2014 KENT PROPERTY MARKET THE ANNUAL GUIDE TO INVESTMENT & DEVELOPMENT IN KENT

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1 2014 KENT PROPERTY MARKET THE ANNUAL GUIDE TO INVESTMENT & DEVELOPMENT IN KENT

2 CONTENTS 1 Welcome 12 Retail performance 38 Main sponsor article 44 Strategic developments 2 Property market 14 Leisure and tourism performance Caxtons 47 Contact details 5 Economic outlook 16 Rural performance 40 Contributory sponsor s articles 48 Acknowledgements 6 Business park performance 18 Residential performance - DHA Planning 8 Office performance 20 Inward investment - Cripps LLP 10 Industrial and distribution performance 22 Economic development - Lloyds Bank 37 Green infrastructure - RICS Artist s impression: Conningbrook Lakes, Ashford Brett Group KENT PROPERTY MARKET 2014

3 WELCOME Welcome to the 23rd Edition of the Kent Property Market Report, produced by Kent County Council s Economic Development Division, Caxtons and Locate in Kent. The report reviews property deals and activity throughout , major initiatives to support economic development as well as showcasing regeneration projects already completed or on-going across the county. The Economic Outlook reports that the UK has seen a return to growth in 2013/14 and this is having a positive impact in Kent. This growth has been supported by the Regional Growth Fund programmes, Expansion East Kent, TIGER in North Kent and Escalate in West Kent launched in November The Transport section highlights increased connectivity through High Speed One and the significant Government investment in transport schemes across Kent through the Local Growth Fund. Though still negative, the average growth in rents in the office sector in Kent has improved to -0.01% from -2.60% in 2012 with improving yields as business confidence improves. High street rents have fallen though and this reflects changes in consumer behaviour toward on-line shopping. Retail warehousing rents have fallen slightly but yields continued to harden reflecting investor appetite for UK property. In Kent, industrial rents have improved for the fifth year in a row and are now outperforming those for the South East and UK. The report also looks in detail at Kent s business parks, rural property, residential sector performance, inward investment, tourism and the provision of green infrastructure. The Economic Development section features current and planned developments across Kent and Medway, focusing particularly on Kent s growth areas including the Garden City in Ebbsfleet and the proposed Paramount development on the Swanscombe Peninsula, the Lower Thames crossing in North Kent and the continuing regeneration of Kent s coastal towns as well as the successful Enterprise Zone at Discovery Park. The strategic developments pages feature a comprehensive list of commercial sites and developments throughout Kent, as well as providing planning information, useful contact details and location map. The full report can be accessed via an interactive website at If you would like further information on any of the developments or projects featured please do not hesitate to contact us. For contact details please see page 47. Caxtons Chartered Surveyors, established in 1990, is one of the largest independent property practices in the South East offering a full range of agency, management, professional and surveying services across all property sectors. Kent County Council s Economic Development Division is responsible for working with public, private and voluntary sectors to support Kent s economic growth by encouraging and supporting businesses; working closely with specific sectors to promote growth and finding new ways of funding business critical infrastructure and unlocking key development sites. Locate in Kent provides a comprehensive, confidential and free business relocation and advisory service for all companies looking to relocate to, or expand in Kent and Medway. The producers of the report would also like to thank the following for their sponsorship and contributions to this year s report: Cripps, DHA Planning, Lloyds Bank and the Royal Institution of Chartered Surveyors. We hope you find the report useful and informative. Mark Dance Cabinet Member for Economic Development Kent County Council Ron Roser Chairman Caxtons Paul Wookey Chief Executive Locate in Kent Ltd 1

4 PROPERTY MARKET UK Property Market The UK economy grew by 0.8% in the first quarter of 2014, up slightly from 0.7% in the final quarter of 2013, according to the latest figures from the Office for National Statistics (ONS). However, the economy is still smaller than it was in 2008 with GDP growth 0.6% below the peak despite being one of the fastest growing in the G7 with a 3.1% increase in the past year. And while global credit ratings agencies such as Fitch and Standard & Poor s commend favourable macroeconomic trends, including strong GDP growth, falling unemployment and inflation close to the 2% target, the UK s deficit is still considered too large to affect an upgrade to the coveted AAA. In addition, Fitch said that it would not upgrade its rating for the UK in particular because of the recent rapid increase in the house price-to-income ratio, in particular in London, which could lead to excessive leverage if supported by unsustainable lending practices. If unchecked over the longer term, this would increase macroeconomic risks and could also have a knock-on impact on the sovereign s fiscal position. Investment yields % Change a year Dec 2004 Dec 2005 Dec 2006 Equities Gilts Property Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Source: Standard Life Investments Against this backdrop, the UK Property Market continues to gather strength across both the occupier and investment markets. According to the IPD UK Monthly Property Index, values have now risen by 8.5% over 13 months of consecutive growth to 31 May 2014, although they still have some way to go before reaching the peak levels of On the occupier side, tenant demand has now been growing in each of the last six quarters with no indication of slowing down. As a result, rent expectations are positive. On the investment side, investor appetite is growing at its fastest level on record according to the RICS and this is expected to translate into further growth. Indeed, Standard Life Investments forecasts for UK Property Total Returns are at 11.5% for All Property in 2014, with offices showing the biggest return at 16.9%, industrial at 10.9% and retail 8.6%. According to IPD, investor demand for UK property remained strong in the first quarter of 2014, with yields compressing across the country. The average equivalent yield of 6.9% at the end of May 2014 remained attractive for income-focused investors, compared to the pricing of other alternative asset classes. UK property total returns % p.a All property Retail Office Industrial Forecast Source: IPD/Standard Life Investments Kent Property Market Average rent growth in the Kent office sector is still in negative territory, though only just at -0.01% for 2013 which compares favourably with negative growth of -2.60% in The gap has narrowed considerably between rental growth achieved in the South East and Kent by some 114bps over 2013 compared to 252bps in However, it is still negative compared to actual growth seen in the South East of 1.37% and well below the UK average of 3.38%. For the first time since 2006, office yields in Kent are coming in again recording an improvement of 14bps from 10.63% to 10.49% over the year as business confidence begins to improve but this is still a long way off the 2006 average office yield of 6.02%. Investors still favour London with office yields averaging 6.78% at the end of 2013, though investments with discounted yields outside the capital are beginning to be sought after. Average rental growth on the high street in Kent dropped for the first time in two years reflecting changes in consumer behaviour away from the High Street to securing bargains online, at -0.56% doing worse than the UK average for the first time since Despite that, yields hardened from 6.47% in 2012 to 6.24% in 2013 and the county just about kept pace with the UK average dropping just 10bps behind. Last year s retrenchment in rents in retail warehousing across Kent, the South East and the UK as a whole, continued in 2013 with Kent seeing a drop of 2.10% to -2.13% in 2013, considerably larger than that of the South East region or indeed the UK average which dropped a mere 50bps. Again, despite negative growth in rents, yields continued to harden reflecting increasing investor appetite in UK property. Industrial rents in Kent continued a five year improvement to move in to positive rental growth of 1%, out-performing the South East and the rest of the UK with 0.6% and 0.73% respectively. Unsurprisingly, industrial yields hardened across the board with Kent showing 8.02% compared to 8.44% in However, yields moved more sharply in the UK as a whole, shifting 79bps from 8.48% to 7.89% reflecting a growing demand for industrial investment across the board. 2 KENT PROPERTY MARKET 2014

5 Innovation House, Discovery Park, Sandwich Discovery Park Ltd 3

6 The Leigh University Technology College, Dartford Hornett Design 4 KENT PROPERTY MARKET 2014

7 ECONOMIC OUTLOOK The national and global outlook In 2013/14, the UK saw a strong return to growth. Output has finally returned to its pre-2008 peak, following a deep slump and long recovery and the economy is forecast to expand by 3.1% in 2013/14 - a faster rate than in the Eurozone or the United States. This is underpinned by an environment seen as conducive to business investment, with attractive tax and regulatory conditions. Interest rates remain at historically low levels, the inflation rate is stable at around 1.7% and labour market flexibility has resulted in unemployment levels significantly below those of most major European economies. Nevertheless, high house price inflation (particularly in London and the South East) presents a potential future risk, especially as new housing supply remains historically low. Internationally, China, India and South-east Asia continue to grow rapidly, presenting both new market opportunities for UK businesses, as well as competitive challenges as emerging market firms rise up the value chain. Closer to home, the shocks of Europe s banking and sovereign debt crises continue to impact on the wider economy, although the past year saw a tentative return to growth even in the worst-affected parts of southern Europe. Competitiveness indicators INDICATOR KENT GB/UK SOURCE DATE Gross value added (GVA) per head ( ) 17,909 21, Gross median weekly resident earnings Gross disposable household income ( ) 17,656 17, NVQ 4 or above (%) - working age 33.6% 35.0% 2013 Employee change since (%) 1.9% 1.9% 2012 % Employees in the knowledge economy 15.9% 19.4% 2012 Unemployment rate (claimant count,%) 2.8% 3.4% 2014 New businesses as a % of stock 11.1% 11.6% 2012 Business survival rates after 3 years (%) 65.0% 62.9% 2012 Source: Compiled by Research and Evaluation, Kent County Council, July Growth projections are taken from the Economist Poll of Forecasters, July 2014 averages and Economist Intelligence Unit forecasts. The outlook for Kent Growth in the national economy is having a positive impact on Kent, reinforced by the county s position as an increasingly favourable business location. Kent has major strengths in sectors likely to grow in the next few years, especially in low carbon and environmental goods and services, advanced manufacturing, the land-based economy and creative and digital industries, as well as an increasingly dynamic higher education base. Supporting this, over 60m has been made available in financial support programmes to back businesses with the potential for innovation and growth, alongside continued efforts to attract new investment. Providing a significant boost to the Thames Gateway, the Government announced in 2014 that Ebbsfleet is to be the location for Britain s first modern Garden City, with a 200m public investment programme supporting the development of 15,000 homes. In East Kent, over 1,600 jobs have so far been secured at Discovery Park, with Enterprise Zone designation and access to interest free financing through Expansion East Kent, helping to create a leading location for science-based research and development. In addition, Kent continues to benefit from major infrastructure investment made in recent years. Services between Ashford, North Kent, East Kent and London on High Speed One have drastically reduced journey times. This has already greatly improved the county s long-term attractiveness as a place to live, visit and start a business and further investment now secured in rail infrastructure will reinforce this improved outlook. At the same time, the Government s commitment to a third Thames Crossing, albeit we want a decision on the preferred route, will provide relief to significant bottlenecks at Dartford and open up long term opportunities across the county. With substantial planned investment and developments of national scale, Kent and Medway contain some of the most exciting economic growth prospects in the South East. 5

8 BUSINESS PARK PERFORMANCE Business park office take up in the South East in the last half of 2013 was 25% up on the five year six-monthly average as confidence returns to the business sector, fuelling new supply at the main parks around the South East: Farnborough Park, Chiswick, Milton Park and those in Kent. Unsurprisingly, vacancy rates have fallen from pre-recession peaks with the most significant fall in the South East from 17.2% to 14.6%, leaving the region with just over three years supply. According to IPD, the improvement in occupier demand has led to positive rental growth for the first time in five years at 1.6%. Rents are expected to increase over the next 12 months as demand outstrips current supply. Business parks in Kent have seen continued take up in the last 12 months and in many cases rental levels exceeding those of last year. Crossways Business Park is the first scheme to have seen speculative development with Corinthian House pre-letting and letting the majority of the 1,043m 2 (11,227ft 2 ) development at 226m 2 ( 21ft 2 ). Meanwhile, Frogmore has seen Lakeview West at 853m 2 (9,186ft 2 ) let to True Telecom at m 2 ( 22ft 2 ); and lettings at Waterside Court with business consultant MBRSS doubling its space with the acquisition of another 250m 2 (2,691 ft 2 ) in Unit 2, Harsco Rail taking m 2 (1,343ft 2 ), and bomb disposal firm BACTEC taking the whole of Unit 9. With the announcement of Barclays Bank leaving the park, their former office of 3,530m 2 (38,000ft 2 ) at Meridian House on Anchor Boulevard, has been sold to Commercial Estates Group for a figure exceeding the asking price of 1,109m 2 ( 103ft 2 ). Gillingham Business Park continues to perform well with 4 Ambley Green, a self-contained building of 587m 2 (6,318ft 2 ) selling at 861m 2 ( 80ft 2 ). Although losing Bose from the estate, the Courtyard has benefitted from internal relocations. Phases 29 & 32, Grosvenor Road totalling 7,836m 2 (84,346ft 2 ) have sold for in excess of 3m at m 2 ( 35ft 2 ). Vacancy levels on the estate are now at their lowest level. Kings Hill continues to perform well against its competition with a number of lettings, including Relational Database Technology who took 970m 2 (10,441ft 2 ), and Cosan Lubricants International who took 663m 2 (7,147ft 2 ). Mezzanine International took 408m 2 (4,391ft 2 ) at 11 Tower View; and Infinity Fitness UK took 614m 2 (6,609ft 2 ) at 10 Kings Hill Avenue. The largest transaction was the sale of 30 Kings Hill Avenue 4,064m 2 (43,745ft 2 ) to Kent County Council. At 17 Kings Hill Avenue there has been a complete refurbishment, to provide 3,487m 2 (37,534ft 2 ) of newly air conditioned office space over two floors. Quadrant Estates continues to see steady demand in Eureka Park, its 39ha (96acres) site by Junction 9 M20, and has completed the leasing of its latest speculative phase, Northdown 2 totalling 2,414m 2 (25,984ft 2 ), in two buildings to Advanced Health and Care Ltd. Rents achieved were 205m 2 ( 19ft 2 ). Additional phases are proposed and land plots are available for bespoke development from 930m 2 (10,010ft 2 ) to 1,400m 2 (15,069ft 2 ) to lease or purchase. Kent Science Park has seen a gradual increase in rental levels due to demand for laboratory space and work continues on a bespoke 929m 2 (10,000ft 2 ) drug production lab for a pharmaceutical company. Completion is due December Activity at Discovery Park is strong, with the science and technology community growing. Recent tenants include Australian IVF specialist, Genea Biomedx, Venomtech, experts in venom research and supply, among others. Business services tenancies are equally strong, with leading accountants, Reeves and Wilkins Kennedy, prominent law firms Brachers and Cripps and quantity surveyors, Betteridge and Milsom, all expanding into the park community. The Park now has over 100 tenants compared to five in Planning permission for a new masterplanned mixed use development is being sought in the next few months. Multiple asset Business Parks continue to change hands around the country. Although only single assets, Kent has seen two sales ahead of the county s double digit average: Building 705, Victory Way, Admiral s Park, Crossways sold to a private investor for 9.75% at 10.04m, and Capita House, 2 Abbey Wood Road, Kings Hill sold for 3.8m reflecting a net initial yield of 9.25%. /m 2 New Tech 2 building, Kent Science Park Business park rents Stockley Park, Heathrow Arlington Business Park, Reading Chineham Business Park, Basingstoke Kings Hill, West Malling Crossways, Dartford Kent Science Park Chatham Maritime, Chatham Eureka Park, Ashford Source: Caxtons 6 KENT PROPERTY MARKET 2014

9 17, Kings Hill Avenue, Kings Hill Liberty Property Trust Lakeview West, Crossways Frogmore Lettings LOCATION LANDLORD TENANT SIZE FT 2 RENT (PA) LEASE TERM AGENT Quayside Chatham Maritime Carefusion Bose Ltd 20, , years Watson Day 210 Eureka Park, Ashford Quintain/Trinity College Advanced Health & Care Ltd 15, , years 30 Kings Hill Avenue, Kings Hill Liberty Property Trust RDT 10, ,269 Lakeview West, Crossways Frogmore Real Estate Partners True Telecom 9, , year lease with a break at year 5 10 years with a break at year 3 and 5 Martine Waghorn/ Knight Frank/Bidwells Altus Edwin Hill/Knight Frank/Hanover Green Knight Frank/CBRE Discovery Park, Sandwich Discovery Park Ltd Genea Biomedx 15,000 TBC 20 years GVA/Caxtons Kent Science Park LaSalle Investment Management R&D Name witheld 16,000 Confidential 10 years Maxwell Brown/ Sinclair Clark Sales LOCATION VENDOR PURCHASER SIZE FT 2 TENANT PRICE INCOME YIELD AGENT 4 Waterside Court, Crossways Business Park, Dartford FREP (Crossways) Ltd Gas Advisory Service 2, , Altus Edwin Hill 7

