Coodes Commercial Property Team lead on record numbers of deals in one month

With the curtain down on the new Government’s budget and the rush to complete transactions prior to budget deadlines now over, the Coodes Commercial Property Team have been taking stock of an exceptional October.

The Commercial Property Team, one of the leading in the South West, had a remarkably busy month in terms of transaction levels. They closed the month achieving completion figures of 95% above usual levels. With the uncertainty and media coverage leading up to the budget, the team received a flurry of last-minute instructions requiring completion to take place prior to budget day (30 October 2024). As a result, they dealt with high deal volumes across sectors including agriculture and development land.

In the agricultural market, the team completed on over 25 agricultural sales including a number of complex farm and land sales, ranging in acreage with several medium scale farm deals around 60 acres.

A number of developer clients benefitted from the rush to offload land and secured purchases of potential development land across the South West. A real mix of transactions were completed on with commercial units already benefitting from outline planning being acquired and pre-existing residential properties with opportunities to develop small sites.

What stood out in terms of volume during October was the number of transfers of assets between clients and family members with the intention to pre-empt any Capital Gains Tax changes. 

The team were able to deliver at speed with several linked site acquisitions brought to exchange within 14 days and a number of transfers completed within 48 hours for established clients.

Following the budget, new instructions across the sectors have settled but continue to remain at a healthy level. With the significant changes to the UK inheritance tax regime, there will no doubt be ongoing tax reviews and planning measures to protect property assets. This includes changes to Business Property Relief (BPR) and Agricultural Property Relief (APR) which will be capped at £1,000,000 (combined capped relief). Inheritance Tax will be charged at 20% on the value in excess of the cap from 6th April 2026.

At Coodes, we encourage clients to take early tax advice so structures can be put in place accordingly. With roots in the South West, the Commercial Property Team have a long history of supporting clients across a wide range of sectors and understand the complexities and unique challenges of buying, selling and managing commercial property.

If you are seeking personalised support, get in touch with Jo Morgan, Head of Commercial Property at Coodes, via email jo.morgan@coodes.co.uk or you can call 01726 874 727.