Our apologies for missing last week’s blog post, the company went through an extremely busy period! But we’re back now, with more intriguing commercial property news.
Last time we looked at Romford investments, Cornwall redevelopments Brighton regenerations and the Colston Hall Project.
This week we’ll be looking at the demise of Carillion, Siemens Worcester investments, Brexit versus commercial property and smashing expectations in the sector.
Richard Adam and Zafar Khan of Carillion Under Scrutiny
Carillion are of course not doing very well at the moment, with many a news story about their ongoing demise. From the loss of hundreds of jobs to dodgy dealings.
This week Richard Adam and Zafar Khan face the spotlight as the The Financial Reporting Council looks deeper into their positions within the company.
They are being investigated for the companies financial statements for various points in time, as well as the reporting of other financial information relating to the same time periods.
Read more about this news story via Building.co.uk.
Commercial Property Sector Smashes Expectations in Q4 2017
Office take up in the UK saw a positive change in 2017, as the second half of the year saw an increase in office take up (smashing expectations).
The total return from commercial property in the UK in 2017 as a whole was 10.3%, which ‘outstripped’ all expectations within the industry.
Returns for logistics for the sector rose to 21% in 2017 and returns are expected to continue this steady growth into 2018 (with a predicted rise of over 7% in the next 2 years).
Read more about this news story via City AM.
Siemens Invests In Manufacturing Facility in Worcester
Technology firm Siemens have started plans on a potential investment in a £27 manufacturing facility in Worcester.
The facility is already occupied by their own company, Materials Solutions (in which they own an 85% stake). It it set to open in September of this year – just a few months away.
The facility is to create more room for their 3D printing machines, starting with 15 and going up to 50 over the next five years. It’s an exciting time for the people of Worcester.
Read more about this news story via Insider Media.
The UK Office Property Market Unaffected By Brexit
Despite Brexit, demand for office space in the UK’s most popular cities it at a 10 year high. This shows business confidence in the economy, where there was not before.
2017 saw an office takeup of over 7 million sq ft in the UK’s regional cities, such as London and Manchester. It’s in fact 24% ahead of the 10 year average for the sector.
Leeds was a particular success in 2017, taking over 1 million sq ft of office space from the UK total – which was in fact 88% higher than their 10 year average.
Read more about this news story via PropertyWire.
That’s all for this week, make sure to stay tuned for more commercial property news. If you want even more up to date information then please visit our Twitter page at @VAT_BRIDGE – where you’ll find a whole bunch of daily news and insights.