Rix & Kay has appointed a new partner to lead its commercial property practice.
Jo Marshall, previously of Knights, will oversee the firm’s commercial property team and work with clients across the region from offices in Sevenoaks, Ashford, Brighton & Hove and Uckfield.
With almost 20 years of experience in commercial property, Marshall has a reputation for guiding developer/land-owner and investor clients on the delivery of complex and large-scale projects.
During her career she has also worked in-house for Kent County Council and global powerhouse Nabarro, before it merged with CMS and Olswang.
Marshall will take immediate responsibility for continuing to grow Rix & Kay’s commercial property team and building on the firm’s roster of clients.
“I’m very excited to begin the next chapter of my career and help Rix & Kay to continue to be a go-to firm for businesses who want trusted legal and commercial support – not just from a property point of view but across the spectrum of legal services.
“Rix & Kay have made their ambitions very clear. Together we are committed to recruiting outstanding talent that will allow us to further grow the commercial property team and our client base over the next twelve months and beyond.”
A long income and strategic land opportunity at Stamford Bridge near York has been sold in a multimillion-pound deal to a North Yorkshire property group.
The site, known as Bridge Works, has been sold by Columbia Threadneedle, which was advised by the investment team at Leeds property consultancy, GV&Co.
Scarborough-based Broadland Properties – which is behind the acquisition – was represented by CBRE.
Bridge Works is let to global manufacturer, XANDOR Automotive, and comprises 143,989 sq ft of buildings and office space within a 7.41-acre site.
Garry Howes, director of investment at GV&Co, said: “Bridge Works is a very well-maintained, income producing prime strategic investment opportunity, located in an affluent area, just five miles from the City of York.
“When this is combined with the fact that it is let to a global company and offers asset management potential through the regearing of the lease, we were able to generate significant interest in it from both local and national investors.
“As a result, the sale to local company Broadland Properties completed just 12 weeks after we were instructed, which is a great result for our client and continues to demonstrate the amount of demand and capital in Yorkshire for robust investment opportunities.”
Senior director Alex Whiting from CBRE added: “We were happy to advise Broadland Properties on this purchase. With a reliable tenant and good investment potential, the deal made perfect sense.”
A property consultancy has been appointed to deal with the sale of a Liverpool city centre building which was used by the BBC.
Liverpool City Council has appointed Worthington Owen to deal with the disposal of Venture Place in Sir Thomas Street.
Constructed in the 1960s the building has been deemed “surplus to requirements”.
Known previously as Commerce House, at one point it was occupied by BBC Radio Merseyside who broadcast from the building.
Venture Place, located immediately opposite the city’s Metquarter development, provides 31,047 sq ft of accommodation across ground and seven upper floors together with parking in the basement for 11 vehicles.
Andrew Owen, of Worthington Owen who are instructed to dispose of the building, said: “This is a rare opportunity to acquire an office building in the heart of Liverpool City Centre with vacant possession. We are delighted to have been instructed by Liverpool City Council to deal with this disposal and despite recent macro-economic events, we are confident that we will receive lots of interest.”
Liverpool’s cabinet member for development and housing, Sarah Doyle, added: “The sale of Venture Place forms part of Liverpool City Council’s drive to deliver long-term savings and to produce capital receipts.
“The sale is aligned with the council’s wider accommodation strategy which seeks to rationalise its operational assets.”
Worthington Owen are instructed to seek offers of £2.75m for the long leasehold interest in the building.
Legal and professional services firm Ince has appointed a partner in its commercial property team.
Leighton Sheady, who will be based in Cardiff, is a specialist in commercial property, and has advised on the acquisition, disposal, letting, and funding of commercial properties – with a particular focus on the leisure sector.
His recent work has included the Cardiff Pointe project, which saw a brownfield site transformed into a waterfront, and the recent development of Cardiff’s 2012 Olympics training venue – the International Sports Village.
He has advised regional and national developers, including Persimmon and Barratt, on complex land assembly and site setup for large residential developments in Wales and across the wider region.
Sheady also has extensive experience supporting corporate lawyers in business acquisitions, and recently advised an energy company on the sale of a biomass plant to a Danish investor in a £160m deal.
