review
Commercial Property In association with
GLOUCESTERSHIRE
ECHO
Citizen GLOUCESTER
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Wednesday, October 22, 2014
Flexible efficient contemporary
66 Queen Square where heritage meets innovation. A new landmark building in the heart of the city, 66 Queen Square offers open plan floor plates, while integrating the period features of a Georgian terrace.
Available Spring 2015
Providing 58,000 sqft over five floors, the office space is designed to maximise occupational requirements while ensuring future sustainability. Available in spring 2015.
EPB-E01-S4
0117 927 6691
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Wednesday, October 22, 2014
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Welcome...
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HE saying goes that an Englishman’s home is his castle so it stands to reason that our business owners and managers will view their offices and warehouses with a similar pride and passion. And so they should. The right environment, the right building, are so important to productivity for a
business. We should all be proud of our workspaces. During the recession, that pride was dented somewhat. People focused purely on cost, getting the best deal often meant the cheapest deal. But now the economy is picking up, so are people’s heads and their ambitions.
We can see that in this special Commercial Property Review for Bristol, Gloucestershire and Somerset. On pages 6 and 7 we look at sustainability within developments and why for firms such as Skanska, it’s about more than just the bottom line. Pages 4 and 5 cover the grade A
market, the top quality offices such as Salmon Harvester’s 2 Glass Wharf where big companies can provide offices that send a message to staff and clients. We also look at the thorny issue of business rates reform (pages 8 and 9) and how that has effected the property market in the tough past few years.
And finally, we look at the picture across the region and at what is over the horizon (pages 10 and 11). There is certainly plenty to talk about. The market has been buzzing of late in Bristol and that is now spreading out into Gloucestershire and Somerset. Now we can build on that momentum.
GAVIN THOMPSON
South West’s really making it happen Andreas Lindelof, Managing Director Development at Skanska UK.
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Exciting times as the market gets moving Rorie Henderson, Development Director at Salmon Harvester Properties
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S a developer, this is an exciting time to be involved in the commercial property market in the South West. Having acquired a 0.3 acre site in 2010 from PwC and Lloyds Bank as part of the Castlemore Administration, we are now seeing our 100,000 sq ft office development at 2 Glasswharf come to fruition. The building will be completed in December and has already taken its place in the Bristol skyline, alongside the Floating Harbour and Bristol Temple Meads station. When we launched the building, which sits with the Enterprise Zone, at the end of last year we had fantastic support from Planning Minister Nick Boles and Mayor George Ferguson. It was a calculated risk but as we emerged from a recession, a risk all the same. Our £40 million investment in Bristol was seen as a sign that confidence had returned to the wider economy and it was hoped that by building a first-class office headquarters, it would act as a catalyst for further investment and job creation. To be rewarded with a top-flight professional services tenant prior to completion and with very strong interest in the remainder of the building, our gamble has paid off. So much so
OW is an exciting time for Bristol and the South West, both in terms of the commercial property industry and wider activity as Bristol becomes European Green Capital 2015. Skanska has been actively working across the South West for a number of years now, working with Bristol City Council to increase the number of pupil places and improve facilities through our schools programme. We have completed a state-of-the-art construction project for Bath Spa University, while our highways services projects in Somerset are improving flood defences in the region too. Of course, there’s also our new 60,000 sq ft Grade A office development in Queen Square, at the heart of Bristol’s city centre. We continue to recognise the strength of the South West region, not least because Bristol is its largest city, being recognised as one of the most prosperous cities beyond London. As the Mayor of Bristol, George Ferguson, has stated, the area is a “laboratory for change.” Bristol is doing things differently, thinking differently and is prepared to take risks to makes things happen. Skanska is helping to deliver these changes, both leading and col-
laborating where possible. Our new office development, 66 Queen Square, Bristol, began when only one other speculative development was taking place. We made a commitment, demonstrating our belief in the area, the attraction of the city and the timing of the market. Now, as we prepare to ‘top out’ construction of the new building, we can see real activity in the market with a number of large and smaller occupiers looking to take advantage of the opportunity to obtain new, high-quality, future-proofed office accommodation in a very attractive location. Skanska remains committed to the South West, continuing its schools programme and wider construction contracts, completing and letting 66 Queen Square and looking for further opportunities in the area. In demonstration of Skanska’s commitment to the area, and our continued commitment to sustainability in construction and development, we are proud to be an official sponsor of Bristol 2015 European Green Capital, along with partners First Group and KPMG. The fact that Bristol is the first UK city to win this prestigious award really shows that the city is doing things differently and is making things happen. We are delighted to be able to support the area both during this exciting time and in the future.
that we have now submitted an application for a £50 million, 110,000 sq ft office development with retail and basement car parking next door at 3 Glasswharf. Subject to planning permission, this building could be completed by the end of 2016. The site used to be a glassworks, so we have incorporated more glass into the design and given it a very modern finish. It will look more like The Eye, adjacent to Burges Salmon’s offices than 2 Glasswharf. There will be 39 car parking spaces, room for bicycles and solar panels on the roof to enhance the building’s green credentials. We also own a third site at Temple Quay and are considering options for this site. As a joint venture between Salmon Developments and NFUM (National Farmers Union Mutual Insurance Co Ltd), Salmon Harvester Properties has completed over £1 billion of development projects to date and 2 Glasswharf is one of the jewels in our crown. Bristol is a fantastic city to do business and invest. With clear leadership, great connectivity, a talented workforce and financial incentives, the region should be proud to have emerged from the recession stronger than before. The property market in general is warming up again and this is good news for local businesses.
