news opinion
There IS no ‘business as usual’ on the cards for 2017. Predictions start at the exciting and range to the extreme …
The UK ended 2016 as the world’s strongest advanced economy, and following the disruption of the Brexit vote, politics and business continue to be anything but boring. Theresa May has kicked off the year taking the bravest course on Brexit – and no doubt the most difficult.
But leaving the single market is also a course with great potential for reward, and the businesses we have spoken to have welcomed the clarity of the plans, in spite of no certainty that the Government can deliver.
The one thing that is certain in 2017 is that change is firmly on the cards; and the business success stories over the next 12 months will be from those that can best navigate some rough terrain.
This will be especially tricky with what feels like a compass pointing to polar opposites.
For example, while May paints a picture of a global Britain that’s a champion of free trade, businesses will also be dealing with growing new nationalist views, ironically including the UK’s decision to exit the EU.
Then there are the opposite truths of the HR dilemma: on the one side there’s concern around automation killing jobs; while on the other there’s a pressing need to plug the skills gap.
Also likely to be highly topical is the rise of flexible working and the gig economy – giving employees new levels of trust and independence – versus the growing issue of privacy. Wearable tracker devices can now go way beyond location; to monitoring body language, tone of voice and emotions, and even how well an employee works with colleagues.
Then blowing these polarities apart is the rise of the ‘Splinternet’ – decentralised versions of the Internet designed to prevent cybercrime – which look to shatter the World Wide Web as we know it.
2017 WILL be an exciting year so from The Business Magazine to all our readers, we trust the challenges it brings will be a catalyst for new energy to capitalise on new opportunities.
Carry de la Harpe Editor
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businessmag.co.uk
Property moves and deals reshaping the South Coast landscape
A lot has been happening on the region’s property map over the past couple of months. We have singled out a few of the more significant deals and developments here, and there are many more on our website
business.mag.co.uk. If the region’s property market is of particular interest to you, you can subscribe from the site to our weekly eNewsletter, South Coast Property News
£73m Wightlink Ferry Terminal deal agreed
Canada Life has agreed a £73 million income strip lease deal with Portsmouth City Council over the Wightlink Ferry Terminal. The Council has granted Canada Life a new long leasehold interest for a term of 41 years, and in return has entered into an overriding 41-year lease at a rent of over £2m per annum subject to upward only annual RPI rent reviews.
The property was originally let to Wightlink on identical terms and this occupational lease will remain in place.
Planning approval has recently been granted for an extensive refurbishment which will be constructed by spring 2017 as part of Wightlink’s £45m capital investment programme.
Tom Southall at Portsmouth City Council said: “The deal will allow us to use the capital we receive from Canada Life to invest through our property investment strategy, generating at least an extra £2m per year. It more than doubles the amount of money we receive by way of rent from Wightlink annually.”
Southampton retail and leisure park sells for £21m
Antelope Park in Southampton has been bought from Aviva Investors by First Property Group, on behalf of Shipbuilding Industries Pension Scheme. The Park was sold at a guide price of £21•
Fruit and Vegetable Market starts to bloom
Progress at the Fruit and Vegetable Market site. Image courtesy Greg Edwards
The £60-million Fruit and Vegetable Market development in Southampton’s up-and- coming Queensway district is taking shape as building work enters a new phase. This ground-breaking project, delivered by the Hampshire & Regional Property Group, will create 84 one-bedroom and 195 two- bedroom apartments across three blocks, as well as nearly 900 sq m of flexible commercial space, transforming a rundown district of the city into a flagship residential and commercial area.
Simon Letts, leader of Southampton City Council, said: “This is one of seven very important projects (VIP’s) that are underway as part of the City Centre Masterplan. As the development continues to take shape, it’s clear it is destined to make a real impact on the ongoing improvement of our city.”
Homes plan approved for Bournemouth town centre
Forty six homes are to be built in the heart of Bournemouth following approval of a £12.5 million housing proposal aimed at first-time buyers, young professionals, downsizers and families. The St Stephen’s Road scheme, involving two multi-storey blocks with a mix of one, two and three- bedroom flats, has secured planning permission from Bournemouth Council’s planning board.
073 million, and the deal represents a 6.75% net initial yield.
The mixed retail and leisure property comprises approximately 138,500 sq ft in eight units, which are let to Lidl, The Range, Costa Coffee, KFC, Greggs, Gala Bingo, Oxygen Freejumping and The Gym Group.
Duncan Johnston, director of Bournemouth Development Company, said: “This is a high-quality residential scheme that incorporates sustainability, contemporary design and distinctive architecture. A start on site will be made in the autumn of 2017 with the construction programme due to take 18 months to complete.”
THE BUSINESS MAGAZINE – SOLENT & SOUTH COAST – FEBRUARY 2017
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