Amazon Property, the leading London investor-developer run by CEO Charles Gourgey and COO Chris Lanitis, has committed, via Amazon Capital (the group’s private equity division), a £250 million real estate fund to invest in joint venture opportunities in the logistics, managed office solution, PBSA, Life Sciences and retirement sectors. Amazon
ISG has acquired a majority shareholding in ESS Group – the modern methods of construction (MMC) specialist headquartered in Dublin and Manchester. The investment underpins ESS Group’s ambitious growth strategy, and further enhances ISG’s leadership role transforming the construction industry through smart innovation and pioneering delivery approaches and methodologies. Founded
NHBC, the leading warranty and insurance provider for new homes in the UK, has announced that Roger Bullivant’s RBeam precast concrete foundation system has been officially welcomed to NHBC Accepts. NHBC Accepts is an all-inclusive, end-to-end service that helps to build confidence in innovative construction and enable innovative products to be fast-tracked
Insurance brokerage, risk management and consulting firm Gallagher has introduced RiskTalk, a voice-operated risk assessment tool for construction businesses – the first of its kind in the UK The app is suitable for phones or tablet devices, and removes the need for construction firms to complete lengthy paperwork and enter
Dominick Sandford, Managing Director at IronmongeryDirect and ElectricalDirect, said: “Last year saw yet more turbulence for UK construction, but the latest figures show that the industry ended 2021 on a real high. “The value of new orders rose by 9.2% between Q3 and Q4 to an impressive £13.3bn, which is the highest figure
213,000 Sq Ft Industrial Units To Boost Supply Shortages Interchange 26 LLP has completed on a forward funding deal with 4th Industrial (UK) LP for up to 213,000 sq ft of new industrial units at the Interchange 26 logistics and manufacturing hub in West Yorkshire. The new scheme has the
West Retail Park acquired in £11.70 million deal FWHRE, an Isle of Man Regulated Fund, listed on The International Stock Exchange (TISE), has completed the acquisition of units 1A and 1B, West Retail Park in the affluent residential suburb of Milngavie, just north of Glasgow. The two units are let
Joseph Mews Property Group announces appointment by Consortia Developments Birmingham property investment group Joseph Mews has been appointed by London-based property development company Consortia Developments. The newly formed group, which is based within the Jewellery Quarter, is to work with Consortia Developments to bring the new Lockside Wharf apartments in
In normal circumstances the construction industry is a bellwether sector for the wider economy and it’s not difficult to work out why. When homes, offices, factories, and roads are being built, it’s the most visible sign of confidence in the economy because people are funding their construction for others who
MORE than 250 jobs could be created under plans to expand Tyne Tunnel Trading estate to create additional high-spec industrial and retail facilities. UK Land Estates, the largest commercial property and investment company in the North East, has submitted plans to North Tyneside Council which aim to transform the 5
Amazon Property, the leading London investor-developer run by CEO Charles Gourgey and COO Chris Lanitis, has committed, via Amazon Capital (the group’s private equity division), a £250 million real estate fund to invest in joint venture opportunities in the logistics, managed office solution, PBSA, Life Sciences and retirement sectors. Amazon Property built its strong brand reputation for quality and fine attention to detail through delivering some 80 mixed use developments such as The Hempel Collection with British Land, The Park Crescent and The Soho Works Estate and acquiring over 3 million square feet of development and investment assets. The group’s success over a 25 year period is its operational flexibility in being able to consider a wide variety of asset classes, with varying degrees of complexity, and delivering best-in-class projects, this agility has been the hallmark of the brand. Over the last two years Amazon Property has focused on joint venture investments and trading assets and is now set for further expansion with a new wave of private equity funding and entry into the rapidly expanding care/retirement sector under Amazon Care. Amazon Capital has committed £100 million of equity and debt/bank funding, to raise the £250 million which will be used to provide private equity funding to joint venture partners/development managers and asset managers in the alternatives sectors including logistics, managed office solutions, PBSA, Life Sciences and retirement care. Chris Lanitis, COO of Amazon Property & Founder & CIO of Amazon Capital says: “Amazon