Aldi, the popular supermarket retailer, has unveiled its latest plans to expand its footprint across the UK, aiming to achieve its long-term target of 1,500 stores. Currently operating over 1,020 stores, Aldi is actively seeking new locations to ensure high-quality food is accessible to all. In a bid to identify
General Election market uncertainty contributes to a slower market says Lismore’s Chris Macfarlane On the eve of the 2024 General Election, leading independent property advisory firm, Lismore Real Estate Advisors has published the latest figures on the commercial property market in Scotland for quarter two of 2024. Transaction volumes totalled
Top 10 UK housebuilder, Keepmoat, will invest more than £102 million into creating hundreds of new homes in Nottingham, with work having already commenced at a flagship parcel of land on the site of a former Boots factory. Partners from Platform Housing Group and Boots joined Charlotte Goode, Paul Hulme
United Trust Bank (UTB) is supporting Westcombe Group’s £34m Kingston Bridge House apartment conversion in Hampton Wick, South-West London. The scheme will see the conversion of a two-block building, which was formerly offices and later a 218-room student accommodation facility, into 70 contemporary apartments. The layout of the building will enable
Family-owned housebuilder City & Country is pleased to announce their recent acquisition of 177 acres of land in the Stansted area. The newly purchased site, currently used for farming, is to be promoted by City & Country’s planning team through the Council’s local plan review process. The land is situated
Urban Fox, a partnership between Balfour Beatty Investments and Urban Electric Networks, has today unveiled the UEone, Europe’s first fully retractable electric vehicle (EV) chargers, at a launch event held at the internationally renowned design museum, V&A Dundee, Scotland. Following over seven years of development and a successful two-and a
Shaftesbury Capital has reported “strong” retail and hospitality leasing demand across its London portfolio so far in 2024. From 1 January to 3 May 2024, the real estate investment trust (REIT) welcomed 23 new brands and concepts to its West End estate. Highlights from the REIT’s portfolio include the expansion
In line with its strategy to focus on retail parks and reduce exposure to covered shopping centres, British Land has exchanged contracts for the sale of its 50% stake in Meadowhall Shopping Centre to its partner, Norges Bank Investment Management, for £360 million. Earlier this year, the joint venture also
Stand L20, Royal Armouries Hall @ UKREiiF Senior representatives from Cornwall Council, Cornwall Trade and Investment and Treveth will be attending the UK’s Real Estate Investment & Infrastructure Forum (UKREiiF), 21-23 May, to attract investment for a range of once in a generation development opportunities in the region. Procurement pipeline
The UK has, earlier than expected, completed its key step required for joining CPTPP, Minister for Trade Policy Greg Hands will tell fellow members of the group during a meeting in Arequipa, Peru. Joining CPTPP – which will account for 15% of global GDP with the UK included – means
BDC 319 : Aug 2024
Aldi, the popular supermarket retailer, has unveiled its latest plans to expand its footprint across the UK, aiming to achieve its long-term target of 1,500 stores. Currently operating over 1,020 stores, Aldi is actively seeking new locations to ensure high-quality food is accessible to all. In a bid to identify optimal sites for upcoming store launches, Aldi launched a nationwide campaign in May 2024, inviting the public to suggest priority locations. The response was overwhelming, with thousands of requests pouring in from across the country. After carefully reviewing these suggestions, Aldi has updated its list of priority locations for new stores. The retailer is now targeting a variety of areas, including multiple sites in London such as Woodford, Surbiton, South Croydon, Notting Hill, Walthamstow, Beckenham, Bromley, and Barnet. Other targeted locations include Redhill in Surrey, Aldershot in Hampshire, Haywards Heath and Burgess Hill in West Sussex, Chatham in Kent, Cheadle and Chorlton in Greater Manchester, Formby in Liverpool, Newark in Nottinghamshire, Chesterfield in Derbyshire, Wellingborough in Northamptonshire, Rayleigh and Brentwood in Essex, Dorchester in Dorset, Clarkston and Cathcart in Glasgow, Penzance in Cornwall, Warwick in Warwickshire, and Bath in Somerset. Additionally, Aldi has identified over 100 potential sites within the M25 motorway and another 100 locations in the wider South East region where there is significant demand for new stores. Aldi’s expansion strategy includes both its standard stores and the smaller Aldi Local format, which caters to urban areas within the M25 with a size of around 