The construction industry is one of the largest sectors of the UK economy, employing around 3 million people and building the foundations of the future with new homes, factories, offices, schools, hospitals, transport networks and energy infrastructures. There are consistently innovative and exciting developments taking place within the industry, much
Private real estate and renewable energy investment company, Interland, has agreed a £66.4m investment property loan with Secure Trust Bank Real Estate Finance to refinance its portfolio of residential assets across Greater London. The new 5-year agreement sees Interland refinance an existing £42.2m loan with Secure Trust Bank with a
COMMITTING its future to regional improvement, leading independent multi-disciplinary consultancy Pick Everard has been appointed to a new framework deal with Leicester City Council. Operating on an initial two-year term, with options to extend for a further two, the framework will see Pick Everard flex its broad range of consultancy services, working closely with the council’s
Winvic Construction Ltd has been awarded the contract to deliver the first phase of the West Midlands Interchange (WMI) project, building on their success as the design stage delivery partner to Oxford Properties and Logistics Capital Partners (LCP). With 8 million sq ft of commercial space planned for the 734-acre
The latest plans have been approved for the new 12,500 capacity international grade Sage Arena and International Conference Centre (ICC), located in the heart of Gateshead on the banks of the River Tyne. On Wednesday 12th July 2023, Gateshead Council’s planning committee granted permission for revised plans for the ICC
The construction industry is one of the largest sectors of the UK economy, employing around 3 million people and building the foundations of the future with new homes, factories, offices, schools, hospitals, transport networks and energy infrastructures. There are consistently innovative and exciting developments taking place within the industry, much of which is underpinned by research and development. Anything can happen during a construction project, with R&D in this sector all about overcoming problems on site, the innovative use of products or processes to deal with unforeseen difficulties and adapting existing techniques to solve site specific problems. The HMRC Research and Development Tax Scheme was created to encourage business innovation and stimulate the economy through supporting firms to bring new products and services to market. Yet, due to time constraints, lack of awareness and doubts around eligibility or the legitimacy of the incentive, there are thousands of building and construction companies not currently taking part in the scheme. The impact of the COVID-19 pandemic was clearly felt in the sector, with the combination of projects having to be temporarily paused, social distancing and supply chain challenges leading to a decrease in the number of claims submitted last year, along with a 14% decrease in SME claim values, which averaged out at €53,962 per claim. There were 6,365 construction R&D SME claims in 2022, representing 8.07% of the total 78,825 claims. The value of the claims across the construction sector amounted to 7.01% of the whole, approximately €343 million of a whopping €4.89bn total paid out across all sectors. Research and Development Specialists Ltd (RDS), are experts in helping companies to navigate the HMRC scheme. Mark Joyner, MD of RDS, is on a mission to demystify R&D in a bid to reach firms in the construction sector that could benefit from a cash influx of potentially thousands of pounds. “We’ve previously had great success within the construction industry, recovering over £2 million solely for our portfolio of clients in the construction industry, which includes major players such as Walshaw Building Ltd. “Construction is an industry that is constantly evolving and innovating, and that is exactly what this scheme has been created for. If I were to say to you, I’ll give you £46,347, I’m sure there would be lots of things that, as a business owner, you could do with that money. That figure represents the average amount of a successful claim through the HMRC R&D Tax Incentive last year. It is not a scam or a way to play the system, yet for many reasons, eligible companies are not claiming the money to which they are entitled. “A lot of people think it sounds too good to be true, some are time poor and don’t have the time to investigate the scheme properly and some are just unaware that it even exists. At RDS we simplify the process and take a lot of the leg work away from busy accountants, senior teams or business owners. “Something that sets us apart is that we’re completely transparent and we give our clients full sign off for a claim at various stages of the process. We hand over the final submission to the in-house team so that they know the full figure they’re claiming for, and our costs are recovered only when a successful claim is submitted, approved, and credited. For us, building trust and working in partnership is the most important part of the process.” What is R&D in Construction? Research and development tax credits are a valuable government incentive that rewards UK businesses for investing in innovation and a powerful source of funding for construction businesses looking to grow and develop new products, services, procedures, and internal systems. Qualifying R&D for the construction industry includes: Any UK limited construction business can claim for R&D tax relief, with different types of R&D scheme depending on whether you fit HMRC’s guide as being an SME or large company. For the SME scheme, a construction company must employ less than 500 people and have a turnover of less than £85m or a balance sheet total of less than £73m. An SME’s eligible R&D costs receive an additional 