NovaLoca Blog https://www.novaloca.com/blog Commercial property news, tips and advice for business owners and occupiers Thu, 29 Sep 2022 11:02:46 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.21 Sheldon Bosley Knight achieve very high deals for a new industrial development in Vale Park, Evesham. https://www.novaloca.com/blog/index.php/2022/09/28/sheldon-bosley-knight-achieve-high-deals-new-industrial-development-vale-park-evesham/ https://www.novaloca.com/blog/index.php/2022/09/28/sheldon-bosley-knight-achieve-high-deals-new-industrial-development-vale-park-evesham/#respond Wed, 28 Sep 2022 08:55:24 +0000 https://www.novaloca.com/blog/?p=11660 Sheldon Bosley Knight have achieved very high deals for a new industrial development in Vale Park Evesham. Reaching £10 per sq ft for industrial space. The first phase of the site is under offer. Sheldon Bosley are working closely on the next phase of the development. On the commonwealth games site, known as Smithfield, Sheldon Bosley Knight have prepared photographic schedules of condition for the site, an asset registers for the site and a drone survey recording the condition of the site prior to hand over to the organising committee. The site is then being used for Pride’s annual show, then it will be handed over to Lendlease for future redevelopment. The site is the biggest inner city redevelopment project in Europe. The team at Sheldon Bosley Knight commercial can offer you the benefit of many years’ experiences within the West Midlands, Cotswolds and Vale of Evesham markets. Straightforward commercial property expertise tailored to you. “As chartered surveyors and RICS registered valuers, you can be sure we will always provide the very best professional guidance and expertise. Whether you are an investor, an owner occupier or a tenant, we can help you with your commercial property requirements at every stage. Our strengths embrace, but are not limited to the industrial, retail, office and development land sectors. Our range of services includes acquisitions, sales, lettings, negotiations of rent reviews and lease renewals and RICS “red book” valuations of commercial properties. We also act as managing agents for a number of clients including large estates and charitable organisations as well as individual private clients with small or single unit portfolios.” You can see all of Sheldon Bosley Knight’s commercial property listings on NovaLoca here.

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One Unit Remains at Chancerygate’s £11m, 72,000 sq ft Forge Industrial Park scheme in Minworth. https://www.novaloca.com/blog/index.php/2022/09/28/one-unit-remains-chancerygates-11m-72000-sq-ft-forge-industrial-park-scheme-minworth/ https://www.novaloca.com/blog/index.php/2022/09/28/one-unit-remains-chancerygates-11m-72000-sq-ft-forge-industrial-park-scheme-minworth/#respond Wed, 28 Sep 2022 08:31:55 +0000 https://www.novaloca.com/blog/?p=11656 Developer Chancerygate, which has an office in Birmingham city centre, has only one unit remaining at its £11m, 72,000 sq ft Forge Industrial Park scheme in Minworth.  Situated on Forge Lane, the development comprises 11 high specification Grade A units and achieved practical completion in March this year. The remaining unit at the scheme is 5,890 sq ft and is available on a freehold or leasehold basis. Future occupiers of Forge Industrial Park are automotive brand Mercedes; supermarket, wholesaler and distributor supplier Food Store International; machinery manufacturer Rubbernek Fittings; Johnson Veterinary Products; Rope & Sling and Western Auctions. Located eight miles north east of Birmingham city centre, the scheme provides access to the A38 dual carriageway which links to junction 5 and junction 6 of the M6. Chancerygate development director and head of the company’s Birmingham office, Mark Garrity, said: “There is significant demand in the region for strategically located Grade A urban logistics space. This is clearly evidenced by the successful disposal of units at Forge Industrial Park and in the strong interest we have for the seen in the final remaining unit. “Our goal is to continue to be best placed in the Midlands when it comes to developing high specification, sustainable units in well-connected locations to satisfy SMEs’ property needs.”  Founded in 1995, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide.  The developer has had considerable success throughout the Midlands since opening its Birmingham office opened in 2018 by delivering sustainable Grade A accommodation across its developments. A joint venture (JV) between Chancerygate and specialist investor Bridges Fund Management recently forward sold a 250,000 sq ft urban logistics development called Holbrook Park in Coventry to Westbrook Partners for an undisclosed sum. Last year, a JV between the developer and international real estate firm Hines agreed to forward sell the 93,000 sq ft Aston Gateway urban logistics development in Birmingham to real estate private equity firm Northwood Investors, also for an undisclosed sum In addition to Birmingham, Chancerygate has offices in London, Warrington, Bristol and Milton Keynes. The company currently has more than 3.5m sq ft of industrial space under construction or ready for development across 32 sites ranging from Bournemouth to Edinburgh.  Chancerygate also manages in excess of £325m of assets across more than five million sq ft of commercial space in over 460 units. Knight Frank and Gerald Eve are joint sales agents for Forge Industrial Park. For more information visit www.chancerygate.com To see all of Chancerygate’s listings on NovaLoca click here.