10 OFFICE PERFORMANCE South East office supply is at a five year low, showing an increase in rental levels, with take up at the highest level since the beginning of the recession. Although IPD statistics indicate negative rental growth in Kent, the decline is narrowing from 2011/2012. However, locations nearer to the M25 have actually seen rental growth over the same period. With speculative development now appearing in the South East, one of the first speculative offices in Kent at Hermitage Court, Maidstone has now all let. Two offices were built at Hermitage Court, Maidstone during 2012 and Following the letting of Unit H, Unit G was designed to be split into 4 office suites. One suite of 111m 2 (1200ft 2 ) has been let to Superior Care and two to The Student Support Centre 213m 2 (2300ft 2 ). The letting of the remaining 139m 2 (1500ft 2 ) suite is currently under discussion. Capital values are exceeding long term averages. The majority of demand is from the occupier market supported by lending from the high street banks, and local and central government initiatives such as the Funding for lending (FLS) scheme. The institutions and property companies also remain active for assets with potential for onward management, although limited supply continues to dampen take up. Cornwallis House, Instone Road, Dartford totalling 804m 2 (8,659ft 2 ) sold for 753m 2 ( 70ft 2 ), and Neville House, Mount Ephraim, Tunbridge Wells totalling 1,515m 2 (16,307ft 2 ) sold for 1.5m equating to 980m 2 ( 91ft 2 ). The number of redundant and obsolete offices in the county is now reducing due to Permitted Development Rights. Maidstone has seen two office buildings coming available for permitted development: Kent House comprising 6,351m 2 (68,372ft 2 ) available for m 2 ( 87.50ft 2 ), and Concorde House at 4,245m 2 (45,700ft 2 ) selling for 314m 2 ( 30ft 2 ). The area remains active, with the largest lettings, excluding Business Parks, at Royal Court, Tweedy Road, Bromley comprising 2,312m 2 (24,887ft 2 ) for m 2 ( 18ft 2 ), Imperial House also in Bromley 1,950m 2 (20,990ft 2 ) sold by AXA to OSTC for 818m 2 ( 76ft 2 ) and Quayside, Chatham Maritime 1,897m 2 (20,420ft 2 ) let to Bose. The highest rental level achieved in Kent was at the BT building in Sevenoaks, where a letting of a 650m 2 (7,000ft 2 ) suite to Bayerngas UK Limited achieved m 2 ( 21.50ft). In mid Kent, the East Malling Trust s estate is now 90% let including a letting to Driscoll s Genetics Ltd. Further east, the Beer Cart Building, Canterbury, a redevelopment by Quinn Estates of 743m 2 (7,998ft 2 ) has now been completed whilst at the Eurocentre, Faversham, George Wilson Holdings have now fully let their 1,850m 2 (19,913ft 2 ) office with the remaining 2,787m 2 (30,000ft 2 ) floor letting, joining NHS, TDM and FGS Recruitment. In contrast to the IPD reported average investment yield for Kent of 10.49%, in actual terms Kent s investment transactions have ranged from 7.5 to 8% for well let institutional lease product and 11 to 12% for shorter leases. No 1 Walter Burke Way, Chatham sold for over 12% which was a half a point out from the quoting terms, and Heather Court, Sidcup sold for 11%. With longer lease terms, Quayside, Chatham Maritime, let to Bose, sold for 8% at 3.78m and Royal Court, Bromley sold for 5.55m to Threadneedle at a yield of 7.6%. Ground rent investments continue to attract interest due to their limited availability, with Oak House, London Road, Sevenoaks selling for 1.1m. Office rents Office rental growth Office average yields Kent UK South East 12 Kent UK South East /m % Change a year % Yield Ashford Canterbury Dartford Dover Folkestone Gravesend Maidstone Medway Sevenoaks Sittingbourne T.Wells Tonbridge Thanet Source: Caxtons -15 Dec 1999 Dec 2000 Dec 2001 Dec 2002 Dec 2003 Dec 2004 Dec 2005 Dec 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Source: IPD 5 Dec 1999 Dec 2000 Dec 2001 Dec 2002 Dec 2003 Dec 2004 Dec 2005 Dec 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Source: IPD 8 KENT PROPERTY MARKET 2014

11 Lettings LOCATION LANDLORD TENANT SIZE FT 2 RENT (PA) LEASE TERM AGENT 160 London Road, Sevenoaks BT Prospect Legal 10, ,942 5 years Altus Edwin Hill/GVA East Wing, Manwaring Building, New Road, East Malling First Floor, 3 White Oak Square, London Road, Swanley 70 Calverley Road, Tunbridge Wells Suite A & B Pluto House, Ashford Station Sales The East Malling Trust Estate Orbit Southern Developments Ltd Sion property Developments Ltd Spectrum Properties (UK) Ltd Driscoll s Genetics Ltd 5,400 Headline 100,000 Future Legal Services 3,118 38,256 New 10 year lease, t/o in the year 5 year lease with a break at year 3 Smiths Gore Caxtons Yo Yo Design 2,285 23,865 6 Years Durlings Stena Line Ltd 1,845 & 2,245 Rent Rising to 48,312 inclusive 3 years Atrium LOCATION VENDOR PURCHASER SIZE FT 2 TENANT PRICE INCOME YIELD AGENT Imperial House, Bromley AXA OSTC 21,000-1,600, Glenny Calverley Road, Tunbridge Wells Barclays Bank JML Ltd 9, m - - Broadlands 25 Romney Court, Maidstone Bridport Capital Ltd Romney Court Developments Ltd 7, , Harrisons Neville House, Northgate, Canterbury Ramsen Inspired Aquisitions 3, , BTF The Beer Cart Lane Building, Canterbury Quinn Estates Hermitage Court, Maidstone Gallagher Developments Bose House, Chatham Maritime Kentstone Properties 9

12 INDUSTRIAL AND DISTRIBUTION PERFORMANCE Strong UK manufacturing figures from ONS indicate that UK industrial output has grown at its quickest pace for three years. Both industrial output and its main manufacturing component grew by 0.4% at the beginning of the second quarter of the year, with industrial output 3% and manufacturing output 4.4% higher than a year earlier, the fastest expansion since February This goes someway in dispelling the notion that the recovery is based on consumer credit and the housing market, but fuelled, to a large extent, by factories and industry. The IPD index shows a 1% increase in rental levels in Kent, higher than both the South East and UK as a whole. This is in part due to the low levels achieved historically. The retailers continue to lead the way in the South East Industrial/Distribution market with Bericote Properties purchasing 14,864m 2 (160,000ft 2 ) at Sandpit Road, Dartford from British Airways Pension Fund for a dark store on behalf of ASDA. Isis Reach, Belvedere 29,606m 2 (320,825ft 2 ) has also let to ASDA. In addition, Lidl are in the process of constructing their 19,975m 2 Industrial rents (215,000ft 2 ) distribution centre at Northfleet and Ocado currently have a requirement of 32,515m 2 (350,000ft 2 ) in Kent. The lack of availability within certain size ranges in the South East has started to see speculative development at the first scheme in Kent with LaSalle Asset Management and Roxhill constructing three units of 3,685m 2 (39,670ft 2 ), 5,398m 2 (58,110ft 2 ) and 8,122m 2 (87,430ft 2 ) at Invicta Riverside, New Hythe. Also, at Goodman s Aylesford site, Kelly International Transport has purchased 0.65ha (1.61acres) at 534,375 per acre, moving land values on from the last sale. Pre-sale activity has increased, with sales to Crosswater at Prologis The Bridge taking 2.43ha (6acres) to construct 12,077m 2 (130,000ft 2 ), and Small Electric Motors (SEM) taking 2ha (5acres) to construct 9,290m 2 (100,000ft 2 ). Values have now reached 750,000 per acre. Prologis has also seen the pre-letting at Littlebrook to Europa Worldwide Logistics of 24,286m 2 (261,410ft 2 ), one of the largest pre-lettings this year in the South East. Industrial rental growth The freehold market remains buoyant with sales of Medway One, Rochester 10,851m 2 (116,804ft 2 ) at 514m 2 ( 47.80ft 2 ), 22 Castle Road, Sittingbourne 10,641m 2 (114,545ft 2 ) at 517m 2 ( 48ft 2 ) and the Johnston s Building, Castle Road, Sittingbourne 10,641m 2 (114,545ft 2 ) at 592m 2 ( 55ft 2 ). There has been a number of large land releases including the former SCA releasing 16.19ha (40 acres) for industrial and residential development at Northfleet. Further east, Trenport has just brought 11.3ha (28acres) to the market at 350,000 per acre at Eurolink East Five and 4.4ha (10 acres) selling at the former HBC Engineering Depot at Sheerness for below 100,000 per acre albeit for alternative use and from receivers. Goya Developments has purchased 0.79ha (1.95acres) for a small unit development in Orpington. The industrial investment market remains particularly buoyant within Kent, especially for the multi-let estates; two being sold at 7.75% last year on the Eurolink Industrial Estate, Sittingbourne Industrial average yields Kent UK South East 12 Kent UK South East /m % Change a year % Yield Ashford Canterbury Dartford Dover Folkestone Gravesend Maidstone Medway Sevenoaks Sittingbourne T.Wells Tonbridge Thanet Source: Caxtons -6 Dec 1999 Dec 2000 Dec 2001 Dec 2002 Dec 2003 Dec 2004 Dec 2005 Dec 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Source: IPD 5 Dec 1999 Dec 2000 Dec 2001 Dec 2002 Dec 2003 Dec 2004 Dec 2005 Dec 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Source: IPD 10 KENT PROPERTY MARKET 2014

13 and Optima Park, Crayford. Gateway Trading Estate, Swanley also sold to a property investor, and Larkfield Trading Estate, Aylesford to Canmoor for not far off 7.55%. However, quoting terms at Medway Valley Park, Strood of 7.5% has seen this go under offer at a base point lower. With a lack of availability, the Aylesford Logistics Centre in Aylesford, a single let, sold for 6.85%. One of the keenest yields to have been achieved in recent years in the South East, for a newly constructed unit at Aylesford Commercial Park let for 25 years, was 4.95%. This was almost 0.75% better than the marketing figure. The property was purchased by a foreign investor. Nearby at Maidstone, Excel 20/20 Industrial Estate, Laverstoke Road has sold at 7% as an SPV deal. However, Tritax Big Box Reit has purchased the Morrisons national distribution centre in Sittingbourne for 98m reflecting a 5.5% yield. Further east, at the P&O investment at White Cliffs Business Park in Dover, a single let sold for just below 10%. Smaller lot sizes remain of interest with the long leasehold interest of units 1-4 Deacon Trading Estate, Tonbridge selling for close to the same figure. Aylesford Commercial Park Goodman Lettings LOCATION LANDLORD TENANT SIZE FT 2 RENT (PA) LEASE TERM AGENT Unit 1 Kennet Road, Crayford Threadneedle Fed Ex UK 48, ,979 p.a. 10 year/5 year break Altus Edwin Hill Drayton Hse, Beaufort Ct, MCE, Rochester Drayton House Partnership Astamor LLP 18, ,000 3 yrs with Option to purchase Watson Day 1 Brunswick Ind. Estate. Ashford Columbus FFX 4,970 33, year Taylor Riley Stafford Unit 3 Mereworth Business Centre, Danns Lane, Mereworth Private estate Classic Cars Restoration UK 3,053 17,550 New 5 year lease, t/o in the 3rd year Smiths Gore Unit 14 Henwood UK Business Centre, Ashford - Rhine Cleaning 2,298 12,640 - Core Commercial Questor, 75 Powdermill Lane, Dartford SWIP The Tea Makers 2,868 24,500 5 Years Sales Glenny Joint agent (Altus Edwin Hill) LOCATION VENDOR PURCHASER SIZE FT 2 TENANT PRICE INCOME YIELD AGENT Cooling Road, Aylesham Industrial Estate, Canterbury Coltham (Sambourne) Ltd Groupe Guillin 50,392-2,600, Harrisons Unit W Lympne Industrial Estate, nr Hythe Mazars GX Glass Limited 15, Caxtons 11

14 RETAIL PERFORMANCE As at the second quarter of 2014, retail sales increased by 6.9% compared with the previous year. This was the highest year-on-year growth since May 2004 and continued a pattern of year-on-year growth since early 2013, according to ONS. Wider initiatives to assist the high street continue, including the Portas Review especially effecting Kent. In Margate town centre business rates were reduced, for example. Further Government initiatives include 1 billion of support for the high street, and proposals such as to allow shops to be turned into new homes without planning permission. The national High Street vacancy rates are seeing a slight improvement, dropping just below 14% at the end of the last year from 14.5% in the previous year. However, Margate has the third highest vacancy rate in the UK. Maidstone town centre has seen activity at the Wharf, with The Range taking the former Homebase unit. Further deals have included a Morrisons Local store, and Wagamama opening in Earl Street, their fourth restaurant in Kent following the opening at Sevenoaks, also this year. Capital & Regional is working up plans to extend The Mall Maidstone by up to 60% which will include a new department store anchor. Also in Maidstone, permission was given on appeal for the conversion of PowerHub in St Peter s Street to mixed uses including cafes and restaurants and a large food store. At Eclipse Park, Gallagher Ltd are completing the new Next Home and Fashion store, which opens in November The design incorporates brickwork, natural stone cladding and curtain walling, in keeping with the concept design developed by Next. The Maidstone store is the second of similar developments Next have planned across the country. Next has taken a 15 year lease on the building. National retailers continue to adapt to on-line shopping with the emergence of convenience stores. Marks & Spencer are completing their town centre retail development in Sevenoaks. Asda Superstores have committed to Chatham Docks, kick starting Peel s Chatham Dock development. Swale Borough Council has been given the green light in Sittingbourne once again with the consortium, Quinn Estates/Cathedral Group, for a development in the town centre following failed attempts last year when the anchor, Tesco, pulled out. Sainsbury s, however, have pulled out of a 70 million redevelopment near to the town centre at Tonbridge following a full review of their requirements. Waitrose on Dover Road, Sandwich has been approved by Dover District Council s planning committee. Bluewater continues to go from strength to strength with a number of lettings including to Five Guys, with its first restaurant in the South East, Volvo Car UK opening its first pop-up dealership, and Clinton Cards owner Jolie Papier again with its first offering in the UK, as well as lettings to Adidas, Victoria s Secret and Scandinavian fashion brand Lindex. The McArthurGlen Designer Outlet Centre, Ashford is due to double in size adding a further 16,260m 2 (175,000ft 2 ) of retail space of which 6,967m 2 (75,000ft 2 ) will house a new luxury quarter set to open in two years time. Lettings this year have seen Twenty8Twelve opening its first ever store. Activity continues at Whitefriars Shopping Centre in Canterbury where Henderson Global investors have signed Primark for 3,744m 2 (40,300ft 2 ) and Danish variety retailer Tiger taking 250m 2 (2,690ft 2 ). Discovery Park, has seen its first retail offering with Sainsbury s planning to develop a 2,787m 2 (30,000ft 2 ) store. Plans to build a new retail superstore of 7,566m 2 (81,440ft 2 ) next to Arlington House in Margate have been handed back to Thanet District Council after the Government saw no sufficient reason to call for an independent review. Shopping centre investment volumes are up by almost three quarters from last year. Bluewater owner, Lendlease, capitalised on demand by selling its 30% stake for 696m to Land Securities at a yield believed to be around 4.2%. The sale attracted substantial interest from UK REIT s and Sovereign funds. And such is the strength of Sovereign funds at present that Malaysia s Wealth Fund purchased a 50% stake in a portfolio which included the Broadstairs Retail Park, Thanet. Legal and General have also purchased the Broadway Shopping Centre in Maidstone for 9.45m reflecting a yield of 7.7%. Fremlin Walk, Maidstone is anticipated to be sold this year. On the smaller lot size, receivership sales continue to attract property companies with New Street Retail Park, Ashford selling to AEW at 8% net initial yield for 2.35m, and single let 10 The Square, Sevenoaks also selling. Proposed extension: Ashford Designer Outlet McArthurGlen Next at Home store, Junction 7 M20, Maidstone Gallagher Group Pop-up shops, Ashford Ashford Borough Council 12 KENT PROPERTY MARKET 2014

15 High street retail rents High street retail rental growth High street retail average yields Kent UK South East Kent UK South East /m % Change a year % Yield Ashford Canterbury Dartford Dover Folkestone Gravesend Maidstone Medway Sevenoaks Sittingbourne T.Wells Tonbridge Thanet Source: Cradick Retail -8 Dec 1999 Dec 2000 Dec 2001 Dec 2002 Dec 2003 Dec 2004 Dec 2005 Dec 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Source: IPD 4 Dec 1999 Dec 2000 Dec 2001 Dec 2002 Dec 2003 Dec 2004 Dec 2005 Dec 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Source: IPD Lettings LOCATION LANDLORD TENANT SIZE FT 2 RENT (PA) LEASE TERM AGENT 26 Maynard Road, Wincheap, Canterbury Canterbury City Council American Golf 4,500 2,500 to 3, year lease with 5 year break BTF High Street, Ramsgate Baldwin & Swalwell Groovy Frog 3, ,000 5 years Caxtons 128 High Street, Sevenoaks Family trust Private individual ground floor 1,082 upper parts ,200 Let to Fat Face on 10 year lease from February 2009 Smiths Gore Joint agent: Durlings 39 High Street, Tunbridge Wells LB Shell Sweaty Betty GF 1000 Basement 500 Part 1st Floor ,000 FRI 10 years subject to break and review at 5th year. Broadlands 18 Gabriels Hill, Maidstone Private Hair No Martine Waghorn Sales LOCATION VENDOR PURCHASER SIZE FT 2 TENANT PRICE INCOME YIELD AGENT 9 Preston Street and 11/12 Jacobs Yard, Faversham Private vendor Private vendor ground floor 827 flats to upper parts - 400, Smiths Gore. Vendor Agent: Cradick Retail 13

