OUR REGIONS 2020 HELLO.
WHAT A DIFFERENCE A YEAR CAN MAKE. Our regional cities have been growing steadily for a number of years as they leave post-industrial decline behind and reinvent themselves for the 21st century economy. On this journey there has been little evidence of a tailwind from Westminster. Following the December 2019 election, the regions suddenly find that they hold the key to majority Government. Is a material change in the rate of regional growth imminent as motivated politicians take action to speed up the process of devolution and economic rebalancing? Those investors, developers and businesses already active in the regions are no longer outliers, they are the vanguard of a regional movement which will build over the next generation. Now is the time to enlist into something that will soon become obvious with hindsight. Our best days lie ahead. Carpe diem!
Andrew McFarlane Colliers International Head of the Regions OUR REGIONS 2020
2 3 University of Glasgow
Sighthill
Park Area M8
Kelvingrove M8 Art Gallery + Museum Kelvingrove Park M8 Cowcaddens Over Sauchiehall Glasgow The Glasgow Caledonian University Townhead School of Art Theatre Ranked Royal Royal Conservatoire
Charing Cross Mitchell Kings Sauchiehall Street 1m sq ft Library Theatre Buchanan Shopping Centre Bus Station Concert Royal Infirmary of office construction nd Blythswood Hall Buchanan 2 UK city Malmaison Blythswood Galleries Square City of Glasgow Blythswood College underway Hotel in terms of total retail spend M8 Conference Events Queen Street University of Strathclyde Glasgow Station Cathedral Quarter Finnieston SEC Centre Central Business District George Square The Learning Quarter SSE Grand Crowne Plaza Hydro Central SEC Hilton Hotel Gallery of Digital GVA in excess of Prime Italian Zone Armadillo IFSD Modern Art Centre Central Science Centre Station A rents at BBC Scotland Radisson Merchant Blu Argyll Arcade Square
Candleriggs Quarter Collegelands St Enoch Merchant City Village Hotel Shopping Centre £480m £32.50 psf Media Quarter M8 St Enoch
Glasgow Quay Barrowlands Glasgow City
Sheriff Glasgow Green Court £1.13bn Region City City of Glasgow Deal College M8
M8 is funding major M77 infrastructure projects
Scotland Street School Museum M74
Glasgow I am very grateful DOUGLAS MCPHAIL | +44 141 226 1067 | [email protected] for the assistance and guidance provided by Colliers
Being home to three innovation districts that encourage collaboration between International academia, business and industry, Glasgow continues as the powerhouse of Vincent (Glasgow) Ltd. in connection the Scottish economy. Location: Size: Building type: with the one-off Financial institutions remain key players in the city, demonstrated by JP Morgan’s commitments Glasgow 134m Office to purchase 270,000 sq ft One Central and Barclays purchase of Buchanan Wharf. With 1m sq ft valuation and new of office construction set to be complete in 2020/21, these developments will drive the economy How we helped forward and further enhance Glasgow’s offer. Our team collaborated on the acquisition of this prime city centre office; acquisition of a large
supporting our client with due diligence research, and on completion Colliers International property managing the asset and advising on future strategy distribution unit including ESG. in Dundee. Peter Sparks OUR REGIONS 2020 First World Real Estate (FWRE)
4 5 Edinburgh Academy
Fettes Row
Brunswick Stockbridge New Town
Edinburgh Playhouse
Multrees Walk St James Quarter Harvey Attracting Calton Hill Nicholls more than Water of Leith GVA St Andrew Square per capita at Royal High Retail Core School
Balmoral Hotel 4m Holyrood Dean Village Palace Edinburgh Waverley Station Charlotte New Square Scottish tourists p.a Waverley £39,300 Parliament Building North Bridge
Scottish Princes Street Gardens National Galleries Royal Mile Waldorf Old Town Edinburgh tech sector worth Astoria Hotel Prime St Giles Office West End Cathedral Edinburgh Castle rents at University Quarter
Festival Usher Hall Old College Square Dewar Sheraton National for new Place Hotel Museum of £4bn Scotland AIRPORT Edinburgh Festival Holyrood psf 12k £35.00 builds International Theatre Park Conference Centre (EICC) George The Heriot’s Haymarket School Haymarket Station University of Exchange District Edinburgh
Quartermile George Square from UK and Scottish University £300m Library Government India Quay to be invested The Meadows
Fountainbridge
Edinburgh Colliers have BOB FISHER | +44 131 240 7522 | [email protected] provided us with insightful and commercially The UK and Scottish Governments are each set to inject £300 million to astute planning support innovation and tourism in Edinburgh, ensuring that the city retains its Shawfair LLP advice that has unique appeal. Location: Size: Building type: With existing proposals for more tourist and leisure integration on Princes St, the near completion Edinburgh 705 Ha Mixed-use greatly assisted of Edinburgh St James set to transform retail in the city, and the Johnnie Walker Centre at the west end promising to be a world class tourist and leisure attraction rivalling Dublin’s Guinness Factory, How we helped our development Edinburgh is positioning itself for the future. We have secured planning permission for this strategic new settlement
development and are now working on its delivery – a £1.2bn GDV. project. Colliers International Colliers has secured a number of housebuilders for the initial phases including Miller, Bellway, Dandara, Stewart Milne, Mactaggart & Mickel and Barratt. We are retained agents for the employment and retail space and have assisted in the delivery of 700 units with more to come.
