East Annual Property Report 2012

www.investincheshire.com 01 Annual Property Report 2012

I Cheshire East Annual Property Report 2012 02

Contents

Foreword 03 Executive Summary 07 The Cheshire East Economy 09 Investment 11 Offices 13 Leisure and Culture 17 Industrial and Distribution 19 Retail 25 Residential 29 Strategic Developments 33 Acknowledgements 36 03 Cheshire East Annual Property Report 2012

Foreword

2011 represented a major year of progress for Cheshire East. Our Borough secured major job boosts, many on the back of new property deals.

We are set well for the future with over £50m recently committed to deliver investment in projects that will improve infrastructure and boost business productivity. As the gateway between the Midlands, the Cheshire & sub­region and Greater Manchester, Cheshire East has the potential to deliver more growth. Much more. Cheshire East Council is focused on ensuring we realise this by ensuring the conditions for economic growth are in place – whether it be our town centres, road and rail infrastructure, or education services – we are pushing harder than ever. Our own assets are an important element of this, and we’re keen to use these to deliver new investment and jobs. I and my team have an open door to developers and investors who share our ambitions and can help us deliver them. We know our plans will deliver the aspirations of our residents and businesses. It can deliver Cllr Michael Jones for you too. Leader, Cheshire East Council 04 9 Court, Hospital Street, Nantwich, Cheshire CWS SRH

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Executive Summary

As this is the second Annual Property Report for Cheshire East there is a benchmark against which 2011’s performance can be measured. For most sectors of the property market the evidence is one of positivity and resilience despite the background of another tough twelve months for the economy.

The stand out success was the industrial and distribution sector where the achievements were at odds with the national trend. Whilst across the country take­up in the sector fell by more than 25 percent, in Cheshire East it increased by 45 percent and over 1.1 million sqft was let or purchased. This included Expert Logistics investment in , which at 360,000 sqft, placed it in the top 12 largest deals in England in 2011. It was certainly a year of success for Crewe. Over 40 percent of all the industrial transactions and 80 percent of the floorspace take­up, was in the town.

The green shoots of recovery in the residential The retail and leisure sectors saw an uplift in market recorded in 2010 grew sharply during the deals transactions, albeit from a relatively low year. Again, Crewe featured prominently as the benchmark figure. Amongst those taking new approval of the Borough Council’s interim planning retail space in the Borough were a number of policy allowing the release of land adjacent to national names – WH Smith (); Laura the settlement boundary, generated a number of Ashley and Morrisons (); Waitrose in housing applications and consents. Housebuilders Knutsford; Costa Coffee and Frankie & Benny’s in also promoted new schemes, recognising that the Crewe. Borough lacked a five­year land supply. Although away from the high street, another The upshot was that over 2,250 residential units iconic sports car manufacturer opened new were granted planning in the course of the year – North West dealership operations in Cheshire East, a more than sevenfold increase on the 2010 figure. in 2010 McLaren announced its first Northern More than 80 percent of the total is attributed to dealership, which opened in Knutsford in 2011. five approvals. Proposals by , This year it was the turn of Ferrari, who located in Bloor and Linden Homes will see 1,050 homes in Wilmslow. Crewe. Two large mixed­use schemes proposed by Bluemantle, that will regenerate former industrial sites in Disley and , include a further 445 residential units. will build 375 homes as part of a mixed­ use development near . 08

Mirroring the experience of the adjacent A vision for ’s future has been agreed; Manchester market, Cheshire East’s office sector a strategy is already in place to promote its image saw a decline in take­up from the previous year’s and boost its economy; a branded website has figure. The office sector continues to suffer more been established. The 63 ha South Macclesfield so than the industrial sector from the ongoing Development Area is now likely to be promoted challenges to the economy. The number of as a large­scale leisure­led mixed use scheme. transactions reported dropped by almost half from Cheshire East Council and Wilmslow Town the level of 2010 and although the floorspace Council joined forces to pursue substantial take­up also reduced, by just over one fifth. SME new development in Wilmslow town centre businesses are capitalising on the market harnessed to a new lifestyle centre. Also in conditions and purchasing rather than leasing Wilmslow, the Waters Corporation secured properties. Forty percent of the transactions consent and commenced on a new recorded involved freehold deals. UK headquarters, R&D and manufacturing facility for its mass spectrometry business on a 37 acre Wilmslow’s location in proximity to Manchester (15 ha) site. International Airport and within the important South Manchester out­of­town office market was Scarborough Development Group announced a reflected in 2011’s performance. Property £14 million redevelopment and extension scheme transactions in the town attracted Cheshire East’s for the Bridestones Centre in . Work offices headline values – rents at £17.50 per sqft will commence during 2012 on a new foodstore, (£188 per sqm) and £175 per sqft (£1880 per sqm) market hall, retail units and a multi­storey car freehold value. park.

Investment transactions increased in number by In Woodford the former BAE Systems aircraft fifty percent compared to 2010. There was production plant was acquired by Avro Heritage. business to be done in the retail property sector, Avro subsequently entered into a joint venture with three investments traded at a combined with Harrow Estates to pursue proposals for the value in excess of £47 million. Properties occupied 500 acre (202 ha) site that could see 900 homes by Waitrose in Knutsford and B&Q in Crewe, provided on the part of the site that lies within attracted pension fund purchasers, with a Stockport borough. combination of covenant and location resulting in an initial yield of 5 percent for the Waitrose premises. The third investment involved the sale of the Grosvenor Shopping Centre in Macclesfield to Eskmuir Securities.

This year saw public sector funding secured to deliver new and improved pieces of transportation infrastructure within Cheshire East. A new dual carriageway link between the M6 and M56 will ease congestion on this heavily trafficked route. Public sector funds will help deliver major development opportunities at Basford and Midpoint 18. Also, the upgrading of Crewe’s historic rail station was kick started with a £6 million Government grant.

Progress was made with a number of strategic developments. A private sector­led Partnership Board is now in place to lead the All Change for Crewe regeneration programme. The Make it Macclesfield Forum was also established early in the year to drive economic growth in the town. 09 Cheshire East Annual Property Report 2012

