17th January, 2020
Since 2009 pubs across the UK have been closing at a rate of around 700 per year.
However in 2019 this decline abruptly stopped.
Latest figures however from the National Statistics (ONS) show in 2019 an annual net gain of 320 pubs across the UK.
So is there a local rise in the popularity of pub ownership?
Licensed Trade Specialist, Paul Collins of Miller Commercial’s Business Transfer Department thinks there is:
“The interest in Licensed premises that we saw in 2019, has continued into 2020, which very much supports the figures from the ONS. Miller Commercial Sold and Let a number of pubs and bars in 2019 to a mix of both experienced hospitality professionals and first time entrants to the trade. In each transaction it was apparent to me that the new owners / operators are looking to refocus these venues as the social hub within their given communities, be this a traditional village Inn or town centre venue.
One of the most important aspects to the success of many of these ventures is the need to embrace rapidly changing dining habits with the growth in Veganism, Gluten Free dining and of course the desire for customers to understand the provenance of their food.”
“We have recently been instructed to manage the portfolio of Keltek Cornish Brewery who have several pubs within the county and on each occasion that we have advertised the availability of one of these pubs to lease we have been very pleasantly surprised at the volume of enquiries we have received. Indeed, it would be fair to say that the demand for pubs on both a freehold and leasehold basis is at it’s highest level for several years”
For advice on buying or selling a pub you can reach Paul Collins on 07841 4230858 or via firstname.lastname@example.org
7th January, 2020
A group of 12 award winning modern contemporary designed holiday homes located in a secluded and idyllic cliffside position at Porthtowan on the north Cornish coast have become available at a collective price of £3m with an option for individual homes to be purchased for prices starting at £250k.
Known as Towan Valley, the holiday homes sleep between four and eight people in style and comfort, with most of the homes having hot tubs.
Partner Peter Heather, who is managing the sale, commented, "We have seen a growth in demand for high class holiday homes in Cornwall and Towan Valley represents a superb investment opportunity with anticipated yields in 2020 ranging from £22k to £38k per home."
For further information or to arrange a viewing please contact Peter Heather on 01872 247007 or Thomas Hewitt on 01872 247025.
23rd December, 2019
Miller Commercial have sold 3 well known leading Leisure attractions in the past 6 months, Dairyland, Screech Owl Sanctuary and Springfields Fun Park, coincidentally all within a few miles' radius of one another!
Graham Timmins (Head of Business Transfer) and Peter Heather were involved in the marketing and sale of these businesses, ranging up to £2 million, all of which attracted significant interest from within and out of the County, such is the huge demand for Leisure businesses, particularly those that have further development potential.
Graham commented, "In my 17 years at Miller Commercial this is a standout moment, to complete on not one but three businesses of this type is unprecedented and underlines our ability in Valuing, Marketing and Selling in this challenging market."
If you, or a client has a Leisure business they would like valuing (in complete confidence) please contact Graham on direct line 01872 247019, or email@example.com
22nd November, 2019
As part of our commitment to professional standards, Zoey Collis and Jonny Bright are being funded through their Msc with the University College of Estate Management. After starting their studies in early September, they are both thrilled to have recently passed their first assignment in the ‘Valuations & Ethics’ module. They were required to produce a Valuation Report on a modern office suite whilst considering ethical issues, market conditions as well as various valuation methods.
Upon completion of their MSc in Real Estate in Summer 2021 both Zoey and Jonny will continue to be supported through their APC to become Chartered Surveyors. Brian Botting, Partner, has mentored over a dozen graduates through their APC in the last 15 years and is delighted that Zoey and Jonny are well on their way.
8th November, 2019
Life can be pretty interesting at Miller Commercial especially when I get to go out on site inspections, all those new smells, but I also like snoozing in the office in my bed by the French doors.
I was asked to describe a typical day in the office and that normally starts at about 5:00 am when my dad (he looks nothing like me) takes me for a walk and then gives me my breakfast. We then head into the office and I get to sit in the boot of the car and look out at the world passing by, sometimes really fast, which can be both exciting and scary at the same time.
We then walk to the office but I hate it when we get to Mansion House as dad has to disable the alarm which makes a hell of a racket. Once inside I run up to the top floor 2 or 3 steps at a time and then have a good sniff around to see if one of my work colleagues might just have dropped something in the kitchen for me to eat. They quite often hide their lunch in their bags but I am pretty good at tasting it for them if they leave it within reach.
Everyone is so friendly at Miller Commercial, they made me feel really welcome from day 1, but not all of them feed me even when I give them "the look". I have been able to inspect offices and industrial buildings but am told I can't go into shops as I am not a blind dog! I don't think I have ever met a blind dog. I have even inspected a flooded office which smelt really interesting but I always seem to get pulled away just when I want to lick the carpet.