130% deduction when calculating the taxable profit. For profitable businesses, the benefit is applied as a reduction in corporation tax. If a claim is historical, the monies will be claimed back as a repayment of overpaid corporation tax. For companies operating at a loss, the R&D claim will increase the loss arising. This loss can then be set against prior and future profits of the company, or it can be turned into a cash repayment by using a process HMRC calls ‘surrender’, whereby the business takes a slightly lower benefit percentage for the ‘cash now’. An R&D claim can typically be submitted for a business’s current and previous financial year. The project must relate to construction, with the claim detailing how the project looked for an advance in science and technology, attempted to overcome an uncertainty and how the problem could not be easily worked out by a professional in the field. It is not necessary to have a finished product or service, rather proof of the research and development phase is sufficient to qualify. R&D Tax Credits are a legitimate Government-backed incentive to encourage innovation and have been operating in the UK since 2000. That said, there are intricacies, including when claiming for other tax relief incentives, as well as criteria to be met, that can make the process seem overwhelming. That is why employing a R&D specialist such as RDS can help take the headache out of making a claim. More information on R&D tax relief can be found on the Government’s website here: https://www.gov.uk/guidance/corporation-tax-research-and-development-rd-relief For more information visit https://randdspecialists.co.uk/. Building, Design & Construction Magazine | The Choice of Industry Professionals
Private real estate and renewable energy investment company, Interland, has agreed a £66.4m investment property loan with Secure Trust Bank Real Estate Finance to refinance its portfolio of residential assets across Greater London. The new 5-year agreement sees Interland refinance an existing £42.2m loan with Secure Trust Bank with a £24.2m uplift to cover additional assets previously financed by various other lenders. The new loan represents a loan-to-value (LTV) of 52%. With the original investment property loan due for refinancing next year, the early refinancing by Interland allows the business to lower its cost of debt whilst fixing the rate across all properties to maximise business stability and avoid the need to manage multiple refinances over the next two years. Oleg Vorobeichik, Group Managing Director at Interland Group, said: “We are delighted to increase the depth and breadth of our relationship with Secure Trust Bank. STB were able to move at pace, working closely with our teams to tailor the facility to the company’s needs. The refinancing with STB forms part of Interland’s strategy to re-capitalise its debt through portfolio funding, thereby allowing the group to reduce its cost of debt and achieve the flexibility required to balance market volatility and the Group’s operational needs.” Founded in 1985, Interland is a private real estate and renewable energy investment group which owns, develops, and operates assets in the United Kingdom, Netherlands and Belgium. Interland’s wide-ranging portfolio includes Private Rented Sector (PRS), social and council housing, student accommodations, hotels, youth hostels, offices as well as investments into energy storage through Atlantic Green, where it holds 25%. Andy Clutterbuck, Regional Head for Midlands and South at Secure Trust Bank Real Estate Finance, added: “We’re extremely pleased to be able to extend the successful partnership we’ve enjoyed with Interland since agreeing our first loan back in 2017.” Richard Nowell, Senior Relationship Director at Secure Trust Bank Real Estate Finance, who will be working closely with Interland Group over the course of the loan, added: “As a bank which places a great deal of emphasis on the relationships we build with a range of ambitious property investors and developers, this refinancing deal with Interland underlines just how effectively we can work together to agree a deal which acts as a springboard for future growth.” For more information on the investment property loans offered by Secure Trust Bank Real Estate Finance, click here. Building, Design & Construction Magazine | The Choice of Industry Professionals
COMMITTING its future to regional improvement, leading independent multi-disciplinary consultancy Pick Everard has been appointed to a new framework deal with Leicester City Council. Operating on an initial two-year term, with options to extend for a further two, the framework will see Pick Everard flex its broad range of consultancy services, working closely with the council’s Estates and Building Services (EBS) department to drive city-wide improvement programmes. Pick Everard will lead ‘Lot A’ on the Project Construction Professional Services Framework, providing multi-disciplinary consultancy across the entirety of the council’s estate, including schools and education, transport, art galleries and museums, leased premises, public and office buildings, and housing. Matt Hall, national director at Pick Everard, said: “This appointment marks a significant period for our business and Leicester City Council, which like all local authorities across the country is working hard to deliver and maintain a building stock fit for current and future sustainability standards. “As sole multi-disciplinary supplier, our aim is to deliver real value to the city, building on our previous work across a broad and varied estate, that will deliver the best possible outcomes, with high quality assets that will positively impact this generation and the next.” Pick Everard will cover a range of projects under the framework agreement, including new builds, extensions, refurbishments and housing builds. In total, it will