Move Commercial 49 by Move Publishing

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LIVERPOOL CITY REGION CHESHIRE MANCHESTER

FEBRUARY - MARCH 2016

FREE

MOVE COMMERCIAL The north-west’s guide to property and business

Issue 49

Back on track Will the HS2 bridge the North/South gap?

A speculative return Time to make space in 2016? Stirling Prize winner Paul Monaghan

MerseySTEM’s Michelle Dow

www.movecommercial.com

isle of man: a gateway for growth

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MOVE COMMERCIAL

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SPACE HUNTING? From Duke Street to the Central Business District, we have business units EZEMPEFPI SR ǎI\MFPI EKVIIQIRXW leasehold and freehold terms: > RETAIL/LEISURE/BAR/RESTAURANT USES FROM 1,870 TO 12,750 SQFT > OFFICES FROM 140 TO 10,000 SQFT > OPPORTUNITIES FOR CONVERSION TO RESIDENTIAL USE

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Issue forty nine Move Commercial

Welcome to Move Commercial

Contents News

With 2016 now in full swing, it’s already looking like an eventful year for the North West’s commercial property sector. Demand is ongoing for industrial space around the region and with reports that available Grade A space could run out in Manchester during 2016, could it finally be time for a return of speculative development? In this issue, we explore the state of speculative office and industrial development in the North West and look at what’s needed to bring it back into action. Meanwhile as HS2 momentum continues to gather pace, we bring experts together to discuss whether it’s enough to rebalance the economy, and we focus on how the Isle of Man could facilitate further growth across the area.

07 New era for top regional property awards 08 Property Alliance Group given the go-ahead for new Grade A space 09 Liverpool BID Company unveils new plan for commercial district 10 Completed Pullman hotel is ACC Liverpool’s latest addition 11 Downing gets office refurbishment underway

Christine Toner, editor christine@movepublishing.co.uk

12 Art Gallery becomes Queen Avenue’s latest occupant 13 Law firm marks first year in business district

Features 16 Bitesize Thinking Food for thought 18 Appointments Industry movers across the region

21 My Month Canning O’Neill director, Conrad O’Neill reflects on a busy month in the property sector 24 HS2 debate Experts discuss whether the project will bridge the North/South gap 30 Interview Paul Monaghan from Stirling Prize-winning practice, Alford Hall Monaghan Morris

34 Gateway for Growth Can the Isle of Man facilitate further development in the North West? 36 Key Event Peel launches the refurbished third floor of No. 12 Princes Dock

Advertising Director Fiona Barnet. Tel: 0151 709 3871 Advertising Manager Catherine McCarthy. Tel: 0151 709 3871 Editor Christine Toner. Tel: 0151 709 3871 Editorial Team Natasha Young, Lawrence Saunders, Nick Hughes Tel: 0151 709 3871 post@movepublishing.co.uk Design Mark Iddon. Email: mark@movepublishing.co.uk

Published by Move Publishing Ltd Directors David O’Brien, Kim O’Brien, Fiona Barnet. Printed by Precision Colour Printers Ltd Distribution Liaison Manager Barbara Troughton. Tel: 0151 733 5492 Mobile: 077148 14662 Credits: Liam Deveney – Peel event Robin Clewley – Michelle Dow interview John Jacques – HS2 debate

Copyright Move Publishing Limited. All rights reserved. No part of this publication may be reproduced copied or transmitted in any form or by any means or stored in any information storage or retrieval system without the publishers written permission. Although every effort is made to ensure the accuracy and reliability of material published, Move Publishing can accept no responsibility for the veracity of the claims made by advertisers.

38 Taking the Plunge Is it time for speculative development to make a return? 42 Interview Michelle Dow, managing director of MerseySTEM 44 Key Event Muse celebrates the completion of Chester’s One City Place 45 Event Planner What’s on around the region 47 Ask the Panel Experts consider the importance of dividing a city into zones

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www.nwpas.com @theNWPAs

The North West’s Hottest Property Awards Thursday 20th October 2016 LUTYENS CRYPT, LIVERPOOL METROPOLITAN CATHEDRAL

CLOSING DATE for all entries 1 JULY 2016 For more information visit

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Covering every sq. ft. of the North West’s commercial and residential property schemes – the NWPA’s are about recognising and celebrating the best.

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Latest News

Edge Lane scheme to raise funds for property charity

BID CEO Bill Addy and business leaders launched the new plans as a ballot gets underway

New vision revealed for Liverpool’s commercial district Liverpool BID Company has announced a £4 million plan to develop the city’s commercial district. The five-year programme aims to create a “beacon of business excellence” which the BID (business improvement district) hopes will build on the first five years of its stewardship. Revealed in a 32-page business plan, the new vision has been devised following a year-long consultation with firms based in the district. Key points include the proposed introduction of superfast broadband and free Wi-Fi to the area, a dedicated BID police team and a new public art programme. The launch of the 2016-2021 Commercial

District BID Business Plan marks the beginning of an election process to renew the BID status which will see 550 firms vote in a month-long postal ballot ending on 17 March. The BID is currently overseeing £1.6 million of public realm improvements around the commercial district and has recently delivered a life-saving campaign with Medicash to ensure the area has enough vital defibrillators for the public to be within two minutes of a device. Bill Addy, chief executive of Liverpool BID Company, says: “This business plan is rooted in reflecting the needs of our businesses, identifying opportunities for them to grow and tackling the issues they want addressing in the commercial district.”

A new Liverpool retail and leisure complex could generate millions of pounds for good causes, as the firm behind the major scheme is now owned by a charity. Albert Gubay, founder of The Derwent Group which will commence construction on the Edge Lane project this spring, died in January having created The Albert Gubay Charitable Foundation to take on his property empire. In a statement the company’s director, John Nugent, says: “The Derwent Group of property companies that is now owned by the charity, and so forms part of it, is currently estimated to be worth about £700m. “To ensure continued growth The Derwent Group will reinvest at least half of its annual profits. The rest of the profits will be distributed to charitable causes. We estimate that the initial donations will be up to £10m each year.” It is believed the 1m sq ft development at Edge Lane alone – The Derwent Group’s largest project which Gubay had worked on for more than 20 years – could raise up to £4m for the charity annually. Over the coming year the company will work on putting procedures in place to obtain and process applications from the charity, and until then alternative ways will be found to identify appropriate projects. Nugent says: “The rent paid by Derwent's tenants is now effectively being paid into a charity and each year it is estimated that up to 40p of every £1 of that rent will end up being spent on worthwhile causes. But that charitable proportion will increase with the growth that comes over the next five years.”

MOVE COMMERCIAL

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News Development

New Pullman hotel unveiled as latest ACC Liverpool addition The Mayor of Liverpool officially marked the completion of the city’s new Pullman hotel, cutting the ribbon on the towering building. Invited guests and business leaders gathered for the official opening of the accommodation, which was developed as part of the ACC Liverpool campus and is part of the ongoing investment into the iconic waterfront. The hotel is Pullman’s first newly built opening in the UK and is the brand’s first opening in the country outside of London. It has been developed as the ‘headquaters’ hotel for conferences and exhibitions taking place in the adjoining Exhibition Centre Liverpool, Echo Arena and BT Convention Centre. Mayor Joe Anderson says: “This magnificent hotel

Project round-up Mayor Joe Anderson cutting the ribbon with general manager Neil Brailsford

is the latest chapter in the continued investment on Liverpool’s waterfront maintaining the city’s drive to be not only be a key regional destination for leisure, conferences, exhibitions and events but also a ‘City of Choice’ across Europe and the wider markets.” Jonathan Sheard, senior vice president of luxury, upscale and midscale brands at AccorHotels, which owns Pullman, adds: “The opening of Pullman Liverpool marks a significant step for the brand in opening its second hotel in the UK. “It is very exciting to be on the same site as ACC Liverpool and we are looking forward to welcoming guests, delegates and local residents.”

Sainsbury’s submits revised Great Homer Street plans

10 MOVE COMMERCIAL

Construction firm Lendlease has won an £80 million contract to redevelop Liverpool’s former Royal Mail sorting office into a flagship university building. The development will transform the Copperas Hill site into three libraries, study zones, IT suites and a central teaching unit for Liverpool John Moores University (LJMU). The enabling work is due to finish in August and Lendlease is hoping to commence the main construction works in the summer with an aim to complete the project during the first half of 2018.

Cammell Laird construction base for offshore wind project DONG Energy has secured a Birkenhead construction base for its latest offshore wind farm in Liverpool Bay. The firm will lease the 6.5-acre Cammell Laird facility, which is in turn leased from Peel Land and Property, to initially service the installation of offshore elements of the Burbo Bank Extension project. Up to 50 jobs are expected to be created at the facility during the development of the wind farm, which will be located 7km from the shore and will have the capacity to power around 230,000 UK homes with electricity once completed.

