DOCSLIB.ORG

INVESTMENT BRIEF the Definitive Guide to UK Commercial Property Investment

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
INVESTMENT BRIEF the Definitive Guide to UK Commercial Property Investment INVESTMENT BRIEF The definitive guide to UK commercial property investment Winter 2020 geraldeve.com CONTENTS Executive Summary 3 Economic Overview 5 Industrial 8 Offices 10 Retail 12 Hotels 15 Leisure 16 Corporate Finance 18 Gerald Eve in the Market 20 Further Insight 22 Contacts 23 2 INVESTMENT BRIEF EXECUTIVE SUMMARY Quarterly UK property investment by segment Sources: Property Data, Gerald Eve £ billion 20 18 16 14 12 10 8 6 4 2 0 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Office Industrial Retail Leisure Alterntives The pace of the initial economic recovery in early summer This mixed picture was also reflected in yield movement in Q3. was strong after the initial lockdown measures were relaxed Retail yields moved out further and capital values continued to and GDP rose by 15.5% in Q3. But this figure masks a loss of tumble, notably for shopping centres. Office yields edged up momentum from August, and in September output was still but were broadly flat overall in Q3, after a shift out in Q2. But more than 8% below its pre-pandemic level. Business survey competition over industrial assets meant that yields actually data pointed to a further loss of momentum in October as local sharpened in Q3, and higher frequency data show that capital Covid-related restrictions became more stringent. growth intensified into the first month of Q4. The second lockdown in England in November (with similar We expect All Property rents to fall 2.9% in 2020, and a further restrictions in other parts of the UK) and ongoing stricter tiering 0.7% in 2021 – driven by the tail end of the retail repricing and from December means that UK GDP is set to fall by nearly 3% in offset by more positive growth in industrial. Following similar Q4 and the 2020 GDP forecast has been revised down to -11.3% sector dynamics there will be a 30bp outward yield shift in 2020 (from -10.3%), before a recovery of +5.2% in 2021 (from +6.7%). but we expect more investment stabilisation in 2021 industrial finishes its miniboom and retail losses are fully priced in. UK commercial property investment staged a small recovery This would generate total returns of -4.5% in 2020 (the first in Q3 to £8.1bn, up from £4.3bn in Q2. The figures for the first negative annual return since 2008) and +6.0% in 2021. three quarters of 2020 have been significantly bolstered by the Alternatives sector (notably Blackstone’s £4.4bn acquisition of the IQ Student Portfolio in Q1), without which just over £20bn was transacted – the most subdued since the financial crisis. There are disparities across property sectors, with retail and leisure investment volumes at record lows while the much more buoyant industrial segment notched up nearly £2bn in Q3 with a return of portfolio deals. EXECUTIVE SUMMARY 3 The investment market for industrial is currently active and liquid. Unlike other real estate segments, confidence in the All property total return and components underlying occupier market is high. Voids continue to be low Sources: MSCI, Gerald Eve and further rental growth is anticipated, especially in the South East. The investor buyer pool for multi-let widened in %, per year Q3 and portfolio deals made a significant return. With rents at 30 all-time highs, capital values are back to their peak or beyond. Weakness in H1 will have caused a dip in the 2020 annual total 20 return to +4.2% (the lowest since 2012), but industrial will easily FORECAST outperform the other property segments. H2 positive rental 10 growth and yield compression – particularly in London & the 0 South East – is likely to be sustained into 2021 and drive an improved 7.9% annual total return. -10 -20 -30 2017 2013 2012 2019 2015 2016 2018 2014 2010 2011 2021 2022 2007 2020 2009 2005 2006 Following record low activity in Q2, office investment increased 2008 by 54% to £2.3bn in Q3. Many of these were transactions that Income return Yield impact were under offer pre-covid. The buyer pool has shrunk, and – Rental growth Total return unlike Industrial – the extra due diligence process has increased the typical transaction time. This will help some investors be more selective in acquisitions, while others will put the onus on guaranteed income over building quality. High quality London offices with strong covenants are garnering the highest level of Whilst the retail sector is undergoing a structural interest, notably from overseas buyers. Meanwhile demand for re-pricing accelerated by Covid there are others, value-add stock across the UK has become increasingly