The firm has secured 85% of their 2022-2023 budget (in fees) by August 2022 , just 3 months into the financial year, a staff increase of 18% with 20% of staff having received a promotion within the last year. Award-winning engineering consultancy Harley Haddow has reported a stellar year for
One in seven (14%) tradespeople now get the bus to jobs because they can’t afford to drive Tradespeople set to increase prices by 24%, on average Over a quarter (29%) now only accept hyper-local jobs in order to reduce their fuel usage Rising fuel costs are hitting UK tradespeople hard,
The latest market analysis by Revolution Brokers suggests that the total level of investment into the British commercial real estate sector is set to cool in 2022, having enjoyed a 40% year on year increase between 2020 and 2021. Last year, just shy of £50bn was invested into the commercial
Industry analysis by Landlord Action, housing law specialist and part of the Hamilton Fraser Group, has revealed that the number of rental property repossessions carried out on behalf of landlords across England and Wales has increased by one thousand four hundred and eighty seven per cent annually, following the end
Commercial property and investment company Evolve Estates has acquired two prime town centre parades in the North Yorkshire seaside town of Scarborough. It has added to its burgeoning retail portfolio The Balmoral Centre, a 57,339 sq ft covered retail centre anchored by Wilko, and Bar House, on Aberdeen Walk, which
Site Sold For Proposed New Major Employment Scheme Keyland Developments Ltd, the property trading arm of Kelda Group and sister-company to Yorkshire Water, has completed the sale of its Wakefield East site in West Yorkshire to Opus North and Bridges Fund Management for an undisclosed sum. A planning application for
GRAHAM has reported “strong and sustainable” financial growth in its latest published accounts for the financial year (up to 31st March 2022) as revenue reached £948m. This marks a £141.9m (17.6%) increase in the leading contractor’s turnover from the 2021 reporting period (2021 – £808.1m). In the same period, profit
Deal gives OSiT 100% ownership of portfolio and supports ambitions to grow value to £1billion by 2029 Leading London office provider Office Space in Town (OSiT) has today announced that it has successfully acquired Brightbay Real Estate Partners’ 80% share in their London Serviced Office portfolio. The joint venture between Brightbay
Leading independent property advisory firm, Lismore Real Estate Advisors today released its review of the Scottish investment market for the second quarter of 2022. Following a strong start to the year, Q2 has continued the momentum with transactional trading of circa £612m, up some 104% on Q2 2021. Activity for
Roma has extended the product ranges available on RomaFLOW and introduced electronic signatures to the process… Roma Finance has enhanced the RomaFLOW process following its unwavering success, resulting in a loan book that has doubled in size since the launch. The enhancements are being made with no increase to rates
The firm has secured 85% of their 2022-2023 budget (in fees) by August 2022 , just 3 months into the financial year, a staff increase of 18% with 20% of staff having received a promotion within the last year. Award-winning engineering consultancy Harley Haddow has reported a stellar year for growth after winning a number of high-profile project wins including appointments for the Royal Academy of Arts and the Clifton Street & Holywell Row Site in Shoreditch amongst others. The work at the Royal Academy is to support their partners Knight Harwood in the refurbishment of the RA schools’ studios within the lower ground and ground floors of Burlington House. The Clifton Street & Holywell Row site in Shoreditch will deliver industry leading new-build commercial office scheme with a focus on low energy and carbon design alongside a holistic sustainability strategy. Against the challenging backdrop of ongoing supply chain issues and cost of living crisis, the UK-based firm has continued to lead the way in driving buildings forward to becoming Net Zero and surpass targets set by the UK government. Working alongside the Horniman Museum and Gardens in London and Art Fund Museum winners, the firm provided energy and carbon analysis and technical options appraisal for their Net Zero Masterplan. The company has also attracted interest from lucrative student residences in North England, including to provide low energy and net zero carbon ready residences that will be certified as BREEAM Excellent, demonstrating exemplar sustainable performance. Over the last year, Harley Haddow has taken its learning into new territories and opened office space in Manchester and relocated to a bigger Net Zero conversant office in London. With five offices across the country, the firm now holds a roster of 118 staff throughout, spanning a range of expertise from operational roles to marketing and bid management. Eager to harness their team internally, the firm reported 20% growth of staff promotions from within in the last year. Guy Willis-Robb, Director, at Harley Haddow said; “It’s rewarding to have expanded our operations across the country and to be working in so many key markets. Last year was a challenging one for many businesses and it doesn’t look to be easing any time soon. However, thanks to the resilience of the industry, we’ve had the opportunity to scale up our current business model and work and bid for some amazing projects. “A surge in student residencies and repurposing old buildings has shown us that the market isn’t slowing down just yet but it’s crucial that we continue to reiterate the importance of responsible practices and thanks to our expanding team, we know we can keep making a positive impact.”
