Oil distributor opens new regional head office and two depots
A UK oil distributor has opened a new regional head office in Exeter along with two South West depots in Avonmouth and Plymouth. Your NRG said the expansion would mean it was able to supply commercial fuel and domestic heating oil across Gloucestershire, Wiltshire, Somerset, Devon and Cornwall. The opening of the the two new South West depots brings the number in the Your NRG network to 17. The company supplies more than 600 million litres of fuel and heating oil to homes and businesses across the UK, including in the Midlands, East Anglia and the North of England. "The opening of our Avonmouth and Plymouth depots is a proud moment for Your NRG. It reflects our ongoing commitment to ensuring that homes and businesses across the South West have access to reliable, cost-effective fuel solutions," said Lee Reason, commercial director at Your NRG. The Avonmouth depot will cater to domestic and commercial fuel customers, while the Plymouth depot will supply commercial fuel. "At Your NRG, we’re driven by the needs of our customers," added Mr Reason. "The Avonmouth and Plymouth depots allow us to better serve families, farmers, and businesses in the South West, ensuring they have access to affordable, high-quality fuel when they need it most."
HSBC provides £20m to upgrade student accommodation schemes from PGIM Real Estate
HSBC UK has provided £20m of finance for refurbishment work on six student accommodation sites across the UK, including one in Cardiff. The assets consist of six existing purpose-built student accommodation (PBSA) sites, totalling just under 3,000 beds. PGIM Real Estate acquired the assets from Unite last year in a deal also backed by HSBC UK. The rolling refurbishment programme will modernise each site. North Court in Cardiff will be the first to be refurbished followed by sites in Sheffield, Nottingham, Birmingham, Leicester and Liverpool. Kevin Dawson, relationship director at HSBC UK, said: “In a market which is dominated by brand new buildings, we recognised PGIM Real Estate’s innovative approach. We fully engaged with the PGIM team to develop a new financing approach for the sector that allowed the business the flexibility to acquire the portfolio and undertake the necessary works.” Moreover, Fusion Group is seeking a funding partner for four planned PBSA schemes in the UK, including one in Cardiff. It has appointed property advisory firm JLL, to market the investment opportunities, with the potential for a longer strategic relationship with Fusion to expand their collection of properties. The portfolio comprises four prime assets, which has yet to be built but have planning consent located in Birmingham (622 beds), Loughborough (541 beds), Glasgow (619 beds), and Cardiff (706 beds). Nigel Henry, chief executive of Fusion Group, said:“The launch of the next phase of developments, alongside our living sector operating platform, underscores our commitment to delivering a consistent experience from development to operations. "With these new projects, as well as our current developments set to open in September this year and 2026, we are expanding our portfolio to 6,000 beds under the Fusion brand and operating platform, with an assessment under management exceeding £1.3bn. Fusion emphasises design for positive living, and these latest strategic moves mean we can ensure that our communities continue to receive the same quality and attention that we put into designing and building them.” Huw Forrest, head of UK Student Housing at JLL, said, “We are delighted to be working with Fusion Group on this exciting new chapter in their journey and believe they will present a significant opportunity for investors to benefit from what Fusion do best; strong site selection,100% success on planning and developing highly attractive PBSA schemes that focus on the living experience. The portfolio offers investors the chance to acquire premium assets in prime university locations with strong supply-demand fundamentals.”
Plans for new 120,000 sq ft Senedd headquarters building out to tender
The Senedd Commission has issued a tender for a new 120,000 sq ft headquarters building in Cardiff Bay. The corporate body of the Senedd is inviting bidders to submit proposals for a new office location to replace its existing Ty Hywel home - a 1990s red brick building connected to the Senedd debating chamber via an enclosed walkway. The Senedd’s current lease on Ty Hywel with landlord Equitix, expires in 2032. The lease carries an annual rent of £2.3m, exclusive of VAT. While a decision will not be made until the end of the year, an invitation to tender will remain open until next month. The tender states: “The Senedd is seeking to procure accommodation of approximately 11,000 sq mts (around 120,000 sq ft), with at least 90% of its capacity in close proximity to the existing Senedd building. “The accommodation must allow for all required direct infrastructure links between the two buildings and be sufficiently close to ensure the secure, free flow of Senedd Members and staff between the new accommodation and the Senedd building.” However, the Senedd could opt not to pursue a new-build option and instead negotiate a new lease with Equitix to remain in Ty Hywel beyond 2032. This would require significant investment in the building, which, from 2026, will also need to accommodate additional Senedd Members and their teams. There is also potential for the Welsh Government to acquire the building from Equitix and lease it back to the Senedd. As a repairing and insuring lease the Senedd is responsible for maintaining the building, where there is understood to be a liability for replacing windows at a cost of several million pounds. The Senedd doesn’t have financial reserves to purchase the building itself and operates on an annual budget (2025/26) of £84.3m. Property advisory firm Avison Young is assisting the Senedd in evaluating its property options, focusing on the best outcome for the public purse. If a decision is made to construct a new building, the Senedd is providing enough time for planning approval, construction and fit-out. If the Senedd decides to vacate Ty Hywel a new building would cost potentially around £60m. To make any project financially viable, a selected developer would require the Senedd to commit to a long-term lease - potentially up to 40 years. Given current construction and borrowing costs a new office building in Cardiff would need pre-let agreements at around £40 per sq ft for leases of shorter duration. Cardiff’s current headline office rent currently stand at £28 per sq ft, compared to nearly £50 in Bristol. A new-build agreement could also eventually see the freehold owned by the Senedd or the Welsh Government. A Senedd spokesperson said:“The lease on Ty Hywel runs out in 2032, and there are several potential options for the long-term office needs of the Senedd. “We have a narrow window of opportunity to explore these options thoroughly and credibly to ensure the best value for taxpayers’ money. We are conducting a procurement process in line with HM Treasury advice to identify the best long-term solution. “We recognise that times are incredibly tough across Wales, and our absolute priority is securing the best possible value for money.” If a new building is approved, the rent would be higher than that for Ty Hywel. However, it would be a far more energy-efficient and purpose-built facility, potentially making the overall cost neutral. A potential location for a new building is a vacant development site adjacent to the Senedd chamber. Cardiff-based property developer Rightacres acquired two connected parcels of land (known as 1 and 2 Assembly Square) from financial services giant Aviva in 2023. A potential location for a new building is a vacant development site adjacent to the Senedd chamber. Cardiff-based property developer Rightacres acquired two connected parcels of land (known as 1 and 2 Assembly Square) from financial services giant Aviva in 2023. With the Senedd seeking direct infrastructure between any new building and the debating chamber, there would seem to be limited alternative choices. There is Porth Teigr, a nearby site owned by the Welsh Government after its acquisition from Igloo, a sustainable real estate fund managed by Aviva. The Welsh Government is currently developing a masterplan for the 30-acre site. In theory, the Welsh Government could finance a new-build project itself using its mutual investment model, a long-term repayable financing method. Another option that could be ruled out is Atlantic Wharf, where Cardiff Council has long-term plans for a major mixed-use development centered around a new indoor arena. While at an early stage of planning, Cardiff Council is also considering a public sector hub as part of the wider Atlantic Wharf development. The hub could span 500,000 sq ft and include a new 100,000 sq ft headquarters building for Cardiff Council. The council's existing 240,000 sq ft headquarters at Atlantic Wharf is set to be demolished to make way for further development. If the Senedd moves, Ty Hywel (formerly known as Crickhowell House) may struggle to attract new tenants in the current market, while repurposing it for residential use would be costly.
Opinion: Sharing Greater Manchester’s growth story at MIPIM 2025
When Greater Manchester goes to MIPIM, it shows the city-region working at its very best. We stand together, as one city-region speaking with one voice. The longstanding partnerships between the public and private sectors are clear for the world to see. Stability is one our key strengths, but next year’s event will be different for a couple of reasons. On a personal note, MIPIM 2025 will be my first as Chief Executive of the Greater Manchester Combined Authority. I am looking forward to attending alongside Bev Craig, Leader of Manchester City Council and our Greater Manchester portfolio lead for Economy, and Tom Stannard, who is also set to attend in a new role as Chief Executive of Manchester City Council. It will also be the first MIPIM under a new UK government, which has made clear that economic growth is its top priority. For Greater Manchester to realise its full potential and support the government’s growth mission, it is crucial that we attract more international investment. The end result of that investment is more and better-paid jobs for our residents, greater opportunities for our businesses, and increased prosperity for everyone. But it starts with connections and conversations, and MIPIM is often where those conversations begin – providing a platform to share our story with the world. When it comes to growth, the Greater Manchester story so far is a compelling one. Over the past two decades, our city-region has benefitted from strong leadership and long-term strategies put in place to drive economic growth. We’ve been at the forefront of English devolution, bringing decision-making closer to the people, communities and businesses it affects. We now build on the legacy of outstanding civic leaders – but we also have more tools than ever at our disposal. By the time MIPIM arrives next March, Greater Manchester will have agreed its first integrated settlement with government, which will give us more flexibility over our finances and future. We have redefined what a city-region can and should be, ensuring the changes deliver for our people. All of these have helped grow our economy faster than the UK average in recent years. Property investment and development has been the key catalyst for this growth. The development of new offices and commercial buildings has helped us attract major employers and leading international companies, who bring with them jobs and further investment. Building more homes has ensured people can settle and thrive here long-term. Through investment in our public transport network, in Metrolink and the Bee Network, people have become better connected to opportunities. The scale of achievement is most visible in Manchester city centre, which is unrecognisable compared with 20 years ago. But from MediaCity in Salford to Stockport town centre, there are regeneration success stories all over our city-region. Our duty now is to ensure that success continues for decades to come. Our message at MIPIM is clear – Greater Manchester is open for business. As ever, we are seeking new partnerships and collaboration. But we will also use the event to cement the relationships we already have – with local, national and international partners. There is no shortage of opportunity. Anyone who visits our stand at MIPIM in March will learn about the next phase of Manchester city centre’s growth, the transformational plans for town centres in Wigan, Bolton and Oldham, new innovation hubs at Salford Crescent, Sister and Atom Valley, and the emerging Old Trafford regeneration scheme. These propositions highlight the strength of our shared vision for the future and the power of the collaborative relationships that are so vital to delivering major regeneration projects. By coming together at MIPIM we can show the international investment community that Greater Manchester is the UK city-region to make success happen – an exciting place that doesn’t just dream big but delivers on its ambitions.
Indoor golf bar Pitch latest to target Birmingham
Another competitive socialising venue has announced plans to open in Birmingham. London-based group Pitch will launch an indoor golf bar in 2 Colmore Square in April, becoming the firm's first venue in the Midlands. The new destination will have eight simulator bays which will give customers the chance to "play” on some of the world's best-known courses. There will also be a bar, food menu, premium space for members and their guests, professional coaches on hand to offer tips and an academy aimed at encouraging women to get into the sport. Pitch will join a growing trend of activity-themed bars to open in Birmingham city centre in recent years, including F1 Arcade at Paradise and its sister venue Flight Club in Temple Street. Other brands to have tapped into the trend include Toca Social football in the Bullring and Clays laser shooting in New Street, both of which opened last year. Pitch co-founder and chief executive Elliot Godfrey said: "With a rich history and large contingent of modern, forward-thinking residents, Birmingham was an obvious choice to open one of our first venues outside of London and we're very much looking forward to bringing Pitch to the city." Co-founder Chris Ingham added: "We're thrilled to have secured a location right in the heart of the action, with a huge choice of transport links, accommodation, restaurants and bars a short walk away in every direction." Pitch has other venues in London, Dublin and Manchester and the move into 2 Colmore Square follows the recent news it is undergoing a revamp. The building and its adjoining neighbour Cannon House, in The Priory Queensway, are being given a facelift and rebrand to become 'Multistory'. The new-look, eight-storey building will have 75,000 sq ft of new grade A office space and a further 15,000 sq ft of amenity space for tenants.
