Commercial property is, once again, seen as an attractive investment as the market continues to pick up and this week LondonMetric confirmed that it has acquired Superdrug’s Doncaster distribution centre in a £13 million deal. The retail group purchased the 292,500 square foot warehouse property from OLIM Property, with the sale expected... Read More
Commercial landlords are being warned to beware of the risk posed by drug gangs renting properties for the cultivation of cannabis. The damage caused by cannabis farming tenants can be extensive, warns David Robbins Earlier this month, a man was jailed after a cannabis farm was discovered in a rented industrial unit in Mitcham. The... Read More
The number of Scottish business looking for premises continued to rise during the final quarter of 2013, a Royal Institution of Chartered Surveyors (RICS) survey has shown. Increasing optimism about the economy and a greater willingness to lend by the banks and financial institutions filtered through to the commercial sector to produce... Read More
During the financial crisis, and throughout the resulting recession, many small businesses on the high street were forced to close as a result of falling footfall and low consumer spending. This led to a rise in commercial property vacancy rates, which was kept in check largely due to the number of betting chains taking advantage of lower... Read More
With commercial landlords forced to offer greater incentives to attract tenants during the financial crisis, lease lengths have fallen to an historic low Prop-Search reports. Prop-Search surveyor Samantha Jones More than 80 per cent of leases signed in the year to June, 2013, were between one and five years. “The continuing tough... Read More
Dublin is facing an invasion of international businesses and retail chains pushing rents to record highs and forcing a fresh wave of office developments. According to the commercial property consultancy, CBRE Ireland, prime office rents in Dublin 2 and 4 districts, which rose by over 25 per cent last year, will continue upward by another 15... Read More
The rise of click and collect shopping has revolutionised the retail industry, with a growing number of grocery retailers in particular seeking new ways to aid their customers in juggling the weekly shop around their busy lifestyles. Recently, Asda trialled an initiative which saw consumers able to order their shopping online and collect... Read More
The government’s enterprise zone funding is going to good use in Hampshire where a £7m infrastructure grant has underpinned the redevelopment of a former Royal Navy air station. The money — awarded by the Department for Communities and Local Government (DCLG) — will allow the upgrade of an access road and fund site preparation work at... Read More
Although the economy has largely picked up and allowed industries such as manufacturing and retail to flourish, certain regions of the UK have continued to underperform due to weaknesses in the local economy. Yet it appears that the final quarter of 2013 marked a turning point for the Scottish retail industry, with sales growth outperforming... Read More
A plan to build a ten-storey hotel and cinema complex in Leicester Square faces opposition from heritage groups and the Greater London Authority (GLA). The developers say the proposal, which was approved by a single vote by Westminster council, will bring renewed vibrancy to the square, boost employment and provide affordable... Read More
A month after the expiry of a Government deadline Northern Ireland ministers have still not been able to agree on a development blueprint for greater Belfast. The Belfast Metropolitan Area Plan (BMAP) — which aims to boost economic growth, development and employment in the area and zone land for specific uses — was passed to Stormont... Read More
Three years after rescuing a Park Avenue office tower from default Vornado Realty Trust has put the Manahattan property on the market. Vornado — which has a stake in more than 20m square feet of Manhattan office space — has instructed Eastdil Secured to handle the sale of 1 Park Avenue. It has informed the agents that it expects to make... Read More
Central London office investment has now reached an all-time high, with the fourth quarter of 2013 becoming the highest grossing quarter on record. Investment volume peaked at £7.46 billion between the start of October and the end of December, increasing by 24 per cent in comparison with results achieved in the third... Read More
When comparing the economy of today with the situation only one year ago, one may be forgiven for assuming that the fast pace of recovery has ensured financial security for businesses in record time. However, as the economy is still geared towards austerity and is thus highly dependent upon business growth in order to maintain stability,... Read More
One of Washington’s landmark hotels has been sold and moth balled prior to a multi-million dollar redevelopment. Details surrounding the sale by Stanford Hotels Corporation of its L'Enfant Plaza Hotel in downtown Washington D.C. are still sketchy with new owners L'Enfant DC Hotel LLC refusing to confirm the sale price or a start date for... Read More
Vancouver's downtown building boom will create much-needed office space in the city. Mayor Gregor Robertson broke ground recently on The Exchange, a $200 million, 31-storey Credit Suisse office tower in the financial district. It is one of seven buildings currently under construction downtown. Robertson believes the projects will help... Read More
UK retailers have faced a number of challenges in recent years, with competition from online brands and the rising cost of business rates compounding financial issues caused by the longest recession in recent history. Yet while these issues are now gradually decreasing thanks to an upturn in consumer confidence and attempts to rejuvenate the... Read More
An estimated $1.4 trillion in commercial mortgages are due to mature between 2014 and 2017 and, according to a year-end report from real estate analysts Trepp, lenders and investors could be in for a flood of refinancing that could result in challenges for the market. The greatest volume of loans will become due in the northeast... Read More
The West Country is facing its biggest surge in speculative development projects for more than five years, according to some of the region’s leading agents. With office space in Bristol at its lowest since the downturn of 2008 and industrial availability at just 2.75m sq ft — the city’s lowest for 10 years — agents Alder King... Read More
Over the past nine months, the commercial property market has seen a marked rise in demand. UK property is very attractive to investors right now, with annualised returns of about 8.7 per cent forecast over the next three years. As the economy improves and businesses are becoming more confident about their future profitability,... Read More
Privatisation will pave the way for land and property sale An outsourcing company recently given clearance to bid for government contracts following a six month suspension, is the front runner for a £400m contract to manage the country’s entire military estate. Serco is one of three consortiums in the race to win a 10-year... Read More
One of the North-West’s biggest commercial property groups has reported a 42 per cent surge in its pre-tax profits. The family-owned Bruntwood group credited last year’s record £16.8m profit to the ongoing “recovery in the Liverpool property market” and securing one of the biggest lettings deals of the year with outsourcing... Read More
