these uncertain times.
We are delighted to support our client, Victim Support, with a donation of £800 in aid of their work as an independent charity, helping people affected by crime in England & Wales.
Mike Gray MRICS
Business As Usual
Gray Point Commercial Property are, like everyone else, monitoring the latest updates and advice about COVID-19.
We want to assure you that Gray Point Commercial Property is very much continuing with ‘business as usual’, albeit delivering our service (where possible) through digital methods. An example is offering potential purchasers and lessees the ability to virtually tour a commercial space, such as this office for lease in Kew Gardens, Richmond.
We remain as responsive as ever, focused on delivering quality work for our clients, and our team is fully contactable via email, phone and zoom video link.
Our thoughts go out to anyone who has been significantly impacted by COVID-19.
From all of us here at Gray Point Commercial Property, we thank you for your continued support and look forward to working with you through these challenging times and beyond.
Mike Gray MRICS
Shop/residential freehold sale completed in Kingston, Surrey
269 sq. ft (25 sq. m) commercial space sells at 10% above asking price
It seems the commercial property market takes little interest in the imposed restrictions on ‘normal’ life. We were delighted to assist our client in navigating some fairly tricky negotiations on the sale of her property at 23 Cross Road, Kingston-upon-Thames and right in the middle of week 4 of lockdown, it was sold for £500,000, 10% above asking price.
“Thank you very much for helping to complete the transaction successfully at this difficult time, Mike. I am so happy to have chosen your company for the sale of my shop. No others would have worked so diligently hard and swift in my experience! 5 stars!” Mrs Yuen Ying Lo, Surrey – April 2020
Office sub-letting completed in Bicester
4,480 sq. ft. – £17/sq. ft.
New office sub-letting just completed to NHS Ambulance Service, 4,480 sq. ft. within Talisman Business Park, Bicester – £17/sq. ft.
A Worthwhile Break From Commercial Property
We are proud to have Victim Support as one of our most valued clients. It is the leading independent victims’ charity in England & Wales and is ranked the top voluntary sector employer. It helped no less than one million people affected by crime and traumatic events last year. That is a lot of people whose lives have been turned around through the sheer hard work and dedication of the teams at Victim Support!
So it was that I left my desk earlier this month to cycle 300km across the Dolomites with 10 friends, raising sponsorship and awareness for their good works. That our journey took us across the most beautiful and impressive mountain range in the world gave us added incentive; that it turned into the most magical trip filled with laughter, made it all the more rewarding.
Mike Gray MRICS
New Year, New Lease
Time is Money!
At this time of year, its not unusual for us to receive calls from tenants in need of help with an imminent lease renewal or rent review. They are in a panic: the landlord’s notice was received sometime last year and then buried under a pile of paper or left hidden amongst emails in their in-box. There were good intentions to handle it later – or at least after the Christmas and New Year festivities.
The only problem is that if your landlord has decided to increase your rent (which, in the current market, they often do), there is not much you can do about it unless you have left ample time in which to negotiate. And by ample time, I mean no less than 9 months. This and the services of a professional to negotiate on your behalf, will without doubt give a boost to your cash flow.
Rental increases do happen, but paying what is initially asked for, is not the only option. Make sure you are getting the best possible deal and if you are not sure how to do that, I’d be more than happy to help.
Mike Gray MRICS
Less Is More – 15% off Commercial Property Services
How does our new website measure up?
If you’re anything like me, you simply don’t have the patience to spend valuable time sifting through heaps of copy and clicking copious links to get to what you want on a website. You want to click, instantly see what you need and be in touch with the company within a matter of minutes. No messing about.
So we held up the proverbial mirror, picked our own website apart and gave it a facelift. We hope you will agree that it offers a clean and concise experience for landlords and tenants in search of expert assistance on commercial property services.
Together with our inspired web designers, Blue Flamingo, we’ve cleaned up the home page so that finding what we do and how to contact us is instantly visible. Our key areas of Acquisitions, Disposals, Lease Renewals and Rent Reviews have a to-the-point explanation of what they mean, when they are needed, who needs them and how we can help you. And our new Advice tab offers, well, just that: astute commercial property advice at no cost to you.
We didn’t forget your visual journey either and so worked hard to make the layout easy on the eye. Images throughout the site showcase some of the stunning commercial properties and industrial units our local areas of Twickenham, Teddington and Richmond have to offer. We couldn’t resist snapping a few river views too! Well, when in Rome..
I know there is always room for improvement and I’d welcome your thoughts, so please do leave your feedback here. As a thank you for your time, we are offering 15% off our services until 30thNovember 2018.
We hope you enjoy the journey and I look forward to hearing from you.
Mike Gray MRICS
Square Foot Scruples
Measuring Commercial Real Estate Space
Are you sure the property you are leasing measures up? More often than not, when I am asked to assist a tenant on a rent review for their office or industrial space, I find a discrepancy with the property’s measurements in their lease. Why? Because when leasing the property, the tenant didn’t use an agent, may have been in a rush and assumed the measurements on the lease were right. Wrong. Anything between 5% – 10% variance is common; in monetary terms, on a £100,000 property, this means you are paying £5,000-£10,000 more than you need to per annum.
As a RICS certified surveyor I comply with the RICS Property Measurement Professional Standards (2nd edition, January 2018) and all of my clients’ properties are thoroughly measured before any negotiations start. This month I was delighted to assist a tenant on a rent review and found a discrepancy of 1,000 sq. ft. on a 13,000 sq. ft. industrial unit and I negotiated a substantial reduction to account for the difference.
It pays to be scrupulous about square footage and it always works to get a surveyor to act on your behalf.
Speaking of scruples, packing a punch at a charmingly rustic cupboard-sized square footage, Cwtch* in St. Davids knows how to cook a meal. As a final hoorah to indulgence before trimming down for a 200 mile cycle ride, I chose the Duo of Welsh Lamb. Delicious.
I hope you had a great summer!
Mike Gray MRICS
Spot It & Save It
The Benefits of a Schedule of Condition
In celebration of the end of our glorious (if challenging) heatwave, I am delighted to be writing the first Gray Point newsfeed; something which I hope to circulate regularly and in which I will comment on what I believe, is ‘of the moment’ news and ideas on the commercial property market.
Our hot topic at the moment is what we refer to as the ‘holy grail’ of documents for leased properties: the schedule of condition. Something often rushed or overlooked when renewing a lease, with costly repercussions for you, the tenant. Where commercial leases require you to repair or maintain a property, the schedule of condition provides evidence as to the state of the property when the lease commenced. The two together simply means you don’t pay for what you didn’t do.
There’s no way around the fact that a legally binding schedule of condition, when done properly, is time-consuming and a little costly. In my experience, however, a detailed SOC attached to your lease will save you up to 50% in costs at expiry, when your landlord presents you with their claim for dilapidation on the property. Now, that’s surely worth the initial outlay.
Having helped a good handful of tenants avoid getting caught out this past week, I am heading down the M4 to cast my line into the sea off the Pembrokeshire coast, hoping for a bite or two from a smooth-hound, tope or perhaps even a large bass.
Enjoy your summer.
Mike Gray MRICS