City of London approves major new skyscraper on doorstep of UK's busiest station
The City Corporation has greenlit a 54-storey skyscraper adjacent to the UK's busiest station, as the demand for office space in London continues to surge. The development at 99 Bishopsgate is poised to become one of the tallest structures in the Square Mile, with plans to offer at least 1.2 million square metres of office space by 2040, as reported by City AM. Designed to meet the "highest level" of sustainability standards, the skyscraper was proposed to cater to the "increasing demand for new office schemes of this kind" according to the City Corporation. There's a growing appetite for well-connected, eco-friendly, and top-tier buildings in the capital, driven by stricter environmental regulations on offices and companies' efforts to attract employees back to their desks. The project will feature a 'City Market' on the ground floor, providing retail, food, and beverage options. "The 99 Bishopsgate scheme will give the Square Mile one of the largest public realm upgrades from a single planning application in recent history, increasing the ‘walkability’ of the City, so that it becomes a safer and more pleasant place to travel through," stated Shravan Joshi, Chair of the City of London Corporation’s Planning and Transportation Committee. Joshi also remarked that the approval of the site "speaks to the confidence that global investors have in the local real estate market, as well as the UK economy, more widely." This approval signals an influx of new structures set to reshape the capital's skyline. Recently approved projects such as the 74-storey One Undershaft, the 63-storey 55 Bishopsgate, and the 36-storey 60 Gracechurch Street are all set to reshape the City's skyline. According to global property consultancy Knight Frank, prime rents in the City have surged by 16 per cent over the past year, with availability standing at a mere 0.5 per cent.
Strong tenant interest in £12m low carbon Carmarthenshire office and industrial scheme
A new sustainable £12m office and industrial development in Carmarthenshire is already half let with strong tenant interest in remaining space. The Parc Gelli Werdd development at Cross Hands provides 26 office and workshop units, which collectively extend to 32,500 sq ft. The project was finance with £4.5m from the Welsh Government, £1.25m from Carmarthenshire County, as well as backing from the Active Building Centre and the European Regional Development Fund. Thirteen units are already occupied, with a further three under offer. The scheme is being managed and marketed by the council with quoting rents for offices at £11 per sq ft, hybrid units £8.50 sq ft and light industrial space £7. The low carbon development, part of the Welsh Government’s property delivery plan, comprises high performance insulation and roof mounted solar panels that will deliver reduced building running costs and benefit the environment. Designed to achieve net zero carbon in-operation target, it also includes an building management system that incorporates a bespoke metering and monitoring platform to enable billing and detailed performance monitoring. This will allow tenants to manage electricity consumption to achieve cost efficiencies. Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, said:“We are determined to stimulate green economic growth, creating sustainable employment opportunities and supporting Wales’ transition to a low-carbon economy. “I’ve spoken to so many businesses both here in Carmarthenshire and elsewhere who have been clear that creating localised, well connected, high-quality business spaces with sustainability at their core, is a priority for expansion and job creation. “The Parc Gelli Werdd development has been built to exceptional environmental standards and will reduce operational costs for occupying businesses whilst minimising environmental impact, in accordance with the net zero strategic plan.” Among the first companies to occupy units at the site is Conquer Teamwear. Company owner Chris Jones said: “Moving into units 3 & 4 at Parc Gelli Werdd has been a great boost for our business and will help with the continued growth of Conquer Teamwear. The units are of a really high specification and the location is perfect for our staff and customers, being just a few minutes off the dual carriageway and Cross Hands roundabout.” Leader of Carmarthenshire County Council, Darren Price, said: "The Parc Gelli Werdd development is an important example of how the local authority and Welsh Government can collaborate to deliver high quality business space with sustainability at its core. "The council is committed to tackling the climate emergency, working towards our net zero carbon goal, and business space like this prove that this ambition is possible. “It is encouraging to see a number of Carmarthenshire businesses already utilising this space, allowing them to grow their business create local jobs and pursue their own sustainability goals moving forward.”
County Durham country pub snapped up by Valiant Pub Company
A popular countryside pub bordering County Durham and Northumberland has been snapped up by a growing hospitality group in an undisclosed deal. The Derwent Arms is a traditional pub, restaurant and hotel in the village of Edmundbyers, set in the North East corner of the North Pennines Area of Outstanding Natural Beauty. The venue has a lounge bar and restaurant, as well as six ensuite letting rooms, a self-catered guest apartment, and a beer garden. The pub was bought by Inn Hospitality Group back in 2021, triggering a major refurbishment project, creating a new restaurant serving seasonal and local produce which has proved popular among locals and tourists, also helping it to scoop a number of awards. Now the Derwent Arms has been acquired by Valiant Pub Company, a growing hospitality company launched four years ago by Hawthorn Leisure co-founders Gerry Carroll and Mark McGinty. The Derwent Arms is their fourth pub acquisition through Christie & Co in the region, adding to its recent acquisitions The Keelman Arms, The Heart of Northumberland and The Railway. David Cash, regional director and Marslie McGregor, business agent at Christie & Co handled the sale. They said: “The Derwent Arms presented a fantastic opportunity for a new owner-operator to continue the successful operation of the business. Benefitting from several income streams and with trade from both locals and tourists, the business was already well-established with excellent reviews and a good reputation. We are proud to have facilitated this sale and we are delighted to have helped Valiant Pub Company strengthen their presence in the North East. “They have purchased The Keelman Arms in Tyneside, The Heart of Northumberland in Hexham and The Railway in Blyth through Christie & Co and have further acquisitions in the pipeline.”
£8m revamp completes at Birmingham hotel
An £8 million refurbishment project has been completed on a landmark Birmingham hotel. The work at the Crowne Plaza hotel, in Holliday Street, has seen all 312 bedrooms updated including its club rooms and two suites while accessibility options have been upgraded with two fully accessible wet rooms. Work in the rooms includes upgrades to its tech such as more sockets and digital cable ports and enhanced desk space. During the renovation work, more than 1,500 pillows and hundreds of duvets, mattress toppers and protectors have been donated to those in need. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. This latest project represents the final phase of renovations at the well-known hotel, following the transformation of its ground floor lobby and bar areas in 2022. General manager Siobhan Thomasson said: "After listening to our guests and their feedback, we've created rooms that are not only stylish and comfortable but also highly functional. "Our thanks go to hotel refurbishment specialists County Contractors for their work as guest feedback for the new rooms has been fantastic. "Our investment in this refurbishment mirrors Birmingham's own growth and ambition and is a fitting representation of the city's progress, reflecting the innovative and welcoming spirit of the place we call home. "At the same time, sustainability is a core part of who we are and we're committed to making a positive impact. These efforts not only reduce waste but also support some of the city's most vulnerable residents. "We're proud to provide guests with a space that blends style, functionality and sustainability, offering an experience that truly reflects the vibrancy and diversity of Birmingham."
Major Gloucester employer moves staff into £107m Forum development
A major Gloucester employer has moved 250 staff into the new £107m Forum development in the city centre. Technology firm Fasthosts Internet has taken 19,000 sq ft across four floors at No 2. Cathedral Walk, bringing all its employees under one roof. The Forum is part of wider plans to regenerate the centre of Gloucester and attract high-tech firms including cyber businesses to the city, officials have said. The mixed-use development is being brought forward by Gloucester City Council in partnership with developers Reef Group. It will provide premium office and retail space, restaurants, a Hotel Indigo (IHG Hotels) and a rooftop bar. The 398-space car park, operated by Q-Park, will include 39 spaces with electric vehicle charging points. Rupert Bedell, chief executive of Fasthosts, said: “Having our whole team under one roof is fantastic for the company. Our collaborative break-out spaces have already allowed for new ideas and new initiatives to be developed. "Since we’ve moved in, we’ve seen a complete change in how our employees feel, it’s the perfect space for them with plenty of natural light, different areas to work and spaces to relax too. “As one of the biggest employers, we’re looking forward to playing our part in the city’s regeneration and we are looking forward to working with Gloucester City Council, our MP, and other businesses in Gloucester.” Councillor Jeremy Hilton, leader of Gloucester City Council, said: “The Forum is becoming a hub for innovation, and with Fasthosts’ presence, the city is well-positioned to attract further investment and create a dynamic environment for future growth. Congratulations to Fasthosts in this exciting new chapter for Gloucester." Pete Langly-Smith, managing director at Reef Group, said "a number" of other potential tenants are in talks to move into the building. He added: "2025 is an exciting year for The Forum, with Hotel Indigo and its rooftop bar opening in the summer as the final phase of the scheme.”
Empty office block could be demolished for 140 new homes
An unused office block in Oldham that council officials fear could be a magnet for 'vandalism and anti-social behaviour' is set for demolition to make way for 140 new homes. The demolition of the Southlink building, near Oldham Mumps, was reconfirmed at a cabinet meeting this week. The land, acquired by Vistry Partnership from both the council and Transport for Greater Manchester in the previous October, will be transformed into a residential area featuring 146 affordable houses. This includes 32 for social rent and 77 priced at 80% of market value, reports the Manchester Evening News. Although demolition had been previously approved, progress had paused following an unsuccessful sale attempt to Tilia Homes. Oldham's cabinet member for 'decent homes', Elaine Taylor, commented: "The demolition will enable the site to be readied for construction and remove a vacant building which is likely to attract vandalism and anti-social behaviour, especially at night and weekends which will inevitably cost the council additional money to keep the building safe and secure." The council has stated that the development plan focuses on '100 per cent low carbon homes', equipping them with heat pumps and insulation aimed at preventing heat loss and energy saving, ultimately reducing household bills for occupants. Council leader Arooj Shah hailed the upcoming development as a significant victory amid Oldham Council's housing crisis, with over 7,000 locals on the social housing waitlist. Cllr Shah said: "The green element is also really significant, but when you bring that down to people, that also means they'll have cheaper energy bills. It's a win-win. I'm hoping this will just be the start of so many other developments that are economically viable [for our residents]." A planning application is anticipated by spring, at which point the public will be invited to provide their feedback on the proposals.
32-storey Sky Gardens residential tower to dominate Leeds after £54.4m loan deal
A Grade II-listed former mill in Leeds is set to be transformed into a vibrant residential destination with a 32-storey housing tower following a £54.4m loan deal. Real estate finance provider Maslow Capital has provided the multimillion-pound development loan to back a joint venture between CityLife and Torsion Group, which is set to develop the landmark Sky Gardens scheme in the city. A brownfield site which is just under one acre in size will be turned into Sky Gardens, a huge build-to-sell scheme with 306 homes set across the 32-storey skyscraper – which is set to become one of Leeds’ tallest buildings – and a three-storey refurbished former mill. Once finished, apartments will range from studios to three-bedroom homes to cater for different residents, and the project will also include a number of “premium” on-site facilities including a gym, a cinema room, a luxury residents reception lounge, and the ‘Sky Garden’ – a stunning rooftop area with 360 degree views across the city from the top floor. The development will also include two commercial units. The development team says it is working to preserve and sensitively restore the Grade II-listed mill and integrate it into the wider design, as part of a block housing 22 residential units. The developers say Sky Gardens, set on Water Lane in Leeds’ South Bank regeneration area, embodies Leeds’ ambitious spirit. Gareth Morgan, managing director at CityLife, said: “Leeds has always been a city of ambition and reinvention, and Sky Gardens embodies this spirit. This project allows us to preserve an extraordinary piece of our industrial history while offering modern, sustainable living that meets the needs of today’s residents.” Matt Pigram, senior director, origination at Maslow Capital, said: “CityLife and Torsion Group bring extensive expertise to this project, and we are confident their combined vision will drive the scheme’s success. This £54.4m facility deepens our partnership with both developers, bringing our total support to a combined 896 homes across three major Leeds projects—an effort that underscores our commitment to addressing the region’s ever-growing need for high-quality housing.” David Worsley, COO at Torsion Group, said: “We are delighted to continue our longstanding relationship with Maslow Capital with this being our third transaction following the successful completion The Phoenix and Flax place. Torsion Group is proud to be part of this joint venture, bringing together a highly experienced delivery team including investment, construction and development management expertise. “In partnership with CityLife, we are fully committed to providing Leeds with a best-in-class development which is designed and constructed with placemaking and ESG at the heart of the concept.”