The Cheshire East Economy

As 2011 ended the evidence emerged that the UK A total of six companies feature in the Top Track 250, economy was once again shrinking and the fragile as do three in the 100 best UK small businesses to confidence expressed during the year of signs of work for. The plaudits go to Knutsford located de recovery had cracked. Projections of economic Poel Ltd, who are the UK’s number one procurer of growth for 2012 are being downgraded, with temporary agency labour and who featured in almost particular concerns that the manufacturing sector, every listing. that had seemed to have fared well, is now also faltering. There was economic good news stories associated with Cheshire East’s main industry sector strengths. With more businesses than any other North West Waters Corporation announced it had purchased the unitary authority area; with strengths in former Ciba­Geigy Life Sciences site at Wilmslow pharmaceuticals, automotives and advanced for a new mass spectrometry headquarters that will engineering, research and development, and paper combine four separate existing sites. The site of 37 and paper products; with its locational assets of acres (15 ha) has now secured planning consent for proximity to Greater Manchester, Manchester Airport a 212,620 sqft (19,753 sqm), £60 million investment and accessibility to the M6 motorway and West by this US owned corporation. The development will Coast Main Line railway, Cheshire East continues to include world class customer demonstration demonstrate a resilient economy. laboratories, R&D facilities and expanded manufacturing capacity. Construction has begun on Consistently Cheshire East­based businesses feature the site that will see 450 working there when it in ‘the best of’ listings, not just at the North West opens in 2013. region level but also nationally. Insider Magazine’s Top 200 lists 21 Cheshire East companies, with two Other internationally owned businesses also Knutsford companies – Amec and Marlowe featuring committed to first investments in Cheshire East. US in the top five. This strong representation extends machine tool manufacturer, Climax Portable Machine right through Insider’s Top 500. Over nine percent, Tools established its first UK sales, rental and service 46 companies are located in the borough. The office, at Lyme Green, Macclesfield. Chinese­owned Manchester Evening News/Liverpool Daily Post Top Imperial Bathrooms (trading as Ours Sanitary Ware 200 has 25 Cheshire East companies, of which eleven Ltd) purchased the former Ideal Standard factory in are included in the Top 50. Both listings show a , and the investment will see production strong representation of Crewe­based companies. moving back to the UK from the Far East, generating some 150 new jobs. Insider’s analysis of the North West’s highest growth companies for 2011 has seven borough­based Matching new inward investment, some of the businesses. The success stories are spread across borough’s indigenous companies demonstrated Cheshire East, illustrated by the fact the included evidence of their success in overseas markets. companies are from Crewe, Knutsford, Nantwich and Macclesfield. Crewe­based luxury car brand Bentley saw global sales rise by 37 percent in 2011. This included the Recognition that Cheshire East’s companies can second highest ever monthly sales figures. stand alongside the best of British is provided by Sunday Times business listings for 2011. MPM Its performance provides a snapshot of the world’s Products of Macclesfield and APS Salads of more resilient economies, with sales to the USA up a Middlewich are included in the Fast Track 100 – third; China now its second biggest market and sales the fastest growing 100 private companies. Another in Germany almost doubling. three are listed in the Profit Track 100 – the most profitable private companies. These include Oliver Valvetek, whose Knutsford headquarters house a steam engine once owned by cult TV presenter Fred Dibnah. 10

During the year Jodrell Bank Observatory opened a new £3.5 million science discovery visitor centre. The Observatory was also selected to house a project office for the £1.3billion Square Kilometre Array, which will build the largest radio telescope in the world.

Another company flourishing overseas was In 2011 three road infrastructure investments were Cyprotex. Located in Macclesfield, Cyprotex are announced that will deliver significant economic one of the world’s largest contract research benefits. The new M6 to M56 dual carriagewaywill organisations in drug development. During the ease congestion on the A556, as well as improving year they announced plans to almost double their access to South Manchester and Manchester North American facilities on the back of strong International Airport. Investments in the Middlewich demand for their services. Eastern Bypass and Crewe Green Link Road South will help open up the large scale development The food and drink sector is a driver of the opportunities at Midpoint 18 and Basford Cheshire & Warrington sub regional economy. respectively. 2011 saw new developments in the sector in Cheshire East. Reaseheath College opened a Over £6 million was also secured from the new £7.2 million food and drink manufacturing Government’s rail stations improvement fund to centre that will be used by national and regional finance the first phase of a comprehensive overhaul businesses for new product development and trials. and enhancement of Crewe Rail Station and the The investment includes both the Food Innovation adjoining former Royal Mail site now owned by Centre and the Eden International Dairy Academy Cheshire East Council. This will deliver upgraded and reflects the College’s international reputation facilities as well as a new commercial development for the training services it delivers to the food and site to provide ancillary activities to what is one of drink manufacturing and processing sector. the country’s most historic railway stations. The success and innovation of local businesses in In March 2011 the Cheshire and Warrington the food and drink sector is illustrated by the Local Enterprise Partnership was established with Fayrefield Group, which is headquartered in Crewe. a private sector­led Board. A three year business During 2011 the company secured a deal for its plan is already in place that sees a skilled and Collier’s Powerful Welsh Cheddar to be sold in 800 productive workforce; business growth; stores across Australia, and then followed this up infrastructure and connectivity; deregulation; the with a deal to bring Guarana Antarctica to the UK. rural economy and promotion of the sub­region This is Brazil’s second biggest selling soft drink as its strategic objectives. and its producers are sponsors of both the Brazilian Over £13 million of Growing Places Fund monies national football team and Ferrari Formula One have been secure to kick start employment and driver Felipe Massa. residential development opportunities. September For businesses to invest and prosper in Cheshire saw the Partnership backing the Celebrate Cheshire East it is important to ensure the transportation event held at Racecourse, organised by infrastructure is in place to enable this. Marketing Cheshire and Cheshire Business Leaders. 11 Cheshire East Annual Property Report 2012

Investment

This sector analysis provides details of disclosed transactions completed during 2011. The rents and yields information should be regarded only as a guide to market trends. 2011 continued to be a challenging time for the UK property investment market, particularly the regional markets. Little evidence materialised to give confidence that the economy was making significant progress along the road to recovery. Nor was the lifeblood of the investment market – cash ­ flowing as the banks maintained a firm grip of the brake on lending. It is not therefore surprising that caution and a lack of confidence pervaded the UK property investment market.

Nevertheless, research published by the Lloyds TSB The retail sector dominated the transactions, with Commercial Property Matters suggests that amongst the best yields reflecting big name, single occupier the SME property owners in the North West there deals. The investment sale of Waitrose’s new Knutsford is a positive attitude to investment. This is despite store attracted the lowest initial yield – 5 percent. recognition that values are not expected to rise, nor is Also, just under eighteen months after acquiring it as the market likely to be particularly buoyant. Positivity part of the Propinvest Group’s Blade portfolio, comes from a willingness to take advantage of the Delancey Estates traded B&Q’s 110,000 sqft (10,220 investment opportunities presented by lower or static sqm) retail warehouse in Crewe. ING Real Estate property values. Investment Management (UK) acquired the property, on behalf of a pension fund client, at an initial yield of The results of all this? Well Cheshire East saw a fifty 6.2 percent. percent increase in the level of activity compared to 2010, in terms of the number of investment During the year the 45 existing tenants of the transactions. The eleven deals recorded totalled £52 Grosvenor Shopping Centre in Macclesfield town million. Due to the extra­ordinary £41 million BAE centre were introduced to a new landlord. Eskmuir Systems sale and leaseback of its site reported Securities spent just under £21 million buying the in the previous year, 2011’s total value represented Centre from Axa Real Estate Investment Managers. a reduction of almost forty percent. The transactions Currently this is the only North West investment in were focused in Crewe, Knutsford and Macclesfield. Eskmuir’s portfolio. 12