careful and tentative. Our outlook for offices has improved, following such as consumer-focused logistics and real estate lower than anticipated falls in rental growth this year. However, supporting the digital world, that have actually forecast annual total return will be negative, at -4.8% for 2020. benefitted from the pandemic. The market dislocation that we are witnessing will bring with it investment opportunities, and in a world of subdued returns those assets that best capitalise on these broad megatrends have the greatest alpha potential. Retail investment increased in Q3, but remains severely depressed, especially for shopping centres. The small tick John Rodgers up was driven by increased investment activity in the Partner less distressed sub-segments – namely retail warehouses, Tel. +44 (0)203 486 3467 supermarkets and some portfolio deals. Retail rental growth fell [email protected] into deeper negative territory in Q3, while anecdotal evidence suggests that late and non-payment of rents continues. The outlook is poor, with store closures at the start of the critical Christmas trading period, the worsening economic backdrop and as shoppers shift increasingly online. Total return is forecast to be -17.8% in 2020 but will compare favourably with the other property segments again by 2022 with investment market stabilisation and a relatively high income return. 4 INVESTMENT BRIEF ECONOMIC OVERVIEW The impact of the second lockdown in England in November (with similar restrictions in other £ parts of the UK) will be less severe than the first. Nevertheless, Oxford Economics expects GDP to fall by nearly 3% in Q4 and the 2020 GDP forecast has been revised down to -11.3% (from -10.3%), before a recovery of +5.2% in 2021 (from +6.7%). The pace of the initial recovery in early summer was strong after the initial lockdown measures were relaxed and GDP rose by 15.5% in Q3. But this figure masks a loss of momentum from August, despite support from the ‘Eat Out to Help Out’ scheme and the reopening of schools. In September, output was still more than 8% below its pre-pandemic level, with much of the services sector reporting significantly larger gaps. Business survey data pointed to a further loss of momentum in October as local Covid-related restrictions became more stringent. Manufacturing sentiment and output is likely to plunge in November. But given that the sector has not been forced to close, the drop in output is likely to be smaller than the fall in wider GDP and the overall fall in 2020 is set to be lower than for consumer spending. The Job Retention Scheme (furlough) has been extended to the end of March 2021, which will ease upward pressure on unemployment. However, participating in the scheme will cost employers more than it did in the first wave through national insurance and pension contributions. Ultimately, when this fiscal support is withdrawn, unemployment is forecast to peak at around 7% in Q2 2021 on the ILO measure. Recent news of effective potential vaccines should provide a significant boost in the fight against coronavirus, but the complexities of implementing a comprehensive inoculation programme suggests that any economic benefits are unlikely before H2 2021. The other key factors influencing the UK outlook are: sustained monetary policy support through further quantitative easing over 2021 and mooted negative interest rates that will keep bond yields below 1% through to 2023; very low inflation, which reflects the temporary VAT cut for the hospitality sector and generally weak domestic economic activity – this will provide a boost to household spending power; and extra trade frictions due to Brexit from customs bureaucracy and some regulatory barriers that will weigh on export competitiveness. ECONOMIC OVERVIEW 5 Monthly UK GDP Key macroeconomic variables: history and forecast Sources: Oxford Economics, Haver Analytics Source: Oxford Economics February 2020 = 100 2015 2016 2017 2018 2019 2020 2021 2022 105 GDP growth 2.4% 1.7% 1.7% 1.3% 1.3% -11.3% 5.2% 6.4% 100 Consumer spending 3.0% 3.7% 1.0% 1.3% 0.8% -14.8% 5.2% 8.3% 95 growth Manufacturing 90 -0.5% 0.3% 2.3% 1.1% -1.7% -12.0% 2.7% 2.8% output growth FORECAST 85 Services 1.8% 1.7% 0.6% 0.7% 2.1% -1.2% -2.7% 3.4% employment growth 80 10-year bond yield 2.0% 1.3% 1.3% 1.3% 0.9% 0.4% 0.3% 0.7% 75 RPI inflation 1.0% 1.7% 3.6% 3.3% 2.6% 1.5% 1.7% 2.5% 70 Jan’20 Apr’20 Jul’20 Oct’20 Jan’21 Apr’21 Jul’21 Oct’21 6 INVESTMENT BRIEF INDUSTRIAL for over £400m. There were also some significant multi-let deals • After a dip in Q2, the investor pool widened in in the regions in Q3, which includes L&G’s £60m purchase of Q3 and the market is active, liquid and efficient - Hillthorn Park in the North East.
