Vickery Holman is one of the most respected property consultancies in the South West. We provide a complete commercial property service from our four offices in the key administrative centres of Truro, Plymouth, Exeter and Bristol, covering Cornwall, Devon, Somerset, Bristol, Gloucestershire, Wiltshire and South Wales.

From local authorities and high street banks to government departments, professional services firms and private landowners, our diverse range of local, regional and national clients use our expert West Country knowledge to benefit their businesses.

Our locations:

Bristol

Banksy, Blackbeard and (drum and) bass: Bristol is famed for its street art, centuries-old maritime history and influential music scene. Uniquely among large British cities, Bristol has a distinctive energy that is unsurpassed anywhere else. Enveloped in the hills of the South West, its links to the past and its spirited locals have helped to develop its unique identity ever since.

Bristol boasts all the benefits of London (cosmopolitanism, culture, good jobs, great bars and restaurants), but with acres of parkland and a sustainable approach that has earned it European Green Capital status – plus the seaside, surfing and Devon and Cornwall down the road.

Unlike the capital, the city is compact enough to get around on foot, yet big enough to offer year-round festivals, award-winning cycle tracks, gastronomy of every flavour in rejuvenated warehouses and behind secret doorways, stunning cityscapes and awe-inspiring street art.

There is a widespread solidarity in the arts, food and music that promotes quality and individual expression, not profit. From Gloucester Road (the UK’s longest strip of independently owned shops) to the city’s distinctive musical association with heavy bass music, Bristol is a genuine one-off.

Bristol is very well connected. By rail, there are mainlines east and west to London, which take 90 minutes and leave every half hour, and Cardiff (a 40-minute journey, every 20 minutes), north and south to Devon, Cornwall, Birmingham and beyond. The city is on the crossroads of the M4 and M5. It also boasts Bristol Airport and an excellent cycle network.

Exeter

Surrounded by wild moors, beaches and hills, outstanding food producers and picturesque old country pubs, and blessed with a cityscape of medieval gothic and Georgian townhouses, it is no surprise that Exeter is Devon and Cornwall’s business and tourism hub. It may be small but this cathedral city makes up for its size with a vibrant mix of shops and restaurants and a long and varied history.

Pre-dating the arrival of the Romans in AD 50, Exeter’s rich history is reflected in its visitor attractions including its unique 14th-century Underground Passages, free Red Coat Guided Tours, magnificent cathedral, imposing Roman wall and beautiful quayside.

Exeter is really capitalising on its distinctive identity. The Exeter Festival of South West Food and Drink and the city’s diverse mix of restaurants means it is renowned as one of the foodie capitals of the South West, while there is a plethora of independent shops and boutiques, cafes and bars on offer in the West Quarter or on the cobbled Gandy Street. The old canal basin is a delight of converted warehouses, shops and eateries, too.

The city’s independent art and culture scene is serviced by the Bike Shed Theatre, Exeter Phoenix, the Northcott Theatre and the Royal Albert Memorial Museum. It is also firmly on the map as a destination for top sporting events and music. Powderham Castle play host to a packed calendar of events and festivals throughout the year.

It is well connected, too: there are trains to Taunton (28 minutes), Exmouth (30 minutes), Bristol, Plymouth and Yeovil (all one hour). It takes half an hour to drive to the sea at Exmouth or to the wilds of Dartmoor, 45 minutes to Taunton and 90 minutes to Bristol. You can fly from Exeter Airport to London, Manchester, Newcastle, Edinburgh, Glasgow and abroad.

Plymouth

Plymouth is a historical and cultural gem nestled on a stunning part of Devon’s south coast. Heavily bombed during the Blitz, its rebuilt postwar city centre is not a work of utter beauty, but it is overshadowed by Plymouth’s attributes, not least its stunning geography beside the sea, which includes the art deco Tinside Lido dramatically situated beneath craggy cliffs. Dartmoor National Park’s magnificent rolling hills are half an hour’s drive away, Cornwall is moments away via the Tamar Bridge or Torpoint Ferry and a wealth of sailing, surfing and other water activities can be found on the nearby Devon and Cornwall southern coastlines.

Plymouth’s naval heritage goes back to 700BC, when a site at Mountbatten was the premier port in England. However, it was in 1588 that Sir Francis Drake put the port on the map, when, according to legend, Drake played bowls on Plymouth Hoe while contemplating the threatened Spanish invasion. Now, the port harbours nuclear-powered submarines and is at the heart of the nation’s maritime defences. Royal William Yard, the old naval victualling yard, has been developed into a stunning waterfront of restaurants and bars and has an array of events such as the monthly Good Food Market and Open Air Cinema.