The new recruit’s experience will help Ince to continue to improve its offering for businesses in South Wales. In addition, he will collaborate with commercial real estate colleagues in Ince’s Bristol and London offices.
“Commercial real estate is facing unprecedented change, even as it still comes to terms with the impact of the pandemic,” said Sheady.
“Traditional retailers and leisure businesses are being particularly hard hit, and are in need of thorough support – while a strong e-commerce sector continues to strengthen demand for industrial units. This is a really exciting time to be joining a firm that truly values strategic, innovative, and entrepreneurial guidance.”
Paul Simon, managing partner of Ince’s Cardiff office, said: “We are delighted that a partner of Leighton’s calibre is joining us.
“He can further bolster our service offering and support our clients throughout the commercial challenges that they are facing. Leighton will bring fresh thinking and entrepreneurial ideas to the team, and help us to continue our growth in Cardiff.”
New developments are set to boost the availability of commercial property in the North East across the next year, according to new research, as demand in the industry remains strong.
Avison Young found that UK grade A big box take-up in Q3 (more than 100,000 sq ft) amounted to 14.8m sq ft which was higher than Q2’s 10.3m sq ft and slightly higher than the same period in 2021.
The most activity was observed in Yorkshire and the North East.
Andrew Jackson, principal and managing director, industrial at Avison Young, said: “Although take-up levels year to date have fallen short of 2021’s total (40.28 million sq ft), this has been driven not by the current economic climate but by a chronically undersupplied market. Availability of grade A space stands at 24 million sq ft, equating to only 2 months’ worth of supply.
“Nevertheless, demand should remain strong, particularly for ‘best-in-class’ buildings with strong ESG credentials. Landlords will look to capitalise on this demand by deploying additional grade A stock and further retrofitting existing stock as they progress towards the government’s MEES targets by 2030.”
In the region, key deals included SeAH Wind taking 1.13m sq ft at South Bank in Teesside and Lanchester Wines self-built 240,000 sq ft scheme at Greencroft Industrial Estate in Stanley.
Nissan MM UK also leased a 100,000 sq ft building at Cherry Blossom Way, Sunderland while The Storage Place leased 160,000sq ft at Mill Hill in Peterlee.
Danny Cramman, director at Avison Young, Newcastle, added. “The next nine months will see a significant increase in the NE supply pipeline with over 1.1 million sq ft of units being completed at Turbine Business Park, Hillthorn Business Park (both Sunderland) and at Integra 61near Durham.”
Yorkshire business leaders have given their views on measures including infrastructure investment, energy, and tax announced in the Autumn Statement.
Chancellor Jeremy Hunt unveiled a raft of tax measures in his Autumn Statement yesterday (17 November 2022) as the government aims to put the UK’s public finances on a sustainable path.
He also committed to more than £600bn in capital investment over the next five years on landmark infrastructure projects including HS2 and Northern Powerhouse Rail.
The West & North Yorkshire Chamber of Commerce noted the infrastructure announcements but said the lack of proposals for the Yorkshire region represented “a missed opportunity for the levelling up”.
Amanda Beresford, chair of West & North Yorkshire Chamber, said: “While it is welcome that the Government has not, as had been rumoured, decided against mothballing rail infrastructure projects, it was disappointing to hear that HS2 is not planned to come to Yorkshire and that there is only a commitment for ‘core’ Northern Powerhouse Rail that will not see the construction of a new railway station in Bradford.
“Infrastructure remains weak for too many parts of West & North Yorkshire and the Integrated Rail Plan still comes up short against what had been promised by previous Governments.
“It remains the view of the Chamber that this represents a missed opportunity for the country, as well as ignoring the wishes of the overwhelming majority of business leaders in this region.”
Sir Roger Marsh
Sir Roger Marsh, chair of the NP11 group of local enterprise partnership, welcomed the commitment to energy, infrastructure and innovation in today’s budget.
“The North is leading the way in the country on low carbon energy, including nuclear,” he said. “We are at the forefront of opportunities such as small modular reactors, hydrogen and expanded renewables which are all vital to us diversifying our energy supply and providing energy security and efficiency.
“Infrastructure is crucial to our growth, and to truly transform the Northern economy we need Northern Powerhouse Rail and HS2 to be delivered in full.