OUR REGIONS 2020 Shawfair LLP
6 7 Value exports in goods from the region £600m £13.2bn of funding agreed through North of Tyne devolution deal 85,000 Prime headline office rents students in the region £24.00 psf
enterprise hectares 21 zones across 296
Newcastle The general market knowledge to unearth SIMON HILL | +44 113 200 1823 | [email protected] opportunities and particularly their occupier relationships and contacts is market leading, I would 2019 was an eventful year for the North East region. A new Mayor for the have no problem in Coty Inc North of Tyne has been elected with the promise of significant investment. recommending Colliers Speculative development has returned to the office sector with the delivery of 106,000 sq ft at Helix, Location: Size: Building type: providing much needed quality office space. The industrial and logistics market has recorded its highest Northumberland 380,000 sq ft Industrial & Industrial & Logistics ever take-up with online retailer Amazon delivering over 3 million sq ft of warehouse space in the region. Logistics team. The professionalism they work to, coupled with How we helped
Acting on behalf of the international cosmetic organisation, Colliers was the personalities within Colliers International tasked with disposing of a large manufacturing facility to a purchaser the team, make them a that would create an employment legacy. Colliers successfully identified VBites (a manufacturer of plant-based products) as a suitable purchaser pleasure to work with. and agreed a sale within 6 months of vacant possession. Andrew Dickman OUR REGIONS 2020 Director, Tritax Symmetry
8 9 M2
Port of Belfast M2
Titanic Belfast Clarendon M1
Education Arts & Media Quarter Titanic Quarter
Odyssey
M3 The highest percentage of qualified IT professionals in the UK and Ireland Cathedral Quarter Top 1 Castlecourt 70%+ international investment Retail Core Eastern Bank location for US cyber security holding a degree level qualification development projects Victoria Law Square Quarter
Waterfront Quarter
M1 Financial District Central Top 10 #4 Transport Hub Station most cost effective small and mid- globally for connectivity amongst Great Victoria Markets Street sized global cities fDi Intelligence, small and mid-sized cities fDi global Global Cities of the Future, 2018/19 cities for the future awards, 2018/19
Gasworks Shaftsbury QUB is a member of the prestigious Russell Group Botanic of research intensive universities
Queens Quarter
Belfast We were involved with Colliers on this project | +44 28 9051 1008 | [email protected] JONATHAN MILLAR from acquisition, through asset re- positioning and asset From June 2016 through until January 2020 the lack of a sitting Northern sale and throughout Ireland government, allied to the economic uncertainties delivered by the Columbia Threadneedle Investments the entire process, we Brexit impasse, presented Northern Ireland as an unappealing investment environment, and not surprisingly these circumstances resulted in almost Location: Size: Building type: were impressed with Bangor 130,000 sq ft Retail total investment inertia. Colliers’ commerciality All of the foregoing political uncertainty has been addressed via a majority UK government and the How we helped and advice. reconstitution of the Northern Ireland Executive which has embraced all-party agreement to a Plan of
Colliers International was initially appointed letting agent on this Colliers International Government, known as “New Deal, New Decade”. In business/property terms, the key takeaway from challenged retail park. We successfully leased the vacant space in the the Plan is a strategic focus on ensuring that Northern Ireland establishes itself as a global leader park to Poundstretcher, Dreams and Home Bargains; then sold the within the Tech sector, particularly within the areas of cyber security and Fintech. From a property “fixed” park delivering strong returns for our client. point of view, we see significant scope within the office sector to deliver on those objectives. William Bokenham Belfast City Centre is now on the BTR radar with Grainger leading the charge. We expect this trend to Columbia Threadneedle OUR REGIONS 2020 continue albeit site selection will be imperative to ensure success. Investments In summary, after two plus years of inertia, we are seeing Belfast emerging as a vibrant regional city offering a unique and relevant skill set that ought to deliver significant property opportunities, particularly within the office and residential sectors. 10 11 Ten Streets
New Police HQ Central Docks
A
A Pum ields 2019 office take-up in the city region was ingsway Tunnel Home to