16 LEISURE AND TOURISM PERFORMANCE Attractions Three momentous anniversaries: 100 years since the outbreak of World War One, 75 years since the outbreak of World War Two and 70 years since the D-Day Landings saw significant investment in our heritage attractions, memorials and education facilities commemorating Kent s frontline role. Ramsgate Tunnels opened as the largest and only civilian air raid protection tunnels sanctioned by the Government. The Memorial Arch, Folkestone, opened in memory of those who passed through the port en route to the Western Front from 1915 onwards. The Wing, a new building at the Battle of Britain Memorial at Capel-le-Ferne, will open in The 2.8m project will offer an experience to remember with high-tech effects and an educational classroom. Heritage investment by the National Trust at Knole House, Sevenoaks ensures its future as a top attraction receiving 7.75m from the Heritage Lottery Fund. This includes a medieval barn as a conservation centre. The National Trust is also now responsible for the Darnley Mausoleum, Cobham, investing in its conservation. Canterbury Cathedral was awarded 11.4m in funding from the Heritage Lottery Fund to support its 19.4m Canterbury Journey Project. The project will improve accessibility, safeguard iconic buildings, establish a visitor centre and new trails to enable visitors to find out more. Proposals for Paramount Park aim to transform Swanscombe Peninsula and create a major competitor to Disneyland. Planned attractions include: a Hollywood movie set theme park, indoor water park, theatres/cinemas/event space and a country park. The development is projected to deliver 27,000 jobs; 7,000 in resort, 3,000 in hotels, 4,000 commercial, 3,000 from UK and international firms moving to be closer to the site and 10,000 jobs in local supply services. Public consultations and information events will be held during with a proposed opening in In Ashford the Jasmin Vardimon International Dance Academy has approval from the Arts Council to finalise their 3m ring fenced bid a step closer to creating the academy. Proposals are being developed for an Ashford International Model Railway Excellence Centre utilising the former Klondyke railway works. Historic Dockyard, Chatham has started work on its 9m Heritage Lottery Fund supported Command of the Oceans project an orientation centre for the Dockyard and its defences for Rochester Cathedral has begun its 3.5m Heritage Lottery Funded Hidden Treasures, Fresh Expressions programme with conservation and accessibility works to the crypt and library. It provides permanent space for the 12th century Textus Rofensis one of England s greatest hidden treasures and will open early next year. Eastgate House, Rochester, has been awarded 2.1m to repair, conserve and improve accessibility to the distinctive Elizabethan building re-opening in Work has also started in Rochester on the UK s only Huguenot Heritage Centre. In Dover, the district council is set to unlock the heritage, tourism and community value of Kearsney Abbey and Russell Gardens. The project has secured 3.1m of Heritage Lottery and Big Lottery funding. Bedroom, Botony Bay Hotel, Broadstairs Shepherd Neame Port Lympne Mansion Hotel Aspinall Foundation Thanet District Council, working in partnership with the Dreamland Trust, aims to create the world s first amusement park of thrilling historic rides, classic side shows, vintage cafés, restaurants, gardens and special events and festivals. Project funding has been secured and the park will open in KENT PROPERTY MARKET 2014

17 Conference and Accommodation A 1.5m investment at the Kent Event Centre at the County Showground strengthens its position as the largest and most flexible conference venue in the county. The new 3,200m² (34,444ft 2 ) single-span Maidstone Exhibition Hall will seat 4,000 theatre style. Previously known as the Fayreness, Botany Bay Hotel, Broadstairs, opened in April after a 1.4m refurbishment. Owners Shepherd Neame have created 15 new jobs, taking the total to over 50. The refurbished Port Lympne Mansion Hotel opened in June. The Grade 2* Listed Building offers six en-suite boutique bedrooms/suites in period style as part of a 2m investment including treehouses and camping for school children at Port Lympne Reserve. The Crescent Victoria Margate is a new 14-bedroom boutique hotel with a 40-cover restaurant/bar and attached courtyard lounge area for alfresco dining. Sister hotel, Turner Whitstable, with seafront beach house opened in the summer. Support from the Expansion East Kent loan scheme allowed The Royal Harbour Hotel, Ramsgate, to increase its rooms from 20 to 27 and invest in a new 30-seater restaurant. Expansion East Kent is also supporting the Albion House Hotel, Ramsgate a new 14-room boutique hotel in former council offices overlooking the Royal Harbour. In Margate, Kent County Council is progressing plans to develop a large hotel on the Rendezvous site to complement Turner Contemporary. New owners of the Langhorne Hotel, Folkestone, opened the hotel in 2014 after a major refurbishment with a spacious ground floor public area and six renovated rooms on the first floor. Phase 2, this winter will upgrade the remaining six rooms. East Kent College has secured 9.7m from the Government s Skills Funding Agency to develop a training centre for the tourism, leisure and hospitality industry. A state-of-the-art 30-bedroom hotel and a hospitality training centre is planned at the Grade 2 Listed Yarrow Building in Broadstairs. Getting to and around Kent In the Channel Tunnel s 20th Anniversary year, Eurostar Group Ltd is to have ten new Siemens e320 trains and a refurbished fleet in service next year. The 700m investment will see 20% more seats (a total of 900) and travel from London to Paris, and beyond, at 320kph (199mph). Eurostar is also introducing a new direct service from St Pancras to Marseilles stopping at Ashford. The route linking London and Kent to the south of France launches in May Deutsche Bahn has been granted an operating certificate to run trains through the Channel Tunnel opening up potential competition to Eurostar and providing new routes into Germany and the rest of Europe from The decision will add up to 4 million passengers per year to the 10 million already using high-speed train services. Port of Dover is investing 11.5m in a major nine stage programme including Traffic Management Improvement (TMI) at the Eastern Docks to enhance the port operationally and visually. Dover Harbour Board s vision would enable essential infrastructure to serve its customers in the future. It provides an opportunity to increase ferry berth capacity in the Eastern Docks by transferring cargo operations to the Western Docks as well as transforming the waterfront with the creation of a new marina. Lydd Airport s plans for a 294m runway extension, a 150m starter extension and a new passenger terminal were given the go-ahead by the Secretaries of State for Transport and Communities and Local Government in April. Modernisation work has started to enable use by passenger aircraft up to the size of Boeing 737 or Airbus 319. A 26m investment in a new railway station for Rochester has supplemented a major development at Gravesend station adding a third platform to increase capacity for High Speed One. Queenborough Harbour Trust has been awarded 300,000 by the Department for Communities and Local Government and a 50,000 loan from Swale Borough Council for new pontoon moorings at Queenborough, Isle of Sheppey. The all-tide platform allows visitors to enjoy local facilities with year round landing. Sustainable public transport is one of the many plans to be delivered following a successful 1m bid to the Big Lottery for tourism growth in the Sheppey communities of Eastchurch, Warden and Leysdown. Improved cycling facilities and 100 new cycle stands are enhancing Sevenoaks reputation with cyclists keen to explore the market town, surrounding villages and countryside. The new Maidstone Exhibition Hall, Detling Kent Showground 15

18 RURAL PERFORMANCE The rural market has continued to perform strongly over the last year, with equipped arable land prices nationally reaching a record high and breaking the 10,000 per acre barrier for the first time. Across the South East, bare arable and pasture values have remained strong, whilst equipped land values (which include residential property and buildings) have grown marginally to around 9,500 per acre. The IPD UK Annual Property Index to December 2013 shows rural property outperforming residential and commercial over the last 10 years with a total return of 12.5%. Annually, growth in residential values did result in residential outperforming rural in 2013 with a total return of 14.7% in contrast to 12.3% for rural. The South East market has been characterised in recent years by lack of supply for commercially sized blocks of agricultural land. That trend has been particularly strong in Kent, and whilst easing slightly over the last year, only five blocks of land over 61ha (150 acres) came to the market between the third quarters of 2013 and Abbey and Durlock Farm, Minster In August 2013, Savills marketed 70.82ha (175 acres) of Grade 2 arable land, together with a range of buildings extending to 562m 2 (6,045ft 2 ) and a cottage occupied by a secure tenant. The farm generated significant interest, selling as a whole in December 2013 at 1.92m, comfortably in excess of the 1.75m guide. After a quiet first quarter to 2014, the largest investment sale for some years came to the market via Smiths Gore. Abbey and Durlock Farm at Minster comprised a let farm of approximately 309ha (765acres) of possibly the finest grade 1 and 2 land in Kent. The farm, growing salad and arable crops, was offered for sale subject to an Agricultural Holdings Act tenancy with a rent of 89,000 per annum, equating to over 286 per hectare ( 116 per acre). Included in the sale were a range of buildings, comprising over 5,000 tonnes of grain storage, chilling and packing facilities, 5 residential properties and modern irrigation system including two reservoirs. The farm generated significant interest nationally, appealing to private investors as well as institutional buyers. Following competitive bidding, the farm sold well in excess of the 5m guide. SmithsGore In June, Squids Gate Farm at Challock came to the market with Strutt and Parker at a guide of 2.25m for 47.75ha (118acres) of land, well-appointed farmhouse, equestrian facilities and well equipped range of farm buildings, all set in a downland location. The land is divided between 29.80ha (71.15acres) of grazing and 16.82ha (41.57acres) of woodland. Initial interest in the farm has been strong from both agricultural and lifestyle buyers. In July, the second largest block of land to come to the Kent market was launched by Hobbs Parker. Braeside farmland at Kingsnorth comprises 82.09ha (202.85acres) of land and is guided at 1.25m to 1.35m for the whole. The land is offered for sale by formal tender and significant interest has been generated. The land is offered as two lots, comprising 33.53ha (82.85acres) of arable land as a single lot, and a second lot of ha (120acres) of pasture together with two traditional farm buildings all located to the South of Ashford. Given the rarity of blocks of this size coming to the market in Kent, the land is generating significant interest both locally and across the South East. Looking forward, indications are that land prices will stay at historically high levels and are likely to continue a gradual increase over the next year. Land supplies are likely to remain limited whilst private investors compete with agricultural purchasers for larger lots when they do become available. The changes to pension policy announced by the government in the 2014 budget, which will allow many to release funds from their pension following March 2015, may well buoy up land prices as many enjoy greater flexibility to invest their pension pot as they see fit. This interest from private investors is likely to remain whilst inheritance tax breaks exist for agricultural property. CAP Reform remains a perennial issue and confirmed reforms are highly likely to impact the land market, most particularly the requirement for greening on land in excess of 10ha (24.71acres). This policy is particularly likely to impact on the day to day farming activities of those occupying high quality blocks of arable land such as Romney Marsh or North Kent, and will require the creation of Ecological Focus Areas (EFAs) to be determined on a case by case basis, according to the nature of each farm. It will be some time before the impact on the land market is clear, but it is evident that the Common Agricultural Policy and its various reforms will continue to impact farming buyers and be of concern to investment purchasers. 16 KENT PROPERTY MARKET 2014

19 Rural property total return relative to other asset classes Rural property Commercial property Residential property Equities years 5 years 10 years 10 % Source: Smiths Gore/IPD New village hall at Kilndown Kilndown Village Hall Changes to general permitted development rules over the last year have offered another possible source of value for those owning agricultural land. Buildings with a floor space of up to 450m 2 (4,842ft 2 ) that were in agricultural use on March , can now be converted into a maximum of three homes. Full planning permission will no longer be required, although schemes will require prior approval from the local planning authority, and there are exemptions in place to cover AONBs and conservation areas. In all, the rural market across Kent remains founded on strong demand for a relatively limited supply of property. These fundamentals are unlikely to change significantly in the near future and whilst policy changes and the economics of farming undergo constant change, the rural market is strong and likely to remain so. William Banham MRICS South East Farm Agency Kent County Council Village and Community Hall Grant Scheme Over the last 15 years 137 projects in Kent have benefitted from 3.7m of funding from Kent County Council to support the building, refurbishment and development of facilities that provide vital space for the communities they serve. Village and Community Halls are often overlooked but are an important hub for community activity and as social meeting places. Often located within isolated rural areas or in villages that no longer have shops, post offices, pubs or libraries and limited public transport, affecting the young and elderly. From village pre-schools and post offices to space for local amateur dramatics, sports clubs and social events, village halls are vital for community cohesion. The majority of such buildings are run by charities/local volunteer trustees and are heavily reliant on fundraising. Leaky rooves, poor toilet facilities, a cold, damp hall or insufficient room to allow many activities leads the hall management committees to apply to the Village and Community Hall Grant Scheme. There is a simple application form to complete and a deadline of the end of December each year. Each application is assessed and judged, in particular on the benefits the project will have for users. Recent examples of supported projects include: Kilndown Village Hall located in the isolated village of Kilndown near Tunbridge Wells, the building was dilapidated with surveys highlighting concerns about its structure and the negative impact on services and events. The local community wanted a new, larger hall with modern facilities, energy efficient and suited to all users. The new Village Hall now provides a first class venue for a range of events and activities. The Phoenix Centre located in Sandwich the project aimed to extend the centre to include a new kitchen, a community café, a new toilet block and increased storage. Renewable energy technologies, including the first Baxi EcoGen Combined Heat and Power unit in Kent, energy and water saving measures and recycled or recyclable materials also feature throughout the building. The website for the grant scheme is: community-grants-and-funding/village-andcommunity-hall-grant-scheme 17

20 RESIDENTIAL PERFORMANCE The volume of property transactions was up 22.6% across the UK by the end of 2013, and in November 2013 alone the South East topped the regional table, with more than 300,000 applications to the Government s Land Registry. The residential market in Kent continues apace along with the rest of the country, with average house prices rising 5.4% year-onyear to June 2014 below the UK national average of 11.7% to the same date. There has been a reduction of 20% in the number of completions from 2011/2012. This is possibly due to the lack of available sites. The Government is looking at ways to stimulate the development of housing to increase the volume of properties on the market and to curb house price inflation. The proposal for a new Garden City at Ebbsfleet with the potential for 15,000 new homes and the plans for a major residential development now progressing at Chilmington Green, Ashford, will go some way towards this. At Discovery Park, Sandwich the developers have submitted a broader master plan that will include 500 homes. highway improvements at Alexander Grove, Gibson Drive and Queen Street and two new roads connecting Tower View to Beacon Avenue high quality public open space, a linear park, trim trails, woodland paths and green spaces community enhancements with more grass sports pitches for Kings Hill Sports Park and further land for allotments. Average new build price range by location Location - new build Average price achieved /sqft house & apartments 2014 Sevenoaks Tunbridge Wells Tonbridge and Malling Blossom Bank, Tonbridge Ward Homes An outline application for a third phase at Kings Hill, a residential neighbourhood, was submitted in 2013 by Liberty Property Trust UK and Kent County Council. The land was historically zoned for commercial use and this change will see a re-balancing between commercial and residential uses to reflect supply and demand. Consultation started in 2012 and continued into 2013 resulting in a number of changes to the original outline application and a revised application submitted in March 2014 comprises: Canterbury Dartford Whitstable Maidstone Gravesham Medway new homes and a two-form entry primary school, playing fields and land safeguarded to extend to a three-form entry school Ashford Swale a multi-functional extension to the community hall and a skate park Ramsgate Sheerness formalised car parking at the Community Centre and adjacent to Crispin Way Dover Source: RPC Land and New homes New housing at the former Cold Store site, Sevenoaks 18 KENT PROPERTY MARKET 2014

21 The re-negotiation of s.106 Agreements appears to be prevalent and one that many developers understand in contrast with the CIL payment, specifically in terms of infrastructure which some local authorities are yet to adopt in the county. The housing associations remain active in the county although the amount of social housing required for a site in some instances is being re-negotiated with the local authority to improve the viaility of the development. The number of affordable housing completions in Kent is down to 1,290 in 2012/2013 representing 35% of dwelling completions. Developers have also been taking advantage of the Government s relaxed planning for conversion of offices to homes under Permitted Development Rights which is up 16 times on Government estimates. The national developers have been particularly active in Kent. At Preston Hall, Aylesford, the former hospital, 10.1ha (24.9acres) has sold to Redrow and Weston Homes. The small to mid-size developers have benefitted from the allocation of 525m from the Builders Finance Fund, intended to help smaller developers of sites from 15 to 250 homes. Securing bank finance has been one of the biggest barriers to smaller companies expanding house building. The Telereal site at Villars Road, Canterbury sold to Abbey Homes for 1m per acre with planning for 93 houses, 25% affordable. The Defence Organisation has exchanged to sell land at Shorncliffe Garrison in Folkestone with potential to develop up to 1,200 homes. Private house, Sevenoaks 19

