Derek Horrocks, chair of the National Home Decarbonisation Group, said: “This announcement is another incredibly positive step towards decarbonising the housing stock up and down the country – and one we welcome with open arms at the NHDG. “We’re pleased to see that along with the public sector, private
Wakefield-based granite and quartz worktop supplier, Roann Limited, is on track to achieve a record-breaking turnover in 2023, thanks to successfully securing three new projects. Roann Limited has been appointed by some of the UK’s largest house builders to provide its bestselling Silestone worktops to three new developments, which have
Development and regeneration company, Cityheart has acquired the 442-home Royal George Village site on Greek Street in Stockport, continuing its commitment to the transformation of Stockport town centre. Cityheart secured the site following the withdrawal of previous developer Investar Property Group, which had originally been appointed as the developer in
Seventy Ninth Group, an asset management company headquartered in North West England, has agreed terms to purchase two holiday parks for acquisition and subsequent redevelopment. Set in exclusive locations in Scotland, the Seventy Ninth Group plans to build up to 700 holiday lodges which will feature on site dining, as
Research by Yopa, the award-winning national estate agency, has revealed that the total value of the property market across England is estimated to have climbed by £1.6tn as a result of the pandemic property market boom, driven by a 25% increase in the average value of a home. Yopa analysed
A residential property development in East London has been refinanced, following a bespoke £15m development to investment loan from Secure Trust Bank (STB) Real Estate Finance (REF). Situated in Chadwell Heath, an area rising in popularity for new property development schemes, the eight-story building will provide 55 high-quality residential units
Today, Glenigan, one of the construction industry’s leading insight and intelligence experts, releases its widely anticipated UK Construction Industry Forecast 2023-2025. The key takeaway from the November Forecast, which focuses on the three years 2023-2025, is the construction industry will continue to struggle in the face of a challenging economic
Northern ethical property investors are set to receive impressive rental yields in student accommodation. The region is seeing a boom in demand for high-quality properties from its growing intakes of UK and international students following investment in higher education facilities, putting the region on the map as a go-to
Roma Finance, the borrower first lender, achieved its record month in October, not only for new business following the highly successful launch of its new FLOW product range. New business increased by 51.2% in October compared to the average levels for 2023 as a whole. Roma has experienced multiple record-breaking
Panattoni, the largest logistics real estate developer across the UK and Europe, has passed the major landmark of £350 million through three significant acquisitions this year. The first quarter saw Panattoni acquire a prime west London redevelopment site near Heathrow Airport where an 80,000 sq ft unit will be delivered
BDC 319 : Aug 2024
Derek Horrocks, chair of the National Home Decarbonisation Group, said: “This announcement is another incredibly positive step towards decarbonising the housing stock up and down the country – and one we welcome with open arms at the NHDG. “We’re pleased to see that along with the public sector, private owner-occupier and private landlords will benefit from this funding, with an extra £1.5 billion for the Boiler Upgrade Scheme, and a new energy efficiency grant providing £400m to households in England. “The extra funding for the Boiler Upgrade Scheme gives the opportunity to tie this £7,500 offering into whole-house decarbonisation proposals for householders, which alongside ECO for fabric measures should create an attractive large-scale offering. This is alongside multiple other heat transformation schemes, and a new £500m local authority retrofit scheme to support 60,000 low-income and cold homes, including those off the gas grid. “Meanwhile, we’re especially pleased to see £1.25 billion for the Social Housing Decarbonisation Fund within the funding, which will be match-funded to create £2.5 billion between 2025 and 2028. This is something we called for in the Autumn Statement and will give us that longer term to develop the area-based approach and use the economies of scale it affords. “The past five years have seen more government investment in decarbonisation than ever before. Excellent progress has been made, with nearly 50% of properties in England now having an Energy Performance Certificate (EPC) of C – up from just 14% in 2010. The government has now committed to spend £12.6 billion by 2028, a move that will genuinely make a difference to thousands. “Since our inception earlier this year, we made a concerted effort for this funding to be committed to, by writing directly to the Prime Minister, as well as making a request for this ahead of the Autumn Statement. We firmly believe that the decarbonisation of homes is about so much more than achieving net zero but rather it is also about supporting millions of