Capital is a bespoke private equity operator who understands the real estate market and as a JV partner we offer long-term support, flexibility, innovation together with streamlined and fast decision making. We have committed £250 million of fresh funding and are seeking new joint venture opportunities across London and the UK with other talented entrepreneurs and sector leaders. We are able to make fast investment decisions, as opposed to prolonged board committees, and are committed to forming equity platforms and repeat deal flow in line with our partners’ long term business endeavours.” In logistics Amazon Capital will focus on funding or entering joint ventures (£5 to £30 million investment value schemes) for acquiring or developing 2nd generation estates of between 5 acres to 20 acres in size, typically providing 200,000 sq ft to 500,000 sq ft of warehouse accommodation. Previous funding by Amazon Capital has been used to acquire jv assets including the 17 acre (400,000 sq ft) Sirdar Business Park in Wakefield, the 15 acre Swan Lane Industrial Estate in Wigan and the 6 acre Moss Electrical Estate in London’s Dartford and most recently a 210,000 sq ft single let warehouse at Wakefield 41 Industrial Park, located at the intersection of the M1 and M62 motorways. In the managed office solution market, Amazon Capital will look to acquire landmark office buildings, with acquisitions from £5 million to £50 million, in locations including Central London, Greater London and the Home Counties. With the acquired office buildings Amazon Capital is offering a bespoke approach leasing floors to tenants and providing a Cat A plus plug-and-play office setup. The Conran Building in Shad Thames is an example of a currentjoint venture acquisition undertaken. In the student accommodation sector Amazon Capital will provide funding for acquiring PBSA sites without planning, providing 300 to 500 beds, in key university centres such as London and regional cities. In medical research hubs such as Cambridge, Oxford, Stevenage and London Amazon Capital will partner with global Life Sciences companies to provide funding for real estate infrastructure such as laboratories, R&D plants, medical/medicine manufacturing plants, drug/medical warehousing and scientist office spaces. In the care sector Amazon Care will be developing a collection of care homes of between 25,000 sq ft to 70,000 sq ft in size, providing between 25 to 150 suites, complete with luxurious lifestyle amenities operated through a private-rented-sector model with a focus on dementia care. Amazon Care are currently developing in Belgravia under the Loveday brand (fifth central London site) and are in the process of acquiring a number of sites in Zones 2 and 3.
ISG has acquired a majority shareholding in ESS Group – the modern methods of construction (MMC) specialist headquartered in Dublin and Manchester. The investment underpins ESS Group’s ambitious growth strategy, and further enhances ISG’s leadership role transforming the construction industry through smart innovation and pioneering delivery approaches and methodologies. Founded in 1989, the ESS Group employs more than 280 staff based in four offices and three manufacturing facilities across the UK and Ireland. The Group, which includes the ESS Modular and Spatial Initiative brands, specialises in delivering MMC solutions for clients in the public sector, healthcare and commercial markets. The financial strength and backing of the ISG business will enable the independently operating ESS Group to support its ambitious growth plans across the UK and Ireland, with a core focus on generating increasing opportunity across current and target public sector frameworks. The acquisition brings additional MMC capability and expertise to the wider ISG business, while maintaining the firm’s agile and responsive approach to client-led demand for innovative construction solutions. Paul Tierney, CEO at ESS said: “The ISG investment is a pivotal moment for the ESS Group, giving us a solid financial platform for our continued growth plans. We passionately believe in a better way and have been working for the last 30 years to bring our high-quality offering to clients. We are looking forward to what we are sure will be an exciting time for the industry as we see MMC continue to transform customer outcomes and expectations in the drive towards a net zero future.” Matt Blowers, CEO of ISG, commented: “Greater integration and collaboration are two ways that our industry can accelerate its performance to meet the growing demand for net zero construction solutions. The ESS Group brings a wealth of expertise, talent and innovation into ISG and enables us to collectively fast-track our journey developing and implementing leading-edge built solutions that are rooted in operational performance and the highest sustainable and ethical outcomes.”