The city is also a burgeoning entrepreneurial and tech hub. Its stunning scenery, quality of life, coast and moorland is a major draw for creative thinkers eager to leave the overheated South East.

As a result, Plymouth’s arts and culture scene is abuzz. The Box, a ground-breaking new visitor attraction, is set to open in 2020. It will be a museum for the 21st century with extraordinary gallery displays, high-profile artists and art exhibitions, as well as exciting events and performances that take visitors on a journey from pre-history to the present and beyond.

The waterfront city is also well connected, with trains that take an hour and depart every half-hour to Exeter; and take under four hours to London. Devonport station serves Stoke for local services, and the branch line to Gunnislake provides access to the north of the city. It is an hour’s drive to Exeter or St Austell.

Truro

Truro, the UK’s most southerly city, is a vibrant centre of shopping, culture and impressive architecture. Positioned almost in the middle of Cornwall, the city has been the county’s administrative centre since the main courts were moved there from Bodmin. It is also the ecclesiastical and cultural centre of the county. The city’s heritage as a market town and port dates back more than 800 years, booming during the tin mining era.

Truro’s most striking feature is the cathedral, with its green spire and gothic appearance. Built at the turn of the century, it dominates the Truro skyline with its 250 foot-high towers. In its shadow, a warren of compact streets are home to an impressive array of independent traders. From boutiques to bookshops and designer interiors to delicatessens, Truro is Cornwall’s main shopping town. Lemon Quay appears to host a different festival every day, such as the Great Cornish Food Festival, and there is a farmers’ market twice a week. The café culture is impressive too, with hip coffee houses, artisan ice cream parlours and cocktail bars dotted across the centre.

It has excellent transport links: trains take five hours, as frequently as every one or two hours, to London Paddington. The A30 connects to the M5 and Newquay Airport is a 40-minute drive.

 

Glossary

of Commercial Property Terms

Alienation – Normally refers to the transfer of a leasehold interest in property to another party – e.g. the grant or assignment of a lease, or the granting of an underlease (or sublease). Most leases will require the Landlord’s consent to such a transfer and their costs in considering the terms of the assignment or underletting to be covered by the Tenant.

Arbitration – A method of settling disputes by reference to an independent and impartial third party, usually an arbitrator is appointed by the RICS. Arbitration is essentially an adjudication of the arguments of the parties, and as such differs from Independent Expert Determination.

Assignee – A party to whom a lease has been assigned or transferred by the existing Tenant (the assignor).

Assignment – Transfer of a lease from one party to another. Once a lease has been assigned, the assignee becomes responsible to the Landlord for paying the rent and fulfilling the other obligations of the lease.

Assignor – The existing Tenant who is transferring their lease to another party (the assignee).

Assured Shorthold Tenancy (AST) – An AST is the usual form of residential letting if: you are a private Tenant with a private Landlord, the tenancy began on or after 15 January 1989 or the house or flat is let as separate accommodation and is your main home.       A tenancy will not be an AST if: the tenancy began before 15 January 1989, it is a business or holiday let, no rent or a very high rent is charged or if the landlord is a ‘resident landlord’ (e.g. they let out a room within their home).

Authorised Guarantee Agreement (AGA) – Often put in place when a Tenant assigns their lease, this requires the Assignor to sign an agreement meaning if the Assignee fails to meet their obligations under the lease (including payment of rent) then the Landlord will be able to pursue the Assignor.

Break Clause – A clause in the lease giving either or both the Landlord and Tenant the right to terminate the lease in specified circumstances, normally at a given date within the lease, such as the third anniversary of the start of the lease. It is important to diarise the dates for the break clause as notice will have to be given to the other party stating that they wish to operate the break at the correct time. Most break clauses are time sensitive in that if the date is missed, the right to exercise the break will be lost. Break clauses are often also subject to certain conditions such as all payments being up to date and the Tenant providing vacant possession.

Consumer Price Index (RPI) – Rent reviews within leases can be linked to CPI which is a measurement of consumer inflation produced by the UK’s Office for National Statistics having regard to the price level of a basket of household goods and services.

Contracting Out – An agreement between the Landlord and Tenant that the Tenant will have no right to renew the lease at the end of the contractual term and will not have any right to compensation for the same purpose. This might also be referred to as ‘outside the act’. Both parties agree that the security of tenure provisions of Part II of the Landlord and Tenant Act 1954 shall not apply.

Covenant – The word generally has two meanings: First, in the strict legal sense it refers to a clause within the lease requiring the Tenant (or Landlord) to do something or to refrain from doing something (see Restrictive Covenant). Second, it is used to denote the worth of a Tenant and hence the risk of default, which will have a bearing on the value of the lease.