people facing the impacts of the cost of living, energy, and health crises, which this announcement highlights. “This funding will provide the all-important long-term certainty for businesses within the sector too. This is again something we have spoken publicly about in recent months and called on the Prime Minister himself to assure. With more than £12 billion now committed, industry can be confident in making the investments needed for innovation and expanding the supply chain that will deliver this critical work. “As a group, we know the power we have together, with an estimation that 80% of the large-scale domestic retrofit in the UK will be carried out by our members. In 2024, we know we have a huge opportunity to work closely with the government on shaping policy through our growing partnership with DESNZ. Our working groups are established and already working towards achieving real outcomes together, and we look forward to continuing our position as a key driver for net zero – and of social change too.” To learn more about the NHDG, its aims and its members, please visit the website at: https://www.nhdg.org/ Building, Design & Construction Magazine | The Choice of Industry Professionals
Wakefield-based granite and quartz worktop supplier, Roann Limited, is on track to achieve a record-breaking turnover in 2023, thanks to successfully securing three new projects. Roann Limited has been appointed by some of the UK’s largest house builders to provide its bestselling Silestone worktops to three new developments, which have a combined value of £180,000, with the potential for this amount to increase by up to 20% with upgrades. Among the projects is Highcroft, a Oxfordshire-based development of 33 new build homes by St Joseph Homes (a division of Berkeley Group), and Lime Grove, a Lincolnshire-based development by Bowbridge Homes, which includes a total of 68 new build homes. Roann Limited has also been selected as the exclusive worktop provider for Sunbeam, a former factory in Wolverhampton which is being converted into 180 modern apartments by Kuche Contracts. Silestone, a sustainable surface containing a minimum of 20% recycled materials, is made using 100% renewable electrical energy and 99% recycled water. The worktops are extremely hard-wearing, making it an ideal choice for contemporary family homes. The company’s success in securing these projects is testament to its unrivalled focus on quality, innovation and client satisfaction. As the year draws to a close, Roann Limited is poised to celebrate a record-breaking turnover and financial year, reflecting the company’s sustained growth and prominent position in the kitchen worktop manufacturing industry. “We are thrilled to announce our recent success in securing three new projects,” said Scott Wharton, Operations Director at Roann Limited. These accomplishments affirm our commitment to delivering high-quality worktop solutions to our clients, whilst positioning us for our most successful year to date. It’s a very exciting time for us here.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Development and regeneration company, Cityheart has acquired the 442-home Royal George Village site on Greek Street in Stockport, continuing its commitment to the transformation of Stockport town centre. Cityheart secured the site following the withdrawal of previous developer Investar Property Group, which had originally been appointed as the developer in 2022. Royal George Village is the largest purpose built apartment development in Stockport and has a GDV of £120m. Following the acquisition Cityheart made an immediate start on site with PP O’Connor commencing enabling works on the day the purchase completed. The scheme is part of the 130-acre regeneration district Town Centre West, which is being driven forward by Stockport Mayoral Development Corporation (MDC). The district will deliver 4,000 new homes, alongside local amenities, green spaces, new workspace and radical transport improvements, transforming Stockport into the most liveable and well-connected town in Greater Manchester. A £9m GMCA brownfield grant has been secured to support the delivery of the scheme which was previously part of the Stockport College campus. Cityheart is now procuring a contracting partner for the first phase of the scheme and will commence demolition and construction works in mid December, the full scheme is scheduled for completion in 2026. Jonny Wrigley group chief executive of Cityheart comments: “Royal George Village is one of Stockport’s most important residential opportunities and we are proud to be bringing these much-needed contemporary homes forward, further enhancing the quality of housing in Stockport town centre. Since topping out our 196 apartment scheme with our joint venture partner Rise Homes at Stockport Interchange in May, we have been keen to contribute further to the regeneration of Stockport and investing in Royal George Village provides the ideal opportunity to continue our relationship with the town. “We have made an immediate start on site and will implement a rapid build programme to deliver these high quality new homes at Royal George Village which will be a key contributor to Stockport’s ongoing renaissance.” Eamonn Boylan, interim chair of Stockport MDC said: “Delivering more, high quality homes for local people to live in the town centre is where true regeneration starts – we then start to see the positive impact on our high streets, in our retail centres, and we create a larger workforce which attracts businesses and drives forward the town’s prosperity. 