Load more

Recommended publications
  • REAL ESTATE July 2020
    LISTED MARKETS – REAL ESTATE July 2020 Leo Zielinski Partner Tel. +44 (0)7980 809031 [email protected] John Rodgers Partner Tel. +44 (0)7810 307422 [email protected] Will Strachan Partner Tel. +44 (0)7929 885859 [email protected] Lloyd Davies We track the share price movement and regulatory announcements Partner of 57 real estate owning listed entities (“Gerald Eve tracked index”). Tel. +44 (0)7767 311254 A summary of the Gerald Eve tracked index in terms of GAV, NAV, [email protected] LTV, Dividend, Share Price, Market Cap, Discount/Premium to NAV and their respective weekly movement is attached. Lorenzo Solazzo Data Analyst We provide a comparison to share price data from 3 February 2020 Tel. +44 (0)783 309 5582 [email protected] (pre-Covid-19 level) to present day to demonstrate the impact across certain entities as a direct result of Covid-19. James Brown Surveyor As at 30 of June, the Gerald Eve tracked index is currently down 30% to pre- Tel. +44 (0)7464 656563 Covid-19 level, under-performing the FTSE350 which is slowly recovering and is [email protected] now down 16%. The tracked listed REITs share price decreased on average 3% since 1 June 2020 (March: -25%, April: +6%, May: -3%). To provide context around the share price movement, the average discount to NAV is currently 31% against 3% pre-Covid-19. It is unsurprising to note that specialist sector entities across Industrial, Healthcare and Supermarkets have out-performed the REIT universe relative to other strategies within the Gerald Eve tracked index.
    [Show full text]
  • A R Y 2 0 0 8 E D I T I O N
    F E B R U A R Y 2 0 0 8 E D I T I O N UK Commercial Property Investment Transactions 1 Jan 2008 - 31 Jan 2008 Value of Sales Number £1,481m 73 CONTENTS Total Value of UK Investment Transactions (Year to Date January 2008) SECTOR LISTING........................................ 2 GEOGRAPHICAL LISTING...........................5 4,000 3,633 BUYERS & SELLERS LISTING....................9 3,500 3,161 THREE MONTH YIELD INDEX...................12 3,000 2,829 2,655 ACTIVE PROPERTY INVESTORS.............14 2,500 INVESTMENT STATISTICS.......................18 The monthly bulletin is available in hardcopy and 2,000 PDF formats for £395.00 pa (12 issues). 1,481 1,500 The next edition of the bulletin will be published on Monday 3rd March 2008. m £ Volume Transaction 1,000 This report is intended for general information and is based upon material in our possession or 500 supplied to us, which we believe to be reliable. Whilst every effort has been made to ensure its 0 accuracy and completeness we cannot offer any warranty that factual errors may not have 2004 2005 2006 2007 2008 occurred. Year to Date (Jan - Jan) For further information please visit our website: www.propertydata.com or call 01785 859300 Office Retail Industrial Leisure Other Total Copyright (c) 2008. Property Data Ltd. Year-to-Date Investor Breakdown 1 Jan 2008 - 31 Jan 2008 Institutions Property Co's Private Investor Overseas Other Purchases £m 41 376 218 725 120 Sales £m 660 182 30 205 404 Net Investment £m -619 194 188 520 -284 Year-to-Date Sector Breakdown 1 Jan 2008 - 31 Jan 2008
    [Show full text]
  • Consultation Statement for SPD3
    Consultation Statement Supplementary Planning Document SPD3: Parking Standards and Design February 2012 LOCAL DEVELOPMENT FRAMEWORK LOCAL Trafford LDF – SPD3: Parking Standards and Design Consultation Statement – February 2012 -1- Trafford LDF – SPD3: Parking Standards and Design Consultation Statement – February 2012 CONTENTS 1 Introduction ............................................................................................... 3 2 Statement of Community Involvement Review ......................................... 3 3 Public Consultation ................................................................................... 