Dilapidations – In simple terms they represent the exit costs for the Tenant at the end of the lease term. The cost of putting the property back into its original pre-let condition.

Energy Performance Certificate (EPC) – a commercial EPC provides an energy rating for the building which is based on the potential energy comsumption. Services such as lighting, heating and insulation are taken into account. The EPC is accompanied by a secondary Recommendation Report that provides recommendations on how the energy performance of the building could be improved.

Forfeiture – Forfeiture of a lease occurs when the Landlord exercises their right to regain possession of a property where there is a breach in a condition of the lease, or a breach of covenant.

Gross Development Value (GDV) – The estimated value that a new development or property would sell for on the open market.

Gross Yield – A measure of the return on an investment before the deduction of costs associated with the property purchase.

Heads of Terms (HOTs) – A document usually prepared by the Agent setting out the rental or sale agreement between the parties. The HOTs are sent to the solicitors to prepare the lease or sales contract.

House in Multiple Occupation (HMO) – A property where at least 3 tenants live with shared toilet, bathroom or kitchen facilities.

Independent Expert Determination – A process in which a neutral, independent third-party acts as an expert to provide a confidential and binding determination of a dispute. Different to Arbitration as the Independent Expert is not confined to the evidence presented by the parties.

International Property Measurement Standards (IPMS) – International standards providing buildings of different use classes to be measured on a like for like basis around the world.

ITZA‘In Terms of Zone A’ a method of measuring and valuing shops of different sizes and layouts based on the amount of window frontage.

Market Rent – The estimated amount for which a property should let for on the date of valuation, between a willing lessor and a willing lessee on appropriate lease terms in an arm’s length transaction after proper marketing, wherein the parties had each acted knowledgeably, prudently and without compulsion.

Market Value – The estimated amount for which an asset should sell for on the date of valuation, between a willing buyer and a willing seller, in an arm’s length transaction after proper marketing, wherein the parties had each acted knowledgeably, prudently and without compulsion.

Minimum Energy Efficiency Standards (MEES) – New legislation from 1st April 2018 meaning that all properties with EPCs rated ‘F’ or ‘G’ need to be brought up to an ‘E’ rating or above before they are able to be let.

MRICS – A Member of the Royal Institution of Chartered Surveyors otherwise known as a Chartered Surveyor.

Net Internal Area (NIA) – The usable area within a building measured to the face of the internal finish of party walls and taking each floor into account. Excluding toilets, lift rooms, stair wells, entrance halls and corridors.

Net Initial Yield (NIY) – A measure of the return on an investment, the net yield takes the actual costs associated with purchasing the property into account.

Option to Purchase – An agreement made between a landlord and tenant that gives the tenant the opportunity to purchase the property. The purchase price can either be agreed in the lease or determined by a valuation or valuations at the time of purchase.

Party Wall – A shared property boundary. It can form part of a building or a garden wall. You must advise your neighbour if you want to build on or at the boundary, if you want to work on the existing party wall or structure or if you want to dig below and near to the foundation level of their property. A party wall surveyor is appointed to work on a party wall and acts independently on behalf of the wall.

Per Square Foot (PSF) – Often a rental rate or price will be applied per sq ft (or per sq metre) of space. A method used for valuing properties.

Rent Passing – The current rent that is being paid.

Retail Price Index (RPI) – Rent reviews within leases can be linked to RPI which is a measurement of consumer inflation produced by the UK’s Office for National Statistics.

Royal Institution of Chartered Surveyors (RICS) – The world’s leading professional body for qualifications and standards in land, property, infrastructure and construction.

Security of Tenure – The statutory right of a tenant to renew the lease at the end of the term. Part II of the Landlord and Tenant Act 1954 gives business tenants security of tenure. However, this can be opted out of, see ‘Contracting Out’.

Service Charge – The costs incurred by the Landlord for upkeep and maintenance to shared parts of the building or estate, which can be charged back to Tenants.

Stamp Duty Land Tax (SDLT) – A tax that is paid when purchasing property or land over a certain price in England and Northern Ireland. The current threshold for SDLT is £150,000 for non-residential land and properties. A tax is also paid when leasing a property for 7 or more years.

Subletting – Where the Tenant lets part or all of the premises to a Sub-Tenant, as permitted by the terms of the lease. It differs from assignment in that the head lessee remains responsible to the Landlord for the payment of rent and fulfilment of other obligations.

Vacant Possession (VP) – In terms of a break clause or the end of a lease, Vacant Possession requires the Tenant to ensure the property is empty on the day of completion or the break date.

Valuation Office Agency (VOA) – Business premises are assessed by the VOA for non-domestic rating purposes and each property is given a Rateable Value. Your local council uses the Rateable Value to calculate how much is paid in business rates, called the Rates Payable.