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Wednesday, October 22, 2014
Grade A office market
BOLD SCHEMES RIDE THE WAVE IN As the economy finally recovers, eyes are on the grade A office market across the region. Gavin Thompson assesses the Bristol and Somerset scenes while Bev Hawes reports from Gloucestershire
BRISTOL
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HE headlines in the city’s grade A market have been made by two buildings over the last 18 months, and now we can add a third. First 2 Glass Wharf and then 66 Queen Square were brought forward as speculative schemes at the top end of the market. Following the lack of building since the recession, the schemes represented a gamble for developers, Salmon Harvester and Skanska respectively. Developing is a little like surfing, you have to time it just right and ride the wave or risk a wipe-out. Many thought the two firms had gone too early but now, with a little hindsight, their bold move is looking perfectly timed. Accountancy firm PwC this month agreed to lease the top floors at 2 Glass Wharf and the smart money is on rival KPMG becoming the key tenant at 66 Queen Square in the near future. It has been enough to convince Salmon Harvester, which owns three sites in Glass Wharf, to push ahead with its second, to be called 3 Glass Wharf, as it foresees a shortage in supply once those two headline schemes fill-up. Rorie Henderson, development director at Salmon Harvester, said they had always been confident in the Bristol market. “We have considerable interest in the remaining space at 2 Glass Wharf and hope to announce the scheme is fully let before Christmas,” he said. Ian Wills, director in JLL’s Bristol office, said the PwC move, along with TSB taking a 100,000 sq ft out-of-town space in Almondsbury, was a positive sign. He said: “TSB Bank and PwC’s recent announcements that they are taking 100,000 sq ft of top quality space between them in Bristol show that corporate confidence is improving. “In town, there is less than 200,000 sq ft of Grade A space available, which may seem considerable, but when you account for the fact that
● The success of 2 Glass Wharf has seen developer Salmon Harvester push ahead with plans for 3 Glass Wharf
● Richard Kidd
almost 100,000 sq ft of refurbished or grade A space is under offer and there is over 350,000 sq ft of major active enquiries out there from multi-national companies, the market is undoubtedly under pressure. “There is of course a pipeline coming through with 66 Queen Square and the major refurbishment at Narrow Quay House both due to complete next year. But this will likely soak up the existing demand, not necessarily allow for more. “So the question on everybody’s lips is: what and who will start next? Whilst there are encouraging prospects now being marketed with 3 Glass Wharf, Glassfields and Aspire Victoria Street, these are likely to require significant lettings before
they start to come out of the ground. However sentiment is moving very quickly, particularly on the developer side and thanks in part to funders being a little more willing to take risk. “What’s more, there is a perception that as things stand, choice is limited and therefore occupiers are taking the decision to push forward sooner rather than later.” Away from the speculative builds there is refurbished grade A space out there. Richard Kidd, office agency director at GVA in Bristol, said letting older grade A stock which has been sitting empty was proving harder. “Look at Bridgewater House, which is 78,000 sq ft, and Temple
EPB-E01-S4
A development by:
Completion December 2014
Back, which is similar,” he said, “They have been around for four, five or six years. We would like to see some deals happening in those places. “But I’m sure that will come.” Richard said the bulk of the activity had been in the below 20,000 sq ft size at rents below £20, which was well below the grade A level. Much of that had been driven by taking large amounts of older stock out of the market under permitted development rights which has seen swathes of office space converted into flats in Bristol. For the older top-end stock, landlords have been working hard to refurbish or touch up to make their properties attractive to potential ten-
For more information:
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Wednesday, October 22, 2014
Commercial property review
SHOW OF PERFECT TIMING GLOUCESTERSHIRE DEMAND for grade A office space in Gloucestershire has increased over the past three years and there have been a number of significant office transactions in recent months. And with a general lack of supply the county is seeing renewed activity in the development sector. Robert Smith, pictured, of property consultants Bruton Knowles’ Gloucester office, said: “Gloucester city centre has been short of Grade A office accommodation primarily because demand has been concentrated out of town around the business parks at junction 12 or 11a (of the M5). However the recent letting to Tidal Lagoon Power, which has moved into a new head office in Gloucester Quays’ iconic Pillar and Lucy House is proof that if you create the right product you will create demand. Tidal was based in Cheltenham and to pull a company out of Cheltenham of this size and persuade them to relocate to Gloucester is unprecedented.” Not only was it good to see one of Gloucester’s standout buildings back in productive use, but the move brings significant numbers of new employees into the city centre. “These extra employees will be shopping, eating and drinking in the immediate vicinity – bringing much needed footfall, vibrancy not to mention revenue into Gloucester Quays,” said Mr Smith. “The fact that High Street big hitters such as Coal Grill and Bar and TGI Fridays have chosen to take space at the Quays is essential if Gloucester is to attract people and business.”
Adrian Rowley, a partner at property consultants Alder King in Gloucester said: “Gloucestershire’s office occupiers are fundamentally after grade A space. For most requirements secondary space does not fit the bill, irrespective of the terms it is offered on. “Gloucestershire’s office market is more aligned to out of town locations in Gloucester, Cheltenham, Tewkesbury and Stroud where consented land is available and developers aren’t competing with higher value land uses as they would be in city centre locations. Demand has increased over the past three years with around 100,000 square feet of known requirements active in the market. “It’s the grade A market where we are seeing rental growth up to £18.50p per square foot, the first increase in headline rents since 2007. There have been a number of significant office transactions recently, the stand-out being the pre-let of 1420 Gloucester Business Park where Horizon Nuclear Power Services is taking a new 52,000 square feet three-storey building with expansion capabilities to provide an additional 15,000 square feet.” Mr Rowley said Gloucestershire had a very low supply of grade A office space, particularly in the larger 5,000 square feet plus range. The county was seeing renewed activity in the development sector but unlike Bristol there was little immediate prospect of any speculative development. “The market is at tipping point and speculative building will happen – it’s just a question of when,” said Mr Rowley.
ants. At Bridgewater House, for example, owner Cubex given the site a makeover recently. Accountancy firm BDO moved in as a tenant back in 2012 and has now taken the whole of the fifth floor while Barclays has taken the fourth, but much of the building is still empty. The third floor is under-going a re-fit and £3 million in being invested to keep the site up to date with a fast-moving market. As the neighbouring Finzel’s Reach residential and leisure development progresses, it will make the area feel more vibrant and perhaps Bridgewater House more tempting. Nearby One Victoria Street has also being remodelled and is being marketed by Knight Frank, with
industry speculation that Spanish insurance group MAPFRE Abraxas could be about to let the building. There are a few other big firms with grade A requirements around the city. Law firm TLT and energy firm EDF are talked about. And now that PwC has made the first move, more deals are likely to fall into place. Certainly, Bristol’s grade A market is back in business. Andreas Lindelof, managing director development at Skanska UK, put it: “The Bristol market will always bounce back. We took the view that going into Bristol as a developer a couple of years ago made sense because it was just a matter of time.”
● Bridgewater House, Bristol
SOMERSET ACCORDING to Peter Barrett, associate director at LSH, the Somerset market hugs the M5 motorway, with each junction its own individual character. He said there was very limited grade A space available, but predicted speculative building would return soon. “Portishead at Junction 19 has had the most business with quite a few developments between 2006-8 which had a lot of vacancies in the downturn but now starting to fill up at places such as Portisfield and Marine View,” said Peter. At Clevedon, junction 20, North Somerset council’s acquisition of Castlewood “sucked up” most of the public sector demand such as health services and the police, which skewed the market. But Peter believes there could be some deals elsewhere in the town soon. Next comes Weston-super-Mare, which is “probably the most exciting” area, according the Peter. The Weston Gateway business
park, part of the town’s enterprise area, is ripe for development and hoping to catch the eye of firms looking to position themselves between Bristol, the economic powerhouse of the region, and Bridgwater, where a new nuclear power station will bring huge investment. Knightstone Housing’s pre-let office was recently finished and plans are being drawn up to build an new grade A site, Enterprise House, next door. Plus there is 13,500 sq ft of space within Knighstone’s HQ available for let. Despite the activity further north, county town Taunton remains a key location. Local authorities and the Heart of the South West Local Enterprise Partnership last week unveiled their vision to develop a “strategic employment site” to the east of the M5 at Junction 25, while the existing town and businesses lie to the West. The plan aims to bring in new business and create 4,000 jobs, which will certainly mean opportunities in the office market.
