36 property
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Majoring in the February issue
As businesses focus on recovery in 2014, the spotlight falls on people. Strong workforces and management teams are the keys to growth in the year ahead.
Our HR Focus looks at: • Incentivising key personnel • Recruiting the right calibre people
• What makes a company a ’great place to work’ • Legal hurdles
ALSO IN FEBRUARY
• Southern Tech 100 – the latest list revealed
• Meetings & Your Business – great conference and events venues
To participate in any of these features, contact: David Murray
david@elcot.co.uk or Dan Teuton
dan@elcot.co.uk
www.businessmag.co.uk
Office transactions highest since 2011
In the third quarter 2013, office take-up in the South Coast hit its highest level since 2011, with 120,909 sq ft of deals
According to the latest report from national commercial property consultancy Lambert Smith Hampton (LSH), office transactions on the South Coast in the third quarter 2013 were double Q2 2013 levels and almost three times higher than office take-up for the same quarter in 2012.
Office transactions for the first three quarters of 2013 totaled 244,113 sq ft, almost equivalent to the entire take-up for 2012.
This comprised 24 deals, the largest of which was the 15,113 sq ft disposal of Trafalgar House in Winchester to Ashville.
The average deal size was circa 5,000 sq ft, an increase from the previous quarter suggesting an improvement in business confidence in the area.
New enquiries for office space were also up this quarter and increased by 39% on Q2 2013.
Developer raises standard of retirement homes
PegasusLife has announced its vision to become the leading developer of homes for the discerning older generation in the UK.
With global alternative asset manager Oaktree Capital Management pledging to invest more than £500 million into the sector during the next several years, Winchester- based PegasusLife, headed up by Howard Phillips, previously CEO of McCarthy and Stone, has an ambitious growth plan.
It has established that an opportunity exists to develop beautiful homes in desirable locations across the UK, characterised by an insightful design approach and transparent service. Working with some of the UK’s top architects, it aims to reach those who do not currently consider a retirement home as a desirable lifestyle choice.
The development of highly desirable homes for the older generation has proved successful in the US, with more than 15% of the over-65 market engaging in the concept, compared to less than 1% in the UK. The domestic market views retirement as a needs-based decision, however PegasusLife intends to change this.
It will also deliver estate-management services for residents, including social and leisure facilities, and has acquired 10 sites, with the first two under construction at Bude, Cornwall, and Woodbridge, Suffolk.
Rent-wise, Southampton city centre rents are being maintained at £18.50 per sq ft, while Winchester rents are still out-performing other city centres in the region with rents reaching £20 per sq ft.
Head of LSH’s South Coast office Graham Holland said: “This has been a very positive quarter for office deals on the South Coast – 24 of the deals completed were out of town, reducing oversupply in key office parks such as Solent Business Park and 1,000 Lakeside and helping to stabilise prime rents.
“While supply levels have been relatively stable over the past 12 months, effective supply levels have been significantly reduced through a number of successful applications for change of use from office to residential.“
Hughes Ellard tops the regional table
An independent consultancy in Hampshire has come out on top in a regional table for the regional commercial property sector.
The M27 corridor office agents’ league table, based on the amount of office floor space let or sold over one year and a bellwether of economic activity across the Solent, has been published by Estates Gazette.
Hughes Ellard, the 22-strong consultancy with offices in Southampton and Fareham, topped the leaderboard with 39 deals totalling 182,244 sq ft, equivalent in size to 64 tennis courts.
Managing director, Gary Jeffries, said: “Topping the league is testament to the quality of our hard-working team, who have exemplary knowledge of the market and understand the needs of clients and their professional advisers. The team has consistently delivered results for clients in challenging economic conditions.
“Looking ahead, the M27 corridor is benefiting from a resurgent UK economy, with local businesses more bullish about the future than perhaps they have been since the credit crunch five years ago.
“This refreshing confidence is generating activity in the office market and is underscored by reports that the services sector has been having the strongest quarterly growth in 16 years, boosted by an upturn in manufacturing, construction and the housing market.“
Second in the table was Lambert Smith Hampton, followed by Vail Williams.
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – DECEMBER 13/JANUARY 14
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