COMMERCIAL PROPERTY ADVERTISEMENT

Ian Mercer Partner and head of development

REVITALISING TIME TO CAPITALISE ON CONFIDENCE IN THE CITY is a city undergoing major THE CITIES change and transformation – economically, From east to west, stakeholders across the Midlands are playing socially and culturally. More than £1 billion of public and private to their strengths with investment in buildings across the spectrum. investment has been ploughed into the city to Neil Tagues goes on tour to fi nd out about the latest projects improve schools, homes, retail and leisure facilities, transport links and business premises. Through Building Schools for the Future, £286 million is being invested in secondary schools, while more than £200 million of private investment is helping to enhance the WOLVERHAMPTON city’s retail offer. At The Interchange, more than £22 million THE MARKET new very light rail technology. The centre will has already been invested to create a Commercial activity in Wolverhampton specialise in prototype vehicle design and strategic transport hub for bus and rail connections to and from the city, with is centred on business parks, which still construction, as well as providing research construction underway on 36,000 sq ft of account for a healthy percentage of deals in and development facilities and education to Grade A office space at i10, which has already the professional sector. At Wolverhampton local businesses. As far as education goes, received significant interest from occupiers. Business Park, local surveyor Bulleys has let work on an £18m building for Wolverhamp- The City Council is working extremely hard 4,000 sq ft to the accountancy fi rm Speller ton Business School should be fi nished for to bring forward two key regeneration sites in Metcalfe and 2,000 sq ft to Handelsbanken. September 2015. the city – Westside and Southside – which At Prendiville Offi ce Park, a 7,500 sq ft offi ce could provide significant mixed-use has been sold to an owner-occupier. TRANSPORT & INFRASTRUCTURE opportunities. In September 2013, the council confi rmed Wolverhampton’s got mainline rail and excel- At i54, Jaguar Land Rover’s decision to an investment of up to £10.6m in offi ces and lent motorway links, but needs a multi-modal locate its advanced engine facility at the site has had a major impact on the region. Not shops at Interchange 10, above 12,400 sq ft transport interchange fi t for the expanding only did it represent £355 million of direct of leisure and retail space. The city council region. As part of the Interchange master- investment into the city, it has buoyed the is funding the scheme and its development plan, the council and Neptune are fi nalising manufacturing, industrial and logistics partner Neptune Developments is managing proposals with Network Rail and Virgin Trains sectors. the delivery process. for a new station building and a refurbished/ For companies like JLR, and many others Elsewhere, offi ce space is being recycled. extended car park, to complement Centro’s for that matter, there are numerous business Accommodation will become available in plan for an extension of the Midland Metro. benefits of being based in Wolverhampton, Birch Street, now Carillion has moved its such as a central location, competitive land head offi ce to Carillion House. All 600 staff prices, cheaper rents and lower staffing costs, are now based in the 42,323 sq ft building. SCHEMES TO WATCH to name but a few. INTERCHANGE 10 Capitalising on these benefits and building on the confidence already being shown in the ■ A 36,000 sq ft offi ce building within RENTAL LEVEL city will bring about further investment and Deals on the best quality business parks are the Interchange project being developed regeneration to shape the future of being struck at £16 per sq ft, although locally by Neptune and partners around the Wolverhampton, which in my opinion is there is space for as low as £8 per sq ft. train station. Arranged over three looking very bright. fl oors, it will be constructed to BREEAM THE CASE FOR... Excellent standard Ian Mercer, Partner and head The ’s getting its identity back of development, Bruton Knowles and has secured funding in its Growth Deal WOLVERHAMPTON Tel: 0121 200 1100 for Advance (an engineering training BUSINESS PARK E: [email protected] centre) and an innovation centre. Plans for an ■ Located at junction 2 of the M54, innovation centre on council-owned site of next to i54, this is the honeypot of the the old Dudley railway station have received local market with all the extras – fi nance under the Growth Deal. The council’s hotel, nursery, health centre. Broadlands partner, Warwick Manufacturing Group, is Wolverhampton is the developer. keen to use the disused railway lines to test