Lunchtimes are the best time of day as my friends often slip me bits of their food although I sometimes think they feed me the bits they don't like. I have been told off for eating some things but don't really understand why. Almost every day we go to a coffee shop so dad can read his book but they give me dog biscuits anyway so I don't mind.
The afternoon is pretty much like the morning, people rushing around playing on a strange box called a computer. I get to go for another walk most afternoons and when I get back I have a snack and a snooze. Almost before I know it I am told.it is time to go home but my bed is so lovely and warm quite often I pretend I haven't heard the command.
I have advised on some valuations and rent reviews as well as property management inspections and if I wag my tail a lot that shows how good I think the building is. I have a unique perspective on life but when your head is only 2 feet off the ground you can't help but look at things from an alternative view point.
Life isn't boring at Miller Commercial I just wish we had more snacks and less rushing about but I expect to be back tomorrow or if not then the next day.
30th October, 2019
Seeing a member of staff walking through the office with a flower delivery from happy clients is always a good day, and today it was our Business Transfer expert Beverly Northey with a beautiful bouquet from the owners of The Ship Inn at Par. On 25th October Bev completed on the sale of the leasehold of this highly successful licensed freehouse and restaurant close to the popular harbour side town of Fowey and the Eden Project.
If you are thinking of selling your business, or considering buying a business, whether it is a public house, hotel, shop, cafe or indeed any going concern, Beverly would be delighted to hear from you. You can contact her on direct line 01872 247031 or email firstname.lastname@example.org
29th October, 2019
Saturday saw us hold our annual sponsorship event at Truro RFC. Attendees who packed the sponsor's bar and terrace included Partners Peter Heather, Mike Nightingale, Brian Botting and Nick Maffey plus many of Miller Commercial staff, our clients, professional network and suppliers. It was an extra special day for our business as we were celebrating the 25th anniversary of the company becoming fully independent.
The team, led by Captain (and Club Director) Ross Dennington (3rd from right above) were playing South Molton but the rain and wind couldn't stop them playing a blinding game resulting in a superb 52-5 win.
Thomas Smith, Head of Commercial Agency (left), made an eloquent and heart warming speech to thank our guests for their continued support, and to Truro RFC for their hospitality and to pay our respects to Club following the loss of two of their 'family': long time supporter Geoff Bond and club secretary Stuart Nicholls, who both sadly passed away on 9th October after battling cancer.
At the Club's request Miller Commercial and their guests did a collection in aid of Cornwall Hospice Care and Oliver Hoare, Head of Fundraising (2nd from right above) for the charity commented, "Thank you to Miller Commercial for welcoming us to their celebration of 25 years in business, marking the occasion as sponsors for Truro Rugby Club. A collection, held for Cornwall Hospice Care raised £279.38, helping to fund 14 hours of nursing care – thank you."
A huge thank you on behalf of the Partners and staff of Miller Commercial for everyone who made this event a very memorable one. Special thanks to bar manager Frankie Webb and player/club treasurer Luke Tidball and to Captain Ross Dennington and his team for a superb game. We are very proud sponsors of Truro RFC!
If you would like to make a donation to Cornwall Hospice Care you can contact Oliver Hoare, Head of Fundraising on 01726 874061 / email@example.com or click on the logo (left) to go to their website.
7th October, 2019
It was in October 1994 that founding partners Peter Heather and Terry Trevarthen completed a management buyout to create Miller Commercial.
Since then the company has gone on to become one of the South West’s largest independent commercial property agencies with a portfolio of services that ranges from sales and acquisitions to property management and valuations for all types of business, leisure and commercial properties. Investment and Development appraisals and bespoke landlord and tenant advice is also at the core of the business.
The team has changed over the years and there are now four partners, with at various junctures Mike Nightingale, Brian Botting and Nick Maffey joining original Partner Peter Heather to form a formidable team with experience and expertise in abundance across the full commercial property spectrum, ably and enthusiastically supported by a growing team of chartered surveyors, commercial agents, accountants, management surveyors, facilities managers, valuation surveyors and support personnel.
Progression remains a key focus as Peter Heather explains:
“The professionalism, dedication, and sheer hard work of my Partners and our people over the last 25 years, together with the loyalty and trust of clients, many of whom have been with us throughout the journey, has been an extraordinary privilege.
As a student I was gifted a copy of Parry’s Valuation Tables book. Inside was a note to me: “Value with integrity.” A great note, and one I have always adhered to.