3 4 Inspecting the Scoping and Issues and SPD3: Parking Standards and Design consultation papers .............................................................................. 4 5 Representations on the Scoping and Issues SPD and the SPD3: Parking Standards and Design consultation papers ..................................................... 4 6 Consultation Responses and Main Issues ................................................ 5 7 Main Changes to the SPD ........................................................................ 5 8. Next Steps ................................................................................................ 7 Appendix 1 - Specific Consultees ................................................................. 8 Appendix 2 – General Consultees ................................................................ 9 Appendix 3 – Other Consultation Bodies ...................................................
    [Show full text]
  • Investment Demand Continues to Recover
    Economics Q4 2016: UK Commercial Property Market Survey Investment demand continues to recover • Investment enquiries rise across all sectors • Occupier demand flat for offices and retail, but the industrial sector continues to outperform • Expectations for rental and capital value growth slip back into negative territory in central London The Q4 2016 RICS UK Commercial Property Market Survey Contributors were also asked whether or not they expect to results show investment demand continuing to pick-up see businesses moving from the UK over the next two years. following the volatility reported around the time of the EU At the national level, 39% thought it was likely that relocation referendum. Trends on the occupier side of the market are would occur (up slightly from 33% back in Q3) while the somewhat flatter, with only the industrial sector seeing a rise majority continued to think otherwise. However, over 50% of in tenant demand during Q4. Meanwhile, sentiment remains respondents in Central London, Northern Ireland and Scotland more subdued across London, with respondents (at an do believe firms will choose to move at least some part of their aggregate level) expecting rents and capital values to weaken business activity away from Britain as a result of Brexit. a little further in the near term. Focussing on the investment market, demand continued to Starting with the occupier market, demand from tenants recover for a second straight quarter with growth in enquiries increased modestly at the all-sector level for the second gaining momentum during Q4. Furthermore, all sectors were consecutive quarter. However, according to the feedback, reported to have seen a pick-up in demand, albeit the rise this was once again driven entirely by the industrial segment was only modest in the retail sector.
    [Show full text]
  • Experts in Central London Planning & Development
    EXPERTS IN CENTRAL LONDON PLANNING & DEVELOPMENT PLANNING & DEVELOPMENT Gerald Eve’s planning and development advisory business is one of the most respected in the UK. Consisting of over 100 professionals, we are one of the only fully integrated planning and development teams in our industry. The vast majority of the team are based in central London, working on some of the capital’s largest and most complex projects. Active in all London Acted for Advised all major central boroughs and the London developers and City of London REITS, including British Land, Derwent London, 50% Great Portland Estates, of London First's property Landsec and Stanhope and housing members We act for all the major London million estates, including The Bedford 15 sq ft £12.5 billion Estates, Capital & Counties Covent Garden, The Church of commercial gross development Commissioners, City of London, floorspace approved value The Crown Estate, Grosvenor Britain & Ireland, The Howard de Walden Estate, The Portman Estate, and Soho Estates 2 EXPERTS IN CENTRAL LONDON PLANNING & DEVELOPMENT OUR CENTRAL LONDON CLIENTS OUR CENTRAL LONDON CLIENTS 3 YOUR INTELLIGENT ADVISOR Gerald Eve is recognised among the UK’s leading experts in planning and development. Our clients look to us to help them realise or improve asset value. One of the largest fully integrated planning and development teams in the sector Deep understanding of the entire planning system Harnessing imaginative strategies and a tenacious approach to optimise outcomes Agile, flexible and adaptable to changing
