Cheshire West & Chester Annual Property Report 2012 www.investincheshire.com 02 Cheshire West & Chester Annual Property Report 2012 Cheshire West & Chester Annual Property Report 2012 03 Contents Foreword 06 Executive Summary 08 The Cheshire West Economy 10 Investment 12 Offices 14 Leisure and Culture 18 Industrial and Distribution 22 Retail 28 Residential 32 Strategic Developments 36 Acknowledgements 40 04 Cheshire West & Chester Annual Property Report 2012 Matt Crompton Managing Director, Muse Developments Company Profile Muse Developments is one of the country's Muse is the development partner within English leading names in property development and urban Cities Fund (a strategic partnership with the Homes regeneration. & Communities Agency and Legal & General) and a partner in Isis Waterside Regeneration, a development vehicle The company has a broad portfolio of projects ­ embracing created in partnership with British Waterways and Aviva to commercial, retail, leisure, residential and industrial uses – unlock the potential of the nation’s waterways and with a total area in excess of 25 million square feet and an waterfront locations. end value of over £4 billion. Our aim is to deliver complex mixed­use schemes – with an emphasis on quality and 2011 was an excellent year for Muse, with another solid sustainability ­ and create vibrant new places within our and profitable all round performance across the UK. In the towns and cities. North West, Muse expanded its growing portfolio of schemes which include: Cheadle Royal Business Park; Established around a quarter of a century ago, Muse St Paul’s Square Liverpool; Blackpool Talbot Gateway; is a national developer with regional operations in Smithfield Markets Manchester and Salford Central, and Manchester, Leeds, London and Glasgow. secured major large scale mixed­use schemes in Chester and Stockport. Part of Morgan Sindall Group plc, the FTSE 250 UK construction and regeneration group, the company Cheshire Schemes has a strong development pipeline which now stands at £1.6 billion, with a further £0.6 billion of schemes at We are particularly active in the Cheshire region and preferred bidder stage. Muse offers a fully integrated consider the area to be strategically important not only to commercial and residential development capability to Muse but also to the regional and national economy. The secure competitive differentiation and maximise following is a summary of our key schemes in the region. development potential. The company’s resources and Chester Central expertise cover the complete development cycle from site Our plans for a new Business Quarter on 3.5 acres of the evaluation, planning and masterplanning to land assembly, Lloyds Banking Group campus in Chester are on track project management, letting and funding. with design work progressing towards the submission of a planning application to Cheshire West & Chester Council Working in partnership with land owners, local authorities, this autumn. community groups, government agencies and private investors across the UK, Muse’s commercial vision generates A vital part of Chester’s One City plan, the proposed a competitive edge in all areas of activity. The company’s Business Quarter, with its proximity to Chester Station, resources, leadership and vision have combined to help benefitting from a direct, two hour connection to London, release latent potential in many now landmark sites, often will drive Chester’s commercial offer and economic in urban fringe areas where profitable development has not growth, including the city’s retail and evening economies. been immediately obvious. 05 The scheme will offer 500,000 sq ft of The park benefits from outline planning One of the largest regeneration projects prime office space and the potential to consent for a further 400,000 sq ft in the region, our £130 million ‘Bridge create over 1,000 jobs in a location that of office space and 150,000 sq ft of Street Quarter ’ scheme is the first – with its strong transport links, distribution space. As part of a phase of the Council ’s 25 ­year strategic amenities and close proximity to the comprehensive masterplan, Lingley masterplan for the town centre and historic city centre – will prove Mere will be developed further by waterfront area. It will deliver a new attractive to businesses looking for enhancing the excellent range of indoor market, along with a range of modern, sustainable premises. amenities that already exist there. leisure­ based uses aimed at creating Development will be complemented by Future plans include a 132 bedroom a family oriented environment. It will the provision of new public realm hotel that will have conference space, also create much needed commercial works, linking the scheme with Chester meeting room facilities and a fitness space ­ with a diverse range of Station and the Shropshire Union canal. centre. complementary uses and building sizes ­ including a new hotel, cinema, food The existing Premier House building on Planning permission was recently store and a leading edge office designed site