Thu, 24 July 2014
Groups representing more than 400 London landlords have taken the unprecedented step of launching a property manifesto for the first time.
Mon, 21 July 2014
Developers Ballymore and Hines have secured one of the largest relocations out of London in the past five years. Government-owned infrastructure company HS2 today confirmed that it has signed for 100,000 sq ft of new office space at Two Snow Hill on the edge of Birmingham’s city centre office core.
Although terms were undisclosed, rents are likely to be between £28 and £30 per sq ft at Two Snowhill. HS2 will consolidate construction staff from its various London offices, including Sanctuary House in Westminster and Eland House in Victoria as well as its Canary Wharf operation into the 14-storey, 310,000 sq ft building, which was completed earlier this year. The deal also includes expansion space to house as many as 1,500 staff to work on the £50bn high-speed rail project.
The letting is a triumph for Birmingham city council, which has spent the best part of a year brokering the transaction and steering HS2 away from one of its original options, to consolidate into a single building in central London.
Council leader Sir Albert Bore, along with secretary of state for transport Patrick McLoughlin and HS2 chairman Sir David Higgins this morning confirmed the move at an event at Birmingham City University’s Parkside building in Eastside.
McLoughlin also launched Birmingham Curzon Regeneration Company, the delivery vehicle responsible for regenerating nearly 350 acres around HS2’s Curzon Street rail terminus in the city’s Eastside district. BCRC is expected to contribute a £1.3bn boost to the local economy, create 2,000 new homes, 14,000 new jobs and 6.5m sq ft of new employment space.
The new body will work in partnership with the council, Greater Birmingham and Solihull Local Enterprise Partnership, HS2 Ltd and central government, which will all be represented on the company’s board.
To accelerate regeneration of the Curzon Street site, the deal will deliver a further £140m investment to be used to extend the Midland Metro. The extension will bring tram services into the heart of the Birmingham Curzon area and link the HS2 terminus to the local transport system.
Additionally, the GBSLEP is investing £30m to support development activity in the Birmingham Curzon area.
McLoughlin said: “We are committed to seeing HS2 delivered and maximising the local economic impact that this major piece of national infrastructure will bring.”
Waheed Nazir, director of planning and regeneration at Birmingham council, added: “The decision to locate the HS2 construction HQ in Birmingham demonstrates the strength of the city centre as a prime office location. As confidence returns to the market this decision will kick-start further investment in the city’s office stock helping to fill the gap in supply and meet the rising demand for high quality office space.”
The announcement demonstrates that HS2 is now “powering forward,” said Higgins. “It is essential that power is devolved from London, to the regions, who must now play a key role in delivering HS2," he added. "The Birmingham Curzon Regeneration Company is just the kind of locally driven body that will help ensure the successful completion of HS2.”
Mon, 14 July 2014
The average shopper has nearly doubled the number of stores they use on a regular basis compared with a decade ago.
According to Hammerson and retail consultant Conlumino’s 2014 Retail Report, consumers visited an average seven stores for their purchases ten years ago compared with around 13 today, as more international brands enter the UK market.
Up to 45% of shoppers now use three or four channels – such as stores, online, mobile - to shop compared with one or two in 2002.
The research revealed the three different types of shopping trips that consumers make: convenience, experience and luxury.
Up to half of all shoppers enjoy an experience-led shop every month or two and average spend is £57 across all age groups. Experience trips accounted for a total shopping value of £14bn last year.
Some 43% of consumers go on a convenience shopping centre trip every fortnight. In 2013, convenience trips accounted for £29bn.
Meanwhile, shoppers go on a luxury excursion every six months, where average spend is £225. It rises to £355 for people aged 46-64 years’ old, with men more likely to spend more on a luxury outing than women. Luxury shops account for a total shopping value of £10bn.
Up to 23% of consumers say they have shopped more at value retailers in recent years and 18% say they will revert back to normal when the economy has improved.
Technology has slowed down the purchasing process, with consumers now spending almost twice as long browsing for products compared with 10 years ago.
And nearly three quarters of people rarely make a purchase at full price and 60% wait until a product is on offer.
David Atkins, chief executive of Hammerson said: “Retailers have to work harder than ever to attract this customer – they need to distinguish their brand and their value proposition and it’s essential to create compelling shopping environments both on and offline if they are to continue appealing to today’s consumer.
“While retailers continue to adapt to changing consumer demand, we also have to continue to develop iconic destinations with engaging and sociable spaces. Across the three styles of shopping, consumers are expecting more and it’s no longer just about shops. Our centres are increasingly moving towards entertainment centres, which need to excite and surprise shoppers on every visit.”
Thu, 3 July 2014
Trams, overhead rail lines and rolling stock are all transport options for Leeds in the future. But the Trolleybus is the most viable solution for now.
Connectivity and its role in Leeds' flourishing economy, evoked strong feelings among the panel and 100-strong crowd at Estates Gazette's Leeds Question Time on 2 July, 2014, held in the Everyman Cinema at Trinity Leeds.
Wed, 2 July 2014
Patrizia announces Thames Valley spec plans
Oaktree Capital Management and Patrizia UK have announced plans to speculatively development a 60,000 sq ft grade-A office development at Winnersh Triangle in Reading.
Patrizia’s head of development Dan Williams, and the firm’s asset manager for Winnersh Triangle, talk to Estates Gazette about why now is the right time for the button to be pushed on speculative development.