One in seven (14%) tradespeople now get the bus to jobs because they can’t afford to drive Tradespeople set to increase prices by 24%, on average Over a quarter (29%) now only accept hyper-local jobs in order to reduce their fuel usage Rising fuel costs are hitting UK tradespeople hard, and nine in ten (90%) say they are being forced to increase their prices to keep their businesses alive. With petrol and diesel reaching record levels and topping £2 per litre in some areas, IronmongeryDirect, the UK’s largest supplier of specialist ironmongery, surveyed 500 tradespeople to reveal the impact this is having on the industry. Almost every respondent (96%) said that their livelihood is reliant on their vehicle, and workers drive over 5,000 miles a year for jobs, on average. This annual mileage will now cost individuals almost £500 more for diesel vehicles, and over £450 for petrol users, than it did this time 12 months ago. Almost half (47%) of tradespeople say that their profits are being affected by the fuel crisis, and a third (33%) say that their company is struggling to cope. Understandably, many are increasing their prices to keep up. Nine in ten (90%) tradespeople say they will up their quotes as a direct result of the fuel costs, with the average increase standing at 24%. Some trades are increasing them more than others, and scaffolders are planning the most significant hike (39%). The trades planning on increasing their prices the most because of rising fuel costs are: # Trade % increase 1 Scaffolder 39% 2 Roofer 35% 3 Bricklayer 34% 4 Building Surveyor 30% 5 Electrician 28% 6 Plasterer 27% 7 Carpenter 26% 8 Joiner 25% 9 Builder 22% 10 Plumber 22% 11 Painter Decorator 16% 12 Landscaper 16% Some tradespeople plan to stop driving altogether, and one in seven (14%) say that they are now using public transport to get to jobs, because they can’t afford the fuel. For those who have no choice but to continue driving, motoring experts Euro Car Parts have shared their top tips on how to increase your fuel efficiency and save money: 1) Manage your revs The most fuel-efficient RPM to change up a gear is 2,500 for a petrol vehicle and 2,000 for diesel. So next time you’re changing gear, keep an eye on the revs count, stick to that number and the pennies you’ll save will soon stack up. 2) Slow down on high-speed roads The most efficient speed to drive at is between 55-65mph, and driving at 70mph compared to 80mph on a motorway could save you 25% more fuel. 3) Turn your engine off Keeping your engine idle whilst stationary still burns fuel, so if you know you’re not going to be moving for a while, turn it off to conserve your petrol or diesel. Dominick Sandford, Managing Director at IronmongeryDirect, said: “The fuel crisis is affecting all of society, but people who drive regularly as part of their job, like most tradespeople, are being hit particularly hard. “Worryingly, its independent traders who will feel the most impact, as their profit margins are likely far narrower than larger corporations, who may be able to ride out the wave. “Hopefully prices will begin to fall before too long, but in the meantime, reducing mileage and increasing fuel efficiency will help to slightly soften the blow.” For more expert advice on how to reduce your fuel costs, and how much rising prices will affect your profits, visit: https://www.ironmongerydirect.co.uk/blog/how-tradespeople-can-reduce-their-van-fuel-costs
The latest market analysis by Revolution Brokers suggests that the total level of investment into the British commercial real estate sector is set to cool in 2022, having enjoyed a 40% year on year increase between 2020 and 2021. Last year, just shy of £50bn was invested into the commercial sector, with the revival of a pandemic-stricken London market driving this activity with £21.2bn worth of investment alone. This equated to a 40% increase in commercial real estate investment when compared to 2020, with an average of £4.162bn invested every month. As of July this year, £22.2bn has already been invested into the British commercial property sector, an average monthly total of £3.172bn. Based on this rate of investment, Revolution Brokers estimates that total commercial real estate investment should stand at almost £38.1bn by the end of the year. While this is higher than the £35.7bn invested in 2020, it would mark a year on year decline of -24% versus the £50bn invested in 2021. But what’s behind this annual decline in investor appetite for commercial property? It would seem an oversaturation of stock available on the market may be to blame. Between 2019 and 2020, the level of commercial real estate listed for sale across Britain fell by -26%, with this heightened demand also pushing up the average asking price of commercial plots by 6%. This trend continued between 2020 and 2021, with available stock falling by a further 14% year on year, with the average asking price this time