July 2011 Archives

This week's top regional stories around the web

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We've trawled the web this week for the top regional stories so you don't have to. Here's what the local sites have been talking about this week. Naturally London was alive with Olympics talk but the regional cities were keen to put their marks in the long jump sand too and Enterprise Zones made the headlines once again.

The Yorkshire Post ran a piece about how the region's cities were set to benefit to the tune of £3m from the Olympics and The Greater Manchester Business Week  wrote about how businesses can still cash in 2012.

Away from sport-related news Enterprise Zones hit the headlines again as the Government approved a further four locations. There was a mixed response, divided as you would imagine between those that have and those that have not. The four zones announced were in Birmingham, Leeds, Sheffield and Bristol

One Welsh councillor said the Bristol EZ could be disasterous for Cardiff while, naturally, Bristol revelled in the news, aided by a visit from the Prime Minister himself.

There was more than a hint of discontent over the decision to locate Leeds' EZ in the Aire Valley when the city region's LEP chairman was reported as insisting rows about the location would not hamper growth. In Birmingham, meanwhile, they were quick to put the marker in sand claiming theirs would be 'one of the most exciting' EZ in the country.

While the English regions were squabbling over EZ's, NAMA announced it had made a 1.1bn Euro loss in its last year which put the  wider market into perspective.


Pics: Legal & General unveil Covent Garden office scheme

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More development CGI's have landed in the Focus in tray today, these are of a speculative office development in London's Covent Garden which Legal & General is developing.

The 55,000 sq ft building, 6 Agar Street, is due to complete in September 2012 - just in time for supply shortage the developer reckons. L&G also reckons it will be the biggest building to complete in Covent Garden next year. They might be right about that.


Pics: Land Securities' Buchanan Quarter development

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Good to see Land Securities' Buchanan Quarter development is well underway this week. The scheme completes in 2013 and will add 11 new stores to Glasgow's prime retail pitch - and remove a long neglected eye-sore to boot.

The upper mall in the neighbouring Buchanan Galleries shopping centre, which Land Sec owns jointly with Henderson Global Investors, was looking a little quiet with a couple of vacant units. But, the lack of shoppers, at least, can probably be attributed to the glorious sunshine drawing people outside.

Below are some pictures and, if you are feeling fancy, try out the photosynth which gives an almost 360 degree perspective of Buchanan Street and the new development site. Sadly the sun wasn't still shining when the photosynth was created...

 

London and West End synopsis

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PUBLISHED 17 SEPTEMBER 2011

West End offices
A look at trends in the marketplace.
James Buckley, deputy news editor, 020 7911 1810, james.buckley@estatesgazette.com

West End investment
Analysis of the market and forecasts
Adrian Morrison, freelance writer, 07818 013 233, adrian.morrison@addmor.com 

West End retail
What changes have there been in the UK's most famous shopping district
Mark Faithfull, freelance writer, 0560 286 0859, mark.faithfull@btinternet.com

Agency
Analysis of the agency landscape
David Thame, freelance writer 01544 262 896, dthame@clara.co.uk

Market health check
Covers offices, industrial and retail. Contact: Nadia Elghamry, deputy regional editor nadia.elghamry@estatesgazette.com
Feature will include a West End offices vox pop. Please send a head and shoulders picture and a comment of no more than a 60word giving: a figure predicting take up for West End offices by the end of the year and why you think it will be at that level.

Please contact writers with editorial information by Tuesday 23rd August, 2011

 

For general Focus information please go to the About Focus page on our blog: www.estatesgazette.com/blogs/focus or contact: Stacey Meadwell, Regional editor, 020 7911 1819

 
 

Today's top regional EGi stories

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Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for egi_rgb.gifEGi subscribers can read the full versions of the stories by following the links shown below. Some of our news is available free at www.estatesgazette.com

RICS: Growing regional divide in UK property performance
Commercial property in London strongly outperformed the rest of the UK, according to the latest RICS UK Commercial Market Survey.

Goodman seeks buyer for Leeds business park
Goodman has instructed CB Richard Ellis to find a buyer for its Lawnswood Business Park in north Leeds.

Nama to unveil £1bn writedown
Ireland's state-run National Asset Management Agency is expected to unveil a €1.3 bn (£1.1bn) reduction in the value of its assets when it publishes its annual report later today

Leeds council approves Sovereign Street KPMG plans
Leeds council has approved a revised planning statement for the Sovereign Street development site in the city centre and reached heads of terms with developer Sovereign Leeds and occupier KPMG.
3309929509_3f1d5bf8e6_b.jpgWho to believe? There's been a smattering of stories over the last few days looking at how well the property market is faring up and down the country.

Yesterday Jones Lang LaSalle came out and said investors had shifted their focus to regional assets (EGi subscribers can read the story here.)

Today the RICS reports that the gap between London's market and the regional markets is widening with the capital way out in front. It's a view that is largely substantiated in this coming Saturday's magazine where we've measured each of the regional markets one by one analysing how they've performed in the first half of the year. It shows that, outside London, things are a little dire, especially in retail (a link to the feature and digital edition will be posted here after the weekend).

So why are more investors putting their cash outside the capital? Maybe they're hoping to bag a bargain, or maybe they think the market is somewhere near the bottom.

There's something to be said for buying into a recovering market and if you can invest when its within 10% of the bottom then you're on to a winner. However, judging that isn't easy and plenty were saying the turning point would happen last year, or even the year before.


RICS Q2 report shows gap between London and regions widening

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mindthegap.jpgToday sees the release of the RICS UK Commercial Market Survey Q2 2011 and you have to look closely for good news - if you are working outside the capital that is.

In fact the conclusion is that the gap between London and the rest of England and Wales' property markets is growing with RICS's chief economist Simon Rubinsohn commenting:

"While the London property market will continue to enjoy the trappings of recovery, in many other parts of the UK it could feel as if the icy winds of recession are continuing to bite.''
The capital has seen availability of space stabilising, incentives reduce and office demand rising at the fastest rate. Wales and the Midlands take the ignoble honours of experiencing the worst increase in incentives and, not suprinsingly based on that statistic, the lowest number of development starts.