1994 now seems like a different age in so many ways but I am immensely proud of the way we have evolved, thrived, punched above our weight and led from the front as the most active agent. The reputation we have built and the joys of being recommended by others who have been pleased with our professionalism and service allows us to look forward to the next 25 years as our services are increasingly sought and offered throughout the South West and beyond.”
30th August, 2019
One of Cornwall's best known fishing villages is seeing a re-surgence in business activity with a host of new shops opening, new traders arriving and some well-known brands opening outlets.
Mevagissey was once the centre of Cornwall’s Pilchard fishing industry and still boasts an active working harbour.
It is the centre of the town though which is witnessing a revival with several new businesses opening during the last 18 months including a new gallery for well known card company Whistlefish, the lovely business that is Fresk, and an Aladdin’s cave of antiques and interesting artefacts that is the Nautilus Gallery.
In addition the popular businesses Jenny Aves and Issey Cornwall have joined forces to share the recently refurbished former post office on the edge of St Georges Square. These are additional premises for both business.
Our Commercial Agency Surveyor Thomas Hewitt has been involved with the above transactions and is excited about what has happened:
"Demand for commercial space in Mevagissey has shot up in the last year or so from a combination of local people setting up new businesses, established businesses opening new outlets and investors seeing the potential the town offers. The momentum is still there and we have an active list of prospective tenants and purchasers, so if you are thinking of Buying, Leasing, Selling or Letting commercial space in Mevagissey please do get in touch."
You can reach Thomas on 01872 247025 or via firstname.lastname@example.org
19th August, 2019
As one of the region’s largest and best known commercial property agents, we are delighted to have been declared Cornwall’s 'Most Active Agent' for the ninth year in succession by Estates Gazette, the industry’s leading voice on all matters in the commercial property sector.
The prestigious Estates Gazette award recognises the commercial agency which completes the most number of deals each year.
Our Head of Commercial Agency, Tom Smith commented, “To win this award for an 9th successive year is truly amazing and is testimony to our tremendously hard working team as well as the individuals, organisations and funds who have engaged our services and have enabled us to complete so many deals.
Whilst our business is ever expanding across the South West and beyond we continue to invest in people and resources across Cornwall and this award clearly recognises that. We are extremely pleased with our new, award winning website, which is aimed at connecting our customers and clients with our staff and we look forward to continued success over the coming years”.
We are here to advise on all aspects of commercial property and have specialist teams in the Commercial Agency, Business Transfer, Property Management, Valuation and Professional Services sectors as well as providing advice for those seeking or selling investment and development opportunities. Contact us on 01872 247000 or email email@example.com and we will be pleased to assist.
8th August, 2019
Cornwall's economy has always been heavily dominated by tourism, so it is no surprise that the County has an abundance of businesses designed to capitalise on the annual influx of holiday makers.
Seasonal businesses include everything from an ice cream kiosk on the beach to a waterfront restaurant to a 50 acre holiday park and are characterised by the fact that they generally trade between Easter and the end of October each year. That being said, many other businesses such as pubs and shops, especially those in coastal locations, are also heavily reliant on the uplift in trade during the summer months.
When operators make the decision that ‘this will be their last season’, (which is usually 3 weeks into a frantically busy August), they typically make a mental note to contact us when things ‘quieten down’.
This is doubtless why we see the largest number of valuation enquiries in September and October, with owners looking to try to sell their business ahead of the next years’ season. The thought process is very logical and more convenient for operators, who can then avoid juggling viewings and subsequent requests for accounts and information when they are really busy.
However, there is a major flaw to this strategy in terms of the ‘perception of the buyer’.
An increasing number of people are relocating to Cornwall from out of County, with the vast majority looking to buy, not a business, but a lifestyle.
They are picturing sun-soaked beaches crammed with happy holiday makers, all queuing up to buy ice-creams, pasties and fudge and clamouring to hire paddle boards, buy wet suits and book surfing lessons. They hear children laughing and tills ringing.
They are not the prepared for the harsh reality of a cold, wet November day with gale force winds, rough seas, closed shops and empty streets.
The end result? An illusion that is well and truly ‘shattered’, (and disillusion buyers tend to keep a tight hold on their wallets!)
As Commercial Agents, we understand that trying to sell during the busy summer months is likely to be inconvenient, however, marketing during the summer when you are over-run with customers and the sun shining, enables buyers to see ‘their dream in reality’…it validates their decision to ‘take the plunge’ and is the best way to achieve the optimum price for your business.
As they saying goes, ‘everything looks better in the sunshine’.
If you are thinking that ‘this is going to be your last season’ then NOW is the time to start marketing.