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Regional Commercial Property Consultancy celebrates continued growth https://www.novaloca.com/blog/index.php/2022/09/27/regional-commercial-property-consultancy-celebrates-continued-growth/ https://www.novaloca.com/blog/index.php/2022/09/27/regional-commercial-property-consultancy-celebrates-continued-growth/#respond Tue, 27 Sep 2022 10:04:33 +0000 https://www.novaloca.com/blog/?p=11648 Hexagon Commercial Property, a leading Commercial Property consultancy in the Black Country Region, is set to celebrate their most successful year since inception. Hexagon, which was set up 4 years ago by Harvey Pearson and Lex Allan, has grown significantly year on year and this year is set to follow that trend following a number of notable sales, lettings and acquisitions of Commercial Properties since January 2022. The Company has been busy servicing the Industrial, Retail, Office and Land sectors across the Black Country and Birmingham regions having been entrusted by various new corporate clients throughout the year such as Calthorpe Estates, Northern Trust and FI Real Estate to name a few. Notable highlights for 2022 to date include the sale of a 45,000 sq ft warehouse in Wednesbury, the letting of a 32,000 sq ft warehouse in Bromyard and the acquisition of a £3.6M 62,000 sq ft Industrial complex in Cambridgeshire. Harvey Pearson, Director, commented that “It’s been a very busy year for the UK Commercial Property industry and we are delighted to have increased our market share, client base and team! We welcomed a number of new faces throughout the year who have helped to boost our offering. Despite economic uncertainty we remain positive and are excited to see what the remainder of the year and 2023 brings” You can view Hexagon Commercial Property listings on NovaLoca here.

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4 Office Design Ideas That Can Save You Money https://www.novaloca.com/blog/index.php/2022/09/13/4-office-design-ideas-can-save-money/ https://www.novaloca.com/blog/index.php/2022/09/13/4-office-design-ideas-can-save-money/#respond Tue, 13 Sep 2022 08:38:11 +0000 https://www.novaloca.com/blog/?p=11640 Whether your employees have returned to the office full time or in a hybrid capacity, it’s essential for business owners and facility managers to keep an eye on office operational costs. This is particularly important with the costs of utilities, premises, equipment and more continually on the rise. But help is at hand. In today’s post, we’re sharing some office design ideas that can help your business save money on day-to-day expenditures without having to invest heavily in full-scale renovations. Consider relocating your workforce Before implementing any physical changes to your workspace, take the time to assess how well your current location serves you. The last thing you want to do is spend valuable time and money on making changes to your existing workspace only to find that those updates don’t serve their purpose in the long run. A few things to consider as part of this are: Capacity: do you have too little or too much office space for the size of your business? Naturally, you’ll want your business to expand and grow – but be realistic about the timeline. If your office is too big for you currently, you may want to consider downsizing, as the money you’ll save on reduced office overheads can be invested back into the business elsewhere to drive growth Usage: if your workforce doesn’t use the office full-time, this could indicate an opportunity to downsize to a cheaper, smaller office space that gives employees the opportunity to reserve a hot desk on the days they want to be in the office Facility costs: rental costs and utilities are, of course, a major outlay for businesses – and there are various factors, such as location and size, that drive up these costs. Making the move to a cheaper office and location could free up capital to invest in other areas of the business. Don’t forget to consider other financial implications that come with an office move, though – these include accessibility for employees and clients, additional transportation costs, and facility charges   Maximise natural light Office lighting can be a huge drain on energy consumption in modern offices, but effectively making use of natural light could be one avenue to explore. Natural light provides a free source of illumination, helping to reduce the electricity used on additional lighting. In order to optimise natural light, think about your office colour palette – light hues and reflective surfaces can instantly make spaces feel lighter and brighter. Secondly, make sure natural light isn’t blocked out by furniture or obscured by bulky window dressings such as curtains and blinds. Instead, think about introducing a pared-back, minimalist office design when it comes to furniture. Don’t worry, though – you can introduce design accents and decorative features to bring colour and character to the space. Of course, natural light does come with some drawbacks, as it can cause sun glare and excessive heat on hot, sunny days. However, these challenges can be overcome at minimal cost through retrofitting solar glass... Read more

