Commercial Property Register
November 2017 - March 2018www.compropregister.com
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
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
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 millionsq.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
One significant new development
planned in West Sussex is for a
32,000 sq metre (344,445sq.ft
IKEA store in a £1,150 million
mixed use scheme at Monks
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.
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 (12,000sq.ft.
) warehouses is close to completion.
David Martin of SHW said: “This is the first new scheme in Newhaven for
a number of years”.
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”.