You can see the full report by clicking on link above but here are some of the highlights and lowlights:


Today's top EGi regional stories

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Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for egi_rgb.gifEGi subscribers can read the full versions of the stories by following the links shown below. Some of our news is available free at www.estatesgazette.com

JR over Telford Asda thrown out
Supermarket giant Asda has seen off a judicial review challenge over its proposed plans in Telford, Shropshire.

Alternative uses sought for Manchester's 'Whitehall of the North'
The government is considering alternative uses for the former Mayfield station site in Manchester, which had been earmarked for a "Whitehall of the North" civil service campus, according to details released under a Freedom of Information request.

JLL: investors shift focus to regional assets
UK commercial property investors remained cautious in the second quarter of 2011, but have shifted their focus to regional assets, according to Jones Lang LaSalle.

Irish property returns lowest since 2009
Irish commercial property returns have fallen back into negative territory in the second quarter, to -3% - their lowest rate since September 2009.

Developer plans next phase of Leeds' Whitehall Riverside
A joint venture between Leeds-based Gregory Property Group and Marshall Construction has agreed to buy a plot of land from Town Centre Securities at Leeds' Whitehall Riverside on which it will develop the next phase of the mixed-use estate.

Langtree buys Warrington estate
Merseyside-based developer Langtree has bought the 120,000 sq ft Warrington Central Trading Estate from Aviva for around £3m

EG Bristol, Bath & Swindon Focus synopsis

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ESTATES GAZETTE BRISTOL, BATH & SWINDON FOCUS
Published September 3, 2011



Development
Analysis of the next generation of development projects
Contact: Simon Jack, freelance writer, 01225 444 780
simon@sdjack.freeserve.co.uk
 
Public Sector
Analysis the Enterprise Zone proposals
Contact: David Thame, freelance writer 01544 262 896
dthame@clara.co.uk

Agency
Analysis of the agency landscape
Contact: David Thame, freelance writer 01544 262 896
dthame@clara.co.uk

Market health check
If you have stats up to Q2 2011 for retail, industrial or offices for Bath, Swindon and Bristol please email Stacey.meadwell@estatesgazette.com


Deadline for receipt of editorial information is Thursday 11 August 2011







 

Today's top regional stories on EGi

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Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for egi_rgb.gifEGi subscribers can read the full versions of the stories by following the links shown below. Some of our news is available free at www.estatesgazette.com

Nama targets Grehans' personal assets
Ireland's National Asset Management Agency is taking a €270m (£238m) legal action against brothers Ray and Danny Grehan in the first case of its kind against developers in the pursuit of personal assets.

Orchard spends £400m in H1 2011
Orchard Street Investment Management has completed the acquisition of Cardiff Bay retail park from Invista Real Estate Management and Schroders for £54.5m - a 6.25% yield.

Manchester to bid for government's Green Investment Bank
Greater Manchester's Combined Authority is set to launch a bid for the city to be the location for the government's £3bn Green Investment Bank.

LaSalle buys shopping centre from Nama
LaSalle Investment Management has acquired the long leasehold of the Artizan Shopping Centre in Dumbarton for £4.9m from Ireland's National Asset Management Agency.

Southern Cross Scottish landlords partner with Kilgour
The landlords of 11 Southern Cross-run care homes in Scotland are forming a partnership with the former head of Four Seasons Health Care.

Surrey, Sussex and Kent synopsis

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PUBLISHED 3 SEPTEMBER 2011

Croydon

A look at development trends.

Adrian Morrison, freelance writer, 07818 013 233, adrian.morrison@addmor.com 

 

Retail

Analysis of market trends

Helen Hamilton, freelance writer, 07758 833735, bluesomeh@gmail.com

 

Market health check

Covers offices, industrial and retail. Contact: Stacey Meadwell, regional editor stacey.meadwell@estatesgazette.com

 

Please contact writers with editorial information by Tuesday 9 August, 2011

Today's top regional stories on EGi

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Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for egi_rgb.gifEGi subscribers can read the full versions of the stories by following the links shown below. Some of our news is available free at www.estatesgazette.com

Birmingham ditches 'unaffordable' PRUPIM deal
Plans for an £80m home for Birmingham's wholesale markets look set to be ripped up by the city council.

Lloyds puts former Edinburgh brewery site up for sale
Lloyds Banking Group has put a 13-acre former Scottish & Newcastle brewery site up for sale

Urban Splash lets Matchbox to gym
Tom Bloxham's Urban Splash has let the 20,000 sq ft Matchbox building at its Matchworks scheme in Liverpool to Netherlands-based gym operator FitForFree.

Nama appoints receivers for Dunne assets
Sean Dunne has become the latest developer to have Nama move against his property empire after the Irish bad bank appointed Grant Thornton as receivers on a number of his properties over the weekend.

Government sells €1.1bn stake in Bank of Ireland
Irish finance minister Michael Noonan announced this morning that the Irish government has agreed to sell a €1.1bn (£971m) stake in Bank of Ireland to a group of unnamed private investors.

SEGRO completes trio of office lettings
SEGRO announced today that it has signed up Atos and Grant Thornton to its IQ Winnersh office development near Reading.

Milton Keynes is the future

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4541410486_7bb5a13cfa_b.jpgYes, that's the sixties new town in Buckinghamshire we're talking about, home to concrete cows and the grid street system.

Bidwells' latest residential development report , released today, says Milton Keynes is expected to be home to some 247,000 residents by 2016. It's population is growing at roughly twice the national and regional average rate but its house prices are 80-90% off the the east of England average. 
There's more: land prices, even taking into account section 106s and social housing obligations, are also below the regional average and even though the actual number of houses completed over the last financial year exceeded the council's targets by 15% it's not enough to keep up with demand.

Go on, mooo-ve there now.

Concrete cows by sludgegulper on Flickr

For a slideshow, please click on the above image

On Friday, Land Securities treated me to a bird's eye view of the work in progress that is its 1m sq ft Trinity Leeds development.

As you can see from the pictures, the shopping scheme is really taking shape and from the vantage point of LandSec's marketing suite, it is quite an impressive undertaking.

While in Leeds, I also caught up with Town Centre Securities' which is revamping it's Merrion Centre, had a look at what there is to see of the Leeds Arena building site and had my eye caught by Downing Developments' award winning student digs, Broadcasting Place.