Warrington Grade A development launched

The proposed scaled-back Sainsburys

New plans for a Sainsbury’s store at Liverpool’s £150 million Great Homer Street regeneration scheme have been submitted. The supermarket giant’s proposals for an anchor store within St. Modwen’s Project Jennifer development have been scaled back from an original retail space of 60,999 sq ft to a smaller 42,388 sq ft size. Last October Sainsbury’s revealed it would be revising its proposals for the new store, and then in December local residents were given the chance to have their say in a public consultation. According to the latest application submitted to Liverpool City Council, the changes to the original plans

Lendlease wins £80 million LJMU contract

would “ensure that this much needed regeneration scheme is viable and can be delivered in the short term.” The hybrid planning application for the site in the north of the city is seeking permission to build a superstore with a café, 463-space car park and a six-pump petrol station with associated kiosk. A further 23,000 sq ft of smaller retail units is also planned as part of the regeneration. If given the go ahead, Sainsbury’s is looking to start construction by the summer with a planned opening set for spring 2017. In the meantime, Liverpool City Council has also begun £6m of road improvements in the area including a new traffic signal junction, resurfacing works and an access road.

A new Grade A office building has been launched in Warrington. The Base – a five-story site offering 50,000ft sq ft of accommodation – was designed by Falconer Chester Hall and developed by Warrington & Co. The building, which is being targeted at manufacturing and engineering businesses in particular, is expected to see its first tenants move in during February with talks said to be underway to secure further occupiers.

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Development News

One City Place launch kickstarts Chester’s commercial quarter

Flexi Office space will be created at No.1 Old Hall Street

Downing to begin No.1 Old Hall Street refurbishment

Once City Place is the first of seven new office buildings

Muse Developments has unveiled One City Place as the driving force behind the transformation of Chester’s commercial offering. The new building consists of 70,000 sq ft of prime commercial Grade A space for prospective tenants and is the first of seven office developments that will be built by 2028. The development, part funded by the European Regional Development Fund and The North West Evergreen Fund, is part of a wider 500,000 sq ft Central Business Quarter (CBQ) which will bring an estimated £96 million to the city’s economy. Phil Mayall, development director at Muse, says: “After 18 months of construction, we’re extremely proud to launch One City Place as an exciting new business destination in Chester. “We’re confident that its location, top class office space and excellent transport connectivity with access to Chester railway station will attract businesses on a regional, national and international level. We have had good

Work will get underway to refurbish Downing’s No.1 Old Hall Street building in Liverpool’s commercial district. Home to tenants including the Liverpool & Sefton Chamber of Commerce, the office building’s fourth floor will undergo a major overhaul creating 2,831 sq ft of new Flexi Office space. The units will range for 140 to 1,850 sq ft and will be available from March this year. Head of property management at Downing, John Clegg, says: “Our upgrade of the fourth floor space at No. 1 Old Hall Street will create a great space for tenants at a prime address in the heart of Liverpool’s bustling business district. “Downing’s Flexi Office offering is perfect for fast-growing SME tenants who are looking for a flexible space which can grow with them, or for more established companies that are looking for a high-quality, managed office in a convenient, central location.” The developers Flexi Office offering allows tenants upwards of one person to take on leases as short as a month so that they can avoid potentially lengthy and expensive legal processes if they are unnecessary.

interest in the building and will be announcing the first lettings shortly. “One City Place is the pioneering building in the CBQ and we look forward to continuing this development with a further six buildings. Our ultimate goal is to drive investment into the city, bring new jobs and promote Chester as a place to do business.” It is estimated Chester’s CBQ will create up to 3,500 jobs along with 200 new homes, retail opportunities, leisure facilities and a new hotel. Guy Butler, chairman of Chester Growth Partnership, adds: “The completion and launch of City Place is significant for the future of Chester – particularly with regard to the offering of business space to employers by keeping accommodation current and attractive to the competitive employment market.” The scheme, built next to Chester rail station, will also benefit from infrastructure improvements to the area from the recently announced Arriva North franchise. MOVE COMMERCIAL 11

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News Sales & Lettings

Deals round-up Albert Dock sold for almost £43 million Aberdeen Asset Management has purchased Liverpool’s historic Albert Dock for £42.75 million. The site incorporates more than 400,000 sq ft of hotel, retail, leisure and office accommodation. Robert Cass, head of UK property transactions at Aberdeen Asset Management, says: “We are delighted to have acquired this historic development on behalf of our clients.” Built in the 1840s, Albert Dock was saved from dereliction by Arrowcroft in the early 1980s, and the firm owned the site for 33 years.

Law firm takes three floors of No.1 Spinningfields Squire Patton Boggs has signed up to occupy 27,5000 sq ft of space at Manchester’s new No.1 Spinningfields office building. The global firm, which has had an office in the city since 1993, will be based across three levels of the Allied London development. The building is due to be completed in 2017. OBI Property advised Squire Patton Boggs on the deal and Shoosmiths acted as Allied London’s legal advisor.

Iconic India Buildings change hands for £17 million Green Property has sold the India Buildings in Liverpool to Shelborn Asset Management Limited, on behalf of overseas clients, for £17 million. The Grade II* listed building covers an entire block in the city’s commercial district between Water Street and Brunswick Street. Built between 1924 and 1932, the ornate construction contains a total of 500,000 sq ft space spread across 10 floors. The site is currently home to office tenants including DLA Piper, Colliers International and Citizens Advice Bureau.

Bruntwood’s Queen Avenue welcomes art gallery A new gallery will become the latest occupier at Queen Avenue in Liverpool’s commercial district. Art organisation dot-art will open its permanent home at the site, within the Bruntwood-owned Queen Insurance Buildings, on 12 February and will aim to raise its profile in the region as it uses the space for its work in supporting visual artists and championing art as an integral part of everyday life. The new cultural venue, which will launch with a ‘Dear Liverpool’ exhibition showcasing work by local artists, follows Argentinian restaurant chain CAU and international budget hotel Tune into the mixed-use complex. Several areas of the Queen Insurance Buildings, which is also home to independent businesses including R&H Fine Wines and Moose Coffee, have undergone a major refurbishment by Bruntwood. Colin Forshaw, head of property at Bruntwood, says: “We are starting to see a real hustle and bustle around Queen Avenue and the new gallery will only add to that vibrant

dot-art is setting up a permanent home in Queen Avenue

independent mix. dot-art has become a byword for arts innovation in Liverpool and we are looking forward to working with Lucy [Byrne, managing director] and her team during this first exhibition and beyond.”

Prospect GB looks to build on 2015 lettings success A Liverpool-based developer is looking to build on its successful 2015 after its key projects attracted multiple lettings. Prospect GB completed eight lettings deals last year, including seven at Meridian Business Village in Hunts Cross and approximately 9,500 sq ft of Grade A space was taken at its newly refurbished Montell House building in Chester Business Park. The neighbouring Edward House witnessed a similar upgrade recently, and Prospect says it has already received interest in the space totalling 11,500 sq ft. Chris Walker, Head of Prospect GB’s commercial division,

says: “Meridian Business Village was a major success story last year. It attracted exceptional demand with competitive rates offered on contemporary offices at a sought-after address in the heart of a newly developed mixed-use area. “We have welcomed a variety of companies, from start-ups to expanding SMEs, which reflects the flexibility of the space we have at Meridian Business Village. Only two units remain available.” Prospect GB is now also looking beyond the North West as it progresses in 2016, with a Grade A office development getting underway in Don Valley near Sheffield.

The developer’s North West office spaces attracted eight deals 12 MOVE COMMERCIAL

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News Commercial

Law firm marks anniversary in Liverpool’s commercial district

Derek Dawson, head of commercial litigation at PCS Law

Liverpool’s Paul Crowley & Co Solicitors is marking a year since its commercial office was launched at the heart of the city’s business district. The firm, which already had branches in Anfield and West Derby, set up an Old Hall Street base last February to accommodate its expanding commercial arm under the name PCS Law. The city centre office now delivers services in commercial, corporate and employment law as well as commercial property and debt litigation. Derek Dawson, the company’s head of commercial litigation, says: “Moving our commercial department to a dedicated office has

meant that we have really been able to consolidate the department, while developing the identity of PCS Law as a commerciallyfocused brand. “Old Hall Street is the hub of the commercial district and now we are in the centre of it. This has been a key factor in consolidating the department.” The first anniversary of the commercial district office coincides with the milestone 25th birthday of the Paul Crowley & Co firm, which was established by senior partner Paul Crowley in 1991.

Agency expands property-based portfolio Chartered surveying firm Rowley Szigaly appointed Fire Pineapple to relaunch its new website, expanding the digital agency’s portfolio of property clients. Liverpool-based Fire Pineapple redesigned the website for the company with an aim of allowing visitors to easily locate sector-specific information with a “streamlined user experience and modern visual design”. A social media campaign was also created, allowing users to connect on Facebook and Twitter using dedicated pages and the hashtag #likebuildingslovepeople. Steve Ingley, managing director of Fire Pineapple headed up the project fellow Liverpoolbased firm and says: “The majority of the target audience in this case spend their days away from the office; in meetings, travelling and even on-site. “With this in mind, we designed the concept around the idea of friendly information and graphics, to provide a great online experience and resource for everyone, including those on the go. The property industry is very fast-moving and the Rowley Szilagy brand is growing more every day. “We are delighted to launch the next iteration of Rowley Szilagy online; it has been a genuine pleasure working with the team.” The latest project follow’s Fire Pineapple’s work with the city’s C&D Properties.