2023 has seen significant progress to Stockport’s £1billion town centre regeneration, and, as we look ahead to what is set to be a monumental year with the completion of a number of our landmark developments, we look forward to working with the team at Cityheart to deliver these essential new homes for Stockport.” The regeneration of the three-acre site on Greek Street and six neighbouring buildings will see the former college campus redeveloped into a mixed-use scheme which includes 442 apartments both for sale and rent. The 115,000 sq ft Torkington Building will be converted into 122 apartments, while the 60,000 sq ft Lyme Centre would be demolished and replaced with a 16-storey apartment block comprising 258 units. The grade-two listed Greek Street Building – the former Metropolitan Girls’ School – will be converted into collaborative co-working space for local businesses. In addition, a new-build six-storey ‘Gateway’ building will be constructed providing 62 apartments at the corner of Greek Street and Royal George Street with off plan sales set to launch in Q2 2024. The Hexagon lecture hall, located close to the grade two-listed War Memorial Art Gallery, is set to be demolished and replaced with public realm and civic space. The 16,000 sq ft University Centre building will also be demolished to provide an internal, south-facing courtyard to create additional public open space and private gardens for residents. Original architects, DAY Architectural has been retained to work on the new scheme. Beyond Corporate has provided legal support during the acquisition. Building, Design & Construction Magazine | The Choice of Industry Professionals
Seventy Ninth Group, an asset management company headquartered in North West England, has agreed terms to purchase two holiday parks for acquisition and subsequent redevelopment. Set in exclusive locations in Scotland, the Seventy Ninth Group plans to build up to 700 holiday lodges which will feature on site dining, as well as modern health and spa facilities. The two projects have a gross development value (GDV) in excess of £300 million combined. Once built, the lodges will be offered for sale at a starting price of £200,000.00. Seventy Ninth Group specialises in the acquisition and redevelopment of undervalued assets across its core sectors of real estate and natural resources. The redevelopment of holiday and leisure parks is just one of key market sectors in real estate for the company. The other sectors include residential and commercial office parks. The Group is owned by the Webster family, who hold a unique position in both the real estate and natural resource sectors, specialising in the acquisition, management and development of high growth assets with a focus on deploying sustainable investment strategies. Managing Director of the Group, Jake Webster, says; “We are delighted to be able to add this latest acquisition to our portfolio. The leisure sector has been a significant area for growth for us as we look to redevelop these two sites into luxury leisure accommodation. “The nature of the UK staycation market is evolving. Expectations are growing around the quality of accommodation and facilities expected on site with many holiday makers seeking a luxury experience. “Investment is key to operators who want to compete in this luxury space as they look to upgrade, refurbish and expand their offering. For investors this means there is a real opportunity for long term, stable returns. “ The Seventy Ninth Group is an award-winning asset management company headquartered in the United Kingdom. Founded by serial entrepreneur David Webster and his two sons, Jake and Curtis Webster. The Seventy Ninth Group holds a unique and advantageous position in both the real estate and natural resource sectors, specialising in the acquisition, management and development of lucrative assets during times of economic turmoil and uncertainty. A family-owned business, the Seventy Ninth Group is chaired by David and his sons, Jake and Curtis, along with an experienced board of directors most of whom derive from a banking & compliance background. The Seventy Ninth Group is renowned for its strong family values of loyalty, honesty, and reliability, and is respected by their clients globally. Forward Looking Information This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein may include, but are not limited to, information concerning the Company identifying an appropriate business combination target and its future plans for pursuing a stock exchange listing in Canada. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward- looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward- looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward- looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice. Building, Design & Construction Magazine | The Choice of Industry Professionals