Liver ool Liver ool Ho e John Moores University University three major universities iver ool 567,793 sq ft Waters and has over Pall Mall St Paul’s E change Fabric District Square 8th consecutive year of office take-up in excess of World Museum North iver ool Water ront Inset Princes Dock Business District Walker Art Gallery Royal Liver ool The St eorge s Quarter University Hos ital Ca ital Moorfields Station Malmaison St George’s Hall Tro ical School Queen of Medicine 55,800 students Square 500,000 sq ft Town Hall istoric Crowne Pla a Lime St Station nowledge Quarter Lock Downtown Metquarter St John’s A
Cruise Liner Sensor City Terminal Royal Liver Paddington Pro osed Building illag e Everton FC Stadium Retail Core Adel hi Hotel Cunard Building James St Station Metro olitan New Build Cathedral Industrial prime rents Northern Docks Port of Liver ool A Building Central Station University of Nelson Dock Liver ool Liver ool Prime Grade A A One Mann Island Buildings office space Queensway Tunnel Liver ool John Lewis John Moores Titanic Hotel University Sailsbury Collingwood Hilton Hotel Ro eWalks ictoria Dock Dock Stanley Dock Tower FACT £6.50 psf Tobacco Clarence Dock Warehouse Police HQ Creative Quarter Philharmonic Trafalgar Hall Dock Albert Dock £25 psf
Ten iver ool Baltic illage Chinatown Waters Streets Water ront Liver ool eorgian Quarter Women’s Hos ital Central Docks
ACC Liver ool ings Anglican City region welcomed over Cathedral Dock
E hibition Centre Liver ool ingsway Tunnel Baltic Triangle 64.2m visitors 2.7% increase
iver ool City Centre Queens Dock Cain’s Brewery
The eel
Scale m
Disclaimer: The districts designated on this city centre map are recognised generally by a majority of agency practitioners in Liverpool, though they are solely the subjective and professional opinion of Colliers International. The map draws from a number of third party sources and will be updated regularly. However its accuracy cannot be guaranteed or relied upon and no responsibility is accepted or to be assumed for any error or omission.
July 2017
Liverpool I instructed Colliers International to look at SOPHIE ATTWOOD | +44 151 433 0359 | [email protected] the business rates on my premises at the end of April 2019 and registered my properties on the In 2019, the Liverpool City Region has continued with strong performances Government Gateway soon across all property market sectors. This has included a large number of Pall Mall after. By the end of September transactions, most notably the 65,000 sq ft letting to Sony at Echo Place. Location: Size: Building type: 2019, I had received my first There are several key projects currently under construction and in planning, which emphasises investor Liverpool 400,000 sq ft Mixed-use reduction in payments and I confidence such as; Paddington Village and the mixed-use Pall Mall scheme. would happily recommend How we helped their services to any other A joint venture between Kier and CTP. A planning application has
been submitted for the £200m commercial development in Liverpool, franchisees looking to Colliers International featuring more than 400,000 sq ft of offices, a hotel and ground floor reduce outgoings. leisure and retail. The scheme objective is to expand the Liverpool central business district with the addition of three new high-quality office buildings to counter Liverpool’s supply issues alongside a hotel. Keith Hodgkinson Colliers are commercial advisor and joint agents to the JV, having Franchisee, OUR REGIONS 2020 supported them through the procurement and planning process. N & K Foods Limited
12 13 Green Quarter
Angel Meadow The Arena O A D R G N Victoria I Station R Y New Cross A NO A W
Y T I New Victoria N I R T The By 2024, the National Football Museum Fintech airport Sal ord Printworks Ancoats Village sector grown will have the Harvey capacity to carry Nichols Manchester R IN G R O A D Arndale Northern Lowry Salford Central Station Hotel Retail Core Quarter Royal Exchange 50% New Islington in the last decade 55m House of Fraser passengers a year New Bailey Piccadilly North King Street Piccadilly Gardens East Village Middlewood Locks Population will exceed S inning ields Central Business Core Hosts Town West End Hall Manchester China Piccadilly Art Gallery St ohn s Quarter Town by 2025 St Peter’s 635,000 Square
Piccadilly Central Museum of Midland Great Hotel Proposed HS2* 22,630 Science & Northern The Piccadilly Industry Station Manchester Village Central enterprises Conference Centre Peter s Fields Hilton Hotel Bridgewater Hall North Cam us ay ield Castle ield Reduced Deansgate Station CO2 emissions by Oxford Road Station *Indicative only route of planned HS2 approach to Piccadilly First Street Corridor anchester Cultural Quarter Southern ateway A56 48%
A 5 7 ( M ) R I N G R O A D