Workplace wellbeing drive brings success for Yin Yan A focus on corporate wellbeing has brought a successful start to 2016 for Liverpool-based Yin Yan Ltd. The business, launched six months ago to provide yoga, pilates, meditation and tai chi classes in workplaces and also vacant commercial spaces, recently attracted regional television coverage and a national appearance on BBC’s The One Show as it provided weekly sessions for the team at the city’s Agent Marketing Ltd. The venture, set up by former Downing senior agency surveyor Robin Ellis, is also said to be gathering success having opened pop-up studios in high profile city schemes including Grosvenor’s Liverpool ONE and the commercial district’s No. 4 St Paul’s Square as it works with landlords to

help manage business rates on void spaces or provide an amenity for people working in the buildings. Meanwhile, Yin Yan Ltd has joined forces with Capital & Centric to launch a scheme at its Tempest development on Tithebarn Street, offering tenants free weekly wellbeing sessions. Commenting on the quick success, Ellis says: “We’re currently running 10 public classes per week across six venues and I’m really excited about rolling the model out to new locations. “Most people want to improve their health but many struggle to find the time, employers want their staff to be healthy and landlords want to manage voids to best effect and won’t say no to a tenant amenity on site that doesn’t cost them anything.”

Yin Yan attracted television coverage MOVE COMMERCIAL 13

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Bitesize thinking

Stephen Hunter tax partner, RSM

In my crystal ball... Many changes in the property market are influenced by government fiscal policy. Some of these changes are announced several years in advance and it is therefore clear what is likely to change, albeit the consequences are not obvious until they happen. For example, the chancellor has targeted individuals with small buy-to-let portfolios in a massive way and this is likely to drive many of these investors out of the market or put them off from investing. Some years ago indexation allowance, a relief against inflation for capital gains tax purposes, was withdrawn for private individuals when they sold their buy-to-lets. Hence, the climate for buy-to-let has become much less favourable. Against this trend however, the government has changed the rules on pensions allowing much more flexibility on drawing funds out of pension schemes and this has caused more interest in people wanting to invest their life savings in property. Also taxpayers plan around the changes to the extent they are able and many now hold their property portfolios in ‘family investment companies’ to take advantage of the indexation allowance still available for companies, lower tax rates in companies and the ability to use these companies as new style trusts.

If only I’d known… If only I’d known at the start of my career what I know now about tax savings that can be generated by a capital allowance review. It never ceases to amaze me the number of opportunities I come across where the owner of a commercial property has not claimed capital allowances on the fixed plant within their property. Capital allowances are often left unclaimed by commercial property owners and as a result they end up paying more tax than they should. Over the past 10 years I have made it my mission to seek out these owners that are missing out and generate a tax saving for them. After carrying out a review on a client’s furnished holiday let in Portugal he said ‘This is the first time I have ever received a cheque from HMRC’. With the new rules introduced by HMRC in 2014, time is running out for investors to make a claim.

My favourite building with... Steve Ingley managing director, Fire Pineapple

Reichstag Building, Berlin Not only for its historical significance but also its unique architecture, the Reichstag in Berlin is arguably one of the most significant pieces of world history. Originally built to house the Parliament of Germany in 1894, it is intriguing to think of the many debates and critical decisions that were made behind closed doors in this building. It was set on fire in 1933 by suspected communists. During the Cold War the building sat just a few metres from the Berlin Wall, in former West Germany. After the war, the building was left to ruin for a long period before being reconstructed starting in 1995. The large glass dome atop the structure offers a unique perspective to gaze upon the sky and contemplate the more meaningful things in life. What other building in the world has such a rich history and has been through so much? 16 MOVE COMMERCIAL

“Not only for its historical significance but also its unique architecture, the Reichstag in Berlin is arguably one of the most significant pieces of world historty”

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MOVE COMMERCIAL

Bitesize thinking

UNDER CONSTRUCTION

Lisa Evans commercial property solicitor, Kirwans

Curriculum VITAE Main duties: Sometimes my main tasks include getting creative in supporting a new client with an upcoming business venture whereas others will be focusing on gaining the best solution for existing clients, handling anything from growing concern within their business, to pre pack deals or acquisitions. Education: I studied Law at Preston LPC Chester College of Law and enjoyed every minute. The three years helped prepare me for the working world in a way no other experience could. First job: On leaving university I was employed by Knowles Solicitors - a niche property firm in Liverpool. I then went on to another firm called HJ Walker Sibia. Both helped shape my experience and subject knowledge within commercial property. Shortest job: Whilst at university I worked at the Student Union. It was a great experience at the time and encouraged my passion for supporting others as well as enhancing my leadership skills. What’s the secret to your success? I would say it comes in the form of those who work around me. Having a good support

network both in and out of the office ensures my ability to remain at the top of my game. What piece of advice would you give to someone starting out in the industry? As I joined the legal profession straight out of university I would say that although it is important to stand on your own two feet, you don’t have to do this straight away. Use the support networks that exist in your work place. People are nice and have been in the same position as you before. Don’t be afraid to ask for help, as just winging it could get you in some sticky situations. What makes Kirwans different? The dynamic partnership with the team’s golden oldies and its younger partners is one which is essential for the success of the firm, enabling us to provide quality well rounded legal solutions. Tell us about Kirwans’ plans for the next 12 months: Kirwans aims to continue to increase the growth of individual departments as well as its overall client base however most importantly, we would like to continue to integrate each of our separate divisions so we are able to provide new and existing clients with a fuller legal representation. These sectors stem from commercial law to private client.

Tweet all about it

Embankment Based on the site of Manchester’s historic Exchange Station, in the shadow of Manchester Cathedral, this major mixed-use scheme is approaching completion of its first stage. A key part of the area’s wider regeneration, the development will deliver two state-of-the art office buildings alongside a 446-space underground car park facility.

MAR

Salford City Council starts phase one of the Embankment development when it agrees a 10-year head lease on 101 Embankment, covering 50% of rental value on the 165,00 sq ft building.

APR

An application is submitted to Salford City Council for full planning permission on 101 Embankment and outline planning permission on 100 Embankment, alongside full permission for a 446-space car park. The development is a joint venture between Ask Real Estate, Carillion plc and Tristan Capital Partners.

JUL

Construction begins on the site of 101 Embankment, which will feature flexible Grade A office space across 10 storeys. CBRE is also appointed as joint leasing agent alongside DTZ.

OCT

Topping out of Q-Park’s 446-space car park facility at 101 Embankment, which is spread across three levels. The international firm has agreed a 35-year lease at the site.

FEB

2016

Fit out of 101 Embankment due to get underway with a full planning application for phase two - 100 Embankment - also set to be submitted.

APR

Main 101 Embankment building is due to top out.

JUN

Planning consent will be sought for 100 Embankment in June, with detailed plans for the project to follow immediately after. A date for construction work to be begin will be decided based on market conditions with a speculative build programme for the building of 15-16 months.

JUL

101 Embankment due for completion.

2011

2014

2015

The 5 best commercial tweets

1 2 3 4 5

@AberdeenAssetUK AAM completes £42.75m acquisition of Albert Dock, Liverpool

@LiverpoolLEP The deep-water Liverpool2 terminal can service 95% of the world’s largest container ships @walesoffice @AlunCairns “The #NorthernPowerhouse is reviving the economic and civic strength of our great northern cities and rebalancing the economy” @George_Osborne Taking a French lesson at @wilmslowhigh with the French Ambassador – thankfully she’s doing most of the talking! @gmchamber Congrats to our President Wayne Jones who has received an OBE in the New Year's Honours list

2016

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Appointments

Suttons Group welcomes new chairman

Kirkby town centre manager for St. Modwen

Logistics and supply chain specialist Suttons Group has appointed Graeme McFaull as chairman following the Graeme McFaull death of predecessor, Michael Sutton. McFaull previously held the position of chief executive of European logistics company Wincanton Plc. He is currently a non-executive director with a UK construction group and chairman of a logistics real estate investment company. John Sutton, Suttons Group CEO, says: â&#x20AC;&#x153;Graemeâ&#x20AC;&#x2122;s leadership abilities, coupled with his significant board experience and knowledge of our dynamic industry will be invaluable to the ambitious, competitive, global group that Suttons has become.â&#x20AC;?

Regeneration specialist St. Modwen has appointed a new shopping centre manager in Kirkby town Mike Matthews centre after acquiring the site in November 2015. Mike Matthews will be responsible for managing the day-to-day running of the 400,000 sq ft Kirkby destination, which is currently leased to 80 tenants in retail and leisure, while also securing new lettings and ensuring regeneration in partnership with Knowsley Metropolitan Borough Council. Steven Knowles, regional director at St. Modwen North West, says: â&#x20AC;&#x153;Mike will play a pivotal role in engaging with the local community and breathing new life into the town centre.â&#x20AC;?

Two senior appointments at Bruntwood

Bruntwood Group has announced two new senior appointments as it anticipates the busiest year in its 40-year history. Richard Burgess, currently director of property management, has been promoted to chief operating officer. Meanwhile Jessica Bowles, current head of policy at Manchester City Council, takes the role of director of strategy following her involvement in in Manchesterâ&#x20AC;&#x2122;s devolution deal. Chris Oglesby, Bruntwood CEO, says: â&#x20AC;&#x153;Jessicaâ&#x20AC;&#x2122;s strategic skills and deep understanding of our citiesâ&#x20AC;&#x2122; socio-economic and political landscape make her the ideal fit for the role.â&#x20AC;? He adds: â&#x20AC;&#x153;In Richard, we have a first class operator that understands our business and will ensure that we are able to deliver our ambitious strategic plan.â&#x20AC;? 18 MOVE COMMERCIAL

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Conrad O’Neill, director, Canning O’Neill My Month A new year may now be in full swing but 2015 didn’t end on the usual seasonal slow-down according to one Manchesterbased commercial property agency. Conrad O’Neill, a founding director of Canning O’Neill, talks us through a busy month for the firm and the region’s property market.