Somerset filter manufacturer expands HQ amid growing demand
A Somerset-based air filter manufacturer is extending its headquarters in Bridgwater to help cover growing demand for its products globally. Family-owned Jasun Envirocare is spending £300,000 to add to its Riverside House premises as part of its ongoing growth plans, it said. The company employs more than 200 people at its UK operational sites in the town and in Waterlooville, in Hampshire, and also has factories and offices in Europe. Jasun Envirocare’s chair, Graham Bentley, said: “We’ve seen demand for our products grow dramatically from Europe in the last few years, particularly since setting up operations in France in 2014 and Spain in 2018. "Our new building at Riverside will help us meet international requests for our products, speed up the process and allow us to sell more too." Mr Bentley said the firm's two subsidiary companies in Europe had helped the business "significantly" increase its export work, despite issues related to Brexit. "At Riverside we’re building a 2,300 square feet extension purely for export despatch. It is being managed by our main contractor, Salter Civils and Groundworks and we’re hoping it will be completed and operational in the spring," he added. “This extension and financial investment symbolises our commitment to our international market and to Bridgwater, as this represents a boost to the local economy.” Jasun Envirocare provides a complete range of standard and bespoke, filters and systems, including air purifiers, air filters, panel filters, washables, kitchen canopy grease filters, and HEPA filters.
New property agency launches
A new agency specialising in the logistics sector in the Midlands has been launched by two experienced property professionals. Ed Cole and Richard James-Moore have unveiled Incore which will focus on land, development and leasing across the warehouse market. The duo were previously senior directors at property consultancy JLL and each has 20 years of experience in the sector. Incore will operate as a dedicated, director-only service covering the national market for large warehouses with a physical presence in the core Midlands and South regions. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Mr Cole said: "We are really excited to launch Incore at this point in the cycle where we believe we can utilise our accumulated market knowledge and relationship network to add real value for our clients. "As the market moves into a new phase full of opportunity but not yet free of challenges, we believe our offering of highly experienced, hands-on advice can be a valuable source to both familiar and new clients in the sector." Mr James-Moore added: "It is very exciting to bring Incore to the market, providing clients a unique niche agency offering with director-led advice from both Birmingham and London and an entrepreneurial energy." Mr James-Moore has spent the last seven years at JLL where he led the Midlands industrial and logistics teams from its base in Birmingham city centre. He has advised on multiple key development projects including the strategic rail freight hub called West Midlands Interchange near Cannock and the award-winning Coventry Logistics Park. Mr Cole spent 16 years at JLL, becoming head of national logistics in 2018.
Gloucester Quays shopping centre hails 'record year'
The owner of Gloucester Quays has reported a record year for the shopping centre following a successful Christmas trading period. Growth in sales in 2024 meant the outlet finished off the year 6.7% ahead of the national average, according to Peel Retail & Leisure. The Gloucestershire shopping destination was also boosted by Black Friday and some retailer offers in advance of that date, the company said. Across November and December, retail sales grew by 3.6% compared with 2023 – which was itself a record year – and food and drink sales were up 7.6%. The performance uptick was supported by the free-to-attend Christmas market, with more than 100 stalls. In 2024, an overall 7.4% year-on-year sales increase across Gloucester Quays’ current tenants was split between 6.1% for retail and 8.5% for food and drink outlets. Double-digit growth from fashion, homeware, and outerwear brands including Next, Skechers, All Saints, Mountain Warehouse, Puma, Crew Clothing, Le Creuset, and Suit Direct was boosted by new lettings for Pret a Manger and Bakers & Baristas. Paul Carter, asset director at Peel Retail & Leisure, said the results were a reminder of "how relevant and in demand" the outlet is. "There have been various headlines this month about how challenged retail was around Christmas, so to have Gloucester Quays performing so well is a real credit to our team and our brands," he said. "We have experienced consistent growth for several years, and that success can be put down to the quality of our offer and waterside environment. "There is no doubt our catchment is responding to how we have evolved Gloucester Quays, as an urban outlet that combines a compelling shopping environment with dining and leisure to fit all tastes and needs, benefitting from a heritage waterside setting that few regionally can match.” This news follows an announcement in December by Peel that it had agreed 20 leasing deals over the year including with a number of major high street brands. Among the 11 brands to renew at Gloucester Quays are French-Belgian kitchenware brand Le Creuset, which invested in a new fit out, and international lifestyle and athletic footwear retailer Skechers, which increased its footprint at the destination by 50%.
Flexible workspace provider Runway East agrees 15-year Bristol deal
Flexible workspace provider Runway East has agreed a 15-year renewal deal on its building in Bristol. The company signed the agreement with landlord Grosvenor for 47,000 sq ft at 1 Victoria Street. Under the terms of the agreement, the businesses said they would work together to undertake "environmental and amenity upgrades" at the Bristol Bridge site. The environmental improvements are part of a wider £35m programme of capital investments Grosvenor is undertaking across its regional office portfolio, it said. The Bristol Bridge space has already been renovated and offers co-working and private offices for teams sized between one and 75 people. There are also break-out areas, meeting rooms and a private roof terrace and a riverside café and bar. Natasha Guerra, founder and chief executive of Runway East, said: Our mission compliments Grosvenor’s vision on reducing emissions. As one of the first B-Corp flexible operators, we’re committed to creating the best place to work and being a responsible business committed to meeting net zero. "Bristol Bridge is one of our longest-standing sites, which is hugely popular with members. We’re thrilled to be offering them longevity, supporting business as usual and maximising team bliss.” The announcement comes just weeks after Runway East signed a 20-year deal with global investment firm Abrdn to open a new site in Bath. Kings Court, a Grade II listed building on Parsonage Lane in the city centre, is the flexible workspace company’s third site in the South West. Fergus Evans, office portfolio director at Grosvenor, said: “There is a shortage of the best quality commercial space across the UK core cities. By extensively refurbishing our existing portfolio to create the best retrofit assets in the cities we operate in, we’re addressing this demand whilst simultaneously minimising our operational and embodied carbon impact. “As one of the best flex office providers in the market, confirming Runway East’s recommitment to Bristol Bridge, marks a fantastic start to the year. As we do across the portfolio, we have been working proactively with Runway East to improve the environmental performance and amenity provision of the building."
Travis Perkins cements Black Country presence with warehouse deal
Builders' merchant Travis Perkins has acquired the freehold of its Peartree Lane premises in Dudley in a £1.3million deal. The business had previously let the prominent roadside warehouse from Birmingham-based mutual Wesleyan Assurance Society. MK2 Real Estate was instructed to sell the asset which comprises 15,953 sq ft of premises and a 13,993 sq ft yard on a one-acre site. Travis Perkins, which has more than 550 branches around the UK, previously had a 25-year lease on its Peartree Lane premises, expiring in 2026. Mark Rooke, a director in MK2's investment team in Birmingham, advised Wesleyan on the sale.
Plans revealed to transform an historic and empty Swansea city centre building
Plans to turn an historic and empty building in the centre of Swansea into a mixed-use scheme have been revealed. St Mary’s Square Developments has acquired the unoccupied Mond Buildings, supported by a six-figure loan arranged with the help of Swansea Council. The company is now working on creating plans for the building which stands at the corner of Union Street and Park Street. It is anticipated that the ground floor will be retained as commercial space with the uses of the other floors possibly including commercial and accommodation. The three-storey structure dates from 1911, is built of Portland stone in the Edwardian Baroque style and is grade two listed. Its architect was Swansea’s CT Ruthen. St Mary’s Square Developments director Peter Loosmore said: “I thank the council for their help in allowing me to acquire this stunning building. “As a Swansea business it’s great to have the opportunity to transform The Mond. It retains many unique features despite it having a variety of previous uses – and we plan to consider how best to use them in future. “We’re now working on creating a plan that’ll revitalise The Mond and bring it back into use.” Other city centre transformation work undertaken by Mr Loosmore includes the Kings Buildings, opposite the Dragon Hotel, and Market Lofts between The Kardomah and Oxford Street. Council leader Rob Stewart said: “We’re delighted to be helping in the process that’ll see another fantastic city centre building given a big future. “Future generations will benefit from the new uses of the Mond Buildings – just like they will at other heritage buildings successfully regenerated nearby, including the Albert Hall and Palace Theatre building. “The council-driven £1bn regeneration of Swansea continues at pace. Through 2025 there’ll be more exciting news on city centre schemes such as a greener, more welcoming Castle Square, the new community services hub Y Storfa and new-style office space 71/72 Kingsway.” Funding to support the acquisition of the Mond Buildings was made available via a Transforming Towns Loan issued by the council.
Harworth reports record 2024 on path to £1bn assets
Property firm Harworth says it is on track to accumulate £1bn in assets by the end of 2027 after what it described as a record year. The Yorkshire-based developer and landlord says that as key land sales complete, it is confident of meeting its target of £1bn European Real Estate Association Net Disposal Value (EPRA NDV) - a key measure of assets used by real estate investment trusts. In a trading update to the London Stock Exchange, Harworth pointed to its £106.6m deal with Microsoft for land at the site of the former Skelton Grange power station near Leeds and completion of a £53.5m sale at Ansty in Warwickshire. Bosses also pointed to a record 2,385 residential plots sold, including 13 deals with a headline sales value of £104.1m, and against a group target of 2,000 plot sales on average per year. Those deals included national and regional housebuilders and affordable housing providers. Meanwhile there was 4.4m sqft of industrial and logistics land sold for £230.1m, giving Harworth a pipeline capable of delivering 33.6m sqft of space. Following a spate of planning approvals, the group now has 8.4m sqft of industrial and logistics land with consents. During the year 100,000 sqft of direct development was completed and Harworth was on site at the year end with another 270,000 sqft of space which is expected to be completed within a year that is anticipated to bring £2.7m annualised rental income. The majority of the space (68%) was kept in the group's investment portfolio with the remainder built for owner occupiers. Lynda Shillaw, chief executive of Harworth, said: “2024 has been a record year for Harworth operationally and, as we enter 2025, we remain confident in our ability to reach our £1bn EPRA NDV target by the end of 2027. "We have an extensive platform to scale the business, owning and controlling a sizeable land pipeline capable of delivering 33.6m sqft of industrial and logistics space and 31,264 new homes, and we remain well positioned in structurally undersupplied sectors that are fundamental to the UK's economic growth. With low debt and high available liquidity, we are well placed to take advantage of opportunities whilst remaining resilient through the near-term macro-economic uncertainty. "The consistency of Harworth's performance over time continues to highlight the agility and resilient nature of our business model, and our team's expertise in identifying and driving significant latent value from the portfolio. We continue to make solid progress in delivering our strategy and are confident in our ability to continue to drive both strong returns and long-term value from our landbank and development activities."
New car park for nearly 700 vehicles in Cardiff Bay
Work on a new multi-storey car park for the Mermaid Quay mixed-use scheme in Cardiff Bay will start next month. Owners of the 150,000 sq ft waterfront development, that includes restaurants and retail outlets, are demolishing the existing car park and building a new facility in a multi-million-pound investment. The car park, which is scheduled to open in April next year, will have 680 spaces - nearly double the existing facility that has 380. As with the present facility the new car park will be operated by Mermaid Quay, which is owned by Schroders Capital UK Real Estate. The exact cost of the new car park is not being disclosed. The existing car park will stop operating on March 2nd with demolition beginning shortly after. Following a three month demolition phase, construction will take around nine months. It will have two additional floors than currently - adding over 300 new spaces. Improvements will also include more accessible spaces on the ground floor, increased parent and child spaces, as well as new electric vehicle charging points. It will also creation of a new layout and exits to help improve traffic flow. It will also include a cycle hub. To minimise the impact of the temporary closure, the management team will be working with neighbouring car parks to help guide staff and shoppers to alternative parking options. The investment improving the Mermaid Quay car park follows the recent public realm refurbishment works which have taken place across Cardiff Bay to enhance the visitor experience. Mark Nott, centre manager at Mermaid Quay said: “During the temporary closure of the Mermaid Quay car park we urge visitors to Mermaid Quay and wider Cardiff Bay attractions to check out alternative parking options before they travel. Our team will also be on hand to provide advice to those working and visiting the area on alternative ways to travel to the bay to help minimise disruption and ensure you continue to have an enjoyable experience whilst visiting Mermaid Quay.