    [Show full text]
  • 49 P51 AO1 Hot Noms.Qxp 04/12/2007 17:23 Page 51
    49 p51 AO1 Hot noms.qxp 04/12/2007 17:23 Page 51 www.propertyweek.com Analysis + opinion – Hot 100 51 07.12.07 ROLL OF HONOUR The following 527 rising stars were all nominated by readers, but did not receive enough votes to make it on to the Hot 100 list. However, we have decided to publish all of their names to recognise and reward their individual achievements Ab Shome, RBS Caroline McDade, Drivers Jonas Douglas Higgins Ian Webster, Colliers CRE Adam Buchler, Buchler Barnett Celine Donnet, Cohen & Steers Duncan Walker, Helical Bar Ian Webster, Savills Adam Oliver, Coleman Bennett Charles Archer, Colliers CRE Edward Offenbach, DTZ James Abrahms, Allsop Adam Poyner, Colliers CRE Charles Bull, DTZ Corporate Finance Edward Siddall-Jones, Nattrass Giles James Ackroyd, Colliers CRE Adam Robson, Drivers Jonas Charles Ferguson Davie, Moorfield Group Edward Towers James Bain, Mollison Adam Varley, Lambert Smith Hampton Charles Kearney, Gerry O’Connor Elizabeth Higgins, Drivers Jonas James Baker, Nice Investments Adam Winton, Kaupthing Estate Agents Elliot Robertson, Manorlane James Cobbold, Colliers CRE Agnes Peters, Drivers Jonas Charlie Archer, Colliers CRE Emilia Keladitis, DTZ Corporate Finance James Ebel, Harper Dennis Hobbs Akhtar Alibhai, Colliers CRE Charlie Barke, Cushman & Wakefield Emma Crowley, Jones Lang LaSalle James Feilden, GVA Grimley Alan Gardener, Jones Lang LaSalle Charlie Bezzant, Reed Smith Richards Butler Emma Wilson, Urban Splash James Goymour, Edward Symmons Alan Hegarty, Bennett Property Charlote Fourmont, Drivers Jonas
    [Show full text]
  • INVESTMENT BRIEF the Definitive Guide to UK Commercial Property Investment
    INVESTMENT BRIEF The definitive guide to UK commercial property investment Autumn 2020 geraldeve.com UK COMMERCIAL PROPERTY OVERVIEW AND OUTLOOK The main upfront economic interruption from the country-wide A fall in the equity dividend yield in line with the summer stock coronavirus lockdown has been quantified and UK output is market recovery has meant that the commercial property sector estimated to have fallen by 20.4% in Q2. The UK is officially looks increasingly expensive to income investors. However, in recession – the deepest one in the G7. Despite a 2021 as bond yields have fallen to new lows, and the spreads with bounceback there will be some significant sustained output property are relatively high, there is still a helpful risk premium losses and the economy will not return to its pre-pandemic level cushion for commercial property over the medium term. of output until 2022. The manufacturing sector is set to be hit much harder and take many years longer to recover. Property yields moved out sharply at the end of Q2, notably for Retail and Leisure, where business operations have been Q2 also marks a low point for commercial property investment hardest and most directly hit by the lockdown. For 2020 as transactions, with the total down 70% quarter-on-quarter to a whole we expect rents to fall 3.2% and yields to soften by just over £4 billion. Investors were risk-off in Q2 and trading 60 basis points – driven very much by the beleaguered retail centred on operational assets such as logistics, supermarkets sector. Higher yields will weigh on capital values and we and residential build-to-rent.
