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UK Electric Vehicles boom sets challenge for real estate firms

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A rapid rise in the number of electric vehicles across the UK presents an opportunity to support high street and out of town retail and an additional income stream for landlords, according to the latest research from Knight Frank. The number of Ultra Low Emission Vehicles (ULEVs) registered across the UK, the vast majority of which are Electric Vehicles (EVs), rose by 52% during 2020, up from 245,000 in Q3 2019 to 373,000 in Q3 2020. The increase in the adoption of electric vehicles provides both a challenge and an opportunity for real estate owners.

 

Retailers have been adapting to a structural shift towards e-commerce and have been amongst the hardest hit by the pandemic restrictions, but shopping centres and retail parks could be amongst the winners from the growth in electric vehicles. The need to charge electric vehicles provides an incentive for EV drivers to visit and spend time at locations where fast and rapid charging points are available, which for retailers could help to support out-of-town shopping centres and retail parks. Customers charging an electric vehicle spend up to 50% longer at a retail site, which in turn translates into average increased spending of up to €92.2 (£80), according to RetailCo Solutions Inc

 

Charging points can also provide a new revenue stream for landlords, with TfL currently estimating that new fast and rapid charging points pay for themselves within 5-7 years on average. With occupiers and investors increasingly focused on ESG and achieving Net Zero, having significant electric vehicle charging infrastructure also helps landlords to ‘future-proof’ assets.

 

David Goatman, Head of Energy, Sustainability and Natural Resources at Knight Frank, commented: “We are seeing a significant rise in the adoption of electric vehicles across the UK, both by individuals and by businesses via their car fleets. This is a very positive shift for the economy as the Government looks to progress towards its Net Zero objectives in a crucial year, with COP 26 due to take place in November. As battery capacity increases, technology allows faster, more powerful charging points to become available, and the 2030 legislation looms closer, drivers will become increasingly inclined towards electric vehicles. However, this growing demand for electric vehicles requires a much greater quantum and variety of charging points nationally. Across all kinds of real estate, from residential and retail to logistics and commercial offices, there is a shortage of charging points and a growing need for investment. As the shift to electric vehicles continues to gather momentum real estate asset owners need to consider now whether or not their assets have sufficient EV charging infrastructure to meet current and future occupier demand.”

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The Cotswold house being sold with a 94-year-old tortoise

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This pretty period property in the Cotswolds has an unusual feature that is being included in its sale. 

While new homes may occasionally try to tempt buyers by including additional items for sale, such as furniture or even a car, this Grade II listed property is on the market for £825,000 with a more unusual – and elderly – offering.

It has a 94-year-old resident tortoise that resides in the garden of the four-bedroom detached house in Wiltshire’s Box.

A 94-year-old tortoise is part of the sale of this stunning four-bedroom home in the Cotswolds

A 94-year-old tortoise is part of the sale of this stunning four-bedroom home in the Cotswolds

Resident Hercules is a local village celebrity and is an impressive 94 years old

Resident Hercules is a local village celebrity and is an impressive 94 years old

The property is called the The Old Diary and is bursting with character features. But its most charming feature is arguably Hercules, the tortoise.

After moving into The Old Dairy in 2007 and becoming custodian of the then 80-year-old resident tortoise, the current owner of the property soon discovered that Hercules is folklore in the village of Box and somewhat a creature of habit.

The current owner – of both the property and the tortoise – has lived in the property for the last 14 years and reports that Hercules can be expected to begin hibernating around 20 October, until emerging again on or very close to 20 April the following year in line with the start of warmer days. 

This is a feat they have seen repeated annually with complete accuracy.

When not hibernating, Hercules is a low-maintenance garden resident who enjoys a diet of lettuce, cucumber, and tomatoes.

While it’s no secret that Hercules is a local village celebrity, a less well-known fact about this four-legged garden friend is that following a visit to the vet in the 1970s, it was confirmed that Hercules is in fact female.

Beyond the walled-garden where Hercules resides, there is plenty more outdoor space to be enjoyed.

The property is full of character features including wooden beams and an Aga in the kitchen

The property is full of character features including wooden beams and an Aga in the kitchen

The property is for sale via estate agents Hunter French, in Corsham, with a price tag of £825,000

The property is for sale via estate agents Hunter French, in Corsham, with a price tag of £825,000

The inside of the period home spans three floors and includes this living room with a cosy fireplace

The inside of the period home spans three floors and includes this living room with a cosy fireplace

The ground floor of the property also includes this large and bright conservatory that leads to the garden

The ground floor of the property also includes this large and bright conservatory that leads to the garden

To the front of the house, there is a gravel driveway and lawned garden bordered by flowers. 

Also in the garden is an outbuilding that was once use as a double garage, but now offers itself as a space with potential for new owners to explore as it was previously transformed into a charming café.

Inside, the period home spans three floors. To the ground floor, there is a kitchen and breakfast room that can be accessed via the tiled entrance hall and boasts a blue Aga.