Investment Deals 2011

Size Income Initial Location Vendor Purchaser Price (£m) Tenants Agents (m2) (£/pa) yield (%) Offices Bi Water / Stewart 53­56 Alderley Private Quorum 1,596 1,880 Gascoigne Undisclosed Undisclosed Montrose / Road, Wilmslow Investor Estates Halman OBI Property

Heywood Shepherd 1 Park Street/1 Private Chartered Wignall Lowe Street, LPA Receiver 731 0.41 41,290 10.2 Purchaser Accountants / Macclesfield Brownlow G Presley (Ceramics) Industrial Units 9­10, Parkgate Industrial Estate, Undisclosed Undisclosed 237 0.11 Aquacut 10,672 9.5 The Grove, Knutsford

Retail ING Real Estate Jones Lang B&Q plc, Weston Delancey Investment 10,243 23.65 B&Q plc 1,566,000 6.2 LaSalle / Road, Crewe Estates Management CWM (UK) Ltd

Boots / Argos / Axa Real Kitchen La Grosvenor Fat Face / Estate Eskmuir Frenais Shopping Centre, 8,175 20.86 Vodaphone / 1,716,406 7.1 Investment Securities Ltd Morgan / Macclesfield Brighthouse Managers Colliers and others

Mix of office National Dukes Court, Mill and retail Asset Street, Undisclosed 1,254 0.43 tenants. 61,100 14.0 Acuitus Management Macclesfield Around 50 Agency percent vacant

Associated Cheetham Waitrose, 28­30 Princess British Foods & Mortimer Princess Street, Street 1,190 2.70 Waitrose 140,000 5.0 Pension / Edwards Knutsford Holdings Trustees & Co Hitchcock Kwik­Fit Euro, Wright & Davenport Street, Undisclosed Undisclosed 485 0.62 Kwik­Fit Undisclosed Undisclosed Partners / Macclesfield Hallams Commercial 75 Market Street, Undisclosed Undisclosed 218 Not known Coral Racing 44,300 Undisclosed Acuitus Crewe

10­12 Victoria Warnford Regis UK / Big Acuitus / Undisclosed 208 0.252 47,000 18.6 Street, Crewe Properties Apple Cafe Buckingham

Card Express / 18 Victoria Street, Acuitus / Warnford Undisclosed 174 0.264 Timpson / 32,050 12.1 20­22 Queensway, Properties Buckingham Crewe Private Tenant 13 Cheshire East Annual Property Report 2012

Offices

Cheshire East’s office market’s This report records transactions of premises in performance mirrored that of excess of 2,000 sqft (c200 sqm). The number of deals, at 24, was around 40 percent less than the Manchester city centre. Figures for previous year’s figure. The transactions totalled 2011 show that the city office 120,400 sqft (11,187 sqm) compared to 172,400 take­up fell from that recorded in sqft (16,015 sqm) in 2010. 2010. Indeed the take­up dropped The data masks differing experiences amongst the below the ten year average. borough’s main towns. Whilst Congleton, Knutsford and Wilmslow saw sharp reductions in Although comparable trend data is the number of deals done, Crewe and Macclesfield not available for Cheshire East, this maintained the level achieved in 2010. Indeed, despite a similar number of transactions to the being only the second Annual Property previous year, the floorspace involved more than Report, the borough also saw a fall doubled in Macclesfield. in take­up level from that recorded twelve months earlier. Analysis shows that Macclesfield and Wilmslow each accounted for 20­25 percent of all the deals. Not surprisingly therefore they represented the two largest shares of the total floorspace take up.

Over a third of the transactions involved freehold deals, a doubling on the share recorded twelve months ago. Unlike 2010, when there was little freehold activity outside of Congleton, this year has seen some freehold transactions in most of Cheshire East’s towns. Freehold deals have also embraced a much broader range of property sizes. Two deals have involved premises in excess of 11,000 sqft (1,000 sqm) and another three relate to properties of less than 2,900 sqft (265 sqm).

Property at Alderley Road, Wilmslow attracted the highest rental rate for the year, with over £17.50 per sqft (£188 per sqm) being paid for a building of 6,200 sqft (576 sqm). This was let on a 10 year lease.

The trend of shorter term leases continues. Where the lease term has been revealed, more than half of the deals involve periods of three to seven years. The rest relate to 10 year terms. 14

Cheshire East’s office market’s performance mirrored that of Manchester city centre. 15 Cheshire East Annual Property Report 2012

Office Deals 2011

This schedule relates only to properties in excess of 200 sqm. Lease renewals are excluded.

Size Price/Rent Location Vendor/ Purchaser/ Lease Terms Agents Landlord Tenant (m2) (m2) (years)

Alderley Edge

17 London Road Bollin Farm Lusso Travel 342 6.11 10

Audlem

Former Buerton County Cheshire East Quilter’s Trading Primary School, 360 597.22 Freehold Buckinghams Council Post Woore Road

Congleton

Silk Mills, Kitewood CBRE / Lamont KPMG 374 618.04 Freehold Stonehouse Green Congleton LLP Commercial

Unit 17, John Gladman CBRE / Lamont Bradshaw Court, Private Purchaser 209 Undisclosed Freehold Developments Commercial Congleton Business Park

Crewe

Ground and First Floor, West Wing, Medtrade Lamont Commercial Pochin 623 Undisclosed 3 Electra House, Crewe Products / Pochin Business Park

First Floor, North Wing, Lamont Commercial Electra House, Crewe Pochin Block Solutions 311 75.35 5 / Pochin Business Park

Adam & Co 11 Mallard Court, Legat Owen / Ferwood Second Property Ampito 262 94.17 6 Mallard Way Commodities Partnership

Units 110­111, The Ashtenne Ashtenne Space Courtyard, Radway Green Ekoskies 209 99.46 3 Industrial Fund Northwest Road, Radway Green

Holmes Chapel Area

Building 5, The Clock Project One Ausbore Estates 455 134.55 7 Canning O’Neill Tower Consulting

Manor House Seddon Estates Brighter Bills 418 Undisclosed Undisclosed Canning O’Neill

Knutsford

Unit 12, Wolfe Close, Undisclosed Skipper 380 48.57 Undisclosed Louis Taylor Parkgate Industrial Estate 16

Size Price/Rent Location Vendor/ Purchaser/ Lease Terms Agents Landlord Tenant (m2) (£m2) (years)

Macclesfield

The Crown Centre ­ Marburae House, Magnus Undisclosed 1,115 Undisclosed Undisclosed Athey Street

Offices (and Land) at the Former Macclesfield East Cheshire Undisclosed 1,096 2034.67 Freehold TFC Hospital, Hope Park, NHS Trust Victoria Road

Byrons Lodge, RH Stevens Undisclosed 847 Undisclosed Freehold Hallams Commercial Gunco Lane

Mottram Greenham Units 4,7­8 Snape Road Undisclosed 840 714.29 Freehold Investments Ltd Commercial

Clark House, Hulley Road, Estates and Hurdsfield Media Four 372 91.49 10 Leisure Holdings Industrial Estate

Ground Floor, Hazelwood House, Larkwood Way, Orbit Ashfield in Focus 280 160.92 5 Orbit Developments Tytherington Business Developments Park Nantwich Green Lane, Wardle, TI Midwood and The Green 557 Undisclosed 5 Jolliffe & Co Nantwich Company Electrician