701 Chester Roa d, Old Trafford

My goal at the start of the month was... Our business is letting, selling and acquiring offices on behalf of clients and the goal each month is to generate and agree new deals and get existing deals over the line and completed. It used to be the case around the end of the year/Christmas that the commercial property market would slow down but nowadays we seem to be really busy up until the holiday and

last month was no exception, with viewings still being carried out in the final week before Christmas. I had three significant deals that I was keen to see done before Christmas and fortunately, these all exchanged. Most deals are now taking much less time to exchange/complete which is a good sign of a strong property market.

My biggest achievement was... After months of chasing, I finally managed to get an occupier seeking 20,000 sq ft to view some of our buildings. Since their initial enquiry in March, I had been periodically chasing them with little joy. Sometimes it takes time for occupiers to progress their requirements. Many make initial enquiries and then do nothing for months. We often have to strike a delicate balance to keep in touch with and monitor these requirements and not pester them to death! In some cases, the day you give up is the day they go off and take space elsewhere and by the time you hear, it’s too late. In this case, it worked and my patience and ‘softly, softly’ approach paid off!

My biggest challenge was... The sale of 701 Chester Road - a 31,000 sq ft office investment in Old Trafford. We managed to exchange contracts on the sale within seven working days of agreement of the purchase price and above the asking price. Whilst the investment market in Manchester city centre has been strong for the last couple of years, it is encouraging to see strong investor appetite for buildings in the wider regional market too – as evidenced by the level of interest we saw in this building.

THE NEWS STORY THAT CAUGHT MY EYE David Bowie and Ian Fraser Kilmister (Lemmy) passed away at the start of 2016

The news stories that caught my eye in the last few weeks have been the sad deaths of Lemmy, David Bowie and Glenn Frey of The Eagles. 2016 is looking like a bad year for rock ‘n’ roll… or is it my age?

The key meeting I had... I had two key meetings last month, each to discuss/review the proposed refurbishment of two separate office buildings in Manchester city centre for two different clients. In both cases, the offices will be ready to occupy in the latter half of this year and, whilst I cannot go into too much detail at present, I am looking forward to bringing both to the market as each building will offer fantastic high quality offices with ‘something different’. More to be revealed in due course!

My plan for next month... Business-wise it will be more of the same – more deals to agree and more deals to steer over the line. My biggest challenge for next month will be to get into some kind of shape for a little ski trip! MOVE COMMERCIAL 21

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Back on track Will HS2 rebalance the economy?

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High Speed 2 Lunch debate

The announcement by the government that High Speed 2 (HS2) will come to the North West six years ahead of schedule signals that the scheme is set to become a reality. Move Commercial brings three of the region’s biggest property and development leaders together to discuss its impact and whether it is enough to bring the North’s economy in line with the South.

Colin Sinclair director of workspace development, Bruntwood

What are the real benefits HS2 will bring to the North West? Colin Sinclair: I think those places that get a mainline HS2 station immediately get an increase of investment, and that’s not least in the property sector where people will speculate around the station locations. I think we’re seeing that around Piccadilly in Manchester and around Mayfield. Adam Higgins: As far as the actual physical benefits of the link and all the rest of it go, the slightly more intangible benefits like the profile it creates for the North and how it all ties in with the likes of the Northern Powerhouse and HS3 are an enormous thing. It’s not just HS2, it’s that re-focus and rebalancing of the economy that HS2 is absolutely essential to. CS: It’s all part of the positioning of Manchester as a business location isn’t it? Look at where HS2 goes – it goes very clearly from London via Birmingham to Manchester and whilst Leeds gets the benefit, Manchester is seen as a real hub for it. AH: And I think that’s all part of it for Manchester and HS2; it’s to make Manchester, Leeds and Crewe all feel accessible to international businesses as well.

Matt Pochin director, Legat Owen

Will HS2 benefit the entire North West or just Manchester, Crewe and Liverpool? CS: I think any big infrastructure investment has a ripple effect and it will impact on the whole of the northern economy so you’ll see a physical benefit in the central part of Manchester. I think there’ll be a benefit to the wider area around that. If you’ve got your company in Liverpool or in North Manchester and you want to do business in London, you don’t need a London office with trains that are frequent and fast enough to nip to London to do your business and come back. AH: I had a meeting with quite a senior officer at Knowsley Council and I asked his opinion on HS2 given that it doesn’t stop at Knowsley. He said Knowsley Council is very, very pro-it from a logistical point of view because a lot of employment is made up of logistics and they see a huge benefit because of the capacity increase that will be brought about. Matt Pochin: Also that West-East link really needs promoting. That really needs to be the next stage. Without that, all you’re doing is focusing on that line up to Manchester and that is it. It has to have East to West, it does feel too North to South at the moment.

Adam Higgins co-founder and director, Capital & Centric

How have property and investment markets in Manchester, Liverpool and Crewe responded since the announcement that HS2 will be brought forward? MP: If you look at Crewe and South Cheshire, we’ve not seen the strategic offices coming to the town looking for large chunks of space yet. I think that will come but we are starting to hear smaller contractors will be doing more physical work on the line looking for space in Crewe. Moving onto land and land releases, we need more land in Cheshire as it is – regardless of HS2. We’ve still got land that we need to come through to support the growth of the market at the moment with such lacking in stock as it is, so HS2 is almost secondary to that; it’s another phase of development, another phase of land needs to be released. AH: In Manchester city centre I think there’s an awful lot more focus on the Piccadilly area now than there would have been even three years ago. Our scheme Kampus seemed on the edge of the city centre compared to now where it’s as though it’s very much in the centre and I think that’s partly down to the focus on the Piccadilly area coming forward. MOVE COMMERCIAL 25

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In Manchester it’s definitely driving interest and development towards Piccadilly as one of the key growth areas for the city centre.

It’s all about confidence on the back of HS2 fundamentally, and improvements to the station and infrastructure; connectivity. What influence or excitement is it generating in the region’s business sector? AH: I can’t speak for Liverpool or Crewe but in Manchester it’s definitely driving interest and development towards Piccadilly as one of the key growth areas for the city centre. Even though it’s not going to be finished until June 2033, it is amazing that it’s already starting get excitement around those areas which is quite surprising given it’s 17 years away. CS: Liverpool’s got a strong future in science, bio-medicine and that side of the economy. We’re trying to do really good creative spaces as well. When things like HS2 get into Liverpool it can only help. I think Liverpool would benefit a lot from the East-West link though. MP: There has been a number of developers which have focused on Crewe being the next stage and the station being fast-tracked and are looking at the area off the back of the chitter chatter of HS2. The reality is that it would get built, it would get put up regardless, and it just means there is a little more interest being generated with the media coverage that HS2 in Crewe specifically seems to be getting. CS: I think that second Mersey crossing will make a difference because an issue for Liverpool has been that it’s got a waterfront to it which seals it off from North Wales, Cheshire and Chester. A more accessible Liverpool becomes a more talented Liverpool if 26 MOVE COMMERCIAL

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you can get the east-west rail link. MP: And you need all the big conurbations working together. As you say, Liverpool and Manchester are starting to come together, there was always that ‘them and us’ wasn’t there? Now they do seem to be working together and they’ve got to. HS2 is coming and they’ve got to work together to make the best of it. By how much do you believe investment will increase over the coming years as excitement builds about the Northern Powerhouse and HS2? AH: I think it will in the sense that it’s only a small microcosm of the economy but again, in commercial property, all those big London funds and American funds are looking to invest in places like Manchester and Liverpool and I’m sure they are in places like Leeds as well which they wouldn’t be doing unless they felt it had the potential for growth. Manchester is very much second to London at the moment, in terms of investment excitement. CS: The rail links help tourism as well. If you look, Liverpool is incredibly strong for culture and tourism so any kind of investment in public infrastructure and transport is going to help that. Another big part of it is getting to and from the airports. MP: You’ve obviously got the high profile politicians like George Osborne, who’s obviously in the tank and constituency, waving the flag for the Northern Powerhouse sitting alongside with what’s happening with HS2. It’s definitely going to bring in foreign investment.

“

You could regenerate Lime Street and put HS2 in there. I’m not quite sure why that’s not happening; I wonder if that’s politics rather than economics.

“

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High Speed 2 Lunch debate

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It’s a massive project, huge infrastructure and the biggest we’ve seen in this country for a generation. But at the same time, people like us need to know certainty and timescale.