 

Related posts:

Pics and video: LandSec's Trinity Leeds development update

The planet's best tall building of 2010? Student digs in Leeds, apparantly 

EG's Manchester Focus synopsis

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ESTATES GAZETTE MANCHESTER FOCUS
PUBLISHED 10 SEPTEMBER 2011

 
Development
Analysis of the health and future trends.
Contact: Daniel Cunningham, North West reporter, 020 7911 1822, Daniel.cunningham@estatesgazette.com
 
People
Analysis of the agency landscape
Contact: David Thame, freelance writer, 01544 262 896
dthame@clara.co.uk
 
Market health check
Covers offices, industrial and retail. Contact Daniel Cunningham, North  West reporter if you think you can provide up to date statistics, Daniel.cunningham@estatesgazette.com
 
Please contact writers with editorial information by Tuesday 9 August, 2011
 

Leeds' Sovereign Street site set to move forward this week

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second try EGF40-York-Criterion-Place1-smaller.gifRemember these towers? They were Leeds' great vision for its city centre, Simons Estates' kissing towers, or to give it its official name: Criterion Place. The development included four possible clusters of skyscrapers designed to assert the city's "civic spirit and economic zest".

That was back in 2004 and to this day the site is still a car park.

Well in two days time the site many agents call the best in Leeds city centre should eventually take a leap forward. Plans for Sovereign Street will go before planners at lunchtime on Wednesday and it's expected the council will agree heads of terms with KPMG for a new 60,000 sq ft headquarters building (EGi subscribers can read the story here).

If both those things happen it will end years of uncertainty for two of the most eagerly anticipated events on the Leeds property scene. First, it will mean the much talked about, much yearned for, KPMG requirement will finally - eventually - have settled and agents will have to find a different requriement to point to when trying to demonstrate demand in the market (KPMG has been talked about amongst agents for many years).

Secondly, it will mean Sovereign Street which has sat as a car park for the past decade is finally getting developed. 

This week's top regional stories on the web

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We've trawled the web this week for the top regional stories so you don't have to. Here's what the local sites have been talking about this week. This week the web was alive with talk of trains, enterprise zones and Land Securities interim results.

The Insitute of Economic Affairs has been ruffling quite a few feathers this week over High Speed 2. The think tank labelled the government's grand infrastructure project as "political vanity...based on bogus assumptions". It would cost each income tax payer £1,000, it added.
That hasn't gone down so well across the rest of the country.
In Yorkshire, which will benefit from a second high speed line - the Yorkshire Post reported anger at the accusations hitting back with the government's assertation that the IEA was "parroting misinformation" and it's claims were "grossly disingenuous"
This follows reports in Solihull news that the council's backing of HS2 was "probably the most contentious matter we have had before us for a very long time".

In other news, Prof David Bailey's business blog on the Birmingham Post questions the mite of Birmingham's LEP after Enterprise Zones are downgraded. It seems Birmingham LEP misunderstood, says Bailey of  Coventry University business school, what businesses could qualify and it's promised pot of £70m is "no longer viable".
Derwent London must be as pleased as punch, not only has its Angel Building in London, EC1 been shortlisted for the prestigeous RIBA Stirling Prize but it is also the only commercial building on the list. The official citations states:

This speculative office space redefines the sector. An unremarkable 1980s office block has been transformed into a building not only of great elegance and poise but one that contributes positively to life on the streets outside while creating new interiors of great refinement.

It's up against the likes of the Olympics Velodrome and the redeveloped Royal Shakespeare Theatre in Stratford. Wonder whether being shortlisted will do for the building's value what an Oscar nod does for an actor's fee?

The winner will be announced on October 2.


Today's top EGi regional stories

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Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for egi_rgb.gifEGi subscribers can read the full versions of the stories by following the links shown below. Some of our news is available free at www.estatesgazette.com

England's oldest pub brought to market
England's oldest public house, Ye Olde Fighting Cocks, in St Albans, Hertfordshire, has been brought to market.

AXA wins consent for Manchester scheme
AXA Real Estate Investment Managers has received planning consent for a £50m office development in Manchester's St Peter's Square.

Planners consider Salford twin-tower scheme
Salford council planners will today consider the future of a mixed-use twin-tower scheme in the Ordsall area of the greater Manchester town

Union to back £165m Spinningfields scheme
Developer Allied London is close to striking a £165m deal with Union Investment Group.
The Frankfurt-based fund manager is in talks to finance a 350,000 sq ft office building at Allied's Spinningfields estate in Manchester

Regional retail footfall in the red

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It's not been a good week (again!) for retail.

The Association of Town Centre Managers and Springboard said today that footfall dropped in every regional market in June when compared to the same month last year. Wales was the worst off down almost 11%.

Only Greater London escaped the gloom scraping a 0.5% increase.

The year on year decline is the most signifcant since February said ACTM-Springboard, although it tempered this by saying the high street was not re-experiencing the recession.

It's not the only one delivering a gloomy retail message. Colliers International announced yesterday that retail is the weak point in the UK commercial property market
Add in the ONS which came out today and said that while retail sales have increased over the year, food sales headed south.

Worringly for the property industry the food store sector decreased 4.2% - the largest fall on record since the series began in 1988. Food stores have been the saviour of many a scheme in the recession and should perhaps cause at least a furrowed brow at Land Securities which earlier this week annouced it would carry out £1m sq ft of developments for retailers including Sainsbury's and Tesco.

ACTM Springboard June 2011.jpg
Related posts
Five Primark's worth of space still to let at Trinity Leeds - crunching the numbers behind Land Securities interim statement

Retail weathermap forecasts stormy outlook in for northern England and Scotland

Who's the top of the shops? FSP's Retail Burn names the climbers and fallers this month

Pics and video: Land Sec's Trinity Leeds development update

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Progress at Land Securities' 1m sq ft Trinity Leeds retail and leisure scheme continues apace. This week pictures appeared of work on the scheme's huge glass roof (think Cabot Circus in Bristol).




We've also been sent a fab time lapse video so you can see the development literally rising from the ground.




Related posts:
Five Primarks worth of space still to let at Trinity Leeds
Exclusive images of Hammerson's Eastgate Quarters
Planners look at Eastgate Quarters today

Today's top EGi regional stories

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Thumbnail image for Thumbnail image for Thumbnail image for egi_rgb.gifEGi subscribers can read the full versions of the stories by following the links shown below. Some of our news is available free at www.estatesgazette.com

High Speed Two is 'political vanity'
The High Speed Two North-South rail link has been dismissed by a leading think tank as a "political vanity project".