The formal dining room has access to the cellar and provides the perfect setting for entertaining, while the sitting room is centred around a cosy open fireplace.

Currently a working-from-home space, the third reception room is the oldest part of the property and completes the ground floor, alongside a utility room, cloakroom, and a conservatory.

As well as the family bathroom, there are three bedrooms on the first floor, while the fourth bedroom on the top floor has an ensuite and living space.

The outdoor space includes a driveway and an outbuilding that was once used as a double garage

The outdoor space includes a driveway and an outbuilding that was once used as a double garage

The character property in Box has four bedrooms including a main suite on the top floor

The character property in Box has four bedrooms including a main suite on the top floor 

The top floor includes additional living space that can be used to accommodate extra guests

The top floor includes additional living space that can be used to accommodate extra guests

Helen Whiteley, of property website OnTheMarket.com, said: ‘It certainly isn’t every day you come across a property for sale with its very own resident tortoise.

‘At the age of 94, Hercules has so far lived through two World Wars as well as the reign of four British monarchs, George V, Edward VIII, George VI, and Elizabeth II.

‘If she could, I’m sure she would be able to tell some of the most amazing tales. As it stands, now both the property and Hercules are seeking their next owner to act as their custodian with each full of character, albeit in rather different ways.’

The current owner - of both the property and the tortoise - has lived in the property for the last 14 years

The current owner – of both the property and the tortoise – has lived in the property for the last 14 years

There is plenty of outdoor space that Hercules uses, including a lawn and flower beds

There is plenty of outdoor space that Hercules uses, including a lawn and flower beds

The outbuilding offers the potential for new owners to explore as it was once a charming café

The outbuilding offers the potential for new owners to explore as it was once a charming café

Lauren Walsh, of estate agents Hunter French, in Corsham, – which is handling the sale – said: ‘The Old Dairy is an incredibly charming home filled with character and would make for a wonderful family home looking to make their next move.

‘While Hercules the tortoise is undeniably one of the most popular characters in the local village, Box itself has a lovely sense of community and offers great places to spend days out with family and friends, whether this be in the great outdoors or at one of the welcoming pubs or restaurants on offer.’

The outbuilding could be used as guest accommodation or as a bed & breakfast option

The outbuilding could be used as guest accommodation or as a bed & breakfast option

The inside of the outbuilding could be transformed to help produce an additional income

The inside of the outbuilding could be transformed to help produce an additional income

The village of Box is on the southern slope of the ByBrook valley and in the Cotswolds Area of Outstanding Natural Beauty,

Many of its buildings are made from the natural Box stone which has been quarried in the surrounding area since at least the 8th Century.

The average price of a property in Box is almost double the £329,735 national average at £601,284, according to property website Zoopla.

Peter Gabriel established his state of the art ‘Real World Studios’ in Box and this has helped to attract people from the entertainment industry to settle in the village.

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Ireland’s data commissioner loses sole regulatory oversight of Facebook in Europe

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Europe’s top court on Tuesday endorsed the power of national data watchdogs to pursue big tech firms even if they are not their lead regulators, in a setback for Silicon Valley companies such as

Facebook. The EU Court of Justice (ECJ) ruling could encourage national agencies to act against US tech companies such as Google, Twitter and Apple, which all have their European Union headquarters in Ireland.

Many national watchdogs in the 27-member European Union have long complained about their Irish counterpart, saying that it takes too long to decide on cases.

Ireland has dismissed this, saying it has to be extra meticulous in dealing with powerful and well-funded tech giants. The ECJ got involved after a Belgian court sought guidance on

Facebook’s challenge against the territorial competence of the Belgian data watchdog’s bid to stop it from tracking users in Belgium through cookies stored in the company’s social plug-ins, regardless of whether they have an account or not.

“Under certain conditions, a national supervisory authority may exercise its power to bring any alleged infringement of the GDPR before a court of a member state, even though that authority is not the lead supervisory authority with regard to that processing,” the ECJ said.

Under landmark EU privacy rules known as GDPR, Facebook faces oversight by the Irish privacy authority because it has its European head office in Ireland. – Reuters

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Evo Industrial acquires London warehouse (GB)

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Bradda Capital has sold a prime last-mile logistics site in southeast London to Evo Industrial for over €9.3m (£8m). The 3.4-acre site, One Church Manorway, is located in an established industrial area in Erith and has significant development potential. In September 2020, Bradda obtained planning consent to demolish the current 37,662ft² warehouse and to construct a new 60,687ft² facility with a BREEAM sustainability rating of “Very Good”.

 

David Phillips, managing director of Bradda Capital, said: “We are delighted with the level of bidding interest in the site, which reflected the strength of the logistics real estate market. It is an investment that we bought 10 years ago for income with an eye on the growing demand for warehousing in the London area. With leases at expiry, we realised the potential for adding significant value by securing planning consent for a much larger facility of more than three times the volume”.

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