“

Do you think HS2 will deliver on closing the North/South gap? MP: London is the capital of the world still, isn’t it? It’s not just the capital of the UK, so it’s always going to be difficult to close the gap with London but it’s certainly going to help the North and Manchester and Liverpool. AH: Pretty much every other main European country; France, Spain, Germany, Holland – they’ve all got high speed rail links haven’t they? It’s pretty much only the UK of our, what we’d consider to be our competitors, which doesn’t currently have high speed and that’s strange given we pretty much started the industrial revolution yet we’ve been left behind. CS: I think nationally, though, the policy has been to invest in infrastructure in London and the South East so the impact of George Osborne and the Northern Powerhouse has been significant. Is it the only solution the region needs to close that gap and boost its investment? MP: From my perspective the planning system needs speeding up, we need a

release of more land, connectivity locally needs sorting out, there’s real problems with infrastructure on a smaller scale throughout the North West that needs dealing with; it’s all got to go hand in hand, I’m afraid. But from a property side, pure property side, the planning process needs dealing with and the release of land to free up the market is fundamental. AH: I also think for the North and the UK as a whole, the skills shortages and basic trades need looking at as well because one of the things that’s harming property developments at the moment is the fact that tender prices are so high as there aren’t many contractors. That’s one of the things that’s going to hold it all back. So whilst it needs all the infrastructure and everything else, it’s the fundamental things the country needs to address as well to bring some of these projects. CS: I like the idea that HS2 will close the gap and I think it’s got some momentum but the biggest threat to it is what happens when George Osborne stops being chancellor. He’s driven it

really well so far. AH: It’s just one piece of the jigsaw. It’s those other pieces that we’ve talked about that are absolutely essential to the North regaining its position and with it being an economical influx into the UK. CS: There are areas where we can do really well. If you look at offshore, the whole wind and energy thing – everything that Liverpool’s invested into offshore energy, tidal barrages; if you can harness the science from universities and the invention and put the transport with it then I think it will do. Are there any unanswered questions that you feel need to be addressed? MP: I think with HS2 it’s timing, we all want certainty over timing and when the key dates will be. It’s good that they’re bringing forward the initial link up to Crewe but it would be nice to know the Crewe up to Manchester date. There’s the detail as well. It’s a massive project, huge infrastructure and the biggest we’ve seen in this

country for a generation, isn’t it? But at the same time, people like us need to know certainty and timescale. AH: There have been calls for it to start from the northern end and work down to give the North the immediate economic boost as opposed to yet more boost to London; I guess that’s not practical but it does seem like a very good idea. CS: If you look at the regeneration that’s happening in Liverpool, the positives of things like the Liverpool2 deep-water container terminal, so much of HS2 has been freight and what it does for the freight market. Why would you not go to Crewe and to Liverpool and to Manchester’s airport and Manchester’s city centre and really do the job properly? I’m not quite sure what the logic is that it doesn’t go to Lime Street because if there’s one area that could do with it you could regenerate Lime Street and put HS2 in there. It would make a logical connection for the freight capability in Liverpool with the port. I’m not quite sure why that’s not happening; I wonder if that’s politics rather than economics. MOVE COMMERCIAL 27

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The RIBA Stirling Prize is regarded as the UK’s most prestigious award for architecture, but when Allford Hall Monaghan Morris picked up the 2015 accolade for a school building it symbolised much more than industry success, as director Paul Monaghan tells Move Commercial.

A Stirling job With a long-running interest in “everyday buildings that are used by ordinary people” and a commitment to progressing architecture as a whole, last year’s Stirling Prize victory and the scheme it was awarded for seemed to encapsulate what Allford Hall Monaghan Morris (AHMM) is all about. Set up by college friends Simon Allford, Jonathan Hall, Peter Morris and Liverpool’s Paul Monaghan, the practice took the title in its 25th year for its transformation of London girls’ comprehensive, Burntwood School. The work, which saw the practice create new buildings linking with original structures by renowned 1950s/60s architect Sir Leslie Martin at the Wandsworth site, was recognised by RIBA judges for demonstrating “the full range of the skills that architects can offer to society”. “I suppose what I’m most proud of is that we [won] it for a school,” says Monaghan. “Kids there are from poor backgrounds and they get phenomenal GCSE and A Level results and it looks like a private school even though it’s a state school. “I was lucky enough to go to St Edward’s College in Liverpool when it was a grammar school, which is quite a special building, and I don’t know why every person can’t have access to a school like that. In a way that’s what [the award] says; that we 30 MOVE COMMERCIAL

should be able to.” It’s a sense of pride that has been shared by the school itself and its pupils too. “We gave the prize to the school for a week and they all took selﬁes with it, and I also went to a morning assembly and showed them the prize and they all cheered. It was very moving,” recalls Monaghan. “Quite a lot of the kids have got an interest in architecture because of the building now so that’s been great. And in engineering too, which is good because it’s an all girls’ school and there isn’t a mass of women going into construction.” According to Monaghan, helping to develop architecture and the industry is something that is close to the practice. “We have a real commitment to the art of architecture, the culture of architecture,” he explains. “I’m a professor at University College London (UCL) and Sheﬃeld University, I taught at the University of Liverpool and I’m very committed to teaching, very committed to improving architecture. “I’ve also worked with CABE (Commission for Architecture and the Built Environment) in London, which helps improve design quality in all public buildings.” For Monaghan himself, his upbringing in Liverpool played an early part in his own interest in the profession, helping him realise the potential of buildings. “I always liked it at St Edwards

when we had a big event at the Metropolitan Cathedral; I suppose that’s the first time I ever saw modern architecture and it was really dramatic at the time. “It’s hard to see that now but there was all the stained glass and the ‘crown of thorns’ was a lighting rig and it had all this modern art inside it. It was really different. “I suppose that made me think that buildings could say something different, that they could lift people.” Despite moving on from the city himself, with AHMM having a main base in London as well as offices in Bristol and Oklahoma as it’s now made up of a 350-strong team, Liverpool has remained important throughout Monaghan’s career. The Unity, a residential and office scheme which remains prominent in the city’s skyline, was an early major project that helped the practice to achieve its diverse approach to taking on schemes, which has in turn allowed it to maintain a strong pipeline of work whilst also “pushing its architecture on” and serving it well in a time of mixed-use popularity. “Ten years ago we were doing lots of schools because the government at that time had a huge investment in a schools programme and we were good at them,” explains Monaghan. “Now housing and offices are booming so we’ve been doing lots of work on trying to reinvent the office building, and in housing we’re

redesigning the BBC’s Television Centre in White City. “That comes out of the fact that one of our very first big projects was Unity in Liverpool and we built a big office building and a big residential building which was one of the tallest at the time.” Then there’s the practice’s current catalogue of projects, in which Liverpool features again alongside the high profile BBC site and a transformation of the Metropolitan Police Service’s Scotland Yard headquarters, as AHMM continues a challenging overhaul of Royal Court Liverpool. Having previously completed the inside of the theatre, the latest phase of reworking the 1930s building’s common pathways including staircases and bar areas as well as creating a new entrance and a cafe is approaching completion. “I think it will really reboot the whole theatre - it’ll completely change people’s perception of it,” says Monaghan, who again took inspiration from the city’s Metropolitan Cathedral for the scheme. A new digital screen adorns the front of the venue on a panel which “looks a little bit like the bell tower” of the iconic Liverpool landmark. The long-running theatre refurbishment will continue to play a part in AHMM’s future, as Royal Court Liverpool is in the process of applying for Arts Council funding to press on with ‘Act 3’ of the

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Paul Monaghan, director, Allford Hall Monaghan Morris Interview

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It’d be nice to try and win the Stirling Prize again

“

I was lucky enough to go to St Edward’s College, and I don’t know why every person can’t have access to a school like that. In a way that’s what the award says; that we should be able to.

“

architect’s plans – a new 150-seat studio space in the basement and a bar on the third and fourth floors. Meanwhile a forthcoming office project at Salford Quays which is still to go through the planning stage will further strengthen AHMM’s presence in the North West, and Monaghan is hopeful that further Liverpool projects will come about. “I’d love to do another Liverpool building, it’d be really brilliant,” he says, adding that the city would also be the ideal destination to fulfil the practice’s goal of working on some UK university buildings in the near future. “We’re very good at education buildings so that would maybe be one of our aims for the year ahead, to get some university buildings in the country, and where better than Liverpool,” suggests Monaghan, with the practice having only previously taken on overseas university designs. Ticking the Stirling Prize off the list hasn’t made AHMM any less ambitious moving forward either. “Well it’d be nice to try and win it again, a few people have won it a couple of times,” says Monaghan. “In our world there are other bigger prizes like the Royal Gold Medal too, but I think we just want to keep producing consistently good buildings and working in different areas. Maybe the great thing about this is it might open a few doors in different countries or in different sorts of opportunities that weren’t there beforehand.” MOVE COMMERCIAL 31

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Natasha Young natasha@movepublishing.co.uk

A stable economy and a financial system to benefit companies both on and off the island are said to be among the selling points of linking business with the Isle of Man. So with its close proximity to the North West, how much potential does the island hold when it comes to facilitating growth right here in the region?

Gateway for growth

34 MOVE COMMERCIAL

of the Liverpool2 deep-water terminal. During the event the island’s already thriving business community was being pitched to Liverpool professionals, along with its strong overseas links – the government says it travels to China around four times a year and is “very aware of the work Liverpool does” with the nation. Plus there’s its credentials as a gateway for trading around the EU and its support for businesses looking to develop an on-island presence. A proposed £50 million selfsustaining Enterprise Development Fund (EDF) to provide loan, grant and equity investment for ‘fledgling’ startups, ‘accelerator’ SMEs and medium to large ‘relocator’ firms was outlined, and expected to be enforced early this year. It was said the initiative would “try to stimulate some growth on the Isle of Man” as it entices businesses to

The island is looking to work with Liverpool

Photo: NH53

Situated in the centre of the Irish Sea, the Isle of Man may be small and separate from bustling business hubs around the North West, but its leaders suggest it has great potential to facilitate growth and steer investment to the region. Neither part of the United Kingdom nor a member of the European Union, this self-governing British Crown Dependency has its own laws but, according to its own government, is “inextricably linked to the UK through shared history, community bonds and economic partnerships”. Back in December, business leaders and government representatives from the Isle of Man hosted a seminar in Liverpool’s commercial district, highlighting opportunities for the city to work in partnership to achieve growth, particularly as it strengthens its port activity with the development

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The closeness of the Isle of Man and Liverpool will be enhanced because while the other offshore centres have the international perceived glamour, in reality the [Isle of Man] is 20 minutes on a plane.

