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| the south west


LSH CARDIFF TAKES A VIEW: 2


017 saw Wales’ largest ever office deal with a 266,000 sq.ft pre-let to the Government Property Unit (GPU) at Central Square. The GPU will consolidate a number of Government departments at the site on a 25 year lease including a regional base for HMRC in new £100m headquarters. The Central Square scheme will now have a gross square footage in excess of one million sq.ft and has given Cardiff a quality of office stock which makes it competitive with other regional centres around the UK.


Grade A office supply is essential when attracting occupiers to the City with businesses increasingly aware of the importance of real estate to their organisation. It can have massive implications on attracting and retaining the best staff, increasing productivity and ultimately inspiring and empowering employees.


Modern occupiers recognise their office should act as an extension of their brand and company ethos.


The new Norman Foster designed 150,000 sq.ft BBC Wales HQ which is due for occupation in 2019 is an example of a landmark building at the Central Square


site. It is one that LSH are extremely excited to see completed given their role in advising the BBC on their re-location. The new building will feature cutting edge technology for staff and will have communal features including a BBC Garden on the upper level. It even includes fibre optic cabling directly linking the Principality Stadium to the building, allowing a higher quality broadcast of sporting events from the venue.


While the activity around Central Square is positive for Cardiff there is a propensity that large individual deals are masking a more complex relationship between supply and demand. Office supply levels have fallen to their lowest point in 6 years standing at 1.24m sq.ft and so there is limited opportunity for companies to relocate to the Welsh Capital. Without the notable individual pre-lets to the BBC, Hugh James, MotoNovo, Cardiff University and now the GPU the outlook would be extremely different. We must continue to provide high quality office space if we are to capitalise on our relative affordability compared to other regional hubs around the UK. LSH welcome the exciting developments such


REMOVAL OF SEVERN BRIDGE TOLLS T


he county of Monmouthshire is already benefitting from the Government’s decision to scrap tolls on the Severn bridges


by the end of 2018. Leading transport operator CM Downton has recently taken


over the lease on a 20 acre (8.2 hectare) site incorporating a 282,000ft2


(26,200m2 ) warehouse in Chepstow as part of its


ongoing business development. The warehouse will be used to consolidate and increase Downton’s operations for customers with production facilities in the region. The company is refurbishing the site, improving workshop facilities and upgrading on-site office accommodation as part of its investment. It anticipates it will base around 150 vehicles at the site within the next 12 months. The new site is close to another Downton facility in Chepstow. Downton identified the town as an ideal location for serving


customers in South Wales because the site has easy access to the M4 and, with a choice of crossings over the River Severn, good links with the rest of the UK. These advantages are enhanced because property costs are higher on the English side of the river while the ending of crossing tolls by the end of 2018, announced by the Government earlier this year, will remove further cost and complexity from vehicle operations. However, it is not only the logistics sector that is recognizing the benefits of locating in the county. Last Autumn, AluK (GB), a designer and engineer of aluminium building systems, also acquired a major site in Chepstow for its new headquarters. The multi-million pound investment is reportedly one of the largest industrial deals to take place in Wales this decade. The new 350,000ft2


facility will include R&D, training and


state-of-the-art manufacturing facilities, as well as warehousing, offices and a showroom displaying the complete range of AluK systems.


66


as the 173 acre Cardiff Parkway Business Park in St Mellons and the re-development of the Brains Brewery site by Cardiff Central station as we believe constant improvement is necessary to build upon the success of Central Square. Much of the activity we have seen in Cardiff has come from indigenous occupiers, but as big businesses look to the regions we must make sure we have the capacity to accommodate their requests. LSH are multi-disciplinary commercial property advisers and are able to assist if you require any advice relating to potential relocation, lease renewal, dilapidations, property management/service charge or business rates. We value lateral thinking and celebrate enterprise, with a focus on delivering more for our clients. By looking beyond the obvious, we


consistently generate impressive results. For more details please contact: Ed Cloke at ECloke@lsh.co.uk or Cari Goodridge at CGoodridge@lsh.co.uk


TEWKESBURY BUSINESS DEVELOPMENT A


masterplan for business growth around Junction 9 of the M5 launched by Tewkesbury Borough Council has been welcomed by commercial property specialists at Bruton Knowles. The area is already home to a number of big name companies


including Porsche – where ambitious blueprints for the development of the town were unveiled to business leaders. Robert Smith from Bruton Knowles’ Gloucester office, who attended the launch, said the firm had been instrumental in helping Tewkesbury Borough Council to shape the Junction 9 economic development strategy. He said: “The area around Junction 9 is an ideal place for growth – so long as the various constraints can be unlocked. Tewkesbury can offer massive growth potential going forward for the whole of Gloucestershire.”


Robert Smith


He said the town was setting the pace in terms of attracting new businesses, linking the South West with the Midlands. “We know the county is popular with


start-up businesses and that start-ups have the highest survival rates in the county, exceeding national rates.” Rob Weaver, Deputy Chief Executive of Tewkesbury Borough Council gave an update on business growth initiatives, Growth Hub development and launch of the council's Economic Development Strategy.


He also outlined Gloucestershire Local Enterprise Partnership activity and information on funding for business growth. Robert Smith concluded: “The Borough Council is determined Junction 9 of the M5 will become a major hub for businesses and investment and we will be tracking developments with interest.”


COMMERCIAL PROPERTY MONTHLY 2017


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