Panad House, Unit 5 Alvaston Business Park, Panad Kirstall 262 1,560.13 Freehold Lamont Commercial Middlewich Road

Styal

122 Beech Court Undisclosed Undisclosed 326 167.00 Undisclosed Frank R Marshall & Co

Wilmslow

Chameleon 50 Alderley Road Orbit Orbit Developments Communications 576 188.37 10 Developments / WHR International Ltd

Canning O’Neill / First Floor, Whitecroft Water Lane Regional Property Natural Retreats 413 171.68 10 House, Water Lane Investments Solutions / Williams Commercial Cygnet Court, Private Landlord Pepperberry 359 174.24 10 Hawthorn Street 3a Pembroke House, Greenham Undisclosed Private Purchaser 201 1,741.29 Freehold Hawthorn Street Commercial

This schedule only relates to properties in excess of 200 sqm. Lease renewals are excluded. 17 Cheshire East Annual Property Report 2012

Leisure and Culture

Over the year the visitor economy contributed £578 million to Cheshire East’s economy. It provided almost 9,000 full time equivalent jobs.

One of Cheshire East’s visitor economy jewels is During the year Knutsford­headquartered Tatton Park. Tatton already attracts more than restaurant and bar chain, Living Ventures, launched 800,000 visitors each year. However, the vision its twenty­seventh venue, with the opening of is to raise that number to over one million, and The Botanist Pub in Alderley Edge. Living Ventures as part of this Cheshire East Council announced operates under a number of different brands, during the year it was joining forces with Norfolk including restaurants – Gustos and The Grill at company, Bure Valley Adventures, with plans to Blackhouse. The Ramada hotel at Macon Way in bring its BeWILDerwood outdoor adventure park Crewe was acquired by Holiday Inn Express. Pub concept to Tatton Park. operator Brunning & Price re­opened the 17th century Old Hall in Sandbach following a major 2011 saw substantial investment in the now renovation programme. re­branded Mere Golf Resort and Spa at Knutsford, creating 100 new jobs. A £15 million investment The quality of the Borough’s leisure offer was programme saw the addition of a Health Club and recognised in four categories at Marketing Spa at the beginning of the year, and construction Cheshire’s Tourism Awards. The newly constructed completing at the end of the year of a new 81 Jodrell Bank Discovery Centre was awarded bedroom hotel. Small Visitor Attraction of the Year. Kerridge End Holiday Cottages, near Macclesfield, secured the Sustainable Tourism Award. Peckforton Castle won the Excellence in Business Tourism Award and Mellow Brook Cottage at Harrop Fold Farm were awarded Self Catering Holiday Provider of the Year

In April a new science discovery visitor centre opened its doors at Jodrell Bank and was the base for the BBC’s Stargazing Live programme.

Leisure property transaction activity trebled in respect of the number of deals. Albeit, this was from a very low base. The current challenges associated with public house business operations are reflected by the fact that more than half the deals involved such properties changing hands. All but two of the transactions were freehold sales, and involved properties in Congleton, Crewe, , Macclesfield and Sandbach. None of these locations reported leisure property deals in the previous year. 18

Leisure Deals

This schedule relates only to properties in excess of 200 sqm. Lease renewals are excluded.

Size Price/Rent Location Vendor/ Purchaser/ Lease Terms Agents Landlord Tenant (m2) (£/m2) (years) Congleton

Paramount The Durham Ox Investments / (Public House), Undisclosed Undisclosed 340 250.00 Freehold Commercial Property 54 West Street Investment Agency

The Grove Inn Charnock and Co / (Public House), Marston Pub Co Dutchy 203 1,477.83 Freehold Timothy A Brown Manchester Road

Crewe

Limelight Club, Private Undisclosed 1,192 293.62 Freehold Lamont Commercial Hightown Purchaser

The Park Private Paramount (Public House), Undisclosed 201 447.76 Freehold Purchaser Investments 42 Wistaston Road

Handforth

Hilal Restaurant, 90 Chandos Bank of Ireland 285 1,473.68 Freehold Sanderson Weatherall Wilmslow Road Developments

Knutsford

Fryers Garden Centre, Blue Diamond Fryer's 7,990 337.92 Freehold Brown Turner Ross Manchester Road Services

Macclesfield

The Silkworm (Public House), Undisclosed Private Individual 742 107.81 Undisclosed Christie and Co. 91­95 Mill Street

The Window Art Greenham 84b Mill Street Undisclosed 249 50.20 1 Project Commercial

Sandbach

The Nags Head Private Undis­ (Public House), Undisclosed £112,000 Freehold Pugh & Co / Fleurets Purchaser closed Wheelock 19 Cheshire East Annual Property Report 2012

Industrial and Distribution

The North West was one of only a handful of All Cheshire East’s towns saw some level of activity, markets that saw industrial space take­up remain with Congleton, Macclesfield and Middlewich strong in 2011. Nationally take­up declined by 26 each attracting a number of transactions. As might percent, but Cheshire East reflected the North West be expected Midpoint 18 business park dominated trend of a strong, growth performance. in Middlewich.

During 2011 over 1.12 million sqft (104,477 sqm) Evidence suggests demand was polarised at either of industrial space was either let or purchased in end of the space spectrum. 28 percent of the deals Cheshire East. This represents year on year growth involved premises in excess of 10,000 sqft (929 of around 45 percent from the figure achieved sqm); 30 percent represented properties of less than and reported on in the first Annual Property 3,200 sqft (300 sqm). Report. It also reflects an uplift in the number of transactions of properties in excess of 2,500 sqft Just over one fifth of all the deals were freehold (c230 sqm). 54 deals were completed. Without transactions. As in the previous year most involved doubt increased activity in Crewe underpinned the transactions by existing local businesses. As in borough’s performance. 2010, Sandbach led the way, with property achieving £73.6 per sqft (£792 per sqm). Similar Over 40 percent of all the deals and 81 percent sized property achieved £60 per sqft (£646 per sqm) of the floorspace take­up related to properties in in Crewe. Crewe. This reflected a doubling of the number of transactions and a 700 percent increase in Based on deals evidence gathered, headline rents floorspace from the previous year. Included within vary across the borough. Handforth represented the figures is Expert Logistics lease of ProLogis 360 the highest at £7.82 sqft (£84.21 sqm). Macclesfield at Weston Road, Crewe. saw lettings at £6.95 sqft (£74.81 sqm). Congleton and Nantwich achieved around £6.70­£6.75 sqft This letting, of 360,000 sqft (33,445 sqm), (£72­£72.50 sqm). Holmes Chapel, Knutsford and represented one of the twelve largest letting deals Sandbach saw rents at above £5/sqft (£53.87 sqm). in England in 2011. It also represented the last Rents in Crewe and Middlewich were sub £5 sqft. available large warehouse in Crewe. Future demand For Crewe the highest rent was £4.86 sqft (£52.31 will now focus on Basford West, where Goodman sqm), whilst in Middlewich it was £4.25 sqft (£45.75 has detailed planning permission for a warehouse sqm). building of 437,000 sqft (40,600 sqm). One consequence of the economic recession has Also in Crewe, Warehouse One expanded from their been the cessation of new supply through base and took a lease of 213,000 sqft speculative development. During 2011 there was (19,788 sqm) at Crewe Gates Farm Industrial Estate. at least a glimmer that some smaller investors The company provides storage and distribution are beginning to think about this, in that they services for a number of high street retailers. Other were prepared to commit resources to planning deals involving properties of larger than 20,000 sqft, applications. Consents were granted for three saw Babcock Engineering and DHL investing in new schemes in Macclesfield, Sandbach and Wardle, or expanded facilities. The growth in online retailing which if constructed would provide a total of was reflected in the expansion of H2E Commerce, 16 industrial units and 51,800 sqft (4813 sqm) who relocated from Sandbach to larger premises of of floorspace. These comprise units of between 25,000 sqft (2323 sqm) in Crewe. 2,300 and 8,000 sqft (216 and 743 sqm). 20

