intelligence PROFESSIONAL EXPERTISE


South West property prices to soar T


he cost of property in Bristol and the South West is expected to grow by


28 per cent over the next five years, matching levels forecast for London and higher than in any other UK region, according to a new report from CBRE. CBRE has published detailed research into the UK’s housing sector in its Regional Land Report, which is produced every quarter. The latest edition has revealed the average price of a house in the South West to be £221,703, an increase of nearly six per cent from 2015. This is well above the UK average of £198,564 and behind only London (£455,964) and the South East (£255,325). Guy Mansfield, head of South


West residential development at the Bristol office of CBRE (pictured), said: “The Bristol market in particular


‘The Bristol market in particular


remains strong and is performing better than it did in 2015’


remains strong and is performing better than it did in 2015, with substantial house price inflation across the city. “This has been fuelled in equal part by improved buyer confidence in the market and the city’s growing demand/supply imbalance. “However, this is a


double-edged sword as the rising prices and consequent price inflation will exacerbate pre- existing price point issues faced by first time buyers upon trying to enter the market.


“Help to buy has remained a valuable sales tool for house builders and an equally important incentive for first time buyers across the region. “The majority of house builders continue to focus their attention on suburban locations, building predominantly houses as opposed to flats and avoiding the city centre apartment market.”


PROPERTY


Waterside pub will make a splash


Following extensive refurbishment, the Bath Pub Company has opened the doors to its new waterside pub, The Locksbrook Inn. In March this year, the city operator took on the lease issued by Enterprise Inns for The Dolphin Inn in Bath’s Lower Weston. Following a £250,000 joint refurbishment and a name change


more befitting of its location and new offering, The Locksbrook Inn is open seven days a week for drinks, lunch, evening meals and grazing in between. Sunday lunches and brunch is available every weekend. “We feel it is important to reflect the location and individual character of our pubs,” said Joe Cussens, director of The Bath Pub Company, which also owns The Chequers, The Marlborough Tavern and The Hare and Hounds. “There’s something special about being on the water’s edge; we


hope we’ve created a space which makes everyone feel welcome – and if they live or work nearby, feel proud to call this their local.”


For sample menus and more about the new opening, visit thelocksbrookinn.com


Have office-resi schemes had their day?


Have office to residential conversion schemes finally run out of steam? Bristol commercial property specialists Bruton Knowles think the tide may now be turning in favour of office refurbishments instead of conversions. Head of agency Paul Williams


said: “There were fears the Government’s decision to make office-resi permitted development rights permanent could trigger another burst of such schemes in Bristol, despite the fact that Bristol


30 insight MAY/JUNE 2016


city centre has already seen in the region of one million square feet of office space lost over the past three years. “Whilst some of these buildings


were undoubtedly past their sell by date as offices, we were growing increasingly concerned that further conversions would leave SME’s struggling to find suitable accommodation to enable their businesses to grow and develop. “But so far the expected deluge of office conversions to residential


hasn’t materialised. Instead, the lack of office space has seen office rents rising significantly over the past 12 months, which is good news for landlords and investors, if less so for tenants. “While Bristol needs more Grade


A accommodation in order to fulfil its potential as a major regional hub, there are already several large office schemes in gestation to address this need. “However, it’s also crucial that landlords are willing to refurbish existing premises to meet the


needs of the SME sector. “We are therefore delighted to


see such activity taking place in buildings such as the Pithay – once earmarked for conversion but now under refurbishment to provide accommodation specifically targeted at the creative, media and technology sector – and the Brewhouse (formerly Company House) which was launched in 2015 and where several recently publicised lettings have underlined the benefits of this approach.”


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