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2016 Kent Property Market the Annual Guide to Investment & Development in Kent

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2016 Kent Property Market the Annual Guide to Investment & Development in Kent 2016 KENT PROPERTY MARKET THE ANNUAL GUIDE TO INVESTMENT & DEVELOPMENT IN KENT 25 YEARS OF THE KENT PROPERTY MARKET REPORT 1991–2016 CONTENTS 01 Welcome Kent County Council, Medway Council 49 Kreston Reeves Caxtons’ articles & Kent’s District Councils’ articles 50 Mitchell Design & Construction 04 Economic outlook 02 Caxtons' property market outlook 51 RICS 14 Leisure and tourism performance 06 Business park performance Locate in Kent article 22 Economic development 08 Office performance 20 Inward investment 44 Green infrastructure 10 Industrial and distribution performance 12 Retail performance Contributory sponsors’ articles 16 Rural performance 46 Clague Architects 52 Strategic developments 18 Residential performance 47 Cripps LLP 55 Contact details 48 DHA Planning 56 Acknowledgements KENT PROPERTY MARKET 2016 WELCOME Welcome to the 25th edition of the Kent of 274 projects looking to start up, expand or do not hesitate to contact us. For contact Property Market Report, produced by Kent relocate to Kent. The report also looks in detail details please see page 55. County Council’s Economic Development at Kent’s industrial & distribution performance, Caxtons Chartered Surveyors, established in Division, Caxtons and Locate in Kent. rural property, tourism and the provision of 1990, is one of the largest independent property green infrastructure. This year’s report reviews property deals and activity practices in the South East offering a full range throughout 2015-16. It also covers major initiatives The Economic Development section features of agency, management, professional and to support growth and economic development as current and planned developments across Kent surveying services across all property sectors. well as showcasing regeneration projects already and Medway. It focusses particularly on Kent’s Kent County Council’s Economic Development completed or on-going across the county. growth areas, the continuing regeneration of Division works with public, private and voluntary Kent’s coastal towns and the new Kent The UK property market delivered a total return of sectors to support Kent’s economic growth by Innovation Corridor which stretches from 13.1% (MSCI) in 2015, while down on 2014 stood encouraging and supporting businesses to Dartford to Sandwich and includes Kent’s ahead of other types of investment. The newly promote growth and find new ways of funding second Enterprise Zone (North Kent Enterprise developed Caxtons' prime rent and yield series business critical infrastructure and to unlock key Zone) as well as the existing and successful show Kent’s occupational and investment development sites. Enterprise Zone at Discovery Park. performing well. The county’s business park sector Locate in Kent provides a confidential and free has shown particularly robust levels of occupier This year’s report also includes an update on business relocation and advisory service for all demand. Significantly these lettings are focussed on the Kent and Medway Growth and Infrastructure companies looking to relocate to, or expand in high value sectors such as life sciences, technology Framework (GIF) developed by Kent County Kent and Medway. and financial services. The Caxtons’ average prime Council, in collaboration with Medway Council, rent stands at an all-time high, with rents at all parks the County’s 12 district authorities, and health The producers of the report would also like to sitting ahead of their pre-recession peak. and utility sectors, to provide a clear picture of thank the following for their sponsorship and housing and economic growth to 2031 and the contributions to this year’s report: Clague The Economic Outlook reports that the past few infrastructure needed to support this growth. Architects, Cripps LLP, DHA Planning, Mitchell years have seen steady growth in the UK. While This infrastructure includes everything from Design & Construction, Kreston Reeves and the this has slowed recently, the economy is forecast roads and rail, to education, green infrastructure Royal Institution of Chartered Surveyors. to expand by 1.6% in 2016. Britain’s decision in and community facilities. June 2016 to leave the European Union has led We hope you find the report useful and informative. to considerable policy uncertainty and this is likely Winner of the ‘Excellence in the Planning to to persist for some time as the nature of the UK’s Deliver Infrastructure’ category of the Royal Town exit is worked out and may impact on investment Planning Institute Southeast Planning Awards decisions. Kent is a favourable business location, 2016, the GIF was recognised for the innovative with relatively more affordable