Leeds council moves closer to KPMG deal
Revised plans which could see KPMG relocate to 60,000 sq ft of offices on a prominent Leeds city centre site are to be considered by the council next week.

L&G eyes Chelmsford retail deal
Legal & General is in exclusive talks to buy the Meadows shopping centre in Chelmsford, Essex.

Co-Op funds Coventry scheme
The Co-Op has provided funding for a £50m development to transform the former Royal Mail sorting centre in Coventry.

DevSec snaps up Essex assets
Development Securities has acquired two properties in Ilford and Abbey Wood, both in Essex, from LPA receivers.

USS to revamp Perth scheme
The Universities Superannuation Scheme is planning a multi-million-pound modernisation of the 190,000 sq ft St John's Shopping Centre in Perth, which it bought last month from BAE Systems Pension Funds Trustees for £32m.

Today's top EGi regional news stories

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Thumbnail image for Thumbnail image for Thumbnail image for egi_rgb.gifEGi subscribers can read the full versions of the stories by following the links shown below. Some of our news is available free at www.estatesgazette.com

Manchester office agency launched
Manchester-based Avid Property Consultants has expanded into office agency, hiring former p3 Property Consultants associate partner Justin Rouse.

JV Bid for £90m Blackpool retail centre
Catalyst Capital and its joint venture partner Blackstone are in exclusive discussions to buy Houndshill shopping centre in Blackpool.

Co-op confirms 500k shed
The Co-operative Group has confirmed it has signed a prelet with Clowes Developments to take 477,100 sq ft at the 112-acre Castlewood business park in South Normaton, Derbyshire.

Kier in Blythe Valley buy
Construction and development services group Kier has acquired the freehold of a prime building on Blythe Valley business park in Solihull, Birmingham, where it plans to house its regional headquarters.

5059001115_29dddda905_b.jpgBit of news on Leeds and Cardiff in Land Securities' interim statement this morning.

Its 1m sq ft development Trinity Leeds (pictured right), has moved from 51.8% let in the last three months (that's March to June this year) to 54.8% let by sq ft. That's a three percentage point change in the last three months, and nearly eight percentage points on the 47% it said was let in the scheme back in July last year.

That means, after a bit of number crunching that Land Sec has the equivalent of five Primark's still to let before opening day.

Here's the science bit. The centre is roughly 1m sq ft. The three percent change is by square feet. A few sums on the back of a napkin show that means roughly 30,000 sq ft has been signed for in the last quarter. There's no detail on how many deals that covers but being generous let's say it's all in one letting rather than the odd kiosk here and there. That means a tenant roughly the same size as the Everyman cinema letting back in 2009 decided to go for the space. Or, to look at it another way, a unit roughly a third the size of the Primark prelet - which the REIT annouced had planning permission today.

Another 3% of lettings are in solicitors hands say Land Sec, so another 30,000 sq ft may land soon. It now has 20 months to go til opening day to push through the other 452, 000 sq ft of space, or to put that another way it needs to let another five Primarks.

Separately in Cardiff, Land Securities annouced that 86.3% of space is now let in its St David's 2 development. Doing the same sums as above, that means nearly 192,000 sq ft of space stands ready and waiting for an occupier to walk through the door. The centre opened back in October 2009 and has got a lot of jip from the local press over how much space is let in the centre and how big a rent free it offered to John Lewis. This statement, despite announcing another 5% is in solicitors hands will probably do little to appease them.

Related posts
Exclusive images of Hammerson's Eastgate Quarters
Planners look at Eastgate Quarters Leed today
Leeds launch second big for regional growth fund
Land Sec's Trinity Leeds progress pics

Cardiff and Co launch new CBD have EZs got them spooked?
Alex Smart talks spec building in Cardiff and losing the Admiral deal
Is that Cardiff or Monte Carlo?

Today's top regional EGi stories

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Thumbnail image for Thumbnail image for Thumbnail image for egi_rgb.gifEGi subscribers can read the full versions of the stories by following the links shown below. Some of our news is available free at www.estatesgazette.com

Knight Frank closes Liverpool office
Knight Frank has announced that it is consolidating its North West operation into its Manchester office, closing its Liverpool branch as a result.

Targetfollow sets sights on new investments to stem losses
The future of Ardeshir Naghshineh's Targetfollow Group is dependent on it identifying new property investments, according to papers filed at Companies House this week.

McKillen wins Nama challenge
Irish developer Paddy McKillen has won his battle to not have his loan acquired by Nama.

Pod reveals expansion plans
Healthy fast food chain Pod has confirmed its plans to accelerate expansion across the City and outside London in 2011 and 2012.

UNESCO slams Peel's Liverpool docks plan
Peel Holdings' plans to develop a £5.5bn scheme on Liverpool's Docks are being threatened by the United Nation's cultural agency UNESCO. 

New construction orders still falling in south east

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179528896_dad35f2b4f_b.jpgNew construction orders fell 20% in Cambridge in 2010 compared to the year before. That's a fifth wiped off some already pretty sick looking numbers.

Building data isn't something we usually analyse on the Focus blog but, at the moment, with construction all but halted in many regions it's providing a good early indicator of when things might properly start rolling again.

Bidwells has just published its first Building Trends report and it reckons that the outlook for the south east (stripping out London) is benign at best,  not helped by a 20-30% drop in property capital values in 2008.

For the east of England its says property is unlikely to rise rapidly in either the commercial or residential market for the next two to three years. There are a few exceptions (Oxford and Essex - click on read more below to see a breakdown by area) but Cambridge's science park market remains patchy and high property costs are inhibiting major new schemes. It says that colleges are foccusing on the volume and standard of student accommodation and ancillary projects such as kitchen refurbishements. When a report starts talking about putting in new cookers and fridges as the activity in the market is it time to worry?

The web's top regional stories this week

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3629884283_393067cf90.jpgWe've trawled the web this week for the top regional stories so you don't have to. Here's what the local sites have been talking about this week.

Liverpool Football Club's announcement earlier this week that redevelopment of its Anfield Stadium wasn't financially viable has made a few waves with hints that relationship between the club and the city council maybe slightly tense. Local press too picked up on issue opening the debate on the likelihood of a brand new stadium at Stanley Park

Imaginative plans to regenerate Birkenhead were also announced this week. Wirral News quoted Cllr Phil Davies, deputy leader of Wirral council and cabinet member for regeneration as saying imaginative thinking was required ahead of Peel's £4.5bn Wirral Waters proposals.