Expert eye Simon Price Partner and head of agency Alder King
Region’s offices are making the grade
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IGHTEEN months ago, Bristol’s office market received the boost it was waiting for with news of two major new speculative developments in the city centre – one by Salmon Harvester at 2 Glass Wharf and the other by Skanska at 66 Queen Square. Together these will provide nearly 160,000 sq ft of much-needed Grade A office space in the heart of the city’s business district. Bristol’s office supply has been steadily falling over the past five years. Around 300,000 sq ft of city centre and out-of-town transactions are in solicitors’ hands and much of the obsolete secondary stock, particularly in the city centre, has been converted to residential use. By the end of the year, it’s likely that as much as 1 million sq ft of office space will have been transacted. The last time Bristol saw take-up at this level was in 2008. This has left less than 18 months’ supply of Grade A space available – not enough to meet the known 500,000 sq ft plus requirements of the region’s professional, financial services, legal, TMT and energy firms seeking larger prestigious premises. Such is the pent-up demand for Grade A space that the first deal for 2 Glass Wharf has just been signed at a record rent of £28 per sq ft, two months before practical completion of the building. As a consequence of this early success, Salmon Harvester has submitted a planning application for the adjoining 3 Glass Wharf which will offer 115,000 sq ft of Grade A specification accommodation. The next speculative development to come forward will be Phase 3 at Paintworks where demolition is now under way. The first two phases of this scheme have created a strong focus for the region’s thriving creative sector. In 2008 over 28 per cent of all jobs in Bristol were office-based, a higher proportion than Manchester. This figure has undoubtedly increased since then. It goes without saying therefore that cities with a plentiful office supply are better placed to grow existing businesses and attract new investment. The success of these first speculative schemes will no doubt act as a catalyst for further development and job creation over the coming years.
● The proposed strategic employment site to the east of the M5 at Junction 25
A development by:
For more information:
www.2glasswharf.com | www.3glasswharf.com
EPB-E01-S4
Completion December 2014
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Expert eye David Eynon Senior sustainability advisor Colliers International 0117 917 2074 07557 215400
Sustainable buildings make business sense
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HE pressure is on businesses to face up to a raft of sustainability-related issues across all areas of the property and built environment sector. Issues range from legislative and compliance pressures, such as the forthcoming Minimum Energy Performance Standards regulations – which will restrict the letting of assets with poor Energy Performance Certificate ratings from April 2018, to increased exposure to green taxes such as the Carbon Reduction Commitment framework and on-going issues around increasing resource prices and security of energy supply. Additionally, there is growing evidence that buildings demonstrating strong sustainability principles produce additional qualitative benefits around the improved health of occupants and increased staff productivity. Sustainability credentials are increasingly being linked to market perceptions of higher building “quality”. Whilst there is no definitive evidence to confirm that sustainable buildings in general currently command higher capital or rental values in the UK, it is becoming increasingly apparent that prospective tenants are avoiding buildings with poorer sustainability credentials – in other words, whilst there may be no “premium for green” buildings there will be a “discount for brown” buildings. The IPD EcoPAS green property index is currently working towards demonstrating and quantifying this link in the UK, as sustainability continues to develop as a major issue in commercial property markets across the globe. In the face of these increasing pressures, buildings with high sustainability credentials will have reduced exposure to risks around legislative obsolescence. They will also have lower occupational and operational/maintenance costs and will be increasingly attractive to prospective tenants resulting in reduced void periods. This will result in slower depreciation over the short to medium term, and potentially higher rental and sales prices in the longer term. In short, embedding sustainability and resource efficiency principles into buildings acts as a “value protector” through the mitigation of the intrinsic risks in owning and operating less sustainable assets, and will undoubtedly result in their outperforming of non-environmentally friendly properties over the longer term – especially as the direction of travel of government policy and the energy markets suggests that the pressures being faced now will only increase into the future.
Wednesday, October 22, 2014
Sustainability
Being good for the environment can be great for business too Housing your business in sustainable premises is about ethos and values, but it also carries benefits for the bottom line, as Gavin Thompson finds out
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EFORE the recession, developers were clambering over one another to shout their green credentials. Then the market has changed. But did priorities shift with them? Richard Kidd, director of office agency at GVA in the South West, said he felt the drive for sustainablity had been replaced by cold hard business sense in recent years. “In 2006, 2007 when a lot of grade A speculative build was going up there was a real buzz about sustainability, recycle-ability and the like,” he said. “With the recession, the market fell away. Sustainability has a price and in that market occupiers won’t pay that. They are less interested in whether the bricks were sourced locally. “But what occupiers are interested in is energy efficiency and keeping the costs down and their service charges as low as possible.” And that has led to a much old stock being improved to become more energy efficient, particularly while it has been standing empty in the economic downturn. The motivation is not quite the same, but at least the results are positive for the green agenda. Others would disagree with Richard’s reading, believing the whole sustainability package is a selling point. Or at least that the absence of it is a turn off to businesses. When Skanska designed 66 Queen Square in the heart of Bristol, sustainability was considered to be key. Andreas Lindelof, managing director development, said it was important to future-proof the project. “People may not want to pay a premium for sustainability now but they will see it as a requirement in future,” he said. There’s little point building something now that will be old hat in five years’ time. But Andreas points out that a developer alone could not make a building to truly sustainable. “You can have the greenest building on earth but then you open a window with the heating on full...”
EPB-E01-S4
Heritage meets innovation www.66queensquare.com
● 66 Queen Square has been designed with the highest standards of sustainability in mind
SUSTAINABLE STEPS ● Supplement conventional lighting with light tubes, or ‘sun pipes’ to make the most of sunlight during daylight hours. ● Install rain water catchment devices to use collected water for flushing toilets. If water is captured at the roof level, a small hydroelectric system could generate power as the water drops to ground level. ● The days of the old thermostat on the wall are numbered, with the arrival of intelligent software and devices, such as Nest, that adjust controls according to actual and real-time building use. ● Having a compost collection in kitchen for food scraps, compostable plates and cutlery
said Andreas. “We need tenants who are environmentally enlightened. It is a challenge for us to education tenants too.” Nicola Perry, associate director
is a simple step to cutting waste and can be used energy generation. ● Provide charging points for electric vehicles. ● Plant pollution-controlling trees directly outside the building, and include planting inside the building to improve indoor air quality and the general working environment. ● Consider solar panels installed on behalf of community energy groups ● Boilers fuelled by waste vegetable oil collected and refined from local restaurants and cafes are becoming increasingly common. Tips from JLL
in property and asset management at JLL in the city, said: “From a property asset management perspective, we are increasingly seeing demand from investors seeking to
improve the sustainability credentials of the buildings we manage because they have realised that these have a significant positive impact on asset value. We are also seeing increased demand from occupiers in this respect as they recognise that their businesses are under pressure to show that they have the appropriate sustainability credentials. The most sought after sustainability accreditation is GRESB, the Global Real Estate Sustainability Benchmark.” Her colleague Tim Harris, project management director at JLL, admits major projects to install energy-efficient measures can be challenging for some businesses, but he believes even taking one or two steps can make a huge impact in terms of cost and green credentials. “Being green is finally being seen as making smart business sense and increasingly a property’s sustainability credentials are making an impact on its value,” said Tim. “Sustainability is key for us at JLL, whether we’re marketing properties, managing facilities or working with developers on new buildings – ensuring it’s as environmentally sound as possible, is at the heart of what we do. And it’s also a rapidly developing world.”
