Sector Focus


Property House prices won’t plummet


West Midland householders have been reassured the Brexit vote will not lead to a major house price crash – or a severe recession. The ‘relatively flexible’ UK


economy should adapt to the Brexit decision ‘in the long term,’ according to PwC’s latest UK Economic Outlook report. The report reveals that UK


growth had already eased from around three per cent in 2014 to around two per cent before the EU referendum due primarily to slower global growth, while the vote to leave the EU is likely to lead to a significant further slowdown. UK GDP growth is now forecast


‘Growth is likely to be significantly slower in the short term due to the political and economic uncertainty’


Gestamp brings


economy boost Spanish automotive supplier Gestamp is relocating to a new site in Staffordshire as part of a major expansion by the firm. The company is moving from


Cannock to a 550,000 sq ft site at the 52-acre Bericote Four Ashes site in South Staffordshire. Local council chiefs, who have


helped develop the site by improving access to it, say the decision will lead to a raft of new jobs. Staffordshire County Council


leader Philip Atkins said: “Gestamp’s expansion in Staffordshire is great news for the county economy. This is a major decision by a Spanish company and is a demonstration of investor confidence in the UK and in particular Staffordshire and the West Midlands. “This will lead to local job


creation and retention as Gestamp is a thriving company in one of our key economic sectors. “We have worked hard with


colleagues at the LEP and the two district councils to enable the company to relocate within the county and been able to present a premium site ready for development with many excellent attributes.” LEP chairman David Frost said:


“This is excellent news for our area, and further proof that Stoke-on- Trent and Staffordshire is a great location for businesses to grow and flourish – and it is a big vote of confidence in the UK economy.”


48 CHAMBERLINK October 2016


to decelerate to around 1.6 per cent in 2016 and 0.6 per cent in 2017 according to PwC’s main scenario in the economic outlook. John Hawksworth, chief


economist at PwC (pictured), said: “UK economic growth held up reasonably well in the run-up to the referendum and, while the vote to leave the EU was a major shock, we


would expect the relatively flexible UK economy to adapt to this in the long term. “But growth is likely to be significantly slower in the short term due to the political and economic uncertainty following the Brexit vote. “The Bank of England has already


taken action to steady the ship, however, and we do not expect the post-Brexit economic downturn to be anything like as severe as that following the global financial crisis of 2008-9 or indeed the deep recession of the early 1980s. “Our main scenario projections


suggest that the UK should narrowly avoid a recession over the next year, although we recognise that risks are weighted somewhat to the downside at present. “Businesses need to hold their


nerve through this unsettled period, take stock of the potential impact of Brexit on their markets and operations, and make contingency plans for alternative outcomes.”


Insurer snaps up city space


An entire floor of a building with one of the most prestigious addresses in Birmingham has been snapped up, by global insurance firm Markel. In a deal arranged by joint agent and leading real estate company Cushman & Wakefield, the insurer has taken the third floor of Cathedral Place, on a new lease. The 2,035 sq ft floor the firm has taken has,


according to Cushman & Wakefield senior surveyor Cameron Thomson, one of the best views overlooking St Philips Cathedral that the city has to offer. Cathedral Place itself is a part modern, part period


listed building, which has been extensively refurbished by landlord Canada Life in recent years. Other occupiers include other professional


businesses, such as Springboard Corporate Finance and recruitment specialist Greenwell Gleeson. One of the other two remaining floors is under offer to another potential tenant, which would leave only one floor unoccupied. On the ground floor is a branch of Caffè Nero and


a refurbished reception area, and there is also basement space that the landlord intends to convert into a bicycle facility for occupiers, which will include secure racking, lockers and showers. Markel has been in Birmingham for 17 years and is


moving to Cathedral Place from a neighbouring building in order to make use of a more modern office environment. Some nine staff will be making the move, with further hires anticipated in the coming months. Andy Partington, UK sales director at Markel, said:


“We were keen to occupy the right space at the heart of Birmingham’s central business district and were not willing to compromise on quality as we grow in profile and number in the city. We were keen to locate ourselves amongst similar professional firms.” Charles Warrack, of Johnson Fellows, who advised


Prestigious move (from left): Charles Warrack, Andy Partington and Cameron Thomson


Markel, said: “Cathedral Place fitted the bill perfectly for my client, ahead of other shortlisted options and will allow them to focus on their core business in a comfortable and smart environment.” Cameron Thomson said: “The attention to


providing a high-quality space is serving the building extremely well, attracting the global name of Markel as well as a further occupier currently in legals for the fourth floor. “Feedback from existing occupiers is also positive,


as Canada Life continue to improve the offering at the prominent building, which we are confident will soon attract a tenant for the remaining floor, which has a mix of open plan modernised space and traditional meeting room areas.” Joint agent with Cushman & Wakefield was GBR Phoenix Beard and Johnson Fellows acted for Markel.


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