Research by Yopa, the award-winning national estate agency, has revealed that the total value of the property market across England is estimated to have climbed by £1.6tn as a result of the pandemic property market boom, driven by a 25% increase in the average value of a home. Yopa analysed the total value of the bricks and mortar market based on the total number of dwellings and the average value of a home, looking at how both have changed since the market went into overdrive during the pandemic. National look The research shows that in December 2019, prior to the pandemic, the average home across England was worth £248,097. With some 24.4m dwellings found across England in 2019, this put the total estimated value of the property market just shy of £6.1tn. Fast forward to today, and the average house price has climbed by 25%, now sitting at £309,602. There has also been an increase in the number of homes, albeit more marginal at 1.9%, although this still equates to an increase of 459,191. As a result, Yopa estimates that the total value of the property market currently stands at £7.7tn, an increase of £1.6tn (27%) since the start of the pandemic. National look The research shows that in December 2019, prior to the pandemic, the average home across England was worth £248,097. With some 24.4m dwellings found across England in 2019, this put the total estimated value of the property market just shy of £6.1tn. Fast forward to today, and the average house price has climbed by 25%, now sitting at £309,602. There has also been an increase in the number of homes, albeit more marginal at 1.9%, although this still equates to an increase of 459,191. As a result, Yopa estimates that the total value of the property market currently stands at £7.7tn, an increase of £1.6tn (27%) since the start of the pandemic. Regional increases The South East has seen the largest jump in the total value of the region’s property market, increasing by £311bn as a result of the pandemic property market boom. Despite the capital underperforming compared to the rest when it comes to pandemic house price growth, the London market is worth some £251.3bn more today versus the pre-pandemic market in 2019. While the North East has seen the smallest increase in total market value, the region’s bricks and mortar market is still worth £45bn more today versus the 2019. Local authority look Cornwall ranks top at local authority level, with £24.3bn added to the value of the Cornish property market as a result of the pandemic, no doubt driven by those looking to escape city life during lockdown restrictions. Buckinghamshire (+£23.4bn), Birmingham (+£22.2bn), Leeds (+£21.4bn) and North Yorkshire (+£20.1bn) have also seen some of the largest monetary increases in the value of their respective property markets since the start of the pandemic. CEO of Yopa, Verona Frankish, commented: “With all the current doom and gloom surrounding the property market it’s quite easy to forget that we’ve just witnessed one of the most sustained periods of house price growth in living memory. “So while higher mortgage rates and buyer uncertainty may have dampened the current rate of house price growth, this reduction is just a drop in the ocean compared to the meteoric increases seen since the start of the pandemic property market boom. “To think that the bricks and mortar market across England is estimated to be worth £1.6tn more compared to just a few years ago is quite incredible and it really does demonstrate the strength of the property market when viewed on a long-term basis.” Sources Average house price data sourced from the Gov – UK House Price Index – December 2019 vs September 2023 – latest available) Dwellings stock levels sourced from Gov – Subnational estimates of dwellings by tenure, England (2019 vs 2021 – latest available) Total market value based on dwellings stock multiplied by the average house price in each area Full breakdown of England by each local authority available via the link below. Data tables and sources can be viewed online, here. Building, Design & Construction Magazine | The Choice of Industry Professionals
A residential property development in East London has been refinanced, following a bespoke £15m development to investment loan from Secure Trust Bank (STB) Real Estate Finance (REF). Situated in Chadwell Heath, an area rising in popularity for new property development schemes, the eight-story building will provide 55 high-quality residential units comprising of between one to three bedrooms. The residential property is set to further appeal particularly to small and growing families, with a landscaped park and nature area nearby. The apartment block also includes one commercial unit and is due to reach practical completion in January 2025. The ground-up scheme will be welcome news in housebuilding given the UK’s ongoing need for more housing, especially in London where there is a particular shortage of affordable homes. The five-year loan was facilitated thanks to a longstanding relationship between Matthew-Blaine Young, Head of Origination at STB, and the broker, Stuart Bradney of Carbon Funding Consultants. Lawyers Dan Keys, of Clyde & Co, and Liz Roberts, of gunnercooke, also played a vital role in securing the deal. STB’s experience and expertise in providing finance for property development assisted in shaping a transaction curated to the buyer’s unique requirements. The £15m development to investment loan enables the developer to hold and operate the property