climbing by a notable 34%. However, the level of stock available on the market in 2022 has actually climbed by 7% versus last year, with this additional supply also causing the average asking price to drop by -17% year on year. Founding Director of Revolution Brokers, Almas Uddin, commented: “While the residential property sector has boomed during the pandemic, the commercial landscape has been far more complicated, with Covid restrictions hitting the hospitality and office sectors particularly hard. Despite this, the commercial sector enjoyed a notable level of investment in 2021, as many anticipated the impending uplift that work and leisure spaces enjoyed following a return to normality. This market activity has remained robust so far in 2022 which is a reassuring sign, however, we estimate that it will sit below the benchmark set last year. This isn’t unusual following a period of particularly high investment and an influx of stock to the market has also reduced the asking prices of these commercial plots. Of course, this does present a good opportunity for the savvy investor to strike while the price is right and bolster their commercial portfolio for a better price than they would have been able to a year ago.” Data Tables Full data tables available online here.
Industry analysis by Landlord Action, housing law specialist and part of the Hamilton Fraser Group, has revealed that the number of rental property repossessions carried out on behalf of landlords across England and Wales has increased by one thousand four hundred and eighty seven per cent annually, following the end of the tenant eviction ban implemented to protect the nation’s renters during the pandemic. Tenant evictions and their wider welfare within the rental market have long been a hot topic within the sector. In fact, the Government released their latest plans to improve rental sector standards on 16 June via The White Paper – A Fairer Private Rented Sector. One of the primary initiatives includes the abolition of Section 21 evictions, which will provide tenants with greater security and prevent landlords from evicting them without establishing fault on the side of the tenant. The latest government data shows that over the last year (2021-22), some 12,965 rental properties were repossessed on behalf of the nation’s landlords. This marks a 1,487 per cent increase on the previous year, but while this may seem like a concerning trend for tenants, there’s one important fact to consider. During the pandemic, tenant evictions were banned to safeguard those struggling financially between March 2020 and May 2021. As a result, only cases where it was deemed necessary were processed, meaning that there were just 817 rental properties repossessed during 2020-21. In fact, the 12,965 repossessions seen over the last year is actually fifty six per cent fewer than the 29,347 recorded in the pre-pandemic year of 2019-20. What’s more, the level of rental homes being repossessed on an annual basis had already been declining steadily year on year, down from 35,046 in 2017-18 to 33,113 in 2018-19. But it’s not just the total number of repossessions that’s on the slide. The latest data shows that total repossessions account for just twenty six per cent of all initial claims made by landlords. While this was far lower for obvious reasons during 20-21 at just four per cent, it’s a lower proportion than 2019-20 (28 per cent), 2018-19 (28 per cent) and 2017-18 (27 per cent). Eddie Hooker, CEO of the Hamilton Fraser Group, who operate industry schemes such as mydeposits, the Property Redress Scheme and Client Money Protect, as well as Landlord Action says: “At first glance, it would appear as though the floodgates have opened where the repossession of rental properties is concerned, but this isn’t quite the case. Following a year where tenant evictions were banned except for in certain circumstances, there was always going to be a spike in repossessions as a backlog of cases finally started to be processed. However, we’re yet to see the level of rental homes being repossessed return to pre-pandemic levels and there are also a lower proportion of initial claims making it to this final, last resort stage. While delays due to the backlog of cases may certainly be one cause, it’s also fair to say that the nation’s landlords have largely acted with empathy and understanding following the pandemic, understanding the problems facing many tenants and looking to help them rather than turf them out on their ear.” Paul Sowerbutts, Head of Legal at Landlord Action “At Landlord Action we have prepared ourselves for the expected spike in property repossessions and are busier than ever. Whilst we expect this trend to continue into both the third and final quarters of this year due to the cost of living crisis, we also expect repossessions levels to remain high into next year as well.” Hamilton Fraser: Landlord possession actions : Landlord possession actions Data relates to landlords of all types across England and Wales. Source: Gov.uk