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Why should a brand consider Meme Marketing? https://www.novaloca.com/blog/index.php/2022/09/06/meme-marketing/ https://www.novaloca.com/blog/index.php/2022/09/06/meme-marketing/#respond Tue, 06 Sep 2022 08:16:31 +0000 https://www.novaloca.com/blog/?p=11626 If social media has proven anything, it’s that people love to share. And they especially love to share pieces of media that others can relate to. This then could explain one of the appeals of the Meme. In fact, just to choose one age group, it is reported that 55% of 13-35-year-olds share memes every week, and 30% share them daily. What is a Meme? A meme is an idea, a piece of culture, passed quickly, usually over the internet in the form of an image, a GIF or video. They often take the form of a joke or catchphrase from popular culture, especially TV shows and films. Why should a brand consider Meme Marketing? Apart from being very shareable as we’ve already mentioned, Meme’s are very accessible. They create an instant impact but stay in people’s minds. They do particularly well on social media. They are a great choice if you want your brand to  engage with your audience. Here’s a couple of points to consider: Timing is important with memes. Because they are so often reflecting pop culture they can quickly go out of date. They need to be very relatable. So it is best if they show a situation that means something to your particular audience, or contain a well known joke. And that’s all there is to it! For some inspiration with work related memes visit NovaLoca’s Pinterest Board; “Workplace Humour”

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Avison Young: H1 2022 Scottish Office Market overview https://www.novaloca.com/blog/index.php/2022/08/24/avison-young-h1-2022-scottish-office-market-overview/ https://www.novaloca.com/blog/index.php/2022/08/24/avison-young-h1-2022-scottish-office-market-overview/#respond Wed, 24 Aug 2022 13:33:28 +0000 https://www.novaloca.com/blog/?p=11610 H1 2022 Scottish Office Market overview: demand for greener, sustainable property continues to outstrip supply Like for most markets across the UK, 2022 has been a mixed year for the Scottish commercial property market so far. With significant uncertainty and unexpected economic events affecting the UK economy, the knock-on effects on the Scottish property markets were inevitable.  Scotland’s office market traditionally follows the office markets in London and the larger English cities, which have been experiencing low supply levels of prime space with a limited pipeline of new build offices. With the return to the office, there has been a focus on quality from those occupiers able to commit to the prime new build projects. In both Glasgow and Edinburgh, the demand for new build Grade-A net zero, sustainable office space is outstripping demand with nearly all existing developments occupied, with space under offer or in advanced discussions with occupiers.  Avison Young associate director, Michael Facenna explained: “In Glasgow there is currently just over 100,000 sq ft of new build Grade-A space available – at Cadworks on West Campbell Street, and at 2 Atlantic Square and we are seeing strong interest in the remaining space within these buildings. We expect the remaining new build space to let up this year and therefore occupiers seeking to relocate in the next 12-24 months will need to consider refurbished Grade-A buildings, several of which are coming to the market, such as 50 Bothwell Street, 200 Broomielaw, and 6 Atlantic Quay.  “Recent deals include OVO Energy taking 33,905 sq ft at Cadworks, and WIZU Workspace taking 24,350 sq ft at 2 West Regent Street for their first co-working venture in the city.” Ninety-seven per cent of space recently completed or under construction in the city centre is already let or pre-committed as occupiers look to secure first-mover advantage.   Michael added: “2022 is the year we have emerged from the pandemic, but we have yet to see a full return to bustling city centres. Understandable caution because of the wider economic conditions and more flexible working arrangements have meant occupiers are not yet back to pre-pandemic levels of staffing within city centre offices. However, with the summer holiday period over we do expect to see an uptick in activity as occupiers continue the flight to quality space to attract staff back to the workplace”. In Edinburgh, the current development cycle, planning, and site constraints indicate it is unlikely there will be any new build offices completing in the city centre until at least late 2025. Peter Fraser, Director, Avison Young in Edinburgh, said: “Since the easing of lockdown restrictions we have seen a real focus on prime and new accommodation which can satisfy the increasing importance occupiers are putting on their ESG and sustainability requirements. Consequently, almost all new and prime stock is now let or under offer.  “Therefore, when these occupiers move, existing landlords are refurbishing and repositioning existing office stock to bring the space in to line with occupier requirements. This will... Read more