Cheshire East reflected the North West trend of a strong growth performance in industrial space take up. 21 Cheshire East Annual Property Report 2012

Industrial Deals 2011

This schedule relates only to properties in excess of 200 sqm. Lease renewals are excluded.

Purchaser/ Size Price/Rent Address Vendor/ Lease Terms Agents Landlord Tenant (m2) (£/m2) (years)

Congleton

Hans Lingl UK, Third Avenue, Radnor Park Hans Lingl UK Undisclosed 1,874 32.02 Undisclosed Louis Taylor Industrial Estate

The Old Saw Mill, Back Undisclosed The MG Man 270 33.00 5 Timothy A Brown River Street

Units 1­2, Hopkins Close, Concept Retail Greenfield Farm Undisclosed 220 45.49 10 Timothy A Brown Group Industrial Estate

Unit 3, Eaton Bank Undisclosed Undisclosed 264 72.01 Undisclosed Timothy A Brown Industrial Estate

Unit 2, Eaton Bank Site Engineering Undisclosed 802 36.06 Undisclosed Timothy A Brown Industrial Estate Services

Crewe

GVA / North Rae ProLogis 360, ProLogis Expert Logistics 33,445 48.44 10 Sanders / Lamont Weston Road Commercial

Crewe 213, Third Avenue, CBRE / Jones Lang Crewe Gates Farm Highcross Warehouse One 19,788 32.29 5 LaSalle / Lamont Industrial Estate Commercial

Former Royal Mail Depot Royal Mail Cheshire East Cheshire East Council 12,465 220.61 Freehold (and land), Weston Road Estates Council / Jones Lang LaSalle

Part of Former Royal Mail Cheshire East Expert Logistics 4,181 Undisclosed 1 Lamont Commercial Depot Weston Road Council

Rowlinsons, Rowlinsons DHL 4,181 Undisclosed Undisclosed Lamont Commercial Weston Road

Babcock / Lamont Rockwell House Peer Group 2,601 48.44 10 Engineering Commercial Cheshire West & Chester Annual Property Report 2011 2221

Size Price/Rent Location Vendor/ Purchaser/ Lease Terms Agents Landlord Tenant (m2) (£m2) (years)

Unit 13, Orion Park, Higham and GVA / Lamont Highcross 2,323 51.11 10 University Way Higham Commercial

Units 14 ­ 15a, Crewe Medica Hall Enterprise Park, Industrious 1,279 15.63 0.9 Packaging Weston Road

Unit 4a, Crewe Hall Keltbray Aspire Enterprise Park, Industrious 543 43.13 2 Rail Consultants Weston Road

Plot 45, Quakers Coppice, Ennis Prisomo Crewe Gates Undisclosed 468 52.31 5 Marketing Industrial Estate

Unit S2, Herald Park Undisclosed Next 465 51.07 5 Lamont Commercial

Unit R2, Herald Park Undisclosed Powervision 465 48.38 5 Lamont Commercial

Unit 16, Third Avenue, Cheshire East Cheshire East Crewe Gates Farm Viz Reflectives 369 50.10 1 Council Council Industrial Estate

Former Shaws Building Shaws Building Malcolm's and Landscape Premises, 326 659.50 Freehold and Landscape Motorhomes

The Quantum, Trainbits And Undisclosed 325 51.13 3 Louis Taylor Marshfield Bank More

Unit A1, Fraylings Salon Supplies 313 670.76 Freehold Lamont Commercial First Business Park Holdings

Unit 11, Third Avenue, Cheshire East Cheshire East Crewe Gates Farm Private Individual 294 51.00 1 Council Council Industrial Estate

Unit B11, Fraylings Infinity Glass 242 619.83 Freehold Lamont Commercial First Business Park Holdings 23 Cheshire East Annual Property Report 2012

Purchaser/ Size Price/Rent Location Vendor/ Lease Terms Agents Landlord Tenant (m2) (£m2) (years)

Unit 8, Crewe Hall Construction Industrial Estate, Industrious 234 37.68 5 Linx Weston Road

Unit A3, Fraylings Whitby 232 646.54 Freehold Lamont Commercial First Business Park Holdings Morrison

Unit A4, Fraylings Whitby Morrison 232 646.54 Freehold Lamont Commercial First Business Park Holdings

Building 9, Ashtenne Ashtenne Space Tyres 2 Go 223 51.13 3 Radway Green Industrial Fund Northwest

Handforth

Unit 2d, Stanley Green Undisclosed Private Individual 264 84.21 Undisclosed Hallams Commercial Trading Estate, Earl Road

Unit 2B Deanway Orbit MBA Surgical 345 54.65 8 Orbit Developments Trading Estate Developments

Holmes Chapel

Unit 2b, Holmes Chapel Streamline Seddon Holdings 465 40.32 3 Lamont Commercial Business Park Bathrooms

Unit 3a, Holmes Chapel HC MOT and Seddon Holdings 232 53.87 3 Lamont Commercial Business Park Service

Knutsford

Units E­G Parkgate Oasis Retail Oliver Twinsafe Meller Braggins 1,049 36.24 5 Industrial Estate Services Ltd Valves Ltd / LSH

Unit C3, Stanley Road Mistral Trading Estate, Private Individual 356 50.56 5 DTZ Developments Stanley Road

Unit G, Stanley Road Trading Estate, Undisclosed Cheshire Granite 214 55.59 5 Stanley Road Macclesfield Adam Partridge Edward Symmons LL Unit 1, Withyfold Drive Undisclosed Auctioneers and 1,458 240.05 Freehold / Greenham Valuers Commercial

Roger Hannah and Co 6 Snape Road Pattim Valves 664 43.69 5 / Jones Associates

Unit C, Queens Court, Undisclosed JCI 511 54.33 Undisclosed Hallams Commercial Queens Avenue

Unit H4, Redwood Court, Orbit Tytherington Business Tunnicliffe Signs 307 67.18 5 Orbit Developments Developments Park Cheshire West & Chester Annual Property Report 2011 2421