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NEW CHALLENGES

Ben Thacker is head of Occupier Services at award winning independent property consultancy GBR Phoenix Beard, working with businesses in the West Midlands to find solutions to their office space requirements: “For a number of years office occupiers have been in the ‘driving seat’ when it came to acquiring new office space, but there has been a transformation over the past 12 months as the availability of good quality space has declined rapidly presenting new challenges for companies reviewing their office needs. This lack of supply continues to place acute pressure on the region’s property market resulting in rapidly rising rents and a more robust stance being adopted by landlords. BANKED Two Arena Central, new home for HSBC Whilst identifying and acquiring alternative office premises remains a significant part of what we do, we are increasingly advising occupiers on SPONSORED BY restructuring existing leases in order to remain in their current premises - often well in advance of future lease events. Often occupiers elect to remain in BIRMINGHAM their existing premises and to remodel them. In such instances we are able to advise on the reconfiguration and THE MARKET city’s infrastructure up the way Birmingham refurbishment to improve efficiency and Birmingham is riding high on a wave of is doing has had an impact.” enhance the working environment. Fit significant inward investment decisions. The first quarter of 2015 was the best for out consultancy, design, procurement Following a deal with Deutsche Bank in 2013, take-up in the central Birmingham office and project management services which bought 1,000 jobs to Birmingham – market since 2008, with 129,000 sq ft let. are all core services we offer. Our on top of the 1,000 that were already here Given that the first quarter is traditionally role is all encompassing, dealing with - HSBC has announced that it will move its the slowest of the year, agents are getting building regulations and other statutory requirements, as well as liaising with personal and business banking operations to excited. Stand-out deals include 16,000 sq ft third party contractors and ensuring Birmingham in the largest inward investment to Michael Page at Brindleyplace and wealth the project is delivered on time, as deal in the city for a generation. manager Bellpenny taking 9,000 sq ft at intended and to budget. At least 1,000 people will relocate from Church Street. We have an extensive track record London over the next four years, joining the Deals in the pipeline could include engi- of cradle-to-grave involvement in the 2,500 HSBC employees already in the city. neering group Jacobs, which is rumoured to design, delivery, asset repositioning The bank is in negotiations on a 250-year be close to exchanging contracts at Colmore and disposal of office schemes, both new developments and refurbishments, lease at the 210,000 sq ft Two Arena Central, Square; a deal in solicitors’ hands for 35,000 meaning we are ideally positioned to within the city’s enterprise zone. Work could sq ft at Edgbaston, and a 30,000 sq ft deal advise on delivery and implementation begin in June. in the city centre. GVA’s Charles Toogood of occupational strategy.” Between the two bank deals, HS2 con- says: “On top of the 212,000 sq ft to HSBC, firmed in 2014 that 1,500 staff will be based that could be more than 300,000 sq ft in the at its construction headquarters in Two Sno- quarter in just four deals. By the half-year whill, within 100,000 sq ft of space. we’ll hit the five-year average for a full year.” “The past year or more has been very positive for Birmingham, with the HSBC RENTAL LEVEL news the obvious highlight – it shows the Decent space in a booming market doesn’t Deutsche Bank deal wasn’t an anomaly, but come cheap. As Toogood says: “As supply a sign of things to come,” says Alex Tross, tightens, I expect rental levels to reach Tel: 0121 200 4500 head of office agency for Lambert Smith £32.50 by the end of 2015. The market www.gbrpb.com Hampton in the city. “Clearly, building the has tipped towards landlords. Occupier