Commercial property and investment company Evolve Estates has acquired two prime town centre parades in the North Yorkshire seaside town of Scarborough. It has added to its burgeoning retail portfolio The Balmoral Centre, a 57,339 sq ft covered retail centre anchored by Wilko, and Bar House, on Aberdeen Walk, which has 17,602 sq ft of retail and leisure space over three floors. It acquired the parades for an undisclosed sum, taking this year’s retail acquisitions to more than £48m. Sebastian MacDonald-Hall, of Evolve Estates, said: “Scarborough is a beloved seaside resort and we’re pleased to have secured these well-known, popular parades, bringing them into our in-house portfolio. “We are committed to focusing our efforts on regional retail centres and neighbourhood parades where we can see there is incredible potential. The Balmoral Centre and Bar House provide us with significant opportunities to add significant value and we are already looking to identify how we can revitalise these centres further. We hope to make announcements on how we can achieve this over the next few months.” The Balmoral Centre, which Evolve bought as freehold, comprises seven retail units on ground floor, with five fronting Westborough. There are also two further units, plus a vacant night club located on the first floor and a gym located on the second floor. An NCP car park has space for 480 vehicles. Bar House comprises seven shops fronting Westborough and Aberdeen Walk, with vacant first and second floors, which used to be a nightclub. The agents for Evolve Estates were Prime Retail.
Site Sold For Proposed New Major Employment Scheme Keyland Developments Ltd, the property trading arm of Kelda Group and sister-company to Yorkshire Water, has completed the sale of its Wakefield East site in West Yorkshire to Opus North and Bridges Fund Management for an undisclosed sum. A planning application for the 31-acre employment scheme, now branded ‘City Fields’, was recently submitted by Keyland. The indicative layout proposes employment space totalling up to 500,000 sq ft, which could generate around 800 new jobs for the local area. The majority of the commercial site will benefit from Class B2, B8 and E(g) consent for urban logistics, as well as industrial accommodation in a varied range of unit sizes, whilst also offering scope for the development of a trade counter scheme and associated pub/restaurant/drive-thru options. Previously part of the redundant Yorkshire Water Calder Vale treatment works, the site will now form a key strategic element of the overall City Fields development which, at 375-acres, will play a significant role in creating a new, important, and sustainable primary employment hub to the east of Wakefield. The site runs adjacent to the £33m Wakefield Eastern Relief Road (WERR) which opened in 2017. Regeneration of the broader City Fields community also includes the construction or (re)development of around 2,500 houses, a primary school, health facilities, district and neighbourhood centres. Appointed agents Avison Young and Knight Frank facilitated the sale of the land on behalf of Keyland with Square One Law acting as legal team. Carter Towler and Walker Morris advised the purchaser. Peter Garrett, Managing Director of Keyland Developments, said; “We are delighted that the sale has now completed and look forward to the planned development forming the main commercial element of this significant regional regeneration scheme.” Ryan Unsworth, Development Director of Opus North, said; “The acquisition of this strategic site continues our strategy of sustained growth in the northern commercial sector. The surrounding area has witnessed a considerable surge in investment and regeneration and the development of this pivotal site will make a further significant economic contribution. We are looking to commence works on site in early 2023 with a targeted completion of the first units later that year. In addition to bringing about new jobs, the development will help ease the well documented shortages of high quality industrial/commercial accommodation in the region.” Guy Bowden, Partner at Bridges Fund Management partner, added: “The City Fields development will allow us to revitalise a previously redundant site and create over 800 new jobs for the surrounding area. Aiming to incorporate important sustainable features into the design, this development will both benefit occupiers and provide the wider Wakefield community with a high-quality commercial and industrial hub, contributing to the catalysing of local economic growth. We are looking forward to working with Opus North on delivering another successful project.” Iain McPhail, Partner at Knight Frank, said; “City Fields is an exciting new commercial opportunity which benefits from not only access to the region’s motorway network via the