Some important commercial property stories for Q1 2019
Are you keen to keep abreast of all the latest developments in the world of commercial property? Whether you work in the capital or in another of the UK’s major cities and towns, it’s useful to stay up-to-date with the news.
If you’d like to brush up your knowledge, here’s a handy guide of what’s been happening in the first quarter of 2019.
Commercial property news – 2019 (Q1)
- Experts predict further impact from Brexit. According to a recent forecast from the Investment Property Forum, most investors in London are anticipating that Brexit will continue to have an impact on the commercial market. However, Capital Economics stated that no-one expects the sector to experience a “hard landing”.
- Second phase of Liverpool shopping centre approved. In February, Liverpool City Council approved the plans for the second phase of construction for Liverpool Shopping Park. The work will be undertaken by The Derwent Group and is set to include the creation of a six-screen cinema, a bowling alley, a gym and retail units.
- MCS Group wins major industrial contract. MCS, one of the country’s leading construction firms, has won a £7.5 million contract to create 11 industrial units in Hampshire. It’s anticipated that the units will be complete by the end of 2019. This is welcome news, given that industrial space remains in high demand, and at present, requirement is outstripping supply.
- Apple to open Knightsbridge store. Sources reveal that tech company Apple have agreed to open a store in Knightsbridge, between Harrods and Harvey Nichols. The prime retail space is 20,000 sq feet, and will be added to the company’s existing portfolio of five shops in London. Given the region’s heavy footfall and prestigious reputation, it seems like the ideal location.
- UK investors increasing. In recent years, London’s commercial property market has been dominated by foreign buyers; particularly from China and Hong Kong. However, according to industry experts, UK buying is on the increase, with around £2 billion in London buildings currently under offer and awaiting completion. Overseas interest remains high though, especially as the ‘Trump effect’ is driving more Asians to invest away from the US.
- Tulip to boost capital’s economy? Thus far, the plans for the capital’s latest skyscraper (nicknamed ‘The Tulip’) have been met with controversy. However, the developer behind the project, the J. Safra Group, sought to silence critics recently, by highlighting the economic potential of the building. They claimed that it would boost the city’s economy by £1 billion.
- Crowne Plaza sold. The Crowne Plaza in Kensington has been sold to a Singapore consortium for £84.3 million. The consortium consists of the developers Heeton Holdings, contractor KSH Holdings and the construction firm Ho Lee Group.
- London property set to rise in price. According to a recent study, property prices in the capital are likely to rise throughout 2019, despite Brexit uncertainty. Analysts predict that Kensington and Chelsea will be the best places to invest in, with Hammersmith and Fulham in second place, and Westminster in third.