Work Radar, a new platform connecting individual tradespeople, micro businesses and social enterprises with leading contractors, has launched today. The service will help thousands of construction workers find local work and supports the government’s plan to progress shovel-readyprojects in response to the impact of the Covid-19 pandemic. Work Radar has
CBRE Global Investors Buys 3 Units At Leeds Logistics Park CBRE Global Investors has acquired 3 units totalling 119,500 sq ft from CDP Marshall at the flagship 62 Leeds logistics hub, demonstrating the continued high level of demand for prime mid-box units in the regional industrial sector. The acquisition includes
Charlie Carlton, Head of Digital at IronmongeryDirect, the UK’s largest supplier of ironmongery, has commented on the UK economy entering a recession and the outlook for the construction industry: “The UK has now officially, and inevitably, entered a recession, with the economy shrinking by 20.4% between April and June, compared
A prominent build-to-rent development featuring more than 300 apartments in Leeds has been acquired in a £41 million deal. Clients of Aberdeen Standard Investments have acquired Clarendon Quarter, a 324-unit residential scheme situated just outside of the city centre, from Habitus Leeds. The build-to-rent scheme comprises the former St Michaels
Schneider Electric, the leader in digital transformation of energy management and automation, has announced the release of the 6” T2 Ceiling Pendant Set with decorator cover (GPEND62G2) and T2 Ceiling Batten Holder with decorator cover (GBATG2), two new ceiling accessory products fitted with additional decorators cover. The new accessories have
The popularity of holiday lets in the UK has boomed in recent years, particularly since the crackdown on financial breaks for buy-to-let landlords. The coronavirus pandemic is pushing even more landlords to consider switching to holiday lets, as an increasing number of Brits decide to holiday closer to home and
Work Radar, a new platform connecting individual tradespeople, micro businesses and social enterprises with leading contractors, has launched today. The service will help thousands of construction workers find local work and supports the government’s plan to progress shovel-readyprojects in response to the impact of the Covid-19 pandemic. Work Radar has been developed by Local Supply Chain, acloud-based supply chain platform, which is already used by thousands of organisations, including Work Radar founding partner Morgan Sindall Construction. The accessible and easy to use platform allows small businesses and individual operators to access work opportunities on specific projects in their region, while simultaneously enabling large construction firms to develop their local supply chains and improve their social value outputs. Contractors will instantly be able to review the health and safety certifications of potential supply chain members and regularly monitor KPIs. Work Radar’s aim is to contain the details of projects around the country being undertaken by large contractors, which will specify what services and trades are required on their schemes. Tradespeople, social enterprises and micro businesses (firms with less than ten employees and a turnover of less than £1.5 million annually) will receive alerts to opportunities in their area. When an opportunity matches they can then express an interest in delivering the work. The platform helps address some of the most pressing issues in construction such as the skills shortage and will support the reduction of unemployment through healthy supply chains. The platform’s ability to connect workers with local projects in an efficient and timely manner will enable the reduction of carbon emissions and will also improve the diversity of supply chains by creating a level playing field for all those seeking work Morgan Sindall Construction has launched the scheme with projects currently listed on Work Radar including the £18 million Eden Girls Leadership Academy and the £6 million Kings Heath Boys Secondary School, both in Birmingham. Work Radar is funded by subscriptions from contractors, and is free-to-use for all organisations registering interest in finding work. Richard Ratcliffe, CEO of Local Supply Chain, said: “We’re very proud to launch Work Radar, a high quality, innovative tool that will allow contractors to develop increased efficiencies in their procurement processes in a manner which will enhance their ability to support social value outputs within their wider operations. For microbusinesses, social enterprises and SMEs, it offers a streamlined way to register interest in work opportunities on their doorstep. “Through increased access to social enterprises through Work Radar, construction firms can ensure that their procurement processes are benefitting the communities in which they work – both through engaging with social enterprises that support the needs of local people, and by developing ties with local workers that will help create sustainable procurement practices in the long term.” Gavin Jamieson, Head of Supply Chain for Morgan Sindall Construction said: “At Morgan Sindall Construction, we are committed to increasing the diversity of our supply chain and helping communities improve their resilience in these challenging times. “As a founding partner of the Work Radar scheme, we see it as a refreshing and engaging way of helping tradespeople gain work on projects local to them. Many of these tradespeople have been disadvantaged by