    [Show full text]
  • Careers in Property 2016
    Careers in Property 2016 This publication has been produced by Savills with the help of recruitment and training experts from real estate firms across the industry. It has been specifically designed for students looking to apply for graduate schemes or work experience. It offers a comprehensive guide to the contributors’ schemes and includes real life case studies. Contents Careers in Property 2016 ...................................................................................................................... 4 What is the APC? .................................................................................................................................. 6 Becoming a Professional; The Pathway to Success.......................................................................... 7 The Importance of Understanding your Client................................................................................ 11 The Value of the APC ......................................................................................................................... 12 Business Skills at the Core of a Career in Property .......................................................................... 14 Life in the Regions – Regional Opportunities ................................................................................... 15 A Career in Property is accessible to all........................................................................................... 17 The Art of Networking ........................................................................................................................
    [Show full text]
  • PATHWAYS to PROPERTY Review 2018 Pathways to Property Annual Review 2018
    READING REAL ESTATE FOUNDATION PATHWAYS TO PROPERTY Review 2018 Pathways to Property Annual Review 2018 PROJECT BACKGROUND Launched in 2012, the Pathways to The aims of the project are: Since the launch of the The project has run six Property project aims to widen access to the real estate profession by raising • To raise awareness of and aspirations project in 2012, Pathways Summer Schools: awareness of and aspirations about the about the diverse range of careers within to Property has: the sector amongst talented students vast range of careers available within the Engaged with over from various backgrounds, increasing sector. students505 have attended the residential the link between the industry and its Led by the Reading Real Estate Pathways to Property Summer School. future talent pool. Foundation at Henley Business School, 14,000students, almost... University of Reading, the project • To increase the diversity of applications was established as a response to the for Real Estate and Planning degrees of attendees had no family experience recognised lack of diversity in the 85% at Henley Business School by of higher education. industry. With the strong support of 3000teachers and careers advisors, and... promoting a career in the property the industry, the project has been able industry and providing students from almost to raise awareness and understanding less advantaged and non-traditional of the property sector amongst of attendees were female and... backgrounds with support into the 47% students, teachers, careers advisors industry through the Pathways to 900parents. and parents. With a successful outreach programme, the project has exposure to Property programme. Attended students from less advantaged and non- 23%of summer school attendees traditional backgrounds, highlighting the have gone on to study or work careers available within the sector and 203events in the property industry.
    [Show full text]
  • MULTI-LET INSIGHT SERIES the Definitive Guide to the UK’S Multi-Let Industrial Property Market
    MULTI-LET INSIGHT SERIES The definitive guide to the UK’s multi-let industrial property market ISSUE 1 – OCCUPIERS Summer 2020 geraldeve.com CONTENTS Page Welcome to Multi-Let 2020 3 Introduction 4 Contributors 5 Executive summary 7 The multi-let occupier base 7 Occupier overview 8 The gentrification of multi-let via increases in online activity 8 Trade counters 9 Logistics 9 General manufacturing 11 Food in multi-let 12 Individuals 13 Coronavirus: Occupiers in detail 14 Coronavirus: Impact on different sizes of unit 15 Regional distribution 16 Occupier in detail Trade counters 20 In-house logistics 20 Logistics 21 Leisure 22 Food 23 General manufacturers 24 High-tech engineers 25 On-site servicing 26 Off-site services 27 Quasi-offices 28 Glossary 32 Contacts 34 2 MULTI-LET SUMMER 2020 WELCOME TO MULTI-LET 2020 I’m really pleased to be able to share with you our latest findings on the UK multi-let industrial market. Much has been said about the expected growth of urban logistics in the wake of the coronavirus impacts on shopping and working. However, little detail has been reported on actual sub-segment structure and performance, and the real underlying drivers behind this expected growth. This is where this research comes in. John Rodgers We’ve teamed-up with the leading UK multi-let industrial landlords to Tel. +44 (0)20 3486 3467 produce a series of focused videos and reports for 2020. This industry [email protected] reference series covers assets worth a combined £18 billion and looks at multiple topics, ranging from the impact of the coronavirus on different occupier sectors through to an analysis of potential risks to cashflow and the investment outlook.
