54 property Haslams assists Bellway to launch


Thames Valley division Bellway Homes, the UK’s fourth largest housebuilder has acquired new offices in Pacific House, Reading


Bellway has taken 4,200 sq ft of space at Pacific House, Imperial Way. The space had recently undergone extensive refurbishment including a new reception and common parts.


Eilidh McAllister of Haslams who advised Bellway on the acquisition commented: “After considering the options, the newly refurbished Pacific House was a very good fit for Bellway’s requirement and their corporate image. Bellway’s expansion into the Thames Valley demonstrates the desirability of Reading to both companies looking to work here and people wanting to live in the area.”


The search for offices was a result of Bellway launching a new Thames Valley regional


area. Bellway is soon to launch King’s Mead at Kenavon Drive, a major scheme in Reading town centre of 192 homes.


Eilidh McAllister


division; previously any sites in this area were the control of other divisions but the expansion demonstrates the demand for homes in the


The changing face of the commercial market


The Government’s recent Budget announcement on the proposed further relaxation of the planning law to convert industrial property into residential, further emphasises the Government’s commitment to reform the planning system and encourage development, writes David Barden, associate, Vail Williams LLP


So what impact are these initiatives likely to have on the commercial property market and Thames Valley towns such as Reading?


Since May 2013, the change of use of offices to residential without planning permission has been permitted subject to certain conditions and we are now seeing the results. Once redundant office stock are now viable redevelopment schemes with hoardings erected advertising forthcoming apartments.


In Reading, a prime example of this is Kings Road. A once distinct part of Reading’s office supply is likely to become a predominantly residential area.


www.businessmag.co.uk


The change of use under permitted development of offices is seeing stock taken out of the market at a time when there is increasing demand for office space in the Thames Valley. Tenant demand is however sometimes different to that which is available hence why these buildings are being converted. Demand is focused on well specified buildings. Some developers are now predicting a shortage and have started speculative development. An example of this is M & G who have started speculative construction of Forbury Place in Reading town centre.


The conversion to residential of buildings in less demand may not be


restricted to the office market. The Government’s current proposal to extend this permitted development right to retail could see similar results. Furthermore, the Government stated in the Budget that it may extend this to industrial properties. At this stage, neither are in force but owners should start considering their options.


Looking into the future, there are two potential results for the commercial property market. Either there will be less commercial property or landowners will develop to meet demand.


In reality, the property market is no different to any other market or product. Trends and requirements change over time and the market must adapt. The Government’s


THE BUSINESS MAGAZINE – THAMES VALLEY – MAY 2014


Steve Brown, managing director at Bellway said : “We are absolutely thrilled that we now have a permanent home in Reading, the centre of the Thames Valley region. The team is really looking forward to settling into the offices and launching some exciting


Bellway developments in the region.”


This expansion follows on from the company launching a new south Yorkshire regional office as part of their expansion at the end of last year. The firm now has 18 divisions across England, Scotland and Wales.


Details: eilidhmcallister@haslams.co.uk 0118-9211515 www.haslams.co.uk


planning initiatives are simply facilitating this adaption potentially at a faster rate.


In the short term this redevelopment will remove stock from the commercial market and may force a rise in commercial property rents. In the long term, if the market has the demand it is likely to be replaced with modern equivalents.


Whether as a result of the Government planning initiatives or a return of business confidence, the commercial property market is changing. There has been a recent surge in activity in the Thames Valley commercial market since the start of the year and Reading is a prime example where increased activity and demand has seen rents start to increase as tenant options decrease. The balance of negotiating power is slow shifting from tenants to landlords.


Details: David Barden 07799-760323 dbarden@vailwilliams.com www.vailwilliams.com


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