22 INWARD INVESTMENT Locate in Kent, Kent and Medway s investment promotion agency, maintains a client database that holds details of the property requirements of companies looking to relocate to or expand in Kent. It also maintains a web-based commercial property database that provides a good indication of Kent and Medway s commercial property supply. Property demand At the end of June 2014, there were 318 active projects. Of these, 229 had a potential requirement for property or land, compared to 256 in June 2013, of up to a total of 266,258m 2 (2,866,00ft 2 ) compared to 311,515m 2 (3,353,150ft 2 ) in June At the end of June 2014, a total of 55 companies had been successfully assisted by Locate in Kent to invest in Kent and Medway since June 2013, of which 49 had a new or additional property requirement. The total area of property occupied was 35,613m 2 (383,339ft 2 ) compared to 36,503m 2 (392,697ft 2 ) in 2013, which was an average take-up of 727m 2 (7,823ft 2 ), representing an 4% increase in the average size of property uptake since Industrial property demand The total number of industrial projects seeking property in Kent and Medway was 133 (compared to 112 in 2013). 133 companies made 332 area enquiries, which led to a maximum demand for industrial space of 294,323m 2 (3,168,098ft 2 ) compared to 452,694m 2 (4,872,800ft 2 ) in 2013, which is down 35% on % of area enquiries for industrial properties were in Maidstone/Ashford, with 27% in Thames Gateway, this was followed by East Kent (19%) which had only one more property enquiry than West Kent (19%). Office property demand With a total of 96 office projects at the end of June 2014, (which is equal to the 96 projects in June 2013) total potential demand for office space reached 73,359m 2 (789,631ft 2 ) compared with 81,705m 2 (879,476ft 2 ) in 2013, which was down 10% on companies made 241 area enquiries for office property. The highest demand, 43% of area enquiries were for East Kent, with Thames Gateway 24%, Maidstone/ Ashford 20% and West Kent 13% of area enquiries. Property demand by size As in 2013, smaller office properties continued to be the most sought after throughout Kent and Medway. 74% of office demand was for properties of under 464m 2 (5,000ft 2 ). The average minimum size requirement was 470m 2 (5,063ft 2 ) in 2014 compared to 486m 2 (5,236ft 2 ) in The most popular industrial property size was m 2 (1,001-5,000ft 2 ), which accounted for 38% of enquiries in The average minimum size requirement was 2,367m 2 (25,476ft 2 ) in 2014 compared to 2,179m 2 (23,457ft 2 ) in Total office and industrial property demand by sub-region, June 2014 Property demand by size range, June 2014 Property demand by sector, June 2014 Maximum total property requirements (000s) m (104) East Kent Office (63) (59) (90) Thames Gateway (31) West Kent Industrial (62) (47) (117) Maidstone/ Ashford Figures in brackets = no. of active projects at June 2014 (NB. Some projects may have had a property requirement in more than one area of Kent.) % of total office/industrial demand (42) 0-93 (0-1,000) (13) (38)(38) (1,001-5,000) (4) (5,001-10,000) Office (18) (13) (11) 930-1,858 (10,001-20,000) 1,859-4,644 (20,001-50,000) Industrial Figures in brackets = no. of active projects at June ,645-9,289 (50, ,000) Minimum property size requirement m 2 (ft 2 ) (4) (10) (8) (1) (0) (0) 9,290+ (100,000+) Total (min) requirement (000 s) m (7) Automotive Business Services (20) (15) (6) Construction & Property Creative Industries Engineering Environmental Technologies Financial Services Office Food & Agriculture ICT Land Based & Utilities Industrial Figures in brackets = no. of office and industrial active projects at June 2014 (13) (17) (6) (14) (7) (2) (22) Life Sciences (34) Manufacturing (5) Printing & Publishing (8) Public Services (18) Retail & Wholesale (8) Tourism & Leisure (11) Transport & Logistics 20 KENT PROPERTY MARKET 2014

23 Property demand by sector Locate in Kent deals with a wide variety of companies from a number of different industry sectors. At the end of June 2014, industrial demand was lead by manufacturing (27,996m 2 ), representing 17% of projects, followed by food & agriculture (23,588m 2 ), construction & property (19,106m 2 ) retail & wholesale (18,265m 2 ), and engineering (13,030m 2 ). At the end of June 2013, the situation differed slightly, with food & agriculture, representing 16% of the industrial demand (36,464m 2 ), followed by manufacturing (16,672m 2 ) and retail & wholesale (14,098m 2 ). At the end of June 2014, office demand was dominated by food & agriculture (23% of office demand; 9,290m 2 ), followed by life sciences (7,354m 2 ) and construction & property (5,133m 2 ), both approximately 31% of demand. At the end of June 2013, the situation was different, with food & agriculture dominating with 18% of office demand (5,654m 2 ), followed by manufacturing (3,930m 2 ) and construction & property (3,154m 2 ). Both sets of figures show a clear increase in total size required since 2013, with food & agriculture and construction & property both having maintained top positions. Property supply by area, June 2014 Number of properties available (165) (137) East Kent Total Office Properties Total Industrial Properties (204) (199) Thames Gateway (323) (166) West Kent (251) (185) Maidstone/ Ashford Figures in brackets = number of properties logged on Locate in Kent s property database at June 2014 Property supply At the end of June 2014, a total of 1,625 properties were registered on Locate in Kent s property database, compared to 1,748 at the end of June 2013, a decrease of 7%. 44% of supply was industrial properties, compared with 46% in The greatest number of properties overall were available in West Kent - 30%, followed by Maidstone/Ashford (27%), Thames Gateway (25%) and East Kent (18%). Thames Gateway Kent and Maidstone/Ashford offered the greatest number of industrial properties (28% and 26% respectively). This was followed by West Kent (23%) which had only one property more than East Kent (23%). At the end of June 2014, 90% of the office properties available were at the smaller end of the range - less than 464m 2 (5,000ft 2 ), which was 1% down on June For industrial properties, the most commonly available sizes were also at the lower end of the size scale, with property under 464m 2 (5,000ft 2 ) accounting for 69% of all available industrial properties, which was the same as in June Property supply by size bracket, June 2014 % of office/industrial properties (432) 0-93 (0-1,000) (109) (394) Office properties Industrial properties (385) (1,001-5,000) (64) (90) (5,001-10,000) Figures in brackets = number of properties logged on Locate in Kent s property database at June 2014 (21) (62) 930-1,858 (10,001-20,000) (6) Size of property m 2 (ft 2 ) (49) 1,859-4,644 (20,001-50,000) (20) (3) 4,645+ (50,001+) Property supply and demand Over the last year, the supply of commercial property, especially industrial units has reduced, albeit by only 7%. However, reductions are more acute in some size brackets with available industrial units over 9,302m 2 (100,000ft 2 ) reducing by 45% and of units from 94 to 464m 2 (5,001 to 10,000ft 2 ) by 23%. This reflects a RICS Q survey that shows the availability of industrial property dropping by 42%. At the same time, the demand for industrial units of 94 to 464m 2 (5,001 to 10,000 ft 2 ) has increased by 175%. This results in businesses seeking to expand, set-up or relocate in Kent having less properties to choose from, especially quality properties. At the same time, very little office or industrial property was built during the last year, resulting in a reduction of available Grade A property. In addition, recent planning changes, making it easier to convert offices to residential, have seen a reduction in stock, although some of these office properties were arguably no longer fit for purpose. If this situation continues into and beyond, it may become more difficult for businesses to find a suitable property in Kent. This has already resulted in speculative development in Aylesford, and it is may encourage other developers to return to building speculatively in due course. Major investments In , Locate in Kent assisted 56 companies to set up, move to or expand in Kent, creating 1398 jobs and retaining 817. This included 17 overseas companies, with six from the US, three from Italy, and others from Ireland, Switzerland, Canada, Netherlands and Australia. From April to July 2014, Locate in Kent assisted a further 16 companies. Notable investments in included Genea Biomedx, Australia s leading fertility company who set up a 1,336m 2 (14,000ft 2 ) manufacturing facility at Discovery Park, which will eventually create 40 jobs, Hybrid, an Italian company who produce air-conditioning systems, who relocated their manufacturing into 1,096m 2 (11,791ft 2 ) at New Romney, and Shearwater Healthcare, an ICT start-up company who set up in 139m 2 (1,500ft 2 ) at Orchard House, Canterbury, creating 43 jobs. All three companies received Regional Growth Fund funding via the Expansion East Kent scheme managed by Kent County Council. At the end of June 2014, Locate in Kent had a pipeline of 318 projects looking to start-up, expand in or relocate to Kent. 21

24 ECONOMIC DEVELOPMENT Thames Gateway Kent Dartford Since mid-2013 there has been a sharp increase in development with many major sites securing outline and reserved matters consents many of which have begun. Housing delivery and job growth are both anticipated to show a dramatic improvement over the year. The Core Strategy identifies three major areas in the district with opportunities to deliver homes, jobs and supporting community facilities. They are the drivers of transformation from a declining economy of manufacturing and quarrying to one which is modern, thriving, high-tech and sustainable. A Community Infrastructure Levy was implemented in 2014 to fund major infrastructure required to support this growth. Land Securities, via a development partner, are bringing forward a mixed use development of 6,250 homes at Eastern Quarry with the first ones available from July To the south, at the former Northfleet West Electricity Sub-station, outline consent has been granted for a mixed development with 950 homes. Construction is to start in late In Dartford Town Centre, an application for a mixed use development in Lowfield Street, Dartford was approved last year comprising 8,000m² (86,111ft²) of retail, 107 homes and a community centre. Demolition as a precursor started in July Dartford s new railway station opened with additional parking and improved facilities. Work has started on Northern Gateway East and Mill Pond sites and completion of the first homes is expected in autumn An application for 55,000m² (592,015ft²) of employment space at the northern end has received outline consent. At The Bridge three further residential phases are underway including the local centre. Construction has started on a large plant manufacturing technically advanced engineering parts. Leigh UTC, a Technical College for year olds focusing on ICT and engineering skills is nearing completion for September Eventually, The Bridge will comprise a sustainable living and working community of 1,500 homes and community facilities. Conversion of Stone House Hospital to residential with additional residential units in the grounds nears completion. A final phase comprising former nurses homes is underway. Adjacent to this site, at the former Fantaseas Leisure Centre, 155 homes are under construction. Whilst at St Clements Valley near Bluewater, construction has commenced on 230 homes. To find out about major developments in Dartford go to: Gravesham Investors and developers are capitalising on the opportunities that High Speed One services to London present. With the town just 22 minutes from Central London and 17 to Stratford equating to Underground Zones Three and Four, Gravesend is the closest Kent town to London in terms of journey time. This was boosted in December with a 19m upgrade to Gravesend Station with extra platforms, lifts, footbridge and step free access to enable 12-car High Speed One trains in the future. Planning permission has been granted for the Gravesend Heritage Quarter proposal by Edinburgh House 120m mixed-use redevelopment with hotel, apartments, retail, leisure and offices. Outline permission has been granted for 650 homes, new light industrial and leisure space as part of the Canal Basin regeneration. Proposed design: Medway University Technology College Maber/Medway UTC Artist s impression: Former GlaxoSmithsKline site, Dartford Grid Architects 22 KENT PROPERTY MARKET 2014

25 The first development at the Homes & Communities Agency Northern Gateway East and Mill Pond sites, a 40m, 20,000m 2 (215,278ft 2 ) Lidl distribution centre, opens in September With Lafarge s site, the wider Northfleet Embankment provides 87ha (215 acres) of riverside development, deep water wharfage and direct links to High Speed One. The Borough Council remains committed to working with housing associations to deliver modern, well designed and affordable housing. Town and Country s development at Dyke s Pitt nears completion and along with former council offices at Cygnet House undergoing a major conversion, will together provide 116 units by Sanctuary Housing Group are on site at their former residential home, Wimborne House, which will see the Borough s second extra care facility and 70 units. by a dedicated new urban development corporation (UDC). The Government aims to have the UDC in place by early 2015 and the proposed boundaries of the UDC were out for consultation from August to October this year. The precise details of which sites will be included within the development corporation s boundary is still to be decided, but the proposed area for the Garden City would cover the major development sites of Eastern Quarry, Northfleet West Sub-Station (Ebbsfleet Green), Ebbsfleet, Swanscombe Peninsula and selected sites along Northfleet Embankment. Much of this area either already has planning permission or outline consent for mixed-use development. The proposed area for the Garden City also covers the site identified for the prospective London Paramount leisure resort. Proposed area of Ebbsfleet Urban Development Corporation DCLG For further information on Gravesham s business locational advantages contact Chris Inwood at chris.inwood@gravesham.gov.uk London Paramount Leisure Park London Resort Company Holdings (LRCH) is bringing forward plans for a world-class entertainment resort on the Swanscombe Peninsula to be licensed by Paramount Pictures. In May 2014 the Government confirmed that the London Paramount Entertainment Resort will be the first Business or Commercial Project to be considered a Nationally Significant Infrastructure Project (NSIP) with an application expected in The resort will include an entertainment street, water and theme parks, events space, sporting facilities, creative space, service buildings and staff training academy as well as around 5,000 hotel rooms and improvements to the transport infrastructure including a monorail link to Ebbsfleet International Station. The project cost is estimated at 2.3bn and could generate 27,000 jobs. LRCH expect the resort to be open by Ebbsfleet Garden City In March 2014 s Budget, the Government announced ambitious plans to create a new garden city for the 21st Century at Ebbsfleet, as part of a stimulus package for housing development, capable of providing up to 15,000 new homes based predominantly on existing brownfield land. The announcement came with Government support of up to 200m to be invested in infrastructure and delivery led Medway The exciting 20 year regeneration programme for Medway continues apace. Rochester Riverside, the next phase of housing at the Council s flagship 32ha (79acres) regeneration site will be delivered at Stanley Wharf with Bellway Homes Ltd. Subject to planning approvals work on 75 new homes starts in early Further development phases will be released later in Future phases will bring forward mixed-use development in the Station Quarter located at the new 26m Rochester station due to be complete in late 2015 and located 500m from its current site with longer platforms for up to 12 carriages. A new Development Brief and Masterplan for the site has been produced, setting out the vision for a high quality living environment with open spaces, riverside walk, primary school, leisure facilities, offices, shops and restaurants. After public consultation in May/June 2014 the Development Brief was adopted as a Supplementary Planning Document by Medway Council in September Chatham Waters started this year with junction/access improvements to the site by June Groundworks for the proposed supermarket are progressing. The University Technical College (engineering and construction skills) also based at Chatham Waters, has planning approval, opening to its first cohort in September This will be a significant advantage to local companies with access in the future to skilled employees second to none. The mixed use development at Chatham Waterfront continues open up the waterfront for leisure and to encourage retail uses and residential units. Central to the Council s regeneration of Chatham are significant public realm improvements such as the town centre riverside walk supported via Growing Places and Local Growth Fund. There is widespread support for a street market between the Pentagon centre and the waterfront to open in Spring This will act as an important place-making tool for the town s overall physical regeneration. Medway Council has formally approved the commercial development of Rochester Airport as a key stage in bringing forward investment in the airport s infrastructure. Significant parcels of land for employment will be released at each end of the site. Airport facilities will be upgraded via closure of one runway and paving the main runway to improve operations. A parallel grass runway for heritage aircraft retains links to the respected Medway Aircraft Preservation Society. The former second runway land can then be used for new businesses and create up to 1000 jobs. The aim is a successful business location with a distinct identity linked to high value engineering and with a focus towards aerospace. This follows discussions with the University of Greenwich and notable local businesses in the sector. For further information on opportunities in Medway go to: 23

26 Proposed design: Maidstone Medical Campus DHA Planning Proposed design: Eclipse Park Hotel, Maidstone Gallagher Group Swale Major regeneration has delivered over 198,000m 2 (2,144,340ft 2 ) of new commercial space in Swale since 2008 and 45m investment in new roads. The Sittingbourne Northern Relief Road provides access to one of the largest concentrations of businesses in Kent at Kemsley Fields and at Eurolink via the A249 and M2. A new phase, Eurolink East Five, has outline permission with potential development of a further 42,735m 2 (460,000ft 2 ) and up to 1,000 jobs. Queenborough & Rushenden regeneration continues with land preparation for a first phase of housing now complete. The plan is for 1,100 homes alongside up to 180,000m 2 (1,937,504ft 2 ) of employment space. A Morrison s store opened at Neats Court with a second phase underway. In 2011, the Spirit of Sittingbourne consortium was selected by Swale Borough Council as its development partner to regenerate central Sittingbourne. Proposals to generate economic improvements and employment over ten years include: New cultural quarter, multi-screen cinema and cafes, bars and restaurants Improvements to the station frontage to improve the arrival at Sittingbourne New retail offer and multi-storey car park New civic quarter, library and public realm throughout the town centre Residential development The first phase was approved in April by the Borough Council with an eight screen cinema, leisure/recreational facilities and town centre housing. Work has started with partner agencies, the Highway Agency on road improvements and Network Rail with station improvements. A detailed application for Phase 1 is expected in autumn 2014 for implementation in spring Sheerness is Peel Port s flagship terminal in the South-east, handling up to two million tonnes of cargo a year with car importation and forest products being key drivers for growth. The Port is also part of the South East Centre for Offshore Renewable Engineering (CORE), one of six Government designated centres leading growth in the sector. At Faversham, a further phase of 650m 2 (7,000ft 2 ) is under construction at The Foundry, with occupiers identified for all employment units. For further information on developments and opportunities in Swale please go to: West Kent Maidstone The Borough Council continues to attract significant investment with recent and planned projects totalling over 200m. The 86m Kent Institute of Medicine and Surgery (KIMS) has opened at Junction 7, M20. This tertiary-level hospital employs over 400 people providing specialist services, many unavailable in Kent and at a level equivalent to Guys/Kings College Hospitals with at least 25% of patients being NHS. An 8ha (19.76 acres) site adjacent to KIMS earmarked for a medical campus, aims to be a world-class centre of excellence in patient care and medical education/ research and potentially provide 3000 jobs. This includes specialist treatment, a Neurological Rehabilitation Centre, clinically dependent accommodation; offices, research and development and a Medical Training Centre and Graduate/ Post Graduate teaching in conjunction with leading Universities. Agreements have already been signed with Harvard and Swansea Universities. One of Next s first purpose-built Home and Fashion stores to showcase all product ranges will be opening in November. The 5,749m 2 (61,882ft 2 ) retail unit with café on the 0.9ha (2.23acres) site will create 139 jobs. The Mall has unveiled 24 KENT PROPERTY MARKET 2014