“We also look forward to working with the Government over the detail on innovation clusters and are pleased that the Government remains committed to 2.4 per cent R&D target. Locally-focused, commercially driven R&D remains the best way to commercialise innovation and achieve growth.”
Andy Wood, Yorkshire managing partner for business advisers Grant Thornton UK, said: “With inflation at a 41-year high and casting a dark shadow over the economy, today’s Autumn Statement was always going to be focused on trying to fix the state of the nation’s finances with a tough package of tax hikes and spending cuts.
“With a £54bn black hole to plug, there was little to cheer for businesses and individuals today, although many of us in the North will be pleased to see the commitment to invest in HS2 rail and the much-needed Northern Powerhouse Rail.
“The acknowledgement that regional devolution is a key lever of growth was welcome too – levelling-up our economy remains very much a work in progress with many people struggling amid the current cost of living crisis.”
Eamon Fox, partner and head of department of global property consultancy Knight Frank in Leeds, said the budget contained no “major surprises for corporate occupiers or the wider business sector”.
“The real estate industry will have been watching out for updates on the previously announced investment zones – areas designed to stimulate regeneration in local economies,” he said. “Another particular focus for the industry will be the significant investment announced to help reduce the UK’s energy demand over the next decade, for which at least some of the responsibility will fall upon those in the built environment.
“This was always going to be a statement full of difficult compromises, but it leads to two potential opportunity areas for the real estate sector, one practical and one structural. Firstly, as government departments come under even greater financial pressure, there will be an added incentive to release assets or sites for sale or redevelopment. Secondly, although the government recommitted to a number of investment projects and growth in capital spending, there will also be a growing role for the private sector to drive economic, technological and social infrastructure, should it wish to.”
Mel Hird, director of Fresh Thinking Capital, said: “The Chancellor put the fiscal stability at the heart of his plans in today’s statement. While this is welcome for entrepreneurs, who need to plan with some certainty, I’d like to have seen more done to support entrepreneurs who are seeking to innovate and grow their businesses.
“Investment Zones are welcome but don’t suit every business, and while the research and development budget was protected, I’d encourage more support from the government. Ultimately, tax breaks are a highly effective way to give companies the cash they need to invest and grow.”
Sam Newton, co-founder at Gravitate Accounting, warned the tax measures could stifle business investment.
He said: “We all accept that taxes are necessary but I think the VAT tax freeze is totally unfair and has the potential to stifle small and medium businesses who would otherwise have the potential to grow and support regional economies. We already have clients choosing to stop generating revenue above £85,000 to avoid instantly paying over £12,000 in tax. Businesses will be severely impacted by this freeze. VAT should be banded, like other taxes.
“The rise in dividend tax was already confirmed but reducing the tax free allowance is a double blow. As for income tax, the removal of the additional rate of tax, which brings it in at a far lower rate, is a worrying inconsistency and makes it harder to trust there is a true plan.
“Overall, the UK has historically supported small businesses to set up a Limited company and be entrepreneurial, taking the risk with generous corporation tax and dividend rates. My worry is that we are starting to get to the point where the benefits are minimal, potentially even non-existent.”
A family-owned firm of housebuilders has started on site with the development of its new residential scheme in a Cumbrian village.
Anvil Homes is underway with the construction of nine individually designed four-bedroom detached family homes, forming ‘Fairfields’ in the village of Hayton.
The developer has appointed chartered surveyors H&H Land & Estates as joint agents alongside Youngs RPS.
The scheme is a first in Cumbria for the Northumberland-based developer, which has been established since 1993.
The company uses local sub-contractors and tradesmen for all its developments and said the Fairfields scheme will support 20 jobs during its 18-month construction.
Alistair Carr, director at Anvil Homes said: “We are particularly selective about the locations we choose, and Hayton is no exception, this highly sought-after village provides an idyllic location with the benefit of a fantastic local community and great amenities on the doorstep, making it a perfect fit for us.”
Kate Patrick, head of estate agency at H & H Land & Estates’ Carlisle office added: “We are really excited to see the site develop and anticipate a high level of interest due to the strength of its location and the quality of the build.”
Planning permission was granted by Carlisle County Council in March for Fairfields and the first of the new homes is due to be complete in March 2023.