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confi dence is much improved, we’re seeing more mergers and acquisitions and more SCHEMES TO WATCH companies in expansion mode.” 55 COLMORE ROW ■ Bought by IM Properties in June 2014, this is a 133,677 sq ft redevelopment in the THE CASE FOR... heart of prime Birmingham. Soft-strip has started and it will reach the market in 2017. Birmingham has got its story straight and is telling it well. The New Street redevelopment 2 CORNWALL STREET tackles not just a transport issue, but gives ■ A £14m refurbishment and extension of a landmark offi ce building owned by retail a boost, bringing John Lewis to the Bruntwood, which will bring 110,000 sq ft of grade A space. Designed by Glenn Howells city. The retailer’s chief executive Andy Street Architects, it went in for planning in February 2015. is also proving to be a positive presence as chairman of the Greater Birmingham & EDMUND HOUSE Solihull local enterprise partnership. ■ Fully refurbished to offer 68,815 sq ft of accommodation over ten storeys at the junction There is decent visibility of the pipeline here of Newhall and Edmund Streets. It’s the kind of high-quality revamp the local market too. Toogood says: “There’s enough space for needs before major projects like Paradise Circus are complete. Other schemes that could this year. There’s still 100,000 sq ft to go at do well include Victoria Square House, Embassy House and Interchange Place. 10 Temple Colmore Plaza, and space at the other prime Street is now in progress, while Phoenix House on Newhall Street is in for planning. buildings. Next year we’ll go into slight under- supply while schemes are completed.” Tross reckons providing for the mass mar- ket is the key: “There aren’t enough players in TRANSPORT & INFRASTRUCTURE such as the A380. There are various ‘smart the market who can and will pay £30 per sq Good and improving – New Street station’s motorway’ projects, while a £250m plan ft-plus, and we need a healthy supply of the overhaul is almost complete, and the runway to rebuild junction fi ve of the M42, linking next rung down – the good grade B stock. extension at Birmingham Airport means it the A45 with the motorway network, is now Quality refurbishments on a decent scale.” can handle the new classes of larger planes, approved. And then there’s HS2... SPONSORED BY DERBY

THE MARKET a joint venture to bring forward 70-acres, the TRANSPORT & INFRASTRUCTURE Famously, Derby’s average earnings are last signifi cant parcel of land next to the park. The proposed East Midlands station for higher than counterpart cities, with its the eastern leg of HS2 (running between strength in transport engineering. RENTAL LEVEL Birmingham and Leeds) will be at Toton, be- There’s been a drive in recent years to- Derby’s more affordable than Nottingham tween Derby and Nottingham. Train journey wards supporting start-ups and smaller busi- when it comes to offi ces. Headline rents times to London would be 51 minutes, but nesses spinning out of the expertise within on decent space come in at £16.50. just as crucially, trips to Birmingham would the big beasts of industry – Rolls-Royce, only take 19 minutes. Toyota, Bombardier – with the Connect Derby THE CASE FOR... programme offering fi ve business incubator Building up the lifestyle offer to augment a sites across the city. balanced, successful economy is the key for SCHEMES TO WATCH The Railway Technical Centre (RTC) is Derby’s thinkers. More students and young undergoing a £6m refurbishment, having professionals in the city centre equals more ONE FRIAR GATE SQUARE secured £3m from the Regional Growth spending on retail, leisure and culture. ■ BREEAM Excellent grade A building Fund. Modern, fresh space will be offered on As Tom Erskine of Marketing Derby says: comprising 32,999 sq ft at the heart of fl exible terms. “We’re 90 minutes from London, we’ve a the city. Floorplates of up to 7,124 sq ft. A few years ago, it was all about Pride good airport and motorway connections. Park, which dragged most offi ce occupiers We’re seeing a number of options opening CITY GATE HOUSE from the centre. But the business park is full. up in the city centre for companies of all ■ City Gate House in the key Cathedral James Keeton of JLL says: “Derby’s a sta- sizes. Driving the evening economy is key.” Quarter area will be big news – it could ble market, with take-up each year of around Infi nity Park is another big story. The bring 60,000 sq ft of grade A space to 150,000 sq ft. There could be good news at 250-acre technology park will accommodate the city. Friar Gate, and a couple of large student resi- 8,000 jobs when completed. The Innovation dential conversions will bring more spending Centre at its heart opens this October. CARDINAL SQUARE and leisure employment.” This year a 15-year masterplan was un- ■ Fully refurbished, Cardinal Square That’s not to say Pride Park won’t be vital veiled to regenerate sites in the central core, offers fl oorplates of around 3,000 sq ft to Derby’s continuing prosperity: in December such as Friar Gate Goods Yard and North around a central quadrangle. 2013, Network Rail and St Modwen signed Riverside, the city markets and Beckett Well.

