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Annual Property Review 2019

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Annual Property Review 2019 Building a brighter future together. Annual Property Review 2019 9,000 people now work at Omega, four years ago this land was a disused former airfield £1.8m private sector-led investment approved for Warrington town centre Business Improvement District £140.2m investment deals completed in 2018 warringtonandco.com @warringtonco 02 - Annual Property Review 2019 warringtonandco.com 03 - Building a brighter future together warringtonandco.com Foreword 4 Executive Summary 6 Economy 10 Warrington Investment 12 Office 16 2019 Review Industrial 24 Leisure 28 Retail 30 Residential 32 Looking Forward 36 Acknowledgements 38 04 - Annual Property Review 2019 warringtonandco.com 05 - Building a brighter future together Foreword 2019 MARKS THE 21ST YEAR OF As you’ll see in the report, take up of office floorspace of factors including key financials, how prompt a business was in paying suppliers and adverse WARRINGTON’S ANNUAL PROPERTY is the best since 2014 and almost 10,000 sqm more than last year. Industrial floorspace is the best since information. Warrington topped the table having REVIEW AND WHILST WE CONTINUE 2015 and not far off double last year’s total, thanks the highest average business credit score in the UK. TO WORK IN UNCERTAIN ECONOMIC largely to the Mountpark deal on Omega. Warrington scored 79, Aberdeen was second with a TIMES, WARRINGTON’S ECONOMY score of 78 and London scored 75.7. No other town Needless to say our Property Review findings or city in the North West was listed in the top 10. CONTINUES TO PROVE ITSELF STRONG, echo a raft of recent independent statistics that THRIVING AND RESILIENT AS THIS show the Warrington economy continuing to shine Within the next 12 months the Time Square YEAR’S STATISTICS ONCE AGAIN SHOW. regionally and nationally. We are the beacon development will open – Warrington town centre’s for the Northern Powerhouse. flagship project – a mix of a multiplex cinema, restaurants, council offices, new market and other Cheshire and Warrington now boasts a £30.9bn leisure amenities which will join the multi storey economy, with every person in Cheshire and car park. Warrington is already on the up and I am Warrington producing goods and services worth an sure that continued local authority lead investment, average of £33,384 per year. This is almost 40 per regeneration and partnership working will drive the cent higher than the North West average and more transformation that is making the town centre an than 21 per cent higher than the UK average. attractive place to live, work and relax. m Warrington & Co. continues to work smartly £19.7 Furthermore these figures follow on from the recent release of findings produced by and with vigour to continue our strong momentum. TO DELIVER WARRINGTON WEST the Office for National Statistics which showed Our relationships with the Local Enterprise the Cheshire and Warrington economy as having Partnership and Homes England are excellent and STATION IS ONE OF MANY KEY grown faster than anywhere else in England we have maintained good, effective and productive ECONOMIC DRIVERS WHICH SHIFTED with Warrington announced as the most relationships with the private sector. INTO FOCUS THIS YEAR productive town in the North. At a time when there are few good economic stories, The Cheshire & Warrington Local Enterprise Warrington is an exception and our economic Partnership is soon to launch its Local Industrial and inward investment performance remains Strategy which will set out in more detail not only outstanding. Thanks for your support. the strengths of the Warrington economy, and more broadly that of Cheshire, but also areas that require greater attention to ensure that our economy Professor Steven Broomhead growth continues throughout what are undoubtedly Chair Warrington & Co. uncertain economic times. In figures released in February by think tank, Centre for Cities, Warrington (referred to as a city for economic analysis purposes) showed the fastest year on year growth in business stock per 10,000 population with a 26.5 percent increase. The findings also placed the borough 4th highest nationally in terms of the ratio between privately 24,985sqm funded jobs and public, which means the economy £30.9bn is less reliant on public sector jobs than other areas OFFICE FLOORSPACE TAKE-UP IS of the UK. This position marks an increase of four ECONOMY IN CHESHIRE AND places on the previous year. AN UPLIFT OF ALMOST 10,000 SQM WARRINGTON WITH EVERY PERSON ON LAST YEAR, WITH A TOTAL OF As for ‘Residents with high level qualifications’, PRODUCING GOODS AND SERVICES 37 DEALS COMPLETED Warrington was ranked 13th highest in the UK WORTH AN AVERAGE OF £33,384 PER YEAR and 11th highest in England. This marks another increase, Warrington was 15th highest in 2018. Another recent indicator showing the strength of the local