A new report by the Association for Project Management (APM), the chartered membership organisation for the project profession, has found the construction sector of the project management profession has grown by over 20% in five years to contribute £33 billion of annual gross value added (GVA) to the UK economy.
The owners of Ocean Terminal have confirmed they have signed a deal which will bring a Tesco Express to the Leith waterfront development as part of multi-million pound plans to regenerate the site. The addition of the supermarket to the retail section of the redevelopment is expected to create up
Leading volumetric developer Tide has secured a resolution to grant planning permission for their Hastings Road scheme. The development will transform the underutilised retail site into a vibrant mixed-use development, delivering 412 new student homes with communal and commercial spaces together with public realm enhancements. Located at a major junction
New market analysis by peer-to-peer real estate investment platform, easyMoney, reveals that while the British housing market is likely to remain somewhat muted in 2024 with respect to house price growth, there are a number of local areas where prices are expected to climb with gusto, with 10 areas of
The first rail seating handrails are set to be installed at Everton Stadium As the seat installations continue at pace, with fast-approaching 40,000 now in situ, the first delivery of the handrails have arrived on site at Bramley-Moore Dock. Everton Stadium will feature rail seating throughout the entire lower tier
Construction work is underway at HarperCrewe’s new development of two, three and four-bedroom homes coming soon to Higham Ferrers, Northamptonshire. The collection of new homes, which is being developed in partnership with the Duchy of Lancaster, is being built off Spire Road and is set to be launched later this
Leading property management agent Rendall & Rittner has strengthened its new client service offering, appointing Amaly Hind as New Business and Mobilisation Manager, expanding its team and capacity. With 15 years of experience working in property management, Amaly will support Rendall & Rittner as it continues to expand its growing
Local contractor, Hobson and Porter have been appointed to restore and preserve the last remaining WW2 civilian ruin in the UK, National Picture Theatre on Beverley Road. Thanks to funding from Hull City Council and The National Lottery Heritage Fund, the façade will be restored to its former period style,
J3 Advisory, a prominent latent defects insurance and structured property finance advisory firm, was recently instructed by Dominus to source and place insurance for their latest development in Holborn that is situated within close proximity of London universities including LSE, Kings College London and Queen Mary University of London. 61-65
Manchester Airports Group (MAG) raised £300m in the UK capital markets yesterday, through a new 18-year bond. The Group – which owns Manchester, London Stansted and East Midlands Airports – secured the bond at a competitive rate of 5.75%. It was supported by a number of UK and international institutional
BDC 319 : Aug 2024
A new report by the Association for Project Management (APM), the chartered membership organisation for the project profession, has found the construction sector of the project management profession has grown by over 20% in five years to contribute £33 billion of annual gross value added (GVA) to the UK economy. The Golden Thread Report 2024, commissioned by APM and conducted by PwC Research, was published today (April 25th) at a launch event at the Science Museum, London. It follows the first pioneering report in 2019 that assessed the UK project profession’s size as well as its economic and societal contribution. Overall, the project management profession now contributes to the UK economy £186.8bn of GVA – a key measure of economic output and productivity. This represents a growth of 19% from £156.5bn in 2019. In addition, the profession now employs an estimated 2.32 million full-time equivalent workers (FTEs). It means 8.5% of total UK FTEs are employed in project-related roles and the profession delivers over 9% of total UK GVA. When broken down by individual sectors, construction ranked as the second highest with a GVA of £33.19bn – a rise of 23% from £27.08bn in 2019. Meanwhile, the number of FTEs in construction project management has increased from 260,000 to almost 300,000. The research, based on official employment data, market statistics and a survey of over 500 UK businesses, rubberstamps the significance of the fast-growing project profession. Factors behind the growth highlighted by the report include an increasing recognition of the need for effective programme management and transformation across all sectors including construction, while the London 2012 Games was credited for demonstrating the importance of effective project management to ensure successful delivery of large-scale events. Professor Adam Boddison OBE, Chief Executive of APM, said: “We are excited to be launching our second Golden Thread Report at a pivotal time for project management with the UK economy recovering tentatively and net zero gathering pace. “Our report deepens the view that our profession is the most vital ‘golden thread’ running through all sectors of the economy – driving quality, efficiency and strategic change. This includes the traditional project management sector of construction which has seen a 23% rise in its GVA contribution to the UK and an additional 40,000 project professionals in just the last five years alone. “Our research is a vital contribution to the debate of the project profession as we seek to overcome a variety of challenges and opportunities and continue with our growth trajectory.” Chris Anstead, a Director in the Global Programme