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Wales


How Porthcawl’s ‘regeneration jigsaw’ will be pieced together over the next five years


The key developments that will trigger Porthcawl’s stunning transformation over the next five years have been unveiled by Bridgend County Borough Council.


Cabinet Members from the local authority have agreed the ‘regeneration jigsaw’ that will be pieced together over several phases to deliver a new food store, leisure attractions, housing and an improved Eastern Promenade.


The opportunity will be marketed from early 2019, and a store could open as soon as summer 2021.


Like a domino effect, the capital receipts from the sale of that land will enable the council to progress the next phases, beginning with major work on the Hillsboro Place car park.


As well as resurfacing, the car park’s layout will be made more efficient and accessible and the potential for a hotel being developed at the southern end of the car park will also be explored.


The next piece of the jigsaw will be to market land immediately adjacent to the new food store (at the north eastern end of the site) for housing in late 2019.


A series of coastal protection improvements must then be carried out to mitigate the flood risk posed to the remainder of the Salt Lake site. This will include work on the Western Breakwater and the Eastern Promenade overlooking Sandy Bay.


Once the coastal defence works have been completed, two more phases of housing development will be taken forward in 2022/2023 in the centre of the Salt Lake site, with some of the land being used as a temporary car park in the short term.


It is hoped that the remaining quarter of the Salt Lake site near to the marina will feature an exciting new leisure attraction. While the leisure investor market is weak at the moment, the council is in discussions with Visit Wales to attract national investors.


Cardiff prime markets outperforms the rest of South Wales


The experience across South Wales in the past 12 months has been an increased focus from both occupiers and investors upon prime property.


Chris Sutton


Cardiff remains the focal point for both institutional investors and new development with


a complete transformation underway of the area to the north and south of Central Station. Developers Rightacres and JR Smart are midway through a development programme in excess of 1.25 million sq ft across Central Square and Capital Quarter, with a similar quantum of floorspace potentially developable at Central Quay and Callaghan Square.


Rightacres’ 266,000 sq ft office pre let at Central Square to the Government Property Unit (HMRC) is the record office letting in Wales whilst JR Smart’s 70,000 sq ft letting to Admiral Insurance is the most recent.


In the industrial and logistics sector, the abolition of the Severn Bridge tolls by the UK Government in December 2018 provided a major boost to the distribution sector.


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The spotlight now shifts to the Welsh Government who commissioned the Public Inquiry into the proposed M4 Relief Road south of Newport. The Inspector’s report was completed in September 2018 and a decision is due in early 2019. Its delivery is vital for the two thirds of the Welsh economy that is served by the M4.


The £1.228 billion Cardiff Capital Region


‘City Deal’ provides £740 million of funding for Metro and £495 million for regional investment projects. Transport for Wales (TfW) is tasked with delivering the ‘South Wales Metro’ which seeks to provide a fit for purpose integrated transport network across ten local authorities of Cardiff Capital Region.


The impact of Brexit upon the economy will continue to dominate the headlines. Bouts of volatility will continue until business has certainty as to its future relationship with the EU. Equally, structural change in the economy will continue to impact upon demand with increased automation across all sectors, the rise of data, the continued shift to e-commerce and the wider needs of a ‘just in time’ economy.


Cardiff is the driver of economic activity for the Welsh economy and the challenge is to harness this growth for the benefit of the wider Cardiff Capital Region and to promote new development in both Newport and Swansea.


Extension of Welsh high street rates relief


The Welsh Government has announced that the high street rates relief scheme it launched in April 2017 wil be extended for a further year.


It said that the 'enhanced scheme will go significantly further than in previous years, providing support to all retailers in Wales with a rateable value up to £50,000'.


It will be fully funded by the Welsh Government and will reduce rates bills to zero for retail properties with a rateable value up to £9,100 and reduce bills by £2,500 for properties with a rateable value up to £50,000.


Andrew West, Rating Director at Cooke & Arkwright said,


"Although welcome, this is significantly less than the scheme in England where all high street retail assessments of £51,000 or less enjoy one third off their rates bill for the next two rate years of 2019/20 and 2020/21.


This means a property with a rateable value of £50,000 will have a refund of £8,200 per annum in England compared with £2,500 in Wales."


COMMERCIAL PROPERTY MONTHLY 2019


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