Sale of luxury London hotel boosts profits of family-owned empire
Apex Hotels, the family-run hospitality empire, has reported a substantial increase in pre-tax profits to £28.4 million for the year ending 30 April 2024, following the lucrative sale of its Apex London Wall Hotel in July 2023, which netted an £18.9 million gain. The group also saw revenues climb from £74.8 million to £79.4 million during this period, attributed to higher room occupancy and rates, as reported by City AM. The proceeds from the hotel sale, along with funds from a refinancing agreement with Barclays Bank, are fuelling Apex Hotels' expansion across the UK. In its latest financial year, the company added Pine Trees Hotel in Pitlochry and Meldrum House Country Hotel and Golf Course in Aberdeenshire to its portfolio. This year, it has continued to grow, acquiring The Vineyard Hotel in West Berkshire and the DoubleTree by Hilton Dunblane Hydro in central Scotland. Angela Vickers, Chief Executive of Apex Hotels, expressed optimism about the future, stating: "Following strong trading last year, we have set out a path for continued growth of the portfolio through strategic acquisitions and refurbishment of existing properties." "The acquisition of Pine Trees, Meldrum House, The Vineyard and the DoubleTree by Hilton Dunblane Hydro marks a new chapter in the group’s history as we venture into rural resorts and hotels. Offering greater choice will help maintain customer loyalty and enhance the guest experience." "Maintaining a healthy profit margin has allowed us to continue to sustainably re-invest in our hotels, our people and our continued commitment to our ESG strategies." "I am delighted to see the impact of investment in plant and infrastructure delivering reductions in scope one and scope two carbon footprint during the year, despite the three per cent increase in total rooms sold." "We look forward to another strong year in 2025 as we continue to grow our market position and establish ourselves as one of the top independent hotel groups in the UK."
Premier Inn could make way for 14-storey student block
New plans have been revealed to redevelop the site of a Birmingham hotel into student accommodation. Under the proposals, the Premier Inn, in Essington Street, would be demolished to make way for a new 14-storey property containing 546 bedrooms. Other amenities at the site near Broad Street would include study space, a garden and terraced areas. A specialist operator would be appointed to run the accommodation and the hotel will continue to trade during the planning process. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. The brand's owner, listed group Whitbread, said the proposed move was part of its plans to build what it called a 'perfect portfolio' of locations across Birmingham. Currently, the business has eight venues in the city and is looking for two new locations in the Smithfield and Snow Hill areas. It is estimated there is a shortfall of more than 19,500 bedrooms for students across the city and full-time numbers are set to increase. Whitbread's senior development manager Richard Pearson said: "With a significant shortfall of student bedspaces across the city, our proposals would provide much-needed accommodation which offers the very best experience for students. "The building has been carefully designed to complement other properties on Broad Street and provide high-quality landscaping to enhance the neighbourhood. "I would like to thank our project team for all the dedication and commitment in getting the plans to the current stage and I am looking forward to talking to residents and our other local stakeholders through our plans in the next few weeks."
Cardiff's Debenhams department store now nearly fully demolished
The Debenhams department store in the city centre is now no longer. Photos show the scale of the demolition work that has been completed at the site of the store, which used to be one of the busiest in the capital. The city's Debenhams was first built in 1981 and opened the following year as one of the cornerstones of the original St David's shopping arcade. The vast shopping area spread over several floors was open for 39 years before the 242-year-old chain went into administration in 2021. In a sign of the huge changes that city centre retail have faced in recent years, the site remained empty for several years before the owners of the St David's shopping centre, Land Securities, submitted plans last August to demolish the site and replace it with a public square. Today, almost the entire interior of the site has been demolished leaving only the facade of the building In place of Debenhams, Land Securities (Landsec) has plans to change the area into a public square. The plans include a water fountain splash pad, a performance stage as well as the possibility for the space to be used to host markets, local street food vendors and other events. The city centre landowning giant has said its £17m plan will create a 102,000 square foot public space surrounded by two new restaurants, smaller kiosk-style units opening onto the square for food and beverages and a leisure space. Helen Morgan, centre director at St David's Cardiff, said: "The development of a new city square on the former Debenhams site is very exciting for St David's and for the city. This investment means we can unlock the potential of this currently under-used area and bring life and value back to this part of Cardiff.
Historic Llancaiach Fawr Manor brought to market
The historic Llancaiach Fawr Manor venue has been brought to market by Caerphilly County Borough Council. Avison Young is marketing the leasehold interest in the grade I listed manor house and accompany buildings, located in the Rhymney Valley. The venue, which dates back to 16th century, was closed by the local authority in December as part of cost-saving measures as it faced a £45m budget deficit. In 2023/24 visitor numbers exceeded 61,000. The site’s current license allows for up to 5,000 visitors at any one time. The council secured funding from the Heritage Lottery Fund in 2013 to undertake renovations to the venue. Prior to initiating a formal market exercise, the historic attraction received high levels of interest from potential third-party operators looking to run the site in a commercial capacity. Leo Llewellyn, associate, Leisure at Avison Young UK, said: “We are very pleased to be supporting Caerphilly County Borough Council to bring this one-of-a-kind property to market. Steeped in history and carefully restored, Llancaiach Fawr Manor is a venue suitable for a range of uses, and we’re certain it will prove popular. “Avison Young has already received interest from prospective operators and we’re looking forward to bringing forward these discussions, while engaging with other interested parties. “We have a strong track record within the leisure sector, particularly in South Wales, and we’re delighted to be supporting Caerphilly County Borough Council to find the perfect operator to secure Llancaiach Fawr Manor’s long-term future.” Jamie Pritchard, deputy leader of Caerphilly County Borough Council, said: “We are committed to exploring options for the future of Llancaiach Fawr Manor. Avison Young has extensive experience in marketing leisure and hospitality venues, and I have no doubt that we will have a lot of interest. “The venue offers so much potential for new operators. What is certain is that the council will be looking for an operation that becomes a strong local economic driver and complements the existing leisure and hospitality offers in the county borough.
Harmony Works secures £3.5m from Arts Council England for music hub project
A multimillion-pound project to transform a historic Sheffield building has been given a £3.5m boost by the Arts Council. Canada House was originally built in the 1870s to become the offices for the Sheffield United Gas Light Company but in the 1980s it became one of the city’s most popular music haunts as the TurnUps nightclub. Harmony Works Trust, which was awarded official charitable status in August 2023, purchased the Grade II star listed Canada House from the Panache retail brand last year, and it has now secured the funding to transform the building into Harmony Works, a vibrant new home for music education. The regeneration scheme is expected to start later this year, with a view to opening the music hub in 2027, and once complete it will become home to organisations including the Sheffield Music Academy, Sheffield Music Hub, Brass Bands England, Music in the Round, Choir with No Name, Orchestras for All, and Concerteenies. The latest funding pledge follows a £4.7m investment from The National Lottery Heritage Fund which was announced last week, and adds to the project’s growing support base, which includes funding from the Architectural Heritage Fund, Sheffield City Council, South Yorkshire Mayoral Combined Authority, the UK Government’s Levelling Up Funding, and multiple local trusts and foundations. The combined £8.2m investment from The National Lottery Heritage Fund and Arts Council England will help fund the building’s transformation into the new regional home for music education with practice, rehearsal and performance space. Emily Pieters, project director at Harmony Works, said: “We are absolutely thrilled to receive such strong backing from Arts Council England. Alongside the funding from The National Lottery Heritage Fund, we are now in a very strong position to fully refurbish Canada House and deliver on our long-term vision of creating a new home to inspire and nurture the creative potential of young people and their communities. “It’s amazing to think that in just three years, these walls will once again be filled with the sound of music – this time created by the young people themselves.”
Major project launched to shape the future of Hull city centre
Hull City Council has launched a major project which is set to guide investment and regeneration in the city over the next 20 years. The local authority is seeking views on the Hull City Centre Vision – a development aimed at creating a more family-friendly, sustainable and prosperous city centre of the future, for residents, visitors and businesses. The project, led by urban design specialists, will focus on key areas as it builds up a blueprint for the city, including identifying key development plots in the city centre, enhancing outdoor public spaces and improving accessibly across the city centre. The authority says the vision will raise the profile of Hull to help drive more inward investment and development, and grow the local economy, creating more jobs and supporting new and existing businesses. Work will also be carried out to boost the number of homes in and around the city centre to create a more vibrant destination. A six-week consultation process has been launched, running until March 16, calling upon people to make their views on the vision known. The project will help inform Hull’s Local Plan which is set to be updated later this year, and the council said it will closely align with the council’s long-term strategies for around carbon emissions, public realm, housing, economic development and health and wellbeing. Coun Paul Drake-Davis, portfolio holder for regeneration and housing at the council, said: “Our council is one that listens to local people, cares about their views and then takes action. We’re excited by this new project as we look to create a city centre that reflects the long-term needs and aspirations of our residents and businesses. “Once finalised, this vision will help set us on a path towards a city centre that not only supports economic growth but is also a place our communities can feel proud of. We want our city centre to be a better place for people to live, work and thrive and we’re looking forward to listening to people’s views.” Andy Roberts, director at Planit, added: “We are proud to be leading this hugely important work for the city of Hull. Our vision aims to create a city centre that offers safe and welcoming neighbourhoods, supports a healthier and fairer Hull, drives economic growth, and responds effectively to the climate emergency.
Builders' merchant MKM Supplies expands with new branch at Central Park in Bridgend
Central Park in Bridgend has been boosted with another key letting. Independent builders' merchant MKM Supplies has opened a new 20,000 sq ft branch at the Robert Hitchins developed park under a 25-year leasing agreement. The 355,000 sq ft park provides a mixture of trade and industrial warehousing properties ranging from 2,500 sq ft to 40.000 sq ft. Other tenants include Evri, PCI, Plumbase, Edmundson Electrical, Markes International and Pensord Press. Development opportunities exist for a further range of commercial buildings from 10,000 sq ft to up to 145,000 sq ft. The new branch, which has created 18 jobs, is MKM Supplies’ 132nd in the UK. Its other outlets in Wales include those in Cardiff, Llandudno and Ruthin. A further branch in Bangor due to open later this month. Branch director Jonathan Thomas said: “We’re bringing something new to Bridgend - a one-stop shop for builders, tradespeople and the public.” John Jones, senior asset and development manager at Robert Hitchins, said: “Our commitment to delivering employment-generating development in Bridgend and South Wales continues and we are proud to be investing further with commercial premises which are best-in-class,” he said. Robert Hitchins has developed Central Park over several phases since it acquired the former Kimball Electronics plant in 2006. A scheme of 16 trade counter units amounting to 51,000 sq ft was developed in 2008, followed by a 13,500 sq ft trade counter scheme in 2012, a 40,000 sq ft facility for PCI Pharma Services in 2017, and an 82,000 sq ft industrial warehouse for parcel giant Evri last year. The new building from MKM, brings Robert Hitchins’ investment in Central Park to more than £25m. Mr Jones estimated that there are currently more than 500 jobs associated with Central Park. He added: “We are proud to be investing for the long term in Bridgend by self-funding the development of high-quality buildings which has become increasingly rare in the commercial property market due to rising build costs and other factors.” The builders of the MKM unit were EG Carter & Co.
