July 2010 Archives

Metro Bank's opening today on the corner of High Holborn and Southampton Row has created quite a media furore, not least because of its 'dog's welcome' stance. And from EG Tower's HQ in Holborn we've had a prime viewing spot of the opening of the first branch of the UK's first new bank for over a century. 

The old stalwarts of the banking world obviously weren't in the mood to indulge the new kid, and Barclay's Bank had employed its own guerrilla tactics.

Alongside Metro bank's dixie band, the complimentary shoe shine and ladies on stilts were Barclay's horse guards and a town crier handing out their own freebies.

We'll be keeping a beady eye on how things go for Metro bank, not just because it has aggresive expansion plans for 200 stores that might keep a few agents busy for some time. But it will be interesting to see how a bank, who's prime selling point is being open 7 days a week, fares having its first branch on a corner in Holborn which isn't known for its bustling weekend trade.

And if you're in the mood for a bit of Dixieland then there's also a short video from outside the bank on our Flickr page.

It would be oh so easy to start this post with a churlish point to all those terrible stereotypes about people from certain places being rather more careful with their cash. But Experian's quarter two late payment index, out this morning, shows Scotland's businesses were the only ones in the UK which took longer to pay up their bills than this time last year.

The slip was only marginal says Experian, from 23.38 days in Q2 (there's a full list of all the numbers by region.xls and a breakdown by industry.xls or by clicking on the continue reading link below).

Those in the North West actually took the longest, waiting a whopping 25 days beyond the terms of their agreements.

If you're a landlord with property to let you might want to think twice about signing up that food retailing tenant which, as a sector, took 5 more days beyond terms to pay up, the biggest increase at over 17%.

While the ones least likely to have you shouting Jerry Maguire-style, "show me the money" was agriculture, forestery and fisheries although IT businesses were most improved down by over 45% compared to Q2 last year.

Occupiers
Who's doing what in the current market?
David Quinn, freelance writer, 07841 115601, david@wordsdept.co.uk

Development
A look at key issues and trends
David Thame, North West features writer, 01544 262896, dthame@clara.co.uk

Public sector
Analysis of the sector and its effect on the local market
David Thame, North West features writer, 01544 262896, dthame@clara.co.uk

Market in numbers
Figures and forecasts covering offices, retail, industrial and investment
Please send up to date statistics and forecasts to Nadia Elghamry, deputy regional editor, at nadia.elghamry@estatesgazette.com

Oh dear, it isn't pretty. The Northwest Regional Development Agency has outlined the full extent of the budget cuts which have been forced onto it by the coalition government, and the bonfire of the quangos is well and truly burning up north.

A whopping £52m has been cut from the RDA's budget for this financial year, plus an additional £3.7m of administration reduction. That's an 18.2% cut from the previous year, which actually isn't quite as sweeping as the cuts to some of the other RDAs (SEEDA's losing 22.7% and EEDA has to find 22.9% of savings).

There is though a general sense of doom and gloom across the region this morning, as the property industry realises that the future of key schemes such as Talbot Gateway in Blackpool, and of regeneration and investment bodies such as Liverpool Vision and Manchester's MIDAS now look uncertain.

Here's what the region's press is saying:

Regional business press: The Business Desk North West points out the impact on the region's quangos, while, Place North West asks what the funding options are for the region now that the NWDA has pulled the shutters down.

Manchester: The Manchester Evening News says that dozens of regeneration projects in Greater Manchester are now in chaos following the NWDA's cuts. It gives special mention to the proposed National Football Museum at Urbis, which was due to get £2m from the RDA. Local website Manchester Confidential also looks at the impact on the city's schemes.

If this was Weight Watchers then Birmingham would be smugly stepping off the scales having lost an impressive 5lbs. Sadly this isn't about standing in front of the mirror and turning sideways to admire the new trim look, Birmingham's top office rents have lost £5 per sq ft since they peaked in 2008 and is closely followed by Edinburgh which lost £4 per sq ft.

New research by Drivers Jonas Deloitte examining rents, supply and yield data to the end of June shows there is no sign of that ground being recovered so far this year. However there is some good news for Birmingham in that rents have stabilised with no further falls since the tail end of last year.

Manchester and Leeds have remained the most resilient losing £1.50 and £2 per sq ft respectively (see graph below).

It was all going so well. And then, yesterday, the RICS reported a drop in investor and occupier demand in Wales - the first for a year.