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NOTTINGHAM SPONSORED BY THE MARKET The name of the game in Nottingham is SCHEMES TO WATCH quality refurbishments to grade A standard, Demand vs supply says James Keeton, associate director at JLL. NEW CASTLE HOUSE, “There are some large inward investment CASTLE BOULEVARD The current traction we are experiencing requirements: a couple in the 50,000 sq ■ CCLA bought the building nine PU[OL5V[[PUNOHT*P[`*LU[YLVѝJL ft area, one looking for 20,000 sq ft, and a months ago and will soon be complet- market, we predict could see rents footloose 130,000 sq ft to 200,000 sq ft one ing speculative refurbishment of the north of £20.00 per sq ft within the next that GVA is instructed on. The classic Not- 16,000 sq ft vacant third fl oor, along three years. tingham occupier is looking at sub-20,000 with reception and common areas. Demand, continues to outstrip supply sq ft though, and you’ll see schemes looking and with limited stock levels of well to meet these requirements as well as the 37 PARK ROW located central buildings, there is a real larger investors.” ■ Owned by F&C REIT, 37 Park Row risk that the availability of existing City It’s a healthy situation, according to Craig comprises 26,000 self-contained sq Centre stock could be near to zero in Straw, director at Innes , who says: ft. It is being fully refurbished and will the short term if demand continues its “The fi rst quarter of 2015 has been positive hit the market towards the end of May current trajectory. in terms of the level of activity in Nottingham. 2015. The Parexel International deal is a From the landlords’ perspective, rents are go- useful barometer and although at a ing up, while there are less generous terms CITY GATE WEST competitive £15.00 per sq ft, under- and fewer options for tenants.” ■ Again owned by F&C REIT, which lying investment fundamentals such There’s a decent level of activity across the has refurbished one fl oor so far – as covenant strength and lease length board, rather than one or two stand-out deals. letting 10,000 sq ft to Arup – and is were clearly a determining factor. “Generally, we’re seeing companies look- now busy with the rest. It offers We are in discussions with a number ing for better quality space in a better location 48,000 sq ft in total. of key occupiers with lease events – companies of all sizes really, that have within the next 24 months, whose stuck around a year or two longer than they occupational preference is a City Centre might have done and want to get on with the clutter in the market. “We’ve lost a lot of location and in our opinion Nottingham’s things,” says Straw. “Momentum really started the grade B and below stock we had maybe Island Site ‘Eastside’ the largest plot of to gather over the second half of 2014 and 12 months ago to conversions,” says Straw. land in the city’s regeneration area, is has accelerated in early 2015. The private With annual take-up typically coming in at best suited. sector as a whole is driving the local market.” 250,000 sq ft, the city usually bags a couple ;OPZPZLќLJ[P]LS`HºNHTLJOHUNLY» Nottingham is one of those cities where of big deals a year. One recent example was HZMHYHZ[OLJP[`»ZWYVÄSLPZJVUJLYULK the conversion of some older offi ce stock to Parexel, an American-owned pharmaceutical and judging by the level of enquiries we residential has helped agents by clearing out company that in October 2014 signed up are receiving from occupiers, on the back of the proposed sale, it is now clearly deliverable in the current market climate. Combined with what is now a real desire by Intu to remodel the Broadmarsh Centre and parallel improvements to the public realm, this will have a positive impact on the City’s standing.

T: (0) 115 934 8050 EXTENDED Two more lines for the tram network E: [email protected]

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The tech sector is on the move as well. At Wilford Street, £40m has been ploughed into setting up three companies. The driving force is entrepreneur Mark Onyett, who’s looking for more space. He says: “Places such as Silicon Roundabout and Shoreditch become like a virtuous circle; people hang around there because they know that lots of cool stuff goes on. PHARMA HUB The enterprize zone, based around Boots HQ “This is definitely happening in Notting- ham, and if we can get a real buzz around to move to the former home of BT at Castle Boots headquarters. Eighty acres are being coding, analytics and how you use it, and Wharf. The occupier secured two grants from marketed at a 280-acre parcel of land which around a building branded for it, then I think the Nottingham Technology Grant Fund. already includes Boots’ office headquarters, people could come and take leases.” a distribution centre and production facility, RENTAL LEVEL along with the MediCity centre and a Reckitt TRANSPORT & INFRASTRUCTURE The peak Nottingham rent for good Benckiser facility. Nottingham’s tram network has been extend- grade A space is £19.50 per sq ft, with Tim Garratt of Innes England, who is ed by 17.5 kilometres of track and 28 stops in companies going to existing buildings marketing the site, says: “It’s about creating phase two. The two new lines link directly to refurbished to grade A standard coming in a hub around Boots, much as Eindhoven has Line One at Nottingham’s revamped mainline at £17.25 per sq ft or thereabouts. done with a tech hub based around Philips. station. Boots is hugely important to Nottingham, The D2N2 local enterprise partnership’s THE CASE FOR... but nobody has ever been able to see Growth Deal includes £10.3m funding in the Biotech and pharmaceuticals are the obvious it – with a new road going in, starting this Broadmarsh/Southern Gateway area for a selling point for Nottingham, which has now summer, it will create new spaces. It’s now transport strategy to facilitate the expansion launched its enterprise zone around the time to take forward our key assets.” of the city’s commercial core to the south.

