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Is
this a whole new world?
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Following the austerity budget and with daily news now
of the impending public spending review we enter a
whole new world – but all is not bad.
At Walton and Hipkiss we are seeing increased activity
in the agency arena with an increased level of demand
from the commercial and retail sectors. Most notably
at Hagley Mews in Hagley interest is brisk in the
offfice and workshop accomodation available. Now with
only a third of the accomdation available a number of
new tenants are about to move in. Interest in the
remaining space particularly from the larger companies
looking to rehouse 10 people and above is strong and
an element of competition now emerging in the
remaining units. With the flexible and competitive
accomodation in a highly accessbile location for
motorways and the rest of the West Midland conurbation
yet with the benefit of a quiet and idyllic location
in the grounds of Hagley Halll and its extensive
surrounding parkland.
Elsewhere strong interest is being shown in
development land for housing, where land is available
ready for development with planning consent granted
and at a price which will enable immediate
development. Some land owners are now looking to be
more flexible in their approach to more flexible basis
of disoposal considering joint ventures with
Developers and House Builders – indeed a new world is
emerging.
Following the governments major changes to the
Planning system and the new Big Society and Localism
agenda for empowering communties this may enable
communities to become more actively involved in what
is developed in their areas both residential and
commercial. Housing minister Grant Shapps has unveiled
his plans to allow rural housing developments of up to
20 homes to by-pass planning laws.
'Community Right to Build', which will be contained in
the Localism Bill, will see communities vote on
whether to allow such developments.
In a statement Shapps said: "Far from the Nimbyism
that often hits the headlines, up and down the country
there are entire communities willing and eager to give
the go-ahead for new developments in their area. The
countryside must be a vibrant place to live, and
cannot be allowed to become a museum.
"I want to give communities the power to preserve
their villages and communities, which are currently
struggling to survive because of a shortage of
affordable homes."
This brings new opportunities and local authorties in
our area are starting to grasp these initiatives to
enable development to take place. Ultimately if
localism is to work we all must play our part and get
directly involved in shaping our neighbourhoods,
villages and towns. This will mean giving up our free
time getting involved and being prepared to speak out
on what we want to see. Or is this to be seen as
another raft of changes which will take years to come
in to use and in the meantime create confusion for
land owners, developers occupiers and professionals
alike. Only time in the new world will decide but a
more procative approach to making things happen has to
be a good thing.
In a strange anomaly in the current rental market and
challenging conditions for both landlords and tenant
alike. Serious consoderation is being given on their
current obligations and looking for ways to
restructure lease terms and not always in the favour
only of the landlord. The landlord can add greater
value but the tenant can provide an opportunity to
reduce their occupation costs. Market conditions are
therfore the driving force for the increase in the
need for lease regearing. With empty space being much
more difficult to let and the added penalty of paying
void buisness rates, landlords are keener to keep
tenants in occupation on as long a lease as possible –
maybe time to take advice from your property
professionals – at Walton and Hipkiss we offer a
service of a property “Health Check” to ensure your
asset is performing whether a landlord or a tenant.
So a new world for all of us but not necessarily as
bad as one might have first thought – opportunites
exist for us to move foreward with a nervously
improving market and let us hope more certain times
ahead as we enter the last quarter of 2010.
Alan K Knight FRICS
Head Of Commercial
Walton and Hipkiss – Stourbridge
01384 397 797 |