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Wednesday, October 22, 2014
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Commercial property review
Award-winners bring building back to life WHEN architects Stephen Limbrick and Jeff Roberts first came across a historic building in the centre of Gloucester it was in a sad and sorry state. The 120-year-old former Carriage Works building in the city’s Bruton Way had become a derelict haven for down and outs and was on its last legs. But the once proud red-bricked structure captured the imagination of the two men who were determined to breathe fresh life into the landmark building. And what their company Roberts Limbrick Architects managed to achieve has been held up as shining example of how new, environmentally friendly office space can be created from a desperately rundown site. The building at the northern gateway to Gloucester had originally been constructed in 1894 by the Gloucester Carriage and Wagon as a showroom for the finest horsedrawn carriages – many of which were exported to far-flung parts of the empire. In 1904 the building was sold to the Post Office and became a sorting depot and then was taken over by Dunelm Mill as a retail outlet. Several years ago Dunelm moved out to Gloucester’s Westgate Island and the building fell into serious disrepair until Stephen and Jeff saw its potential. They had merged their two businesses a few years earlier and were looking to unite in one headquarters whilst remaining in Gloucester. Time was of the essence, the building had suffered a fire and lead had been stripped from the roof,
● Directors Jeff Roberts, left, and Stephen Limbrick at the Carriage Works site
Is sustainability just about being green?
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KANSKA’S commitment to contribute to a more sustainable world is resolute. One of the main focuses for our business is reducing energy use in buildings and minimising the carbon footprint of our projects – what the industry calls ‘sustainable development’. We constantly push the boundaries, working with our supply chain to develop innovative, cost-effective green solutions. Regardless of the project size, or how straightforward or complex it may be, our goal is to always exceed expectations. Sustainability, however, is not just about being ‘green’. With all of our projects we look further than just sustainable construction. We think about the whole life-cycle of a facility. We carefully consider how we
Know how Alex Jordan Leasing and marketing director Skanska UK
can meet the needs of today without jeopardising those of tomorrow. Take, for example, 66 Queen Square, our new 60,000 sqft grade A office building. One of just a few commercial developments currently being built in Bristol, 66 Queen Square combines a rebuild of Queen Anne’s House, maintaining the Georgian façade, with the development of a new modern, more efficient office space incorporating integrated sustainability features for long-term energy efficiency.
The building is designed to meet BREEAM Excellent and EPC A and it is being built with ‘near-zero’ environmental impact using recycled and green construction materials. This development is certainly challenging, in terms of the energy performance, due the requirements to retain the original Georgian structures and comply with the grade two listing. As such, although the ‘old’ part of the building has been built and fitted with as many energy-efficient features as possible, including LED lighting throughout, the requirement to maintain single glazing in the refurbished period sash windows has meant the ‘new’ part of the building has to compensate to a greater extent with additional sustainable initiatives. However, there’s also a more positive way to view these necessary adaptations. Through our work, we are developing sustainably by pre-
serving the period features of the building – being socially as well as environmentally responsible. It is a social commitment to preserve the history of the building, while providing a comfortable environment in which people can go about their daily work. The design, approach and method of construction at 66 Queen Square has been specifically adapted to respect the history of the area while maximising the functionality and demands of a modern office. The re-landscaped Thunderbolt Square and new façade of the building along King St further enhance the social environment, which benefits not only occupiers of 66 Queen Square but also the wider Bristol community. Ensuring that an office is efficient in terms of its design and layout is central when taking a sustainable approach to development. Efficient design is of increasing concern to
allowing water to pour in. The architects were determined to restore the building as sympathetically as possible whilst making it as sustainable as possible. The result is a light and airy office space and studio where clever use of glass ensures natural light provides 85 per cent of the lighting. The building includes an innovative heat recovery system and there is no need for visiting clients to burn up the road miles – Gloucester railway station is a short walk away. Earlier this year the Carriage Works building was recognised by the British Council for Offices as one of the South West’s four finest workplaces at its annual regional property awards. The Carriage Building won the award for Best Refurbished/ Recycled Workplace. The BCO judges said that taking on a disused and forgotten building was a brave decision and they were impressed “with the sensitivity of the refurbishment which breathes new life into this former horse-drawn carriage showcase building.” Now a showcase for Roberts Limbrick Architects, the judges added that it was one of the best examples of recycling, refurbishment and the rebirth of an existing period building. Judging chairman Chris Kimber-Nickelson said: “The Carriage Building was a particularly impressive project that emerged as a clear winner. Particularly impressive is the way the development has been so well received by the local community.”
both occupiers and investors. Modern investors understand the importance of future-proofing a building to give it longevity as an investment. The days of the single occupier 25-year lease are long gone and you have to expect that a property will be occupied by several different businesses over its lifetime. From this point of view it is important that a building remains desirable to prospective tenants to avoid costly void periods in the future. So is sustainability in development just about being ‘green’? No, it’s about recognising the purpose of a building and providing a structure in keeping with its surroundings. It’s also about delivering a space that is fit for use and comfortable for its inhabitants. Finally, financially-speaking, it’s an investment that is future-proofed to be fit for purpose for many years to come.
