We have experienced a busy few months within the property team and the start of the New Year has been no exception to this. Whilst LPA Receiver appointment levels are down when comparing to pre-Covid times we are seeing some movement in the market and an indication that financial institutions are ready to appoint again. Insolvency Practitioners appear noticeably busier over the last two months and this is reflected on the instructions for valuation and marketing advice we are being asked to undertake. We see 2022 as being a busy year, with the hope that some normality will be restored in our daily lives and business owners as well as lenders being able to make decisions on strategies that have had to be put on hold for the last 2 years.
Generally, we are seeing a good demand for property, particularly industrial stock; with development land also appearing to attract a lot of interest. Despite the rise in build cost this does not seem to be putting off developers and we are still obtaining strong values for land in favourable areas. Residential values remain strong across most of the UK and a continued lack of supply means properties are going under offer after only short marketing periods. The office market is still slow with companies yet to decide what their office base will look like going forward but we are seeing movement and particularly smaller units being in demand.
A flurry of instructions in the last few months of 2021 mean we have already completed on sales of a number of properties this year including a large residential development site on the outskirts of London and an office site in Swansea. We have also had success in placing a number of properties under offer over the last few months that we expect to complete shortly; with some commercial development land in Wales exceeding all expectations in achieving in excess of asking price and a pub in the south of England which was earmarked for redevelopment being purchased by a public house trading company to be restored to its former glory.
We have some new exciting opportunities that have recently come to market, including 4,000 sq ft modern office premises in Plympton and 42 acres of potential redevelopment land in Melksham.
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We offer a range of services including valuation or marketing advice for single or a portfolio of assets of all use classes, LPA Receiver Appointments and specialist insolvency agency instructions. If we can assist in any way, please do not hesitate in contacting us on the details below.
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