We may have had a week where we went from highs of over 30 degrees to lows of around 15 degrees, but the commercial property sector has been hotting up.
Last time we looked at a new Barclays hub, Leicester and Derby office space, a speculative industrial site in Leeds and the redevelopment of Corys’ buildings in Cardiff Bay.
This week we’re looking at rises in commercial investment around the UK, Scotlands hotel sector booming, a campaign against the Network Rail arches sale and held-back hotel plans in Birmingham.
UK Investment Rises Across The UK
The first half of this year saw investment volumes reach almost £30 billion in the UK. This is the 5th year in a row where the market has been above average in Q1 & 2, with this year being 32% above average.
But which regions are seeing the best results? According to the latest data, the top 4 are Bristol, Manchester, Cardiff and Birmingham.
Investment in commercial property increased by 2.1% in Birmingham, 2.6% in Cardiff, 2.4% in Manchester and 2.1% in Bristol.
Find out more about this news story via BuyAssociation.
More Visitors Boost Scottish Hotel Sector
Scotland has certainly seen a significant rise in hotel growth, with tourism to the country increasing due to various famous festivals (such as the Edinburgh Fringe Festival).
Investment activity for Scottish hotels in Q1 2018 totalled a whopping £105.85 million, which is over 90% better than the previous year.
Although an increase in visitors has contributed to this, so has the rise in overseas investors.
Find out more about this new story via The Scotsman.
Businesses Against Network Rail Arches Sale
This year saw a £1.5 billion Network Rail commercial property portfolio go up for bidding, but those who already own businesses at the arches are angered by rent hikes.
Over 1,000 businesses involved have written directly to Jo Johnson (Transport Minister), demanding that he protect their interests. They also also requested the sale be paused to allow local parties to declare their interest.
The rent rises would seriously affect the businesses already there, with one elderly garage owner facing a rise of over £100,000 a year.
Find out more about this news story via City AM.
Bloc Hotel Plans Scaled Back in Birmingham
Nearly 2 years ago, boutique hotel brand Bloc planned for a new 26 storey city centre hotel in the heart of Birmingham – but plans have now had to be scaled back.
It emerged recently that the application site was significantly bigger than originally thought. This has meant that a new application needed to be submitted to the city council, with 3 less storeys and 11 less bedrooms than originally planned.
But they’re not the only changes to the plans. Other changes include a less triangular design, new reception area and deeper entrance to allow more space for pedestrians.
Find out more about this news story via Birmingham Post.
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.