5,000 square feet. Jonathan Neale, Aldi UK’s Managing Director of National Real Estate, emphasised the retailer’s commitment to accessibility: “We want to make high-quality food accessible to all, but we can’t do that while there are still some towns and areas that either don’t have an Aldi or have capacity for additional stores. We recognise there is huge demand in certain regions for more stores, which is why we decided to get the public’s input on our latest list of priority locations. They have helped us identify where demand is greatest, and we will continue to work to bring Aldi to as many people as possible.” To accommodate its expansion, Aldi is seeking sites that can host a 20,000 square foot store with around 100 parking spaces, ideally located near main roads with good visibility and access. This aggressive growth plan is supported by Aldi’s substantial investment strategy, which includes over £550 million allocated to its store and distribution network throughout 2024. This investment will fund the opening of new stores and the enhancement of existing locations and distribution centres. As Aldi continues its rapid expansion, it aims to meet the growing demand for its high-quality, affordable products across the UK. By engaging with the public and strategically selecting new locations, Aldi is well on its way to achieving its ambitious target, ensuring more communities benefit from the Aldi shopping experience. Building, Design & Construction Magazine | The Choice of Industry Professionals
General Election market uncertainty contributes to a slower market says Lismore’s Chris Macfarlane On the eve of the 2024 General Election, leading independent property advisory firm, Lismore Real Estate Advisors has published the latest figures on the commercial property market in Scotland for quarter two of 2024. Transaction volumes totalled £272 million, down 15% on Q2 2023 and 31% below the 5-year average. A smaller number of larger ticket sales, combined with continued uncertainty in the market over the timing of future interest rate cuts and the impending General Election have affected transaction volumes. The largest deal of the quarter was the £45.8 million acquisition of 1 West Regent Street in Glasgow, by Corum Asset Management, followed by Remake Asset Management’s £36.6 million acquisition of HQ buildings, 2 Greenmarket in Dundee and 4 Pacific Quay in Glasgow, let to BT and STV respectively from LondonMetric. Other noteworthy transactions include Ropemaker Properties £14.725 million sale of four prime industrial units at Fullarton Drive in Cambuslang to clients of Ediston and the £23.5 million off-market sale of Malmaison at St Andrew Square in Edinburgh by Associated British Foods to clients of Patrizia. Logistics and multi-let industrials continue to see strong demand, with prime yields around 6%. Office yields are improving, while retail parks offer compelling value with 6.50-7.00% yields. High street properties in prime locations and living sector investments remain attractive and prime BTR and PBSA yields are stable at 5.00-5.50%. Lismore Director Chris Macfarlane said: “Despite a slower than anticipated quarter, buyer-seller standoffs are easing, with increased buyer activity and momentum improving. “Fund activity remains selective and quite opportunistic, focusing on living and logistics sectors, with retail warehousing gaining interest. Core-plus buyers may benefit from potential interest rate reductions, whilst private equity shows interest in pressured sales and good-value, long-leased stock, indicating less distress than expected and expanding their investment scope. “We anticipate that the expected interest rate cuts by autumn may improve debt terms, although development continues to be hindered by stubbornly high build costs and uncertain exit pricing. “Amid the General Election, we hope the victor fosters optimism, creating a business-friendly environment for sustained economic growth. Effective governance is crucial for job creation, economic prosperity, and social well-being. Change brings opportunity; let’s hope for competent leadership to drive our future forward.