Manchester Peel were delighted with the professional service PETER GALLAGHER | +44 161 831 3361 | [email protected] and advice provided by the team. We are now working with Colliers on Capital of the northern regional powerhouse and, once again, named by a number of additional The Economist as the most liveable city in the UK. Manchester has held top Peel Land and Property sites within Trafford spot for Britain every year since the ‘Global Liveability Index’ was launched Location: Size: Building type: City, where £3 billion in 2011 which is based on factors such as political and social stability, Manchester 14.5 acre Retail is earmarked to deliver crime rates, education, access to healthcare, environment, culture and 3.5 million sq ft of retail, infrastructure. How we helped Acting for Peel Land and Property, who are one of the North West’s leisure and office space Business too thinks Manchester is a great place to locate and grow, with a record take-up of office Colliers International space in 2018, likely to be followed by another record year in 2019. Growing numbers of people are biggest land owners, we introduced the Williams group to a 14.5 acre over the coming years. choosing Manchester as a place to study and live, helping fuel a record number of 4,380 new jobs for site directly adjacent to the intu Trafford Centre where they have the city region and a boom in both the start-up tech and creative sectors. now opened a flagship retail centre bringing together four of the best luxury brands together under one roof - showcasing cars from BMW, James Whittaker MINI, Jaguar and Land Rover. This ‘super site’ also delivers service Development Director, OUR REGIONS 2020 workshops, and replaces a number of separate properties in various Peel Land & Property Group parts of Manchester.
14 15 University of Leeds
A58 M
A64 M Leeds Beckett University Knowledge Quarter Queens First Direct Square Arena
Arena Quarter College of Civic Technology Hall Leeds General Merrion Centre Infirmary Millennium Square
A58 M Civic Quarter Cathedral
Magistrates Town St Johns A64 M Courts Hall Centre Grand The Light Theatre Next 10 years: City Leeds City H1 2020 Park Square The Varieties College Core Victoria economy forecasted to Victoria Former Dakota Quarter Quarry Hill Quarry Hotel Gate House Grade A Office vacancy rate sub A58 M International Library Pool Site Bond Playhouse Court Shopping Quarter College of Music Kirkgate Bus Station Central Business District Market Dance Centre Crowne Met grow by City Square 21% Former Plaza Hotel 1% Trinity Yorkshire Post Site Corn Exchange Wellington Queens Marriott Place Hotel Hotel The Calls Aire Valley
Whitehall Train Station Riverside Malmaison Financial/business services: Hotel Sovereign Brewery Wharf Proposed HS2 Station* Hilton Hotel Quarter
Former Brewery Tower Granary Site Works Wharf ASDA House South Bank Central Royal £64.6 38% Bridgewater Armouries Place The Round Ruth Gorse billion economy of total output Foundry Academy Holbeck Urban Village A61
Leeds City Leeds College Office Park of Building Leeds Dock Temple Works Crown Point City Walk Shopping Park Largest city centre residential Leeds City College 11% growth in North of England Proposed HS2 Corridor*Southern Gateway projected at increase 4.5% pa / 17.1% in foreign investment between 2019 and end 2023 new projects
M621
*Indicative only
Leeds 10/10…..an BEN HALL | +44 113 200 1863 | [email protected] exceptional result with superb service – way Leeds is the biggest contributor to the Northern Powerhouse – the city is the UK’s largest regional finance centre with a total workforce of Q Park Sale & Lease exceeding our 1.4 million. Location: Size: Building type: expectations. Over the last decade, approximately £4 billion has been invested in large scale mixed-use development Leeds 500 spaces Car Park projects, with a further £7.3 billion worth of development under construction and in the pipeline. Channel 4’s decision to open its national headquarters in Leeds has further marked the city as a hub for How we helped innovation and creativity. In March 2019, Colliers’ National Capital Markets team advised Leeds Hanro Hennig City Council on the acquisition of Q Park at Sovereign Square in Leeds Colliers International Director, Workplace Operations and city centre. The sale and leaseback deal saw Q Park take a new Facilities for The Stars Group 35-year lease on the 500 space car park, with annual indexation. The Commenting on Colliers advising The deal represented an excellent opportunity for Leeds City Council to Stars Group on the largest private sector secure one of the city’s prominent city centre car parks, in turn providing office letting in central Leeds the council with more control over the future development of this (135,915 sq ft) in over 20 years. OUR REGIONS 2020 strategic city centre location. Pre-let exchanged May 2019.
