Continued take-up compounds lack of supply in the industrial property market

The Midlands shed market put in a good performance during the third quarter of the year with take-up 15 per cent up on the same period in 2011.

According to the latest statistics from CBRE, from July to September take-up of large industrial units (over 100,000 sq ft) totalled 530,000 sq ft across the East and West Midlands – a 15 per cent increase on the Q3 2011 total.

In the year to date, however, take-up was almost half (41 per cent) behind last year’s year to date total, at 2.69m sq ft and 4.6m sq ft respectively.

Nationally, take-up at the end of the third quarter totalled 2.64m sq ft, virtually the same as in Q3 2011. Half of this space was taken-up by the retail sector, which continues to dominate the market due to demand for larger units. The third party logistics sector was the second most active sector, accounting for 20 per cent of take-up.

Survey: Lack of finance, skills and housing are main barriers to growth

Financial constraints and a lack of available housing are two of the biggest barriers to local economic development, according to a survey of councillors across England and Wales.

With the Conservatives preparing to gather in Birmingham for their annual conference, the survey, carried out by ComRes on behalf of construction company Willmott Dixon, found that a quarter of councillors believe that financial constraints, such as a lack of funding and budget cuts, is the single largest barrier to growth, closely followed by a shortage of housing (18 per cent).

The survey also identified the key challenges around local inward investment, with poor skills and transport links cited as the main areas for concern. Nearly half (46 per cent) of councillors point to low levels of skills in the local workforce as the main barrier for inward investment, with 41 per cent also highlighting concerns over transport links – a key area under review by the Government as it looks at ways to kick-start the economy.

Landlords hit by travelodge downsizing

Midlands’ landlords have been hit with a wake-up call following Travelodge’s Corporate Voluntary Arrangement (CVA).

The budget hotel operator is seeking to offload more than a dozen of its hotels in Birmingham and the West Midlands.

Travelodge, currently the largest hotel brand in Birmingham, is aiming to transfer the leases to other operators as part of a CVA and a financial overhaul designed to address its £700million debt pile.

Surveyors land new roles at CBRE

Two surveyors from the Birmingham office of property consultancy CBRE are celebrating after landing new roles.

Miles Jones, who joined CBRE in 2009 as a graduate, has been promoted to senior surveyor within the property asset management department.

Miles works on both the national and regional property asset management teams, with clients including CBRE Global Investors, Stainton Group and State Street Global Advisors.

Take-up along M42 powers ahead of city centre

Office take-up along the M42 is outpacing take-up in Birmingham city centre for the first time since official take-up figures were collated in 2005.

In the first half of 2012, 401,691 sq ft of office space was let along the M42 corridor, compared with just 147,654 sq ft in Birmingham’s central office core.

The half-year figures for the M42 have already surpassed 2011’s total take –up of 198,337 sq ft.

Montague reforms could speed up housing provision in Brum

A government report designed to tackle Britain’s chronic housing shortage has been welcomed by a Birmingham residential property expert.

Adrian Willet, a director in the development team at CBRE, claims the Montague Report’s proposals to relax the level of affordable housing private developers deliver could encourage much needed investment in the private rented sector (PRS).

The proposals were endorsed by the government today [6 September], when prime minister David Cameron announced the affordable housing rules would be relaxed as part of a package of new measures designed to boost construction and housing.

Mr Willet said: “We are seeing a fundamental shift in residential occupational trends.

“With mortgage finance hard to come by, many of this and the next generation will be long-term renters. The need to provide more homes for rent is therefore vital.”

CBRE boosts development team with new hire

Martin Guest, MD of the Birmingham office of CBRE, and Adrian Willet, newly appointed development director at the firm.

Adrian Willet has joined CBRE as a director in the firm’s development team in Birmingham.

A development specialist, advising on land sales and acquisitions as well as residential investment and student housing markets, Mr Willet joins from Savills, where he was also a director.

Previously, he was managing director of G&C Finance plc, the development finance business; development director – Midlands, for Crest Nicholson plc and director – residential development for the Midlands at DTZ.

Dwindling stock an issue as occupier activity continues

Sustained take-up of property in the Midlands logistics sector during the first half of the year has put further pressure on the dwindling amount of available stock, according to CBRE’s latest UK Logistics Marketview.

Take-up of new and secondhand property (over 100,000 sq ft) between January and June totalled 2.16 million sq ft, with just under half (920,000 sq ft) being new space.

In the West Midlands, take up of both new and secondhand units totalled just under 1 million sq ft, while the East Midlands slightly edged ahead with 1.26 million sq ft, marking a return to a more typical pattern of occupier activity across the Midlands, with the East being the more dominant half of the region.

All systems go for Acco move

Colliers International has disposed of 8,500 sq ft of warehousing space on behalf of Infrared Capital Partners at their multi-let, Riverside Industrial Park in Tamworth.

The letting, to Acco Systems, an electrical and electronic components wholesaler and distributor, is for ten-years, with a five year break on a stepped rental basis. The rent is undisclosed.

James Darby, a senior surveyor in the industrial and logistics team at the Birmingham office of Colliers International, advised the landlords on the deal, with Kingston CPC acting as joint agent; Acco Systems were unrepresented. 

Mills & Reeve reveals new look Divorce.co.uk providing free legal advice on the divorce and separation process

National law firm Mills & Reeve has today unveiled a new look for its Divorce.co.uk website, which, for over ten years, has provided free information on dealing with the legal, emotional and financial implications of divorce and separation.

The refreshed site provides legal guidance and other helpful information on the following areas:

• Divorce resources: Divorce.co.uk provides a wealth of resources on site, including a blog and a range of videos giving answers to frequently asked questions. It also lists recommendations for other local services such as relationship support and counselling
• Divorce advice: practical guidance to help you and your family with some of the most frequent concerns, from how much it will cost through to understanding the legal requirements and the technical processes involved, as well as any international aspects
• Divorce approaches: an overview of the pros and cons of all the options available to you when approaching the divorce process as well as advice on what to consider, eg, mediation, negotiation or a collaborative divorce