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The latest commercial properties from VSL & Partners
OXFORD BUSINESS PARK Oxford, OX4 2JZ TO LET
4,000 sq ft – 25,000 sq ft New contemporary refurbished offices with exposed services and a dedicated concierge service providing an inspiring working environment.
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13A & 14A STATION FIELD Kidlington, OX5 1JD TO LET
3,927 sq ft – 8,529 sq ft Warehouse/Trade units fully refurbished. Station Field is an established commercial location offering a mix of trade and industrial users.
1-5 WITAN PARK, AVENUE TWO Station Lane, Witney, OX28 4YT TO LET
4,915sq ft – 72,173 sq ft Extensively refurbished and ready for occupation, located on the popular Station Lane commercial/trade estate. Units available individually or combined..
14 FENCHURCH COURT Bobby Fryer Close, Oxford, OX4 6ZN TO LET
2,593 sq ft Refurbished 50/50 building with main road frontage, close to Oxford Ring Road, Mini Factory and Oxford Retail Park.
unrivalled local and regional expertise
1,000,000
news
2019 was a record year for Oxfordshire industrial 50,000
stock levels says VSL INTEL report 0
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Supply Take Up
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The VSL INTEL commercial property report shows that 2019 was a year of industrial speculative development for Oxfordshire with the largest supply of new speculative stock coming to the market in history.
A total of 375,000 sq ft of industrial speculative stock is recorded which has led to an increase in supply by 64% to 1,360,000 sq ft, up from 828,000 sq ft in 2018.
Conversely, the supply of office space has remained static and there is little speculative development coming forward in the next year so existing refurbished stock will continue to support the market.
The 2019 VSL INTEL figures show a confusing picture as take up for office and industrial space dropped, although rents kept climbing. The uncertainty of Brexit is partly to blame for the dampening of take up figures but this was tempered by a buoyant feeling in the market due to the number of successful spin-out companies starting and flourishing in Oxford.
Transactions across the office and industrial market have fallen significantly since the highest levels recorded 2 years ago. A total of 28 office transactions were recorded compared to 52 in 2017, while 35 industrial transactions took place compared with 49 in 2017.
VSL Director Tom Barton explains: “Further speculative industrial supply is forecast for 2020 and we predict 2020 will be a new record for stock delivered to the market, providing a further 700,000 sq ft. This will dwarf the level of stock delivered in 2019 and reflects investor and developer confidence in the Oxfordshire market.
“The delivery of new stock will be focused almost entirely around the towns of Bicester (230,000 sq ft), Didcot (310,000 sq ft) and Witney (164,000 sq ft) where land has been released via a well planned local authority planning framework.”
Richard Venables, Director at VSL explains: “The domination of demand experienced in recent years from the science and technology sector has waned slightly this year. This sector still accounts for 63% (70% in 2018) of office take up but has sunk to only 26% (64% in 2018) of the industrial market.
“Our records don’t take into account the smaller lettings and there is a strong feeling that spinout activity continues to be positive with OSI plc ready to fund the intellectual property emanating from the universities.
“We believe that this market will bounce back in 2020 as the upsurge in start-up companies recorded in recent years mature with 2nd and 3rd round funding leading to new property requirements.”
The VSL Intel annual report provides an analysis of the office and industrial market focusing on central Oxford and the A34 ‘Innovation Knowledge Corridor’ for offices from 3,000 sq ft and above and industrial
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Annual Take Up Botley Oxford City Milton Park Oxford Ring Road (East) Abingdon
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A34 Corridor Industrial Supply & Take Up
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from 5,000 sq ft and above.
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500,000 600,000 The 2019 report features an interview with Peter Wilder, Head of Property for Oxford Sciences Innovation plc (OSI) about their ambitions and his forecasts for the future property needs for the spin out companies.
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300,000 400,000 In 2019 VSL was named as Oxfordshire’s most active agent and dealmaker of the year for the 11th year by Estates Gazette Interactive (EGi). VSL transacted 14 offices deals equating to 56% of total take up and 19 industrial deals equating to 60% of the total market take up in 2019.
£15.00 £15.00
100,000 200,000 To view the report please visit https://bit.ly/2RsEDJD or for further information please call 01865 848488 or visit www.vslandp.com
A new opportunity for landowners and developers? Carter Jonas considers conservation covenants
The agricultural community is preparing for the biggest shake-up to face the sector in 40 years. The long-awaited Agriculture Bill has been brought before parliament, as well as the Environment Bill that sets out how the government will build on the 25 Year Environment Plan.
Written by: Mark Charter, Partner, Carter Jonas Oxford
Farmers will now be paid subsidies based on their care of the environment, a shift announced previously as the UK leaves the EU and its agricultural policy.
