Stoford is backing Wales and the South West for growth. That's quite a statement from the West Midlands based developer who up until a year or so ago were basically unknown in either region.
Stoford director Dominic Stokes said today that despite being a relative newcomer to the scene it hoped mega deals done to date would put it in a good place to build on their reputation. 'The Midlands is very quiet, it's good to see in Wales and the South West there are a number of occupiers and that's where we see our growth," he said.
Developers Stoford debuted in Wales when it became the surprise winner of the fight for Admiral Insurance. The deal to build the insurers new 215,000 sq ft HQ was the biggest of the year in Cardiff in 2010 and had been expected to be landed by Wales stalwarts MEPC/Rightacres at Callaghan Square. However, Stoford's having done a deal with Land Sec held the key city centre site - adjoining the St David's shopping centre - on the David Street car park. The deal was a relief, says Stokes, 'the region was foreign to us and it was challenging,' he said not least from the expenditure it involved.
In Avonmouth the developers are just putting the finishing touches to the Co-ops 435,000 sq ft mega distribution centre. It's regional profile has blossomed and this year it won EG's property ompany of the year not just in its home region of the West Midlands but was voted by local property professionals as property company of the year in Wales and the South West. Stokes picked up this latter award at the RICS Wales awards ceremony at the Parc hotel today.
However, Stokes said spec development was a definite 'no'. "We generally don't buy up land and hold it but prefer to work with occupiers and identify sites for them." This will be its strategy going forward in Wales. 'We hopefully off these deals and the award built up a rapport with local agents...and we've now got a project to show people.'
Listen to Stokes talk about this and more by clicking on the podcast below.
A full report on the Wales market will be published in this Saturday's EG
Stoford director Dominic Stokes said today that despite being a relative newcomer to the scene it hoped mega deals done to date would put it in a good place to build on their reputation. 'The Midlands is very quiet, it's good to see in Wales and the South West there are a number of occupiers and that's where we see our growth," he said.
Developers Stoford debuted in Wales when it became the surprise winner of the fight for Admiral Insurance. The deal to build the insurers new 215,000 sq ft HQ was the biggest of the year in Cardiff in 2010 and had been expected to be landed by Wales stalwarts MEPC/Rightacres at Callaghan Square. However, Stoford's having done a deal with Land Sec held the key city centre site - adjoining the St David's shopping centre - on the David Street car park. The deal was a relief, says Stokes, 'the region was foreign to us and it was challenging,' he said not least from the expenditure it involved.
In Avonmouth the developers are just putting the finishing touches to the Co-ops 435,000 sq ft mega distribution centre. It's regional profile has blossomed and this year it won EG's property ompany of the year not just in its home region of the West Midlands but was voted by local property professionals as property company of the year in Wales and the South West. Stokes picked up this latter award at the RICS Wales awards ceremony at the Parc hotel today.
However, Stokes said spec development was a definite 'no'. "We generally don't buy up land and hold it but prefer to work with occupiers and identify sites for them." This will be its strategy going forward in Wales. 'We hopefully off these deals and the award built up a rapport with local agents...and we've now got a project to show people.'
Listen to Stokes talk about this and more by clicking on the podcast below.
A full report on the Wales market will be published in this Saturday's EG
| Tweet |
|