M1 and M62, but also to Wakefield town centre itself. The site is ideally positioned to capitalise on the significant demand in the current market for urban logistics and distribution as well as manufacturing and trade.” Rob Oliver, Principal at Avison Young, added; “‘Due to the range of plots across the development, we have considerable flexibility and are able to accommodate a wide range of unit sizes. We are already talking to a number of businesses, some already local and looking to relocate or expand, others would be new to the area. There is a severe lack of units available in the West Yorkshire area, particularly on the M62 corridor, and with continued occupational demand we are confident that the scheme will prove very successful. Occupiers are increasingly keen to occupy new premises which will meet their ESG agenda’s as well as staff wellness and retention in addition to presenting their brand positively, having lower operating costs and greater efficiency.”
GRAHAM has reported “strong and sustainable” financial growth in its latest published accounts for the financial year (up to 31st March 2022) as revenue reached £948m. This marks a £141.9m (17.6%) increase in the leading contractor’s turnover from the 2021 reporting period (2021 – £808.1m). In the same period, profit before tax was recorded at £19m – a 54% increase from 2021 (2021 – £12.33m) – while the corresponding profit before tax margin rose by half a percent to 2% (2021 – 1.5%). Cash at bank and in hand also increased to £127m (2020 – £118.9m). This figure has enabled GRAHAM to further improve its supplier payment statistics and to continue to invest in the training and development of its 2,200+ staff cohort. Each business unit, comprising of building, civil engineering, interior fit-out, facilities management and investment projects, remained profitable throughout this latest financial year. Looking forward, GRAHAM has also secured a record work pipeline of £1.9bn, expanding its portfolio of major projects across the UK and Ireland, and earning selection to a number of leading national frameworks. The strong financial performance has been achieved despite the very many challenges faced by the construction industry as a whole, not least the reorientation of market conditions resulting from the Covid-19 pandemic and rising inflationary pressures. Concerted efforts Commenting on the latest figures, Andrew Bill, GRAHAM Group Chief Executive Officer, emphasised the disciplined approach to work winning, the continued cultivation of long-term client relationships and the concerted efforts of the workforce as instrumental to the Group’s performance. He said: “GRAHAM is pleased with these latest published accounts, which demonstrate our commitment to strong and sustainable financial growth in the face of considerable economic challenges for the construction industry and wider society. We have adopted a pragmatic, sensible and selective approach to winning work, coupled with a focus on risk management. Real collaboration with our clients and partners, based on trust and transparency, has also been central to realising our Group objectives. It goes without saying that the immense efforts of our staff, supply chain and subcontractors, who continue to innovate and strive for excellence, is the platform that underpins our continued high performance.” For more information on GRAHAM, please visit: www.graham.co.uk
Deal gives OSiT 100% ownership of portfolio and supports ambitions to grow value to £1billion by 2029 Leading London office provider Office Space in Town (OSiT) has today announced that it has successfully acquired Brightbay Real Estate Partners’ 80% share in their London Serviced Office portfolio. The joint venture between Brightbay (previously RDI REIT P.L.C.) and OSiT was established in 2018. The portfolio is now owned fully by OSiT. The buyout marks a major milestone for the future trajectory of the business, unleashing OSiT’s plans to increase the portfolio value to £500m in the next four years and to £1billion by 2029. OSiT is actively seeking new buildings in prime London locations to purchase to meet rising demand for flexible workspace, as well as partners to support its ambitious growth plans. The deal follows a period of exponential growth for the sector following the COVID-19 pandemic, which has seen demand for flexible office space up 82% on pre-pandemic levels.[1] In fact, as workers return to offices, 41% of occupiers are expected to increase use of flexible workspace as part of a post-COVID work strategy.