27 a 100m masterplan for their Maidstone complex with expanded retail/leisure, improved transport facilities and new bus interchange, car parking and public realm improvements and in the future, housing. Phase 1 of Mid Kent College s 25m Oakwood Campus is complete. Phase 2 has a 30-business creative Enterprise Hub and Higher Level Skills Centre with Phase 3 providing a 3,716m 2 (40,000 ft 2 ) sports complex. Maidstone Council s own investment in Maidstone town centre public realm continues with consideration of a 4m Phase 3 to include Earl Street, Gabriel s Hill and Week Street. Phase 2 Lower High Street completed in 2013 following the success of Phase 1 where vacancy levels reduced significantly. Maidstone: The Business Capital of Kent Tunbridge Wells The Borough Council s Five Year Plan to 2019 aims to enable Tunbridge Wells to have a more prosperous, green and confident future. Most ambitious is the cultural and learning hub created by remodelling the museum and art gallery, library and adult learning centre into a 21st century facility in Royal Tunbridge Wells. As a key attraction it will bring visitors, build on the existing offer and act as a catalyst for further investment. Dandara Ltd has begun the development and marketing of Knights Wood, east of Royal Tunbridge Wells with 550 homes comprising 2, 3, 4 and 5 bedroom houses and a new school. Royal Wells Park by Berkeley Homes is being built on the former Kent & Sussex Hospital site and phase 1 is on sale. This includes 243 homes of 3, 4 and 5 bedroom houses, 2 and 3 bedroom apartments, a new school and 4,180m 2 (45,000ft 2 ) of office space. The Council is bringing forward business opportunities at John Street in Royal Tunbridge Wells as part of a mixed use development and at North Farm Lane with 1,672m 2 (18,000 ft 2 ) of B1 space. In addition, the Council and its partners are to provide workspace to support the Borough s thriving cultural and creative sector and is examining the feasibility of 2,787m 2 (30,000ft 2 ) of offices in the town centre. Proposed development at Royal Wells, Tunbridge Wells Dual carriageway improvements have begun on Longfield Road on the North Farm Business Estate linking to the A21 to ease travel delays and support growth at this Key Employment Area. After planning approval and confirmed funding, dualling the A21 between Tonbridge and Pembury will begin in early 2015 to improve access to Tunbridge Wells from London and the M25. For more information on investment opportunities and current initiatives in Tunbridge Wells please contact business@tunbridgewells.gov.uk. Tonbridge & Malling The Borough Council s Core Strategy was adopted in A Development Land Allocations DPD, a Town Centre Area Action Plan and a Managing Development and the Environment DPD have also been adopted. A revised Development Plan for the Borough to replace these documents is in preparation with formal adoption expected in late Berkeley Group The Council continues to explore major development in Tonbridge to provide an uplift to the town s retail offer. In addition, funding is now in place to support environmental and traffic management improvements to the High Street. Further funding has been secured for improvements to Junction 4 M20. A major residential development at Peters Village, near Wouldham has commenced and work is underway on new access from the A228 including a new bridge over the Medway Valley railway and the River Medway. For more information on the range of business support and investment opportunities across Tonbridge and Malling, see 25

28 Bluebells development, Ashford Pentland Homes London Ashford Airport, Lydd LAA Ltd Sevenoaks Excellent transport links, a highly motivated/skilled workforce, plentiful office and industrial space within a market town and rural setting make Sevenoaks District one of the best places to live and do business in the UK. The area continued to attract strong inward investment throughout the recession. The District Council has a strong commitment to business support and growth and has identified new opportunities for development in its emerging Allocations and Development Management Plan This identifies housing allocations and business sites that the Council aim to retain and support in Sevenoaks, Swanley, Edenbridge, New Ash Green and Westerham amongst others. The District continues to attract large companies. A new Marks & Spencer at Bligh s in Sevenoaks centre is near completion and at 4,200m² (45,208ft²) will further strengthen the retail offer. In Edenbridge Sainsbury s have invested in a new store permitted on part of the Fircroft Way industrial estate. The 3,112m² (33,500ft²) supermarket will bring up to 200 jobs. Waitrose recently opened a new branch in Edenbridge. Residential development continues at the ex-west Kent Cold Store at Dunton Green with 500 one, two, three, four and five bedroom units; 2,300m² (24,756ft²) of B1 commercial space, access roads, parking, landscaping and open space. The redevelopment of the former Police Station on Morewood Close in Sevenoaks to provide over 50 new homes is well underway. A development of up to 61 homes has permission at Broom Hill, Swanley with the rest of the site allocated for a new business development. For more information about the services we offer to businesses please go to: East Kent Ashford Now one of the fastest-growing towns between London and the continent, Ashford offers high speed rail, competitive house prices, attractive countryside and increasing investment potential. At only 38 minutes to London, and two hours to Paris, the town provides excellent business opportunities through its location and transport links. Home to a number of international companies Ashford is expanding into one of Kent s commercial powerhouses. The scale of development being brought forward demonstrates the areas locational advantages for sustainable growth. Creating a dynamic commercial quarter is a major part of the town centre s regeneration with extensive opportunities next to Ashford s International Station. The purchase of International House, the former Crouch s Garage site and 26 KENT PROPERTY MARKET 2014

29 Templeman Library design, University of Kent at Canterbury UKC New Aldi Store, Herne Bay The Harris Partnership surrounding land by Ashford Borough Council all represent a start on this regionally significant scheme with 55,000m 2 (590,000ft 2 ) of office space plus 2,415m 2 (26,000ft 2 ) of street-level retail/leisure outlets and 150 homes. This has the potential to enable 4,000 new jobs with phase 1 offices (5,000m 2 or 53,820ft 2 ) being marketed in Leading retail and leisure developer Stanhope Plc is bringing forward Elwick Place in the town centre. This 2ha (6.65acres) brownfield mixed use site comprising retail, leisure, residential and business space will see an application in McArthurGlen plan to expand Ashford Designer Outlet, with a potential 15,329m 2 (165,000ft 2 ) of additional retail space. As well as this significant commercial development, major housing developments have been under construction, with the first 245 homes at Finberry (formerly Cheesman s Green) by Crest Nicholson, part of a 1000 unit development. Kier has started delivering 108 homes at Newtown Works completing in The conversion of Charter House into 232 contemporary homes as the Panorama development shows market confidence in the re-use of existing town centre buildings. An application for a sustainable community of 5,750 homes at Chilmington Green and employment space to create 1,000 jobs will be considered in October. Ambitious plans are being brought forward for Conningbrook as a water sports venue and lakeside village of 300 high quality homes to complement the Julie Rose Stadium. In Tenterden, Taylor Wimpey and development partner Welbeck Land, have submitted proposals for phase one of around 250 homes on land south of Smallhythe Road and Recreation Ground Road. The Government s decision to fund a full scheme at M20 Junction 10a will allow further economic and commercial development in Ashford and could enable up to 11,000 jobs and 9,000 homes. For further information on opportunities in Ashford see: Canterbury The year has seen a surge in higher education investments in Canterbury including new student accommodation schemes and educational resources. At the University of Kent in Canterbury, Turing College and the Templeman Library are major developments underway. The Turing College student accommodation and Hub building open in 2015 and the new college will provide 800 student rooms and social space, study areas, offices and catering. The University s Templeman Library is being redeveloped with the 1968 building replaced with a modern library offering a comprehensive range of facilities, services and resources. This includes an extension with 512 study spaces, an exhibition space, a 250 seat lecture theatre, eight seminar rooms and a Special Collections archive. The existing structure will be refurbished to include new windows, extended café area and more postgraduate study areas. 27

30 Canterbury Christ Church University purchased Canterbury Prison from the Ministry of Justice this year. The 2ha (4 acres) site in the Longport area comprises the former prison s three wings, a chapel, reception, education block, gymnasium, hospital, kitchen, library and workshops. The University may seek to convert the building for use as student accommodation to complement a new 10m hall of residence development with 432 bedrooms at Rhodaus Town. Phase 1 of this development (193 rooms) completes next year. This follows recent large scale investments in the 35.5m Augustine House Library and Learning Centre and nearby St. George s Centre as student accommodation and student centre. Aldi is to build a 1,665m 2 (17,922ft 2 ) store on Kings Road car park, Herne Bay. An application is currently with Canterbury City Council with work expected to begin in autumn. It provides a single storey store and an 80 space car park on 0.46ha (1.15acres) accessed from King s Road. It represents part of Phase One of the larger Herne Bay Central Development Area (CDA), a regeneration partnership between Coplan Estates, Denne Construction and Canterbury City Council. The CDA Masterplan aims to provide a new retail hub with retail units, car park, public squares and enhanced streets as significant investment in the local economy. Aldi is a major anchor to the scheme, creating over 90 jobs and is a catalyst for the continuing regeneration of Herne Bay. To find out why Canterbury district is an excellent place to do business go to: Dover With its strategic location, unrivalled transport connections, growth point designation, and enviable coastal lifestyle, companies are choosing Dover District as the place to grow their business. Dover, home to Europe s busiest passenger ferry port, is only around an hour from London on High Speed One. The Port of Dover is embarking on a major redevelopment of the Western Docks, investing 200m in capital projects over five years. This includes a new cargo terminal, logistics hub and marina and is set to create 600 jobs as well as safeguard 140 jobs. Discovery Park, Sandwich is a Government-designated Enterprise Zone. Spread over 82ha, (203 acres) it is the largest science and technology facility in Europe, with 280,000m 2 of state-of-the-art laboratory facilities and high quality office space within a landscaped campus setting. With over 100 companies on site Discovery Park is one of the most successful Enterprise Zones in the UK. Dover District Council is working with development partners, Bond City and Stonehurst Estates, on a prime 3.24ha (8 acres) site to transform the retail/leisure offer in Dover town. The St James s development includes 450 parking spaces, a 1,486m 2 (16,000ft 2 ) M&S store, six screen multiplex cinema, a 120-bed hotel, five national chain restaurants and twelve retail units. The development of Betteshanger Park represents a UK first for investment in green and sustainable business, energy, education and heritage. This unique project, led by Hadlow Group, will combine green technologies on a sustainable business park, world-class research and development and national visitor destination/learning centre. Developing skills is the aim of Viking Recruitment with a new state-of-the-art Maritime Skills Academy at Whitfield now in its first phase. A range of housing options in the District continue, including development at Buckland Mill and work on developments in Whitfield and the Aylesham Village expansion. Plans progress for housing at the Western Heights and Farthingloe along with Proposed Leisure Centre, Princes Parade, Hythe a hotel, conference venue and museum/visitor centre. Plans continue on the Fort Burgoyne and Connaught Barracks sites. For more information on the range of investment opportunities and regeneration initiatives across Dover District, see Shepway With Folkestone s High Speed One journey to St Pancras in under the hour and Eurotunnel providing easy access to mainland Europe, Shepway is Kent s Connected Coast. Building on its strengths, the district has experienced exciting major developments in the last year. In May, the High Court approved expansion at London Ashford Airport allowing a runway extension and a new terminal to for up to 500,000 passengers annually. A new hotel on site also has planning approval. With outline planning permission for Folkestone Seafront achieved for a mixed development of 1,000 homes, sports amenities and public space, demolition work has been undertaken and refurbishment of the Harbour Arm begun. GT Architects 28 KENT PROPERTY MARKET 2014

31 Artist s impression: Dover Western Docks Revival A hybrid application has been submitted by Taylor Wimpey for the comprehensive redevelopment of Shorncliffe Garrison. This includes over 950 homes, new primary school, improved sports facilities and public open space. Work has also commenced on the development of 1,050 homes, community centre and employment land at Martello Lakes, west of Hythe. Development continues at Eversley Park in Folkstone by Quinn Estates and Pentland homes. Shepway District Council is consulting ahead of further feasibility work on the location of a new swimming pool, school and open space improvements at Princes Parade, Hythe. Kent County Council, Shepway District Council and the Creative Foundation began the Folkestone Townscape Heritage Initiative in the Old Town. Payers Park has opened as a new, high quality open space in the heart of the town and two prominent historic buildings on the Old High Street are being fully restored. In 2014, BNRG Renewables completed one of the largest UK solar farms with a construction cost of 35m. Sycamore Farm, Old Romney covers 49ha (120 acres) and has 82,000 solar photovoltaic panels and an installed capacity of 20MW Peak (MWp). It produces enough electricity annually to power over 6,600 households. For further information go to Dover Harbour Board Thanet The coastline, heritage and unique location make Thanet a major visitor destination attracting over three million visitors a year bringing 230m into the local economy. The Council has developed a Destination Management Plan in partnership with industry representatives to help Thanet achieve its potential as a visitor destination, alongside Turner Contemporary and Dreamland. This is matched with significant investment and regeneration activity making Thanet an ideal location to do business. Thanet Local Plan and Economic Growth and Regeneration Strategy aim to create the right environment to deliver real economic growth. High Speed One services and additional improvements are reducing journey times to London and the 10m funding to develop a new Parkway Station will make Thanet a credible proposition for investment and growth. The area has a number of key assets being capitalised upon including growth at Manston Business Park and strong connections being made with Discovery Park. Enhancements at the Port of Ramsgate and Royal Harbour include diversification to support the offshore renewables industry as the port is part of a Government designated Centre for Offshore Renewable Engineering (CORE), one of six such ports in the South East. Work has also begun on site at Westwood providing 1,000 new homes and community assets. Maximising the potential of existing companies with business support funding schemes Expansion East Kent and SUCCESS provide opportunities for existing and start-up businesses to grow and create jobs. The 324 ha (800 acres) former Manston Airport site is to see a comprehensive 1bn redevelopment of the whole site over a 20-year period in a mixed-use scheme bringing more than 4,000 jobs. The new owners aim to create a mixed-use community and produce space for a wide range of businesses, attracting companies interested in advanced manufacturing as well as housing, shops, schools and community facilities. With extensive experience of large-scale regeneration projects, the owners are part of the Discovery Park consortium transforming the former Pfizer facility in Sandwich. Thanet District Council, in partnership with the Dreamland Trust, is to create the world s first amusement park of thrilling historic rides, classic side shows, vintage cafés, restaurants and gardens plus special events/festivals. Phase one funding has been secured from the Heritage Lottery Fund, Department of Culture, Media and Sport s Sea Change programme and Thanet District Council. The park opens to visitors in For further information on developments in Thanet please contact: louise.askew@thanet.gov.uk Housing Housing Market Kent has sent out a strong message to developers that the county is open for business promoting Kent as an attractive place to deliver new homes. The average house price in Kent is 15.41% lower than the average for the South East which was 288,208. Across the county prices range from an average 406,442 in Sevenoaks to 181,332 in Thanet. The average price in the Medway Unitary area was 177,204. There were 5,859 property transactions in Kent (KCC area) during Quarter 1, 43.71% higher than the same quarter in the previous year. There were 1,033 property transactions in the Medway Unitary area. Based on a four quarter moving average there have been 24,279 sales in the four quarters ending 2014 Quarter 1. This is the highest in any 12 month period since Kier Kent Initiative Kent County Council launched the Kier Kent Initiative in The innovative land deal between KCC and Kier uses public sector land and private sector institutional investment to build homes for rent and open market sale. The Initiative has packaged together KCC owned sites in Sevenoaks, Canterbury and Swale which would have struggled to deliver housing on an individual basis, and brought in institutional funding to finance the building of the new homes. The rented homes are to be managed by a leading Kent based Housing Association. 29