provide more than 30 multi-disciplinary services, tying into a council-led vision to provide Leicester with a high quality, efficient, effective, and sustainable built environment. Alastair Hamilton, partner at Pick Everard, said: “Our philosophy at Pick Everard is to deliver better together, and with this major appointment, we look to the next phase of enhancing the city we have so rightly called home since 1866. “It is an opportunity to leave a lasting legacy through a programme of works that combines industry leading expertise under one central collaborative relationship. “We’re proud to continue our ongoing work with Leicester City Council and to partner them in this onward journey.” Matt Wallace, director of estates and building services at Leicester City Council, said: “Having undertaken a robust procurement exercise to provide essential construction professional services and support to the council, we are delighted to be working with a successful, Leicester-based company like Pick Everard, that has such a strong and proven track record in local development. “Having access to its supply chain, along with their shared passion for improving the quality of life for people living and working in Leicester, will be invaluable to us as we deliver the council’s vision to sustainably develop the city and support Leicester’s economic growth and future prosperity.” Pick Everard is a major contributor to city-wide improvement programmes, having delivered project management on the £14.5m Leicester Royal Infirmary relocation of East Midland’s Congenital Heart Centre in 2021. For more information on Pick Everard and the services it provides, visit https://www.pickeverard.co.uk/. Building, Design & Construction Magazine | The Choice of Industry Professionals
Winvic Construction Ltd has been awarded the contract to deliver the first phase of the West Midlands Interchange (WMI) project, building on their success as the design stage delivery partner to Oxford Properties and Logistics Capital Partners (LCP). With 8 million sq ft of commercial space planned for the 734-acre site, the £1bn WMI Strategic Rail Freight Interchange (SRFI) will be the UKs largest intermodal logistics site when it is completed by 2034. Rob Cook, Winvic’s Director of Civils and Infrastructure, added: “During Early Contractor Involvement (ECI), Winvic has worked for over twelve months as the design stage partner on West Midlands Interchange and with the fantastic relationships built with Oxford Properties and Logistics Capital Partners in that time, Winvic is primed to deliver the first phase civils and infrastructure works. We are known for the successful delivery of similar intermodal logistics schemes, sustainable projects and employment and training opportunities to local people, so we look forward to applying our tried and tested collaborative approach to create this best-in-class logistics park and Strategic Rail Freight Interchange (SRFI)” Commencing in 2023, Winvic Construction Ltd, a leading main contractor that specialises in the design and delivery of private and public sector construction and civil engineering projects will deliver phase one works; comprising new road infrastructure and works to the existing road and public rights of way network, reconfiguration and undergrounding of energy infrastructure, and the earthworks required to create development plots and landscape zones. John Pagdin, Head of UK Business, Logistics Capital Partners, remarked, “We are delighted to be working with Winvic again following earlier successful collaborations to deliver the UKs newest and most exciting Strategic Rail Freight Site. Winvic’s experience in designing and constructing similar schemes and their credentials in engaging with local and regional stakeholders will ensure that the phase one works will be delivered sustainably and collaboratively.” Winvic will be working to an Employment and Skills Plan to maximise opportunities for local people and businesses during the construction phase, including providing employment, apprenticeships and trainee positions. An Employment Fund Steering Group has already been established in collaboration with the City of Wolverhampton, South Staffordshire Council and Staffordshire County Council to maximise these opportunities. In an additional local focus, communities adjoining the site have been consulted on the features for 109 acres of country parkland to be created to the northwest and southeast of the site, which will provide recreational opportunities for local people as well as protect and enhance biodiversity in the area. Robin Everall, Head of Development, Europe at Oxford Properties, commented, “Winvic possess an impressive track record of executing large-scale, complex schemes and we are pleased to welcome their expertise to the project team as we deliver a best-in-class logistics park with occupier demand, technological advancements and environmental, social and governance principles at its core.” The WMI scheme was granted planning permission in May 2020 and is being financed and delivered by Oxford Properties, the property arm of Canadian pension fund OMERS, who acquired the WMI site in July 2021, in partnership with European developer LCP. As well as helping to attract global business and investment, WMI will create more than 8,500 new jobs and apprenticeships during development, construction and operation, boosting employment and training opportunities for people in the Midlands region. For more information on the project visit www.westmidlandsinterchange.co.uk If you have a query and would like to contact the project team, you can reach WMI via: Email: contactus@communityrelations.co.ukTelephone: Mon-Fri 9am-5pm on the freephone number 0800 377 7345