Advisory Team at Turner & Townsend, a leading global programme management and construction consultancy, said: “Once upon a time projects were focused on digging holes and building things. But now projects and programmes are being used for all sorts of transformations with our clients applying our skillsets into much broader applications. “We are starting to see greater application of programme management within organisations. In the past, they might have relied on operational departments to deliver individual projects. Now they are thinking more about driving step-change, improvements and ultimately transformation.” Dave Corbin, Head of Client Accounts at international property and construction consultancy Gleeds, said: “Successful projects – delivering the intended benefit on time and within budget – require strong project management. Without it the myriad of developments that the country needs to future-proof itself would simply not materialise. “In the past the role of the project manager has been underestimated but I believe we have seen a shift in perspective and the value of having an effective, collaborative and highly skilled project leader is now widely recognised. I only hope that the positive trends revealed in this report continue and that as a profession we’re able to attract and retain enough skilled people to be able to meet increasing demand.” Key findings from the report The report, entitled in full: ‘Golden Thread: A study of the contribution of project management and projects to the UK’s economy and society’, commissioned by APM and undertaken by PwC Research, found: To download the Golden Thread 2024 Report along with supporting case studies, visit https://www.apm.org.uk/resources/research/the-golden-thread/ Building, Design & Construction Magazine | The Choice of Industry Professionals
The owners of Ocean Terminal have confirmed they have signed a deal which will bring a Tesco Express to the Leith waterfront development as part of multi-million pound plans to regenerate the site. The addition of the supermarket to the retail section of the redevelopment is expected to create up to 20 jobs as part of a major investment in Leith’s waterfront. The 4,700 sq ft ground floor unit will look out over a new public realm and future residential development. The announcement is the latest in a chain of positive developments on the site, including the relocation and upgrade of the 24/7 PureGym to a brand new unit earlier this month. Last year Ocean Terminal revealed it had agreed a long-term lease with Level X, the gaming and immersive entertainment provider, which will see a new purpose-built, state-of-the-art leisure venue open at the centre adjacent to a brand new Club 3000 Bingo venue which promises to be one of the best clubs ever developed in the UK, enhancing the leisure offering at the new look centre. Chris Richardson, Managing Director of Ambassador Investment Management, the Scottish owners of Ocean Terminal, said: “We are delighted to confirm a fifteen-year lease with Tesco which will bring significant benefits to the Leith waterfront development, cementing our commitment to ensure this project delivers for the local and wider community. “The addition of a new major retailer is a huge boost to the project and our longer term vision to to regenerate this waterfront area into a thriving, sustainable development creating an outward-looking, mixed-use town centre here in Leith. “We’re thrilled to have Tesco fully on board, which further enhances the multi-use, dynamic offering within the leisure space at the Ocean Terminal site.” Head of Campaigns for Tesco, Tony McElroy added: “We are excited to be opening a new Tesco Express in Ocean Terminal, as part of our ongoing investment and job creation plans across Edinburgh. We look forward to serving our customers and supporting local community groups through our Stronger Starts and Community Food Connection initiatives.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Leading volumetric developer Tide has secured a resolution to grant planning permission for their Hastings Road scheme. The development will transform the underutilised retail site into a vibrant mixed-use development, delivering 412 new student homes with communal and commercial spaces together with public realm enhancements. Located at a major junction adjacent to West Ealing underground station, the new student homes will alleviate pressure on the local housing market while driving new activity to the site by providing commercial space and an improved public realm. The project will be delivered using Tide’s innovative volumetric technology, which involves precision-manufacturing volumetric units before assembling them onsite. This approach is proven to reduce construction programmes by up to 50% while also cutting embodied carbon. It also minimises onsite disruption, logistics and defects. The volumetric units are built in controlled factory settings by Tide’s sister company, Vision Volumetric. The development has been designed around an external courtyard space at the heart of the site to complement students’ lifestyles. Additionally, residents will benefit from the scheme’s extensive and thoughtful amenity spaces, designed to ensure a welcoming and nurturing living environment for students. The plans also feature a biodiverse roof and photovoltaic panels, which add to the project’s environmental benefits.Helen McManus, Head of Planning at Tide, said: “We look forward to breaking ground on Hastings Road and contributing to West Ealing’s vibrant urban fabric. This exciting project marks a significant new addition to Tide’s portfolio of student accommodation projects, and we would like to thank everyone involved in this process. Our proposal seeks to be an exemplar of student development, with high-quality living conditions and generous internal and external amenity space.” Building, Design & Construction Magazine | The Choice of Industry Professionals
