wales |
MATRIX BETA OFFICE FULLY OCCUPIED
T
he Grade A Matrix Beta office building on Swansea Enterprise Park is now fully occupied following the letting by Knight Frank of 28,500 sq ft to Public Health Wales and NHS Shared Services. Acting on behalf of landlord
Jarrington Estates Ltd, Knight Frank completed the leases to occupy the 1st, 2nd, and part 3rd floors of the 45,000 sq.ft building on a 12-year lease at an annual rental of £9.50 per sq.ft. Matt Phillips, head of Knight Frank’s Cardiff office, said: “The new tenants were attracted by the quality of the building and its excellent location, close to the Liberty Stadium with prompt access to the M4 and a direct route to Swansea city centre. We are installing a new air conditioning system in the offices and carrying out a fit-out so the space exactly meets their requirements.” Matrix Beta was built around 15 years ago and existing tenants include Hewlett Packard and mail order company Toast. Public Health Wales and NHS Shared
Services are moving from smaller accommodation in Swansea city centre.
DENNY'S MAKES ITS UK DEBUT
ammerson announces that Denny’s, the American diner, is due to open its first restaurant in the UK at Parc Tawe in Swansea. The retail and leisure park is currently undergoing a £15 million redevelopment which will completely transform the park, providing over 200,000 sq.ft. of contemporary new shops and restaurants that will sit alongside the retained Odeon cinema, Tenpin bowling alley, new format Toys R Us, Mothercare, Office Outlet and a Plantasia leisure hot house attraction. Denny's is an American favourite and one of the world’s largest full-service family dining chains with over 1,700 restaurants across the world. Originally founded in 1953, the restaurant has become famous for its ‘come as you are,’ welcoming atmosphere. The diner serves a full menu including pancakes, breakfast sandwiches, milkshakes and burgers such as the fan favourite "Slamburger" which is topped with hash browns, eggs and bacon. The restaurant, which will bring “high
H
quality, high value and extraordinary customer service” to the UK is slated to open its 4,000 sq.ft. location at Parc Tawe at the end of 2017.
COMMERCIAL PROPERTY MONTHLY 2017
THE COMMERCIAL PROPERTY MARKET IN SOUTH WEST WALES
Despite continued negative press coverage regarding the struggling economy throughout 2017, the year has been remarkably successful for the commercial property market in South West Wales. Reports JASON THORNE BSC (HONS) MRICS Director - Agency Lambert Smith Hampton
ental values in almost all sections have risen, capital values continue to rise. Incentives have reduced dramatically with Landlords now being in a position of strength for negotiations on good quality properties. Lease lengths are starting to edge back up to a minimum term of 5 years, with a 10 year, 5 year break and rent reviews being the norm on properties in excess of 10,000 sq.ft.
R Jason Thorne
The success is not simply due to an improvement in the local economy. The economy is
improving but major challenges still exist. There are two factors which are creating this recovery in the commercial property market. Firstly, during the last boom period there was not a substantial over- development of commercial property in the South West Wales, as witnessed in other prosperous times. This has resulted in little over-supply in the market. Demand and supply factors are now pushing up rental and capital values. There is now an acute shortage of good quality accommodation in the West Wales market. Of particular concern are areas such as Baglan in Port Talbot and Cross Hands, Capel Hendre and Ammanford in Carmarthenshire. The availability of accommodation in the main commercial centre of the Swansea Enterprise Park is at an all time low. The problem is even more acute in the large warehouse market. 100,000 sq.ft facilities are non-existant on the M4 corridor throughout South Wales. As the economy speeds up its recovery, where are we going to meet the needs of existing expanding companies and inward investment projects? We cannot show these companies greenfield sites. We need to have modern accommodation immediately available as companies expect to be able to relocate to buildings within months and not wait years for new development. There are many other locations competing with South Wales who have a ready supply of accommodation. This important issue needs to be urgently addressed, to avoid a stagnant economy in South Wales.
The second reason for the growth is 49
rental and capital values is the willingness of Landlords and property owners to implement refurbishment programmes at lease ends, or new development projects on more dated properties. Tenants are willing to pay high rents for more modern quality accommodation. Clients who have been brave enough to refurbish dated office buildings with more modern lighting and new decoration have been rewarded with higher rental and less void period to re-let premises.
The refurbishment sector is filling a big hole in the lack of supply of modern new builds available in the local economy.
The refurbishment sector is filling a big hole in the lack of supply of modern new builds available in the local economy. These opportunities are also resulting in a slight increase in secondary commercial property values.
The number one wish for the local economy in 2018 must be the redevelopment of Swansea City Centre. There are many quality schemes proposed by the Council and it is hoped we will hear some positive news with these in the New Year. The City does need 24/7 consumer spending activity to fund these projects. It would, be good to see the plans for student development evolving to active construction.
More residential flat sales are needed within the retail core to keep the City alive at night. There are many good local developers providing this, but more importantly, the City needs new modern office development, so the employees spend within the retail core at lunchtime. An Enterprise Zone with full IBA and rates allowance is needed in an area of the City to attract an influx of private sector funded projects.
For more details contact:
JThorne@lsh.co.uk
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