Barry, South Wales got the go ahead this week for it's £230m waterfront regeneration. Opinion is split, says Wales Online as to whether it is vital for the economic survival of the town or will just cause massive environmental and traffic problems.

Two developers are bidding for a regeneration of Kirkstall in Yorkshire, said the Yorkshire Evening Post.The land is owned by Tesco and many local commentators ask if another supermarket is needed


New images of Sheffield's The Moor development

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The Moor July 2011.jpg
Another day, and there's another retail proposal, something is definitely in developer's water at the moment because this is the third major one revving into action in less than two weeks (think Silver Hill, Friars gate, Eastgate and Stanhope in Gloucester).
Above is the vision Scottish Widows Investment Partnership Property Trust will put in front of planners this week as it pushes its Moor retail scheme in Sheffield forward. New plans for the estate include a 55, 000 sq ft retail block opposite Debenhams on the junction with Furnival Gate.
Works expected to start next year with a view to the markets and nine new shops being open for trading by late summer 2013.
It will now be a race for tenants as just last month Hammerson announcing its Sevenstone retail scheme will be revived.

Related EGi stories (subscribers only)
Centenary Ashcroft to manage Moor Sheffield
Sheffield council approves Moor market plans
Moor or less

Blog posts (free to everyone)
Artists impressions of Friargate development
Exclusive images of Hammerson's Eastgate Quarters
Retail weathermap forecasts stormy outlook for north England and Scotland
seesaw.jpgNew quarterly research by GVA predicts that of the UK's top nine cities it will be Bristol that will see office demand outstrip supply first - and the balance could be tipped this year.

Take up in Q2 across the cities - Bristol, Cardiff, Birmingham, Liverpool, Manchester, Leeds, Newcastle, Edinburgh and Glasgow - was 9% up on the three year quarterly average and the lack of new development means supply of grade A space is eroding. Manchester, Edinburgh and Glasgow will follow Bristol's lead next year, reckons GVA.

It must be good news for the likes of HDG Mansur who's 110,000 sq ft speculative Bridgewater House in Bristol completed recently and Edinburgh city council which is building 180,000 sq ft of speculative offices as part of the EICC extension due to complete next year.

But concern for the longer term prospects of the market remain. The problem is that despite diminishing grade A stock and deals like the 215,000 sq ft letting to Admiral in Cardiff boosting the figures, demand in the longer term remains a little thin on the ground.

Rents have continued to fall but are predicted to stabilise next year with growth of 2.5% predicted in 2013.

Pic by RPTNorris


Today's top EGi regional stories

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Thumbnail image for Thumbnail image for egi_rgb.gifEGi subscribers can read the full versions of the stories by following the links shown below. Some of our news is available free at www.estatesgazette.com

Manchester Airport seeks RGF cash
MAG Developments, the property arm of the Manchester Airports Group, has revealed that it submitted a bid for £10m from the government's Regional Growth Fund to accelerate the development of its Airport City scheme at Manchester Airport.

£230m Barry Waterfront plans approved
Long-delayed plans for a £230m regeneration of 106 acres of Barry Waterfront have been approved by the Vale of Glamorgan council.

Sheffield tower brought to market
The administrator of the 22-storey Velocity Tower in Sheffield is seeking a buyer willing to pay more than £10.5m for the asset.

Radlett Rail terminal back on track
HelioSlough's plans for the 3m sq ft Radlett rail freight distribution centre are back on track after Eric Pickles decided not to appeal a High Court ruling.

Scotland synopsis

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Published August 27th, 2011

Politics
A look at the political landscape
Contact: Adrian Morrison, freelance writer, 07818 013 233, adrian.morrison@addmor.com

Funding
Analysis of the latest trends in the sector
Contact: Stacey Meadwell, regional editor, 020 7911 1819, stacey.meadwell@estatesgazette.co.uk

Market in numbers
Please contact Nadia Elghamry, deputy regional editor, at nadia.elghamry@estatesgazette.com if you think you can supply us with up to date market stats and predictions.

Please contact writers by Wednesday 3rd August 2011
 

Artist impressions of Friargate development in Lichfield

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More artist impressions of retail proposals, this time Development Securities and S Harrison's Friarsgate retail and leisure scheme in Lichfield (EGi subscribers can read the full story here).

There seems to have been a flood of stories in the last couple of weeks about retail developments and it will be interesting to see if the retailers themselves start to bite at the new space opportunities being dangled particularly at a time when conditions on the high street remain tough.
 



Related stories available to EGi subscribers:
Henderson to develop Silver Hill
Hammerson  wins consent for Eastgate Leeds scheme
Stanhope cleared for Gloucester

Related blog posts (free to access)
Exclusive images of Hammerson's Eastgate Quarters
Retail weathermap forecasts stormy outlook for northern England and Scotland
Who's top of the shops? FSP return burn names the climbers and fallers


Today's top EGi regional stories

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Thumbnail image for Thumbnail image for egi_rgb.gifUNESCO calls on government to block Peel's Liverpool Waters
UNESCO's World Heritage Committee has called on the government to refuse planning permission to the Peel Group's £5.5bn Liverpool Waters scheme.

University of Aberdeen offers site
Shepherd Chartered Surveyors has been instructed by the University of Aberdeen to sell a 153-acre development at Rowett North.

European funding for Hull scheme
East Yorkshire-based developer Manor Property Group has secured £8.5m of European Regional Development Fund money to kick-start its Manor Point scheme in Hull.

Henderson to develop Silver Hill
Henderson Global Investors is ready to progress with development plans for the Silver Hill scheme in Winchester, Hampshire.

Moorgarth buys in Perth
Overseas investor and asset management company Moorgarth Group has bought St Catherine's retail park in Perth for £12m.

Only EGi subscribers can access all our stories but some news is free to view through estatesgazette.com

Exclusive images of Hammerson's Eastgate Quarters

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Hot on the heels of getting the nod from Leeds council's planners, Hammerson sent us some exclusive new images of how the £600m Eastgate Quarters project will one day look. Just click on the above image to see a slideshow.