“

establish themselves there in some capacity. But how can the likes of Liverpool and its firms striking up business links with the island stand to benefit the North West? A diverse range of sectors already have a presence on the Isle of Man including gaming, which is believed to have grown thanks to the island’s regulatory system and the success that some industry names have achieved there; to technology, maritime and manufacturing. Meanwhile the island is also said to be growing as a base for international trade due to its position as a “gateway into Europe,” with an on-island VAT office enabling quick registration for firms to set up a hub there. It’s a selling point which is hoped will further be enhanced as the Port of Liverpool’s activity is increased and, in

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Photo: Eric Gaba

Isle of Man Focus

particular, will be highlighted to attract business to the Isle of Man during this year’s MIPIM exhibition in Cannes. “With Wirral Waters and Liverpool2 I’m hoping there’ll be a huge drive this year that we can attract through MIPIM with Liverpool’s big presence there,” says Irene Morrison, an associate director at Isle of Man’s corporate services provider, First Names Group. “I think the closeness of the Isle of Man and Liverpool will be enhanced because while the other offshore centres Jersey and Guernsey have the international perceived glamour, in reality the [Isle of Man] is 20 minutes on a plane.” First Names Group, which was among firms flying the flag for the island during the Liverpool seminar, says property is also a prominent sector operating business through the Isle of Man.

According to Craig Brown, the Isle of Man managing director of the company, the island’s structure can provide a familiar route for overseas investors who are looking to put money into a more unfamiliar North West property market, and can also serve as a consistent base for the likes of developers who move from region to region to work on various UK schemes so that they don’t need to keep relocating main operations. “What you typically find is that because they’re not necessarily UKbased themselves they want to maintain a bit of flexibility,” he says. “They want to use local expertise and give themselves the ability to not be constrained to a particular jurisdiction so that’s why they tend to invest via the Isle of Man. “For instance, Chinese investors are free to move their money anywhere in

the world and they’ll perhaps already have an Isle of Man structure for an investment they’ve made in central London or elsewhere, so what we tend to find with them is that Liverpool is unfamiliar.” When it comes to establishing a business in the Isle of Man to then invest in projects within areas of the UK such as Liverpool and the North West, Brown insists that the region doesn’t miss out on opportunities due to the company not being registered there. “We would like to think the management and directors would be here in the Isle of Man but when it comes to the day to day operation it’s all Liverpool contractors who are going to be doing the work,” explains Brown. “It’s the Liverpool businesses who are going to be going into the [development] and it’s generating

employment and accommodation in the North West. “If the Isle of Man weren’t involved, those investors may not be prepared to put their money into the region so we would like to see that as being a conduit as opposed to anything distracting from [Liverpool and the North West],” he says. Trading and investing through the Isle of Man also brings taxation benefits, as the standard rate of corporate tax is 0% and the island is treated as part of the EU for Customs, Excise and VAT purposes but is deemed outside of the EU for other tax regimes. Preventing property investors and developers from being subject to the current “vagaries of the UK tax system” is another aspect Brown says can help to facilitate developments in the North West. “With a stable and well-established tax regime like the Isle of Man has, what [investors] can do is know that their basic tax is going to be fixed, they’re not going to have Stamp Duty in the Isle of Man albeit that they will on the properties and they’re not going to have a change based on a whim of the government at any one time. “That’s not tax avoidance or planning, it’s more to give them stability because perversely it’s not the size of the taxes that are the biggest problem, it’s the constant changes and the unknown. “You can’t go into a development that’s going to finish in three to five years only to find that two years in, the figure you budgeted for has suddenly doubled or trebled overnight.” From First Names Group’s perspective, there’s a lot more potential for Liverpool and the Isle of Man to support each other as, despite the locations’ close proximity, developments based in London and the Midlands are more likely to be found through the island. “I think it’s just a case of a bit of an education campaign to explain how benefits could arise for developments within the North West, and maybe even trying to say to people ‘just because you are already in the North West and the development itself is in the region, doesn’t mean it’s the right thing to set everything up there’,” says Brown. “What we’ve tended to find is that by conducting a development through the Isle of Man vehicle in the first instance, typically when it comes to an exit strategy of some description, you’ve opened that up to a wider range of investors or you’ve potentially enhanced the price you could generate.” MOVE COMMERCIAL 35

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Key event Peel office launch

Peel hosts Princes Dock breakfast Key commercial agents from across the North West came together at the launch of the newly refurbished third floor of No. 12 Princes Dock in Liverpool. The 35 attendees had a chance to network and view the vacant 22,239 sq ft office space at Princes Dock, which is already home to Bibby Financial Services, PricewaterhouseCoopers, CMA CGM Shipping and KPMG. Located next to the iconic Royal Liver Building, Princes Dock is the first phase of Peel Land and Property’s Liverpool Waters scheme. Guests could take an interactive tour of the Liverpool Waters development and view a special 3D model of the scheme before enjoying breakfast at the marketing suite on the fourth floor. 1

1. Ian Steele (Bilfinger GVA), Ian Pollitt and Liza Marco (both Peel), Jonathan Boucher (Cushman and Wakefield) and Stuart Keppie (Keppie Massie) 2. Bilfinger GVA’s Ian Steele (right) chats with Mark Whittaker (Peel) 3. Ian Pollitt (Peel) in conversation with Jon Swain (Mason Partners) 4. CBRE’s Neil Kirkham takes an interactive tour of the Liverpool Waters development 5. Visitors took the opportunity to network 6. Stuart Keppie (Keppie Massie) 7. Some of the key figures in the project 8. Liza Marco (Peel), Andrew Byrne (CBRE), Ian Steele (Bilfinger GVA), Jonathan Boucher (Cushman and Wakefield), Ian Pollitt (Peel) and Stuart Keppie (Keppie Massie) with a 3D model of Liverpool Waters 9. Catherine McCarthy (Move Publishing) with Jamie Thompson (Form) 10. Andrew Owen (Worthington Owen)

p33-48_Move Commercial 08/02/2016 15:55 Page 37

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Lawrence Saunders lawrence@movepublishing.co.uk

With headline rents in the region’s business parks last year hitting prerecession figures and the supply of Grade A stock dwindling, could 2016 see the true return of speculative development? Move Commercial speaks to experts across the North West to find out.

Taking the plunge The UK’s economic recession of 2008/09 brought speculative development in the country to a grinding halt. With builders going out of business and the price of materials skyrocketing, investors moved away from risky speculative projects, instead choosing to stick with safer ventures. A Savills report from December 2015 claimed that from 2012, 72 schemes of 100,000 sq ft and above had been constructed speculatively across the UK – amounting to 13.2 million sq ft, a number still way below the 40.5m sq ft that was developed in the pre-recession years of 2005 to 2009. Instead, the majority of funding has been seen for pre-let opportunities, a trend which has been echoed here in the North West. “We have seen new developments gather pace and although many may have a speculative element, they cannot be considered truly speculative as a lot of them are kick-started off the back of partial prelets,” explains Conrad O’Neill, director at Manchesterbased Canning O’Neill. O’Neill believes that the lack of true speculative office development over the last few years has been partly down to developers wanting to wait for the market to fully recover. “Costs are high at the moment as we are still 38 MOVE COMMERCIAL

“

We are yet to see many developers put their neck on the line and build a truly speculative office building, but I think the conditions are right for that in Manchester city centre.

“

suffering from the recession. A lot of contractors geared down, a lot of building manufactures geared down as well. Over the last year the cost of bricks, for example, has been the highest it has ever been.” adds O’Neill. Despite these factors, a “chronic” shortage of Grade A office space in 2016 could see developers return to speculative development sooner rather than later. “We are yet to see many developers put their neck on the line and go out the traditional way, get third party funding and build a truly speculative office building, but I think the conditions are right for that in Manchester city centre,” says O’Neill. One firm that is willing to take this risk is Manchester based developer Capital and Centric. “Almost everything we have built has been on a speculative basis – we have probably built in excess of 750,000 sq ft of space since we started up six years ago,” explains Tim Heatley, co-founder of the firm. Capital and Centric has been involved in several speculative developments across the region, including a number of projects in Liverpool such as the Bunker Building office development; the redeveloped Tempest office building and the

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Speculative development Focus

“

To support the developer through the process, the council gave them a loan to fund the cost of the planning application, the site investigation and the designs. That’s how that one [Venus 110] kicked off in a sense. The Venus 110 scheme at Knowsley Industrial Park, to be occupied by Amazon was the area’s first speculative development in six years.