    [Show full text]
  • Cgms Consulting on Behalf of Twyford Abbey Properties
    LONDON BOROUGH OF EALING DEVELOPMENT (OR CORE) STRATEGY SUBMISSION DEVELOPMENT PLAN DOCUMENT – INDEPENDENT EXAMINATION HEARING SESSION TUESDAY 15 NOVEMBER 2011, 10.30 AM MATTER 9 – PROTECTING AND ENHANCING EALING’S GREEN AND OPEN SPACES Representations on behalf of Twyford Abbey Properties Ltd Personal Identification (Representor Number): 5 Representation Numbers: 22, 23, 24, 25, 26 and 28 October 2011 Planning G Heritage Specialist & Independent Advisors to the Property Industry Author: Valerie Scott Director Approved by: Richard Tilley Director Report Status: Final Issue Date: 10 October 2011 CgMs Ref: VJS/13250 © CgMs Limited No part of this report is to be copied in any way without prior written consent. Every effort is made to provide detailed and accurate information, however, CgMs Limited cannot be held responsible for errors or inaccuracies within this report. © Ordnance Survey maps reproduced with the sanction of the controller of HM Stationery Office. Licence No: AL 100014723 LB Ealing, Development (or Core) Strategy Submission Development Plan Document – Independent Examination – Matter 9 – Protecting Representation on behalf of and Enhancing Ealing’s Green and Open Spaces Twyford Abbey Properties Ltd CONTENTS PAGE(S) Introduction 4 Inspector’s Issues and Questions 4 Recommended Change to Policy and Text 7 APPENDICES 1. Site Plan 2. Display Boards 3. Draft Layout 4. Feasibility Appraisal 5. Marketing Report 6. Review of the Feasibility Appraisal and Marketing Report carried out by GL Hearn on behalf of the Council 7. Hotel Appraisal Report by GVA Grimley CgMs Ltd © 3/7 VJS/AW/7706 LB Ealing, Development (or Core) Strategy Submission Development Plan Document – Independent Examination – Matter 9 – Protecting Representation on behalf of and Enhancing Ealing’s Green and Open Spaces Twyford Abbey Properties Ltd Introduction 1.
    [Show full text]
  • PRIME LOGISTICS the Definitive Guide to the UK’S Distribution Property Market
    PRIME LOGISTICS The definitive guide to the UK’s distribution property market Summer 2020 geraldeve.com 2 PRIME LOGISTICS CONTENTS Page Introduction 4 2019 highlights 5 Occupier demand 7 Supply 11 Development 16 Investment 19 Labour and occupier costs 24 Brexit 27 Brexit: freeports 32 Impact of Covid-19 36 The Gerald Eve regions 38 Avon & Somerset 40 Berkshire & Wiltshire 42 Buckinghamshire & Bedfordshire 44 Cambridgeshire 46 Gloucestershire & Worcestershire 48 Greater Manchester 50 Humberside 52 Kent 54 London East 56 London North 58 London South 60 London West 62 Merseyside & Cheshire 64 North East 66 Northern East Midlands 68 Northern West Midlands 70 Oxfordshire 72 Scottish Central Belt 74 South Coast 76 South Wales 78 South Yorkshire 80 Southern East Midlands 82 Southern West Midlands 84 Suffolk & Essex 86 Surrey & Hampshire 88 West Yorkshire 90 Glossary 92 Contacts 95 CONTENTS 3 WELCOME TO PRIME LOGISTICS 2020 Our Prime Logistics research has been providing the industry with detailed and impartial analysis of the UK logistics property market since 2006. Covering buildings over 50,000 sq ft in size, this spring 2020 research covers an entire property market cycle, drawing on 15 years of quarterly data across each of our 26 Gerald Eve regions. During this period of great uncertainty, UK prime logistics property remains one of the most liquid and sought-after of all property investment propositions. However, as is the case for all property sectors, the necessary imposition of lockdown and social distancing measures due to the spread of Covid-19 has had a profound and immediate impact on the logistics market.
    [Show full text]