business and approach not only in creating the evidence base, residential property than other parts of the South but in how it is now being used to shape the East. It will remain a vital gateway to continental infrastructure agenda. In a strong field the Europe, regardless of the impact of Brexit. Judging Panel said they were particularly Improved business confidence during 2015 impressed with the “boldness of the County” in Mark Dance the approach taken and the actions to tackle spurred office demand in the South East Cabinet Member for Economic Development barriers to infrastructure delivery. mirrored in Kent with leasing activity remaining Kent County Council buoyant despite the EU referendum. Household The Transport section highlights the significant spending is showing greater caution and we government investment in transport schemes have seen some big name losses on the high across Kent through the Local Growth Fund. In street. However, active expansion by other addition, improvements to the rail infrastructure retailers is absorbing units in Kent with marked are outlined as well as progress with the improvements across the county’s town centres. Government's proposals for a Lower Thames Kent’s residential market has seen strong Crossing and an overnight lorry park in average price growth over the last year. connection with Operation Stack. However, there have been challenges with The Strategic Developments pages feature a Ron Roser Stamp Duty changes on second homes creating comprehensive list of commercial sites and Chairman Caxtons a short term distortion in the market. The supply developments throughout Kent, as well as of homes for sale remains mute, which will providing planning information, useful contact continue to place pressure on prices despite details and location map. post-Brexit uncertainty. New and exciting schemes across the county will help to provide The full report can be accessed via the website much needed homes over the coming years. at www.kentpropertymarket.com. In terms of inward investment, at the end If you would like further information on any of Paul Wookey of June 2016 Locate in Kent had a pipeline the developments or projects featured please Chief Executive Locate in Kent Ltd KENT PROPERTY MARKET 2016 / 1 CAXTONS' PROPERTY MARKET OUTLOOK The UK property market delivered a total return of 13.1% in 2015 (MSCI), down on the previous year, but ahead of the performance of other investment classes. This year has inevitably proved challenging. Even prior to the EU referendum there was caution over the pricing of some prime assets as a weight of investment capital pushed down yields. The referendum decision created further and substantive uncertainty. A number of institutional funds saw the withdrawal of funds and housebuilder share values came under pressure. CGI of Spirit of Sittingbourne Credit: Quinn Estates Combined, these factors have taken their toll Kent’s occupational market has also seen on expectations for future performance. The continued activity with little evidence of the IPF (Investment Property Forum) UK Consensus derailment of lettings. Significantly, the county Forecasts (August 2016) project that UK property has seen growing demand from high value will deliver a Total Return of close to zero in industries such as the life sciences, creative 13.1% 2016. The IPF forecasts expect a weakened and technology industries as well as those in occupational market will persist into 2017. Forecasts the finance and business services sector. High Total return delivered by UK will inevitably adjust to economic and political news. quality affordable office stock and accessibility commercial property in 2015 (MSCI) to London and European markets that surpasses The short-term outlook appears a little more most South East locations, are key drivers. sanguine for Kent at present. A number of significant investment transactions have occurred The upturn in demand is evident in performance. with a number of overseas investors employing Quoting rents across all the county’s major business their currency advantage. Prime yields in the parks now exceed their pre-recession peak. Similarly, county have dipped by an average of 25 basis Kent’s office market has seen a strong period of 6% points over the last year, reflecting a general growth, with record rents achieved in most centres. Percentage Kent's prime South East improvement in economic and Reflecting the occupational market, both Kent’s business park rent ahead of business sentiment. Capital value growth office and business park sectors saw a hardening pre-recession peak (Caxtons) will be influenced by sentiment in the wider of yields, with a number of significant transactions investment markets post-Brexit. in the county in late 2015 and early 2016. Kent prime yields UK total return IPF consensus forecasts The county’s industrial and distribution
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