Nobody's saying this is the dreaded and much talked about double dip...yet, and the RICS is laying the blame on cuts announced in the emergency budget which are now weighing on investment decisions. But could it be more than a passing pause for breath. 

South Wales in particular, as the seat of the Welsh Assembly Government, is highly reliant on public sector jobs and its support services. The South Wales Focus in tomorrow's magazine explores the possible impact in more detail, but its been suggested that some 40% of jobs in Cardiff come from the public sector.

Those looking for offices were the most bearish, followed by industrial, with 15% more office agents saying there'd been a dip in tenant demand in the second quarter compared to the previous one (you can read a full list of the findings by clicking on the continue reading link below).

It's a familiar story of rising supply, dropping demand and a "significant drop" in new occupier enquiries leading to increased incenvtives.

Published 4th September 2010

Public sector

Analysis of the sector and its effect on the local market

David Thame, North West features writer, 01544 262896, dthame@clara.co.uk

 

Industrial

A look at key issues and trends

Nadia Elghamry, deputy regional editor, 020 7911 1849, nadia.elghamry@estatesgazette.com

 

Residential

An analysis of the local market including up to date stats

Karen Day, freelance writer, 07971 671 369, karen.day@dsl.pipex.com

 

Market in numbers

Figures and forecasts across all three areas covering offices, retail, industrial and investment

Please send up to date statistics and forecasts to Stacey Meadwell, regional editor at stacey.meadwell@estatesgazette.com

 

 Please contact writers by 10th August 2010

 

With most of the units fronting Covent Garden's Long Acre and St Martin's Lane now open, work on Shaftesbury and Mercers Company's St Martin's Courtyard mixed-use development is focused on the new courtyard area.

And with the sun shining, what better time could there be to don heavy boots, hi vis, goggles, gloves and hard hat to see what's going on behind the scenes? There is resi, offices and more retail and restaurant units to finish, so plenty for the 450 workmen to do ahead of the September opening.

A further four or five retail and leisure units are in solicitors hands with official announcements expected in the next couple of weeks. Whoever has taken the space will be joining the likes of Jamie's Italian and Banana Republic.

The photosynth below shows the view of the around the new courtyard area. Click continue reading, below, for links to more pictures and another photosynth of the view from the penthouse.

PUBLISHED 4th  September 2010

Development

What's in store for the property market across all three counties?

Simon Jack, freelance writer, 01225 444 780, simon@sdjack.freeserve.co.uk

 

Industrial

A look at key issues and trends

Simon Jack, freelance writer, 01225 444 780, simon@sdjack.freeserve.co.uk

 

Residential

An analysis of the local market including up to date stats

Graham Norwood, freelance writer, 01392 875415, graham.norwood@btinternet.com

 

Market in numbers

Figures and forecasts across all three counties covering offices, retail, industrial and investment

Please send up to date statistics and forecasts to Nadia Elghamry, deputy regional editor at nadia.elghamry@estatesgazette.com

Please contact writers by 10th August 2010

 

Yesterday, Peel Holdings was on the charm offensive, giving the journalists an (almost) access-all-areas tour of the £600m MediaCityUK scheme at Salford Quays in Greater Manchester.

Below is a selection of pictures from the visit (just click anywhere on the image to be taken through to the Focus Flickr page for more detailed explanations). And to see EGTV's video footage of the visit, click onto 'continue reading'.

 

 

The pretext for the visit to the jewel in the crown of chairman John Whittaker's empire was to see MediaCity's green credentials (more on which can be read here and there are some pictures of the site's green energy generator here), but it was also a great chance to take a peek at the scheme which, from next year, the BBC will call its northern home.

And so, the verdict: Well, with the interesting features such as the media facilities it's more than just Spinningfields-by-the-water, and it would be unfair to call the canal-side development simply Greater Manchester's answer to the corporate might of Canary Wharf.

At times it may have seemed like an impossible dream, getting a 1.6m sq ft retail and leisure scheme up and running during a recession, losing a developer along the way to administration, but The Rock in Bury finally flung open its doors last week. 

More than 18,000 eager shoppers visited the M&S and Debenhams-anchored scheme within the first two hours of opening and EGTV was there to capture the excitement.

It is 84% let by area and retail and leisure reporter Annabel Dixon spoke to Hammerson, which took over the development for the administrators Deloitte in January, and some of retailers about the journey to the opening.