Size Price/Rent Location Vendor/ Purchaser/ Lease Terms Agents Landlord Tenant (m2) (£m2) (years)

Waterside Mill, Lower Janhill Estates Private Individual 232 37.67 1 Bank Street

Unit 3B, Pool Street Greenham Industrial Estate, Undisclosed Undisclosed 230 16.33 Undisclosed Commercial Pool Street Middlewich

Unit 7, Aston Way, CBRE / Lamont Seddon Holdings Penn White 1,672 45.75 8 Midpoint 18 Commercial

Unit 1, Dalton Way, Legat Owen / Lamont Pochins Extronics 1,186 42.48 10 Midpoint 18 Commercial

Unit 2, Brooks Lane, Legat Owen / Lamont Brooks Lane Undisclosed Undisclosed 1,177 42.46 Undisclosed Commercial Industrial Estate

Unit 1, Trade Centre, Legat Owen / Lamont Stretton Estates Undisclosed 1,022 Undisclosed Undisclosed Midpoint 18 Commercial

Unit 2/3, Middlewich Legat Owen / Lamont Stretton Estates Undisclosed 929 Undisclosed Freehold Trade Park, Midpoint 18 Commercial

Unit 3, Valley Court, Lincoln House Pochin / Lamont FLP Solutions 523 Undisclosed 10 Midpoint 18 Properties Commercial

Unit 5, Valley Court, Lincoln House FLP Solutions 348 Undisclosed Freehold Pochin Midpoint 18 Properties

Unit 4, King Street Frank R Marshall Private Individual Private Individual 338 710.05 Freehold Trading Estate, King Street & Co

Nantwich

Unit 4, Beam Heath Way, Undisclosed Undisclosed 636 56.59 Undisclosed Lamont Commercial Barony Employment Park

Unit 4, Nantwich Clearview Home Build Base 465 72.58 8 Lamont Commercial Trade Park Improvements

Sandbach

Station Road Undisclosed Murphy Pipelines 682 58.69 1

Unit 3, Springvale Industrial ABL (Stevens) Undisclosed 202 792.07 Freehold Estate, Millbuck Way Resin and Glass

Wilmslow

Units D6, Stanley Green Orbit Costain 309 70.23 5 Orbit Developments Business Park Developments

Unit 6, Alderley Edge Orbit Tailored Office 237 48.07 5 Orbit Developments Business Centre Developments Solutions 25 Cheshire East Annual Property Report 2012

Retail

Nationally, the headlines during the The prognosis is that vacancy rates are expected to year provided little cheer for most continue to rise due to the combination of a number of factors – weak consumer confidence; rising parts of the retail property market. unemployment; the squeeze on household budgets; The national story was one of store the continued growth of supermarkets, which now closures exceeding new openings, account for 43 percent of retail spend; the growth in internet shopping, with online sales representing exampled by a number of well 12 percent of retail sales in the UK – all of which are known retail chains closing or going impacting on the financial viability of the traditional into administration. multiples.

So whilst in the past closures were offset by Despite this gloomy background Cheshire East saw openings, 2011 saw a true decline in the number a significant boost in the number of retail property of occupied multiple retail and leisure outlets transactions, in terms of premises in excess of 3000 across the UK. However, the North West bucked sqft (c300 sqm). This report records double the this trend, with openings exceeding closures – number of transactions noted in 2010. For most although only marginally. towns both town centre and out of town premises featured. Nevertheless, according to the 2011 year end report by Local Data Company, the North West One week after Waitrose opened its Little Waitrose had the highest shop vacancy rate of any English store format in Knutsford, WH Smith announced region. The national rate for town centre shop they had taken a lease on the former Mallard tea vacancies stabilised at around 14.3 percent, but shop, which was based on Miss Matty’s tea shop the overall rate for the North West hit 19 percent. from Elizabeth Gaskell’s Cranford. For some town centres, but none in Cheshire East, the vacancy rate was as high as 30 percent. Wilmslow town centre attracted Laura Ashley and Morrisons’ new M­local small store format. This is the second of a three store trial to evaluate and refine the company’s convenience offer. In addition, iconic Italian sportscar brand Ferrari opened a showroom and after sales facility based at Stratstone Manchester’s Wilmslow dealership. This is a first for the whole of the North West, with Ferrari announcing the location was chosen to bring them closer to their existing client base and core demographic.

The facility includes a fully­detailed ‘Atelier’, modelled on the workshop at Ferrari’s Maranello factory in Italy. This enables customers to choose from a range of options to personalise their new Ferrari. Ferrari’s arrival follows on from that of McLaren, whose Knutsford showroom, announced in 2010, opened in 2011. 26

Confidence in the client base and core demographic saw Marks & Spencer completing an investment programme at its Handforth Dean store near Wilmslow, which has created 35 new jobs. This included the introduction of a bakery and deli counter, part of a new retail concepts trial the company is undertaking at a select number of UK stores.

2011 was also a milestone year for Handforth As a result the vacancy rate of ground floor commercial headquartered retailer, Pets at Home. Just twenty years units in the borough was identical to the national after the business started with a single store in Chester, average and better than that for the North West. the company opened its 300th outlet during 2011. There was a mixed but improving picture in terms of Plans are to open a further 200 stores over the coming overall footfall which is often seen as a key barometer years. of town centre vibrancy. For nine towns there was an increase in footfall compared to 2010, but six Cheshire East Council approved plans for a new experienced a decline. 26,000 sqft (2415 sqm) Morrisons supermarket in Middlewich. The store is seen as serving to increase In Congleton, Scarborough Development Group competition and choice for residents. Consent was announced plans for a £14 million redevelopment also granted to Kimberley Developments for the and extension of the Bridestones Centre. This will see demolition of the existing Co ­op supermarket in Alsager construction begin in 2012 on a new foodstore, and redevelopment of the site to construct a new market hall, five retail units and a multi ­storey car park. larger Co ­op store. Continuing the theme of creating Restaurant chain Frankie & Bennys, Costa Coffee and TK larger stores on the same site, Tesco Extra ’s store Maxx all opened at Grand Junction Retail Park in Crewe. construction continued at Vernon Way, Crewe. This will see a 64,000 sqft (5,945 sqm) store replacing the The development proposals for Macclesfield town original smaller Tesco outlet on the site. Even with centre continued to be refined and following the the scale of development seen in the last two years, signing of a revised development agreement between demand from foodstore operators remains strong Cheshire East Council and a revised across all Cheshire East ’s towns. planning application is being prepared. Benchmarking of Cheshire East ’s town centres in 2011 In 2009 ‘ the Love Local ’ Life discount and reward card found that there were no significant changes to the was first trialled in parts of Cheshire East, to promote balance of retail and business uses across the towns. support for local retailers. Supported by the Council Compared to 2010 there was a positive shift in the this loyalty card system is now extended to all parts of numbers of empty retail units with ten of the sixteen the borough, covering over 240 independent towns having less vacant properties. Only four have businesses. More than 28,000 residents hold cards. seen an increase over the year. 27 Cheshire East Annual Property Report 2012