proposed Littlewoods Studio Liverpool which would create 250,000 sq ft of TV and film studio space. Funding for the Littlewoods Studio project was raised by a combination of Capital and Centric and a grant from the Liverpool City Region Local Enterprise Partnership. In Manchester, local authorities have also underwritten significant speculative projects such as One New Bailey and 101 Embankment. This willingness for councils to get involved with speculative schemes, both office and industrial, has been a major driver for the market. “It has been a key factor,” says Heatley. “Councils have been frustrated with the lack of new space being created, which means that businesses are stagnating and in some cases having to relocate to other parts of the country where they can get the space they need.” Another factor which has helped push speculative development, especially in the industrial and logistics sectors, has been the “significant rise in online retailing”, according to Dan Burn, director at JLL. “Online retailing has been a big driver for the market in the last two years and we expect that to continue in 2016,” adds Burn. One of the biggest online retailers, Amazon, last year increased its presence in the North West when

“

it chose New Capital Knowsley’s 110,000 sq ft Venus 110 scheme at Knowsley Industrial Park. The project was the first speculatively developed scheme in the area for six years and was again backed by a local authority. “To support the developer through the process, the council gave them a loan to fund the cost of the planning application, the site investigation and the designs. That’s how that one [Venus 110] kicked off in a sense.” explains Dale Milburn, AED economic development at Knowsley Council. The success of Venus 110 has given the developer the confidence to look at a second phase, known as Venus 200. Planning permission and site works have already been completed with the developer now in a position ready to let a contract to build. Milburn believes the achievement of Venus 110 and the proposed Venus 200 site can only help drive further development in the region. Orbit Developments has recently achieved planning consent for two 100,000 sq ft warehouses in the area, one of which will be speculatively developed. Alongside the Orbit scheme, Peel Logistics has secured planning permission for its Knowsley 800

site, which will offer 800,000 sq ft of warehousing and distribution space, and also recently began construction on a new development in Liverpool. The 175,000 sq ft industrial and logistics facility at Liverpool International Business Park (LIBP) is the largest speculative warehouse to be built in the city for almost a decade. Meanwhile planning consent has also recently been lodged by db symmetry for the major refurbishment of an existing building in Huyton, which could provide 120,000 sq ft of quality warehouse space. The firm is also nearing completion on a speculative refurbishment of 100,000 sq ft of office space at Manchester airport and has just finished construction on an 110,000 sq ft development at South Lancashire Industrial Estate in Wigan. Projects such as these are evidence of the clear “appetite from investors to invest in speculative development,” according to db symmetry director, Andrew Dickman. “On all three of our speculative developments that we are doing, we are doing them because we think there is a lack of supply of product for occupiers to occupy. An educated investor would look to feed into that market with some supply.” MOVE COMMERCIAL 39

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She’s become a leading figure in engineering, using her skills to encourage more young girls to explore the sector as a career and working with schools across the region to bring science and technology to life. But things were a little different when Michelle Dow, managing director of MerseySTEM started out, as she tells Move Commercial.

Engineered to succeed When Michelle Dow ﬁrst entered the engineering world she admits it was very much a man’s world. Indeed the British Gas depot in which she began her apprenticeship at 16 didn’t even have a female toilet. It was the early 1990s and engineering was still seen as a career for the boys. Thankfully, says Dow, she attended a school that actively encouraged students to pursue subjects they could excel in and not just those considered more traditionally suitable. “King David School (in Liverpool) was great,” she says. “You were never pushed down a speciﬁc route, you really did do what you were good at. I wasn’t very good at food technology, I’m still not, so I did woodwork and CDT. That was the kind of thing I was interested in, I suppose your traditional ‘boys route’. I hate the whole idea of what’s traditional and what’s not traditional.” As part of a school project exploring possible careers Dow began looking into the engineering sector and decided it 42 MOVE COMMERCIAL

offered the type of opportunity she was after - the chance to make money whilst carrying on learning. “It was a bit unusual in the early 1990s,” she says. “I was a high achieving student in a good school, with most people going on to do A Levels, and it was not ‘traditional’ to go to do an apprenticeship.” Nevertheless, at 16 Dow applied for ﬁve apprenticeships and received offers from four, eventually choosing to accept the offer from British Gas. Whilst Dow speaks fondly of her male team members who she says took her under their wings, she admits it was obvious this was ‘traditionally’ a man’s world, not least by the aforementioned lack of a ladies lavatory. Still, Dow excelled on her three-year apprenticeship, qualifying as one of the ﬁrst female gas service engineers. A fan of lifelong learning, Dow made sure she grabbed every opportunity to train further and better herself at British Gas and before long “swapped the gas van for a BMW” when she was

given a project manager role. “I was looking at what British Gas did as an organisation to encourage more girls and more ethnic minorities into the apprenticeship scheme,” she explains. “I worked for British Gas Engineering Academy and we did lots of things that were different. I remember going to the head of the academy and asking for budget for pink lip gloss. We’d go to recruitment events and have these pink lip glosses with the engineering academy website on. We started advertising in magazines girls actually read. It was all about getting to the right audience.” Dow’s work with the Engineering Academy caught the attention of another organisation called Women in Science and Engineering, which was based in London. “I was really lucky that I got the opportunity to go and do a secondment with that organisation in London, as project director looking at its branding and how it could get more girls excited about engineering,” she says.

“

I did woodwork and CDT. That was the kind of thing I was interested in, I suppose your traditional ‘boys route’. I hate the whole idea of what’s traditional and what’s not.

“

At the heart of Dow’s success has always been her passion for giving young people the same opportunities she had and a desire to get rid of labels such as traditional or non-traditional, instead putting all the options in front of young people and letting them make an informed choice. And it was through this belief that MerseySTEM was born. After taking some time out of work to have children Dow decided to seize the opportunity and create a company that, working with the government funded national organisation STEMNET as its contract holder in the Liverpool city region, would help promote engagement between industry and education. “I’ve been a STEM (science, technology, engineering and mathematics) ambassador since I was 17, going into schools and talking about my career path,” she says. “And I’d worked with STEMNET for a long time, so when that government contract came up I thought I’d have a go.” STEMNET runs three national

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Michelle Dow, managing director of MerseySTEM Interview

programmes; the Schools STEM Advisory Network, the STEM Ambassador programme and the STEM Clubs programme. The programmes are all free to state-funded secondary schools but are also available, in some capacity, to other sectors. MerseySTEM is the delivery partner in Merseyside, Cheshire and Warrington. “There is a need for more things for our young people to be exposed to,” says Dow. “We’re almost a facilitator of all sorts of other people doing amazing stuff.” While it would have been possible to set up MerseySTEM as a not-for-profit firm, Dow says making it a limited company has helped it to earn a degree of respect and mutual appreciation from the business community. And it is businesses who will ultimately benefit from the organisation as Dow and her team work with partners to ensure the workforce of tomorrow is equipped with the qualifications and, more importantly, skills they’ll need.

“

In the Liverpool City Region at the moment there’s a skill gap we need to ﬁll. We’ve got to equip our young people for that.

“

“In the Liverpool City Region at the moment there’s a skills gap we need to ﬁll,” says Dow. “We’ve got to equip our young people for that. We should do that by inspiring them and that’s what we’re trying to do.” A big focus for the organisation going forward is The Big Bang North West, an interactive science and technology event which aims to inspire and enthrall young people from across the region. Having had the regional contract for the event for two years (during which time membership at the main show and its fringe events soared from just over 2,000 to just over 9,000), Dow says this year’s is set to be the biggest yet. The MerseySTEM team have plans to engage with a massive 12,000 youngsters through The Big Bang 2016, including having 6,000 at the main event at Exhibition Centre Liverpool in July. “The Big Bang is our ﬂagship event and I absolutely love it,” says Dow. “But it’s not the answer to the skills gap, it’s

part of the answer. We need to be engaging young people on lots of different levels; in school, outside of school, through parents’ evenings. The Big Bang is something we can hang our hat on and businesses and other organisations can get involved with.” With plans to grow the organisation further, including recruiting more employees to the eight-strong MerseySTEM team, Dow is understandably proud of how far she’s come. “I’ve had a fantastic career, I’ve spoken at the House of Commons and the House of Lords, I’ve sat on different steering groups and I’ve met the Prime Minister,” she says. “I was nominated Woman of the Year. What I’ve found generally is men are really good at shouting about their achievements whereas we’re not quite as good at that. It’s ok to say I’ve been quite successful.” One thinks, in Dow’s case, “quite successful” is something of an understatement. MOVE COMMERCIAL 43

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Key event One City Place launch

Muse unveils One City Place Muse Developments welcomed guests as it unveiled its new One City Place development in Chester. Commercial agents, council dignitaries and business representatives were given a special tour of the 70,000 sq ft office development next to Chester railway station before enjoying a full English breakfast and a speech from The Lord Mayor of Chester. Guests were also treated to a visit to the newly renovated ‘Carriage Shed’ events space, which links Chester railway station to One City Place. One City Place is the first of seven office buildings to be developed as part of the new 500,000 sq ft business quarter, which aims to bring more than £96 million to the city’s economy. 1

1. Councillor Mike Jones (Chester West and Chester Council); Phil Mayall (Muse Developments); The Lord Mayor of Chester, Cllr Hugo Deynem; Mrs Deb Deynem, Lady Mayoress; and deputy leader of Cheshire West and Chester Council, Cllr Louise Gittins 2. Guests networking in the new reception 3. Cllr Louise Gittins addressing the room 4. Agents networking 5. Guests were given tours of the new Carriage Shed 6. Attendees enjoyed drinks at the brunch 7. The Lord Mayor of Chester, Cllr Hugo Deynem speaks 8. Phil Mayall addressing guests 9. Neil Kirkham and Andrew Byrne (both CBRE), Andrew Owen (Worthington Owen) and Tony Reed (Keppie Massie) 10. The event was held on the fourth floor