[2] In light of this, defining an industry-wide valuation standard for flexible offices remains a major priority for the company in the next six months, with talks ongoing between OSiT and leading academics Professor Neil Dunse and Professor Michael White. RDI REIT acquired an 80% stake in the portfolio of four central London OSiT assets in 2018 from Forum Partners, Kailong Group and OSiT. The deal marked a continued move by mainstream institutional investors into the flexible office market. OSiT was advised by lawyers at leading City law firm RPC, led by Tom Purton. Giles Fuchs, Chairman of Office Space in Town, said: “This deal marks the beginning of an incredibly exciting chapter in OSiT’s growth. This new phase will enable the OSiT team to deliver on our ambitious vision for the future, including our active search to acquire new buildings and plans to grow the portfolio value to £1billion. “Our partnership with Brightbay showcased just how much value and potential institutional investors see within our rapidly growing sector and in OSiT as a business. I would like to thank the entire team, including Stephen Oakenfull and Adrian Horsburgh, for such an exciting journey.” Simon Eastlake, Managing Director of Office Space in Town, commented: “Full ownership of the OSiT portfolio marks an important milestone that now sets us on track for a new phase of exciting growth. “We are actively seeking new buildings and partners that share our vision and enthusiasm for the sector. We’re incredibly excited about what the future holds next for OSiT.” Tom Purton, Head of Commercial Team at RPC, commented: “We were delighted to act for OSiT on what is a very significant and transformational deal for them. I have known and acted for OSiT for a number of years, but this was the first deal we have done for them since my move to City law firm, RPC in 2021. “OSiT is a great business, has a very strong management team, a unique culture which inspires huge loyalty amongst its workforce with market leading serviced offices. I have no doubt this deal will help take the business to the next level”.
Leading independent property advisory firm, Lismore Real Estate Advisors today released its review of the Scottish investment market for the second quarter of 2022. Following a strong start to the year, Q2 has continued the momentum with transactional trading of circa £612m, up some 104% on Q2 2021. Activity for the quarter was 56% above the five-year average, although the average is obviously skewed by a Covid hit Q2 2020. Excluding 2020, the Q2 2022 figure is 27% above the average. The standout deal of the quarter was HFD Property Group’s £215m sale (4.50% yield) of 177 Bothwell Street, Glasgow to Pontegadea, one of the biggest regional office deals ever concluded, with ESG credentials driving premium pricing. Other key transactions included the £30.2m sale of the Premier Inn, Sauchiehall Street, Glasgow, the £16m sale of 123-129 Buchanan Street, Glasgow and the sale of 124-125 Princes Street, Edinburgh for £15.8m. A number of significant deals, particularly in the PBSA market, are due to complete early in Q3 which should provide a pre-summer flurry before what could be a quiet summer as investors take stock of the macroeconomic environment. Pressure on pricing Pricing likely to come under pressure cross sector on assets which are not absolutely prime, particularly if they do not meet ESG credentials. This is further driven by increased cost of capital and more cautious decision making. UK pension funds and investment managers continue to seek secure long income defensive stock, particularly in the logistics and PBSA sectors. There remains a significant weight of capital from overseas investors, particularly from North America, the Middle East and Europe. UK based property companies continue to be acquisitive in the retail warehousing and industrial sectors, targeting the best locations with strong occupational dynamics where they can achieve optimum pricing/value. Colin Finlayson, Director of Lismore comments: “Cash remains king, asthe increasing cost of capital for debt backed investors is creating an advantage to cash investors – if they can move quickly then opportunities will arise in the second half of the year. “There remains a persistent strong demand for PBSA from sector specialists and funds, which is driving pricing. The Scottish BTR market continues apace in Glasgow and Edinburgh although build cost inflation is keeping the supply pipeline in check. “Aberdeen could see resurgence and be one of the winners over the next six months, with investors seeking out higher yielding stock to balance their portfolios. The Granite City may well begin turning heads, with a yield discount to prime central belt assets of circa 400-500bps. “After a strong Q1, caution in the market is leading driven by the war in Ukraine, rising inflation and more challenging debt conditions, has caused by investors to pause for breath.” Investors expect yields to soften for the remainder of the year Lismore investor research on the office market has shown that 61% of investors expect yields to soften over the next six months and it was noted that prime London yields have already begun to soften, with the regions traditionally lagging behind. Funds and investment managers were the most pessimistic with 