New market analysis by peer-to-peer real estate investment platform, easyMoney, reveals that while the British housing market is likely to remain somewhat muted in 2024 with respect to house price growth, there are a number of local areas where prices are expected to climb with gusto, with 10 areas of the nation on track for growth of more than 14% by the end of 2024. easyMoney analysed the recent performance of the British housing market based on the latest available Land Registry data*, calculating the average monthly rate of growth seen since interest rates were held at 5.25% in September of last year. easyMoney then used this average monthly change to forecast how the market could perform over the remainder of the year, with homebuyers yet to see a reduction in interest rates materialise this year. National picture The analysis shows that since the base rate was held at 5.25% for the first time in September 2023, the average house price across Britain has declined at an average rate of -0.3% per month. If this trend continues through to the end of the year, the average house price in Britain could fall by -2.6%, or -£7,501, from £283,428 today to £275,927 in December 2024. Just two regions forecast for positive growth A regional analysis reveals that only two regions of Britain are expected to see positive price growth by December. In the North West, the past six months has seen average monthly price growth of +0.4%. If this continues through to the end of the year, prices will grow by +4.3%reaching a regional average price of £330,593. Meanwhile, the North East has seen prices grow by a monthly average of +0.2% over the last six months. If this continues through to December 2024, prices will increase by +2.4% to reach an average of £164,235. Prices in all other regions are predicted to fall, with the West Midlands (-7.8%), London (-6.8%), and Yorkshire & Humber (-6.3%) experiencing the biggest drops. These forecasts from easyMoney mirror the wider industry consensus that the British housing market will remain somewhat subdued in 2024. 10 local authorities forecast for growth of 14%+ However, further analysis by easyMoney at local authority level* has revealed that some of Britain’s local markets could be destined to buck the national trend, with 10 locations forecast for growth in excess of +14%. Over the past six months, house prices in Derbyshire’s Amber Valley district have increased by 2.4% per month, putting the area on track for growth of +26.5% by the end of the year. Darlington has seen an average monthly rate of growth of 2.1% since interest rates were held, suggesting house prices in the area could climb by a further +23.7% by the end of this year. Also set for +14% price growth or more are Torfaen (+18.8%), West Devon (+16.6%), Babergh (+15.7%), Rossendale (+14.8%), North West Leicestershire (+14.8%), Greenwich (+14.5%), Hackney (+14.2%), and Chorley (+14%). The Analysis by easyMoney also shows that a further 102 local authorities could see positive house price movement in 2024. Jason Ferrando, CEO of easyMoney says: “After such consistent upward growth, followed by a period of stagnation, it looks to be a far more settled year for the housing market, with property values expected to remain largely flat in 2024. “But as is so often the case, you can’t judge a market by its topline statistics. Instead you have to dive down into the local market data to discover that price performance in certain parts of Britain could be far from flat as we move through the year. “For anyone who is looking to invest in property this year, it’s useful to know which parts of the country are bucking the national trend. Although it can be far less time consuming to opt for an investment vehicle where market experts have already done the hard work in identifying these up and coming investment hotspots.” Data tables and sources Full data tables and sources can be viewed online, here. Building, Design & Construction Magazine | The Choice of Industry Professionals
The first rail seating handrails are set to be installed at Everton Stadium As the seat installations continue at pace, with fast-approaching 40,000 now in situ, the first delivery of the handrails have arrived on site at Bramley-Moore Dock. Everton Stadium will feature rail seating throughout the entire lower tier of the raking south stand for home fans, and also in the lower section of the away end in the north east corner. And initial installations are set to commence imminently in the south stand. Elsewhere within the bowl, all of the ‘P’ handrails have been installed on access stairs, while most of the glass balustrading is in place at the vomitory entrances. Work also continues to install ducting around the pitch surrounds, for the critical infrastructure of undersoil heating, below-ground drainage, irrigation pipes and cables for broadcasters. Work has started on the barrel roof cladding at the south end of the east stand, while the intricately-shaped pieces have been fitted at the northern end, to provide clean edgings. The top-level roof coverings are almost complete on the west stand, and the 172m lengths of top-sheet coverings are set to be rolled out on the expansive south stand, from a specially-adapted shipping container. With the entire site now energised, and all mains infrastructure services are now connected, work is picking up apace inside, where suspended ceilings are being fitted and all catering and concession area equipment installed. The sweeping Western Terrace, facing the River Mersey, is shaping up well, with concrete works now finished, waterproof membranes laid and, at the southern end, drainage layers being excavated in preparation for hard landscaping. Setts and paving along the Mersey river wall add another level of precise detail to what will