Related posts: 

Planners look at Eastgate Quarters, Leeds today

Hammerson's Eastgate Quarters, Leeds: The fly-through video

edited weather map.JPG
Despite the surprise (good) news yesterday that UK CPI and RPI dipped in June it seems that bit of cheer has yet to filter through and mean more shoppers on the highstreet. Synovate's weathermap was waiting in my inbox this morning saying that footfall remained on a downward trajectory. Many of the forecast numbers are in the black but the retail researchers warn that the outlook is grim - and getting worse the further north you go. Expect more of the same, say Synovate.

Click on the picture above for a larger version of the retail weathermap.

Related stories
Who's top of the shops? FSP's Retail Burn names the climbers and fallers this month
Winners and losers in retail spend 2011

Student halls - not like in my day

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080203-MA(08)-301 B_1MB.jpgJust got these artist impressions of the student accommodation that is being built for Northumbria University at Spenhill's Trinity Square in Gateshead.

The scheme, which will have nearly 1,000 rooms, boasts among other things, a roof terrace almost twice the size of Newcastle United football club's St James's Park pitch.

Thumbnail image for 080203-MA(08)-305 B_1MB.jpgBack in my day as a student in Liverpool we felt lucky because we had one fridge to share between 16 rooms. I do wonder, though, what the hall fees are like in these all-singing, all-dancing student digs.


Today's top EGi regional news stories

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Thumbnail image for egi_rgb.gif£5m dispute over house the inspired Toad Hall
The Henley property that inspired Toad Hall in Kenneth Graham's The Wind In The Willows is at the centre of a £5m dispute in the high court.

EX-BNP agents set up niche Manchester firm
Two former agents with BNP Paribas Real Estate's Manchester office have launched a property consultancy, Preston O'Herlihy.

DHL Express in £10m shed push
DHL Express is investing £10m in new sheds in 2011 the firm announced today.

Grosvenor secures lettings at Eastgate
Grosvenor Shopping Centre Fund has agreed a handful of lettings at its Eastgate shopping centre in Inverness.

George's work experience at EG - impressions of journalism

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Picture.jpgGeorge Mattis is spending two weeks on work experience with EG

After a memorable first week, including a watching a video podccast being made, I've learnt heaps about property journalism and discovered it's not quite what I expected.

Coming into Estates Gazette I was very much expecting individuals working on their own, separate tasks nevertheless I was proved wrong. There is an undeniable amount of team work in putting the magazine together.

IMG_1089.jpgThe journalists have their brief conversations but work efficiently which I've come to like about the office environment. I was also surprised by the amount of hard work that goes into journalism. The company is well organised and everyone always knows what their job is and when it needs to be completed by.

Having been interested in journalism before the start of my work experience I've, so far, been convinced of taking journalism further as a career. I would say I was pleasantly surprised by the togetherness of the journalists and the group as a whole.

Something else that motivates me to pursue journalism is the merger of the serious, working attitude and the contrasting jokey conversations between colleagues. I've also learnt that persistence is needed to get the information and evidence you need for a story.

I've learnt that the key skills a journalists needs are to be inquisitive, ask plenty of questions and do intensive background research to know. I would also say you need to be tenacious, have the will to never give up, be resourceful and organised.




Today's top EGi regional news stories

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Thumbnail image for egi_rgb.gifLiverpool FC drops Anfield redevelopment plans
Liverpool Football club has acknowledged that its plans to redevelop it's Anfield Stadium are unviable.

Aerium buys £50m iQ
European real estate fund manager Aerium has bought iQ, a newly developed prime office building on Justice Mill Lane in the centre of Aberdeen, for £50.1m.

QS appoints niche Brum agent for advice
Discount fashion chain QS Group has appointed Birmingham-based niche agent Johnson Fellowes as budget manager for its UK chain of more than 300 shops.

Pickles approves 530-home planning appeal
Eric Pickles has overturned a rejected 530-home development in Hampshire in what is the first major appeal decision of its sort.

We've trawled the web this week for the top regional stories so you don't have to. Here's what the local sites have been talking about this week.

  • * The big regional story of the week has been the hand over of ex-RDA land to the Home and Communities Agency.

The HCA welcomed the deal, and Inside Housing reported that local areas would be promised the benefits . But in the regions they clearly weren't feeling quite so jolly about it.In Leeds the Chamber of Commerce warned of the dangers of decisions not being made locally, according to the Business Desk. Place North West reported that details of the assets would be made public on the 19th September. It published a list of freehold assets held by the North West Development Agency. The Northern Echo said it was too little too late for the North East.

82e29693-57e1-4e34-b8b8-af22867d873c.jpgRetail consultancy FSP released its Retail Burn yesterday. In a nutshell it's a guide to the good and the bad top talked about retailers out there.

In the top spot in June was Waitrose after announcing it would take on Ocado in the London market.and was making a push online to promote it's rebranded website.

It's hardly a surprise that the bottom spot goes to the likes of Jane Norman, which fell into administration last month and Comet which closed 17 of it's stores before parent company Kesa announced it was up for sale.

You can read June's full retail burn here and see FSP's take on the financial health of retailers here

George's work experience at EG - day 3

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George Mattis is spending two weeks on work experience with the Estates Gazette editorial team. This is the second of a series of blog posts about his time here.

IMG_1087.jpgToday I got an intriguing insight into the mind of journalist and quizzed Karen Day (pictured right), the Group Online Editor here at Estates Gazette, about the ways new technology is changing the industry and the way EG delivers news to them.

She has working at Estates Gazette for less than six weeks but has an immense 17 year's of journalistic experience. She kindly allowed me to interview her.

Me: How would you describe the property industry's ability to keep up with technology in comparison to other industries?

Karen: depends on the other industry, but overall the Property Industry is fairly slow in keeping up with technology.

Me: would you say digital journalism (video interviews/podcasting) is now more efficient than written?

Karen: I wouldn't necessarily describe it as being more or less efficient. Different people like to consume news in different ways.

Today's top EGi regional stories

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Thames Valley office take-up soars
Office take-up in the Thames Valley in the first six months of 2011 is 120% up on last year, according to figures from Lambert Smith Hampton.

Thumbnail image for egi_rgb.gifHenderson spends £25m in Manchester
Henderson Global Investors has bought the Zenith office building in central Manchester for around £25m, in a deal reflecting a net initial yield of circa 7%.

