Commercial Property Register
December 2017 - March 2018www.compropregister.com
The investment flows across the North West appear to be holding up
and are being helped by a shift from the south as investors seek higher
Manchester agent Christopher Dee has bought four properties for the
Independent Order of Oddfellows Manchester’s fund, two of which are in
Blackburn and Knowsley. The other two are in Edinburgh and London and
have a yield of 6.5%.
The unitized property fund (UU(P)IF) provides returns for the Society’s
129 branches as well as central funds and is currently valued at around £65
Chris Jones of Christopher Dee commented: “We have focused on stock
that can cope with the inevitable changes in the market that are being
properly contemplated by professionals dealing in the sector. With signs
that Brexit is now beginning to impact in a negative way in several property
sectors, and as occupier demand stalled by uncertainty is no longer a given,
it will be quality, well-let stock that will prevail over the next few years.”
Oddfellows, a non-profit organisation, is one of the largest and oldest
friendly societies in the UK (established in 1810) and has 310,000 members.
TOP OF THE
It is easy to forget that the current status of
Manchester as a global business centre has
been a long and often hard journey that
has taken a combination of forceful local
government and entrepreneurial spirit.
That is why Greater Manchester Mayor, Andy
Burnham, needs to step carefully in his declared
objective of radically rewriting the area’s spatial
framework. Burnham’s argument is that the plan
was not good enough and would bring urban
blight and traffic congestion.
For a decade or more, there has been a subtle
balance between the aims of the council under
Sir Howard Bernstein and the local developers
that many thought brought the results the city
needed and spread throughout the region.
Burnham appears to be unhappy with the
developer-led approach and is switching to
a policy with the emphasis on town centres,
integrated transport, new cycling infrastructure
and possibly increased digital start-up space.
Broadly speaking, the major concern for the
property industry in the North West is that too
many radical changes to the plans will disrupt
new development, particularly of housing.
Changing the plans comes at a time when
Manchester has been acclaimed as dynamic
business centre, the latest being a survey by
Trainline, an independent train ticket retailer
that cited Manchester as the second most
popular business city after London for SMEs in
Another positive indicator is the report by
Lambert Smith Hampton (LSH) that property
investment in the North West in the second
quarter totalled £610 million, up 30% on the
previous three months and 5% ahead of the
same period of 2016.
LSH noted that the leisure and hotel
market accounted for around a quarter of the
total at £147 million, once again well up on
January-March. Top of the pops with an 80%
rise was industrial property with such deals
as UBS paying £47 million for the Stakehill
Ben Roberts of LSH said: “While the
resilience of the North West market is welcome
news for investors, buyers are having to work
much harder to dig out deals and we have
seen a significant increase in off-market and
selective marketing over the last quarter.”
It is important that the government
recognises the transport needs of the region
and Chancellor of the Exchequer, Philip
Hammond, has made an extra £400 million
available for the Northern Powerhouse. This is
aimed at bringing faster rail services between
Liverpool, Manchester, Sheffield, Leeds and
York (as well as the East Midlands and London).
celebrated the conclusion of their refurbishment of
the 7,060 sq metres (76,000 sq ft) warehouse Towngate Business
Centre at 1 Everite Road with a launch for industrial agents. The
self-contained unit is available to let to a single occupier, providing
warehouse space and offices on the modernised estate.
Considerable interest has already been shown in the unit.