16 17 Kelham A61 Island Museum The Chimney A61 House
Kelha sland
A61
A61 Holiday A61 Inn iverside
A61 est Bar world class
Sheffield Crown Court Hampton by universities Hilton Hotel Hilton Hotel St Vincent s Quarter Victoria Quays 37 miles University of Sheffield Castlegate International College Cathedral Quarter Premier Inn A61 Paradise of tram track and the 70,000 students Sq UK’s first tram-train line Park Sq Cathedral Castle Sq Ponds Forge Cutlers Hall St George s University of Church Sheffield Leopold Sq Orchard Sq Shopping ark Hill Centre University of St George s Quarter The Sheffield Prime Retail Crucible City Hall Area Sheffield Lyceum Interchange The Town Hall Circle John Peace Winter Shea Valley A61 £35bn Gardens Lewis Gardens Millennium Gallery Heart o the City Hotel ovotel Sheffield Hallam economy Devonshire University Green
Charter Source: SCR Economic Strategy Evidence Base Devonshire Quarter Square Sheffield Midland Station
A61 Furnival Site Square Gallery in the advanced
Jurys Inn Yorkshire Artspace The Moor manufacturing/
A61 77,000 automotive/ The Moor Cultural ndustries Quarter people employed Market aerospace sectors
Moorfoot A61 Building
Premier Inn
A61
We asked Colliers International Sheffield to provide a development GUY GILFILLAN | ++44 7885 033433 | [email protected] analysis of the entire Olympic Legacy Park site, involving office, R&D space, laboratory, sports arenas, event space, hotel and leisure facilities. Colliers Over the last 12 months Sheffield City Region continued on its path to was able to bring together becoming the UK’s centre of excellence for innovation and advanced Verdion experts in all of these sectors manufacturing with the completion of Boeing’s flight actuator controls facility Location: Size: Building type: and to provide practical and and University of Sheffield’s Factory 2050. Peel have just received planning Doncaster 337 acre Warehouse pragmatic guidance which has consent for a 3.5million sq ft of advanced manufacturing & logistics park at allowed the University to move the fast growing Doncaster Sheffield Airport. How we helped 337 acre greenfield development site located immediately adjacent to forward to the next stage of this
In Sheffield City Centre the Heart of the City II development continues apace with CMS Law signing up Junction 3 M18 Motorway. Outline planning consent has been granted exciting project. Colliers International to 47,500 sq ft of new office space alongside HSBC’s new 140,000 sq ft regional office. for up to 6 million sq ft of Grade A logistics space, incorporating a 35- The city centre skyline is dominated with tower cranes associated with a large number of student and acre Rail Freight Intermodal Terminal. Occupiers who have been taken residential schemes including Grainger’s Brook Place and Well Meadow PRS schemes providing a total space at iPort to date are Amazon, Fellowes, Ceva and Lidl. of 521 homes. » 3.14m sq ft transacted over 8 deals – Amazon themselves occupy Director of Major employment land releases are anticipated taking place around both Junction 36 & 37 of the M1 » Estates and Facilities OUR REGIONS 2020 2.027m sq ft over 3 units motorway as a result of Barnsley’s completion of its Local Plan process. Sheffield Hallam University A number of local businesses have achieved significant business results and expansion, particularly »» 2 speculatively built units also currently available of 120,000 sq ft companies in the tech and green energy sectors including WANdisco PLC, Xcel-Superturn and ITM and 195,000 sq ft c. 2.6 m sq ft could still be developed over the remainder of the site 18 Power. Sheffield has recently been judged to be the best UK city where you could start a business. »» 19 A47
A38 Aston University Jewellery Quarter St Pauls Sq A4540 Birmingham Eastside Children’s Hospital