32 Kier has achieved planning permission on two of the sites and is currently seeking permission for a third and it is hoped, once completed, this will bring forward around 152 new homes. Consideration is being given to growing KCC land investment in such initiatives. The model provides the ability for local authorities and housing associations to develop outside of any government grant regime. The model also supports the delivery of housing to local authorities alongside the new Housing Revenue Account reforms and any resulting headroom. Kier and KCC, working together, have an innovative and scalable approach with the capacity for significant housing delivery by providing an attractive opportunity to institutional investors, who are reported to have an unprecedented appetite to fund the right deals. Viability Protocol A county-wide Viability Protocol that can be used to unlock barriers and speed up delivery has been developed by Kent Housing Group, Kent Planning Officers Group, Kent Developers Group, Kent County Council and the Homes and Communities Agency, a recommendation within the Kent and Medway Housing Strategy. Developers and planners acknowledged the need for a shared understanding of viability by local authorities and planning applicants, to help deliver new housing in a timely and effective manner. The Kent Viability Protocol is not statutory but voluntary and aims to avoid a costly and adversarial approach that can arise when considering viability. The aim is for the protocol to be an effective tool to speed up the resolution of viability disputes. Homes and Communities Agency (HCA) Kent local authorities and housing associations have worked with the HCA to maximize the inward investment into affordable housing through the Affordable Homes Programme. Receiving approximately 62m of funding to build nearly 4000 homes, this is the largest allocation nationally to a single geographical area. The Kent Housing Group assess that this funding will generate a total investment by 2015 of 617m, which in turn will generate additional activity in the supply chain of 1.6bn and generate up to 7,400 jobs. The Government s Help to Buy Equity Loan scheme, first announced in 2013, is an attempt to encourage banks and building societies to offer mortgages. The Help to Buy NewBuy scheme was launched in March In the first twelve months of Help to Buy: Equity Loan scheme (to 31st March 2014) 470 properties were purchased in Kent, (KCC area), via an equity loan. Nationally 19,394 properties were bought. Sandgate Road, Folkestone Before After No Use Empty The properties are scattered across the county ranging from 91 in Tonbridge & Malling to 3 in Sevenoaks. The total value of these loans in Kent (KCC area) amounted to just over 22m, an average loan of 47,013. This varied from 91,333 in Sevenoaks to 31,090 in Shepway. Nationally the average loan was 40,806. About 87% of these were for first time buyers. In the two years since the NewBuy scheme was launched a total of 202 new build house purchases have been made (KCC area 164, Medway 38). NewBuy must be a new build home being sold for the first time, your main home fully owned by you (not shared ownership or shared equity) and built by a builder taking part in the scheme. In addition the Kent Local Authority Mortgage Scheme operating in Tunbridge Wells, Gravesham and Shepway has delivered over 60 first time buyer mortgages. Kent County Council property Over the last two years KCC has delivered an ambitious programme of over 160m Capital Projects, with a further 200 million of capital investment in the pipeline. This represents not only a considerable investment in the local economy, but also provides much needed training and employment opportunities in the construction industry and its supply chain. Over 100 local businesses have been directly employed in Kent as a result of this and many more indirectly. KCC are delivering the majority of these projects in the education arena and this represents an unprecedented level of spend for both the Primary and Special School sectors, following on from the record levels spent through the Building Schools for the Future programme. Live Margate Kent County Council is working in collaboration with Thanet District Council (TDC) and the Homes and Communities Agency (HCA) to deliver the Live Margate Housing Initiative, which is designed to deliver high quality family housing in the Cliftonville area. There are signs of a positive response to KCC, TDC & the HCA s involvement, with certain small-scale projects being undertaken by the private sector. KCC will continue to use its funding to tackle more challenging sites throughout the area as the initiative progresses. The first units designed and built by KCC as part of the Hotel Leslie redevelopment are completed with one of these family homes being under offer within weeks of becoming 30 KENT PROPERTY MARKET 2014

33 available. This impressive project (supported by the HCA) has transformed a once 50 bedroom house of multiple occupancy into five new family homes The project adds to the already successful results seen by the redevelopment of the Hotel Embassy. No Use Empty The award winning initiative No Use Empty (NUE), established in 2005, is the UK s longest running empty property initiative. Delivered by Kent County Council in partnership with all 12 District Councils it aims to substantially increase the number of long-term empty homes returned to use as quality housing through financial assistance to owners. For NUE 2013/14 was a record breaking year: 42 loans awarded, works starting on 146 units, providing 2.7m financial support and levering in 5.9m from public/private sectors. Across Kent 611 empty properties were brought back into use. Since inception, the total number of empty properties in Kent has reduced from 9,000 to 5,874. NUE has awarded 11m of secured short term interest free loans levering in 16m from the public/private sectors. Kent has also received 5.4m in New Homes Bonus attributed to the net reduction in empty homes over the last four years. The initiative has also created or safeguarded over 600 jobs. Average renovation costs to return a unit to occupation are 43,300 with the average KCC investment being 19,200. For every 1 spent on administration, 20 is being spent in the local economy. Over 4.5m (40%) of funding advanced has been repaid and recycled. Within the NUE initiative the 1.8m Affordable Homes Project (launched 2013) has focused on larger commercial buildings and local regeneration. Developers apply for secured interest free loans over five years, working with Amicus Horizon who let the homes, provide property management and guarantee rental income. The first project in Shepway completed in May 2014 delivering seven units, with further projects across the County completing in NUE won the Partnership working category in the national Placemaking Awards (2014) in association with Regeneration and Renewal. Further information can be found at Transport Infrastructure Local Growth Fund - new infrastructure funding for Kent As part of the South East Local Enterprise Partnership, KCC submitted a bid for Single Local Growth Funding to deliver over 40 transport projects vital to unlocking housing and employment. The funding is available for the period 2015 to In July the Government allocated over 2bn in funding for new infrastructure across England as a series of Growth Deals. In Kent and Medway, key transport projects worth 231m will be funded from 2015 receiving 127m contribution from the Local Growth Fund. The full package includes: Ashford - a new Junction 10a M20, key to bringing forward growth, with additional funding allocated for the A28 Chart Road, supporting development at Chilmington Green. 10m allocated for Thanet Parkway station and to speed up access by High Speed One to Discovery Park and East Kent. Kent Thameside improvements include the A226 London Road/St Clements Way in addition to major investment in Ebbsfleet Garden City. A new bridge across the river Medway, close to Junction 4 M20 to open up access to development at Peter s Village and a package of improvements to support growth at Maidstone including the Gyratory Bypass. In Medway, town centre transport enhancements and measures to improve journey times on the A2 and A289 and access to Medway City Estate. In Tonbridge and Sittingbourne transport improvements will support town centre regeneration. Junction improvements on the A26 London Rd/Speldhurst Rd Transport improvements in North Deal. Sturry Link Rd and an integrated transport package for A28. On site infrastructure and engineering works for Folkestone Seafront Development. Kent Strategic Congestion Management Programme. Kent Thameside integrated door-to-door journeys. A range of sustainable access and transport programmes across Kent and Medway. The Growth Deal also includes new funding for business support and planned investment in the further education estate. Kent Thameside Strategic Transport Programme A 116m programme of major transport infrastructure improvements is being progressed across Dartford and Gravesham via Kent County Council, Dartford and Gravesham Borough Councils, Department for Transport and the Homes & Communities Agency (HCA) working in partnership. Some HCA funding has already been received and is supported by developer contributions secured by the local authorities. Already delivered are Ebbsfleet International Station, Fastrack Routes A and B and improvements at A2 Pepperhill Junction and Hall Road/Springhead Road junction. Rathmore Road Link, Gravesend is being progressed with construction targeted for 2015/16. Dartford town centre improvements have been secured via Lowfield Street and the Northern Gateway East sites. The A2 Bean and A2 Ebbsfleet junction improvements are included within the National Infrastructure Plan. The Highways Agency, subject to business case and contributions is aiming for completion around The Chancellor s announcement of the Ebbsfleet Garden City and an Urban Development Corporation and the London Paramount proposal on Swanscombe Peninsula being confirmed as a Nationally Significant Infrastructure Project (NSIP) will have a significant impact on the Programme. Local Authorities are working with government, landowners and developers to assess the impact of these announcements and develop a way forward to realise the opportunities and benefits that these could bring. Lower Thames Crossing Since the consultation on route options for a new Lower Thames Crossing in 2013, The Department for Transport have announced that Option B (over Swanscombe Peninsula) will not be progressed. Detailed development work is ongoing into Option A (existing Dartford Crossing) and Option C (east of Gravesend). Kent County Council strongly support Option C as the only option to address existing congestion and deliver significant economic growth. Government anticipates consulting on the development work on the two route options in late 2015 or early

34 Additional platforms for High Speed One, Gravesend Station A21 Tonbridge to Pembury Dualling The Secretary of State has confirmed that this scheme will go ahead following the public inquiry that took place in May The Highways Agency are progressing the scheme and environmental mitigation works are expected to start in autumn 2014 with construction starting in spring 2015 and lasting around two years. Rail Network Improvements in Kent Currently seven developments are in progress in the county to support economic growth through improvements to the rail service: 1. Journey Time Improvement (JTI) project Ashford to Ramsgate - partly financed through KCC s bid to the Regional Growth Fund and partly via Network Rail s own funding. It will reduce the journey time between Ashford and Ramsgate via Canterbury West by up to 8 minutes. Phase 1 (Ashford Canterbury West) completes in 2016 and Phase 2 (Canterbury West Ramsgate) in Thanet Parkway - KCC is seeking to deliver Thanet Parkway and associated car park in 2018/19 to significantly improve rail access to development at Discovery Park, Manston Airport site and Manston business parks from London and from within Kent. Gravesham Borough Council 3. Rail service changes from the January 2015 timetable. Following consultations between Southeastern railways, Department for Transport and KCC, the Department has agreed a round-the-loop High Speed One through service linking St Pancras and Ramsgate via Faversham with St Pancras and Ramsgate via Dover Priory, Deal and Sandwich, in both directions, will start in the off-peak, and all day at weekends. This new service will join together the two arms of the service and add a direct service between, for example, Whitstable and Folkestone via all East Kent coastal stations. The existing Mainline services at Ramsgate will be broadly as now, except that the hourly off-peak and weekend services via Faversham and via Deal will be replaced by a new High Speed One service. This is an extension of the existing service to a greater number of destinations and with fast trains. Overall these changes will see a significant improvement in the rail service offered to Thanet and represent one of the key outcomes of KCC s Rail Action Plan for Kent with the introduction of all-day High Speed One services to Deal and Sandwich which this proposal will deliver. 4. New Thameslink City service - Maidstone has suffered from the lack of a direct service to the City. Now, following pressure from KCC through the Rail Action Plan for Kent, the DfT has agreed to include in the new Thameslink, Southern and Great Northern franchise a direct service from Maidstone East to the City. This service will start in May 2018 serving West Malling (Kings Hill via direct bus link from the station), Borough Green & Wrotham, Otford, Swanley and via Bromley South to Elephant & Castle, Blackfriars, City Thameslink, Farringdon, St Pancras and beyond. The service will operate throughout the peak periods with the peak flow and also for most of the off-peak period. KCC will be requesting as great a coverage as possible for the off-peak periods from the franchise operator. 5. High Speed service enhancement for Kent and East Sussex - following a successful campaign by East Sussex County Council, Network Rail will provide costings and possible delivery dates for the electrification of the Ashford to Hastings line - the Marshlink. This would enable a High Speed One service between Bexhill, Hastings and St Pancras via Ashford and act as a catalyst for increased High Speed One services to East Kent via Ashford. 6. Ashford Spurs this is the section of railway linking High Speed One with Ashford International. Signalling needs to be upgraded to allow its use by the new generation of international trains. KCC has taken the lead and has developed a 520,000 funding package for Phase 2 of this work - planning and design. Network Rail will deliver the upgrade, subject to funding being agreed by DfT and match-funding being sought from the EU. This is essential to ensure that Ashford and East Kent as a whole, remain connected to the international rail network in the future. 7. Ebbsfleet Garden City - discussions are beginning between Network Rail, KCC and stakeholders on an enhanced rail service for the planned Ebbsfleet Garden City. Infrastructure is in place with Ebbsfleet station on High Speed One but this will require an enhanced service to meet demand if the garden city plans were to be realised. 32 KENT PROPERTY MARKET 2014

35 Regional Growth Fund After a successful bid to the Government s 2.4bn Regional Growth Fund (RGF), available between 2012 and 2016, Kent County Council, in association with partners, were awarded 55m. The 55m is to provide business support to SME s as a financial package across Kent, Thurrock and parts of East Sussex. These packages support businesses to expand, create jobs and promote economic development. There are three RGF programmes: Expansion East Kent - a 35m fund available as repayable finance at 0% interest launched in 2012 for businesses operating/wishing to operate in Ashford, Canterbury, Dover, Shepway and Thanet. From July 2014, an additional package is now included Small Business Boost. This aims to provide small companies (less than 50 employees) access to funding of up to 50,000. Expansion East Kent applicants need to demonstrate job creation, availability of private or other forms of match funding and create employment in Ashford, Canterbury, Dover, Shepway and Thanet districts. For information: Case study: Genea BIOMEDX UK Limited For more than 25 years, Genea has built its reputation as a pioneer of fertility treatment backed by in-house research and technological development. The Australian company has recently agreed to lease a building at Discovery Park, where it will start the process of marketing to the Northern Hemisphere and become a distribution centre. With a total approved funding of 1,311,000 the company has created 40 jobs. Tiger Fund launched in 2013 for North Kent and Thurrock and is available for businesses operating/wishing to operate in Dartford, Gravesham, Medway, Swale and Thurrock. Three finance packages are available to applicants able to demonstrate innovation and creation of job opportunities having private or other forms of match funding. For information: Case study: GDM Partnership Building Services Consultants Ltd, Dartford. GDM Partnership Building Services Consultants Limited are within the field of building services, designing innovative low energy and sustainable solutions for the built environment. They have received a TIGER Capital Investment Loan with approved funding of 300,000 and are creating or safeguarding 30 jobs. Escalate launched in 2013 with a 5.5m fund and offers a financial package to SMEs in West Kent and parts of East Sussex. It aims to support businesses with high growth potential in the A21 corridor and develop jobs in Hastings, Maidstone, Rother, Sevenoaks, Tonbridge and Malling, Tunbridge Wells and Wealden. For information: Case study: Afia Ltd, Tunbridge Wells. Afia Ltd sell mobility and access equipment. Afia Ltd are looking to expand into larger premises, use an integrated forecasting and purchasing stock system and upgrade and expand the range of products they manufacture. The company received approved funding of 124,750 from Escalate creating or safeguarding eight jobs. So far the three programmes have provided over 30m to companies in Kent, East Sussex and Thurrock with private sector leverage of over 63m and the creation or safeguarding of over 2,600 jobs. Marsh Million In addition to the three RGF programmes, Kent County Council in partnership with Magnox, Ashford Borough Council and Shepway District Council offer a three year economic growth fund for the Kent Romney Marsh area. The Marsh Million provides businesses with capital and limited revenue funding to projects/enterprises which create jobs and business growth. Local companies, entrepreneurs, sole traders and social enterprises can apply for interest free loans of 2,500 to 50,000 to help business growth, to create a business or to boost access to training leading to sustained employment. Development finance, commercial premises, plant and machinery, intangible assets, gap funding, stock and on-road vehicle purchases are eligible. Capital assets funded must be used primarily within the Marsh Million eligible area and remain within the eligible area for at least three years. Further information can be found at: Genea Biomedx building, Discovery Park, Sandwich Discovery Park Ltd More trains to Brussels: Kent County Council s Transmanche Metro Project KCC/Eurostar International 33

36 Kent Big Society Fund New or existing social enterprises can apply to this social finance loan fund set up to support growth in the social enterprise sector in Kent and create new employment opportunities. Established in 2012 with funding from Kent County Council, the Fund is managed by Kent Community Foundation. Loans are available from 10,000 to 100,000 over 2-5 years. An element of grant is available within the loan package and the majority of loans are unsecured. Businesses being investment ready is widely acknowledged as a barrier to social finance and so the Fund offers upfront business development, financial planning support and small business development grants. Terms are flexible and competitive and successful applicants will be offered on-going relationship support. In its first two years the Fund supported 16 new start-up enterprises and 10 existing social enterprises. More information is available at: apply-for-a-loan Kings Hill For nearly 25 years the former West Malling Airfield has been progressively transformed into one of the largest and most successful mixed use developments in Europe, through The Kings Hill Partnership between Kent County Council and Liberty Property Trust UK Ltd. Set in 800 acres of landscaped parkland, Kings Hill is home to international and local businesses. A fully masterplanned 74,322m² (800,000ft²) of developed business property sits alongside a local retail centre integrated with 2,500 homes of exemplary design and quality. The future vision involves a new masterplan and a revised third phase of development, submitted in May with outline planning for up to 635 homes, a school, open spaces and a petrol station but retaining the ability to develop commercial space within the business park. The Partnership is keen to expand the range of shops and services in Liberty Square and elsewhere in Kings Hill. The restoration works on the Control Tower are complete with extensive communal areas as part of the civic space plans to enhance the central area. Residents now enjoy new sports facilities including a second pavilion, six sports pitches, an all-weather floodlit pitch and allotments, all with parking. The refurbished Control Tower, Kings Hill East Kent Opportunities (EKO) LLP Manston Business Park Adjacent to the upgraded Thanet Way this offers 16ha (40acres) of serviced commercial land and a flexible masterplan for all requirements starting from a single acre. EKO is a Limited Liability Partnership between Kent County Council and Thanet District Council. It owns Manston Business Park and aims to kick-start regeneration by offering a location for expanding local businesses and companies wishing to relocate to East Kent. Two sales last year, a further two land transactions in 2014 and significant new interest in developing at the Park all demonstrate Manston s diverse attractiveness and superb location for new and re-locating businesses. The sale of Plot 10 to Cummins Ltd last year and ground lease of Plot 14 has provided increased parking and improved on-site logistics will allow increased staffing through a planned growth strategy. This confirms Manston s appeal to large national and international companies with requirements over 5,000m² (53,819ft²). Liberty Property Trust Similarly, the needs of the SME can be accommodated. The Elevation Space development on Plot 5, by TCS Ltd and sister company Rowe Atlantic provides a new impressive headquarters building reflecting the area s aviation history and further speculative units to meet demand for local SME workspace. The firm has built out and let, ahead of schedule, 2,000m² (21,527ft²) over 12 of the 16 flexible units with the remainder expected to be let shortly. The units offer workshop/ office space in high quality buildings on flexible and competitive terms and creating over 40 jobs. The Expansion East Kent loans to business scheme is unlocking growth across the area and increasing demand for land at Manston. EKO will build on this in 2014/15 by making Manston SME-ready through de-risking the buying process and offering flexible sale structures including freehold and leasehold. Eurokent Development, Westwood, Ramsgate In 2011, a mixed use outline application by EKO LLP and Rosefarm Estates Ltd was jointly submitted for a significant proportion of commercial/employment uses including 34 KENT PROPERTY MARKET 2014