economy came from findings produced by company credit checking specialists, Creditsafe which scored business economies on a number 06 - Annual Property Review 2019 warringtonandco.com 07 - Building a brighter future together warringtonandco.com Executive Summary A STRONG LEVEL OF ACTIVITY Investment Office MARKED LAST YEAR’S 20TH Total investment spend in Warrington this year Since 1998, over 500,000 sqm of office space has reached above £2 billion since the inception of the been taken-up by occupiers. The total reported for ANNIVERSARY OF THE WARRINGTON Warrington Annual Property Review. Bolstered by 2018 marked a 10,000 sqm increase on the previous ANNUAL PROPERTY REVIEW, AND further Council acquisitions and a strong appetite year, with a much improved average deal size and THIS YEAR SAW NOTHING BUT for industrial opportunities, Warrington enjoyed record prime rent of £236 per sqm, cementing an IMPROVEMENT AS WARRINGTON another strong year of investment activity. excellent year of activity in Warrington. CONTINUES TO CATER TO THE • 26 investment deals, comprising a total spend of • 37 deals above 200 sqm were completed in 2018, GROWING DEMAND OF THE £140.2 million, completed in 2018. Whilst this total comprising 24,985 sqm. This included nine deals COMMERCIAL PROPERTY MARKET spend does not account for industrial properties above 1,000 sqm, which accounted for just over which formed a part of portfolio sales, the figure is half of all floorspace transacted. ACROSS ALL SECTORS. higher than that recorded in both 2015 and 2016. The total number of deals is also well above the • 2018 again saw a strong focus on 10-year lease A sharp increase in office take-up and a further average per year across the last 21 years. terms, which proved to be the case for seven step towards a historic 2 million sqm of industrial of the year’s biggest leasehold deals. In addition, take-up characterised commercial activity • The industrial sector accounted for the largest seven freehold deals were completed, representing in Warrington throughout 2018. New activity total investment spend by sector in 2018, property in Birchwood, Westbrook and the at Omega, as well as a growing appetite for at £64.10 million. This was in part due to the town centre. larger premises across the board continued to 26 major acquisition by Warrington Borough demonstrate Warrington’s enduring appeal. Council of the Eddie Stobart HQ building at • The year’s largest office deal saw Orbit INVESTMENT DEALS, COMPRISING Stretton Business Park. The Council also spent Developments lease Unit 1, Daten Park in It is no surprise then that 2018’s Centre for A TOTAL SPEND OF £140.2 MILLION, over £25 million in the office sector, acquiring Birchwood to Bilfinger. The deal was agreed on Cities update placed Warrington fourth in regards COMPLETED IN 2018. HIGHER THAN 9,850 sqm of space comprising three buildings a 10-year lease term at a rate of £171 per sqm. to cities with the highest proportion of private RECORDED IN BOTH 2015 AND 2016. in Birchwood – Stanford House, Atlantic House sector jobs, at 111,000 in 2017. Warrington was also and Appleton House. designated as the city with the fastest year-on-year growth in business stock per 10,000 population • The largest single investment deal of 2018 was between 2016 and 2017. however the acquisition of Taylor Business Park in Risley by Ribston. The 22 ha site was purchased for £18.2 million. With an annual rental income of approximately £1.49 million, the deal represented a Net Initial Yield of 7.07 percent. BEGroup_Ad_190x90mm_AW.pdf 1 21/02/2019 10:29 ADVISORS FOR £2bn C INVESTMENT SPEND IN M WARRINGTON SINCE THE Y INCEPTION OF THE WARRINGTON CM Warrington’s ANNUAL PROPERTY REVIEW number one MY OF ALL OFFICE DEALS IN commercial property team CY WARRINGTON IN 2018 CMY BE Group is a commercial property focused company incorporating planning, regeneration, property consultancy and commercial agency services. K FOR PROFESSIONAL COMMERCIAL PROPERTY ADVICE CONTACT US TODAY 08 - Annual Property Review 2019 warringtonandco.com 09 - Building a brighter future together warringtonandco.com 2,500 8.6% SEAT, 13-SCREEN CINEMA HOUSE PRICES INCREASE IN 2018 FACILITY WITH A ROSTER OF WHEN COMPARED WITH THE PREVIOUS RESTAURANTS LOCATED YEAR, MARKING THE FOURTH-LARGEST ON THE GROUND INCREASE OF ANY UK TOWN OR CITY Industrial • Community interest company LiveWire Residential Omega was brought back into the headlines published some positive statistics in 2018, with the House prices in Warrington jumped 8.6 percent this year, with take-up in Warrington doubling confirmation that as well as welcoming 3 million in 2018 when compared with the previous year, on the previous year. As with office occupiers, 49 visitors across all sites last year, the company marking the fourth-largest increase of any UK 2018 demonstrated a clear appetite towards 1,000 now employs 78 percent Warrington residents town or city.
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