Newcastle investors support £2m renovation of historic North Yorkshire hotel into wedding venue
The £2m transformation of a spa hotel near Darlington into a wedding and events venue has been completed following funding support from North East investor Tier One Capital. The Apartment Group's redevelopment of The Croft Hotel in Croft-on-Tees has already created 17 jobs, with the expectation of more in the future. The Newcastle-based leisure group, which owns and operates hotels, restaurants and bars across the North East, acquired the Grade II listed property in early 2023 for an undisclosed sum and set about upgrading it to fit its portfolio of wedding venues. Funding from the Develop North fund has helped the firm carry out extensive renovations including the building of six new bedrooms to add to the 24 at The Croft, a refurbished function suite, upgrades to the hotel's restaurant, wellness facilities, landscaped gardens and an 'enchanted wedding chapel'. It is the latest project for The Apartment Group which has specialised in renovating historic properties for the wedding market, including Grade II listed Whitworth Hall and Lartington Hall in County Durham, among others. The Croft Hotel was originally built in the early 19th century as a spa hotel and lies close to key tourism areas including the North York Moors and North Pennines Area of Outstanding Natural Beauty. Stuart Bailey, CEO of The Apartment Group, said: "The Croft Hotel has become an outstanding addition to our portfolio, and the investment has delivered a spectacular setting for weddings and events. It’s been incredible to see how the venue is now flourishing with couples from across the region choosing to celebrate their special day here. Develop North’s support was invaluable in realising our vision for the hotel, which has created new jobs and provided a real boost to the local economy. It’s fantastic to partner with a fund that truly believes in the potential of businesses like ours." The London Stock Exchanged-listed Develop North fund is managed by Newcastle-based wealth management and fund management firm Tier One Capital. To date, it has invested more than £80m in residential and commercial property developments in the North of England and Scotland.
Pattinson Estate Agency sees 'flying start' to 2025 after year of expansion
The founder of North East estate agency business Pattinson says the group has seen a ‘flying start’ to 2025 following a year in which it strengthened its position on the region’s high streets. Based at the Silverlink Business Park in North Tyneside, Pattinson operates an estate agency business and auction company and now has 30 offices across the region, having made key acquisitions over the last two years. New accounts covering 2023 have been filed by the firm, which show turnover increased 13.5% to £16.74m, though profit for the financial year dropped 11.8% to £1.78m. The company said the fall in profitability reflects its “continuing investment in our people and technology, as well as integrating other firms acquired during the year”, which was viewed as essential to safeguard the future growth and success of the business in the years to come. In the accounts, director Caroline Pattinson said 2023 was a year which continued to see challenges as well as opportunities. She said: “The property market continued to be disrupted by the continued increase of the Bank of England base rate throughout 2023. This certainly had an impact on the number of new properties coming to the market and saw more and more landlords leaving the rental market due to increased costs of finance. The increasing popularity of auction has been positive and we continue to innovate in this space.” After the figures were released, founder Keith Pattinson highlighted work which had been carried out in the months following the year end. He said: “2024 was a busy year for us on a lot of fronts. We increased the number of offices we have on the high street by taking over two well established estate agents who were choosing to retire in early 2024. “This has strengthened our position as the agent with the most offices in the region and we maintained our position as the estate agent who sold the most houses in the North East. Whilst banks are retreating from the high street we still see the need to be available to our customers and have a base for our teams to work from. He added: “We have expanded our head office into the neighbouring building as the business continues to grow and we continue to invest. The rentals market remains strong although there continues to be a shortage of rental properties and landlords are understandably concerned about some of the proposed changes to rental legislation. “2025 is off to a flying start and we are on track to increase the number of properties put on the market and sold in January and I am optimistic in the year ahead. I turned 75 last year and we celebrated 48 years of Keith Pattinson Ltd, I had plans to retire but I still enjoy being actively involved in the business, as it continues to grow.”
Newcastle hotel group sells luxury Cheshire hotel in multimillion-pound deal
A Newcastle hospitality group is seeking new opportunities for growth after selling one of its venues to new owners in a multimillion-pound deal. Mere Court Hotel in Knutsford, Cheshire, has been sold to an unnamed North West hotelier for an undisclosed amount by Newcastle based Ailantus. The four-star country house hotel is set across seven acres of grounds, with 34 rooms and an AA Rosette restaurant. The deal to sell the luxury venue was overseen by Newcastle-based Mincoffs Solicitors. The law firm has been advising Gosforth-based Ailantus group for more than 25 years, with the firm's other venues including the George Washington Hotel in Washington, the Holiday Inn at Gosforth Park and the Quality Hotel in Boldon, South Tyneside, as well as other hotels across the North of England. Mincoffs’ corporate partner John Nicholson worked with Ailantus director, Neel Chawla, to deliver the transaction. Mr Chawla said: “The corporate team, spearheaded by John Nicholson, have once again transacted diligently and efficiently in our group’s first hotel asset disposal. We look forward to working with Mincoffs on future transactions.” John Nicholson said: “Ailantus are a longstanding client of the firm and Mincoffs has advised Neel and the team on their portfolio for a number of years. It was our pleasure to act on the sale of this venue, as part of the group’s ongoing restructure.
Plans for more than 1,000 new homes in major mixed-use scheme for Porthcawl
New plans to transform the seaside town of Porthcawl with1 ,100 new homes as well as shops, cafes, restaurants, and leisure attractions, can be revealed. The developments are part of a new masterplan released by the local council ahead of planned public consultations. The consultation, set for next month,, will also come alongside a special exhibition event for the long-running plans which include a range of leisure and infrastructure developments for the area alongside the creation of up to 1,100 new homes. Most notably the proposals will include new "stepped" coastal defences at Sandy Bay, as well as the creation of a pump track, skate park, and mini-golf course along with new shops, cafés, and restaurants. It also includes the construction of 1,100 new houses across three areas of the town with up to 450 at Sandy Bay, 200 at Coney Beach, and up to 450 at Salt Lake with plans also intended for the popular Griffin Park to triple in size. Additionally plans could see space set aside for the town to host seasonal events such as fairs as well as overnight parking for motorhomes at Sandy Lane with room for Newton Primary school to expand. There could also be a number of car parking developments with a potential multi-storey car park featured at Salt Lake along with the "redevelopment" of the existing open air car park at Hillsboro. With part of the land set aside for the development the town will also see the closure of its iconic Coney Beach Amusement Park in the coming years after more than 100 years of business in the area. Speaking ahead of the consultations Councillor Neelo Farr of Porthcawl said the final proposals had included as many ideas and facilities suggested by local residents as possible. She said: "Public consultation has proven to be a cornerstone of our efforts to regenerate Porthcawl and you only have to look at the illustrative masterplan to see how we have included as many of the ideas and facilities suggested by local residents as possible into our final stage proposals. "Whether it is a pump track and skate park, a multi-use games area, room for new shops, cafes, restaurants and kiosks, pocket parks, interactive fountains and water features, new play areas for children of all ages, extensive green landscaping, potential mini-golf and overnight parking for motorhomes, or just plenty of flexible open space which can be used to host seasonal events ranging from fairs and fairground rides to ice rinks and speciality markets the waterfront regeneration masterplan really demonstrates the scope of Bridgend County Borough Council and Welsh Government's joint ambitious vision for the area. "With a substantial green corridor winding through the regeneration zone before reconnecting with the waterfront Griffin Park could more than triple in size and benefit from a wide range of new facilities, such as a climbing wall and a fully equipped fitness trail, while Sandy Bay will be transformed with new coastal defences in the form of impressive stepped revetments leading down onto the beach and all-new retail opportunities facing out onto the promenade. "The plans include just over a thousand new community-focused homes suitable for families, people who live alone, couples just starting out, older people, and more. In response to concerns that younger residents of Porthcawl feel unable to afford local properties we are also ensuring that half of this new housing will be made up of affordable modern homes." She added: "To make sure that the housing element is fully rounded we have also included a huge variety of opportunities for new leisure infrastructure as well as shops, cafes, and restaurants, space to allow potential expansion and growth at Newton Primary, and evenly-distributed parking facilities. "Visitor parking is also accounted for with new parking at Coney Beach, a redevelopment of the existing open air car park at Hillsboro, and options for providing additional 'edge of town' overflow facilities along with suitable links. "We have also proposed introducing landscaped natural play areas including adventure, woodland and tree-top play facilities, studio space suitable for creative industries, cycle hubs, a duneside park featuring enhanced habitats, raised boardwalks, activity and viewing platforms, event space, and much more." The full proposals will now be revealed at an event held in the Hi Tide Inn in Porthcawl between 9am and 7.30pm on Monday, February 3, where people will be able to see the new plans and engage with regeneration officers from both the council and Welsh Government.
Spares business secures news warehouse for expansion
An agricultural spares business has expanded after securing a property deal for 10,000 sq ft of warehousing. Agriline Products has purchased the freehold of Unit 2 on Harris Business Park in Stoke Prior near Bromsgrove to facilitate the distribution of larger orders for stockists across Europe. The property was on the market for £895,000. Founded in 2000, Agriline Products has grown to become one of the largest suppliers to the tractor spares market worldwide with a range of over 15,000 parts. The company already occupies another unit on Harris Business Park. Founder and managing director Oliver Stiley said: "The purchase of an additional industrial unit will provide considerable additional warehouse space to augment Agriline Products' existing warehouses on Harris Business Park which were getting a bit cramped for the volume of stock being handled. "This additional space will improve the efficiency of distributing our larger stock orders for customers across Europe."
Take up of office space in Cardiff in 2024 the best for seven years
Take-up of office space in Cardiff had its best year in 2024 for seven years with the letting of the 1 John Street building to Lloyds the standout deal. With the headline rent for the city increasing to £28 per sq ft, the year saw letting deals totalling 581 643 sq ft, according to research by property consultancy Knight Frank. In the highest level of take-up since 2017, the rate was more than double that in 2023. The final quarter of the year contributed 247,137 sq ft, the highest quarterly return since Q3 2017. The final quarter saw Lloyds agreeing a 10-year lease for the entire speculatively built 113,000 sq ft 1 John Street building from developer JR Smart in the city centre. The bank's new hub for 3,000 staff will be completed later this year, with Lloyds taking occupancy of the grade A building in the second quarter of 2026. Mark Sutton, office agency partner in Knight Frank’s Cardiff office, said: “There were 92 office deals concluded in the year with an average deal size of 6,322 sq ft, more than double the figure for last year and 40 per cent ahead of the 10 year average.” Prime rents for the city moved onto £28 per sq ft in Q3, with occupiers continuing to focus on prime space with just 16 grade A deals accounting for 45 per cent of the quarter’s take up. Mr Sutton said:“With continued demand for the best quality space we will see the availability of grade A space continue to decline in 2025 and this will translate to further pressure on rents, pushing them beyond £30 per sq ft this year.” Office vacancy rates inclusive of out-of-town areas stood at 11% the end of 2024. Mr Sutton added:“The stand out deal of 2024 was Lloyds Bank signing up to take a lease of 1 John Street, a stand alone 113,000 sq ft office building at the head of Callaghan Square in the heart of Cardiff’s central business district,” Other notable deals in the city centre included professional advisory frim PWC signing up for 33,166 sq ft at 1 Central Square, and Aldermore Bank’s move across to the 28,098 sq ft 2 Central Square, along with the sale of the 50,934 sq ft Wilcox House at Celtic Gateway. Cardiff Gate led the out of town deals with Welsh Government’s acquisition of the 51,411 sq ft Centre 7 to create a new hub for the semiconductor industry. Overall, the financial services and banking sector took centre stage in 2024 with the 17 deals in this sector totalling 253,057 sq ft and accounting for more than half of the year’s total take up, High-profile deals in the sector also included expansion from Starling Bank at Brunel, and Go Compare’s move to Hodge House. Looking at availability in 2025 Mr Sutton said: “With no new buildings being delivered in 2025 the severe lack of prime office space will be a continued trend for the year ahead. Grade A availability has dropped below 300,000 sq ft and with several live requirements between 15,000 and 50,000 sq ft the competition for space is hotting up. “The market continues to polarise and there is activity where landlords have created - or are investing to create - a suitable standard of office space with the right environment and amenities. Secondary locations or where landlords have not yet invested will continue to struggle. "We are seeing better occupancy levels across the sector with businesses using flexible workplace strategies but with an increased focus on staff being in the office. Businesses remain focused on creating a better environment to achieve corporate goals, retain and attract staff and to future proof their occupational assets.”