You can also read the full story by clicking here:

It seems, reading between the lines, that Blackpool's development company are maybe getting a tad fed up with people saying nothing's happened in the North West seaside town.

So Blackpool, Fylde and Wyre Economic Development Company which urban regeneration company, ReBlackpool, has just become a part of, recently launched a photo blog to prove to residents and investors that change is really happening. In fact they're throwing the whole box of multimedia tools at the problem putting updates on Twitter, Facebook, and Flickr.

It promises to prove to residents and investors the changes that have taken place in Blackpool over the last few years as a result of the regeneration projects, although at present there is a lot of repainted house backs taking up space on the blog.

One of the development company's PRs opened the debate on LinkedIn and wants to know what you all think. It's a nice idea but it would be good to open up the comments section to all. At the moment it's only showing selected glowing comments. Now, its the company's job to promote the area but don't we all want to know what the locals really thinks of progress?

Leisure
Analysis of market conditions and future prospects.
Contact: David Quinn, freelance writer, 07841 115 601, david@wordsdept.co.uk

Investment & development
Analysis of the investment and banking sectors and its impact on Scottish development.
Contact: David Thame, freelance writer, 01544 262 896
dthame@clara.co.uk

Public sector
How is the Scottish Government and Scottish Enterprise responding to public sector funding cuts?
Contact: David Thame, freelance writer, 01544 262 896
dthame@clara.co.uk

People
Are the shutters completely down or are there still developers and investors active in the market.
Contact: Bridget O'Connell, deputy news editor, 020 7911 1755, bridget.oconnell@estatesgazette.com

Market in numbers
Market data for Edinburgh, Glasgow and Aberdeen offices, retail and industrial up to end Q2 2010 and predictions for end of 2010 should be sent to stacey.meadwell@estatesgazette.com

Today, Manchester rather than Birmingham was the scene of celebrations to mark the opening of a new facility for US technology giant SPX.

Earlier this year, in a move bound to highlight the tension between England's second city and the northern pretender to its crown, the North Carolina-based firm considered the environs of both for its 24,000 sq ft European shared service centre. 

In the end it plumped for south Manchester's Towers business park in Didsbury (known as Dids-berry by those at the North Carolina-based firm).

So why did SPX choose Manchester over its Midlands rival, I asked vice president for global business systems, Mary Sczudlo.

There will be a few sighs of relief, not to mention deep intakes of breath over at St Modwen today.

The sighs of relief are because the mighty Tesco has finally thrown in the towel in its fight to build a store on Liverpool's Great Homer Street in the Everton area.

The deep breaths are because the ball is now in St Modwen's court to build the £150m Project Jennifer on the site.

In a nutshell, Liverpool council and St Modwen want to build a major retail scheme featuring a 110,000 sq ft supermarket (to be occupied by Tesco's nemesis, Sainsbury's) as well as 80,000 sq ft of non-food retail, 480 new homes, and various other uses.

Tesco, which owns part of the site, had its own plans, which were turned down on the basis that a stand-alone store wouldn't exactly regenerate this run-down part of Liverpool. Tesco lost an appeal last month, leading it to drop its case. EGi subsribers can read more here.

This morning, St Modwen's North West regional director, Michelle Taylor, said of the task ahead that it's "nice to be getting on with it."

At the start of the week the Welsh Assembly released their "Ecomonic Renewal: a new direction". It turns out, if my inbox is anything to go by, that property people of Wales don't like it very much.

Neither did the South Wales Chamber of Commerce.

The general gist outlined by deputy First Minister Ieuan Wyn Jones is that Wales will move away from a grants culture for businesses towards repayable loans. International Business Wales - the department responsible for attracting inward investment - will be closed and the planning system revamped.

Now, while many can understand the philosophy behind the proposals - and who could disagree with the need to make savings - some in the property industry feel that Wales needs to be careful it is still taking care of the multi-national corporations that have brought so much  benefit to local society and strengthened the economy.

Chris Sutton, joint partner in charge at King Sturge in Cardiff, gave the proposals a "cautious welcome". "A re-focus of the Assembly's £240 million economic development budget is welcome, particularly a targeted approach towards improvements in infrastructure and the planning system. The move away from direct grant aid reflects the reality that government finds itself in however will need to be handled carefully bearing in mind the critical mass of 'big business' in Wales".

Another, in private, went further.