Wrenbridge appoints Spickernell brothers
Capstock Asset Management founders Tom and Ben Spickernell have joined Wrenbridge to head its Midlands operation.

Titanic Quarter to house £80m data centre
Data City Exchanges is to build an £80m data centre in Belfast's 185-acre Titanic Quarter. The flagship data centre, which is due to open next year

Stanhope goes ahead in Gloucester
Developer Stanhope was approved as Gloucester council's partner for the £70m redevelopment of the city's King's Quarter scheme at a cabinet meeting last night.

 

3619582317_4fd4b25dfc.jpgFor a company who's sole reason for being is marketing Wales' capital city Cardiff and Co have kept a remarkably low profile.

But over the last week or so they've exploded into action. Today they've been love bombing our inbox with a release calling on developers to bring forward plans for a new convention centre (there's no release up on the website as yet but I'll post a link here when it appears). It is part of a wider £160m investment in Cardiff's Central Business District to make the Welsh capital the best regional capital in Europe by 2015.

It will open up the heart of the city, pull down the existing bus station, revamp Cardiff Central train station, as well as add four million sq ft of offices all on a stretch of 140 acres running from the  bus station, past Callaghan Square and on to the Bay. Phew!

Agents have known the (albeit very) sketchy details of this plan for years so why the fireworks now? Well, maybe it's just the right time for Cardiff and Co or maybe, just maybe, regeneration bods in Wales are just a little bit spooked about the introduction of Enterprise Zones in England. You make up your own mind.

There are clearly some who are worried in Wales, where the government has yet to allow enterprise zones, that it will fall behind. After all, Bristol, just a stone's throw away, has put forward two potential zones at Avonmouth and Temple Quay, and some are already trying to exploit loop holes in legislation to start up their own enterprise zones.

Cardiff and Co were in London on Monday in a bid to drum up investor support but there probably won't be diggers in Cardiff any any time soon. Around £60m is being pledged by the council and they're expecting the private sector to dig into its pockets for the remaining £100m. That it reckons should cover the convention centre but the rest? Well beefing up its presence in less than four years isn't going to come cheap.

Related posts:

Business leader calls for Barry to be Wales' first Enterprise Zone

Alex Smart talks spec building in Cardiff and losing that Admiral deal

Is that Cardiff or Monte Carlo?

Picture by KuroSugarLolita on Flickr

Planners look at Eastgate Quarter Leeds today

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4857101224_614d21aecd.jpgIt's a big day for Hammerson today. Today it's revised plans for Eastgate Quarter, the massive shopping centre it has planned in Leeds, go in front of the planning committee.

There would be major upset in the Yorkshire capital if the scheme got turned down but that's not what's going to trouble property folk. The clock is ticking for Hammerson to get moving, and many want to know the when, not the what, about this scheme.

In a video interview with the Business Desk yesterday Hammerson's leaders said: "The fact we have invested what we have during the economic downturn I think is a huge sign of our commitment when you look up and down the UK at the number of schemes in abeyance.We have carried on and the reason we have carried on is that we believe our scheme is fundamentally well conceived, the investment we've made in the planning application is a good sign of that, we are doing everything we can to move the scheme forward."

Hammerson is walking down a fine line here. Its 11 years since former owners of the entire site Town Centre Securities initially put in a planning application for Eastgate and over eight since Hammerson announced it was in talks with Selfridges for the scheme.Nobody's going to blame Hammerson for going steady over the past few years but not many would call that swift or say it's doing everything it could.

It continues. "We want to get our permission and our building permits as quickly as possible so we can start as quickly as possible."

Nothing says commitment like an actual date, or better still pop a crane on the horizon.

Related posts:

Leeds launch second bid for £850m regional growth fund

Land Sec's Trinity Leeds: progress pics 

Hammerson's Eastgate Quarter Leeds: fly through video

Picture by Earls37a on Flickr

Today's top EGi regional stories

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Thumbnail image for egi_rgb.gif

 NAMA to unload Dublin asset NAMA has appointed CB Richard Ellis to sell the 35,424 sq ft Smurfit Kappa headquarters at Beech Hill Road in Clonskeagh, Dublin 4 for €10m (£8.9m).

September deadline set for £1.7bn RDA asset transfer The government has today agreed to transfer land and property assets owned by regional development agencies to the Homes and Communities Agency.

Science Central transfers for £380m Newcastle council and Newcastle University have taken full ownership of the £380m Science Central project in the city.

M&S signs first lease at Brotherhood Aberdeen Property UK Retail Parks Trust has agreed its first letting at Brotherhood shopping park in Peterborough, Cambridgeshire, to Marks & Spencer.

Q2 office take-up in Leeds almost trebles Office take-up in Leeds city centre during the second quarter of 2011 was almost three times higher than in the same period in 2010, according to figures released by Savills

Ireland synopsis

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IRELAND FOCUS
PUBLISHED AUGUST 20, 2011  

Residential: Analysis of recent activity and forecasts for the market.
Contact: James Kenny, reporter, 020 7911 1807 james.a.kenny@estatesgazette.com

Rent reviews: How will changes affect landlords?
Contact: Nadia Elghamry, deputy regional editor, 020 7911 1849 nadia.elghamry@estatesgazette.com

NAMA: What next for Ireland's bad bank?
Contact: David Thame, north west features writer, 01544 262896 dthame@clara.co.uk

Auctions: Analysis of market trends
Contact: James Kenny, reporter, 020 7911 1807 james.a.kenny@estatesgazette.com

Market in numbers: Statistical analysis of the country's property figures?
Send up to date stats for offices, industrial and retail plus a soundbite (max 50 words) to Nadia Elghamry, deputy regional editor, 020 7911 1849 nadia.elghamry@estatesgazette.com

Please contact writers by Weds 27 July

cricket.jpg

Jim Cumbes, the chief executive of Lancashire County Cricket Club (and a keen sportsman in his time) spoke to me fresh from his club's victory in the Court of Appeal in the battle to redevelop Manchester's Old Trafford cricket ground. (Click on podcast below to listen).

Clearly relieved after the verdict, Cumbes admitted that he had not expected such a swift resolution to this latest legal action, and added that his club's victory paves the way for Old Trafford to host an Ashes test in 2013.