OFFICE/BUSINESS SPACE OFFICE/BUSINESS SPACE OFFICE/BUSINESS SPACE

QStriking, modern design

QFitted to a Grade A specification TO LET QUnique space in an enviable location QLess than 45 meters from tram stop

QSurrounded by all the amenities of the city

QExcellent public transport links

QPurpose-built, with perimeter trunking, air-conditioning and fitted kitchenette

QNet internal area 1,389 sq ft

First Floor Like to know more? Call The Pavilion Tom Shipley Lace Market Square Bildurn Nottingham 0115 941 3366 NG1 1PB [email protected]

Bildurn hp 62951.indd 1 insider11/05/2015 JUNE 2015 09:42 55

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BUILDING LINCOLN ON STRONG FOUNDATIONS THE MARKET Lincoln doesn’t attract the headlines of other Banks Long & Co specialise in providing cities in the East Midlands, but has quietly SCHEMES TO WATCH strategic acquisition advice to key made good progress. large-scale offi ce and industrial Tim Downing, senior partner at surveying CORNHILL QUARTER occupiers in the East Midlands, with fi rm Pygott & Crone, says: “Lincoln, and ■ Lincolnshire Co-operative has our instructions generated by referral indeed Lincolnshire, is buoyant, in commer- committed £70m to the Cornhill via a close network of CEOs, MDs cial and residential. We have an expanding Quarter, a project that includes and FDs. university, transport infrastructure improve- 300,000 sq ft of new shops and In recent years, we have assisted ments that put key markets within easy reach, restaurants, a 1,000-space car park in the acquisition of new offi ces for occupiers as varied as Local Authorities, regular London rail services and we have and the new transport hub. NHS Trusts, regional solicitors practices, affordable space. There’s a lot of confi dence a high street Bank and an International that Lincoln has got a real story to tell and NETWORK 46 software developer. We are currently can compete at the highest level.” ■ Primarily a distribution park, the site facilitating the relocations of a Much off Lincoln’s story is based around offers fully fi tted offi ces and car parking FTSE 250 company and two sizeable its strengths in science, with projects such on the A46, just seven miles from the manufacturers. as Boole Technology Centre, which is set A1. More than 160,000 sq ft has been We therefore have our fi nger on to open in 2017. The centre is targeted at built in phase one, with 855,000 sq ft the pulse of market sentiment, leaders of technology companies looking consented. noting a sea change over the last 18 for fl exible mixed offi ce/lab workspace and months with a marked increase in the number of organisations looking to support services. LINCOLN SCIENCE facilitate growth by investing in new & INNOVATION PARK premises, plant and machinery. ■ Former plant and turbine works Lincoln has a proud industrial being repurposed as an engine of heritage with notable established innovation. Phase one started in skilled and semi-skilled manufacturing summer 2014, and 12 hectares are to employers. It also has a niche for be developed in total. hi-tech aerospace research and development associated with the nearby strategic RAF airbases. The City is building upon its strengths by promoting the University Technical College, the University of Lincoln School of Engineering (the fi rst new such faculty in the UK for over 20 years) and perhaps most importantly the Lincoln Science and Innovation Park, which should enable it to retain much of the skills and knowledgebase that previously migrated to larger regional cities. Lincoln’s larger employers are clearly now buying into its vision for growth.