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Top 10 UK housebuilder, Keepmoat, will invest more than £102 million into creating hundreds of new homes in Nottingham, with work having already commenced at a flagship parcel of land on the site of a former Boots factory. Partners from Platform Housing Group and Boots joined Charlotte Goode, Paul Hulme and Philippa Stewart from Keepmoat, at the 286-acre site near Beeston yesterday (Thursday 20th June) to celebrate the start of work on site and to witness first-hand the progress that’s already been made. When complete, the housebuilder will deliver 604 new, multi-tenure homes, regenerating the disused land and creating a thriving new community in Nottinghamshire. Of the new properties, Platform Housing Group will offer 319 affordable homes. Charlotte Goode, Divisional Chair at Keepmoat, said: “Keepmoat is delighted to be regenerating this landmark development on a very special site that will bring much needed, high-quality new homes and significant investment to the city. “For this historical site alone, we are investing £102 million into creating a fantastic community and we’re proud to stand alongside our partners at Platform Housing Group today to mark the beginning of a wonderful community. We’re committed to delivering new homes for the people of Nottingham and the surrounding areas to transform the area and provide quality new homes.” Laura Osborne, Sales & Marketing Director at Platform Housing Group, added: “At Platform Housing Group, we’re thrilled to collaborate with our partner, Keepmoat, to build new homes in Beeston. “This is a hugely important scheme for Platform, to be contributing to the growth of a thriving town and to provide much needed affordable housing in the area. Beeston is an up and coming area with fantastic potential to become one of the most sought-after commuter locations in the Midlands, so to be leading the way with such a large scale development is rewarding.” Stephen Boyce, Director of Estates at Boots UK, commented: “We’re excited to see work start at this fantastic new development for the Nottingham Enterprise Zone. We look forward to seeing Keepmoat’s vision come to life, developing new high-quality and affordable housing for people in the local area.” To find out more about Keepmoat, please visit: www.keepmoat.com Building, Design & Construction Magazine | The Choice of Industry Professionals
United Trust Bank (UTB) is supporting Westcombe Group’s £34m Kingston Bridge House apartment conversion in Hampton Wick, South-West London. The scheme will see the conversion of a two-block building, which was formerly offices and later a 218-room student accommodation facility, into 70 contemporary apartments. The layout of the building will enable Westcombe Group to deliver 22 units in phase 1 with the delivery of the 48 remaining units in phase 2 having minimal impact on the residents of the completed homes. Westcombe Group is a successful and multi-award winning family owned property development, investment, and hospitality company established since 1974 with a 50 year track record. In 2003 founder, Vraj Pankhania, handed the day-to-day management of the business to his sons, Kamal and Sunil Pankhania as Group Chief Executive and Group Operations Director and together the family have built one of the most successful and philanthropic Top 25 privately owned property development companies in the UK. United Trust Bank is providing £24.4m of development funding towards the scheme which is being delivered in two phases and expected to take just over two years to complete. Once finished, the development will provide a range of apartments from studios to 3 bedroom units and have a combined GDV of £34m. Kamal Pankhania, CEO and Managing Director of Westcombe Group, commented: “I have known Paul Flannery and Mark Stokes of United Trust Bank for over eight years. We’re pleased to secure this financing, growing our relationship with the Bank and helping us in our journey to become one of the leading specialist property developers in the UK. We’re committed to continuing to preserve historic buildings across the country, creating housing and other developments for local communities.” Paul Flannery, Senior Director – Property Development – United Trust Bank said: “UTB are delighted to support another of Westcombe Group’s exciting projects and to once again work with Kamal, Sunil and the team in creating high quality new homes from buildings which have fallen out of use. We are committed to supporting housebuilders and developers like Westcombe Group which shares our passion for creating outstanding homes and building thriving communities.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Family-owned housebuilder City & Country is pleased to announce their recent acquisition of 177 acres of land in the Stansted area. The newly purchased site, currently used for farming, is to be promoted by City & Country’s planning team through the Council’s local plan review process. The land is situated within a sustainable location with close access to existing transport links and has the potential to be suitable for residential, commercial, and leisure opportunities. Located in the Essex area, City & Country’s newly acquired Stansted site is part of the housebuilder’s commitment to its medium- and long-term development plans. On the new acquisition, City & Country’s Land and Property Director, Simon Marner commented: “The newly purchased Stansted land holds significant potential, and this acquisition aligns with our medium to long-term strategies to