recent events, and we are now deploying Work Radar across our projects to help them to gain employment. “I’d like to encourage my colleagues across the built environment to join us on Work Radar. These are uncertain times for us all, and its incumbent upon us to work together to ensure not just a sustainable future for construction industry itself, but to improve outcomes across the economy and society – we believe Work Radar is an effective tool to help do just that.” Minister for Employment Mims Davies MP said: “Ensuring our workforce is agile and importantly can meet the needs of employers is vital to our pandemic recovery, so it’s great to see Morgan Sindall Construction and Local Supply Chain come together to provide an effective route into construction. “By providing integrated support in local communities, much like we’re doing across our nationwide network of jobcentres, we’re helping people get into key sectors and find new employment allowing us to build back better and stronger.” In addition to Morgan Sindall Construction, other registered firms already posting their projects on Work Radar include Chesterfield-based Melfort Construction Services Ltd and Derby’s M J Robinson Structures Ltd. Paul Goodwin, director at Melfort Construction Services Ltd said: “Melfort is looking forward to supporting this initiative. As a company we always strive to support local businesses and recruit local labour as we find this is always beneficial to the project, especially in helping to reduce carbon footprint and travel times for both labour and materials. Work Radar will help us to identify opportunities which will be mutually beneficial for all.” Richard Fry, commercial and sales director, MJ Robinson Structures Ltd said: “We’re are excited with the opportunity to work and support local projects, communities and micro businesses through Work Radar. Our use of Work Radar will allow us to integrate fully with local supply chains, social enterprises, reduce our carbon foot print and further strengthen our commitment to invest in local apprenticeship schemes and create work experience opportunities for local students.” In order to register or book a demonstration, please visit: https://www.localsupplychain.co.uk/work-radar.
CBRE Global Investors Buys 3 Units At Leeds Logistics Park CBRE Global Investors has acquired 3 units totalling 119,500 sq ft from CDP Marshall at the flagship 62 Leeds logistics hub, demonstrating the continued high level of demand for prime mid-box units in the regional industrial sector. The acquisition includes the investment of the 42,000 sq ft Unit 5 which is let to Johnsons Apparelmaster Ltd for 15 years, along with the 57,500 sq ft Unit 6 and the 20,000 sq ft Unit 7 which are both currently under construction and scheduled for completion in September 2020. 62 Leeds is an established industrial/warehouse development on Geldard Road by J27 of the M62 and is home to high-profile occupiers including Lidl, Unitrunk, Johnsons Dry Cleaners and Turners Accident Repair Centres. CBRE Global Investors was advised by Carrick Real Estate and the joint agency team of CBRE and Carter Towler represented CDP Marshall in the transaction. Sophie Angus, Associate Director at CBRE Leeds, said; “CBRE GI’s acquisition at 62 Leeds reflects the strength and confidence in the regional industrial and logistics market and prime detached warehouse units such as these are in very short supply. As such, the new units becoming available in September will be extremely well received by the occupier market.”
Charlie Carlton, Head of Digital at IronmongeryDirect, the UK’s largest supplier of ironmongery, has commented on the UK economy entering a recession and the outlook for the construction industry: “The UK has now officially, and inevitably, entered a recession, with the economy shrinking by 20.4% between April and June, compared to the first three months of 2020. “The construction industry has been hit hard by the pandemic, with the lockdown causing output to plummet since March. In April, it fell by a staggering 40.2% – the highest monthly fall since such records began in 2010. “However, while construction output remains around a quarter (24.8%) lower than it was pre-lockdown, there are certainly signs of recovery. The latest figures from the Office for National Statistics show that output increased by 23.5% between May and June, which was also a record. “The sectors which grew the most were repairs and maintenance of private housing (44%) and the building of private new houses (42.3%). “In other more positive news, the number of unemployed construction workers dropped by 3,000 in the months between April to June (compared with March to May), and this was joined by a rise in average weekly earnings, from £578 up to £590. While this is 9% lower than the equivalent period last year, it is the first increase in 2020, so hopefully it will continue to rise. “The slow, but visible signs of recovery are also evident in our sales figures, as IronmongeryDirect saw record numbers for both orders and revenue in June. We experienced an 80% year-on-year increase in web traffic and a 75% rise in transactions. “While there is undoubtedly still a long way to go before the construction industry fully recovers, it’s great to see that there are a few signs of progress after an incredibly challenging few months. While we are about to hit a hard time as a nation, there can be hope that we’ll recover in full force.” For more information about IronmongeryDirect, visit: www.ironmongerydirect.co.uk/.
