Stuart Hogg Property Consultants Discusses Wales’ Commercial Property Prospects
Earlier this year, we got in touch with Stuart Hogg of Stuart Hogg Property Consultants to discuss the Welsh Commercial Property Market.
Overall, what has business been like this year for your company?
Pretty good – we’ve had reasonably high levels of demand in industrial properties; with a shortage of good quality properties, and a promising quantity of take up. A relatively low number of new builds has led to that scenario developing and we could see a rise in rentals in some areas as a result. In some secondary sectors of Wales, however, there’s an over-supply of office and retail – so take up there has been a little poorer. The retail market is interesting in that in some areas we are seeing a growing number of independents taking space that was previously only affordable by larger corporates. Over time, this could lead to a more diverse high street scene although it will take time and will often need to be supported through regeneration initiatives.
What do you believe are the benefits of starting up or moving a business to Wales?
Wales is very good for employment opportunities in terms of personnel, where there are relatively high levels of workers available at affordable rates. Quality of life in some areas is also helped with competitively housed pricing, and a government that is overall very supportive in establishing new businesses.
What do you believe are the most prosperous markets and industries in Wales at the moment?
Wales has a strong automotive presence, especially with the high profile Aston Martin factory opening in St Athan. There’s also a wealth of automotive part suppliers throughout South Wales, as well as a strong aerospace industry. The Welsh Government’s acquisition of Cardiff Airport has helped secure an important gateway presence and the Airport is now heading in very positive direction in terms of attracting new business.
Is there an area of industry in the local area that you think would benefit from further investment?
The development of infrastructure in South East Wales and the M4 corridor is essential for all industries – the new Metro system and also the M4 relief road being part of these. Also the removal of tolls on the Severn Bridge could have a transformational effect on South East Wales. In Mid Wales, there’s certainly an opportunity for the service sector to grow; particularly with more investment in telecoms and mobile broadband. Many service sector businesses can be operated remotely, and in Mid-Wales with its quality of life this can be a great draw where there isn’t a huge need to work from within the city centre.
And finally, are there are any recent deals or developments that you or your company have been involved in, if you’d like to share them with our readers?
The largest deal we concluded recently was the sale of Ladywell House in Newtown, a four storey office building sold for the Welsh Government to Powys Council. We’ve also now diversified into the aerial drone industry with the launch of SkyViz.biz; offering video content to help sell brands, products and services.
See all of Stuart Hogg Property Consultant’s properties on NovaLoca here