Retail Deals 2011

Purchaser/ Size Price/Rent Address Vendor/ Lease Terms Agents Landlord Tenant (m2) (£m2) (years)

Alderley Edge

The Parade, Bluemantle Waitrose 557 Undisclosed 15 London Road Investments

Crewe

Standard Life 59­67 Market Street Poundland 1,010 173.28 10 Legat Owen Investments

22­25 Market Street Scottish Widows Peacocks 481 Undisclosed Undisclosed Mason Owen

Private Units 1­2, West Street Pochin 372 Undisclosed Freehold Pochin Purchaser

Unit 1, West Street Pochin Undisclosed 372 Undisclosed 15 Pochin

Muller Property Helmsley 16 The Square 268 4,841.89 Freehold Mason Owen Shop Ltd Securities Ltd

Private 265­267 Broad Street Crosskeys Beds 250 50.00 5 Purchaser

Standard Life Legat Owen / Williams 10 Queensway Big Retail 249 188.91 10 Investments Gunter Hardwick

Attleborough 150­154 Edleston Road Undisclosed 243 4,48.55 Freehold Leisure

William James Unit C, 2 Oak Street Kleymore Property 238 84.03 5 Buckinghams Flooring

Private 133­135 Edleston Road Mr Chesters 211 Undisclosed Freehold Purchaser

Congleton

Congleton Retail Park, Metric Property Cushman and Family Bargains 1,394 194.00 10 Barn Road Investments Wakefield

Cushman and Unit E, Congleton Retail Metric Property Boots 372 193.75 10 Wakefield / Cheetham Park, Barn Road Investments and Mortimer 28

Size Price/Rent Address Vendor/ Purchaser/ Lease Terms Agents Landlord Tenant (m2) (£m2) (years)

Unit J, West Heath The Hollins Legat Owen / Brady Shopping Centre, Holmes Carpet Style 315 119.11 10 Murray Group Chartered Surveyors Chapel Road

38­40 High Street Undisclosed Poundstretcher 270 166.66 Undisclosed GCW

Old Library, Express Hearing Undisclosed 243 49.38 Undisclosed Timothy A Brown Moody Street and Mobility

Handforth

Deanway Technology Orbit Stratstone Ferrari 469 Undisclosed 10 Orbit Developments Centre, Wilmslow Road Developments and Maserati

The Paddock Orbit Artisan 228 Undisclosed 10 Orbit Developments Shopping Centre Developments

Knutsford

Heesom Green 22­24 Princess Street WH Smith 200 Undisclosed 10 Orbit Developments Partnership

Macclesfield

6­7 Lyme Green Orbit Next Retail Ltd 759 150.70 5 Jones Lang LaSalle Business Park Developments

Jeffrey Alexander Retail Warehouse, Undisclosed Undisclosed 278 1,798.56 Freehold Kirby Bower / Churchill Way Hallams Commercial

Greenham 17 Chestergate Undisclosed Bilyana Golf 201 74.59 3 Commercial

Wilmslow

Ground Floor, Whitecroft Water Lane Morrisons 511 132.09 15 Tushingham Moore House, 51 Water Lane Investments

Orbit The Cheshire 50 Alderley Road 372 188.37 10 Orbit Developments Developments Tile Studio

Sanderson 90 Wilmslow Road Undisclosed Chandos Securities 259 1,505.79 Freehold Weatherall

70 / 72 Grove Street David Navin Ltd Laura Ashley 247 76.92 10 Tushingham Moore 29 Cheshire East Annual Property Report 2012

Residential

The green shoots of recovery in the housing market, noted in 2010, continued during 2011. The year saw a number of house builders ramp up activity in Cheshire East in recognition of the lack of a five­year residential land supply, and following the approval of the Council’s interim planning policy allowing the release of housing land next to the settlement boundary of Crewe.

This led to an upsurge in the number of new Countryside Properties and Bluefield Sandbach Ltd residential units receiving planning consent. will deliver a residential­led mixed­use scheme at Over 2,250 were approved compared to just under the former Albion Chemicals site near Sandbach. 300 in 2010. As a result there are now over This will see 375 houses, a hotel, pub, health club, 3,000 dwellings consented or under construction offices and warehousing space built on the site. in schemes of greater than 100 units, to be delivered within the next five years. Housing completions during 2011 totalled 762, which despite being an increase on 2010 still only Amongst the house builders securing planning represents two thirds of the annual target of 1,150 consents were Arley Homes (21 homes in residential units. Nantwich); Bloor and Linden Homes (joint consent for up to 400 new homes on a greenfield site in It is an image of Cheshire East that the borough is Crewe); (51 homes in Crewe); McCarthy home to some of the North West’s most & Stone (40 sheltered apartments in Handforth); glamorous and expensive houses. This image was Muller Property Group (68 homes in Middlewich); reinforced by events in 2011. Rowland Homes (35 homes in Congleton) and Once again Alderley Edge property development Taylor Wimpey (650 residential units in Crewe). company, Huntsmere, received awards for one of its house developments. The company collected A number of other developments were approved a What House? Award for Best Luxury House, and on appeal that will deliver apartments, affordable Best Luxury New Build at the Northern Design and open market housing in schemes in ; Awards, for its Oakdene property in Prestbury. Congleton; Poynton; Sandbach and Wrenbury. Set in three acres of land this £5 million price tag house has a state­of­the­art 3,000 sqft leisure In addition three significant mixed­use suite linked to the main house by an underground development schemes were approved in outline walkway. that will see the redevelopment of former industrial complexes. Two will be delivered by In late November published a list of the Bluemantle. The Fibrestar site in Disley has secured UK’s top ten residential properties on the market, consent for 160 residential units; 55 assisted in terms of the frequency of hits by users of their living units and 26,750 sqft (2,485 sqm) of site. Half the top ten were properties located in research and development accommodation. Cheshire and four of these were in Cheshire East. With sale prices ranging from £2.25 million The former Fisons site in Holmes Chapel has been (David and Victoria Beckham’s former residence) to approved for 230 residential units, with supporting £7.95 million it is not surprising there was retail and leisure facilities as well as 60,000 sqft curiosity. All had attracted between 65,000 and (5,584 sqm) of industrial and office space. 84,500 hits during the year. 30

There are now over 3,000 dwellings consented or under construction in schemes of greater than 100 units, to be delivered within the next five years. 31 Cheshire East Annual Property Report 2012

Housing Completions 2004­2011

2004 2005 2006 2007 2008 2009 2010 2011 Total

Completions 1,264 1,287 1,498 1,295 1,365 741 634 762 8,846

Affordable ­ ­ 182 123 243 319 334 233 1,434

Source: CEC, 2012

Major Housing Schemes 2011

(30 Units plus completed)