William Wall, Director Banks Long & Co T: 01522 544515 E: [email protected] Twitter: bankslongco www.bankslong.com

INVESTMENT The Co-op’s plans for Cornhill Quarter

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LINCOLN COMMERCIAL PROPERTY

At Teal Park, global industry Siemens THE CASE FOR... compared with those in countries with opened a gas turbine business in a 135,000 Lincolnshire knows its strengths. It’s never decent road and rail networks. But the fact sq ft unit in October 2012. There’s space in going to be filled with skyscrapers, and it’s that it has been seen as being out on a Lincoln for industrial and agricultural players, all the better for it. The county is a centre of limb could help it, because housing remains and the service providers to support them. excellence for the agri-economy, account- affordable, unlike most English cities. Greater Lincolnshire boasts a survival rate for ing for a quarter of the country’s grade one Downing says: “The average house start-ups (beyond three years) of 2,100. agricultural land. price in Lincolnshire is quite a way below the “When you look at schemes such as Net- “There are different strengths within our national average –£130,000 or so, compred work 46, and the Siemens investment at Teal main sectors – food processing to the south with £200,000-plus nationally.” Park, you can see there’s a lot happening,” Humber bank, through to the farming of For companies investing in the area, it says Downing. “Lincoln’s also been named the southern part of the region, plus all the means people can afford to buy houses as one of the most successful cities for industries that flow from each,” says Ursula and put down roots. Three “sustainable urban start-ups, and the Greater Lincolnshire LEP Lidbitter, chairman of the LEP. extensions”, including 7,500 houses, is driving forward sectors such as renewa- “It focuses people’s minds on the im- are in the pipeline. The cultural offer is also ble energy. Lincoln has been the best-kept portant aspects of our economy – having improving, Downing says. secret of the East Midlands – well now, the the technology that can add value before secret’s out.” products leave the country.” TRANSPORT & INFRASTRUCTURE There are 17 agri-economy projects in the Improvements have been made to the RENTAL LEVEL Growth Deal, six of which will start this year A46, a £22m programme which involved Lincoln’s location makes it a value option. and six in 2016. the installation of dual carriageways on key Space can be picked up cheaply – rents Lincoln’s a place that might benefit as the stretches, cutting journey times. Investment generally come in at £13 per sq ft for quality UK starts to implement the transport infra- in the east-west link road is continuing. Virgin space, compared with £16 to £17 per sq ft structure it has neglected for a couple Trains now runs six trains to London each in Nottingham. Average rents are between of generations. There’s a mental block for day, with a journey time of one hour, 40 £7.50 and £10 per sq ft. many, but the actual difference in distance minutes, and a £22m transport interchange from other business centres is minimal is in the works.

THE CORNHILL QUARTER LINCOLN

RETAIL EVOLUTION IN THE HEART OF LINCOLN

Phase 1 of Major Regeneration Project All Enquiries: 8,000m2 Shops, Cafes & Restaurants BANKS LONG & CO T : 01522 544515 Units available from 100m2 to 1000m2+ E : [email protected] Available from Summer 2016 LUNSON MITCHENALL T : 0207 4874958 E : [email protected]

A DEVELOPMENT BY:

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BIG DEAL Friargate will be a dedicated business district

CONNECTED Peter Holt COVENTRY Director

By the time you read this we shall know the result of the closest Election for decades. What will not change is the location and accessibility of Coventry to all parts of the UK by road, rail and air, the latter connecting the continent and beyond with Birmingham International Airport being easier to access from Coventry than the centre of Birmingham. With Coventry Core’s investment in superfast broadband our connections online will be second to none for those who sign up to it. Coventry’s offi ce market is buoyant. Coventry City Council is about to commence construction of its new 160,000 sq ft core facility on the Friargate Development. A second building of 100,000 sq ft at Friargate is also proposed leaving some 2 million sq ft still planned. Where else can offi ce occupiers fi nd a major facility less than one hour by train from London at rents only 15% of the headline rents in the West End and 60% of those in Birmingham? Industrially demand is excellent. JLR

