The property professionals have had a busy few months, providing advice across the UK on a large range of property types. In response to the uptake in instructions, we have been delighted to be able to expand our team by not one but two new members. Nigel Nattress joins as a Director and is a qualified LPA Receiver based out of our Manchester Office. Hugh Dorins, who is again an LPA Receiver joins our London Office as a Director. Both have a wealth of experience and we are delighted to have them on board.
Despite the uncertainty of the last year, property continues to transact and a number of sectors remain particularly strong. Industrial values in most areas have upheld and a lack of stock means demand is high. Whilst the Retail and Office market have clearly been affected over the last year we are still seeing transactions in the market and properties are being sold and let if marketed at the correct levels. Residential levels are particularly strong in certain areas, with some more rural locations seeing increases of up to 23% over the last quarter. We are yet to see if this has an effect on residential development land but initial feedback is that it won’t due to the rise in building materials and therefore build costs over recent months.
We have again been involved in a number of development sites over the last quarter and whilst there is particular uncertainty from buyers on taking risk there are still purchasers in the market looking to buy both land and part built developments. We have been instructed on a number of new LPA Receiver appointments however overall the levels of this type of work remain lower than average whilst many lenders await the position following a full restriction lift across the UK.
Some successful sales this quarter have included a former care home in Derby, a residential investment in Doncaster, a retail warehouse in Wickwar and offices in the Isle of Wight. Our auction team also successfully sold some residential property in London on our behalves. We have a number of properties coming to market over the next few months including some development land and a residential investment so subscribe to our Lambert Smith Hampton-Asset Advisory Linkedin page to be the first to see these go live.
You can see from our recent successes that we have a strong team covering the whole of the UK and dealing with all asset classes. If we can assist then please do not hesitate in making contact.
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