Against this backdrop, many in the industry are looking for alternative ways in which they can support their business. The Environment Bill could provide opportunities around natural capital and environmental standards. One aspect of the Bill is the proposed introduction of legislation for conservation covenants. These are private and voluntary agreements between a landowner and a responsible body, such as a conservation charity, allowing for positive or restrictive obligations to fulfil a conservation objective.
These covenants are attached to the land itself so, should the land change hands, the covenant continues to bind future landowners. The intention is for the parties to be free to negotiate terms to suit their specific circumstances and requirements, including the length of time that the agreement applies.
Currently, the only parties permitted to enforce covenants are the adjacent landowner, or landowners, and the National Trust, but there are proposals for this to be amended and the remit extended to charities and possibly registered for-profit bodies.
The benefit of using such covenants are threefold. It will provide a long-term and robust mechanism for ensuring biodiversity net gain during development, a requirement under the National Planning Policy Framework. It is expected
that developers would be able to deploy such a covenant as a means of facilitating development by securing compensatory habitat creation elsewhere. The use of a conservation covenant could help enable a developer to facilitate the required environmental improvements to natural capital; the landowner would be paid to implement a change on their land, to leave the environment in a measurably better state, whilst a responsible body would be paid to accept, monitor and enforce the covenant.
In this case, the covenant would stipulate future land use protocols or management systems and the land would not need to be owned by the responsible body.
This would be one way for a developer to secure the required biodiversity net gain, and landowners may find that another route would allow them more flexibility in terms and duration.
Secondly, an alternative and more philanthropic use might see such covenants being created by existing landowners or benefactors looking to create lasting legacies. A conservation covenant could be devised to secure an environmental benefit to natural capital that accords with their own beliefs and objectives, such as enduring organic status or the creation of habitats to encourage biological diversity. As the land is passed through generations or bought and sold, the limitations on the way the land is used and employed will remain.
Finally, it is also possible that corporate polluting organisations could seek to achieve their environmental objectives and off-set their carbon or other emissions by entering these covenants.
The concept is not without its drawbacks. Concerns have been raised regarding the ongoing funding and maintenance required to comply with covenants in the future, and who should be responsible. Landowners will need to consider the long-term impact of such covenants whilst responsible bodies will have to ensure that they have the management skills and resources to oversee and enforce them. Those considering offering biodiversity offsetting should also look carefully into whether the shortterm increase in income is enough to counterbalance any loss of potential value moving forward.
The requirement to offset biodiversity losses is likely to become a routine requirement when a habitat or natural resource is adversely impacted by development. Carter Jonas, with a rural team who manages over a million acres of land throughout the UK, and a planning and development team advising on 23,000 acres of development land, is well-placed to provide proactive advice to enable developers and landowners to work together to mutual benefit.
If you would like to discuss this subject or any of your property requirements, please contact Carter Jonas.
Mark.Charter@carterjonas.co.uk 01865 404 406 www.carterjonas.co.uk
”Mark Charter - Carter Jonas
Please get in touch for information or to arrange a visit to Springfield Meadows
Build your dream home at Springfield Meadows, Southmoor
Springfield Meadows is a green and leafy site for just 25 houses across 7.7 acres, situated off Bullockspits Lane, Southmoor – a selection of modern, attractive 3, 4 and 5 bedroom Custom-Build Eco-Homes to be constructed in accordance with ‘One Planet Living’ principles, building carbon neutral, low energy homes from sustainable construction materials, promoting natural and wildflower habitats within the large green spaces on site. It has been so successful that we now only have a few plots remaining, so don’t miss out.
If you would like to know more, then please contact us and we will be happy to answer any questions you may have.
Plots from £395,000 to £550,000 - Turn-Key Custom Built Homes from £775,000 to £1,186,000.
PLOT 12
PLOT 16
PLOT 17 Plots available
PLOT 21
Mortgage Advisor Tara Reid (Peppermint Mortgage Services), Negotiator Am Hughes, Managing Director Rowan Waller…. And Cookie the Office Dog!
FOR SALE
Sutton Wick £895,000 A Five Bedroom Barn Conversion in a small hamlet just south of Abingdon
Cutteslowe - £398,000 A Modern Two Bedroom Apartment with South Facing Balcony
TO LET
Here at Wallers Estate Agents we believe in doing things a bit differently. It’s about selling and letting properties, but having fun whilst we’re at it! That’s why we keep things friendly and personal, as well as professional… which means getting the job done for our clients in a way that they can feel relaxed and reassured throughout the process. Come in and meet the team, have a coffee, and better still have a cuddle with Cookie the office dog – and let’s get you moving the Wallers’ Way!
If you have any questions about the market in 2020, then please get in touch with Rowan and the team.
Wolvercote: One Bedroom, £895pcm Wallers Estate Agents Ltd. t. 01865 435175 m. 07982 632733 e. move@wallersestateagents.com w. wallersestateagents.com