A47 Crown Court Birmingham City University Millennium Point Snow Hill Economy worth Growth rate of Station Central Business Proposed HS2 Corridor District in the last St Phillips Sq
House of A4540 103 Fraser Colmore Row Proposed New HS2 Station £25bn 19.2% 5 years Council House Library of Paradise Museum Barclaycard Birmingham Victoria Sq Arena Town The Rep Hall M&S The International Retail Convention Centre Moor Street Rotunda Station Selfridges Arena Central Brindleyplace New Street Air, road, rail Station The Bullring UK’s provide access to John Lewis The Debenhams Mailbox Harvey Nicholls Westside Digbeth Institute China Town Digbeth Digbeth Most The Coach Station Wholesale 400m Cube Markets The The Arcadian Hippodrome investable city people
o2 Academy Five Ways Birmingham Roundabout
A4540 Largest
A38 Southside Edgbaston
A4540 Tech Centre outside London
A4540
Birmingham Colliers has adapted JAMES CUBITT | +44 121 265 7580 | [email protected] and outperformed to meet our specific reporting
Birmingham is definitely moving in the right direction. Current requirements and developments such as the first phase of Paradise and Three Snowhill are Jaguar Land Rover pro-actively advise nearing completion and have changed the appearance of the city and its Location: Size: Building type: on detailed issues skyline - but the future pipeline is even more exciting. Junction 11, M42 2.94m sq ft Distribution The Smithfield regeneration site is now cleared and I challenge anybody to find such a sizeable and to ensure our assets exciting development opportunity so close to the centre of any other regional city. How we helped Our Industrial & Logistics team have agreed terms for the development continue to operate
of a five building distribution centre for Jaguar Land Rover. The Colliers International proposed new 2.94m sq ft would supply circa. 80 markets worldwide at the best possible and meet Jaguar Land Rover’s long-term business needs for parts distribution throughout the UK and Western Hemisphere. It is anticipated standard. that the new facility will provide a significant number of jobs and the
OUR REGIONS 2020 employment will grow in line with the business needs. This is the biggest single warehouse/industrial pre-let in the UK. Reef Developments
20 21 By 2039, projected population increase Employment rate is 20% to 1.3% VS 444,700 across the UK
Region City Deal to deliver 25,000 20 m annual visitors new jobs
Total commercial property investment volumes: £365m
Cardiff Colliers were very JOHN OSBORN | +44 292 105 5723 | [email protected] helpful and kept in touch with us often. They took As the sixth biggest retail centre in the UK, Cardiff attracted over 20 million visitors, bringing £1 billion to the local economy in 2018. Projected growth XLB the time to listen is attracting investment, with 2018 seeing total commercial investment Location: Size: Building type: to us and offer volumes of £408 million. Office space is in short supply due to limited Cardiff Gate 4,518 sq ft Office Grade A development and reduction in secondary stock due to student Business Park good advice. accommodation conversion – lack of available space is leading developers to How we helped
start speculatively building in the city as recently seen at The Interchange. Colliers International National Offices Bristol have advised on the refurbishment and 10 out of 10. Currently 1.6 million people live with a 45-minute commute, with connectivity to be boosted by the marketing campaign of Unit D Copse Walk for XLB. Following the electrification of the Great Western main line. Furthermore, the recent removal of tolls on the bridges implementation of the recommendations, SMS were identified and a new crossing the Severn is anticipated to boost travel between South Wales and South West England and 5 year lease was negotiated. Only 2,221 sq ft remains vacant in Unit B. bring a £1 billion boost to the Welsh economy. Cari and Richard Hydes Vendors of Elan Valley Hotel, OUR REGIONS 2020 Rhayader