In an ideal world, it means you could have a buyer lined up for the end of the season, meaning you can have the benefit of the season and don’t have the ‘carry’ your overheads through the winter months at all.
If you would like a free, confidential market appraisal, at a time convenient for you and your business, please give me, Beverly Northey, a call on 01872 247031.
1st August, 2019
As Cornwall's most active Commercial Property Agency for the last 8 years, we are delighted to have launched a brand new website.
In conjunction with full service creative agency Vitamin Cornwall (formerly Creative Edge), photographer Matt Jessop and drone videographer Mark Polson, we have developed a market leading site with a complete new look and a series of modern features, all designed to make it easy for those looking to buy or lease commercial properties or businesses to quickly and efficiently find what is available.
On the basis that people are at the heart of commercial property and business transactions there is also a significant increase on the focus of the Miller Commercial team.
Partner Mike Nightingale commented:
‘We recognise that potential clients - either buyers or sellers - undertake significant amounts of research and evaluation before they make direct contact so it is vital that our website reflects a combination of the client experience we offer alongside our depth of knowledge and expertise and growing use of cutting edge technology.’
16th July, 2019
One of Cornwall's best known tourism attractions, the multi award winning Dairyland Farm World near Newquay has been sold by Miller Commercial.
When it opened in 1975 under the guidance of the late Rex Davey, Dairyland was one of the first farm diversification tourist attractions in the country. The 60 acre site currently features an array of attraction facilities including a Cornish Heritage Museum, a nature trail, the milking parlour and the famous Bull Pen.
Current MD, Brian Anderson made comment. ‘It has been a great pleasure to have developed an attraction that has brought so much pleasure to so many locals and visitors over many years.’
New owner and MD Louise Richley commented, ‘Dairyland is an integral part of the Cornwall tourism landscape and we have very exciting plans for this opportunity to build on the excellent attraction Brian and his team have developed.’
Peter Heather, Partner at Miller Commercial added, ‘Dairyland is an iconic Cornwall tourism brand and we are delighted to have helped secure new owners.’
30th May, 2019
We have been based in Cornwall in offices within a grade two listed building for all of the 25 years since we became an independent company back in 1994.
In those days technology was pretty sparse, we had telephones and fax machines but no Internet or email.
And whilst we did lots of business in Cornwall we weren’t really looking beyond the Duchy simply because everything was too far away and seemed to take forever to get to.
How things have changed.
Cornwall now has a much improved road infrastructure with the continual dualling of the A30, Cornwall Newquay airport has four daily flights to London as well as direct flights to other UK airports and parts of Europe and we have superfast broadband across 95% of the region.
Invest in Cornwall were quoted in a recent article in the Daily Telegraph saying that the tech sector in Cornwall grew by 76% between 2010 and 2018 and that Cornwall now has 935 tech businesses. I don’t know how many there were back in 1994 but I suspect it was just a handful.
Cornwall was always very well connected as far as people go but now technology has transformed that connectivity and positioned Cornwall as an amazing place to live and work.
We’ve noticed, particularly in the last two years, a significant growth in enquiries from investment companies looking for premises in Cornwall for technology-based businesses, a mix of established ones looking to relocate and start up’s with funding already in place. The Innovation centres across Cornwall are just one example of how purpose-built premises provide huge benefits in attracting businesses to Cornwall. Technology has also enabled us to operate in a much wider market with our client portfolio extending into the Midlands, across the south of England and into London.
The combination of technology and lifestyle is also helping us attract very talented people, although as I write this article we are still seeking a senior surveyor for our property management team. Interested parties please do get in touch.
As a company we have always seen technology as an opportunity for competitive advantage and more importantly as a way of continually enhancing the service we offer to our clients.
This year alone we are launching a fantastic new website, introducing drone video and photography, high quality still photography and interactive floor plans alongside 3D property tours whilst encouraging our client facing teams to use technology to work remotely.
Technology is a key driver of the Cornish business economy and with our company celebrating in 2019 twenty five years of being an independent Cornish-based business we look forward to an exciting future.
20th May, 2019
According to the CoStar group, who monitor industrial sale volumes across the UK, investor interest in the Devon and Cornwall industrial market has picked up strongly in recent years in contrast to a wider national slowdown.That pick up has seen Industrial investment across Devon and Cornwall in Q1 2019 exceed £20 million, nearly double the amount spent in the same period in 2018.
This buoyant start to 2019 follows a busy 2018 which saw many institutional investors enter the commercial property market encouraged by a combination of positive occupier demand, limited construction, rising rents and low vacancies.