NHBC, the leading warranty and insurance provider for new homes in the UK, has announced that Roger Bullivant’s RBeam precast concrete foundation system has been officially welcomed to NHBC Accepts. NHBC Accepts is an all-inclusive, end-to-end service that helps to build confidence in innovative construction and enable innovative products to be fast-tracked for NHBC warranty. As part of the new service, detailed and robust technical reviews of design, manufacture and construction results in provision of a certified usage licence for a bespoke NHBC Accepts logo and website listing. The RBeam is a factory produced reinforced precast concrete foundation system for low-rise developments. The system is used with a range of piled foundation techniques catering for many different soil types and ground conditions including clay heave situations. “Following a thorough approval process we are delighted to welcome Roger Bullivant Limited to NHBC Accepts,” said NHBC’s Innovation Manager, Richard Lankshear. “An NHBC Accepts certificate is a way of demonstrating that innovative products or systems have already been reviewed thus reducing the risk of delays on site. NHBC Accepts will play a critical role in ensuring developers, manufacturers, lenders and consumers have faith and confidence in the quality of new homes built with innovative forms of construction.” Richard Taylor, Bullivant’s Foundation Systems Director, added: “This approval brings customer confidence and improved productivity on site. We also recognise it as an important achievement in the progression of offsite manufacture in the residential market.” Bullivant’s Foundation Systems Technical Manager Nigel Rake said: “Roger Bullivant Limited has been designing, manufacturing, and installing precast foundations for many years. The RBeam system is a category 3 pre-manufactured component under the government’s MMC definition framework and we are very pleased that this has been given a seal of approval for NHBC Accepts. This will provide further assurance in our RBeam system to all our customers and the wider industry.”
Insurance brokerage, risk management and consulting firm Gallagher has introduced RiskTalk, a voice-operated risk assessment tool for construction businesses – the first of its kind in the UK The app is suitable for phones or tablet devices, and removes the need for construction firms to complete lengthy paperwork and enter data manually when carrying out risk assessments, with users conducting the process through recording voice notes The tool cuts down on the time and effort required by construction businesses to undertake health and safety duties with the average UK firm currently spending the equivalent of 36 days a year completing risk assessments However, despite this time commitment and the associated cost, many UK firms (49%) admit they are concerned they are not carrying out risk assessments thoroughly enough Two thirds of businesses (68%) claim the current manual way of completing risk assessment is complicated, leading to concerns they may not have an adequate defense in the event of an incident Failure to complete comprehensive risk assessments can lead to significant Health and Safety Executive (HSE) penalties for construction firms – with £64 million worth of fines paid by businesses in the sector over the last five years[i] – [i] https://www.hse.gov.uk/statistics/tables/prosecutions.xlsx Insurance brokerage, risk management and consulting firm Gallagher has introduced RiskTalk – a user-friendly voice-operated risk assessment app – to help construction businesses cut down on the time and expense of undertaking workplace safety assessments, and benefit from increased reporting reliability. The health and safety app helps construction businesses perform fast and efficient risk assessments to manage the risks on site to the health, safety and welfare of their employees and visitors to their premises. The app allows users to record observations and report hazards by simply speaking into their phone or a tablet device – removing the need for completing lengthy paperwork. Through a set of prescribed questions, RiskTalk guides users through the process of assessing and identifying risks present in the work environment, and detailing how they will control them. RiskTalk also makes theprocess much easier for managers to review risk assessments. Users can take photos in-app and send recorded voice memos straight to a cloud storage system, with managers able to approve assessments by using a voice sign-off feature. Reports can be generated via the app avoiding the need for a lengthy data entry process which can then be converted to PDF files if hard copies are required. In-built speech recognition technology can understand and process recordings in 220 languages to ensure it is accessible for a wide range of users. All entries are time, date and author stamped – making it easy in the case of a health and safety-related incident to locate risk assessments to prove they were completed in full prior to the event occurring. The app works offline – allowing users to conduct risk assessments and store data while working in areas with limited or no network coverage. Undertaking risk assessments is a significant time commitment for businesses and research commissioned by Gallagher, conducted last month among 200 UK firms, found that one in two companies (49%) are concerned they are not carrying out risk assessments thoroughly enough to protect their organisation, employees and clients – potentially leaving them without a strong defence in the event of legal actions, insurance claims and Health and Safety Executive (HSE) enforcement action. Cost was highlighted as another frustration among businesses regarding the completion of risk assessments. Over