30/07/2010
Property expert urges Staffordshire to put retail development firmly on its agenda - 25/06/2010
Focusing efforts to encourage retail development in Staffordshire’s towns and cities could help the area emerge from the commercial property downturn, according to a leading industry expert.
Cushman & Wakefield’s Mark McVicar used the latest InStaffs ‘Developing Staffordshire’ event to reiterate the need for greater focus and support by public sector agencies, more flexibility in planning policy and greater determination to work creatively with the private sector to bring projects, such as Stafford's £23m Tipping Street development, to fruition.
The Head of Retail Development also provided an update on the latest national retail trends, which included the rise in shop vacancies (to 12%), evidence of returning consumer confidence with an increase in spending during 2010, leading to a predicted surpassing of pre-recession household disposable income well before the end of the decade.
“There is no doubt the downturn has taken its toll on the retail sector and this has seen an increasing number of empty units and many proposed developments come to a halt,” explained Mark, who has been involved in high profile schemes such as Liverpool One.
“More fiscal tightening and the VAT increase will pose further challenges, but the outlook also features some positive signs and forward-looking and proactive regeneration partnerships are those that will take advantage of them.
“Success will be delivered through greater preparation and more creative marketing of new opportunities, a willingness to be flexible in title and development agreements and through simplifying and accelerating the planning processes. These all need to be in place if towns are to capture the attention of developers.”
He continued: “Staffordshire can capitalise from this predicted upturn in fortunes, with its mix of established centres and distinctive market towns a good platform from which to offer more ambitious developments."
Mark, who specialises in City Centre development and urban regeneration, also took time to press the need for town and City centres to offer more than just ‘shops’ and by focusing on ensuring a "visitor experience". This, he predicted, will represent the real battleground between the high street, retail park, foodstore and the internet, between now and 2050.
Latest Trends
Over 100 delegates at the Developing Staffordshire event at Newcastle-under-Lyme College were given an insight into the latest Property Market Trends for October 2009 - March 2010.
Despite the backdrop of the recession, InStaffs still recorded over 10,500 searches for properties in the area, with Stoke-on-Trent, Newcastle-under-Lyme and Stafford responsible for 30%, 21% and 10% respectively.
Industrial property still remains the most popular accounting for 64% of all enquiries, with office space under 3,000 sq ft also proving in demand.
The most encouraging indicator of positive change is the value of office rentals, which have risen from £9.41 to an average £10.34 per sq ft. Lichfield and Cannock Chase have been the prime beneficiaries of this trend.
Tony Joynson, Inward Investment Manager at InStaffs, believes interest has held up well:
“Although we have seen an overall decrease in the number of registrations to our site, the general feeling is that Staffordshire has been able to maintain interest from indigenous, national and global investors - thanks mainly to a surplus of good developments across the county.”
He concluded: “Another one of our biggest logistics units has gone in the last three months, with GAP taking a 234,000 sq ft unit at Prologis Park Stafford. There is also plenty of interest in Lymedale 415 and Blue Planet, both in Newcastle-under-Lyme.
InStaffs promotes Staffordshire as a business location and offers investors a wide range of information, site visits, pre-application planning advice, help with training and recruitment and grant advice.
It also operates a very successful website, featuring a searchable database of commercial property and development sites within the county and a wealth of other information. www.instaffs.co.uk
ENDS
Focusing efforts to encourage retail development in Staffordshire’s towns and cities could help the area emerge from the commercial property downturn, according to a leading industry expert.
Cushman & Wakefield’s Mark McVicar used the latest InStaffs ‘Developing Staffordshire’ event to reiterate the need for greater focus and support by public sector agencies, more flexibility in planning policy and greater determination to work creatively with the private sector to bring projects, such as Stafford's £23m Tipping Street development, to fruition.
The Head of Retail Development also provided an update on the latest national retail trends, which included the rise in shop vacancies (to 12%), evidence of returning consumer confidence with an increase in spending during 2010, leading to a predicted surpassing of pre-recession household disposable income well before the end of the decade.
“There is no doubt the downturn has taken its toll on the retail sector and this has seen an increasing number of empty units and many proposed developments come to a halt,” explained Mark, who has been involved in high profile schemes such as Liverpool One.
“More fiscal tightening and the VAT increase will pose further challenges, but the outlook also features some positive signs and forward-looking and proactive regeneration partnerships are those that will take advantage of them.
“Success will be delivered through greater preparation and more creative marketing of new opportunities, a willingness to be flexible in title and development agreements and through simplifying and accelerating the planning processes. These all need to be in place if towns are to capture the attention of developers.”
He continued: “Staffordshire can capitalise from this predicted upturn in fortunes, with its mix of established centres and distinctive market towns a good platform from which to offer more ambitious developments."
Mark, who specialises in City Centre development and urban regeneration, also took time to press the need for town and City centres to offer more than just ‘shops’ and by focusing on ensuring a "visitor experience". This, he predicted, will represent the real battleground between the high street, retail park, foodstore and the internet, between now and 2050.
Latest Trends
Over 100 delegates at the Developing Staffordshire event at Newcastle-under-Lyme College were given an insight into the latest Property Market Trends for October 2009 - March 2010.
Despite the backdrop of the recession, InStaffs still recorded over 10,500 searches for properties in the area, with Stoke-on-Trent, Newcastle-under-Lyme and Stafford responsible for 30%, 21% and 10% respectively.
Industrial property still remains the most popular accounting for 64% of all enquiries, with office space under 3,000 sq ft also proving in demand.
The most encouraging indicator of positive change is the value of office rentals, which have risen from £9.41 to an average £10.34 per sq ft. Lichfield and Cannock Chase have been the prime beneficiaries of this trend.
Tony Joynson, Inward Investment Manager at InStaffs, believes interest has held up well:
“Although we have seen an overall decrease in the number of registrations to our site, the general feeling is that Staffordshire has been able to maintain interest from indigenous, national and global investors - thanks mainly to a surplus of good developments across the county.”
He concluded: “Another one of our biggest logistics units has gone in the last three months, with GAP taking a 234,000 sq ft unit at Prologis Park Stafford. There is also plenty of interest in Lymedale 415 and Blue Planet, both in Newcastle-under-Lyme.
InStaffs promotes Staffordshire as a business location and offers investors a wide range of information, site visits, pre-application planning advice, help with training and recruitment and grant advice.
It also operates a very successful website, featuring a searchable database of commercial property and development sites within the county and a wealth of other information. www.instaffs.co.uk
ENDS
Keith Daniels
Stoke on Trent
Do you want more detailed information on Stoke on Trent click here to visit investinstoke.co.uk