CoStar report that industrial vacancies in Devon and Cornwall currently sit just above 1% giving the region the lowest vacancy rate of all Southwest industrial markets and one of the lowest vacancy rates across the whole of the UK.
CoStar also report that on the back of this demand rents have responded with an annual growth of 3% as of April 2019.
The CoStar market report backs up the considerable surge of interest that we have had from both private and institutional investors at the start of 2019. With continued uncertainty in various investment markets commercial property is seen as an attractive way of securing good net yields, particularly with the current growing demand for industrial space. If you are thinking of disposing of industrial space then now is a very good time to go to market.
If you are looking to buy, sell or lease industrial space please do get in touch with the Commercial Agency team on 01872 247035.
30th April, 2019
Head of Property Management Nick Maffey has become an equity partner of Miller Commercial as of May 1st 2019.
Nick joins existing partners Peter Heather, Mike Nightingale and Brian Botting.
Nick, who joined Miller Commercial in 2009 after gaining significant experience in the national and international property management sectors within a major London property consultancy firm, commented: “I am both excited and honoured to become a partner of Miller Commercial. The firm is a superb place to work, we have some highly talented and hard-working people and the demand for our services continues to rise”.
Miller Commercial partner Peter Heather commented: “The appointment of Nick to partner signals the start of a new chapter in the firm and is another significant move forward for Miller Commercial and recognises, as we celebrate 25 years of being an independent company, our ambitions for the future. Nick has done a fantastic job in delivering our enhanced property management services to clients across the wider South West. His appointment is very well deserved.”
29th April, 2019
On Sunday 28th April the ‘Famous Five’ from Miller Commercial joined other local businesses in supporting the transformation of Truro’s local theatre, Hall for Cornwall, by participating in a 5Km Fun Run at The Eden Project.
The Hall for Cornwall has been closed for a couple of years for refurbishment in order to transform the building to expand its capacity and support the innovative community learning and talent programmes.
Miller Commercial's Property Management team: Brian Botting, Louise Squires, Stephen Peckham, Zoey Collis and our electrical contractor from Holmans, Ian Prout, all successfully completed the challenge with Louise Squires coming second overall.
Team Captain Louise Squires said, "It was lovely to be a part of this special event and to help contribute towards our local community, it didn’t matter what age or ability anyone was the atmosphere was really great."
18th April, 2019
Miller Commercial, one of the region’s largest and best known commercial property agents, have been declared Cornwall’s most active agent for the eighth year in succession by Estates Gazette, the industry’s leading voice on all matters in the commercial property sector.
The prestigious Estates Gazette award recognises the commercial agency which completes the most number of deals each year.
Mike Nightingale of Miller Commercial stated:
“To win this award for an 8th successive year is truly amazing and is testimony to our tremendously hard working team as well as the individuals, organisations and fund managers who have engaged our services and have enabled us to complete so many deals.
Whilst our business is ever expanding across the South West and beyond we continue to invest in people and resources across Cornwall and this award clearly recognises that.”
Miller Commercial, based in Truro, advises on all aspects of commercial property and have specialist teams in the Commercial Agency, Business Transfer, Property Management, Valuation and Professional Services sectors as well as providing advice for those seeking or selling investment and development opportunities.
18th April, 2019
Here are 10 top tips top to help you sell from Graham Timmins, Miller Commercial’s Head of Business Transfer
- Get your ducks lined up: Plan your sale and execute; with help from your Agent organise the EPC ; consider having an Abridged P&L prepared; get copies of updated Licences (Premises / Site); any recent Planning Permission
- Get early advice, it may be a while before you are considering a sale and we can provide guidance as to how to prepare your property and business to go onto the market when ready
- Consider the time of year when planning a sale, buyers are focussed on seasonality, the signposts are Easter, Whitsun and Summer Holidays
- Invest in your sale, this may be financially, but will certainly require some emotional input, i.e. how motivated are you to sell, is it the right time for you to give up your home and income?
- Consider what level of marketing you are happy to have; i.e. high profile editorial or confidential, different approaches can be equally effective, so don’t be put off by exploring either
- Choose the right Agent who has experience of sales in your sector, uses all e-marketing and of course gives value for money
- Be patient, sometimes, businesses can take longer to sell than a house, particularly if the business has a high seasonal income uplift
- Consider dual marketing via a Change of Use Residential application, this can add another string to the bow
- Presentation of property, make good the obvious reparations
- Online presentation, if required and where possible address any online review issues
If you are thinking of selling your hotel or guesthouse we would be delighted to offer you our expert advice. Simply call me, Graham Timmins
, on 01872 247019 or email me via firstname.lastname@example.org