Heritage meets innovation EPB-E01-S4
www.66queensquare.com
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Wednesday, October 22, 2014
Business rates
UNFAIR BUSINESS RATES HOLDING The commercial property market, like the general economy, is recovering but head winds remain that could blow it off course. Among them is the question of business rates. Gavin Thompson reports
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USINESS rates – you either love them or hate them. If you’re the Treasury, you love them and if you’re a business you hate them. The reason Government has been reluctant to reform rates is that it is a broadly stable tax in uncertain economic times. If a company’s profits fall, it pays less corporation tax, if it buys fewer goods or services and it pays less VAT but its business rates go up based on an annual formula, unless they move to a property with a lower rateable value. The Treasury has been able to rely on around £27 billion a year throughout a time when income tax receipts, for example, have dropped significantly. Businesses, however, hate them. A degree of that will be simply because few people enjoy paying tax. Seeing your hard-earned pounds and pennies taken away by your local council and sent off to Whitehall is a bit annoying, to say the least. But with business rates their are legitimate gripes. Rates are based on the rateable value of a property, this is the figure the property could have been let for on a set date, the current date being April 1 2008. It should be re-done every five years, but this is now overdue and won’t happen until 2017. That means businesses have been paying rates based on peak pre-recession property values throughout a time when those values have fallen significantly. Another gripe is that the rise in rates is set using retail price inflation, RPI, which is generally the higher rate of inflation, compared with CPI. September’s RPI, which will be used for next year’s increase, was 2.3 per cent while CPI fell to 1.2 per cent. Rates expert and retail campaigner Paul Turner-Mitchell said: “Next April should have seen new rateable values apply to all properties which would have redistributed the liability for business rates fairly among ratepayers according to rental value of their properties as of April 2013. “Whilst shops, cafes, restaurants and pubs with a rateable value of less than £50,000 will continue to benefit from the £1,000 discount next year, a freeze would at least go a little way of addressing the inherent unfairness which has been created.” He said the RPI figure means business rates across all sectors will increase by £515 million nationally, with the average shop paying £13,076.66 (before the temporary relief) meaning an increase of £300.76. Sam Holliday, business development manager for the Federation of
● Chancellor George Osborne
Small Businesses in Gloucestershire and the West of England, said there was a universal feeling that business rates were not fit for purposes and needed reform. “The problem is, however, that with any major reform there will inevitably be winners and losers and no politician wants to risk upsetting potential voters so close to an election,” said Mr Holliday. “Realistically therefore I don’t think we can expect to see anything happen in the short-term to correct the problem. “Small businesses need to feel the Government is not over taxing them so that enterprise and entrepreneurship can be allowed to flourish and that principle should be at the heart of any reform. “Ahead of any reform we also want to see the temporary doubling of
small business rate relief made permanent so that the smallest businesses in can play their part in helping to grow the economy and create jobs without having to pay a disproportionate amount of tax.” While small businesses might not be big movers in the property market, disproportionate rates discourages them from taking either a first step onto the property ladder out of the back-bedroom and into an office or from an Ebay shop into bricks and mortar. Some of those small businesses might otherwise go on to become bigger businesses. From small acorns, the corporate giants of the future grow. Or something like that. A recent survey by accountants Bishop Fleming found just how much businesses across the South West hate rates. More than half (50.5 per
“ The Government is expecting the recovery to be driven by the small business sector, but that potential for recovery is stifled by the iniquities of business rates – the only tax that is index linked and guaranteed to rise, irrespective of how a business is performing.” Matthew Lea, Bishop Fleming cent) of those surveyed have seen rates rise to almost match their prop-
www.bristolpost.co.uk
Wednesday, October 22, 2014
Know how
Commercial property review
BACK ECONOMIC RECOVERY
● Offices to let, Victoria Street, Bristol
That has had a direct influence on the property market. Alan Morrish, partner at Alder King, said: “Business rates are based on rental values in 2008 when the world was a very different place. “The delay in the revaluation has had a marked effect on the retail sector in particular. Household names such as Woolworths, Habitat, Blockbuster and Jessops are no more. Walk around any shopping centre today and you will notice the number of empty units. Increasingly we shop online, preferring Amazon to Adams. “In some locations, retail rents have plummeted since 2008. Almost any landlord large or small will tell you about the impact of business rates and how a deal to a prospective tenant has fallen over after the tenant has found out his future rates li-
ability.” Ben Batchelor-Wylam from agency Colliers International said: “Gover nment would argue the cost of lighting our streets, running hospitals, repairing schools, etc have not fallen since the revaluation in 2010 and is why a very reliable tax like business rates is very important. “However, businesses want Government to share in the burden in tough times, anything else appears out of touch.” But he warned even a revaluation would not necessarily mean lower payments. “A revaluation of every rateable value is a double edged sword,” said Ben. “If Government had undertaken a revaluation in 2015 the balance of payments would result in redistributed tax from those where rental values (the basis for rateable value)
have fallen to those where rental values have increased – a Robin Hood tax if you will.” Whatever your view – and at the Bristol Post we’ve been strongly calling for reform – nothing will change this side of the general election and probably not before 2017. Until then businesses are encouraged to look into what they are paying and whether they have grounds for appeal. Businesses across the former Avon area alone paid £490.3 million in rates last year, not taking into account specific relief such as small business relief, according to figures supplied by rates experts CVS Commercial Valuers. Add to that £336 million in Gloucestershire and £245 million in Somerset elsewhere. Yet three quarters of firms do not appeal, that’s a lot of money you could all be saving.
Jeremy Bailey director at JLL in Bristol 0117 927 6691 www.jll.co.uk
Business rates have they lost their credibility?
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ATEPAYERS should have been looking forward to a revaluation of their properties in April 2015 but this has now been delayed by two years to 2017. If this had gone ahead, ratepayers would have had their properties revalued based on market levels as at April last year and many would have expected to see their rateable values drop due to the recent recession. The government’s reason at the time for delaying the revaluation was to provide business with certainty and stability. However, I sense many would have preferred to see the revaluation go ahead and the potential uncertainty this would bring in order to reap the benefits of paying less! The criticisms of the existing business rates system, which have been widely expressed, principally stem from the fact that businesses are still being charged based on pre–recessionary levels of value from April 2008 and these will not now be adjusted for a further two and a half years to take into account changes in the marketplace. The solution would be more frequent revaluations to reflect the economic swings businesses face. The cynic in me believes that the government is hoping that values will recover in the next two years in time for the next revaluation – maybe they will be right! In the meantime whilst businesses have to live with their existing rates bills they should take two simple steps to ensure they are claiming back anything they are due: 1.The government estimates that it will be paying back £576 million this year as a result of appeals so businesses must make sure they are claiming their share through challenging their rateable values – but make sure you review it first since the Valuation Office Agency can increase as well as reduce values. 2. Secondly, check with the council whether you are entitled to rates relief – the total awarded this year is estimated to be £3.3 billion nationally. This could be for vacant or partly vacant premises, a retail property discount or ‘small business rates relief ’, which for some means that with rateable values of less than £6,000 no rates are payable and then up to £12,000 there is a sliding scale of relief.
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erty rent, almost a fifth (18.1 per cent) report that they’re now paying as much or more in business rates as they pay in rent. The fact they can’t reduce the rates bill has put pressure on landlords to accept less rent or see tenants go bust. Crucially, 89 per cent report that increased rates have hampered their ability to invest in growth. The accountancy firm’s managing partner Matthew Lea, who has been leading the charge on calls for rates reform, said: “This underlines why we are campaigning for this tax to be reformed. The Government is expecting the recovery to be driven by the small business sector, but that potential for recovery is stifled by the iniquities of business rates – the only tax that is index linked and guaranteed to rise, irrespective of how a business is performing.”