A prominent build-to-rent development featuring more than 300 apartments in Leeds has been acquired in a £41 million deal. Clients of Aberdeen Standard Investments have acquired Clarendon Quarter, a 324-unit residential scheme situated just outside of the city centre, from Habitus Leeds. The build-to-rent scheme comprises the former St Michaels School (The Court) and a new build block (The Gardens). It provides studio, one-, two- and three-bedroom units, including 262 apartments designated for key workers. Amenity spaces including two residents’ lounges, a residents’ gym, cinema room, co-working areas, laundry facilities, communal landscaped gardens and roof terrace are also provided. “We’re delighted to complete the purchase of this well designed and well managed scheme in a dynamic and growing market. As the first purpose-built rental scheme in Leeds it has a strong emphasis on operational design and displays all of the investment characteristics we target – affordability, accessibility and amenity,” commented Ed Crockett, head of UK residential investment at Aberdeen Standard Investments. “The potential for rising unemployment is undoubtedly a challenge the sector will have to navigate and as a result our strategy has pivoted more towards the affordable end of the BTR market which shows strong risk adjusted performance as well as helping to meet the needs of the wider community.” Knight Frank advised Aberdeen Standard Investments, with JLL advising on operational matters. CBRE represented Habitus Leeds on this transaction. The scheme is managed by Fresh Property Group. “This transaction is a continued endorsement for the BTR sector, which shows outstanding resilience in the current climate, demonstrating the ongoing demand for institutional, residential assets. Despite the ongoing market headwinds, occupancy and rent collection remained at high levels at Clarendon Quarter, throughout the acquisition process. The purchase is reflective of the appetite from investors for assets with proven strength of income and social benefits,” added Adam Burney, partner, residential capital markets at Knight Frank.
Schneider Electric, the leader in digital transformation of energy management and automation, has announced the release of the 6” T2 Ceiling Pendant Set with decorator cover (GPEND62G2) and T2 Ceiling Batten Holder with decorator cover (GBATG2), two new ceiling accessory products fitted with additional decorators cover. The new accessories have health and safety in mind, addressing lighting fitting issues when decorating new and refurbished properties. The simple, safe and easy to install accessories provides electricians personalised control and added convenience for the homeowner. Both accessories are permanently fitted to both batten and 6” pendant and once wired simply clip into place covering the terminals. Any paint which would normally come in contact with the live terminals or any accidental contact by the decorator is safely protected with the cover. “Health and safety issues when decorating new and refurbished properties have grown in recent years. To overcome this, lighting circuits should be disconnected to avoid any risk of electrocution from contact between the uncovered terminals in the batten and the person painting the surface,” said Nico van der Merwe, VP of Home & Distribution at Schneider Electric. “Correct working practices require the lighting circuit to be fully isolated and temporary lighting installed, this can be time-consuming and can often result in uneven coverage of paint. The new ceiling accessories with integral decorators cover tackles this issue and ensures safety is at the forefront of decorating.” Van der Merwe continued, “The 6” T2 Ceiling Pendant Set and the T2 Ceiling Batten Holder puts total control in the hands of the electrician and decorator – allowing them to easily install the fixtures and ensure that all future decorating remains secure and time-efficient.” Installation and design The new accessories from Schneider make it ideal for retrofit applications and allows for electricians and decorators to efficiently install the products in any home. It enables the decorator to paint neatly around the fitting and when the outer cover is screwed back in place provides a neat painted edge, thus avoiding paint on the outside visible cover. To access the terminals, the inner cover can be unclipped using the locking tab but ensures with its locking method that it cannot be accidentally removed. The decorator cap remains in place, so all future decorating is consistent. Both 6” T2 Ceiling Pendant Set and T2 Ceiling Batten Holder with additional decorator covers also include functions such as: Slightly oversized base covers any unsightly witness marks when replacing existing fittings Raised mounting fit held to ensure the lamp holder is fitted to an uneven surface Clear terminals provide easy visibility of terminals during installation Large cable knockouts around the base moulding for ample cable entry Terminals are located around the perimeter of the fittings to provide maximum cable entry and wiring space