The final innings in the fight between Derwent Holdings and LCCC over Old Trafford was indeed brief. Derwent - which is owned by Isle of Man-based tycoon and philanthropist Albert Gubay - objected to LCCC building a Tesco within its plans, but it was bowled out in just three minutes by the judges this week.

It's been a long and, at times, bitter battle, and many in the North West are pleased that it is over, allowing LCCC, Ask Developments and Tesco to revamp Old Trafford to test match standards. Even Lancashire cricket legend 'Freddie' Flintoff has had his say today.



Cricket 13 picture by barryskeates from Flickr, used under creative commons licence 

Leeds launch second bid for regional growth fund

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3983519280_7f761d4242_b.jpgPlease sir, can we have some more? Oliver Twist would have made an excellent member of Leeds' RGF bid team. The Yorkshire capital formally joined the ranks of bidders for the second round of the £850m regional growth fund pot yesterday.

The council put out this release last night.

Leeds City Region puts forward dynamic bid to support business growth

It's already done well out of the RGF, securing funding for projects (having bid for 30 projects - there's a handy breakdown of who asked for what and where on the bis.gov website) and Aire Valley bagged a much sought after Enterprise Zone.

Chair of the LEP Neil McLean says they've learnt lessons from round one. The headlines are that it will provide £15m investment that it hopes to leverage up to £78m of additional cash. It has endorsed 29 projects with the potential to create 3,000 jobs. 

Bidding for this round closed last Friday and the first round of bids took two months to sift through. With Parliament in recess two weeks from now and not returning until 5th September it's unlikely we'll get an answer much before the autumn.

Picture by El Bibliomata on Flickr

George's work experience at EG - the first day

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George Mattis is spending two weeks on work experience with the Estates Gazette editorial team. This is the first of a series of blog posts about his time here.

Picture.jpgSurreal is the best word to describe my first day here at Estates Gazette. To begin with, I felt a little dwarfed by the experience awaiting me given my distinct lack of it. Everything from the average age on the trains to the average age in the office just made me more self conscious.

After a forty-five minute typically, congested, Northern line journey I was becoming increasingly anxious to meet my work colleagues, to see what the office looked like and to find out more about what I'd be doing over the next couple of weeks.

Arriving I was introduced to the publishing director, Trevor Goodman and then
Estates Gazette editor, Damian Wild. Damian asked me lots of questions including, 'what did I aim to get out of my time at EG?' which is, ideally, more journalistic and editorial experience.

My desk is with the other writers and my first assignment was researching property articles in the days national newspapers. The stories are then distributed to the journalists.

Next I was asked to help out with some filing but soon after came some writing, a piece on Brasier Freeth who've won an EG Award. Unfortunately I only had time to write up some bullet point notes. There's always tomorrow.

I've been given a camera to use and you can view my pictures on the Focus Flickr page

Top regional stories on EGi today

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egi_rgb.gifHere's what happened today in the regions.

EGi subscribers can read the stories by clicking on the headline below.

Legal eagle lands 60,000 sq ft in Notts

Law firm Browne Jacobson has signed the largest letting in Nottingham this year by taking a flagship building in the city.

Old Trafford appeal thrown out

The Court of Appeal in London has thrown out an appeal by Albert Gubay's Derwent Holdings against Lancashire County Cricket Club's redevelopment of Manchester's Old Trafford cricket ground.

Croydon unveils 20-year plan

Croydon council chiefs this afternoon outlined a 20-year development vision for the town.Masterplans have been drawn up for East, West and mid-Croydon.

Home Counties agents merge
Wye-based estate agent Calcutt Maclean Wood has merger with Edenbridge-based Fox & Manwaring.

Warrington's Omega in Enterprise Zone bid
The Cheshire and Warrington Local Enterprise Partnership has put forward the stalled £1.2bn Omega development in Warrington as a potential Enterprise Zone.

 


 

 

Pictures: Alder King celebrates 100 years in business

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South West agency Alder King celebrated its centenary last week with a bash for 350 staff and clients at the Bristol Museum and Art Gallery.

The firm was set up in 1911 by Stanley Arnold Alder becoming Alder King in the 80s when Lloyds bank bought the firm together with estate agent King Miles. The current equity partnership bought back the commercial arm of the business in 1991.


Here is the promised podcast with Alex Smart of JR Smart at the launch of Capital Quarter last week.

Click below to hear Alex talk about speculatively building not one, but two buildings in the Welsh capital, rents, and losing that Admiral deal.

You can read more about the launch of Capital Quarter and view pics of the site and Driscoll buildings here.

Related posts:

Is that Cardiff or Monte Carlo?

Cardiff-based JR Smart launch the only spec building outside London

Business leaders call for Barry to be Wales' first Enterprise Zone

Is that Cardiff or Monte Carlo?

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So I'm not one to gush - it's not really a journalist's job - but Cardiff city centre looked great the other day.

Granted it was a lovely sunny morning, and it was the day of the public sector strikes so the centre was buzzing with rather more families than any other given Thursday but still, credit where credit's due.

St David's 2 shopping centre is starting to really gel into the city centre and units are filling up along The Hayes - and filling up with some pretty high calibre names. A very quick walk down one leg of the centre showed only one shop with its shutters down. But it's not just that, the streetscape has vastly improved and actually looks like somewhere I might want to spend half an hour sitting outside a cafe sipping a latte and reading the paper.

If you don't believe me have a flick through the pics above.



JR Smart are at it again. Yesterday they launched Cardiff's Capital Quarter which has planning for up to 730, 000 sq ft of offices, hotel and residential.

The site itself beggars belief. It's a prime bit of development land,just a stone's throw from the both Cardiff Central and Cardiff Queen Street stations; you can actually see the end of John Lewis from the site, yet until very recently it was a ramshackle of industrial units and scrub.

Lots of people have launched grand plans but JR Smart are unusual in that they've actually built something, the 36, 000sq ft Driscoll buildings. They claim to be the only people outside London to be spec building at the moment.  And they're not stopping there. Plans for a 76, 000 sq ft headquarters-style building are underway and should begin later this summer.

Ask Alex Smart why they're doing it and he just shrugs and says: "my dad likes to build things, it's what we do."

A podcast with Alex Smart is now available here. Click through to hear him discus their plans for Capital Quarter, losing the Admiral deal and other potential lettings, as well as how JR Smart will make money where other developers fear to tread.

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