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Inverness Innovation centre on track to boost industry https://www.novaloca.com/blog/index.php/2022/08/19/inverness-innovation-centre-track-boost-industry/ https://www.novaloca.com/blog/index.php/2022/08/19/inverness-innovation-centre-track-boost-industry/#respond Fri, 19 Aug 2022 13:22:51 +0000 https://www.novaloca.com/blog/?p=11589 Highlands & Islands Enterprise have news on a new Innovation Centre in Inverness which is on track to start generating new commercial opportunities available for lease from early 2023 The £9m Life Sciences Innovation Centre (LSIC), developed by Highlands and Islands Enterprise (HIE) and the University of the Highlands and Islands, is scheduled to open for business at the end of this year. LSIC is sited on Inverness Campus – a high -quality 215 acre environment designed for life sciences and technology businesses and researchers to collocate with academics and the NHS. Designed by Austin-Smith Lord and built by Robertson Construction Northern, the 2500m² facility will offer space for businesses to work with academia on innovative life science projects.  It will also provide access to high-tech research equipment and lab conditions for collaborative research. The centre will be used to attract more life science companies into the region and support the sector’s growth across the Highlands and Islands. LSIC forms part of a wider project with the NHS Highland national treatment centre on Inverness Campus, which is also under construction.  The three organisations plan to integrate academic healthcare research, delivery of clinical care to patients, and the creation of new commercial opportunities, products and services in health science and technology.  Ruaraidh MacNeil, HIE’s director of business infrastructure, said: “We are very pleased with progress on yet another major development on Inverness Campus. The life sciences innovation centre will support commercial enterprises, including new business start-ups and organisations looking to establish a presence here.  “The partnership approach, and the alignment with the NHS Highland treatment centre, is very much in keeping with the collaborative ethos of Inverness Campus. The benefits will extend across the region and support the continued growth of the University of the Highlands and Islands.”  For further information, including prospectus and flythrough of the new building following the link here. To view all properties listed by Highlands & Islands Enterprise click here. The life sciences innovation centre development has benefited from £3.75m part-funding from the European Regional Development Fund European Structural Funds Programme 2014-2020. The University of the Highlands and Islands life sciences programme, including its element of the life sciences innovation centre, secured £9m from the UK Government through the Inverness and Highland City-Region Deal, which is managed by The Highland Council. The Deal is a joint £315m initiative supported by both the UK and Scottish governments.

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Griffin Webster – Scotland, the ‘booming shed market and buzzing serviced offices’ https://www.novaloca.com/blog/index.php/2022/08/19/griffin-webster-scotland-booming-shed-market-buzzing-service-offices/ https://www.novaloca.com/blog/index.php/2022/08/19/griffin-webster-scotland-booming-shed-market-buzzing-service-offices/#respond Fri, 19 Aug 2022 13:19:48 +0000 https://www.novaloca.com/blog/?p=11582 Greg Dykes, a Director at Griffin Webster Property Consultants spoke to NovaLoca about the current state of the Scottish commercial property market. “When I started out as a commercial property agent, far too long ago to give a date, factory and warehouse sales and lettings were “an agents graveyard”. It was the unfashionable sector of the property market, low rents therefore low fees and limited demand which was also skewed by subsidised Scottish Development Agency (now Scottish Enterprise) buildings constructed to promote industry. So very few private companies developed warehouse accommodation speculatively. How things have changed, retail is on its knees, due, in large part by historically high business rates and the advent of well documented internet sales. The office market is still affected with uncertainty as to whether the large scale city centre office block is a thing of the pre-COVID past. On the other hand serviced offices are buzzing, the leases are very short term, there is no liability for common repairs and you are not asked to walk the dog at lunchtime – because you are at your work! In common with all of the niche agencies Griffin Webster is no longer getting its share of the retail market instructions with two firms picking up the low value end and another two dominating the prime properties, this despite us being able to find buyers or tenants for almost everything we are instructed on within a fortnight. Thankfully we have some industrial and business centre instructions which keep us busy enough. As for the future, well its an ill wind that blows no good, tenants of poor covenant status – start-ups and one shop operators – are now being offered premises they could only have dreamed of operating from by landlords keen to find anyone who will relieve them of empty rates and perhaps generate some rental income. This will eventually lead to the creation of new multiple retailers of which Scotland seemed to be denuded of over the past 15 years. The planners are at last reviewing their position with change of use on the High Street so we feel investing in retail property at the “right price” is worth a punt. The problems created by Brexit and COVID in terms of putting up import costs as well as delays with the supply chain should encourage more Scottish manufacturing and help continue the booming shed market. The cost of construction is ever increasing leaving contractors with fixed price contracts in a desperate position and insolvencies are inevitable. This will lead to further price hikes in the short term resulting in the rental values of existing warehouse space going up. Come a national recession however this buoyant market would suffer so our advice is to buy but carefully! In a nutshell, get a good agent who has been out of college for more than a semester.” You can view all of Griffin Webster’s commercial property listings on NovaLoca here.  