grow our residential and commercial development activities. We look forward to discussing our ideas for sensitive and sustainable development with the local community as we look towards the next steps for our plans for growth in Stansted and for the business more generally.” Wayne Douglas, MD at City & Country, adds: “Our specialist land and planning teams are constantly striving and seeking to invest in sustainable sites in desirable locations. This new land acquisition is a significant milestone for City & Country as we look to unlock a full range of planning and development opportunities in the Essex area.” For further information about City & Country, please visit https://www.cityandcountry.co.uk/ Building, Design & Construction Magazine | The Choice of Industry Professionals
Urban Fox, a partnership between Balfour Beatty Investments and Urban Electric Networks, has today unveiled the UEone, Europe’s first fully retractable electric vehicle (EV) chargers, at a launch event held at the internationally renowned design museum, V&A Dundee, Scotland. Following over seven years of development and a successful two-and a half-year trial, 18 new Mk5 UEone chargers have been installed by Urban Fox across nine locations in Dundee, on behalf of Dundee City Council. Designed with accessibility in mind, the award-winning, 7kW on-street charge points are the first of their kind to the market. The UEone effortlessly rises from the ground to an accessible height, and when not in use, auto-retracts flat and flush underground, leaving pavements clutter free and more accessible to pedestrians, when compared to other available EV charge points. By simply downloading the Urban Fox App, members of the public can easily summon the UEone to rise from the ground, power their EV and track their usage. At the launch event, Smart UK, a joint venture between Mercedes-Benz Group and Geely Holding, presented one of its latest award-winning electric models, the Smart #1. A compact SUV designed for urban environments, yet offering up to 273 miles of range, the #1 represents the kind of EV that can take full advantage of improved on-street charging. Oli Freeling-Wilkinson, CEO of Urban Fox, said: “After more than seven years of intensive development and testing, we are immensely proud to unveil Europe’s only flat and flush charging solution that complies with the highest accessibility standards. At Urban Fox we are passionate about addressing the pressing need for near-home EV charging infrastructure across the UK, to ensure that no one is left behind on the road to net zero.” Gavin Russell, Chief Executive Officer of Balfour Beatty Investments, added: “Today’s launch marks a significant milestone in the UK’s journey to achieving net zero. The launch at the renowned V&A museum in Dundee highlights how innovative technology can significantly enhance, not detract from urban spaces and living.” Dundee City Council Fair Work, Economic Growth & Infrastructure Convener, Councillor Steven Rome, marked the launch of the UEone chargers in Dundee by saying: ”I am pleased to see Dundee City Council invest in low-emission transport, further proving that we are continuously making progress towards achieving our net-zero targets. Dundee City Council believes that it is important to deploy charge points that are as accessible as possible to deliver equitable access to EV charging solutions, and this innovation helps cater to the needs of our communities.’’ Jason Allbutt, Chief Executive Officer of Smart UK, added: “As manufacturers like Smart continue the drive to make the UK’s transition to electric mobility a success, it is vital that our products are supported by a robust and reliable charging network. The development of innovative yet practical near-home charging solutions is therefore vital to ensuring that as many people as possible can benefit from the cheap, clean and convenient transport provided by electric vehicles.” Urban Fox, voted Top 6 European Cleantech Start-up by Climate-KIC – the EU’s innovation agency – combines Urban Electric Networks’ innovative and entrepreneurial spirit with Balfour Beatty’s unmatched scale, skill and capabilities in delivering infrastructure in the heart of local communities, building on the company’s experience and longstanding relationships with public realm services and local authorities. For further information on Urban Fox’s innovative on-street charge point, for product demonstrations or discussions on how Urban Fox can support your area to deploy charge points, please contact enquiries@urbanfox.network Building, Design & Construction Magazine | The Choice of Industry Professionals