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www.bristolpost.co.uk
Wednesday, October 22, 2014
Market forecast
POWERING AHEAD: SEIZE THE DAY After a long, slow build-up, the West commercial property market has come to life. Gavin Thompson looks at what will power it in the months ahead
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HE region’s commercial property market could be about to go nuclear. The plans for a new nuclear power plant in Bridgwater have been in the pipeline for some time, but the recent announcement by the European Commission that it has cleared state aid rules removes the biggest obstacle in its path. While energy firm EDF is trying to build a supply chain principally within Somerset, the impact of Hinkley Point C will be felt far beyond the county. Following the announcement, James Durie, executive director of Business West, described it as a “massive boost for Bristol and the South West”. He said: “Businesses in our region will be a vital part of the supply chain opportunities on offer for this £16 billion project, with the possibility that it could create up to 25,000 jobs. “With a project of this magnitude and its long-term timescale many construction organisations are already on board and benefiting but the impact of this will be felt far and wide beyond the construction industry.” The commercial property market is one of those areas set to feel the uplift as the size of the investment brings new companies into the area. Those considering investing off the back of Hinkley will get additional encouragement from the longer-term prospect of a new reactor in South Gloucestershire at Oldbury, in a Hitachi-led project. EDF itself is believed to be looking for a new regional base, and being linked to every major office development from Devon to Gloucestershire. But other firms will come too. Jeremy Richards, head of JLL’s Bristol office, said: “We’ve already seen this, with a major letting in Gloucester earlier this year by Horizon Nuclear Power, just one of a growing number of commercial property deals in this sector. “EDF and many of their suppliers have significant requirements for office space in the region as a result of this project.” Developer Dowlas announced last week a 260,000 sq ft office building in Weston-super-Mare’s Enterprise Area. The firm’s Gemma Day said: “With renewed economic activity and particularly investment in the nuclear industry we are confident that the building will be fully let in the near future.” The combination of big infrastructure investment – the electrification of the rail line from Bristol to London cutting 20 minutes off journeys to the capital is another – with the improving economy adds up to a positive year in the office market. Deals are starting to happen in a number of sectors. For example, the
● Artist’s impression issued by EDF of the how the new Hinkley Point C station will look newly re-established bank TSB is moving out of the city centre to larger premises at Keypoint in the Almondsbury Business Park outside Bristol and Broadcom signing a 10-year lease on 25,230 sq ft at nearby 910 Aztec West. In short to medium term, the thing that holds the market back could be supply. Chris Grazier of Hartnell Taylor Cook LLP, joint letting agent with CBRE on the TSB deal, said: “Keypoint is a prominent office building overlooking the M4/M5 interchange and its letting reflects the significant presence TSB has in the Bristol community. “Its letting in turn means the supply of good quality office space in North Bristol is depleted and companies looking to move in the short term will have a limited stock to consider.” Steve Lane, senior surveyor at JLL, agrees. He said he expected Bristol to
“ Businesses in our region will be a vital part of the supply chain opportunities on offer for this £16 billion project, with the possibility that it could create up to 25,000 jobs. James Durie, executive director of Business West on Hinkley Point
see the highest amount of take-up in square footage in 2014 since 2001, but is concerned about supply for 2015. In the first half of 2014, take-up for the city’s out-of-town market totalled 220,000 sq ft – 35 per cent higher than
the five-year six-monthly average. Thirty-nine transactions over 1,000 sq ft – of which six were more than 10,000 sq ft – took place in the first half of 2014. This was double the figure for the same period in 2013. Steve said: “It is very encouraging to see a marked uplift in demand in the out-of-town office market, which has been very subdued for the last few years. “The challenge now will be a lack of stock to meet the increased demand, particularly given the fact that there are currently no out-of-town schemes under construction in Bristol.” He said refurbishment schemes such as 740 Aztec West would help, but more was needed. “The 740 Aztec West project will also encourage other landlords and developers to consider similar schemes once they see its success,” said Steve.
Out-of-town demand will be key further up the M5 too. Adrian Rowley, a partner in the Gloucester office at property consultants Alder King, said: “Gloucestershire’s office market is more aligned to out of town locations in Gloucester, Cheltenham, Tewkesbury and Stroud where consented land is available and developers aren’t competing with higher value land uses as they would be in city centre locations. “Demand has increased over the past three years with around 100,000 square feet of known requirements active in the market.” Another area driving the West market forward is logistics and distribution. Road links to the South West and West Midlands and beyond via the M5 and London or South Wales on the M4 make the region a hot spot for the sector. Recent developments include the 175,000 sq ft cold store being built for
www.bristolpost.co.uk
Wednesday, October 22, 2014
Commercial property review
AND GRASP OPPORTUNITIES
● Tim Davies and Walter Boettcher from Colliers at the M Shed
● The Morrisons distribution centre at Dunball, Bridgwater, was recently sold panies serving the changing retail markets and the resurgent trade counter sector.” Farmfoods will be the second logistics occupier at the 600-acre Central Park, joining pallet distribution company Chep UK. The region is already home to the landmark Morrison’s depot in Somerset, which was recently sold on a leaseback deal to Aviva Investments. The rise of internet retail will only drive this further, as businesses compete to deliver next day or same day to meet customer demand. Tim Davies, head of Colliers Inter national’s Bristol office, said most activity in the region’s industrial sector has been design and build initiatives over the last few years. “Predominantly, this has been caused by the lack of funding for speculative development as recessionary pressures all but removed
lending from the market,” he said. “In addition to this, occupiers have become far more sophisticated in the way they operate and therefore standard boxes don’t always provide the optimum solution. “These specific operational requirements can be catered for in ‘build-to-suit’ developments whereby the occupier can effectively design the exact building for the way they work. “Many of the requirements that are coming to the market have got specific operational requirements and that could well be satisfied if buildings are designed and built to meet this criteria. For example, Asda will have a different format than Co-op or Waitrose.” Colliers head of forecasting Walter Boettcher said: “The trends Tim mentions in logistics is also increasingly obvious in the manufacturing sector where shortages of high quality ex-
Expert eye Jo Davis Senior director, GVA jo.davis@gva.co.uk
Planning can help develop right legacy
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HE M5 corridor is the backbone of the South West, so it is no surprise to see the development industry re-engaging and directly targeting this area for growth. In theory that sounds encouraging, but simply filling in the gaps doesn’t make good planning. Environmentalists had feared a corridor of solar farms, but the emerging reality is something quite different which can positively boost our local and regional economy, delivering jobs and much needed homes. Yet development is often perceived as remote from established communities and public transport nodes, meaning people are forced to take to their cars; while local residents continually campaign against the worrying idea of new blanket, faceless housing enshrouding the countryside. With careful planning an appropriate balance can be struck. The reality is that from junction 13 at Stroud to junction 21 at Weston-super-Mare, there is a commitment to deliver in excess of 25,000 new homes by 2026, complemented by 170ha of new employment land – in addition to the 650ha already at Severnside & Avonmouth Enterprise Zone. The trick will be to deliver jobs and necessary infrastructure in parallel to ensure successful communities emerge. While at first glance the growth along the M5 appears spread and apportioned, on further inspection the development hotspots remain Bristol centric – with more than 10,000 of the new homes, over 50 per cent of the new employment land, a major new leisure destination with The Wave, together with a new Deep Sea Port at Avonmouth focused on two motorway junctions less than two miles apart. Good news for the Bristol economy, but what about elsewhere? Looking forward, we need to seriously consider if there is a different way to deliver growth – could a new large community based on the Garden City principles create a more sustainable solution? And how can Bristol and its hinterland really deliver a City Region message while ensuring it doesn’t miss out on premier division status as Westminster edges closer towards a regional model of governance. A clear vision and leadership working across administrative boundaries is required as the region defines how and where it wants to grow and what legacy it wants to create for future generations.