two fifths of firms (45%) feel that completing risk assessments is an expensive process – costing their business an average of £1,500 a year. This could be due to paying wages for employees undertaking assessments or for contractors who need to be paid to do them. Neil Hodgson, Managing Director of Risk Management at Gallagher, said: “We’re delighted to be bringing this innovative risk assessment tool to UK construction businesses. It is easy to use, makes the process of undertaking risk assessments quicker and more reliable, and firms within the sector will benefit from increased peace of mind that in the event of an incident they are more likely to have a robust defence. “This is particularly important when you take into account that half of UK firms are unsure whether they are completing the risk assessment process correctly. Evidence of risk assessments carried out and the steps taken to mitigate any identified risks can be crucial for construction firms in the defence of an insurance claim for personal injury or illness, or intervention by the HSE or other regulatory authority. Penalties can be severe – with the average fine paid by construction businesses across the past five years costing £86,000.” For further information, visit https://www.ajg.com/uk/risktalk/
Dominick Sandford, Managing Director at IronmongeryDirect and ElectricalDirect, said: “Last year saw yet more turbulence for UK construction, but the latest figures show that the industry ended 2021 on a real high. “The value of new orders rose by 9.2% between Q3 and Q4 to an impressive £13.3bn, which is the highest figure in over four years, since Q3 in 2017. “It also represents a 35% increase year-on-year, up from £9.9bn in Q4 2020, showing a real surge in momentum. “The infrastructure sector drove the largest rise in new orders; at the end of 2021, the value of new orders rose by 23% from £1.7bn to £2.1bn. “The private industrial sector also performed well and reported the second most significant increase (22% – up to £1.9bn). “They still have some way to go to catch the highest value sector though, with private commercial construction rising 14% to remain in the lead (£3.8bn). “Not all sectors saw growth, however, with housing in particular having a slow end to the year. The value of new public housing projects dropped by 19%, from £426m down to £345m, and private housing was also down (-0.4%, down to £3.7bn). “As well as variation between sectors, the figures also contrast dramatically across the UK. By far the largest increase was seen in the North East of England, where the value of new orders trebled (200%) from £575m to £1.7bn. “In London, the value fell by 15%, but at £3.8bn, the capital remains top of the list for regions. “Overall, the new data shows that UK construction is in a really positive place. With expensive new orders being placed all over the country, it’s a clear display of confidence in the industry. “Hopefully this trend will continue into 2022.” For more information on IronmongeryDirect, visit: https://www.ironmongerydirect.co.uk/ For more information on ElectricalDirect, visit: https://www.electricaldirect.co.uk/
213,000 Sq Ft Industrial Units To Boost Supply Shortages Interchange 26 LLP has completed on a forward funding deal with 4th Industrial (UK) LP for up to 213,000 sq ft of new industrial units at the Interchange 26 logistics and manufacturing hub in West Yorkshire. The new scheme has the potential to create some 300 new jobs for the region. The forward funding commitment will see the delivery of three units at the prime logistics hub located at the major J26 intersection of the M62 Transpennine motorway and M606 Bradford link. Reserved matters consent has recently been granted by Kirklees Council for a 64,500 sq ft unit and a 43,500 sq ft unit. A further planning application is under consideration for up to 105,000 sq ft, which forms the final phase of development. GMI Construction has been appointed as contractor and work is scheduled to commence on site in early 2022 with delivery of the two consented units expected in late Summer 2022. Works on the final phase will commence once planning has been considered by Kirklees Council. Interchange 26, an Opus North & Network Space Capital owned company, acquired the former water treatment works site on an unconditional basis in 2019 to facilitate the development of prime industrial accommodation and address the severe regional shortages. A comprehensive remediation and earthworks package has now been completed. This latest deal follows on from Interchange 26’s 10.4 acre land sale in 2020 to British Airways Pension Trustees Limited and Tungsten Properties. Work is underway on Super B, a new big box warehouse, which is set for completion in Q3 2022. Interchange 26 forms part of Opus North’s wider development strategy to enhance its £250m development programme with a focus on the logistics sector. Ryan Unsworth, Development Director of Opus North, said; “This forward funding agreement will enable us to bring three much needed mid-box units to the severely constrained regional pipeline, fulfilling our vision for this strategic site. This development will go some way to addressing the supply and demand imbalance in South Bradford and North Kirklees, while facilitating new jobs for the wider region.” 4th Industrial is a commercial real estate company that invests in multi let and light industrial property and was founded by experienced industrial property specialist Derek Heathwood. As of January 2022, the 4th Industrial portfolio totals 2.15m SFT across 12 estates located in key industrial submarkets across the UK. Interchange 26 LLP was represented by Dove Haigh Phillips and Knight Frank in the transaction while 4th Industrial represented themselves.