Shaftesbury Capital has reported “strong” retail and hospitality leasing demand across its London portfolio so far in 2024. From 1 January to 3 May 2024, the real estate investment trust (REIT) welcomed 23 new brands and concepts to its West End estate. Highlights from the REIT’s portfolio include the expansion of Charlotte Tilbury to a new flagship store, following the success of its James Street location. Seven Dials has seen the addition of athleisure brand Alo at the entrance of Neal Street, while British wellness brand ELEMIS will open its debut London store on Monmouth Street, joining recent openings Odd Muse and Missoma. Footwear brand Axel Arigato is currently fitting out its flagship store on Earlham Street, marking its second location in Shaftesbury Capital’s portfolio. Additionally, Greek boutique hotel ERGON House will open in a newly refurbished heritage-listed building, anchoring King Street next year. The REIT has also enhanced its Soho estate, introducing hospitality concepts The Counter and The Little Violet Door to Kingly Street, joining Two Floors. Carnaby Street has welcomed global lifestyle brand PANGAIA for its first UK standalone store, while SanHao will debut a new restaurant in Chinatown, offering hand-pulled noodles and soups. Since the merger of Shaftesbury and Capco, Shaftesbury Capital has completed £212.6 million in asset disposals, with £82.9 million reinvested in target acquisitions. Ian Hawksworth, chief executive of Shaftesbury Capital, said: “It’s been a positive start to the year. Our West End estates are busy and vibrant with high footfall, customer sales growth, and increasing levels of international tourism. There is continued strong leasing demand across all uses, with 147 transactions completed in the period, at rents on average 7 per cent ahead of December 2023 ERV and an excellent leasing pipeline, reflecting the appeal of our exceptional portfolio. “We have completed £213 million of asset sales since the merger, at a premium to valuation, reinvesting over £80 million in target acquisitions. Backed by our strong balance sheet and talented team, Shaftesbury Capital is well-positioned to deliver growth in line with our medium-term targets as the leading central London mixed-use REIT.” Building, Design & Construction Magazine | The Choice of Industry Professionals
In line with its strategy to focus on retail parks and reduce exposure to covered shopping centres, British Land has exchanged contracts for the sale of its 50% stake in Meadowhall Shopping Centre to its partner, Norges Bank Investment Management, for £360 million. Earlier this year, the joint venture also sold some ancillary land for £7 million (British Land’s share). Together, these deals value the entire Meadowhall estate at £734 million, which is 3% above its September 2023 book value. After accounting for net debt of approximately £200 million, the expected proceeds are around £156 million. The impact on FY25 NTA per share is projected to be negligible, with an estimated FY25 EPS dilution of 0.6p prior to reinvestment. The transaction would reduce HY24 proportionally consolidated LTV by 2.7 percentage points. As part of the agreement, British Land will continue to serve as the asset manager for Meadowhall Shopping Centre, earning fees in line with current terms. The transaction is anticipated to complete in July 2024, with the proceeds being utilised for general corporate purposes, including reinvestment into retail parks. Simon Carter, Chief Executive of British Land, said: “We have had a successful partnership with Norges over many years and are delighted to continue to work alongside them as asset managers of the centre. Following the sale of Meadowhall, 93% of our portfolio is now in our preferred segments of retail parks, campuses, and London urban logistics. We will continue to grow our retail park portfolio; with low capex requirements, parks offer attractive cash returns and at 99% occupancy, we are delivering strong rental growth.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Stand L20, Royal Armouries Hall @ UKREiiF Senior representatives from Cornwall Council, Cornwall Trade and Investment and Treveth will be attending the UK’s Real Estate Investment & Infrastructure Forum (UKREiiF), 21-23 May, to attract investment for a range of once in a generation development opportunities in the region. Procurement pipeline project research carried out by Inner Circle Consulting, has qualified eight significant development projects in Cornwall, which equate to a £10.6 billion forecast capital spend in the next ten years. This figure includes £3.4bn on Housing and another £3.4bn on Culture and Economic Development, and some of these opportunities will be showcased at UKREiiF to encourage national contractors to expand their operations to Cornwall and drive economic growth. Chief Executive of Cornwall Council, Kate Kennally will be joined at the three-day Conference from 21-23 May 2024 by a team of key representatives from Cornwall Council, Cornwall Trade and Investment and its arms length property development