become a superb vantage point for supporters. Meanwhile, in the fan plaza, more trees have been planted and the third pedestrian gate has been lowered into the gap in the boundary wall that formerly served as the main site entrance for vehicles. All three of the steel gates are now in position, and will be skilfully reintegrated into the wall using existing brickwork. Skilled craftsmen form Vetter, a specialist stone contactor and part of the Laing O’Rourke group of companies, continue to painstakingly pave the 30,000m sq fan plaza that will serve as the spacious entrance to the stadium footprint. And with the former access road that cut through the plaza now redundant, foundations are currently being laid for the installation of historic railway lines, before the two sections of paving are expertly joined up. Building, Design & Construction Magazine | The Choice of Industry Professionals
Construction work is underway at HarperCrewe’s new development of two, three and four-bedroom homes coming soon to Higham Ferrers, Northamptonshire. The collection of new homes, which is being developed in partnership with the Duchy of Lancaster, is being built off Spire Road and is set to be launched later this year. Built with energy efficiency in mind, HarperCrewe’s latest site is designed to appeal to buyers on all rungs of the housing ladder – from first-time buyers, through to downsizers and growing families looking for their dream home. Sarah Boyce, Sales and Marketing Director for HarperCrewe, said: “Higham Ferrers is an idyllic location for many homebuyers, and with good reason. With a selection of charming local pubs, boutique and independent shops, quaint coffee shops and many historic buildings around the Market Square and College Street, it’s a wonderful place to live. “Not only that but it has great access to the A6, taking people to Wellingborough, Northampton and beyond. In fact, the train line from Wellingborough can take people into London in only 45 minutes – making the development ideal for commuters. “Buying a new home, rather than choosing an older property, means you can view, reserve and cherry-pick your preferred interior finishes straight from your smartphone or tablet, ensuring that your new home is tailor-made for your own tastes and needs. “Not only that but new homes are generally much more energy efficient than older homes. In fact, buying new can mean saving thousands on energy and household bills each year, which can mean the financial difference to many families between being able to decorate and furnish their new home, go on a fantastic holiday or just put some money aside for a rainy day. “We’re very much looking forward to releasing more details about the new homes coming soon to Higham Ferrers, so urge people to register their interest now to find out more information as soon as it’s available.” To find out more and to register interest to be the first to find out more about HarperCrewe’s new development in Higham Ferrers as soon as it’s released, visit harpercrewe.com Building, Design & Construction Magazine | The Choice of Industry Professionals
Leading property management agent Rendall & Rittner has strengthened its new client service offering, appointing Amaly Hind as New Business and Mobilisation Manager, expanding its team and capacity. With 15 years of experience working in property management, Amaly will support Rendall & Rittner as it continues to expand its growing portfolio. Having started her career at Rendall & Rittner in 2009, Amaly helped establish Rendall & Rittner’s North division, before expanding her knowledge at other firms across the Greater Manchester area. Working for a high-end residential retirement developer, Amaly was responsible for overseeing the company’s portfolio in the Midlands and North, developing an interest in the mobilisation of new schemes. In 2020, Amaly returned to Rendall & Rittner, where she has been managing significant changes to health and safety processes in line with the evolving Building Safety Act legislation. As New Business and Mobilisation Manager, Amaly is responsible for overseeing the acquisition and onboarding of new clients, before handing them over to Rendall & Rittner’s property teams for ongoing management. Amaly’s previous experience in mobilisations, and more recently in understanding new requirements under the Building Safety Act, will allow her to deliver a smooth experience for new clients and developments. Amaly said: “Through my role as New Business and Mobilisation Manager, I am looking forward to applying my existing knowledge of property management in new ways. Over the past 15 years, I have gained an in-depth knowledge of a range of different elements that affect the ongoing management of developments and am keen to use this to ensure that our onboarding and handover processes are as smooth and comprehensive as possible.” Richard Daver, Group CEO at Rendall & Rittner comments: “Through her previous roles, Amaly has repeatedly proven her ability to deliver exceptional results and her experience across the industry will make her a key asset in expanding the capabilities of our New Business and Mobilisation team. Introducing new clients to everything we can offer at Rendall & Rittner, Amaly will be important in helping us grow our business across the UK, whilst also continuing to deliver an unrivalled residential property management service.” For further information please visit: www.rendallandrittner.co.uk Building, Design & Construction Magazine | The Choice of Industry Professionals