37 community space (a new SEN School), retail and up to 550 homes. A refused application in 2013 has been appealed with the Public Inquiry in August which is expected to be determined in 2014 and if successful this will allow the site to be marketed in the spring/summer of The Laleham Gap (Special Educational Needs) School As part of the comprehensive development of the Eurokent scheme EKO has, in conjunction with KCC Property, facilitated an important land swap, where the existing and no longer fit for purpose school at Cliftonville, Margate will be transferred to a new purpose built school on land adjacent to the Marlowe Academy. The Laleham Gap School site swap is an innovative and cost saving solution as a collaborative and creative approach to property that has many advantages including more rapid delivery compared to the traditional disposal and acquisition approach. Exchange of contracts took place in early July and a separate detailed planning consent (outside the overarching outline application above) was granted later the same month. Wates Construction was due to start on site in October. Broadband Kent County Council is leading a 40m programme to transform Kent and Medway s rural broadband infrastructure and make a major difference to access across the County by the end of The programme covers over 168,000 premises which currently suffer from poor (or non-existent) broadband across the County. Our targets are to provide superfast broadband (speed at least 24Mbps) to over 91% of premises, a further 4% benefitting from fibre based broadband (with speeds up to superfast) and the final 5% of premises receiving at least 2Mbps. The programme is on track with construction work well under way and the first projects were on stream in early This is one of the most extensive infrastructure projects that the County Council is managing and we are seeking to stretch our projects further still. In addition to the current phase of work, additional funding to take broadband into the Final 5% has been secured for the period 2015 to The Making Kent Quicker programme will be extended into additional phases of work towards the end of 2014, picking up on this new funding. Further general information is available at broadband. The webpages also includes a detailed postcode checker which allows specific information about where and when the broadband rollout will take place and illustrates this with maps. The website is being regularly updated as the programme moves forward as with a project of this size and scale, changes do occur. Kent County Council s ambition is to spread broadband as far as possible and improve the economy of Kent in the digital age. East Kent College A 10m project to refurbish the Yarrow Building on the Broadstairs campus of East Kent College recently secured planning permission and construction is underway. Yarrow Building, East Kent College, Broadstairs East Kent College 35

38 Proposed design: Extension to Ashford Designer Outlet McArthurGlen 36 KENT PROPERTY MARKET 2014

39 GREEN INFRASTRUCTURE Renewable Energy Renewable energy capacity has continued to grow within Kent. Projects claiming Renewable Obligation Certificates (ROCs) and benefiting from the Feed in Tariff (FIT) had a combined capacity of 5408 MW by July Most is offshore wind power but standalone and rooftop solar photovoltaic installations are increasing. London Array s first winter of power generation saw the world s largest offshore wind farm making a valuable input to Kent and the UK s renewable electricity needs. From October 2013 to the end of March 2014, 175 turbines produced 1.5TWh of power - the annual consumption of 325,000 households. Vattenfall are to implement the approved extension to the Kentish Flats wind farm off the North Kent coast with 15 more turbines each with a capacity of 3.3MW. This capacity will meet the needs of an additional 42,194 households. Construction in 2015 will include expansion of Vattenfall s operations and maintenance base at Ramsgate. The Kent CORE (Centre for Offshore Renewable Engineering), one of six such Government designated areas in England, is expanding. Proposals to widen the CORE to include Harwich and Brightlingsea have been agreed by the SELEP. These two ports alongside Sheerness, Thamesport and Ramsgate will strengthen the sector in the South East already supporting development in the Thames Estuary and aims to support expansion in the southern North Sea and Channel. It has now been renamed the South East CORE. Away from offshore wind, exciting new renewable energy infrastructure is being developed at Discovery Park in East Kent and at Ridham Dock in North Kent. Estover Energy have permission for a 65m biomass combined heat and power plant (CHP) at Discovery Park to supply renewable heat and electricity across the site and low carbon electricity to the national grid. MVV Energie are building a biomass CHP plant at Ridham Dock using waste wood from the South East which cannot be re-used and largely exported previously. The plant will operate from The growing renewables sector locally needs a skilled and trained workforce. The Centre for Environmental Technologies at East Kent College, Broadstairs opened in September 2013 and provides courses to meet this need. It compliments established facilities at the Swale Skills Centre, Sittingbourne which has secured funding to expand in response to increased demand. Sustainable Urban Drainage Kent County Council and other authorities across the South East have produced guidance which outlines the process for integrating sustainable drainage systems (SuDS) into the masterplanning of developments. SuDS represent an opportunity to create great places, whilst also mitigating flood risk, moderating microclimate, benefiting ecology, providing new sources of water and creating amenity. The resulting document produced by consultants Aecom following workshops with developers, consultants and district councils is entitled: Water. People. Places. A guide for masterplanning sustainable drainage into developments Consideration of the movement of water and its interaction with space at the earliest stage of design is crucial to the success of SuDS allowing the developer to maximise wider benefits. The guide uses steps in the masterplanning process for development and shows how SuDS would be considered through a series of typical developments, from small urban infill to large urban extensions and industrial parks. This allows planners and designers to scope and embed opportunities for SuDS as land uses and design ideas evolve. Warm Homes scheme Over a thousand residents in Kent and Medway now have warmer homes. The Kent and Medway Sustainable Energy Partnership were successful in delivering energy efficiency improvements to homes through the Warm Homes scheme, funded by the Government s Energy Company Obligation (ECO). Despite significant changes to ECO, Warm Homes were able to install a range of measures from external wall insulation to new boilers with significant savings on residents bills. Cover of guide: Water. People. Places Aecom The scheme was delivered by Amey, the infrastructure maintenance company with funding from npower and the help of the Low Carbon Kent network ( lowcarbon). Local installers and assessors were used for the work wherever possible. Seven companies have also received financial support totalling 75,000 from the network to grow their business to deliver Green Deal and ECO measures. Due to the changes in ECO the Sustainable Energy Partnership are re-assessing how best to continue to support residents to improve the energy efficiency of their homes. Water Management For some time new homes have had water meters, but now the installation of meters for older domestic properties forms a key part of the programmes of Kent s water supply companies. Evidence suggests that metered households use 10% less water and by 2020 approximately 90% of all Kent homes will have a meter. In the long term additional water resources will also be needed. Infrastructure investment plans include strategic pipelines to help import water into Kent and a major new water recycling scheme at Aylesford that would produce enough water for 40,000 homes. 37

40 Market overview from main sponsor and contributor KENT PROPERTY MARKET 2014

41 As a contributor to this report, Caxtons has researched and delivered information on a number of sectors of the market. Areas analysed include the Property Market (both UK and within Kent), Residential, Offices, Industrial, Business Parks and Retail. During 2014, property has finally turned a corner into growth. Regionally, commercial property in Kent has outperformed previous years, either in terms of rental growth or yield compression, at least keeping pace with national averages. More specifically, industrial rental growth has outstripped other areas in the South East and although offices are still recording slightly negative rental growth overall since the peak prior to the recession, there have been signs of rental growth in locations near to the M25. Speculative office and business park development is underway in locations such as Hermitage Court, Maidstone and Corinthian House, Crossways Business Park. Discovery Park and Kent Science Park have both experienced significant activity in the science and technology industry. Liberty has achieved the largest letting in Kent at Kings Hill; Ashford s Eureka Park completed the last phase; and Gillingham Business Park is down to its lowest vacancy level. For the first time in recent years, vacant offices have been purchased speculatively, capital values have exceeded long-term averages and the number of tertiary or redundant offices has reduced due to permitted development rights to convert them to residential use. Due to the lack of sites for residential development, completions have reduced and demand for residential land has increased land values. The result has been that although still location sensitive, sites sell for more than their quoting terms. Echoing the rest of the country, the Kent housing market has improved, with average house prices just below the national average. The government has continued to look for ways to stimulate the housing supply with financial incentives and the introduction of the Garden Cities initiative. Some business parks have been looking at their residential content, specifically at Kings Hill and Discovery Park. Unsurprisingly, most of the national and local developers have been and are active within the county. Speculative industrial development is emerging, with one of the first forward funded schemes in the South East, at Aylesford. There have been multiple sales of facilities in the region of 50,000 ft 2, particularly in Medway locations, due to availability and the relatively low values. Currently, all national developers are working on a variety of schemes in Kent. Similarly, all national food retailers are active in the county, particularly Asda which is acquiring buildings. There have been large releases of land for development along the M2 at Northfleet and Sittingbourne. Land values have crept up to where they were pre-recession, for example at The Bridge, Dartford. Shopping centres continue their lettings spree which in some areas has led to expansion such as at Bluewater, Dartford and McArthur Glen, Ashford but in many instances, and despite government intervention, the high street has continued to struggle. Henderson Global Investors has completed one of the largest lettings in the region to Primark at Whitefriars Shopping Centre in Canterbury. A new department store anchor is planned for the Mall in Maidstone, which is to be expanded by 60%. National retailers remain active in many locations, although they have been reacting to on-line retail trends by reducing large retail outlets and moving back to high street convenience stores. However, Tesco and Sainsbury s have not gone ahead with developments in Sittingbourne and Tonbridge, although Spirit of Sittingbourne the town centre redevelopment consortium - has been given the green light once again by Swale Borough Council. The rural economy is in good shape, with land values breaking through their highest barrier for the first time, and it has outperformed the commercial sectors over the last decade. Nonetheless, CAP reform remains a perennial problem which has had an impact on the land market. Changes to general permitted development rules over the last 12 months have offered another income generator for those owning agricultural land. The county has seen some of the largest land sales, and 1,000 acres in Minster attracted institutional interest. The level of funds available for investment stock remains high. One of the keenest yields achieved in the South East was the sale of the newly constructed KCC warehouse in Aylesford at sub 5%. Multi-let industrial and offices remain in favour. With both, long leases have been selling at about 7.75% Net Initial Yield, which is in line with the UK average, whilst shorter terms still show double digits. Shopping centre investment is up 75% on last year, with institutional sales at Bluewater, Dartford, Broadstairs Retail Park and Broadway Shopping Centre, Maidstone. In tandem with the South East as a whole, we anticipate Kent will enjoy a period of sustained growth for all property sectors. For commercial in particular, increased investment by institutional investors and developers is undoubtedly the catalyst to the rise in construction levels. Although suffering from a lack of supply and increased demand, the county is competing in all sectors with other locations across the South East. Mark Coxon Director, Commercial Agency 39

42 CONTRIBUTORS Planning Update Two years after its introduction, it is clear that the NPPF has had an impact on emerging Local Plans, and in particular the number of houses that local authorities are expected to provide for. It has taken many local authorities time to update their Local Plans so that they comply with the NPPF. Some authorities initially saw the new system as an opportunity to reduce housing numbers previously imposed by higher authorities, but in reality the NPPF, which takes a strong evidence-based approach, has been effective in ensuring that authorities properly provide to meet identified (often very substantial) housing needs. Over recent months Planning Inspectors overseeing Local Plan Examinations have made it very clear that local planning authorities must address objectively-assessed housing needs in their plans. There are numerous examples throughout England where failure to do so has resulted in Examinations being aborted and draft plans being found unsound. In Maidstone, the Borough Council has recently received an updated Strategic Housing Market Assessment (SHMA) which has identified a requirement for +18,600 new homes for the period to In the light of this a new plan has been drafted together with a new Call for Sites exercise. At the same time new SHMA s have been produced for Ashford and Tonbridge & Malling. In Ashford, it has been found that there is a local need for about 14,500 new homes but this is a significant reduction from the higher target previously agreed for the area when it was a Growth Point in the former South East Plan. Conversely Tonbridge & Malling have identified a shortfall of over 7,000 Homes, leading the Borough Council to undertake a Green Belt Review. In order to deliver these new homes there are inevitably going to be greater concerns about the ability of the County s infrastructure to accommodate them. The good news was that earlier this year it was announced that the South East LEP had secured 442 million from central government, of which 84 million will go towards schemes commencing during Successful transport projects in Kent and Medway include a new M20 Junction 10A and the upgrading of the A28 Chart Road in Ashford to facilitate the town s ambitious growth plans; the Maidstone Gyratory Bypass, which will improve journey time reliability in and around the town centre; and public realm improvement schemes in Chatham and Tonbridge to stimulate their regeneration. In May, there was further good news for the county s transport infrastructure with the announcement that the Department for Transport had given the go-ahead for the long-awaited dualling of the A21 between Tonbridge and Pembury helping to unlock future development in both Tunbridge Wells and Tonbridge. This significant programme of investment should leave Kent and Medway well placed to capitalise on new opportunities for growth as the UK economy continues to recover from recession as well as a tool for unlocking new development. Alex Hicken Director, DHA Planning Elsewhere in Kent, Canterbury City Council has issued its final draft plan whilst Dartford is preparing a draft Development Management Plan to supplement the adopted Core Strategy In Thanet a draft plan was expected to be issued in the summer; however following the closure of Manston Airport this has been delayed. Lakeview West, Crossways Frogmore 40 KENT PROPERTY MARKET 2014

43 Changes in law and policy having an impact on the county From a legal point of view over the last year there has been a lot of change, particularly in the planning and development arena, as the Government has sought to create momentum behind the economic recovery. The changes in law and policy over the last year, combined with earlier changes bedding in, have had a direct impact on activity in Kent. These changes, combined with large developments such as the Garden City at Ebbsfleet and the London Paramount development at Swanscombe Peninsula, mean that very exciting times lie ahead for Kent. The Government s determination to see the successful regeneration of large parts of North Kent is illustrated by the intention to set up the Ebbsfleet Urban Development Corporation. The Urban Development Corporation will drive the regeneration at Ebbsfleet by using planning powers combined with up to 200 million of infrastructure investment. The Government intends for the London Paramount resort and leisure development to come forward as a Nationally Significant Infrastructure Project. A development consent order is proposed, which would provide planning and other regulatory consents at the same time. The project is the first commercial project to be designated as a Nationally Significant Infrastructure Project. One of the most interesting changes in law has been the new permitted development right to change from offices to residential. This has taken hold over the last year, resulting in a number of conversions. Whilst this change was aimed at bringing tired stock back into use, we have dealt with a number of instances where high quality office space is being lost. Landlords, in reviewing portfolios, have seen high residential values, combined with the new permitted development rights, as creating opportunities to terminate leases and redevelop offices into residential. Residential land values remain challenging in some parts of the County, however. Developers in some areas are, therefore, using a new power to apply for the reduction or removal of affordable housing requirements in s.106 Agreements on the basis of viability. The presumption in favour of sustainable development and the requirement for local planning authorities to maintain a five year housing land supply, contained in the National Planning Policy Framework, has seen a change in approach by some local planning authorities. A series of planning appeal decisions has illustrated even more clearly a positive approach to granting planning permission for residential developments. In certain parts of England there has been a lot of activity by communities in promoting neighbourhood plans, using the powers provided by the Localism Act This is developing a momentum, although Kent communities are perhaps showing less appetite than in some other areas. Perhaps it is still early days and we will see more activity in the year ahead. Similarly, there is a mixed picture among the Kent local planning authorities on the adoption of charging schedules. These enable Community Infrastructure Levy to be charged, rather than s.106 Agreements agreement payments, for a range of infrastructure. Some authorities have adopted charging schedules but quite a few have not. A number are progressing their charging schedules through the process required before charging schedules can be adopted. There may be greater momentum behind this in the coming year. The legislation provides that local planning authorities will not be able to pool s.106 Agreements contributions for joint elements of infrastructure where a s.106 Agreements agreement has been entered into after 6 April As we move towards a general election there are some concerns that planning appeal decisions will take a less pro development approach than perhaps they have done in recent times. Despite this, it looks as if the constant changes to the planning process are set to continue together with other initiatives to encourage development. This should all mean increased activity going forward with a range of exciting projects across Kent. Jason Towell Head of Development at Cripps LLP It may be too soon to see the impact of the new (April 2014) permitted development right to change retail units to residential but there is a risk that this will see less favourable retail units, which may play an important social role in local communities but ultimately are uneconomic, converting to residential. The Government clearly sees permitted development rights as an effective tool to increase redevelopment and economic activity. This is seen by plans, out to consultation at the time of writing, to extend further permitted development rights; for example, to permit a change of use from light industrial or storage use to residential. Swanscombe Peninsula, site of proposed Paramount Development LRCH 41