Total Gross Units Scheme Settlement Housebuilder Completed Area, ha 2011

Land off Rose Terrace Crewe Wulvern Housing 0.27 74

Land north of Marsh Farm, Congleton Bloor Homes 1.66 44 Newcastle Road

Albany Mill, Canal Street Congleton Plumlife 0.29 43

The Cross, Land at Old Mill Road Sandbach Morris Homes 1.23 41

Macclesfield District Hospital, Macclesfield Jones Homes 0.38 36 Victoria Road

Source: CEC, 2012 32

Future Supply of Housing

Future dwelling completions greater than 100 units in the next five years*

Supply of Total Gross Scheme Settlement Housebuilder dwellings up to Area, ha 2016

Coppenhall East, Remer Street Crewe Taylor Wimpey 24.94 650

Land North of Parkers Road, Bloor Homes and Crewe 14.84 400 Leighton Linden Homes

Albion Chemicals, Sandbach Countryside Properties 7.83 375 Middlewich Road

Former Fodens Factory, Moss Lane Sandbach Bellway Homes 10.15 248

Former Fisons Site, London Road Holmes Chapel Bluemantle 12.14 231

Land bounded by Victoria Street, Queensway, Chester Street and Crewe Not known Not known 200 Gatefield Street

Bluelyme Fibrestar Site, Redhouse Lane Disley 5.27 160 Developments

Victoria Mills, Macclesfield Road Holmes Chapel Homes 4.15 160

Stapeley Water Stapeley Water Gardens Nantwich 4.65 150 Gardens Ltd

Former Fodens Test Track, Sandbach Bellway Homes 3.28 149 Moss Lane

Emerson Group Haulage Depot, Gunco Lane Macclesfield 2.45 124 Jones Homes

Land bounded by Canal Fields, Rookery Bridge and Hall Lane, Sandbach Bellway 4.15 102 Moston

Bath Vale Works, Bath Vale, Congleton Bovis Homes 10.07 100 Brookhouse Lane

Source: CEC, 2012

*Includes schemes with outline and full planning permission and schemes awaiting completion of a Section 106 agreement, as well as those under construction. 33 Cheshire East Annual Property Report 2012

Strategic Developments

The building blocks for any successful local economy include quality infrastructure, especially road infrastructure. During 2011, three key road infrastructure schemes secured funding support that will enable them to progress.

In January, contractors were appointed for the The RGF monies contribute almost one­fifth of the design and construction of the A556 Knutsford to cost of the one mile long bypass and its associated Bowdon planned link road between the M6 and infrastructure works. It is seen as the catalyst for M56. With a cost range estimate of £137 million ­ delivering over £350 million of private sector £212 million this is a major project addressing funding for large­scale commercial and residential congestion associated with the existing link schemes. between Junction 19, M6 (Knutsford) and Junction 7, M56 (Bowdon). It will create a new dual Planning approval was also granted to enable the carriageway that improves access to and from start of the redevelopment of Crewe railway South Manchester and Manchester International station and the adjacent, former Royal Mail site. Airport. The latter extends to 3.66 acres (1.48 ha). The mail delivery office will be demolished and be replaced It was also announced that £22 million is to be with a car park in six unit retail. committed towards Crewe Green Link Road South, a key piece of road infrastructure that will help The scheme facilitates additional parking close to to open up development opportunities at Basford. the station and improves access and pedestrian In addition to supporting that major economic links. Cheshire East Council and Network Rail growth, the road will improve journey times to continue to work up plans for a more substantial Crewe town centre from the A500. regeneration or redevelopment of the station, with the aim of creating an iconic 21st century In late 2011 £4.1 million of Regional Growth Fund gateway to the town. A masterplan for the support was awarded for the completion of the subsequent phases of the Crewe Gateway project Middlewich Eastern Bypass. Pochins secured the will commence as soon as the new West Coast RGF monies to enable the third phase of Midpoint Mainline franchise operator is announced in 18 to proceed. Extending to 450 acres (182 ha) August 2012. Midpoint 18 has seen Phase 1 complete; Phase 2 is currently being developed and Phase 3 is now secured as access can be delivered. 34

For Crewe the impetus of the ‘All Change for Having purchased the site, new owners Avro Crewe’ regeneration programme was maintained. Heritage have formed a joint venture with Harrow A private sector­led Partnership Board was Estates to produce a masterplan that proposes established to implement the strategy. This has some 900 homes. attracted representatives from Morning Foods, Bentley, Air Products and Manchester Metropolitan As these would be located on the part of the site University’s Crewe & Alsager campus. situated in Stockport, Cheshire East Council, Stockport Council and the owners are now jointly The All Change for Crewe Prospectus was to be working to produce a Supplementary Planning formally launched in March 2012. The focus of Document for the site. the prospectus is on town centre development opportunities, which include significant Council In Macclesfield a revised development agreement land holdings. The Basford sites form a key has been concluded between the Council and element of the wider All Change for Crewe Wilson Bowden, which will be the basis for a new programme and already Co­operative Group has planning application for redevelopment of part of acquired 50 acres at Basford East from ProLogis the town centre. for a proposed employment­led development. Building on the recommendations of the 2010 In the north east of the Borough plans emerged for Macclesfield Economic Masterplan and the a major new strategic development on the former subsequent consultation programme, Cheshire BAE Systems Woodford site. Extending to 500 East Council is now favouring a leisure­led mixed acres (202 ha) the site has been the manufacturing use scheme for the 63 ha South Macclesfield base for a succession of renowned aircraft – Development Area. This is likely to include a the Lancaster Bomber, Canberra, Vulcan and most new community stadium that will provide a new recently the Nimrod. home for Macclesfield Town FC. The next step will be developing the masterplan, including site investigations and survey work. Acknowledgements

Bloor Homes Lamont Commercial Bluemantle Legat Owen BNP Paribas Mason and Partners Estates Mason Owen and Partners Matthews and Goodman CBRE Miller Developments Cheetham and Mortimer Mowbray Gill Colliers Muller Cushman and Wakefield Daniel and Hulme Nolan Redshaw Davies Harrison OBI Property Dixon Webb Orbit DTZ P3 Property Consultants Edward Symmons Patrick Properties Fisher German Pochins Quorum Estates Gladman Regional Property Solutions Goodman Rory Mack Associates Greenham Commercial Sanderson Weatherall GVA Commercial Hallams Commercial Seddon Homes Honeyborne Kenny and Partners Jones Lang LaSalle Taylor Wimpey Keppie Massie Tushingham Moore Knight Frank WHR Property Consultants Lambert Smith Hampton Williams Commercial

BE Group is a property Agency, regeneration and planning consultancy and has over 30 years experience of working in the Cheshire and Warrington commercial property market.

This report has been carefully prepared. However it is for general guidance only and Cheshire East Council, Marketing Cheshire and BE Group cannot guarantee that there are no errors or omissions. The information, forecasts and opinions set out herein should not be relied upon to replace professional advice on specific matters. No part of this report should be published, reproduced or referred to without the prior permission of the above organisations.

For investment and property enquiries please contact Jacqueline Wilson on tel: 01270 685 911 or email us at: [email protected]

Cheshire East – Jacqueline Wilson [email protected] Marketing Cheshire – Barrie Kelly [email protected] Cheshire & Warrington Local Enterprise Partnership ­ Aidan Manley [email protected]

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