Local contractor, Hobson and Porter have been appointed to restore and preserve the last remaining WW2 civilian ruin in the UK, National Picture Theatre on Beverley Road. Thanks to funding from Hull City Council and The National Lottery Heritage Fund, the façade will be restored to its former period style, including its iconic windows and signage. Structural elements, including the two large concrete beams, which saved the lives of the 150 people inside the theatre on the night it was bombed, will also be preserved. Set to become a flexible space for community events and education, it will also become a place of reflection for the 1,200 Hull civilians that died during WW2. Hobson and Porter have delivered other heritage projects within the city and work on this historical site will get underway in the coming weeks. Gillian Osgerby, Programme Director at Hull City Council, said: “It is great to reach this key milestone in restoring this iconic site and tell its remarkable story. It’s a reminder of how civilians on the home front were affected by the Blitz. “After London, Hull was the UK’s most bombed city during World War 2 and thanks to National Lottery players, we can now remember and recognise the sacrifice that was made.” The former National Picture Theatre was designed by architects Runton and Barry for the De-Luxe Theatre Company and was constructed in 1914. The building was badly damaged during a Luftwaffe air raid on 18 March 1941, although none of the 150 people inside the cinema at the time were killed or seriously injured. The former National Picture Theatre gained Grade II listed status in 2007 due to its significance as a rare surviving bomb-damaged building from the Blitz of the Second World War. Air raids on Hull went on longer than on any other British city and, out of Hull’s 91,660 houses, only 5,945 survived the air raids undamaged. Remedial work to stabilise the building took place in 2020 and now the major works are scheduled to begin in the coming weeks. It is expected to be complete in the autumn. Building, Design & Construction Magazine | The Choice of Industry Professionals
J3 Advisory, a prominent latent defects insurance and structured property finance advisory firm, was recently instructed by Dominus to source and place insurance for their latest development in Holborn that is situated within close proximity of London universities including LSE, Kings College London and Queen Mary University of London. 61-65 Holborn Viaduct, a student accommodation development designed by Stiff + Trevillion Architects and Jonathan Cook Landscape Architects is set to address the pressing need for student housing in Central London. Nestled beside the historic Holborn Viaduct and involving complex tunnelling systems, the project was incredibly challenging to insure due to its intricate design. J3 senior advisor, Matthew Blackhall recognised early on that traditional insurance approaches which often rely on finalised designs, would cause delays. He was able to negotiate arrangements with a provider that allowed for technical audits on site for initial sign off purposes before the insurance placement to ensure the development was being inspected by the insurer. Industry-leading engineering consultants, Bureau Veritas were engaged on behalf of the LDI provider, Build-Zone for the inspection process – This ensured uninterrupted construction progress, effectively mitigating risks and preserving valuable time. Developers that take a long-term position in the PBSA space are increasingly looking to LDI as a means to not only protect against structural defects but also safeguard their income streams and enhance asset marketability – the standout feature being the inclusion of loss of rent coverage, offering income protection for up to three years from practical completion. This provision provides invaluable peace of mind, ensuring continuity of revenue even in the event of unforeseen setbacks. Upon receiving relevant sign off from the technical team and the insurer, the resulting latent defects insurance policy sourced by J3 advisory was A-rated, on full sum insured basis and included loss-of-rent. Matthew Blackhall commented: “It was a pleasure working with Richard and the team at Dominus on a project that promises to leave a lasting imprint on London’s cityscape. Their proactive approach in securing latent defects insurance adds another layer of confidence to the development’s longevity and success, reflecting their commitment to excellence and foresight in mitigating potential risks.” Lee Saywack, Executive Director at Dominus commented: “Our plans for the scheme in Holborn are now progressing at pace, and this appointment means we are a step closer to delivering much-needed new student accommodation. I am grateful for J3’s support to help us realise our vision of creating a thriving new neighbourhood in the heart of the City.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Manchester Airports Group (MAG) raised £300m in the UK capital markets yesterday, through a new 18-year bond. The Group – which owns Manchester, London Stansted and East Midlands Airports – secured the bond at a competitive rate of 5.75%. It was supported by a number of UK and international institutional investors. Proceeds from the bond will support MAG’s significant investment plans – including the completion of the Manchester Airport Transformation Programme by 2025 and plans to extend the terminal building at London Stansted Airport. MAG mandated Barclays, CIBC, HSBC, NAB and NatWest as book runners on the new bond. Linklaters acted for MAG, with Allen & Overy acting for the bookrunners. This transaction is MAG’s second bond issuance in the last 12 months, having raised £360m from the market in September 2023. MAG Chief Financial Officer, Jan Bramall said: “We are pleased that our investment partners continue to show confidence in MAG and our plans to invest in our airports. “By supporting this bond, we can focus on delivering the infrastructure transformation which will improve the airport experience for our passengers and allow us to achieve our long-term growth targets.” Building, Design & Construction Magazine | The Choice of Industry Professionals