Revamp for Jewellery Quarter office block
An office block in Birmingham has undergone a renovation project. The facelift work at the Jewellery Business Centre, in the historic Jewellery Quarter district, includes new breakout space for collaboration and relaxation and a refreshed reception area. There is also a new dedicated postal room, redecorated corridors, new signage and other work to the building's décor. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Landlord Northern Trust Company carried out the project in Spencer Street in collaboration with Rota Contracting and Poppy Signs. Business centre manager Lisa Whitcombe said: "Northern Trust is dedicated to creating high-quality workspaces that meet the evolving needs of our occupiers. "These improvements reflect our ongoing investment in the Jewellery Business Centre and underline our commitment to supporting businesses in Birmingham's Jewellery Quarter." The building has flexible space able to accommodate single occupiers up to small businesses.
New self-storage facility launches
A new self-storage centre powered by the latest technology has opened in the Black Country. Wolverhampton-based Westbeech Group has launched its first Nest Storage centre on Old Hall Industrial Estate, in Revival Street, Bloxwich. Nest Storage is open 24/7 every day of the year with access granted via a mobile app. It is housed in what used to be a bowling alley on an industrial estate that was also once home to a snooker hall and gym. Westbeech Group owns a number of industrial estates across the West Midlands and is in negotiations over a second site in Wolverhampton. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Managing director Ian Houghton said they had researched the self-storage market for the past 18 months before electing to partner with Engage, a Birmingham-based business which runs and manages 22 similar units for different UK brands. "Self storage is a well developed industry but most of the big players in the market constructed their dedicated units in the past five to ten years," he said. "Since then, technology has changed dramatically what we can do and, particularly in the last 18 months, has taken giant strides forward. "We believe we are launching with a cutting-edge product that is designed for today's tech-savvy customers. "Our first unit has been custom designed with new technology inbuilt, whereas retrofitting can cost between £50,000 and £100,000 per site.
JD Sports updates plans for new 'campus' HQ that will 'rival Facebook and Google'
JD Sports, the fashion retail behemoth, has unveiled revised plans for a campus headquarters in Bury, which company leaders claim will 'rival Facebook, Google and Nike'. The proposed development at Pilsworth, near the M66, includes an all-weather sports pitch, running track and padel court for employees and guests. Preliminary plans for the campus were approved in 2023, and new road access and car parking off Pilsworth Way and Hollins Brook Road have been completed. JD Sports previously stated that they needed to invest millions into the working environment in Bury to 'attract talent' and compete with the facilities offered by global brands and tech firms. Bury Council's planning committee will review detailed plans for 'phase two' of the project next week. The new hub would be a three-storey building serving as a 'central office', featuring offices, a gym, restaurant, cafe, meeting rooms, training facilities and a presentation theatre with outdoor terraces. The building, designed with two wings connected by a central atrium and linked on the first and second floors by a bridge, could accommodate around 2,000 workers. Nearby, multi-purpose all-weather pitch and circular running track would be constructed. The latest plans have scaled down the building from four storeys to three, and previously approved plans for an employee crèche have now been scrapped, reports the Manchester Evening News. JD Sports, currently operating out of three buildings on Pilsworth Road and employing around 1,300 people, is one of the largest employers in Bury. The sports and leisure firm referred to the creation of the campus as 'a pinnacle moment in our company's history' when the outline plans were approved. A design and access report supporting the latest plans stated: "The business is seeking to work with their employees to improve staff retention." It further added, "JD recognise the need to update and improve on the benefits that the business provides for employees. The requirements include an improved food and beverage offer on site, gym and recreation facilities, training environments and collaborative working spaces." The planning committee meeting will decide on the application on Tuesday, January 28.
Vita Group secures £43m funding for third Newcastle city centre student housing scheme
A £43m funding package is driving forward a new student accommodation scheme in Newcastle. Puma Property Finance has announced it has given a the multimillion-pound loan to Vita Group to fund the development of its third student accommodation project in Newcastle. Vita Group is constructing the property on Leazes Park Road, having struck a deal for the site of former Barker and Stonehouse furniture store. Demolition teams have been busy clearing the site to make way for Vita Student Leazes Park, a 260-bed purpose build student scheme, after the luxury furnishing company moved out, having sold it for more than £5m. Puma Property Finance has announced it has given a the multimillion-pound loan to Vita Group to fund the development of its third student accommodation project in Newcastle, which sits close to the Newcastle University campus and Northumbria University’s main campus. New images have been released by the operator, showing how Vita Student Leazes Park will have amenities including a gym, bookable private dining and study rooms, a private landscaped courtyard and basketball court. Every bedroom will also have a high-quality fit-out, and floor to ceiling windows. Developers and operators Vita Student plan to have the new building ready for students to move in ahead of the September 2026 academic year. The scheme is Vita’s third student development in Newcastle, based close to its other sites in Strawberry Place and on Westgate Road, close to central station. The company’s first building in the city was launched around 10 years ago, when Vita Westgate was created on land once occupied by the former Westgate House, a building which was knocked down in 2007 following a campaign for its demolition. The neighbouring Norwich Union House was also taken down to make way for the new structure. The £43m deals marks the third scheme that Puma has partnered with Vita on, having previously given the business a £24m loan for a 269-bed development in Belfast in September 2022 and the December 2024 Edinburgh development. Max Bielby, chief operating officer for Vita Group, said: “This development in Newcastle marks our third in the city and we are delighted to be continuing to provide incoming students with high-class accommodation and facilities. We are looking forward to seeing this development come to life over the coming months in partnership with Puma.”
Big box market could get ‘competitive’ as industrial market returns to growth while development pipeline is limited
The North West’s industrial and logistics market has returned to growth – and a new report suggests a limited big box development pipeline means there will be “competitive tensions” and rising rents. The North West Logic report from Knight Frank showed the market was positive again in 2024 after two years of decline. Occupier take-up reached 4.8million sq ft, up 7.5% on 2023 and surpassing the five-year pre-pandemic average. The study showed manufacturing had a strong year, with a 71% year-on-year increase in take-up from the sector meaning manufacturing made up 39% of total take-up. Meanwhile, retail and distribution sectors accounted for 26% and 28% of take-up respectively. Prime rents hit £11.50 per sq ft, with prime annual rental growth of 15%. Knight Frank is expecting more growth this year, with prime rents forecast to rise by 4.5% across the North West and 5.7% in Manchester. Key deals included the letting of Oldham 369, a 369,251 speculative new build, to food firm Inspired Global Cuisine. Sam Royle, partner, Manchester logistics & industrial for Knight Frank, said: “ The big box development pipeline is limited for the region with only seven units over 100,000sq ft currently under construction and scheduled for completion in the next 12 months. Quoting rents on these new builds are averaging £9.00-£10.00 per sq ft. “With a slow down in the big box development and a lack of Grade A units in the market we anticipate further competitive tensions from occupiers trying to secure best-in-class units. This is likely to lead to upward pressure on quoting rents as the year progresses.” Knight Frank capital markets partner Matt Stretton said investment activity also turned a corner towards the end of the year . He said: “Investment volumes in Q4 were held up by the off-market sale of a cluster of five logistics units and an office next to Manchester airport all of which were let to The Hut Group. “Prime industrial yields in Manchester sharpened by 25 bps to 5.25%during Q4 following six consecutive quarters in which Manchester’s prime yields had bottomed out at 5.5% “The adjustment signals the beginning of a new prime pricing cycle and a transition towards what is anticipated to be a more active market in 2025. At 5.25% Manchester’s prime yields maintain a 25-bps discount compared with prime London & South East industrial. “Most of the activity has been in the multi-let sector, as opposed to logistics where there are a number of estates that have either traded or are under offer. This demonstrates the depth of buyers, particularly for prime locations. “Premier Park at Trafford Park saw competition from most of the traditional UK funds, which drove pricing from a quote of £37.5m to the price paid by M&G reflecting £46.9m. The 20-unit 197,000 sq ft multi-let industrial complex is fully let with 65% of the income subject to a lease event within the next 24 months.”
New JV formed to lead Birmingham resi scheme
A new £60 million joint venture has been formed to develop more than 200 apartments in Birmingham. Manchester-based developer Cole Waterhouse has teamed up with the UK arm of US firm Taurus Investment, investor Housing Growth Partnership and real estate lender BGO for the scheme in Digbeth. The project represents the first phase of Cole Waterhouse's Upper Trinity Street scheme and will comprise 211 units to rent across three buildings. Caddick has been appointed as main contractor and work is expected to complete in spring 2027. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. The overall £260 million project, whose masterplan was approved in 2021, has been designed by architecture practice Corstorphine & Wright. It will have around 940 new homes, a 133-bedroom hotel, 60,000 sq ft of commercial space and a skypark set across the 5.2-acre site. The development will also relocate the Pat Benson Boxing Academy to a new home and have a brand new Museum of Youth Culture and the Birmingham Music Archive. It will also include the creation of Pump House Park which will sit alongside the canal and the historic lockkeeper's cottage which will be retained. The development is expected to create 600 jobs during the construction phase and up to 313 additional roles once built. Cole Waterhouse's chief executive Damian Flood said: "Entering into a contract with Caddick enables us to undertake this exciting project with Taurus, Housing Growth Partnership and BGO. "This is our first joint venture with the professional team at Housing Growth Partnership and we are all excited to bring forward the first phase of Upper Trinity Street which will be one of the catalysts for the further regeneration of Digbeth, demonstrating our confidence in delivering much needed housing in this key part of the city."
Huge 900-space multi-storey car park to be built in Cardiff Atlantic Wharf redevelopment
A new multi-storey car park made up of more than 900 spaces will be built in Cardiff Bay. Cardiff Council's planning committee have approved plans for the seven storey high development, which will be located on the Red Dragon Centre car park opposite County Hall, The car park is part of the wider masterplan to redevelop Atlantic Wharf which will include the construction of a new 15,000 capacity indoor arena, a hotel and new public square. Plans for a hard surfaced car parking area made up of 73 spaces was also approved by the council's planning committee. Two of the main concerns raised about the plans were the impact on traffic and the loss of trees. Cardiff Council ward member for Butetown, Cllr Helen Gunter, said she was not happy about the potential impact that the development could have on traffic, especially for local residents who live on Galleon Way. Cllr Gunter argued that under the proposed arrangements, residents living on the road would struggle to access their homes whilst the car park is in use. Galleon Way is accessed by the roundabout that's located in between County Hall and the application site. Drivers accessing the multi-storey car park will also need to use this. However, Cllr Gunter also stressed that she was not totally opposed to the development and suggested that further solutions should be looked at to address the issue, like sensor triggered traffic lights. There are also concerns from residents about a proposed coach drop-off point that was initially proposed as part of the development. However, one planning officer told committee members this was being reviewed with the the developer and that it likely won't be going ahead. Martin Smith said: "Even if it does... I don't think the impact will be quite as significant as feared by the residents." Mr Smith added that the council has got management options that can be utilised, like providing spaces for egressing vehicles of residents on Galleon Way.