company, Treveth, on stand L20 in the Royal Armouries Hall. Cornwall has attended the UKREiiF since its inception, three years ago. The Conference connects people working within the UK Real Estate industry, with more than 10,000 attendees expected and 700 speakers over the course of the three days. For 2024, Cornwall is actively seeking discussions with investors and potential partners to support the region’s strategic focus by bringing forward eight key development opportunities that will drive green growth and demonstrate the volume of work, over a longer term, taking place across the region. Committed to creating sustainable and more inclusive and prosperous communities, a Supported Housing Delivery project, to deliver 48,000 new and improved supported housing units across Cornwall by 2050 and valued at c.£82m over 5 years, is one of the key opportunities Cornwall is hoping will be of interest to delegates attending the Conference. A £300m project to deliver a pioneering green community at Langarth Garden Village is billed as a world-class flagship scheme. Other significant projects that have been ear-marked for development include a c.£300m Cornwall Airport & Estate opportunity, which is one of the UK’s largest designated Enterprise Zones; a £100-200m new transport quarter in Newquay; a commercial development opportunity at Goonhilly Earth Station ranging from £1m-£20m; a £230m Pydar Street regeneration project in Truro; floating offshore wind operations facilities and development at Falmouth Docks, and an ambitious £1m Local Investment in Nature Cornwall (LINC) initiative. Councillor Linda Taylor, Leader of Cornwall Council said, “The team are really excited to be attending UKREiiF this year, with an impressive pipeline of development opportunities. The figure of £10.6 billion in the next 10 years, is qualified by independent research, so we’re confident this will make Cornwall an attractive prospect for national contractors, consultants and their supply chains to expand their operations and help us deliver our ambitious plans. “We are developing housing stock faster than the rest of the UK so harnessing the power of Cornwall is essential to the UK’s journey to net zero. Investing in Cornwall means having the space to think big and work with a proactive council to create a real legacy.” As well as a dedicated stand at UKREiiF, senior members of the Cornwall team will be part of a series of panel discussions and presentations throughout the Conference. Key topics will include an ambitious Public Sector decarbonisation agenda, the importance of the circular economy, delivery solutions for housing and regeneration and where the UK goes next in terms of Devolution. In addition, Investors and potential partners are invited to visit the Cornwall Stand (L20) on Wednesday 22 May between 3-3.45pm to meet the team and hear more detail about the scale of construction opportunities in the region. Councillor Linda Taylor continued, “In the last ten years Cornwall has delivered more new homes than Birmingham, Manchester, Leeds or Liverpool, and £900m GVA per annum is generated by Cornwall’s construction sector which represents 7% of the Cornish economy. This offers a coherent and circular economy, and developers and contractors can expect tailored support and a well-resourced, strategic approach to development from Cornwall Council and our partners. “Our team look forward to meeting with investors and potential partners at UKREiiF and unveiling plans to create sustainable communities, enhance key sectors and drive economic growth in Cornwall.” CLICK TO SEE PROSPECTUS Building, Design & Construction Magazine | The Choice of Industry Professionals
The UK has, earlier than expected, completed its key step required for joining CPTPP, Minister for Trade Policy Greg Hands will tell fellow members of the group during a meeting in Arequipa, Peru. Joining CPTPP – which will account for 15% of global GDP with the UK included – means over 99% of current UK goods exports to CPTPP members will be eligible for tariff-free trade. Encompassing 500 million consumers in some of the world’s largest current and future economies, the potential for increased trade is huge. Business and Trade Secretary Kemi Badenoch signed the deal last July to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a modern, ambitious trade pact spanning 12 economies across Asia, the Pacific, and now Europe. Being part of CPTPP will support jobs and economic growth across the country, with every nation and region expected to benefit. Only six economies, in addition to the UK, need to ratify by October for the deal to enter into force by the end of the year. Singapore, Japan, and Chile have already ratified, with other countries in the works. During a two-day visit which kicks off today [17 May], Minister Hands will also welcome the conclusion of