Today's news that Argent and the Greater Manchester Property Venture Fund have issued an OJEU notice for a contractor to build-out the £120m One St Peter's Square in Manchester (pictured) is a clear statement of intent.

In a city bereft of development, the JV partners are telling Manchester's property industry that their 270,000 sq ft redevelopment of Elisabeth House will be the city's next big office project.

But the big question now is whether One St Peter's Square is any closer to becoming a reality?

Argent/GMPVF won consent for the scheme in February, but Argent has never claimed that it will press ahead speculatively. Indeed, last year, joint chief executive David Partridge said that at least a third would need to be away before a spade hit the ground.

The latest whispers from South Wales have the Welsh Assembly Government poised to choose a developer for the next building at SA1; the £400m regeneration of Swansea's waterfront.

According to sources, four or five developers (as yet un-named) are in the frame to build a 25,000 sq ft office building, though its whispered that the appointment could lead to more than just one building.

A fresh developer onboard at SA1 might just provide the project with the boost, following what has been a quiet couple of years on the waterfront. 

A few images have come through of how Watford's Colloseum will look.



The council is pushing ahead with the redevelopment of the entertainment venue which will include some office space. And, unlike virtually every other public project that seems to get reported on these days, it says it has the budget set aside and today signed contracts with Kier London to begin construction.

Watford council's website takes 24 hours to update but I'll post a link to the full release as soon as its available. 

Here's something you don't see every day: Def Leppard's bassist Rick Savage with his arms around the deputy mayor and deputy mayoress of Barnsley, all in aid of a property story

The Sheffield born star was in town to pour some sugar on the penthouse party on the newly completed Landmark Development's Gateway Plaza.

And for all of you that would like to see Rick (Sav) Savage  in action, here's a little Def Leppard gold:

 

It seems the summer fun has started already. Twelve members of the Property Agents International (the network of 24 privately owned firms throughout the country) packed up their  cases and headed out on their annual summer trip. This year, Newcastle was the unfortunate victim.

The town might be used to the outrageous antics of stag and hen dos not to mention the mayhem of a normal Saturday night on the Toon but it might not have been quite prepared for the dozen surveyors who landed their the week before last.

After what Alan Matthews, of Barker Storey Matthews, calls the obligatory "sharperner" in the Piano Bar followed by a splendid  dinner in the Baltic Exchange, a small band who shall remain nameless concluded the days events at the Pussy Galore Lap Dancing Club (we'll let you find you're own link to that one if you need to!). Unfortunately no photographs are available but there were plenty of the rest of the day. Click through to see what the team got up to.  

With all the trophies now handed out to the winners across the country there will will be a full report in the magazine on 10th July. But if you can't wait that long then you can always browse all the regional awards winners coverage below:

Related posts:
London and South East awards winners lunch
East Midlands awards winners lunch
Fuel shortages hit East of England award winner's lunch
Scotland award winners lunch
Awarding times in Yorkshire
P3 and Northern Trust crowned by EG at RICS North West awards

It was London and the South East's property professionals turn to pick up their EG regional awards yesterday. I would say there weren't any fears of guests getting stuck in traffic as happened at our East of England presentation but you never know with London traffic and public transport.

Fortunately Rick de Blaby, James Dipple and Rachel Page of MEPC all arrived without drama to collect the Property Company of the Year Award for MEPC and Charlie Killen and Lisa Hollands picked up the Property Adviser of the Year for EA Shaw. Both companies attracted the most EG reader votes in the London & South East category of our awards.

But none of our presentation lunches are without a little drama or anecdote and this time it was the photography, in that we very nearly didn't get any photos.

Nothing to do with the photographer not turning up or the camera breaking but a complaining guest - not one of our guests I hasten to add. No, this time, due to our private dining room being perfectly formed but small, we were forced into the bar area to take our pics which didn't go down well with a fellow guest who was apparently put right off their glass of cold sauv blanc by the camera clicking away.
 
Cue lengthy negotiations with manager about where we could and couldn't take pictures. Fortunately all was eventually resolved as an unused dining room was found and you can see the results below.

And with all the formalities over it was time to retreat to our little room and enjoy a hearty lunch over conversations about how useful the new iPad is and finding trowels in red currant bushes (you'll have to ask Rachel Page about the latter).




Related posts:
East Midlands awards winners lunch
Fuel shortages hit East of England award winner's lunch
Scotland award winners lunch
Awarding times in Yorkshire
P3 and Northern Trust crowned by EG at RICS North West awards