Two major North East industrial schemes leap forward amid lettings and planning approvals
Two major industrial schemes in the North East have taken leaps forward on the back of significant lettings and planning approvals. On Wearside, proposals to create new industrial space in Sunderland to support the region’s advanced manufacturing park have been given the go-ahead. Town End Farm Partnership Ltd last year put forward plans to create new space north of the Nissan plant to form part of the International Advanced Manufacturing Park (IAMP) through three units providing more than 860,000sqft of space. Work on the scheme, which was submitted on behalf of the Durham business by planning and development specialist Hedley Planning, can now get under way after planning approval was granted by Sunderland City Council. Onsite construction work is expected to start later this year. Three industrial units will be built on the southern development section of the site, set on a 150-hectare site to the north of Nissan and east of the A1290, providing 17,220 sqm, 14,600 sqm and 49,190 sqm of modern warehouse-style space with ground floor office accommodation, vehicle and HGV parking facilities along with associated yard space. Hedley Planning’s associate director Alex Franklin, who oversaw the planning application for Town End Farm Partnership Ltd, said: “There’s no doubt that IAMP is a real game-changer for the North East and its modern industries, driving investment, supporting jobs and creating long term prosperity. “This latest planning approval will see the go-ahead for another important phase in the park’s development – new units in IAMP and other locations, which benefit from investment in good planning, design and modern construction materials, are well sought after and in high demand.” Peter Razaq, managing director at Town End Farm Partnership Ltd, added: “This is a terrific scheme that will now proceed, meeting the strong demand for high quality industrial units in important North East locations and supporting the economic growth of local businesses.” Meanwhile in County Durham, listed business management business Restore Plc has signed a 15-year full lease for space at Integra 61. The company has signed up for Connect 84 - part of the Connect development at the industrial park - to become home to its new storage centre, at an 84,175 sqft unit which property agents described as the largest speculative new build project in the North East in the last two decades. Nigel Dews, managing director, Restore Information Management, said: “We are excited to have Connect 84 as our new storage centre. This fits nicely with our wider property strategy to continue to provide state-of-the-art storage facilities for our customers which also help with reaching our sustainability targets.” The deal was brokered by Avison Young, together with joint letting agents CBRE and Naylors Gavin Black, on behalf of site developers Sunrise Real Estate.
Accountancy giant takes space at landmark Bristol office development
A landmark Bristol city centre office development has secured a UK professional services firm as its latest tenant. Forvis Mazars is taking 7,800 sq ft of Grade A space on the eighth floor of Assembly Building C. The company joins a community of businesses at the mixed-use scheme including law firm Clarke Willmott and Norwegian wireless fabless manufacturer Nordic Semiconductor, which are within the same building. Other businesses in the development include real estate firm Knight Frank in Building B and BT, which has its South West hub - employing some 2,500 staff - in Building A. The Assembly scheme comprises three office blocks overlooking Bristol’s historic harbour. The project is part of the growing Bristol Temple Quarter Enterprise Zone next to Temple Meads railway station. The public realm surrounding the development is now complete, including a public art trail by acclaimed artist Alex Chinneck. The scheme has also enabled the re-opening of a historic walkway through the site, reconnecting Temple Meads to the city centre for the first time in 50 years. Assembly Bristol is represented by Savills and JLL as letting agents. Forvis Mazars was represented by Cushman & Wakefield. “Assembly Bristol is setting the standard for a mixed-use regeneration scheme, offering flexible and smart workspace across three buildings, as well as cafés and public space,” said Chris Meredith, director at Savills. “Incorporating the latest methods of construction and design, the buildings combine exceptional quality with excellent efficiency and impressive sustainability. It has been thoughtfully designed to deliver a thriving workplace with a focus on staff wellbeing, productivity and health."
Manchester's building boom falters to 'lowest level in 10 years' as huge developments fall through
The great Manchester building boom slowed to its lowest level in a decade, the latest Deloitte crane survey has shown – but analysts are optimistic there's more development to come. The city saw the start of only 20 new construction projects in 2024, which the survey said was the 'lowest level in 10 years'. Despite the successive decline in new starts over three years, John Cooper, infrastructure and real estate partner at Deloitte, holds an optimistic view regarding Manchester's prospects. He said: "You only need to look at the skyline in Manchester to see just how much the city has changed over the last decade, as it has transformed it into a dynamic innovation hub. Our survey's findings demonstrate that despite ongoing pressures and a decrease in new starts, Manchester's construction sector remains active." In the combined area of Manchester and Salford, there were 58 developments under construction over the past year. That led to an 'significant increase' in completed projects, with 27 reaching completion. Residential initiatives were central to the construction sector, with 4,448 new homes finished in the previous year, while another 10,788 homes were still being built. With residential projects constituting over half of the new schemes and approximately 9,000 additional homes predicted to be ready within two years, market analysts suggest that "Manchester is on track to exceed the average annual demand for homes", reports the Manchester Evening News. Mr Cooper, said: “Despite economic headwinds and political uncertainty shaping much of 2024, the residential market in Manchester continues to deliver strong results. “The city’s commitment to addressing housing needs and the projected completions of approximately 9,000 new homes over the next two years means Manchester is on track to exceed the average annual demand for homes, identified in Greater Manchester policy.” “With Manchester’s leading higher education institutions also bringing in thousands of students every year, the city’s student residential sector is continuing to deliver more bedspaces, with a number of new permissions granted to ensure growing student demands can be met.” Office openings in Manchester have seen a significant increase, with 1.07 million sq ft marking the largest total since 2020. However, concerns persist about the lack of new office space available in the city centre in the coming years Mr Cooper added: “The shift to hybrid working patterns has created an opportunity to deliver high-quality office space that prioritises collaboration and sustainability. Manchester has certainly embraced this trend whilst seeing a shift towards refurbished offices which represents 68% of the total floorspace under construction in 2024. The pipeline of activity is strong, ensuring Manchester remains at the forefront of hybrid, sustainable office spaces that cater to changing working dynamics.” Professor Duncan Ivison, Vice-Chancellor of the University of Manchester, emphasised 'there is more to do' in 'attracting top talent to the city-region and empower them to push the boundaries of discovery and innovation'. In the hospitality sector, 258 new hotel rooms were completed last year, with an additional 1,181 expected by 2028. This expansion will support the growing demand for visits to Manchester, which has been boosted by the opening of Aviva Studios in 2023 and Co-op Live in 2024. Deloitte now estimates Greater Manchester's tourist economy to be worth £8.7b, a figure also bolstered by fans attending Manchester City and United matches. Last week BusinessLive reported on Manchester's big ambitions to become a £15bn tourist city. “Manchester boasts many unique cultural offerings, from its iconic music scene to its globally renowned football teams. New leisure developments are making the city a must visit destination, bringing world-class artists right to our doorstep. “The tourism sector was hit hard during the pandemic, however it’s clear that it has come out the other side stronger and more resilient, with Manchester alone accounting for £4.65 billion of tourism and supporting around 45,000 jobs. As a result, the demand for hotel rooms is growing further, with a strong development pipeline helping to ease strains on the sector.”
New lab space and trackless trams – the vision for Liverpool's £1bn Knowledge Quarter as it bids to attract science and tech firms to the city region
The team behind Liverpool’s billion-pound Knowledge Quarter redevelopment have vowed to develop more laboratory space to help attract and retain science businesses in the city region. KQ Liverpool has launched its latest masterplan for growth – including plans to to create more than a million sq ft of new laboratories and workspace. KQ Liverpool 2040 : A Blueprint for Growth says the area should aim to “create a range of inclusive innovation opportunities and inspire future generations” through encouraging the development of the region’s technology and science sectors. It also focuses on improving transport to the area, which stretches from Lime Street to the Paddington Village redevelopment zone with the landmark The Spine and Novotel towers, and includes the University of Liverpool and Liverpool John Moores University. Colin Sinclair, chief executive of KQ Liverpool, told BusinessLive that the area was already home to many successful companies, from start-ups such as MyCardium through to Unilever spin-out Elida Beauty, which has labs and other operations at Liverpool Science Park. Now, through developments such as the planned Hemisphere buildings at Paddington Village, KQ Liverpool aims to encourage more science and tech firms to the city. He said: “We do have some really big occupiers and we have fantastic research links with all of the big pharma and life sciences and chemicals companies. But what we want to do is to have more of those – their labs their R&D – in the knowledge quarter. And to do that, you have to build the space. “The Knowledge Quarter has a spin-out development company Sciontec, which bought, owns and runs the incredibly successful Liverpool Science Park. We're bringing Sensor City into our portfolio of innovation spaces, and also developing the new labs at Paddington Village. “What's critical about that lab development is we currently don't have any vacant lab space. All the labs at the science park fill up. If a customer grows and moves and expands and goes to somewhere else in the country, we lose them to Liverpool because we didn't have the expansion space here. “So Hemisphere One and then Hemisphere Two will have that lab space, not just bio labs, but chemistry labs as well, and space for companies working in AI and robotics. And that will be a big step forward in attracting those multinational companies.” The new strategy also suggested that “trackless trams” could be introduced to link the Knowledge Quarter area to the city centre. Last year, Liverpool city region’s metro mayor Steve Rotheram said he wanted to bring Glider trackless trams to the cit y, to connect areas not currently served by the rail network. The vehicles operate on roads but are designed to look and feel like trams. Mr Sinclair talked about the need for “last mile connectivity” – making it easier for people to get from Central and Lime Street to KQ Liverpool. That would also be useful to patients and visitors at the Clatterbridge Cancer Centre and the neighbouring new Royal Liverpool Hospital. KQ Liverpool’s latest promotional video included an image of the glider, which also appears on the new strategy’s promotional website. He said: "The partnership the Knowledge Quarter has with the city, the combined authority, the universities, our private sector partner Bruntwood SciTech and Legal & General... that gives us enormous weight when it comes to pushing for innovation. “The piece of innovation we most need now is that last mile transport connectivity. “The Metro Mayor has introduced the concept of glider buses, which are trackless trams. And we are working really hard to ensure that that last mile connectivity from Lime Street and Central to Paddington Village and the new hospitals is in place as soon as possible. “On a lovely sunny day with blue sky here – we have a beautiful city, and you don't mind walking back down the hill to the stations. But in the middle of January, when the rain is sideways, particularly if you're visiting the hospitals, you need that public transport. And so we are working really hard to bring that forward.” A Liverpool City Region Combined Authority spokesperson said:"Mayor Rotheram announced last year that the Combined Authority would be looking at how best to introduce new rapid transport links between key locations in the city region not currently served by the rail network. "We're committed to working closely with partners – including at Knowledge Quarter Liverpool – as potential plans move forward."
Avison Young wins Alexander Stadium brief
Consultancy Avison Young has been appointed as property manager for the Alexander Stadium in Birmingham. The athletics stadium in Perry Barr, which was the centrepiece of the 2022 Commonwealth Games, is also set to become the first UK stadium to host the European Athletics Championships when it comes to the city next year. A £72 million investment was made to upgrade the stadium for the Commonwealth Games while surrounding infrastructure such as Perry Barr station also underwent improvement work. The stadium's transformation includes the creation of commercial spaces in the new West Stand, sporting facilities and tenanted areas in the West and East stands. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Last year, Birmingham City University relocated its sport and exercise science campus to the stadium, using its own funding to fit out the spaces. The move included repurposing the areas beneath the East and West grandstand seating which has now been established as office and teaching spaces. The development has created two multi-let commercial buildings that stand on their own estate. Current occupiers in the stadium also include Birchfield Harriers athletics club, Corporate Sporting Events and UK Athletics. Avison Young has been appointed to provide guidance in establishing an appropriate and transparent management framework that aligns with the characteristics of the complex. The firm will provide surveying and accounting services to manage landlord and tenant relationships. Its appointment represents an extension of the work Avison Young is already undertaking for the stadium's owner Birmingham City Council across a range of other commercial assets. Guy Thompson, principal at Avison Young UK, said: "We are proud to be involved in supporting the legacy of the Commonwealth Games and contributing to the long-term success and evolution of Alexander Stadium. "This distinctive asset presents an exciting and unconventional challenge. We are committed to maximising the value of the investment and enhancing the stadium's role as a key asset for the city and wider region." Cllr Mariam Khan, cabinet member for health and social at the city council, added: "Collaborating with Avison Young will be instrumental in enhancing the relationships with our partners based at Alexander Stadium. "Their expertise in bespoke property management makes them an ideal partner to help us unlock the full potential of the stadium.