have acquired 60 acres at Whitley adjacent SPONSORED BY to their Engineering Centre; London Taxis have announced a new major facility at Ansty Park; and Brose are extending their Exhall facility by some 110,000 sq ft, leaving Coventry short of employment COVENTRY land, particularly with the Government’s decision to turn down the Appeal by THE MARKET provide a new business district for Coventry Roxhill Developments at Coventry Coventry’s up there with the UK’s economic that will particularly appeal to professional, Gateway on the south side of the City. success stories, being at the forefront of a re- financial and business services firms. This development is desperately needed surgence in British manufacturing. Its out-of- “All elements will be linked by lively streets together with further development in town property market is booming, with Anstey with ground floor shops, bars and restaurants, north Coventry and Warwickshire. Park, Whitely and Stoneleigh Business Parks quality public spaces and improved pedestri- Constraints of Greenbelt around and MIRA Technology Park all important play- an routes, creating a more fitting welcome to the City are restricting potential growth of a City in demand – Manufacturing, ers. While Coventry’s stellar progress may not Coventry for those arriving by train.” Distribution, Research & Development yet be fully reflected in the city centre itself, Steve Hemming, director of planning and companies. some major dates are fast approaching. development at Lambert Smith Hampton, Discuss your requirements with D&P The pedestrian boulevard from Coventry adds: “Birmingham’s office market has had Holt. station into Friargate, the £59m city quarter, an upturn, and Coventry won’t be far behind. will open within months. Coventry City It’s leaders are pragmatic and focused, and Council has unveiled the first images of its Friargate will be a catalyst.” £40m building that will anchor phase one of Friargate. It all starts from here. RENTAL LEVEL Ian Stringer, regional head of GVA, says: Most city centre offices will have headline “Friargate will transform the city and act rents of £16.50. At Friargate, the quoting rent 024 7655 5180 as a catalyst for further development. It is is expected to be between £22 per sq ft and www.holtcommercial.co.uk place-shaping of the highest quality, and will £25 per sq ft.

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THE CASE FOR... retail, residential and leisure space. “It’s BIG DEAL Friargate will be a dedicated business district Coventry’s strength in advanced automotive about living, rather than retail,” says Martin engineering is well known, with the news Reeves, chief executive of Coventry City SCHEMES TO WATCH in March that Jaguar Land Rover is invest- Council. “We’ve got an opportunity to get FRIARGATE ing £400m in an Advanced Engineering & it right and won’t compromise on quality of ■ The big one for Coventry. Friargate is Design Centre at Whitley. But the city is also design.” a 37-acre project that could deliver 3.2 a serious player in technology, with Coventry Another project is Barberry Developments’ million sq ft of commercial space and University’s Serious Games Institute at the Bishop Gate, where 400 high-end apart- create 15,000 jobs. Essentially, it will forefront. ments are being built, along with ancillary provide a focused business district for UK Trade & Investment this year named development. And the Cathedral Lanes the fi rst time. Phase one offi ces will be Coventry and Warwickshire as the region that shopping mall, which was bought by Shearer available from 2017. had attracted more inward investment than Property in October 2014, is being redevel- any regional rival in 2014. And the Centre for oped at a cost of £5.5m. UNIVERSITY ESTATE Cities, in its Cities Outlook report published ■ Coventry City Council will move to in January 2015, reported that Coventry not TRANSPORT & INFRASTRUCTURE Friargate in 2017, but has set in motion only ranked sixth in the UK for private sector The Growth Deal secured by the Coventry & the plans to revamp its existing offi ce. jobs growth over the past ten years, it was Warwickshire LEP includes funding for the Four buildings between Little Park second over the last year (2012/13), with development of new technology to bring Street and Much Park Street will be sold 8.1 per cent growth. It was also fourth in the the motorway and local road traffi c sys- to Coventry University and a series of table for patents granted. tems together with cloud-based systems, buildings constructed, providing up to With business rattling along nicely, to improve local journey times on important 370,000 sq ft of space. The extended the city is keen to build on the lifestyle side routes, by giving drivers live information campus is expected to include a new of the story. The £300m City Centre South enabling them to switch routes and modes. university headquarters, an international mixed-use project is key here. It covers Bull HS2 will not stop in Coventry, but plans are student centre, a research hotel and Yard, Shelton Square, City Arcade, Barracks afoot for a light rail link to the nearest station, business incubation unit. car park and Hertford Street, where there’s in Meriden. FriarsHouse COVENTRY CITY CENTRE • CV1 2TE