in the long-term as a build-to-let scheme. Stuart Bradney of Carbon Funding Consultants said: “We’re delighted to have sealed the deal with STB. Our established relationship with Matthew, and ultimately STB overall, was testament to completing the transaction in a timely fashion. “A complex transaction like this requires the right team around it to achieve a successful outcome. As a result, STB’s previous experience in overcoming the challenges affiliated with property development investment, alongside the professional input of the deal’s lawyers and surveyors, was crucial to finalising the agreement. “Conducting a weekly touch point meeting with Matthew and the team was pivotal to ensuring fluent and clear communication throughout the process. To us, STB is a trusted bank. We have been working with the real estate finance team and Matthew for five years now, and they have a tailored approach that really sets them apart from the competition.” Matthew-Blaine Young, head of origination at Secure Trust Bank Real Estate Finance, said: “Having worked with Stuart and Carbon Funding Consultants in the past, it was clear that our partnership for this deal would be a productive and rewarding one. As specialists in residential property development finance and investment, we were adamant that we could provide a bespoke deal to befit the client’s needs. We are proud to have played a role in providing new housing at a time whereby it is most needed.” For further details on Secure Trust Bank Real Estate Finance, please click here. Building, Design & Construction Magazine | The Choice of Industry Professionals
Today, Glenigan, one of the construction industry’s leading insight and intelligence experts, releases its widely anticipated UK Construction Industry Forecast 2023-2025. The key takeaway from the November Forecast, which focuses on the three years 2023-2025, is the construction industry will continue to struggle in the face of a challenging economic climate. Particularly, restrained private sector investment, a housing market slowdown, weak UK economic growth, and high interest rates will continue to suppress sector activity for the remainder of the year. Despite short-term woes, renewed construction growth is forecast for 2024 (+8%) and 2025 (+7%) as the prospect of a recovering economy and market certainty lifts consumer and business confidence, boosting the industry. This report is predominantly focused on underlying starts (< £100m in value), unless otherwise stated, and contains a comprehensive overview of the current state of the construction industry. Sluggish economic conditions set to stall short-term growth Construction starts have remained weak throughout 2023, with a poor economic outlook putting the brakes on work starting on-site. The fallout from last Autumn’s mini-budget has weighed heavily on private sector activity, made worse by sharp interest rate rises in recent months. The persistent economic disruption has prompted clients and developers to scale back on planned investments, causing detailed planning consents to fall back 10% during the first nine months of 2023. Main contract awards have also dipped, standing 11% lower during Q.3 2023 than the same time a year ago. Glenigan predicts a decline across most non-residential sectors during the rest of 2023, with project-starts falling 20%. Recovery on the horizon It’s not all bad news, with public sector construction providing a relative bright spot during 2023 as Government underspend was rolled forward to the current financial year, boosting departmental capital programmes. Despite conditions remaining tough for the rest of 2023, gradual recovery is forecast for 2024 and 2025, with firm development pipelines already pulling through to support a rise in industrial and office starts. Improved consumer confidence and household spending are also expected to feed through to lift activity in consumer-related verticals, including private housing and retail. This is anticipated to have a knock-on effect on investment in logistics facilities from 2024 to meet demand for online retailing. However, these positive predictions will likely be offset by declines in public sector investment in education and health as government-funded projects are reviewed post-election. Commenting on the Forecast, Glenigan’s Economic Director Allan Wilen says, “After sharp falls in starts and a challenging set of economic circumstances in 2023, construction can expect gradual improvement in market conditions over the next two years. Interest rates now appear to be at their peak, and a gradual easing in rates from 2024 should help to rebuild private investors’ and homebuyers’ confidence and lift private sector activity. “As the industry emerges from the current downturn, structural changes are also providing opportunities in non-residential verticals such as warehousing and logistics, office refurbishment and fit-out, and the repurposing of redundant commercial premises. Near term, increased government funding is expected to drive education, health, and community & amenity starts, although budgets are likely to be reviewed post-election, potentially tempering activity during 2025. “Going forward, the industry will need to target these new areas of opportunity but be adaptable to shifting conditions and moving targets, ensuring