Historic Northumberland pub sold to pub giant Greene King in multimillion-pound deal
A 200-year-old Northumberland pub famed for its ‘cursed’ window collection has been acquired by a pub giant in a seven-figure deal. The Dirty Bottles in Alnwick has been operating as a pub for more than 200 years, but just over 10 years ago it faced closure when developers had earmarked it to be turned into flats. Local entrepreneur Mark Jones stepped in to save the building, believed to have been built in the 1600s, and transformed the pub with a number additions, including the acquisition and incorporation of the former Oscars bar at 34 Narrowgate, and the development of adjoining properties 28 and 30 Narrowgate. Now property agents at Christie & Co have overseen a deal to sell the pub in the £1m-plus investment deal to Greene King, one of the UK’s leading pub companies and brewers. The pub used to be called Ye Old Cross Inn but took on its current name in honour of the “curse of the dirty bottles”, a 200-year-old legend which holds that the innkeeper dropped dead while interfering with the bottles in the window. His widow said that anyone who did the same would meet a similar end, so the “dirty bottles” were sealed between two windows and have remained untouched ever since. Former owner Mark Jones said: “As an Alnwick lad, I am really proud to have transformed what was a derelict, unloved row of buildings into a sympathetically restored and bustling hospitality venue, taking turnover from zero to circa £3,000,000. As well as giving locals and tourists somewhere of real quality to drink, eat and stay, we have also created and sustained around 40 jobs for local people. “I have thoroughly enjoyed owning and operating The Dirty Bottles, but my real passion is redeveloping and refurbishing buildings. I have a number of other projects in the pipeline across the county, as well as my co-owned camping and glamping business.” Richard Smith, estates director at Greene King said: “The Dirty Bottles has a rich and fascinating history in Alnwick and under Mark’s ownership has significantly evolved over the past decade to combine history and heritage with a modern contemporary feel. “We want to retain and build on everything about the pub that makes it such a success, while also helping to invest in its future.” David Cash, regional director at Christie & Co who brokered the deal, said: “The Dirty Bottles is a superb example of a pub/restaurant with rooms which has benefitted from security via multiple income streams, providing some protection from the challenges that the wider industry has faced over recent years. Huge credit to Mark and his team for remaining innovative and tenacious in their approach to operating a hospitality business in the current climate.
Property group snaps up Northumberland industrial estate in £5m deal
Property group Northern Trust Company Ltd has snapped up a Northumberland industrial estate in a multimillion-pound deal. Northern Trust Company, an investment group focusing on property investment, development and strategic land promotion, currently has a portfolio of around 9m sqft of industrial space, trade counters and office parks, as well as more than 5,000 acres of land throughout the UK, supporting over 25,000 jobs. Now the business has bought the South Nelson Industrial Estate in Cramlington, which has 46,683 sqft of workspace across 33 units, set next to Northern Trust’s existing Nelson Park Industrial Estate. The £5m acquisition takes Northern Trust’s total ownership in Cramlington to around 300,000 sqft in 100 industrial units occupied by a range of local and regional tenants, while also further strengthening its presence in the North East industrial market. The South Nelson Industrial Estate is home to a mix of well-established businesses, including Mosa Welding Products, Rod & Tackle fishing shop, Merc Solutions, A1 Forklift Truck Training and Northumbrian Bearings & Transmissions. Tom Parkinson, director at Northern Trust, said: “We are pleased to have completed the acquisition of South Nelson Industrial Estate, which is a valuable addition to our portfolio. This strategic acquisition not only strengthens our presence in Cramlington but also enhances our ability to meet the growing demand for quality industrial space in the area. “The location’s close proximity to Nelson Park Industrial Estate provides an excellent opportunity for us to further support local businesses with a wider range of flexible business space solutions.” Barry Nelson, regional property director in the North East, added: “South Nelson Industrial Estate is a well-established industrial estate with excellent connectivity, making it an ideal addition to our portfolio. With the diversity in unit sizes, we can cater to a wide range of businesses looking for flexible space to meet their operational needs. We look forward to managing and developing relationships with the existing occupiers on the estate.” Chris Donabie, partner at Naylors Gavin Black, acted for Northern Trust on the acquisition. He said: “We identified that the industrial asset had potential to compliment Northern Trust’s nearby Nelson Park Industrial Estate and managed to secure it in an off-market deal.” The trust’s portfolio in the North East has 75 different schemes, including the Airport Industrial Estate in Newcastle, Amble Industrial Estate, Bede Trade Park in Jarrow, the office scheme Silverlink Business Park and Telford Court office space in Morpeth.
Former Newcastle Sports Direct store to become new home for banking giant
Lloyds Bank is to move into the multimillion-pound redevelopment of the former Sports Direct store at Monument Mall, it has been revealed. Billionaire real estate entrepreneurs Reuben Brothers, part owners of Newcastle United, snapped up Monument Mall in a reported £37m deal four years ago through its investment vehicle, a deal which triggered major investment at the large property which has luxury shops, bars and restaurants. Former tenant Sports Direct moved out of its Northumberland Street building to set up shop across the street, and hoardings have surrounded the former sports shop for a number of months while a construction team strips back the property – previously home to retailers including Burtons and Woolworths – to create new commercial units for new tenants. Now it has emerged that Lloyds Banking Group is poised to quit its Grade II star listed base on Grey Street to move its city centre branch into Monument Mall. Work on a fit-out is set to take a number of months, with Lloyds taking over the ground and first floors, but the banking group says its hopes to move into its new city centre base in the second half of this year. The firm said the new branch will be based within the ground floor of its new office in the Monument Mall building, providing a more modern, accessible space for both our colleagues and customers. It added: “We will terminate our existing lease once all colleagues have been relocated. There are no role reductions as a result of this announcement.” Staff at the bank’s Newcastle branch were told of the planned move at the end of last year, through an announcement saying: “We’ve been looking at some of our regional offices to understand how they’re being used and how this aligns to our strategy to create fewer, better equipped offices to suit the future of our business. This is about having the right facilities, technology and environment for our people, designed for inclusivity, accessibility and sustainability. We’re investing in our branches too. While the shape of our branch network is changing in line with customer behaviours, we’ll continue to invest In our branches to ensure great customer and colleague experiences. “Taking these factors into consideration, we’ve decided to relocate our branch and our regional office from 102 Grey Street to Monument Mall in H2 2025. The new Lloyds branch and office will be a significant upgrade on our current space and will have a whole now look and feel. We’ve secured a prime retail spot in this building which reflects how customers are banking with us now.” The new branch is set include innovative new features including ‘touch down spaces’, greater technology-led experiences, a new kitchenette and breakout spaces. Sharon Doherty, chief people and places officer at Lloyds Banking Group, said: “We’re thrilled to be moving to Monument Mall in Newcastle. This new location provides our people with modern, state-of-the-art facilities, creating the ideal environment for our colleagues to collaborate and thrive. Newcastle joins our other hubs, including Cardiff, Birmingham, Leeds, London, Belfast, Edinburgh, and Manchester, benefiting from the significant investment we’re making to transform our workplaces for colleagues and to attract the talent of the future.”
Manchester 'could run out of office space by 2027' - what it could mean
Andy Burnham, the Mayor of Greater Manchester, revealed a 'sobering' report shortly before Christmas, suggesting that if current trends continue, the city could run out of office space by 2027. He said: "There'll be investors wanting to come here but there won't be available space because if we're moving at the pace we're moving at, we'll have that problem. So that was quite a sobering read." The exact details of the report remain undisclosed, but insiders confirmed that it implies a potential shortage of new office space in Manchester city centre in the coming years. Council leader Bev Craig attributed the high demand for offices to Manchester's appeal to investors, stating: "Manchester is a place of high investor confidence", and "we attract major international businesses to the city, alongside a very healthy start-up and SME community of businesses". She added: "After economic challenges since Covid, building across the country slowed. Thankfully in Manchester we have bucked the national trend. "We know without building more, we will see a diminishing supply of readily available Grade A office space, so we will continue to work with partners and the development community to bring forward future office investment opportunities in the city to ensure we can meet demand to support Manchester's ongoing growth ambition to bring more jobs to our city in 2025." Colin Thomasson, executive director of commercial real estate giants CBRE, has warned that a lack of new office spaces could pose 'a barrier for how we grow the city', reports the Manchester Evening News. CBRE serves as the investment advisor for the £840 million Greater Manchester Property Venture Fund (GMPVF), an offshoot of the Greater Manchester Pension Fund, which invests millions into new developments across the north west. Mr Thomason said: "Where I think it stunts growth is that Manchester's grown as a city in the last 20 years because when [huge firms like] Google arrived... and said 'we're thinking of creating an office in Manchester', you've had two or three brand new buildings that you can immediately take them to and say, 'this could be your office'. "They go 'wow, it's amazing'. So you've energised their ability to think this is a great home for them." He continued by saying that these new buildings not only impress potential investors but also enable major firms to establish connections with local universities and the public sector. However, without these new buildings, Thomason believes it changes the narrative when trying to attract businesses to the city. He added that this could potentially create challenges in presenting the city's story to potential occupiers and those looking to expand their operations. Bruntwood SciTech, a leading developer, is currently constructing top-spec offices including the Citylabs medical technology hub and the Greenheys Building, a £20m 'sample' biobank set to open next year for drug research. Among its major projects is the £87m, 267,000 sq ft No 3 Circle Square, the latest addition to the former BBC New Broadcasting House Oxford Road site. As Josh Whiteley revealed during a tour for the Manchester Evening News., Circle Square already houses Uber, Octopus Energy, and Bosch, with AutoTrader set to relocate from First Street soon. The development also includes student accommodation, which, according to Whiteley, 'underpins the land value to allow commercial development to come forward'. Without these residential receipts, he said, securing lending for construction would be challenging. In addition to this, Circle Square features Amber's nightclub, Federal cafe, and Asda Express among its 26 leisure units. "We want to generate a place that a lot of people can enjoy," Mr Whiteley explained, adding that it's not intended to be a new Northern Quarter or Spinningfields. Despite the scale of Circle Square, it's dwarfed by Bruntwood SciTech's largest project - the 26-acre Sister project, previously known as Innovation District Manchester. "The basic idea is to connect Piccadilly with Oxford Road," explained Mr Whiteley. The plan involves replacing a multi-storey car park with three new student tower blocks and renovating several university buildings into offices, including the grade-II listed Sackville Building. This means students will no longer study there, and it might close to the public. While plans to maintain some public access are being considered, Josh acknowledged that "maintaining security for technological, research, and development companies while keeping areas open is a challenge". Another building closing as a university facility is the Renold Building, the world’s first purpose-built lecture hall. It has recently reopened for businesses, and the idea is to convert it into a convention centre with offices, as demand for conferences in Manchester keeps growing. Another university facility set to close is the Renold Building, the world's first purpose-built lecture hall, which is slated to be converted into a convention centre with offices to meet Manchester's growing demand for conference spaces. However, new builds aren't the only solution to Manchester's office space issues. Renovations are also taking place at the Pall Mall and Pinnacle buildings on King Street, which are set to reopen in August and be connected at the ground floor for the first time, according to Richard Roper. "We want this to be best-in-class on how to retrofit a building sustainably," he said. "The building is listed, so even windows have to be replaced to the millimetre. That means it will look the same but be completely different inside." The MEN's tour showcased the various strategies developers employ to meet office demand, with Richard asserting that 'you have to invest' as 'the quality of space is getting so good'. Yet, the crucial question remains whether the property sector can maintain this pace or if it will hinder Manchester's progress.