SPONSORED BY Offices to let 6,880 SQ FT - 51,223 SQ FT • Modern offices • Refurbished interior • Centrally located • Close to the railway station with express links to London and Birmingham Contact us for more information

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0121 200 2220 KnightFrank.co.uk 0845 500 6161 Rupert Gillitt Ben Wisher www.fi-rem.com [email protected] [email protected] enquiries@fi-rem.com

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COMMERCIAL PROPERTY LEICESTER

LEICESTER THE MARKET What Leicester needs is city centre deals: companies looking to tap into a ready supply of students and graduates, fuelling development that will then cater for a more buoyant central area. For too long, the out-of-town market has been king. “It’s all positive for Leicester and it’s been driven as much by inward investors as indigenous demand,” says Jenny Clarke, associate director at Innes England. “The city council has worked hard on the inward in- vestment side to win deals such as Hastings Direct, which had been considering other lo- cations. It worked closely with IBM and there will be good employment at what otherwise would have been a redundant building. “There have been some good-sized deals, so now we’re now faced with a lack of good-quality offi ce space in the city. There are certainly more deals to come – take-up in SCHEMES TO WATCH GRADE A Colton Square 2014 was 386,000 sq ft and there looks to be COLTON SQUARE enough appetite among occupiers, particu- ■ Leicester’s top grade A product. larly in professional services, to exceed that. of footloose requirement you’d expect Man- Refl ecting the surge in interest from Hopefully we’ll see more city centre deals.” chester, Birmingham or the M4 “silicon corri- overseas investors, it was sold in In January, it was announced that technol- dor” towns and cities to pick up. To convince January by Goodman to US investor ogy giant IBM will open its fourth European a business of IBM’s stature that your city has Harbert Management. The last remain- services centre, and its fi rst in the UK, in the ability to supply and satisfy a small army ing suite at 1 Colton Square is under Leicester’s New Walk. Over the next three of top tech graduates is a feather in the cap. offer, meaning the building could soon years, 300 jobs will be created, testament to The next big thing will be the city council’s be fully let for the fi rst time. There the city council’s inward investment efforts. former New Walk Centre site. The council is 11,000 sq ft available at 2 Colton In March, insurance fi rm Hastings is on the hunt for a preferred development Square. Direct announced plans for a call centre in partner and is understood to be down to the Leicester, with 40 jobs this year, rising to 230 last two bidders. There could be 50,000 sq ft ST GEORGE’S TOWER by the end of 2015. A £1m Regional Growth of offi ces as part of the project. Other future ■ The 22-storey tower complex, at Fund grant will be used in opening its third possibilities include the former Royal Mail one time a regional base for BT and UK centre. IBM’s deal will account for 32,000 sorting offi ce in Campbell Street. Royal Mail and a decade ago facing sq ft, Hastings’ 15,000 sq ft or so. There is decent space in the market, at demolition, is now well let, with owner buildings such as Peat House opposite the Infrastructure Investments said to be RENTAL LEVEL mainline railway station and its London link, in talks with Hastings on a deal for Rents in Leicester are broadly similar to where 16,000 sq ft might tempt relocating two fl oors. Next to Leicester’s mainline those in Derby, with headline rents of professional services fi rms. There’s also St station, it bagged a 45,000 sq ft £16.50 per sq ft. John’s House in East Street. letting to learning organisation Study Group in 2014. THE CASE FOR... TRANSPORT & INFRASTRUCTURE Leicester has the graduates, communications Most cities would love Leicester’s journey EQUINOX and transport infrastructure of bigger cities, time and frequency of service to London by ■ Formerly known as Thames Tower, at a more advantageous cost. The council rail, while there’s a plan afoot to improve the Equinox offers 41,000 sq ft of offi ce is extremely proactive – it is refurbishing the city centre road network. The LEP’s Growth space and has been upgraded since former base of law fi rm Harvey Imgram at Deal includes the £8.1m A50/A6 North West being bought by London-based Delph 20-40 New Walk, for IBM. Leicester Major Transport Investment Corridor Property Group. The 16-storey tower It really shouldn’t be understated how and there’s a Connecting Leicester city also includes 112 apartments. big a deal the IBM decision is – it’s the sort centre improvement programme under way.

60 insider JUNE 2015

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