West Retail Park acquired in £11.70 million deal FWHRE, an Isle of Man Regulated Fund, listed on The International Stock Exchange (TISE), has completed the acquisition of units 1A and 1B, West Retail Park in the affluent residential suburb of Milngavie, just north of Glasgow. The two units are let to Aldi and Home Bargains until June 2039 and June 2034 respectively. The Aldi rent reviews are linked to RPI. Over the past 24 months, both supermarket and discount retail assets have been highly sought after, with investors attracted by the retailers resilient trading performances and the long leases that characterise that sector. The purchase price of £11.70 million reflected a net initial yield of 4.86%. Lismore Real Estate Advisors and Avison Young jointly advised the purchaser, whilst Sheridan Keane acted for the vendor.
Joseph Mews Property Group announces appointment by Consortia Developments Birmingham property investment group Joseph Mews has been appointed by London-based property development company Consortia Developments. The newly formed group, which is based within the Jewellery Quarter, is to work with Consortia Developments to bring the new Lockside Wharf apartments in Birmingham City Centre, to market. The canal-side development, based on Scotland Street, was formerly an office building. Work has already begun to convert it into 16, one-bedroom and two bedroom duplex apartments. There will also be roof extensions, which will house four penthouse-style apartments, and a new building on the adjacent car park, creating an additional 45 homes, three of which will be affordable. Olly Clayton, Partner at Consortia, said: “Lockside Wharf is one of the most exciting new developments for Birmingham city-centre. This is why we’ve partnered with Joseph Mews to help bring it to market. “Aside from their extensive past performance in the city’s development sector, they understand what it takes to help deliver a high-end project such as Lockside Wharf in an increasingly competitive central Birmingham market. “With Lockside Wharf covering nearly 45,000 sq.ft of waterfront space minutes from the highly desirable Jewellery Quarter and Brindleyplace, it represents a truly thoughtful restoration – a unique addition to the local market composed of beautiful warehouse-style apartments. We can’t wait to see Lockside Wharf take shape and how Joseph Mews will help bring this stunning new development to an entirely new audience.” The Joseph Mews Property Group, which officially launched at the start of the year, was set up by former SevenCapital sales director Andy Foote Andy said: “We are really proud to be working alongside such a well established company, and on such a great scheme right in the heart of the city we love so much. Consortia Developments are really creating a fantastic addition to the city with Lockside Wharf being redeveloped, and we are looking forward to working with them to bring such incredible homes to market.” Lockside Wharf is expected to complete in the second quarter of next year. For more details about Joseph Mews email Sales@Joseph-Mews.com or visit www.joseph-mews.com.
In normal circumstances the construction industry is a bellwether sector for the wider economy and it’s not difficult to work out why. When homes, offices, factories, and roads are being built, it’s the most visible sign of confidence in the economy because people are funding their construction for others who are willing to pay to live in them, use them or employ people to work in them. But circumstances are nowhere near normal, and they haven’t been for some time. Just as the effects of Brexit are starting to kick in, the stop-start impact of the Covid pandemic has made predictions about the health and even the direction of the construction industry – and the wider economy – extremely difficult to make. Just as new figures appeared to show signs of supply shortages easing, Omicron emerged, threatening to scupper any progress made in unblocking bottlenecks. Added to that are soaring energy costs – with warnings that fuel bills could rise by 50% by the Spring – which have contributed to inflation rising to levels not seen since the start of the 1990s. With those external pressures bearing down on the sector, it’s understandable that forecasters are expecting material shortages to drive up tender prices this year and next. According to global construction consultancy Mace, UK tender prices are expected to be 4.5% higher this year, compared with last, and 2.5% higher than it predicted last September. While Mace expects inflation to slow next year, tender prices will be 3.5% higher than in 2022 and even the elimination of Omicron and the smoothing of Brexit related road bumps are unlikely to alter that. The main short-term issue for the construction industry continues to be widespread material and labour shortages, which is driving price growth. Last month Arcadis warned that rising energy costs could push construction tender prices up by between 4% and 5%. News from the Timber Trade Federation (TTF) at the start of the month that timber supplies and costs are expected to stabilise – due to more regular demand for housing and imports increasing to pre-pandemic levels – will be of little comfort. Price volatility always leads to delay and inaction, as project sponsors and developers hold off on inviting tenders, more in hope than expectation that the picture in six months or a year will be clearer. Contractors across the UK have already had to contend with rising tender prices caused by higher material costs, with some projects being halted and retendered. According to the Chartered Institute of Procurement and Supply’s latest snapshot of 150 construction companies across the UK, many are reporting delays to decision