Metamorphic Wok the View from Europe Night Vision
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WINTER 2017 ISSUE TWELVE WWW.GERALDEVE.COM Night Vision Metamorphic Wok The View from Europe Turning London into the How wagamama is shaping Thoughts from Gerald Eve’s most dynamic 24-hour city its property strategy to meet alliance partners on the in the world consumer demand effects of Brexit CONTENTS ENGAGE LONDON WINTER 2017 ISSUE TWELVE 01 MARKETS EDITOR’S NOTE OUR ANALYSIS OF THE NEWS UPDATE In the property sector, perhaps more than any Catch up with the other, good negotiation skills are a prerequisite LONDON OFFICE MARKET latest news, deals for success. From investment deals to planning and developments permission, via occupational agency and business 04 rates appeals, it is those who are most able to 02 at Gerald Eve KEEPING THE leverage their hand – and understand the EASTERN LIGHTS ON motivations of the counterparty – that invariably PROMISE A look at property’s role come out on top. The very best dealmakers, MILLION in the ongoing energy of course, find outcomes that benefit everyone. market revolution 06 It is to be hoped that those conducting the Brexit SQ FT EG’s David 12 49 227 negotiations, on both sides of the table, are able Hatcher looks submarkets analysed dedicated professionals in our London THE VIEW to find such a solution. The clock is already ticking at Chinese in our London Markets in our London Offices Markets database. FROM EUROPE and a good working deal is surely in everyone’s investment interests. For the real estate sector, a pragmatic report. team. in the UK 08 agreement that recognises the benefits of as Gerald Eve’s frictionless a border as possible for trade and alliance partners capital remains the hoped-for outcome. give their thoughts on how Brexit will Away from the Brexit negotiations, the political AN ASSET impact their local uncertainty created by June’s hung parliament TO THE FIRM markets will surely see some businesses revisit investment 11 decisions. Similarly, a dip in consumer confidence Meet Gerald Eve’s new portfolio and is having its own impact on the UK economy, asset management team perhaps best seen at the moment through the prism of a muted housing market. NIGHT VISION But there remain reasons for optimism. If there is a common theme in this edition, it is that the 14 opportunities exist for those willing to embrace London’s Night Czar talks to ENGAGE changing market conditions. From the energy about her first year in office sector to London’s nightlife scene, dynamism and innovation will continue to be rewarded whatever the prevailing economic conditions. For Gerald Eve, these remain exciting times. Building on the acquisitions made in 2016, asset management capabilities have this year been 16 expanded, and opportunities for growth are seized as and when they present themselves. That the IN GOOD firm won the National Adviser of the Year title at TIME the recent EG Awards, on top of the Professional Steve Lewis, founder of boutique Agency (business rates) and Investment Teams advisory firm, Square Metre, shares of the Year at the Property Awards perfectly his story with ENGAGE illustrates how Gerald Eve is growing its offer while maintaining its traditional strengths. METAMORPHIC Simon Prichard WOK Senior Partner, Gerald Eve For further information please contact 18 [email protected] The property team from high street Stephen Peers, +44 (0)20 3486 3450 favourite, wagamama, talk us through [email protected] the chain’s continuing evolution WWW.GERALDEVE.COM ENGAGE NEWS UPDATE NEWS UPDATE ENGAGE 02 ISSUE TWELVE WINTER 2017 WINTER 2017 ISSUE TWELVE 03 CEDAR INVEST SECURES APPROVAL AT APPEAL Cedar Invest, advised by Gerald Eve, The application was originally rejected by has secured planning permission for a the planning committee, but the decision NEWS Macclesfield retail park following a public was subsequently appealed and the inquiry that has ruled in its favour. inquiry granted outline permission for the scheme in September. The circa 13,000 sq m scheme will be located on a former industrial site to the Harry Spawton, partner at Gerald Eve UPDATE north of Macclesfield town centre, and and expert witness at the inquiry said: will incorporate four retail units, a coffee “The decision is a victory for common pod and flexible food outlet. sense and overturns a committee LIONHEART decision that flew in the face of not just the planning officer’s recommendations, Gerald Eve is now a proud partner of LionHeart, the but expert advice.” charity created to help support RICS professionals and their families at all stages of a surveyor’s career, from APC to retirement, offering personal, flexible support to help overcome any unexpected life challenges. THIS IS NOT JUST ANY The charity offers professional counselling services, RATING INSTRUCTION… bereavement support, legal and debt advice, financial grants and