negotiations on a Double Taxation Agreement (DTA) which will protect businesses from being taxed twice – once in Peru and again in the UK, or vice versa. Reducing costs and providing certainty, it is a major win for businesses in both countries and will provide opportunities for substantial increases in bilateral trade and investment. Minister for Trade Policy Greg Hands said: “The UK has been racing to get our ratification done because we know how much CPTPP will benefit British businesses, whether through access to new markets or cutting red tape on existing exports. “I’m delighted we were able to bring this forward, ahead of our original July forecast, so we can get the countdown to Entry into Force going as soon as possible.” The UK intends to be an influential member of CPTPP, making its voice heard on all key matters, and is already involved in meetings and discussions with CPTPP Parties on the future of the agreement. Peru, a member of the bloc, is a longstanding trading partner for the UK, with bilateral trade worth £1.8 billion last year. For the construction services sector, including consultancy, design, and project management, joining CPTPP could mean a boost of £119 million to the annual output of the sector in the long run. British construction companies will benefit from flexible rules of origin that allow for UK business to use inputs from CPTPP countries in their exports and still qualify for preferential treatment. Mott MacDonald is an employee-owned engineering, management and development consultancy headquartered in the UK and operating globally, including in all countries covered by the CPTPP. It is a trusted partner on the multi-billion-dollar Sydney Metro rail programme, as well as Singapore’s critical North/South Corridor. Mott MacDonald’s Executive Board Director Ian Galbraith said: “Mott MacDonald is strongly supportive of UK accession to the CPTPP and proud to have been part of the technical board advising the British negotiating team. “The Partnership’s ambitious services and procurement chapters pave the way for greater recognition of professional competence in engineering and architecture and establish open, fair and transparent competition rules in government procurement, allowing world-leading British services firms like Mott MacDonald to win and service new contracts across the many countries covered by the CPTPP”. William Bain, Head of Trade Policy at the British Chambers of Commerce, said: “There are few multi-national trade agreements like this one. The UK’s addition to this bloc will open up new opportunities for both inward and outward investment. “Trade rules will be more favourable for manufacturers looking to sell products to other member countries and data transfers for firms in the services sector will also be more straightforward. “Crucially, it will also give the UK a say in the bloc’s future development, making it a deal that will work for our traders both now and in the future.” Further benefits for the construction industry: · Tariffs will be eliminated on UK exports of all building materials and construction machinery (including diggers, bulldozers, and fork-lifts) to Malaysia. · Tariffs will be eliminated sooner on UK exports of building materials (including bricks and tiles) to Vietnam compared with under the existing UK-Vietnam trade deal . · Simple customs procedures will make trade efficient, consistent, transparent, and predictable. · Companies could benefit from flexible rules of origin that allow for UK business to use inputs from CPTPP countries in their exports and still qualify for preferential treatment. · Modern rules for digital trade mean we can deliver existing construction services better and offer new services that are built on digital foundations. · The procurement chapter in the deal provides greater access to opportunities in government procurement markets in areas like architecture, engineering, and infrastructure. It will create entirely new access for infrastructure opportunities in Brunei and Malaysia. · Commitments on business travel will make it easier for highly skilled business persons in the construction industry to supply services in another CPTPP country. For example, professionals, including engineers, will be able to stay for up to 6 months in Peru and Vietnam to supply specialised services. Background · The UK is announcing ratification of the terms of our agreement to join the CPTPP. · This follows depositing our instrument of accession with New Zealand as depositary earlier this week to accept our Accession Protocol signed last year; the treaty that sets out the terms and conditions of accession of the UK to the CPTPP. · This step follows the Trade (CPTPP) Act receiving Royal Assent in March. Entry into force is expected later this year. Building, Design & Construction Magazine | The Choice of Industry Professionals