making by clients, contributing to the slowest sector growth for three months. There was some good news with the number of firms reporting supplier hold-ups falling from 47% in November to 34% in December, as fewer shortages of building supplies improved delivery times, but there’s no guarantee that trend will continue. However, those forecasts don’t take account of measures that can be taken by the industry or government to assist. As the recent vaccine rollout demonstrated, we are at a stage far in advance of where we were at the start of the pandemic in dealing with and working through the pandemic. Business resilience and continuity plans are more developed, allowing companies across the supply chain to work through the imposition of restrictive measures with less disruption. Last year companies were hampered by the triple whammy of fuel supply, lorry driver shortages and supply chain delays while also dealing with the impacts of Covid, Brexit and labour shortages. Many have learned from the experience and put in place contingencies to ensure those factors can be dealt with more efficiently and expeditiously. As costs for fuel, energy, labour, and materials rise, bidders are altering their commercial assumptions, insisting on more flexible change control provisions in contracts, with clearer and more detailed clauses that reflect the potential for external factors to cause disruption and delay. Amid this uncertainty cost consultants are proving their worth by providing valuable insights into likely market rates and supply trends as well as offering advice on cost saving and adding value to projects. Governments are playing their part with the commissioning of public sector infrastructure projects and long-term housebuilding targets. Governments at Westminster and Holyrood have long championed small-to-medium sized enterprises (SMEs) enjoying a greater share of public procurement business but this needs more urgent attention. It’s clear from research and anecdotal evidence that SMEs find the public procurement process challenging and many need additional support with bid submissions. Brexit and the Covid pandemic have introduced changes to the way everyone does business and the construction industry is no different. Given its importance to the economy, it is monitored and used as a gauge of how the wider economy is performing and the message, we should be sending out is that the future can be a lot brighter than current statistics suggest. Ryan Gilluley is managing director of GCM Ltd, a Lanarkshire-based firm of cost consultants, claims and disputes experts for the construction and engineering sectors.
MORE than 250 jobs could be created under plans to expand Tyne Tunnel Trading estate to create additional high-spec industrial and retail facilities. UK Land Estates, the largest commercial property and investment company in the North East, has submitted plans to North Tyneside Council which aim to transform the 5 hectare site of the former Corning’s glass works on the Tyne Tunnel Estate into more than 14,000 sq m of industrial-led units. The site, which is part of the 2 million sq ft Tyne Tunnel Trading Estate in North Tyneside, will be developed into a mix of industrial and trade units, along with two drive-through outlets providing much-needed amenities on the estate. On completion, the development is expected to create up to 270 jobs. The £12.5m expansion would also support an extra 45 jobs in its construction phase and could help create more than £2.8m worth of extra economic value for the area every year. With direct access to the A193 linking to the A19 – which forms part of the National Strategic Highway Network – the estate is easily accessible with good transport links. Keith Taylor, managing director at UK Land Estates, said: “This is an exciting development that we’re hoping will bring future investment and create jobs in several industries. “It is a strategic site with excellent connectivity to the north and south thanks to massive investment made in the local road network over the last five years removing bottleneck junctions on the A19 and providing an upgrade to the Tyne Tunnel. It is situated perfectly to serve businesses in North and South Tyneside and Newcastle areas as well as markets to the north and south of the region. “With the site being derelict for decades, it’s an exciting opportunity to develop the land into an attractive site which will provide ambitious businesses with best-in-class units to grow and expand. “This would expand our footprint on the Tyne Tunnel Trading Estate and add another set of high-quality, easily accessible industrial units to our portfolio.” The development will be built in phases with a first phase of the road infrastructure works and the two drive thru units, which will then be followed by the development of the industrial units in response to demand with units varying in size from 1,820m2 to 7,030m2. Occupiers would also benefit from their close proximity to local amenities such as Silverlink Shopping Park and Tesco Extra. Research by leading property agency Knight Frank, indicates that supply chain disruptions, depleted stock levels and the impetus for greater resilience is driving demand from companies for industrial and logistics property. In addition, a number of online retailers continue to have requirements for facilities to accommodate increased sales volumes and, due to falling vacancy rates, options are extremely limited. Mark Proudlock, Partner at Knight Frank, said: “Rarely have we experienced this level of demand with such little stock to offer. “This development of new units designed to meet the needs of companies seeking to expand, as well as new companies looking to invest in North Tyneside, would be extremely welcome.”