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retail food chain Farmfoods in Severnside, near Bristol. The temperature controlled distribution centre at Central Park is being built by Roxhill, the development partner of Central Park’s owners, Delta Properties, and is due for completion by the end of the year. Paul Hobbs, director of industrial Agency at GVA in the city, said: “It’s therefore no surprise that as the markets return, we see businesses choosing locations such as Central Park as the hub for their distribution and logistics expansion in the region. “The latest Bristol take-up figures for industrial property suggest a strong first half of the year, with rental growth also predicted for the next six months. “With limited speculative development taking place in the region, the ability to fast-track development such as the Farmfoods centre at Central Park will no doubt appeal to com-
pansion space, especially for suppliers, is leading large corporates to begin pooling resources. “We continue to see strong growth and low inflation. This time last year we had barely passed the point where the media was convinced we were heading for a triple-dip recession. Whether by luck or judgement economic confidence is rising. “The recovery appears to be more balanced than before and increasing capital investment is making it more sustainable. “One thing is clear: these are not short-term problems, the recovery is looking increasingly robust with purchasing manager indices showing that the South West moving in concert with the West Midlands through a period of sustained strong expansion. With confidence up and companies increasing capital investment demand for quality space will continue to intensify.” The final driver for the market in the coming year will be residential. Last week BAE Systems and Alder King submitted plans to turn the Filton Airfield site to the north of Bristol into 2,675 homes. There are significant new housing developments around the northern fringe of the city, including in Emerson’s Green and Cribbs Causeway, as well in North Somerset, clustered around the edge of Weston-super-Mare. Most such schemes bring industrial and office space too as planners look to create communities where people can work, rest and play. Dave Mace, regional senior director at GVA, summed up the outlook. “Without doubt there has been a significant shift in sentiment through most of the property sectors in our region over the past 12 months and a definite air of optimism,” he said. “Unquestionably this has been fuelled by improved occupier demand and a seemingly insatiable appetite from cash-rich investors switching their attention away from London towards the stronger regional centres. “This has already kick-started some speculative development but nevertheless the spectre of chronic under supply overshadows some of the markets and unless addressed will stifle growth. “Investment in infrastructure plays a crucial role in boosting developer and investor confidence and the significance of projects such as Hinkley Point and the electrification of the Bristol-London rail-line should not be underestimated. Whilst public sector purse strings remain tightly drawn we are already seeing through our Local Enterprise Partnerships the effectiveness of the private and public sectors working closely together. “Crystal ball gazing is always dangerous but all the economic indicators show that our region with its diverse strong economy, unrivalled infrastructure and quality of life is best placed to take advantage of the recent upsurge. “It’s now down to all of us, private and public sector alike, to grasp the opportunity by releasing more land and bringing forward more development – carpe diem.”
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News digest ● A NEW dawn for Kingsway in Gloucester has started with commercial properties on the business park finally being marketed. Consultants Bruton Knowles has been appointed with Alder King to market commercial opportunities. About 2,000 Kingsway homes have already been built, as well as a community centre and shops including Asda and Tesco Express. Now Gloucestershire developer Robert Hitchins is pressing ahead with the commercial area of the site. Robert Smith, of Bruton Knowles, said the business park will help to re-energise the expanding Kingsway development and provide hundreds of jobs. “The new Asda store has already created about 230 jobs and brought a brown field site back into economic use, but this is clearly the tip of the iceberg,” he said. “The location takes full advantage of the wide range of local amenities and a skilled workforce.” He added: “Kingsway Business Park is a sustainable development with excellent connectivity and transportation links for pedestrians, cyclists, road and bus users.” ● The elegant Georgian offices known as 70 Prince Street in Bristol’s commercial centre have been let to the Independent Business Centre’s Limited following a deal brokered by Colliers International. IBC Ltd has taken a lease of 2,277 sq ft at 70 Princes Street on a ten year term. Prominently located close to Bristol’s commercial heartland, the self-contained offices are within easy walking distance of city centre amenities such as Broadmead and Cabot Circus as well as a range of bars, restaurants and hotels. Colliers International offices director James Preece commented: “The faster-than-expected recovery is feeding considerable demand for new office space at the smaller end of the market and elegant, well equipped offices such as 70 Princes Street are being snapped up in Bristol. “The serviced office option which will be delivered by IBC Ltd will
Commercial property review ● The Kingsway development in Gloucester
provide small or start-up companies the chance to base themselves in a beautiful period property just a stone’s throw from some of Bristol’s most iconic landmarks.” ● Property consultants Alder King has let an industrial unit in Portishead to British power tool company CEL UK which required additional capacity for its design and development centre. Previously based on Harbour Road Industrial Estate, the company, which develops, manufactures and markets high quality power tools, garden tools, floor care products and household appliances, had outgrown its premises but wished to remain local. It has now relocated to Unit 3 Harbourmead in Portishead, pictured. “CEL wanted to remain local but discovered that there’s a distinct lack of quality industrial space in Portishead,” said Emma Smith of Alder King’s industrial agency team. “However after viewing this unit, they swiftly agreed terms to secure the premises and we completed the
transaction within two months, enabling them to relocate as quickly as possible.” The modern end of terrace unit, owned and previously occupied by Novatech, provides 5,041 sq ft of warehouse/trade counter space. ● TWO regional firms have moved into new premises at Ashchurch Business Park, Tewkesbury. According to property consultancy Alder King, which has let the two units, it is another sign of an improving commercial market in the county. Premises at Unit 29 have been let to Battery Megastore, the UK online battery retailer, as its new headquarters. The second building, Unit 30, has been let to BB Fabrications Ltd, an expanding aluminium fabrications business previously based in Ledbury in Herefordshire. Battery Megastore has taken over 11,000 sq feet of office and industrial space on a five-year lease, having relocated from its previous base at Tewkesbury Business Park. The company, which has European branches in Amsterdam, Caen and Barcelona, supplies a wide range of batteries, chargers, inverters and accessories for different applications including cars, trucks, motorbikes, jet skis and caravans. Battery Megastore’s commercial sales executive Paul Collins said:
