the north east |
ARE FARMERS MISSING OUT ON DEVELOPMENT OPPORTUNITIES?
By John Turnbull, Director of Rural Property Consultants YoungsRPS
towns it is not uncommon practice to seek a professional assessment to determine any planning potential. Sometimes this can overlook any development potential of land close to commercial and industrial sites which should also be assessed. So says John Turnbull, Director of Rural Property Consultants YoungsRPS. In terms of
F John Turnbull the chance of
planning permission and also achieving best price, tactics are all-important in the planning game and at YoungsRPS we have recently been successful in negotiating a range of differing development
or farmers and landowners with agricultural land close to villages and
opportunities for clients with land in the right
place.These include a large industrial manufacturer looking to enhance integration with their supply chain by taking in neighbouring farmland, as well as successfully getting land zoned for new housing around major conurbations such as Newcastle upon Tyne, Durham and Teeside. There is a common misconception
about what constitutes Green Belt land and what constitutes greenfield land, and a tendency to view all open countryside as Green Belt. In reality, only a small proportion of the total land in England is designated as Green Belt. Even where your land is in the Green
Belt, if your Local Authority cannot demonstrate that it has enough land to meet housing requirements and job targets, as defined by central Government, it may still be possible to gain planning consent, particularly given Government’s recently stated objectives to free up more land for housing. Location is key, but whereas location for residential development relies on access to
transport and services, commercial development may have different parameters. Farmland located between main arterial roads, even where well away from towns and villages, is just one example. Such development can be large scale such as warehouse depots or manufacturing plants and it is the scale which can make potential sites harder to spot. A planning application of any type
requires a lot of hard work and expense to support it. You need to be saying right from the start why you are proposing the development on this particular site and how it meets current policy requirements. Job creation and long term employment prospects play a vital role in the success of larger schemes. Engaging professionals with a good relationship with Local Authorities and good knowledge of the local area and local views is essential in getting this right, and thereby giving planners the confidence to allow development. Visit
http://www.youngsrps.com/
NORTH EAST PROPERTY MARKET BOUNCES BACK AFTER BREXIT I
n May Cushman & Wakefield presented its Newcastle Property Outlook for
2017 and beyond following a year of unprecedented economic and political change. The breakfast presentation, held at
the Tyneside Cinema in Newcastle city centre, revealed that the commercial property market in the North East has largely shrugged off the issue of Brexit. Elisabeth Troni, Head of EMEA
Research & Insight, at Cushman & Wakefield began the event with a keynote presentation on the impact of Brexit on the real estate market. She revealed that the Newcastle
logistics market tops Cushman & Wakefield’s Fair Value ranking, offering the best value for investors across UK regions and sectors. “The devaluation of Sterling and the
expected boost to trade and FDI in the region means that the logistics market in the North East will be a ‘star performer’ for years to come,” said Elisabeth Troni. This was followed by a discussion on some of the key hot topics facing the
COMMERCIAL PROPERTY MONTHLY 2017
property industry including the future of working and shopping trends against a backdrop of technological change. She said: “We predict that automation
will have a larger impact on the future of UK work and jobs than Brexit. Cushman & Wakefield believe this will limit the impact of north shoring benefits to the North East but should drive growth in high skilled industries concentrated in city centres.” Richard Turner, Head of Investment
at Cushman & Wakefield’s Newcastle office, then discussed the outlook for the North East’s commercial property and what opportunities lay ahead. In 2016 the North East market
reflected the national picture as occupiers and investors sat tight in the lead up to the referendum and the following uncertainty once Brexit became a reality. After a difficult year in both
occupational and investment markets, the presentation highlighted that 2017 has seen the start of a post-Brexit consensus as the key players get on with
business in a market defined by under supply in the key industrial and office markets, and a real estate industry struggling to adapt to the pace of disruption in the retail sector. Richard Turner said: “Whilst the
current climate of uncertainty raises the risk of existential shock, we are confident that the solid underlying dynamics of the market shine through as its key drivers in the short to medium term. “We expect a busy 12 months going
forward, with rental growth in evidence in both industrial and Newcastle city centre office markets, and investor interest, including international capital, remaining strong. “In the residential market the
burgeoning institutional investment in the private rented sector looks set to hit Newcastle with one 280 bed apartment scheme already on site. Amongst regional markets Manchester is leading the charge with a pipeline of 8,000 units and with even with a fraction of this coming forward in Newcastle, the potential is striking.”
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