will ultimately be demolished to secured for an amenity building. The and built specifically for the Council ’s make way for future phases of the new facility, covering 7,500 sq ft, will occupation. development. The initial phase of be situated in the centre of the development, comprising a 70,000 sq ft, development between the park ’s two The integration of the surrounding BREEAM Excellent, Grade A office lakes. The stunning building will area is critical and a comprehensive building, will commence on parking incorporate full ­length curved glazing to programme of public realm works land adjacent to the building. maximise the south ­facing view of the will be central to our masterplan. We surroundings and will also feature an We are working closely with Cheshire will create an iconic new market square elevated canopy where people can sit West and neighbouring stakeholders, and deliver pedestrian and public outside. including Network Rail and Lloyds, to transport improvements along with easy to follow and natural links with ensure that the new development The amenity building will offer hot and adjacent streets, including Bridge Street, complements the area. This will be cold food, a Costa coffee and Buttermarket Street, Mersey Street, further assisted by plans for the convenience shop. development of adjacent sites. Planning the waterfront and other parts of applications have recently been The development, which lies close to Warrington town centre. the M62 and M6, has also obtained submitted for a new Waitrose store planning permission to build a fifth unit This will result in an increased diversity along with the redevelopment of the of 18,500 sq ft to complete the of uses that will act as a destination historic Shot Tower and leadworks site. Clearwater phase, which already boasts for people of all ages and interests Lingley Mere four units that have been let and sold. throughout the day and into the evening. Lingley Mere is an expanding and Bridge Street Quarter, Warrington thriving business community that We are committed to designing, currently provides 380,000 sq ft of Muse has been appointed as procuring and delivering stunning, office accommodation set within 100 development partner to help distinctive and sustainable buildings. acres of landscaped grounds, offering Warrington Borough Council realise its Construction is expected to begin in a unique and attractive location for ambitious plans for the regeneration of 2013. The whole scheme aims to be businesses. Bridge Street and Time Square. completed by 2019. 06 Cheshire West & Chester Annual Property Report 2012 Foreword Cheshire West and Chester offers a great place to live with enviable residential locations, beautiful countryside and waterways and great connectivity. Despite challenging economic times The rural regeneration strategy and action plan will be led by the new Rural Regeneration Board which the borough of Cheshire West and will be appointed during 2012 and will look at how Chester continues to buck the trend we increase investment in businesses. with positive business investment. The area regeneration teams have produced The jobs and investment secured at Vauxhall investment strategies and action plans and three Motors in Ellesmere Port (announced in May 2012) private sector­led boards in Chester, Ellesmere Port was wonderful news and a testament to the and the Weaver Valley are working in partnership to exceptional productivity of the workforce. Nearby, deliver impressive results across the borough. Regatta’s floor space deal at Pioneer Point was one Cheshire West and Chester offers a great place to live of the largest secured in the UK in 2011 and the with enviable residential locations, beautiful investment by Jaguar Land Rover adds another countryside and waterways and great connectivity. prestigious name to the list of World Class Despite the tough conditions in the UK economy, we companies located in Ellesmere Port. continue to have confidence in the depth and Chester City centre doubled the retail floor space strength of our current and future investment take up in 2011 compared with the year before, opportunities which are illustrated by the 2011 and retail performance remains relatively strong in results outlined in this property report. very challenging times. The recent launch of the One City Plan has now defined the ambitions of Chester as a vibrant historic city with a dynamic future. In the Weaver Valley, the Council has taken back control of the strategic Baron’s Quay site in Northwich and a detailed planning application for Mike Jones a major mixed use development is underway. Leader of Cheshire West and Chester Council Waitrose has planning permission for a new store and marina and in addition a new £15 million entertainment and leisure venue called Memorial Court is due to open in 2015. 07 08 Cheshire West & Chester Annual Property Report 2012 Executive Summary 2011 proved to be a false dawn of recovery major foodstore commitments, although the deals did feature small store format lettings to both Waitrose and for the UK’s economy.