44 Banking and finance update The future looks positive for property firms across Kent and East Sussex as confidence levels among the industry s professionals rise in anticipation of growth this year. Optimism across the South East remains slightly ahead of the average for UK SMEs according to the latest Lloyds Bank Commercial Property Confidence Monitor (CPCM)1, with 78% of respondents expecting activity to rise in their sector over the coming months. Predictions for improved portfolio performance are very similar to what was seen in the previous survey (64% now, compared with 65% in 2013), but on this measure South East firms remain amongst the most positive of all the regions in the survey. The proportion expecting a rise in the value of their properties jumps from 58% to 73% over the same period. Increases in those planning to further invest in the sector are more modest, rising from 44% to 48%. Encouragingly, the survey results show that positive sentiment across the whole sector nationally is continuing, reaching its highest levels of market confidence since it began in The positive outlook promises to result in an increased appetite by firms to start exploring new ideas for expansion in the coming months, particularly amongst SME businesses, with a growing economy allowing for a more aggressive approach to commercial property investment. It is vital that firms are able to take full advantage of new opportunities for growth and have access to the support they need to put these plans into action. A historically low interest rate both at home and abroad means that the outlook going forward is good, indicating that growth and confidence in the market should continue to improve. Lloyds Bank is leveraging this as we continue to support investment and expansion in businesses, helping to further drive the economic recovery and helping Britain prosper. The Funding for Lending Scheme (FLS) has helped drive much of our recent investment in commercial property. Designed to boost lending, the scheme ensures cheaper lending is available to businesses, with our FLS offer enabling SMEs to benefit from a 1% discounted interest rate for the duration of the loan. Our approach Highlighting our ongoing commitment to the sector, we have dedicated teams of specialist property advisors to help us provide support and guidance to SMEs in the sector, tailored to the specific needs of their industry. Based in Maidstone, our Kent and East Sussex team is headed up by myself and Pete Wenman, supported by a wider team of relationship managers and teams from neighbouring regions. We have stayed in the market and continued to lend to property firms throughout the downturn, and on average we have around 20 development sites being financed at any one time. Over the past year our property teams have supported projects as varied as new residential developments, property investors converting period buildings and estate agencies expanding their operations. We recently supported a residential development by Pentland Homes in Ashford, which began last autumn and saw its first residents move in this June. The site, near junction 9 of the M20, is a mix of 2, 3 and 4 bedroom houses and apartments, aimed at families, professionals and first time buyers. Demonstrating the strong demand for housing across the region, the developer has reserved or sold 42 of the 61 properties on the site within the first 9 months. Continuing innovation All of our property specialists undergo continued professional development to ensure that they are fully up to speed on issues facing the industry. Kent has a wealth of property firms that, if given the right support and financial backing, can make a real difference to the region. Recognising the ever changing and fast paced nature of the property sector, we continue to develop our range of services to support our customers across the country. Lloyds Bank has provided support to a wealth of projects including the UK s first fully solar-powered new-build home by sustainability specialists Caplin Homes. The project was designed to exceed the Government s 2016 zero-carbon target, demonstrating our commitment to investing in sustainable projects, and was made possible by a 330,000 loan from Lloyds Bank Commercial Banking. Additionally, Lloyds Bank is a leading provider of banking services in the Social Housing sector and is committed to building strong and long lasting relationships, supporting the development of affordable housing in the UK. Among the recent funding packages in this sector is a 300m investment in Sanctuary Group, reinforcing our commitment to housing development projects. We are actively looking to lend to property firms in Kent, and our portfolio of property investors and developers is rapidly increasing. Through ongoing development of our local property team, we aim to further increase lending to businesses at a time when the sector is already showing signs of increased confidence and a desire to grow. John Worger Relationship Director SME South East Property Team Lloyds Bank Commercial Banking 42 KENT PROPERTY MARKET 2014

45 Update from the Royal Institution of Chartered Surveyors RICS is delighted to endorse the 2014 Kent Property Market Report, which promotes opportunities in Kent and serves to highlight the critical role that public sector intervention plays in unlocking property-led economic growth. The RICS Construction Market Survey shows that there is reason for optimism, with workloads, profits and employment all forecast to deliver growth over the next 12 months. Private housing, commercial and industrial sectors are driving strong growth across the whole of the UK. With a net balance of 71% of respondents in the South East expecting employment to rise over the next 12 months, the region is outperforming the rest of the UK (60%). The continued positive impact of the high speed rail line as well as renewed impetus for Ebbsfleet should serve as key drivers for growth in the county. In order to ensure that this growth is sustainable, the right policies need to be in place and with a general election fastapproaching this has focused minds on what works and what needs to change. RICS has therefore launched a key campaign, Property in Politics, which calls on all the political parties to recognise the role of property across housing, planning & development, construction and infrastructure in driving the UK s economic growth. It is a conversation, between property professionals and the political parties, about building a vibrant marketplace and puts forward twelve key recommendations that we believe should be implemented by a future government. RICS also plays its role in ensuring a vibrant and sustainable, land, property and construction sector at a local level. This means supporting our members through networking and professional development, through key events such as our Question Time panel debates and networking opportunities held across Kent on a regular basis. Earlier this year a successful visit by RICS President Michael Newey assembled leading property professionals managing economic development in Ashford and Maidstone and included a visit to another exciting Kent-based project, the new Kent Institute of Medicine & Surgery. As well as these local networking initiatives, we also support our firms through regular visits, support students on surveying-related courses and liaise with our partner universities across the South East. RICS membership status is the world s most recognised professional property qualification with routes to chartered membership for experienced professionals, recent graduates and associate membership for non-degree holders. To find out more about joining the profession, please RICS Regional Account Manager, Alison Adams at aadams@rics.org. Luay Al-Khatib Regional Director RICS, South of England Castle Hill site, Ebbsfleet Valley Land Securities Public art at Kings Hill Liberty Property Trust 43

46 St. Pancras International Station ESSEX International Deep Sea Routes Miles Kms LONDON Biggin Hill M DARTFORD 5 6 Ebbsfleet 2 International Station GRAVESEND 7 1 M25 3 M26 SEVENOAKS TUNBRIDGE WELLS M a A2016 TONBRIDGE A28 A20 A26 A226 A MEDWAY Rochester M M2 9 A278 A MAIDSTONE Thamesport KENT A2 A SITTINGBOURNE M A Sheerness ISLE OF SHEPPEY FAVERSHAM 28 9 Ashford ASHFORD International Station A28 A2070 A A252 A28 WHITSTABLE A A299 MARGATE HERNE BAY 35 A291 CANTERBURY 34 A2 36 Kent International Airport A DEAL Dover DOVER 41 11a FOLKESTONE A255 RAMSGATE Dunkirk Strategic Developments Motorway 19 Business Park Dual Carriageway CHANNEL TUNNEL Calais 6 3 Mixed Use Regeneration Main Road High Speed 1 A259 A Industrial Office Quarter Science Park 8 Domestic Rail Routes Ferry/Freight Routes Airport Ports Motorway Junctions EAST SUSSEX London Ashford Airport Calais FRANCE 44 KENT PROPERTY MARKET 2014

47 STRATEGIC DEVELOPMENTS Usage codes for strategic sites: A1 Shops & retail B1 Offices, light industry B2 General industrial B8 Warehouses, distribution C1 Hotels D1 Education, crèches D2 Leisure R Residential Sui Generis Petrol station, car showroom MAP NO. SCHEME LOCATION USAGE CONTACT WEBSITE 1 The Bridge Dartford B1, B8 CBRE, / Jones Lang Salle, thebridgedartford.co.uk 2 ProLogis Park, Littlebrook Dartford B2, B8 CBRE, / Colliers CRE, prologislittlebrook.co.uk 3 Crossways Point, Crossways Dartford B1 Altus Edwin Hill, / BNP Paribas Real Estate, crosswayspoint.co.uk 4 Capacity Dartford Dartford B2, B8 5 Ebbsfleet Valley Ebbsfleet A1, B1, D2, R 6 Northfleet Embankment Northfleet Mixed uses Cushman & Wakefield, / Dowley Turner Real Estate, Land Securities plc, / CBRE, / Savills, Lafarge Tarmac, / HCA, / Knight Frank: Paul Mussi, ebbsfleetvalley.co.uk - 7 Dalefield Way/Dering Way Gravesend B2, B8 Caxtons, / rpc Land, gdowd@rpcland.co.uk - 8 Chatham Centre and Waterfront Chatham A5, B1, C1, C3 Medway Council, medway.gov.uk/business 9 Rochester Airport Rochester B1, B2, B8 Medway Council, medway.gov.uk/rochesterairport 10 Chatham Maritime Chatham A1-A4, B1, C1, C3, D2 Chatham Maritime Trust, Chatham Waters Chatham A1-A5, B1-B2, C1, D1-D2, Sui Generis Peel Group, Lodge Hill, Chattenden Chatham A1-A5, B1-B2, C1-C3, D1 Land Securities, Kingsnorth Commercial Park Rochester B1, B2, B8 CBRE, / Colliers CRE, / Goodman, / Caxtons, London Thamesport Rochester B1, B2, B8 Hutchison Ports, Sittingbourne Town Centre Sittingbourne Mixed use Cathedral Group, Quinn Estates and Essential Land - 16 Port of Sheerness Isle of Sheppey B1, B2, B8 Peel Ports, Queenborough/Rushenden & Neats Court Isle of Sheppey B1, B2, B8, Ancillary Smiths Gore, / Watson Day, G Park Sittingbourne Sittingbourne B1, B8 CBRE, / GVA Grimley, / Savills, Kemsley Park Sittingbourne B1, B2, B8 Altus Edwin Hill, / Watson Day, Eurolink East Five Sittingbourne B1, B2, B8 Harrisons Chartered Surveyors, / Jones Lang Lasalle,

48 STRATEGIC DEVELOPMENTS Usage codes for strategic sites: A1 Shops & retail B1 Offices, light industry B2 General industrial B8 Warehouses, distribution C1 Hotels D1 Education, crèches D2 Leisure R Residential Sui Generis Petrol station, car showroom MAP NO. SCHEME LOCATION USAGE CONTACT WEBSITE 21 Kent Science Park Sittingbourne B1 Kent Science Park, / Maxwell Brown, / Sinclair Clark, Aylesford Commercial Park Aylesford B1, B2, B8 Altus Edwin Hill, / CBRE, Invicta Riverside Aylesford B1, B2, B8 Altus Edwin Hill, / Caxtons CBRE, Brooklyn Park Maidstone B1, B2, B8 Gallagher Group, / Sibley Pares, Kings Hill Maidstone A1, B1, D2, R 26 Eclipse Business Park Maidstone A1, B1, C1 Liberty Property Trust UK, / Altus Edwin Hill, / Knight Frank, / Hanover Green, Gallagher Group, / Sibley Pares, / Knight Frank, Maidstone Medical Campus Maidstone B1, C1, C2 DHA Planning, Eureka Business Park Ashford B1 29 Waterbrook Park Ashford B1, B2, B8, Sui Generis Martine Waghorn, / Bidwells, / Knight Frank, GSE Waterbrook Ltd, Commercial Quarter Ashford B1a Paul McKenner, Ashford Borough Council, Sevington Ashford B1c, B2, B8 DMI Properties Ltd, Orbital Park Ashford B1, B2, B8 Trade Strutt & Parker, / Altus Edwin Hill, Canterbury Business Park Canterbury B1, B2, B8 Quinn Estates, Altira Business Park Herne Bay B1, B2, B8 Kitewood Commercial, / Sinclair Clark, / Core Commercial, Manston Business Park Ramsgate B1, B2, B8 East Kent Opportunities, / Savills, EuroKent Business Park Ramsgate A1, B1, B8, D2 Rosefarm Estates plc, / East Kent Opportunities, Discovery Park Sandwich B1, B2, B8 Discovery Park Ltd, Deal Business Park Deal B1, B2, B8 Quinn Estates, White Cliffs Business Park Dover B1, B2, B8 Hardmans & Co, / Danny McAree whitecliffsdover.com 41 Terlingham Village & Business Park Folkestone B1, B8 SW&P, Link Enterprise Park Hythe B1, B2, B8 Valad & Benchmark Estates, / Core Commercial, KENT PROPERTY MARKET 2014

49 CONTACT DETAILS Written and compiled by: Kent County Council For further advice, assistance and information on development opportunities, contact: Nigel Smith, Head of Development Investment Kent County Council, Invicta House, Maidstone, Kent ME14 1XX Tel: Fax: Caxtons Caxtons, chartered surveyors, established in 1990, is one of the largest independent property practices in the South East offering a full range of agency, management, professional and surveying services across all property sectors. Neil Chatterton - Managing Director Head Office James Pilcher House, 49/50 Windmill Street, Gravesend, Kent DA12 1BG Tel: Fax: Commercial Agency Principal Office Victory Way, Admirals Park, Crossways Dartford, Kent DA2 6QD Tel: Fax: info.office@caxtons.com Web: Additional contributors: Lloyds Commercial If you d like to find out how you can benefit from our sector expertise, please contact: John Worger, Relationship Director. SME Banking - South East Property Team Commercial Banking Relationship Support Team: M: E: john.worger@lloydsbanking.com Lloyds Bank plc, 2nd Floor Gail House, Lower Stone Street, Maidstone, Kent, ME15 6NB. Or visit: Royal Institution of Chartered Surveyors The leading professional body on all aspects of real estate, property, construction and associated environmental issues. Luay Al-Khatib, RICS Regional Director, South of England RICS, Parliament Square, London, SW1P 3AD +44 (0) LAl-khatib@rics.org Cripps LLP Cripps is a key regional law firm serving clients nationally and internationally from offices in Kent and London. Recognised countrywide for both its commercial and private client work, the firm focuses on wealthier families, entrepreneurial businesses and the real estate sector. Jason Towell, Partner and Head of Development Cripps LLP Wallside House 12 Mount Ephraim Road Tunbridge Wells, Kent TN1 1EG T: E: jason.towell@cripps.co.uk DHA Planning DHA is a creative team of professional Town Planners, Urban Designers, Highway and Environmental Consultants. We provide a comprehensive and integrated service to a wide client base including government, local authority and private sector businesses. David Hicken, Managing Director DHA Planning Eclipse House, Eclipse Park Maidstone, Kent ME14 3EN T: Locate in Kent Ltd As the single point of contact for all companies looking to expand or relocate in Kent and Medway, Locate in Kent provides a comprehensive, confidential and free business relocation and expansion advisory service. Paul Wookey, Chief Executive 35 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4DG Tel: Fax: enquiries@locateinkent.com Kent Institute of Medicine and Surgery, Maidstone KIMS 47

50 ACKNOWLEDGEMENTS The compilers of this report are grateful for the assistance, information and data provided by the following organisations in London and Kent: Altus Edwin Hill Atrium Surveyors Bidwells Bracketts Brian Cradick & Co Broadlands Chartered Surveyors and Property Consultants BTF Caxtons CBRE Clive Emson Colliers CRE Core Commercial DTRE Durlings Frogmore Property Company Ltd Gallagher Group George Wilson Holdings Ltd Glenny LLP GVA Harrisons Chartered Surveyors Hanover Green Ibbett Mosely Karrisons Kent Science Park Knight Frank Liberty Property Trust UK Ltd Martine Waghorn McMeeking Chartered Surveyors Michael Parkes Pearson Gore Quinn Estates Ramac Holdings Ltd Rosefarm Estates Plc Savills Sibley Pares SmithsGore Smith-Woolley & Perry Strutt and Parker Taylor Riley Turkey Mill Investments Ltd Valad and Benchmark Estates Visit Kent Watson Day WCR Property Ltd Kent district councils: Ashford, Canterbury, Dartford, Dover, Gravesham, Maidstone, Sevenoaks, Shepway, Swale, Thanet, Tonbridge & Malling and Tunbridge Wells Medway Council We also thank Cripps LLP, Lloyds Bank, RICS, SmithsGore and DHA Planning for their support and contributions to this year s report. Concorde House, Maidstone CSDP Architecture 48 KENT PROPERTY MARKET 2014

51 Invicta Riverside, Aylesford Roxhill Front cover shows: Artist s impression of Ashford s Commercial Quarter (Capita for HCA/Ashford Borough Council) This report has been carefully prepared. However it is intended for general guidance only and neither Caxtons, Kent County Council, Locate in Kent nor RICS, Cripps LLP, DHA Planning, SmithsGore or Lloyds Bank can guarantee that there are no errors or omissions. The information, forecasts and opinions set out herein should not be relied on to replace professional advice on specific matters. No part of this report should be published, reproduced or referred to without prior permission of Caxtons, Kent County Council and Locate in Kent. Cover printed on: Era silk 350gsm (50% virgin fibre from FSC certified forests and 50% recycled waste) Inner pages printed on: Era silk 200gsm (50% virgin fibre from FSC certified forests and 50% recycled waste) Designed and produced by: Glendale Creative Solutions ( ) Copyright Kent County Council

52 Stour Meadows Art, Finberry development, Cheeseman s Green, Ashford Crest Nicholson/Ashford Borough Council This document is also available in large print, Braille and audio format on request. If you, or someone you know, cannot read this document but would like to, please advise us of your/their specific requirements and we will do our best to provide the information in a suitable format or language. If you require this service, please contact

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