“The new building offers larger warehousing and office space, all under one roof, with great access to the M5 and M4. It’s a great step forward for us, allowing us to keep expanding our sales in the UK and Europe.” BB Fabrications has taken the 5,493 sq ft Unit 30 on a 10-year lease so it can continue to expand and be geographically closer to suppliers and customers. ● Children’s day nursery, Happy Days Day Nursery Limited has agreed to take the lease on Barratt House, Almondsbury Business Centre, near Bristol. Happy Days Nurseries has 16 centres located throughout Cornwall and Devon and this is their first acquisition in the Bristol area. It is due to open in the two-storey office building in January 2015, following the completion of the conversion works. The 5,422 sq ft building will accommodate 100 children from the age of 0-5 years and will open 7am to 7pm Monday to Friday. Mark Barden of Caisson Investment Management, managing the site for the owners, The IO Group, said: “We are delighted to welcome Happy Day Nurseries to our Park, it will provide a high quality service for all the office occupiers in the locality as well as for our existing tenants on the park and will be an additional attraction for businesses looking to move to the area.” Natalie Bennett of letting agents, Hartnell Taylor Cook LLP added: “We expect Happy Days to be seen as a positive facility for companies looking to move into the estate.” ● Plans are progressing for a new £4 million health centre in Eastville, Bristol, pictured. Two practices, Eastville Medical Practice and Maytrees Practice, are intending to create a new, state-of-the-art medical centre adjacent to their existing premises
in East Park. With the land purchase now complete, work can progress to the next phase with Rydon Construction shortly to commence on site. Specialists in the primary care property market, GVA Health in Bristol has been supporting the practices on the funding and the procurement process, and will continue in a project management role throughout development. The two practices will be developing their new centre on land where the former Eastville Day Care Centre once stood. The land has been sold to the GPs by NHS Property Services Limited, the property company formed in 2013 to handle the NHS property estate. Frank Convery, director at GVA Health, said: “This is a time of far-reaching reform for NHS primary care. These new facilities will enable both practices to provide a modern and efficient service to their patients for many years to come.” ● THE former lorry park next to the Kingsmeadow roundabout in Cirencester has been sold to Whitbread in a deal brokered by Bruton Knowles on behalf of Cotswold District Council. The 1.5 acre site is to be developed as a 60-bedroom Premier Inn and a Beefeater restaurant. Robert Anthony, of Bruton Knowles’ Gloucester office, said the prominent site, next to the A419 and A429, had generated interest from a wide range of leisure, retail, commercial and even residential occupiers. Richard Pearson, acquisition manager for Whitbread Hotels and Restaurants, said: “Regenerating the former lorry park site will create about 50 new jobs in the local area, around half of which will be offered to those who have been long-term unemployed.” Plans had been previously drawn up to use the Kingsmeadow site as a depot for waste lorries but they were shelved in favour of a site in South Cerney.
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● LAW firm Thrings has appointed two new solicitors to its fast-growing commercial property team as a result of continued growth and a series of new client wins. Associate Steve Schofield and solicitor Beth Nicholls will further strengthen Thrings’ commercial property and construction offering across the firm’s four main UK offices in Bristol, Bath, Swindon and London. Steve joins Thrings after spending more than 11 years at Guildford-based Stevens & Bolton, where his clients included a FTSE 100 distribution and outsourcing company and one of the UK’s largest estate agency groups. In addition to specialising in corporate occupancy, Steve has advised developers and landowners on site assembly, development agreements, pre-lets and disposals, and banks and borrowers on real estate finance and development deals. In his new role, he will act for a number of Thrings’ small and medium-sized residential clients on development and investment matters, as well as providing
strategic advice on corporate occupancy. Beth arrives having qualified as a solicitor in September. She dealt with a variety of commercial and residential property transactions – including leases and licences – in her first legal role at Rochman Landau in London before completing her training with Ashfords. Warren Reid, head of commercial property at Thrings, said: “Improving economic conditions and a resurgence in the South West commercial property market has led to increased levels of activity for many of our existing clients. This has created an opportunity for Thrings to expand its offering to clients and reaffirm its commitment to the regional market.” ● Gloucestershire-based law firm BPE Solicitors has welcomed a new trainee solicitors to Cheltenham head office. Harriet Willmore, pictured, originally from the Cotswolds, has taken up her first seat in BPE’s
commercial property team, having previously worked as a legal advisor to a recruitment company in Manchester. She said: “It’s great to be part of such an entrepreneurial firm like BPE. “I’ve already been assisting other colleagues during all stages of the conveyancing process and I’m excited for the opportunities that lie ahead.” ● Jennifer Angus, a graduate planner at property adviser GVA in Bristol, has received a prestigious national award from the Royal Town Planning Institute (RTPI) for her MSc Urban Planning Dissertation project. Jennifer’s thesis was selected as the winning entry in the ‘Excellence in Spatial Planning Research’ student category. The dissertation investigated whether ‘meanwhile’ uses have been embraced by English local authorities as a legitimate approach to planning
and urban development in uncertain economic and social conditions. Also referred to as temporary, interim or pop-up uses, ‘meanwhile’ use involves the conscious utilisation of vacant land or buildings as an alternative to leaving spaces stagnant and unused. Dr Michael Short, a senior lecturer in Planning and Urban Conservation who supervised Jennifer, said: “The award is well deserved, as Jennifer’s work is both ground-breaking and innovative. The research is not only of the best academic standard, it also provides crucial evidence for planners and the ever-changing planning system to address.” ● Property consultancy Alder King has made two new appointments in its Bristol office to serve a growing number of new instructions. Lucy Round has been appointed as a senior surveyor in the practice’s investment department. Lucy has relocated from London
where she worked for Sainsbury’s Supermarkets in its property investment team. Previously Lucy worked for CBRE specialising in London and south east business space Capital Markets. Laurie Marsh has been appointed to Alder King’s building consultancy team in Bristol. Laurie joins from the property management division of Ocean Lettings in Bristol. She transferred to building surveying after completing a Post Graduate Diploma in Building Surveying at the University of West of England. Martyn Jones, senior partner at Alder King, said: “We are very pleased to welcome fresh new talent and resource into the firm. “Lucy and Laurie will help us serve a growing portfolio of clients, particularly within our building consultancy team which has seen a significant increase in project monitoring and dilapidations work across the UK.”