business focus 15
Racecourse sells part of land to David Wilson for 1,500 homes
The owners of Newbury Racecourse have sold part of the site to property developers David Wilson Homes who plan to build 1,500 homes over the next decade.
Newbury Racecourse plc has sold land on its western, central and eastern sites. David Wilson will pay “a minimum of £42.6 million for the land”, with the proceeds funding new racecourse facilities, according to sources.
The company said it expected building work to start this year, with houses going on sale in mid-2013.
The sale will fund a major £12m racecourse upgrade including a new paddock and improved facilities for horses, owners and trainers.
David Wilson is understood to be paying £5.1m up front, with the balance due later.
The racecourse owners want it to be profitable all year round, not just when major races are held. Recently, Jessie J played at the venue, while Lionel Richie is also due to perform this month.
David Wilson Homes is part of Barratt Developments plc, Britain’s biggest housebuilder.
Broad Street Mall welcomes six new tenants
Broad Street Mall in Reading, managed by DTZ, a UGL company, has announced the arrival of six new retailers in the past six months.
Metro Bank has signed for a major new 12,100 sq ft unit, which will be the Bank’s thirteenth opening. It will occupy a prominent corner position in the town centre facing Broad Street, Reading’s prime shopping street, adjacent to the mall’s main entrance. The Bank has agreed a 25-year lease with a rent of £235,000 pa. Planning consent has also been secured allowing for the demolition of much of the existing unit to enable a wholesale refurbishment by the Bank known for its statement frontages and strong focus on customer experience.
In addition, further lettings have been secured to outdoor sports retailer Trespass which has signed for a 4,700 sq ft unit at the scheme’s main entrance on a 10-year lease at a base rent of £75,000 pa, whilst independent suit retailer Slaters is to take an 8,000 sq ft unit on a ten-year lease at £72,000 pa.
Virgin Media has also taken a lease on an internal unit, replacing Albermarle & Bond which is expanding into a new 1,400 sq ft unit. In addition, the 3,400 sq ft former Peacocks store has been successfully re-let to Poundworld and Kidz Fashion have also taken a lease on an internal unit.
Xavier Le Bellego with the award
Forbury’s Restaurant has been awarded Best Restaurant of the Year at the annual ceremony for the Reading Retail Awards held last month.
The restaurant has earned a reputation for its French/modern European cuisine, and gained recommendations from the guides for both its food and wines.
“This award is a recognition from the public,” said proprietor Xavier Le Bellego. “It shows the community of Reading’s appreciation for a great dining experience.
“Forbury’s Restaurant’s lunch menu is one of the best-value menus in the town and is praised for offering the highest-quality seasonal ingredients.”
bdo thames valley – business barometer 2 measuring results business barometer
Forbury’s takes Best Restaurant award
Availability of finance
The availability of finance is still seen as a major blocker for business growth. More than half (56%) of the region's businesses believe that the situation has not improved, with many stating that obtaining finance is no easier than when the recession started.
Investment agenda
Looking forward, more than half see investment in superfast broadband as critical for the Thames Valley to remain competitive, and nearly half think that apprenticeship schemes and work placements schemes are extremely important.
The full results of the survey ...
...can be accessed via the BDO LLP website (
www.bdo.uk.com/press/bdo-thames-valley-business- barometer-launch). The third Barometer re-opens on October 1, 2012 and will also be accessed via these links for one month. All companies in the region are invited to get involved.
For more information and to register your interest in getting involved contact Karen Meenderink on 0118-9254448 or
karen.meenderink@
bdo.co.uk
THE BUSINESS MAGAZINE – THAMES VALLEY – OCTOBER 2012
www.businessmag.co.uk
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