The popularity of holiday lets in the UK has boomed in recent years, particularly since the crackdown on financial breaks for buy-to-let landlords. The coronavirus pandemic is pushing even more landlords to consider switching to holiday lets, as an increasing number of Brits decide to holiday closer to home and stay in the UK. Holiday lets can be a great investment for landlords who understand the market, but it’s important to know what you’re taking on before investing in a holiday let. Holiday lets require a different management style than traditional residential properties, as well as different financing options and tax regulations. Do people still vacation in the UK? Absolutely. According to research conducted by Sykes Cottages, two thirds (66%) of Brits enjoyed holidays in the UK in 2018 compared to 56% in 2017. In 2019, respondents said they planned to take an average of three UK trips in 2019. With most UK breaks being shorter but more frequent than overseas trips, this means there’s still a healthy market for domestic tourism. And, of course, this doesn’t even take into consideration the millions of tourists travelling to Britain every year from outside the UK. Tourism is, in fact, the fastest growing industry in the UK, with experts predicting the industry will expand by 3.8% a year between now and 2025. Visitors to the UK from overseas reached a record-breaking 7 million in 2018, a 4.4% increase on 2017. The UK tourism industry is not just strong, but it’s also growing every year. Are holiday lets a good investment? Holiday lets can be a great investment. Rental income from short-term holiday lets is usually significantly higher than rental income from long-term residential lets, although the difference between the two isn’t as high as it first seems. Mortgage rates for holiday lets are usually charged at a higher rate, meaning more interest is paid every month, and running costs are higher because holidays lets need to be cleaned and tidied between guests. Lovemoney have crunched the numbers, comparing profits between holiday lets and residential lets in both Whitby and Liverpool. These figures show that holiday lets in both the tourist hotspot and the city centre location fare better than residential lets despite higher maintenance costs and fees. How to finance a holiday let One complicating factor for investors considering holiday lets is that financing a holiday let can be a little harder than financing a residential property. Holiday lets aren’t covered by standard buy-to-let mortgages, which usually stipulate that a property is to be let on an assured shorthold tenancy agreement with a minimum fixed term of six months. Instead, some lenders now offer holiday let mortgages designed specifically for these properties, although there are not as many products available as there are in the buy-to-let market and holiday lets are seen as a riskier venture due to their seasonal nature, which means interest rates tend to be higher, too. There are various types of holiday let mortgages available depending on the lender, including fixed-rate mortgages, discounted rate mortgages, and flexible rate mortgages. Holiday let mortgages are usually offered on an interest-only basis. Because holiday let mortgages are deemed more risky by lenders, most lenders will request a 25% deposit minimum, with better interest rates available for those borrowers with bigger deposits. Most lenders will also want to see your projected letting income, and this should be at least 125% of the annual mortgage interest payments you will need to cover. Other options for financing a holiday let are available, including remortgaging your existing home to release equity or even taking out a personal loan. However, it’s important to be very careful before making decisions like this: run through the numbers to make sure your decision is financially profitable, and be conservative when projecting annual profit margins on any rental property or holiday let. Top 5 holiday let locations in the UK If you’re thinking of purchasing a furnished holiday let in the UK, it’s important to do your research and buy a property somewhere which offers great yields. You may want to choose a let nearby, particularly if you’re planning to manage and maintain the property yourself, or you might choose a let in another part of the UK because it offers higher ROI and a place to get away to yourself. Here are five sound bets for holiday lets in the UK. 1. London If you’re considering a city centre holiday let, you can’t go wrong with London – assuming you can afford the high price tag. 53% of overseas tourism spend occurs in London, and the city’s international fame guarantees a stable supply of tourists for years to come. 2. Dundee It might not be the obvious choice, but Dundee has topped the list of the most profitable places in the UK in terms of holiday let rental yields, offering 15.1% average short term rental yields in 2019. This is likely due to the city’s recent rebirth as the cultural capital of Scotland, with the opening of the V&A Dundee. 3. The Lake District For a more traditional location where a holiday let can double as a holiday home for landlords, buying in the Lake District will never be a bad move. The Lake District welcomes over 19 million visitors every year making it a solid choice for canny investors. 4. North Wales Wales is another strong contender. Property prices are still relatively affordable in most of the country, and yet with scenic spots such as Snowdonia and the Brecon Beacons welcoming millions of visitors every year, there’s plenty of demand for holiday lets in North Wales. 10.2 million people visited Wales in 2018, and buying a holiday let in a tourist hot spot such as one of many scenic villages around Snowdonia is a sure-fire way to get great yields on bargain properties. 5. Cornwall Cornwall has long been considered the UK’s very own Costa Del Sol, and the numbers show that this is still the case.