100% of funds and 63% of investment managers anticipating yields cooling in the remainder of 2022. However, a quarter of investment manager expected yields to harden in the second half of the year. Property companies are more bullish with 64% expecting yields to stay the same. Lismore’s research findings showed that location was the key driver for occupational demand, accounting for 32% of responses, followed by total occupational costs by 26% and macroeconomic sentiment by 24% of respondents, with persistently high inflation and rising interest rates identified as key issues over the next six months. Post pandemic, 46% of respondents believe that the importance of the office has decreased, with investment managers being split 50/50 between the importance increasing and decreasing. For an expert view on the office market, Lismore spoke with Stephen Lewis, managing director, HFD Property Company, who said: “Investors’ considerations will mirror those of occupiers, especially for offices. The key factors are the flight to quality and ESG; however, well-being, connectivity and other attributes will also contribute to the selection of one building over another. “Our project at 177 Bothwell Street has delivered a range of market ‘firsts’, including the incorporation of Scotland’s first metro data centre, rooftop running track and drone landing pad. It’s about future-proofing and providing resilience.” “We are seeing all types of occupiers embarking on their own ESG journeys. Across our portfolio we are undertaking a significant decarbonisation project to improve energy efficiency, increasing the use of renewable energy and installing infrastructure to support electric vehicles. It’s important for us as a business, but more importantly, it’s something our occupiers are looking for. “Over the next 10 to 15 years, construction of modern workplaces will evolve and materials used will largely be driven by decarbonisation, both from an operational and embodied perspective. There are some myths to dispel around the choice of materials – it is possible to build a fully glazed building and still meet energy performance targets, however, it undoubtedly takes a lot of work. There’s also a need to balance both sides of the equation between operational and embodied carbon. “We can foresee is that there will an even greater focus on data and ‘smart tech’ in its broadest sense, including sensor networks to gather real-time information about how occupiers use buildings. “Looking forward, hybrid working is here to stay but we will see more changes as macro factors influence the way we work. What we haven’t been able to fully determine yet is the impact on the demand for office space. While overall occupational demand for space has reduced, it isn’t necessarily aligned to working from home with more space also being converted to alternative work environments. “Something that remains to be seen is how policies on remote working might change when the recession bites. During economic downturn, the need to maximise productivity, innovation and collaboration is never higher, and I suspect that will
Roma has extended the product ranges available on RomaFLOW and introduced electronic signatures to the process… Roma Finance has enhanced the RomaFLOW process following its unwavering success, resulting in a loan book that has doubled in size since the launch. The enhancements are being made with no increase to rates since the Bank of England base rate increase. Rates with Roma start at 0.59%. RomaFLOW, which already significantly speeds up the bridging and auction application to completion process, will now be available on light refurbishment products too. In addition, Roma is introducing electronic signatures to speed up the process even further. The streamlined processing channel has fewer stages, reduced documentation and enhanced technology to help move cases smoothly to offer and completion. RomaFLOW ensures 80% of bridging cases are completed in under 28 days. Roma requires just three things from brokers on submission and will use cutting edge technology to do the rest, while maintaining the expectations of a dedicated underwriter, case processor and that intelligent touch. On straightforward cases, solicitors will be instructed within 24 hours. Steve Smith, sales director at Roma, said: “ We announced that speed was back with RomaFLOW in September 2021. We’ve worked really hard to maintain this improved process for straightforward cases and continue to enhance it. We know that brokers love Roma for our lending less ordinary approach but speed continues to be a major factor in the bridging market. We love to lend and are delighted we can now offer an enhanced RomaFLOW and also on more products. “Brokers don’t need to do anything different. Just send in the case and, unless it’s particularly complex, we’ll put it into RomaFLOW and provide brokers and borrowers with much quicker turnaround times.”
