Recently in Development Category

Development was the hot topic among Bristol, Swindon and Bath's property fraternity at our annual reception in Bristol on Friday. Developers were out in force among the 60 or so guests and keen to talk about starting on projects in the area.

HDG Mansur's Chris Read was as bullish as ever about its Finzels Reach scheme in Bristol and has promised a site tour so I can see the work that is going on (keep an eye on this blog for a full report). And Muse was equally bullish about its Union Square project in Swindon although wouldn't be tied down on an actual start date.

EG's editor Damian Wild announced the winners of the EGi Deal's Database competition: Alder King and King Sturge and after all that excitement is was time for a bite to eat and a catch up on the rest of the market gossip.

A selection of pictures from the event are below, more will be added as they become available and the synopsis for the Bristol, Swindon and Bath Focus is available here

The North West is "leading the UK out of recession," and "intervention at a regional level has protected the region from the ravages of recession." That was the bullish claim of one speaker at this morning's Smith Institute seminar at the House of Lords this morning I went to this morning.

The institute used the seminar, which featured among others North West minister Phil Woolas, to unveil its latest publication,The Future of the North West.pdf

The report states that the North WEst now has a £120bn economy and urges that the region be granted greater economic powers in order that its economic priorities be met.

The Chatham House rule prevents me from dishing the dirt on who exactly said what, but the flavour was a generally positive - vehemently at times - overview of how the North West is faring this downturn.

The subtle difference between these two recently-taken pictures (except for the fact that one is a night-time snow scene and the other isn't) is that they show the site of Manchester's largest development project, before and after the diggers rolled in.

The images are taken from the top of the Co-operative Group's New Century House in Manchester and show the site of the group's 325,000 sq ft headquarters development. The top picture, taken last December, clearly shows the landholding still in use as a car park. The bottom picture, taken last week, shows that groundworks for the 3D Reid-designed building are now underway (EGi subscribers can read more about the project here.) 

 

Regional rents may be over the worst. Jones Lang LaSalle has issued what at first looks like an up-beat release for developers desperate to get cracking on those building plans (read the full report here). But read on, the agency goes on to say that it's a shortage of supply and definitely not a growth in demand that's pushing up those rents.

Look at its office clock and that bottom left quadrant, which shows rents accelerating is sadly and totally empty. From a regional point of view only a handful are inching past the 4pm rents bottoming out mark.

Edinburgh and Leeds started to fall later so are behind the cycle and only just beginning to catch up now, says JLL. Birmingham fell first so is already past the worst.

Readers who are partial to watching 22 grown men kick a ball around a rectangular pitch will be intently watching the financial crisis which is enveloping football, from both a supporters' and a property perspective.

Especially with the news this week that sports minister Gerry Sutcliffe has shown football the yellow card by calling for the sport to be better regulated, particularly when it comes to clubs' spending habits.

Indeed, across the country, the financial problems faced by football clubs are highlighting property's role in the sport.

Here's what the press have to say about it.

Crystal Palace: Last Friday, EG's Mike Phillips revealed how the sale of beleagured Crystal Palace FC's stadium is likely to prove crucial in the hunt for a buyer for the club. EGi subsribers can read the story here.

The Croydon Advertiser reports that the complicated ownership of Palace's ground has been a major stumbling block in the club's search for a buyer, but that talks are progressing.

Portsmouth: As it faces the possibility of liquidation, Portsmouth FC has dominated sporting headlines of late. Portsmouth Today reports that the hunt for a buyer is on, but of particular interest to property people is the fact that property giant Grosvenor was one of the parties persuing the winding-up order against the club, as reported in The Telegraph. The petition was subsequently withdrawn.

Colin Sinclair's decision to quit as chief executive of Greater Manchester's inward investment agency, MIDAS, to join Bruntwood has been greeted with surprise and curiosity in Manchester.

"Colin has done a fantastic job in flying the flag for Manchester and he will be a very hard act to follow," says Ken Bishop, head of DTZ's Manchester office.

Echoing other views in the city, Bishop added that he will be "intrigued" to see what exactly Sinclair's role with Bruntwood will be.

Peter Gallagher of agency P3 was similarly full of praise for Sinclair earlier today: "He leaves a huge legacy and his achievements at MIDAS are immeasureable.

He added that any new job for Sinclair would have to be a "big role" and that it "clearly signals a change in Bruntwood's operation; he goes there with a big brief."

According to today's press release from Bruntwood, Sinclair will be the firm's special projects director, with the redevelopment of the Manchester Business School his first task.

One swallow doesn't make a summer. But how about four?

Today Savills announced it thinks London office rents will rise to as much as £56 per sq ft in the City this year and up to £98 per sq ft in the West End next year.

That's a lofty 18% rise in the square mile and 11% in the West End.

That follows the news yesterday that Land Securities is to dust off plans at three speculative developments in London (the EGi story is here). And earlier this week, both Knight Frank and Jones Lang LaSalle issued up-beat statements about how 2009 ended.

I'm currently up in a very rainy Manchester, catching up on all the news and gossip and gathering ideas for our upcoming Manchester Focus ahead of the release of the synopsis at our reception on the 3rd Feb (you can get more details by clicking here).

A recurring theme is the lack of office stock in the pipeline. Indeed, walking around Manchester, cranes on the skyline are notable by their absence.

Final year-end figures for 2009 are soon to be finalised, but Lambert Smith Hampton reckons there is around 900,000 sq ft of prime availability in the centre. Total take-up for 2009 is expected to have reached the 700,000-800,000 sq ft mark, meaning that there's little more than a year's worth of stock out there.

 Picture by Frankie Roberto used under the Creative Commons license on Flickr.

• Bedford

The town's Station Quarter comes under our microscope in this week's EG. The council is proposing a £130m regentation of the site but has yet to find a developer, or assemble large chunks of the site.

It's not the only large scale development trying to take flight in the town. Melanie Smith has also looked at the progress of St Modwen's Town Centre West. Last month the council extended its agreement with the developer presumably to give St Modwen some breathing room to get the 19-acre scheme going. Some are building such as Goodman and Unilever at the Colworth Science Park (pictured), although already has EEDA backing and two universities signed up. 

• Luton

Daniel Cunningham asks whether the long awaited renaissance of the town has ground to a halt. He analyses progress at Napier Park and Butterfields business park. 

• Industrial

Last year's take up is nearly half the 2008 level, and Daniel finds that when asked to name requirements agents draw a blank. That said, Canmoor which bought a portfolio of four indsutrial estates from SEGRO is looking to speculative develop. To find out why they think this is a good idea read this week's EG. 

The snow has got Focus in a festive mood again this week and in the mag we're already pretending its Christmas 2010. 

In the London market pages I've asked the capital's experts to cast their minds forward and tell us how they think they'll be summing up the market come December.

Up for discussion is the possibility of a hung parliament, and expiring planning permissions at Sellar Property's New London Bridge House more commonly known as Baby Shard, as well as phase 2 of Hammersmith Embankment.

Talk of rental growth is always on agents lips and indeed there's plenty of that in the predicitions. But, with the news today that both Australian bank Macquarie and law firm Stephenson Harwood have been shunted from newly occupied City schemes (EGi subscribers can read the story here) it seems some of their forecasts are already coming true.

In the south-west boroughs Battersea Power Station's future hangs on the Northen Line extension. Melanie Smith looks if the sums will add up. And Daniel Cunnigham asks what's next at Elizabeth House in Waterloo after planners rejected initial proposals. The naming of a new developer is long overdue and most are desperate to see its future crystallised.

Picture courtesy of anniemullinsuk on Flickr