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Commercial Property Register

November 2017 - March 2018

www.compropregister.com

NEWS

Transport

THE KEY

As in other parts of the south of

the UK, the new emphasis on road

improvements is proving to be a

boon to commercial property in

the three counties.

At the moment this is the one

certainty for the slowing UK economy,

partly because of the worries about

Brexit which appears to have taken a

toll on new commercial construction.

Commenting on recent poor

construction statistics, Blane Perrotton

of Naismiths said: “Demand for

commercial property construction

has taken a substantial hit as larger

companies activate Brexit contingency

plans and smaller firms hold off on

plans to scale up their premises.

On the frontline, we are seeing a spike

in the number of developers seeking

to convert office buildings into

residential units”.

He highlights the growing reluctance

of banks to lend on property

development but also the higher inflow

of foreign investment because of the

weaker pound. The number of new

road schemes is impressive and will

open up new areas for development.

The main schemes are:

Bypass around the bottleneck of

Arundel costing £135-£260 million;

Further along the A27, upgrading

junctions and parts of the road

between Worthing and Lancing;

On the eastern section of the

A27 between Polegate and

Lewes a variety of improvements

costing £75 million. Like all the

schemes there will be improved

cycling facilities;

The all important M23 will become

a smart motorway between the

M25 and Gatwick, adding an

extra lane in each direction;

One major road improvement

that is already open is the dual

carriageway between Tonbridge

and Pembury which will help

communications to Hastings and

the East Sussex coast which has

been a major hindrance to growth

and development for decades.

The importance of new roads is

illustrated by Gidds Pond Way which

opens up the next phase to be

developed on the eastern side of the

92,900 sq.metres (1 million

sq.ft

.)

Kent Medical Campus. Gary Watson

of JLL who advises on the campus

said: “It’s great to see the road open

as it demonstrates our commitment

to bringing health, science and

education jobs to Maidstone. Investment

in roads will help us to reach our

target for making the campus home

for up to 4,000 new jobs”.

Watson added that there had

been an increase in enquiries in the

past few months for space on the

campus, which aims to be the UK’s

first academic, health and science

centre aimed at life science companies,

specialist residential and rehabilitation

care as well as higher education

training facilities.

One significant new development

planned in West Sussex is for a

32,000 sq metre (344,445

sq.ft

.)

IKEA store in a £1,150 million

mixed use scheme at Monks

Farm, Lancing.

Interestingly, the developer of

New Monks Farm Development is a

subsidiary of Brighton & Hove Albion

FC. Its plans include 600 homes

(30% of which would be affordable),

a primary school, and a community

hub as well as the IKEA store.

The store would provide the full

range of IKEA products alongside a

restaurant, créche and children’s play

area and it aims to create 430 jobs.

IKEA’s Tim Farlam said: “This

presents a great opportunity given

its scale, accessibility and location”.

The site is close to Shoreham Airport

which has a reasonable amount of

commercial properties and which

could be underpinned by the new

scheme (including training pitches

for Brighton & Hove FC as well as a

country park and new roundabout on

the A27). If the scheme is approved

then construction could start in 2019.

HERE COMES

IKEA

5

IN BRIEF

One

of the business parks where SHW is letting agent (together with Hunt

Commercial) is Eastside Business Park, Newhaven. The first phase with

two 1,115 sq.metres (12,000

sq.ft.

) warehouses is close to completion.

David Martin of SHW said: “This is the first new scheme in Newhaven for

a number of years”.

BESIDE THE

seaside

For years the viability of property in the UK’s seaside resorts has been

questioned because of the flow of people holidaying abroad.

Yet here we have the 26 bedroom Georgian Burlington Hotel, Worthing

selling through Christie & Co for £1.5 million.

It has been run by the present owners for the past 15 years and has now

been bought by a local hotel operator.

Andrew Moore of Christie said: “The Burlington Hotel has a fabulous

location, enviable reputation and beautiful period building which has been

subject to much investment and improvement in recent years. We received

significant interest as the hotel market remains buoyant across the south east

and there is a huge demand for similar freehold properties”.