22 23 St auls
BBC
Bristol Royal Bus & Coach Infirmary Station House of Cli ton Fraser
Broad ead Cabot Circus ni ersity o Retail Quarter ld ar et Bristol Ca us
Bristol Museum & Art allery Bristol Marriott £186.5m Hotel
Castle Park ld City office investment Colston £48.03m Hall deals in 2019 St hili s of industrial investment deals Fin els Reach Brandon ill ar Street Hippodrome
Radisson Blu Hotel College reen Over next 3 years, ld Vic Employment Queen Hilton S uare Area Hotel GVA growth of Temple e le Quay uay Enter rise one rate at The At Bristol Bristol ueen Square Science Centre Hotel
arbour eisure Quarter Bristol City Council 2.3% SS reat Britain 75.2% Temple Meads Station Redcli e Lloyds St Mary Redcliffe
M Shed Museum S i e sland 2nd largest digital tech cluster outside London
South ille otterdown Bed inster
Following the provision Bristol of detailed advice on the JO EDWARDS | +44 117 917 2079 | [email protected] refurbishment and marketing of circa 30,000 sq ft at 1 Redcliff Street in Bristol. Colliers identified and negotiated three lettings Bristol is currently seeing a flurry of speculative development activity, to high quality tenants, particularly in the city centre office market. Developers have strong Aberdeen Standard disposing of circa 27,000 sq ft confidence in the city, which is currently showing the lowest vacancy rate of Location: Size: Building type: in 12 months. The rental tone the Big 6. There has been sustained demand for space since 2015, with some Bristol 148,000 sq ft Office significant pre-lets in the market in the last 12 months. Industrial take-up has for this landmark office was increased on 2018, with high demand underpinned by a lack of supply forcing How we helped increased from £25 to over £32 Our National Offices team has advised on the comprehensive psf pax. I am very happy with
occupiers to compete for available space. refurbishment of c. 30,000 sq ft in 2019. Following recommendations Colliers International Investors recognise the strong credentials the city offers, along with the prospect for significant rental and implementation of a strategic marketing campaign, we have let the result and all work to date. growth and continue to seek opportunities to expand their holdings. The long-awaited electrification 20,000 sq ft to Hewlett Packard and Aon, and pushed rents from of the trainline to London Paddington, putting Bristol just over an hour from the capital will no doubt £25.00 psf pax to just over £30.00 psf pax. A further 6,500 sq ft is Elaine McCann further increase occupier and investor focus in 2020. under offer and once complete will see the rents increased to an even Senior Portfolio Manager higher level. Our Commercial Lease Consultancy Department has also Aberdeen Standard OUR REGIONS 2020 been involved with negotiating and agreeing lease renewals within the Investments building to further enhance the investment value.
24 25 Data Vault
RENTS AND YIELDS Q4 2019 HOUSE TO SALARY RATIO INVESTMENT VOLUMES FOR ALL PROPERTY
AVERAGE REGIONAL OFFICES RETAIL INDUSTRIAL HOUSE PRICE SALARY (2018 ASHE) RATIO £ MILLION NOV 2019
RENTS INITIAL ZONE A RENT INITIAL RENTS INITIAL 1 JANUARY 2018 - 31 1 JANUARY 2019 - REGION CITY £ POUNDS MEDIAN £ MEAN £ % CHANGE £ PER SQ FT YIELDS % £ PER SQ FT YIELDS % £ PER SQ FT YIELDS % DECEMBER 2018 31 DECEMBER 2019
Aberdeen 31.00# 6.5# 145 8.50 8.50 6.50* 144,928 26,083 31,795 5.6 4.6 259 204 -21%
Scotland Edinburgh 35.00 4.50 215 4.50 7.50 6.00* 277,600 26,471 32,124 10.5 8.6 867 851 -2%
Glasgow 32.50 5.00 325 4.75 7.25 6.00* 136,516 24,346 28,779 5.6 4.7 809 585 -28%
Northern Ireland Belfast 23.00 6.00 150 7.25 5.25 6.25 133,620 25,300 27,200 5.3 4.9 175 215 23%