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Move Commercial Events Feb-Mar

EVENT PLANNER

Our pick of the best local events

12 FEB

17 FEB

15 MAR

16 MAR

RBS 6 Nations Preview Business Lunch with Shane Williams, ABode Chester 12 – 5pm

Skype with British Business Centre Mexico, Liverpool Chamber of Commerce, Old Hall Street 3 – 4pm

Greater Manchester Business Exhibition, Hilton Manchester Deansgate 10am – 3pm

Access India, Elliot House, Manchester 8am – 12pm

First & Last, in partnership with West Cheshire & North Wales Chamber of Commerce, hosts an afternoon with Wales legend Shane Williams to discuss the RBS 6 Nations. There will be networking opportunities over dinner. steve.hanley@firstlast.co.uk

25-26 FEB

An introduction to the market and business environment in Mexico. Opportunities and challenges for British businesses will be presented by Laura Atkinson, strategy and business development manager at British Business Centre Mexico. www.liverpoolchamber.org.uk/events

3 MAR

UK Northern Powerhouse International Conference & Exhibition, Manchester Central 8am – 5pm

Wigan, Bolton & Bury construction breakfast meeting,Village Hotel, Bury 8 – 10am

Supported by chief executives of major cities, this will be the largest gathering of business leaders dedicated to the Northern Powerhouse following the government’s Autumn Statement. www.built-environmentnetworking.com

A networking breakfast for construction companies to highlight opportunities supported by the Greater Manchester Chamber and local councils. The event is chaired by Steve Williamson from F. Parkinson Ltd. www.gmchamber.co.uk

PICK OF THE MONTH

22 MAR

Liverpool Business Fair 2016, Liverpool Football Club 10.30am – 3.30pm Liverpool Business Fair returns for its 15th year to provide companies with the opportunity to network, make new contacts and source new suppliers. Workshops, seminars, business clinics, expert panels and support for start-ups are some of the event’s features. Free to visit.

Up to 120 businesses will exhibit at the event with seminars showing new techniques for market growth. www.eventbrite.co.uk

17 MAR West Cheshire Women’s Network, Mercure Abbotts Well Hotel, Christleton 9.30 – 11.30am The group’s first event of 2016 provides an opportunity to network and create strong business connections with other businesswomen from across the region. Caroline Sanger-Davies, head of marketing at Chester Zoo, will be the guest speaker. wcnwchamber.rg.uk/events.

Greater Manchester Chamber will partner with UK India Business Council and UK Trade & Investment. Bringing market specialists from India, the event offers an opportunity to participate in a Q&A with UK businesses succeeding in India and hear why they chose the market. rebecca.drakeford@gmchamber.co.uk

24 MAR Quarterly Economic Breakfast, Elliot House, Manchester 8am – 10am This breakfast event will discuss the current state of the Greater Manchester economy and what will be impacting businesses over the next few months. www.gmchamber.co.uk

www.eventbrite.co.uk

Sell-out success for this year’s Cannes Do The chancellor and IFB2016 hosted the launch event

IFB2016 partner announced at Downing Street event Chancellor George Osborne hosted a special International Festival for Business 2016 (IFB2016) event at Downing Street, unveiling BT as a headline partner for the forthcoming global marketplace in Liverpool. Political and business figures from more than 50 UK international markets attended 11 Downing Street for the announcement. The 13 June – 1 July programme, which will this year bring thousands of businesses to a schedule of more than 80 events at Exhibition Centre Liverpool, follows on from an inauagural IFB in 2014 which took place across the Liverpool City Region and was again supported by the communications giant. Max Steinberg, chair of IFB2016, says: “The partnership with BT is a

powerful endorsement and continues support from the 2014 festival. “BT is a natural partner for the world’s biggest business festival and we are delighted to welcome them back.” Graham Sutherland, CEO of BT Business which joins HSBC as a lead partner this year, adds: “BT is proud to be a lead partner for the International Festival for Business 2016. “Relationships are at the heart of doing business and communications technology enables businesses to build quicker and more effective relationships, as well as maximise potential opportunities beyond the UK.” More than 30,000 delegates from around 100 countries are expected to attend IFB2016, after £280 million worth of export deals and overseas investment was secured after the inaugural event.

This year’s Cannes Do has proven “as popular as ever” among property professionals, as tickets sold out in just two days. The annual event hosted by the Professional Liverpool Property Group, Rum Warehouse which will return to the Rum Warehouse at Liverpool’s Titanic Hotel on 10 March, has been oversubscribed in 2016 with waiting lists in place for tables. Move Commercial is among the sponsors of the informal lunch, which is also accompanied by a drinks reception and entertainment from BBC Radio Merseyside presenter and MC, Willie Miller. Andrew Lovelady, Professional Liverpool finance director and one of the Cannes Do organisers, says: “We’re delighted the sales for the 2016 Cannes Do have been as popular as ever which goes to show it is still one of the main highlights of Liverpool’s property and professional calendar. “Tickets sold out in two days and we still have a large waiting list on tables which reflects the continued support we receive from our members. We would like to thank all our sponsors, members and venue host, Titanic Hotel, Liverpool for their amazing support and look forward to what is set to once again be a fantastic event.” Proceeds from this year’s Cannes Do will go to the Titanic Hotel’s chosen charity, Downs Syndrome Liverpool.

Tell Move Commercial about your commercial property and business events. Email post@movepublishing.co.uk MOVE COMMERCIAL 45

p33-48_Move Commercial 08/02/2016 15:58 Page 46

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Expert views Ask the panel Liverpool and Manchester have long been carved into ‘quarters’ to create identities for key parts of the cities, while the launch of new office schemes in Chester and Warrington are considered to have enhanced emerging business districts. We ask experts from across the region what the real benefits are when it comes to dividing a destination.

Q: How important is dividing a city into zones/quarters when it comes to achieving business and economic growth? Zones help people to visualise a new city and compare it to one they are familiar with, so naming the ‘business district’ of Old Hall Street in Liverpool instantly allows someone from London to think of the City, and avoids the need for further description. I compare parts of Manchester to London (Mayfair, Oxford Street and Canary Wharf for, example) to help people understand Manchester, and this works surprisingly well. It also helps to tell a story, which people recall easier, and allows them to sell it to their peers more quickly; it creates empathy and excitement. During Grosvenor’s development of Liverpool ONE we had five districts and we fitted various occupiers in each district based on their trade, target demographic and space requirement. So in Liverpool we had Liverpool ONE divided and then the wider city split up, and very quickly people could associate where they wanted to be. All in all, dividing areas up speeds the process of familiarity. Guy Butler, director, Glenbrook and chairman of Chester Growth Partnership

It’s absolutely critical that any zone/quarter begins by understanding what it represents, what the ambitions are of those operating within it and who is driving the change. It’s critical for one simple reason - to set out a vision to grow and develop you need buy-in from those businesses and organisations to help deliver it. In the City Central and Commercial District BIDs the business community invests money, time and energy to

Two key aspects that need consideration are clustering and place making. Designating areas for specific sectors can be key to driving economic performance there. Clustering can affect that performance by increasing productivity for companies, driving innovation and stimulating entrepreneurialism. Business clusters that reach a critical threshold will then afford that location a competitive advantage over others, which in turn leads to a strengthened labour market. It’s also critical to provide a diverse mix of uses in these areas, in addition to the core operations to make them sustainable. Providing a high quality workplace experience is key, with an environment designed for businesses but also those who live, work and play there. Great places are accessible, comfortable and secure with a diverse

support the aims and goals of our plans. Our aim is their aim – to make the city centre an attractive place to visit, shop, work and invest. That can equally be applied to retail and leisure as to the commercial and professional sectors. This will always be a work in progress but, by having zones within the BID districts, it has allowed us to assess our strengths and weaknesses and formulate a clear vision to develop and address them. We’ve created a strategy to achieve those goals and understand where they fit into the city’s wider development. After all a city is like an engine – it needs all of its components in working order for it to perform. Bill Addy, CEO, Liverpool BID Company

mix of uses, activities and culture, which encourages people to linger. Aside from economic output, place making can also support local economies, attract investment, provide cultural opportunities, reduce crime and attract tourism. Developers and investors now fully appreciate that place making differentiates and provides unique brand awareness that resonates in the market and drives economic performance. Neil Kirkham, associate director of national office agency, CBRE

The unofficial rulebook of every city to divide its space into endless quarters always runs the risk of ridicule if there is no reasonable basis on which to do so, but defining an area as a specific quarter can have huge benefits if done correctly. Liverpool Science Park is based in the heart of Liverpool’s Knowledge Quarter – an area featuring the city’s main universities and other key institutions such as the Royal Liverpool University Hospital and the Liverpool School of Tropical Medicine. Having this area clearly mapped out as a Mayoral Development Zone gives key institutional players a strong vision as to how the area should evolve, what projects should be prioritised and how overlap should be avoided. If the branding and messages for the area dovetail as neatly as they should, the increased focus should result in greater awareness which in turn will attract investors. Of course, the city’s own brand has the ultimate sway but having clearly defined zones certainly gives a clear focus for investment. Chris Musson, chief executive, Liverpool Science Park

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