The latest plans have been approved for the new 12,500 capacity international grade Sage Arena and International Conference Centre (ICC), located in the heart of Gateshead on the banks of the River Tyne. On Wednesday 12th July 2023, Gateshead Council’s planning committee granted permission for revised plans for the ICC and Arena, as well as an urban park, which will enhance biodiversity in the area and provide both pedestrian link and lift access from South Shore Road and the Millennium Bridge area up to Hawks Road, Gateshead College and the recently approved hotels. Whilst the development most recently gained planning permission in March 2022, a revised planning application was submitted in March 2023 due to design and scheme changes. The dual branded 344 bed hotel has been relocated to vacant land within Baltic Quarter, directly opposite The Sage development, and the land occupied by the hotels in the original design, will be opened up as an urban park bringing valuable green space into the area and enhancing biodiversity. Changes within the planning application also included updates to the timeline for the delivery of The Sage. A number of global factors outside the Council and its partners control have impacted, and are continuing to impact, on the development. The issues include the ongoing impact of Covid on the supply chain, inflationary pressures, energy prices and the war in Ukraine. To mitigate these impacts the developer has broken down the scheme into smaller delivery packages. Construction work is due to begin this Autumn on what forms one of the major projects for Gateshead Council and the region, the Sage International Conference Centre. Opening in 2025, the ICC includes 5,720sqm state of the art exhibition space, 2,520sqm adaptable meeting space, 17 conference rooms and a banqueting suite. A regional asset, the ICC will be the only such facility between Yorkshire and Scotland and will bring the world stage to the North East, much like the Arena and ICC sponsor, Sage Plc. There has already been very strong interest from the international conference market in hosting in Gateshead. The Sage Arena and International Conference Centre will transform the south bank of the River Tyne into one of the UK’s most dynamic visitor destinations. The impact on the visitor economy is vast, bringing an estimated 1 million+ additional visitors to the world -famous Quayside, many for overnight stays. The potential ongoing economic impact is transformational for the businesses and residents of Gateshead, with a direct investment of over £99m per annum in the local economy and an additional £70m of direct investment beyond the venue itself, particularly in the local hospitality sector. Add 2000 jobs, links to local labour and apprenticeships and the flagship project will act as a catalyst for the regeneration of the surrounding area and beyond. Earlier this year, Gateshead Council secured £20m in funding from the UK Government’s Levelling Up Fund. The Government recognised the economic impact the development will have, how it is a vital piece in the jigsaw for increasing opportunities for residents to secure long term sustainable jobs, promoting local business, restoring civic pride in the borough and bringing millions of pounds of investment to Gateshead and the North East region. The development acts as a catalyst for £2billion of investment of multi purpose development which will be fundamental in transforming the riverside from Gateshead Quays to the Derwent Valley. Gateshead Council is working closely with the private sector to attract investment to the borough. There are multiple investment opportunities on the banks of the River Tyne and beyond, including land for up to 6,000 homes and up-to 700,000 sqm of commercial development. In June 2023, the contractor for the adjacent hotel was announced as Russell WBHO. The hotel will be located on a 0.5-acre site at the corner of Quarryfield Road and Hawks Road, accommodating future visitors to The Sage International Conference Centre and Arena, as well as supporting the wider region. The planning application for the 180,898 sq ft, nine storey hotel was approved by Gateshead Council in March 23 and Russell WBHO is planning to commence work on the two year build programme before the end of the year. Designed by AHR Architects, the hotel will feature restaurants, bars and business meeting rooms as well as a gym and will be managed by Vine Hotels. The hotel is expected to create 75 full time hospitality jobs with an additional 40 new roles across the regional supply chain. The hotel will have the ability to accommodate 210,000 visitor nights per year, contributing an estimated £13m annual contribution being made to the local economy. It is estimated that the Sage development will provide over 2000 jobs, and the companies running the buildings will engage positively to employ local people with Working Gateshead – a team of trained coaches within Gateshead Council who support Gateshead residents to find a job. This will include c650 construction jobs, working with the contractors to establish a construction training village securing opportunities for local young people. It is also estimated there will be 300 jobs throughout the wider supply chain. Martin Gannon, Leader of Gateshead Council, said: ‘‘Today marks another major milestone in the project and we’re looking forward to bringing the Sage Arena and ICC to Gateshead, attracting high-profile events and conferences to our region. The development will bring numerous opportunities and benefits to our residents, attracting visitors and creating jobs and bringing millions of pounds of investment to Gateshead and the North East.’’ “This is an excellent step forward. We welcome all progress on the Sage Arena and International Conference Centre (ICC). It will be such a transformational asset for our whole region, showcasing our strengths to a global audience and supporting the growth of our visitor economy.” Building, Design & Construction Magazine | The Choice of Industry Professionals