Leeds 32.00 5.00 210 5.50 6.75 5.00 189,738 23,332 27,637 8.1 6.9 597 873 46% Yorkshire & Humberside Newcastle 24.00 6.25 235 5.75 6.50 5.50 164,596 22,918 27,323 7.2 6.0 228 217 -5% North East Sheffield 24.00 6.00 155 6.00 6.50 5.25 171,848 22,500 25,680 7.6 6.7 391 221 -43%
Liverpool 23.00 5.25 250 5.00 6.25 5.25 142,280 22,526 26,555 6.3 5.4 461 155 -66% North West Manchester 37.50 4.75 220 5.00 7.50 4.75 185,333 26,814 31,448 6.9 5.9 1530 603 -61%
Birmingham 34.50 4.75 260 5.50 7.75 4.50 190,901 25,266 29,865 7.6 6.4 1158 920 -21% Midlands Nottingham 20.00 5.50 250 5.75 6.50 4.75 147,667 21,997 26,469 6.7 5.6 157 187 19%
Bristol 37.50 4.75 145 6.25 9.25 4.75 286,432 25,094 30,109 11.4 9.5 348 550 58% South West & Wales Cardiff 25.00 5.50 195 5.75 6.50 5.50 217,054 22,618 27,048 9.6 8.0 410 391 -5%
City 70.00 4.00 275 4.00 N/A N/A 709,998 56,532 84,674 12.6 8.4 8,860 5,152 -42%
London West End 120.00 3.75 - - N/A N/A 938,596* 39,717* 57,630* 23.0 15.9 3,944 2,443 -38%
Bond Street 110.00 4.00 2250 2.50 N/A N/A - - - - - 398 160 -60% Colliers International Heathrow 23.00 5.25 - - 16.50 4.00 417,567** 26,993** 33,981** 14.9 11.8 66 8 -88%
Source: Office for National Statistics (ASHE 2018) and Land Registry Source: Property Data Source: Oxford Economics, ONS (2016 Population Source: Colliers International, #PMA Estimate) *City of Westminster Belfast Investment Volumes advised by Colliers Belfast Office *Refers to industrial units sized 15.1-50,000 sq ft. Other regional rental data refers to units sized 20.1-50,000 sq ft OUR REGIONS 2020 **LB Hillingdon Figures in yellow are from Q3 2019 Belfast salaries advised by Colliers Belfast office
26 27 OFFICE LOCATIONS
Glasgow 2 West Regent Street, G2 1RW Tel: +44 141 226 1000
Edinburgh 1 Exchange Crescent, Conference Square, EH3 8AN Tel: +44 131 240 7500
Belfast 25 Talbot Street, BT1 2LD Tel: +44 28 9024 1500
Liverpool Walker House, Exchange Flags, L2 3YL Tel: +44 151 433 0350
Manchester Chancery Place, Brown Street, M2 2JT Tel: +44 161 831 3300
Leeds 1 Broad Gate, The Headrow, LS1 8EQ Tel: +44 113 200 1800
Sheffield The Balance, 2 Pinfold Street, S1 2GU Tel: +44 114 212 3990
Birmingham Eleven Brindleyplace, 2 Brunswick Square, B1 2LP OUR REGIONS Tel: +44 121 265 7500 Cardiff IN MAPS Capital Tower, Greyfriars Road, CF10 3AG If you wish to view in depth maps of our regional city centres, print friendly versions Tel: +44 29 2105 5720 can be requested from www2.colliers.com/en-GB/Research/Our-Regions-2020 Bristol Colliers International Templeback, 10 Temple Back, BS1 6FL Tel: +44 117 917 2000 OUR REGIONS 2020
28 29 HEAD OFFICE 50 George Street London W1U 7GA
All information, analysis and recommendations made for clients by Colliers International are made in good faith and represent Colliers International’s professional judgement. However, since the achievement of recommendations, forecasts and valuations depends on factors outside Colliers International’s control, no statement made by Colliers International may be deemed in any circumstances to be a representation, undertaking or warranty, and Colliers International cannot accept any liability should such statements prove to be inaccurate or based on incorrect premises. In particular, and without limiting the generality of the foregoing, any projections, financial and otherwise, in this publication are intended only to illustrate particular points of argument and do not constitute forecasts of actual performance.
Colliers International is the licensed trading name of Colliers International Property Advisers UK LLP (a limited liability partnership registered in England and Wales with registered number OC385143) and its subsidiary companies, the full list of which can be found on www.colliers.com/ukdisclaimer. Our registered office is at 50 George Street, London W1U 7GA. www.colliers.com/uk