SUMMER 2011 ISSUE 4
Hello & welcome During the past 6 months we have continued our structured expansion and have recruited Paul Dean at our Manchester Office and Jody Lauder at our recently opened Preston Office. Both of these appointments form part of our long term structured expansion plan, which involves investing in high quality people to drive our business forward in these challenging times.
Paul Dean Petty Commercial has appointed Chartered Surveyor Paul Dean to join its Manchester based office. The team specialises in all aspects of commercial agency work including disposals and acquisitions. With clients including major corporates, developers and property funds, Paul will oversee a wide portfolio across the region. Paul’s experience has been gleaned with roles at Lambert Smith Hampton, Ask Developments and CB Richard Ellis where he carved himself a solid reputation in the property arena serving clients across the North West. Bringing a wealth of experience to the table, Paul’s varied experience, knowledge of business development coupled with sales and marketing was also a key driver in his appointment. His most recent role involved surveying properties to determine their suitability for the installation of Eco technology. He has excellent knowledge of the local and regional market and will provide expert opinion on the viability of locations prior to acquisition. Paul comments: “I am delighted to be joining the Petty team which has an enviable reputation in all aspects of commercial property. I feel that my skills acquired in previous roles and my knowledge of the regional property market will bring a new dimension to the existing network. Manchester has a vibrant property portfolio and I am looking forward to the challenges that this will bring. “The market is tough without a doubt but our size means we are able to offer a flexible and cost effective service that certainly doesn’t compromise on results.”
We have significantly expanded our team and office network, which will further improve the service we provide to our clients. It is our highly skilled and committed staff and management, which has facilitated this continued growth maintaining and improving standards whilst servicing a growing client base.
Jody Lauder Jody joins the Petty’s team, from Edwin Thompson LLP, with a wealth of knowledge and experience in professional matters and commercial agency. The appointment forms part of the long term structured expansion plan to drive the business forward in what are seen as challenging times. Jody’s remit is to further develop the commercial brand in Lancashire with a clear focus on Preston from the firm’s new offices at Fishergate Court. Jody, who is a qualified member of the Royal Institution of Chartered Surveyors, will be developing the interests of clients, helping them grow, develop and manage their property business interests, handling commercial leases, rent reviews, lease renewals, valuations and Expert Witness work. With over ten years property experience Jody’s time served working with other national practices including Sanderson Weatheralls and GVA Grimley will enable him to call on a substantial depth of commercial market and local area knowledge. Jody added: “I am delighted to be joining such a senior and well respected team in a rapidly growing business. It is an exciting time to be joining such a reputable firm with lots of exciting developments and a renewed confidence in the market.”
NEWS
Hot Topic There has been a buoyant start for the private rented sector in 2011 with growing levels of tenant demand, rising rents and strengthening yields. A recent report by the DCLG published in February shows that the number of households renting privately has risen by one million since 2005 / 2006 from 2.4 million to the current level of 3.4 million. The private rented sector now accounts for approximately 15.6% of all households in England and the Government social housing reforms are likely to add to this. The proportion of landlords reporting growing tenant demand continued to increase during the first Quarter of 2011, with 49% reporting increased demand and 44% stating that demand was stable. The average void period also fell for the third Quarter in a row to 2.8 weeks a year. The availability of mortgage finance declined between the final Quarter of 2010 and the first Quarter of the New Year, although there was a difference between the availability of finance for professional Landlords and small scale Landlords, with the Buy-to-Let market typically favouring Landlords with smaller portfolios. Yields continue to increase and in the fourth Quarter of 2010 reached 6.2%. Professional Landlords still perform better in this sector, with yields around the 6.5% mark. The average gearing for rented property was 41%. Generally, the availability of finance for Landlords to invest in a private rented sector still remains limited and this shortage needs to be addressed in order to facilitate future expansion of the sector.
SOLD ON BEHALF OF GK N-
JULY 2011