help with mental ill health, stress or anxiety. The retail rating team has successfully LionHeart supports anyone who is or has been a member secured a key rating instruction with one of RICS. of the UK’s largest high street retailers, Marks & Spencer. For further information please visit www.lionheart.org.uk The retailer has appointed Gerald Eve for the duration of the 2017 list in an GERALD EVE NAMED ‘NATIONAL instruction which covers Marks & Spencer’s full national portfolio including ADVISER OF THE YEAR’ England, Wales, Scotland, Northern Ireland and Eire. Gerald Eve has scoped the prestigious ‘National Adviser of the Year’ accolade at the 2017 EG Awards. Richard Stoney, partner, said: “We are extremely proud to have been appointed The award, in recognition of achievements during the by such a significant retailer. Marks & 12 months to April 2017, follows a transformative year WELCOME TO THE NEXT GENERATION Spencer has a fantastic and enviable for Gerald Eve, during which the acquisition of five heritage in the UK and is a brand teams and further growth of existing disciplines saw Gerald Eve welcomed a new intake of graduates and apprentices which has helped shape the high street the firm reach new heights. in September. The new joiners, who will be based in London and landscape, becoming a trusted household the regional offices, began their time at Gerald Eve with a two-day name in the process. We are really looking IWG GROUP COMMITS TO THE HARLEY BUILDING AS Senior partner Simon Prichard said: “This is a fantastic induction at Welbeck Street before commencing their roles. forward to working with the M&S team CO-WORKING REVOLUTION GATHERS MOMENTUM achievement for Gerald Eve, underscoring the and achieving savings for them.” expansion and development of the firm over what has We wish them every success in their careers at Gerald Eve. Gerald Eve has secured one of the West Founded in Amsterdam, IWG acquired been a hugely successful year. We continue to excel End’s flagship office leasing deals at Spaces in spring 2015, with The Harley not only at our traditional strengths, but have built on The Harley Building, a newly refurbished Building forming the brand’s 11th UK existing expertise to develop market-leading, award- building on the corner of New Cavendish operation, in addition to locations across winning offers in areas such as investment agency. Street and Hallam Street, just to the east the globe. Offering a creative working It is testament to the hard work of everyone in the of Portland Place. environment with a unique entrepreneurial Gerald Eve team.” ethos, Spaces is a community-driven IWG Group, owner of workspace brands co-working office provider. Its workspaces The title caps a successful six months for the firm in including Regus has taken the entire offer an inspiring environment designed terms of accolades, during which time it has also been building – totalling 35,775 sq ft – as to integrate lifestyle into work, with named ‘Professional Agency Team of the Year’ (for a new flagship location for its Spaces value-added services such as a full event business rates) and ‘Investment Agency Team of the co-working concept. programme and community managers Year’ at the Property Week Awards. encouraging members to build their The flexible workspace provider has signed networks and connect. a new fixed term 20-year lease for the six-storey building, paying an annual rent of £3m with a fixed rental uplift in year five. WWW.GERALDEVE.COM ENGAGE FEATURE FEATURE ENGAGE 04 ISSUE TWELVE WINTER 2017 WINTER 2017 ISSUE TWELVE 05 “A number of power stations are approaching the end of their useful life – indeed, with some needing to be KEEPING THE retired as part of reaching emissions reduction targets – but are also essential to smoothing out the fluctuations in As the sector adapts, demand, kicking in as needed. How we’re increasingly seeing LIGHTS ON these assets are taxed is a hugely complex issue, and one that we spend energy clients that a great deal of time advising clients on.” require help shaping their AS THE UK ATTEMPTS TO ADDRESS Rise of the renewables property portfolios to fit In Scotland, energy is increasingly their needs. THE TWIN CHALLENGES OF A synonymous with onshore and offshore FORTHCOMING ELECTRICITY CRUNCH wind turbines, located to take advantage of the dependable gusts of the country’s AND A SHIFT TOWARDS RENEWABLE east and west coasts. Property advice ENERGY, A COHERENT PROPERTY on these new assets – site acquisition, planning, development and business rates STRATEGY HAS NEVER BEEN SO – is at the vanguard of the UK’s moves IMPORTANT. towards a lower carbon future. But more notable than the cleanliness or readers of a certain age, energy With the traditional one-way relationship of these new turbines, at least in the policy is indelibly linked to the three between consumers and generators medium-term, is the extra generating day week.