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Bowman Rebecchi – New £15m Greenock Housing Development Proposed By Easdale Investment Group https://www.novaloca.com/blog/index.php/2022/08/19/bowman-rebecchi-new-15m-greenock-housing-development-proposed-easdale-investment-group/ https://www.novaloca.com/blog/index.php/2022/08/19/bowman-rebecchi-new-15m-greenock-housing-development-proposed-easdale-investment-group/#respond Fri, 19 Aug 2022 13:18:22 +0000 https://www.novaloca.com/blog/?p=11558 A plot of land which once formed part of the former Tate & Lyle sugar refinery in Greenock is being proposed as a new private housing development by Sandy and James Easdale. The 5.2-acre elevated site on Drumfrochar Road was sold by property agents Bowman Rebecchi in October 2021 after the long-term vacant site closed in 1997. Development plans have since been submitted by Dalglen Investments who jointly purchased the site as part of their £800 million countrywide property portfolio. Dalglen’s property investment operations are behind several housing projects throughout Scotland, including the former IBM site in Greenock, the former Tullis Russell paper factory in Glenrothes, and a waterside housing development at Dumbarton, creating over 3,000 new homes within the next decade. This latest proposed £15 million project in Greenock will comprise 46 new homes, with a new double entry point from Lynedoch Street created from the development which will be split across two levels. It is anticipated that 40 jobs – including at least 15 apprenticeships – will be created through the construction phase which could last up to two years, with the site identified as a priority place as part of Inverclyde Council’s Local Development Plan. A mixture of 3-bed detached, and semi-detached properties are proposed, with the site stretching along the east of Drumfrochar Road, adjacent to M&J Timber and Wellington Park Bowling Club. Rectangular in shape, with short tails at the top east and west sections, the development site occupies an elevated position, with open aspects of the River Clyde and Greenock town centre. Speaking of the plans, Sandy Easdale said: “We have submitted this new proposal with the intent to create increased housing capacity and to continue to support the future economic prosperity of the Broomhill and Drumfrochar area. “Other private housing developments close to the Drumfrochar site previously have proven to be extremely popular and have provided great family homes for locals and long-term ownership. “We see no reason why this wouldn’t be the case with our site, and we expect this to be a highly popular development.” The application has been prepared and submitted by the planning and design consultancy firm, Rebecchi Architectural. James Easdale added: “The ongoing development and economic improvement of this part of Greenock is something we are deeply passionate about, and further supports our ongoing investment into nearby areas at Baker Street, Ingliston Street, and Orchard Street. “We believe this is a fantastic opportunity to bring this historic site back to life while also creating much-needed homes for locals and creating further repopulation opportunities.” Sandy and James Easdale, 54 and 50, were new entries in this year’s Sunday Times Rich List, with their fortune, estimated at £1.4billion, made through transport and property. Both continue to invest heavily into Inverclyde, with the proposed development further complimenting Inverclyde Council’s wider regeneration of the Drumfrochar area, which includes the £3 million B7054 road realignment and a £1.8 million enterprise hub. Bowman Rebecchi has supported both the previous and current owners of the... Read more

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Scottish Commercial Property Instructions and Disposals July 2022 https://www.novaloca.com/blog/index.php/2022/08/19/scottish-commercial-property-instructions-disposals-july-2022/ https://www.novaloca.com/blog/index.php/2022/08/19/scottish-commercial-property-instructions-disposals-july-2022/#respond Fri, 19 Aug 2022 13:14:13 +0000 https://www.novaloca.com/blog/?p=11553 NovaLoca took a look at instruction and disposal activity across Scotland in July 2022. Overall more properties came on to the market (5.7%) than were disposed of (4.4%). Edinburgh is showing the highest demand with disposals at 5.9%, above the average for Scotland and new instructions below average (at 4.5%).   We analysed 5,155 listings across Scotland, those listed at the beginning of July but not at the beginning of August were counted as ‘disposals’. Those listed at the beginning of August but not at the beginning of July were counted as ‘new instructions’. Percentages are expressed as a proportion of the number listed at the beginning of July. The following chart shows which regions have the highest number of available commercial property listings advertised on NovaLoca. The areas used for this research are postcode areas and some have been grouped together. Aberdeen is taken as the AB postcode area, Dundee DD, Edinburgh EH, Falkirk FK, Glasgow G, Kilmarnock KA, Kirkaldy KY, Motherwell ML, Paisley PA, Perth PH. Inverness, Kirkwall, Outer Hebrides and Shetland cover postcode areas IV, KW, HS & ZE with finally Dumfries & Galloway and Galashiels DG & TD.

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