they have the expertise and resources to increase their exposure to growing markets and locations wherever they arise.” Taking a deeper dive into sector verticals… Tentative growth for private residential construction Private housing market activity fell sharply during Q.1 2023 as starts on-site softened thanks to economic uncertainty and inflated mortgage costs. Retrenched starts have continued throughout the year alongside further increases to the base interest rate. Faced with a slowdown in housing market activity and low house prices, the development pipeline has also been constricted by developers opting to build out existing sites over new projects. While weak private housing starts are expected to continue throughout the rest of 2023, with Glenigan forecasting a 23% decline, housing market conditions will gradually improve. Better household incomes may cause buyers to take advantage of reasonable house prices, helping to support a partial recovery during 2024 (+4%) and 2025 (+11%) as housebuilders respond to improved consumer confidence and strengthening property transactions. Social housing slowdown High construction costs over the past two years have constrained development activity into 2023, with housing associations forced to reappraise the viability of new projects. Coupled with this, the slowdown in the private housing market has had a knock-on effect on social housing starts, resulting in fewer opportunities to take forward mixed tenure developments. This has caused an estimated fallback in project-starts of 13% this year. However, greater cost stability is anticipated to increase development activity over the next two years, lifting starts, with a 7% growth forecast for 2024, and 5% for 2025. Online retailing to boost industrial sector Having enjoyed a strong rebound post-pandemic, industrial starts have fallen back sharply in 2023. Last year’s growth was largely driven by significant growth in logistics and light industrial projects, fuelled by increased demand from online retailers. However, spiralling interest rates have dented the capital value of industrial property and have knocked investor confidence, while slowing domestic and overseas demand has tempered manufacturing investment in facilities, resulting in stifled sector output. As such, Glenigan is forecasting a massive 44% drop in 2023. Nevertheless, industrial starts are forecast to return to growth over the next two years. A stronger economic outlook is expected to drive online retail, encouraging a demand revival for premises next year with a 17% predicted growth in 2024, and 21% in 2025. Retail recovery The sector is forecast to experience sharp falls in project-starts, slipping back 28% in 2023 as stalled UK economic growth and consumer spending deter investment. An overhang of empty retail premises, as well as the growth in online sales’ market share, are also predicted to constrain retail construction starts in the short term. Despite this, improving consumer spending is expected to support a partial recovery in
Northern ethical property investors are set to receive impressive rental yields in student accommodation. The region is seeing a boom in demand for high-quality properties from its growing intakes of UK and international students following investment in higher education facilities, putting the region on the map as a go-to city for education and training. The housing challenge faced by students across the UK is a pressing issue, and Integritas Property Group (IPG) is at the forefront of addressing it. Through initiatives like Optima in Bradford and the completed Bijou student living project (the first phase of this development), IPG is leading the way in the student accommodation landscape and is reporting a boom in rental yields for property investors. The student population in Bradford is currently over 42,000, with 30% of students arriving from 130 countries, as the university offers 352 undergraduate courses and 213 graduate courses. With University of Bradford only having 1,004 units available for student accommodation, comprised of 2 managed halls of residence and 34 four-story townhouses, there is huge need for new, highly quality student accommodation across the city. Mitchell Walsh, CEO at IPG, says, “By providing students with first-class living options, IPG is offering investors a lucrative opportunity to invest in a growing metropolis.” IPG’s approach goes beyond just housing provision as it creates accommodation that is accessible, affordable, and conducive to learning. As it becomes increasingly more difficult for students across Bradford to find suitable accommodation, these luxury lets, currently on sale to investors, will soon be home to some of the city’s student population. Mitchell Walsh continued, “Decent student accommodation in a city near their place of study is often a challenge to find – as a result, students are then pushed further out into the suburbs, which adds extra pressure to their day whilst increasing social isolation. Our Optimadevelopment is strategically located in the heart of Bradford city centre, giving students easy access to the city centre, nightlife, and the university.” “Optima, the high-spec property, offers exquisite finishes, stylish interiors, and modern appliances in each unit, ensuring a luxurious living experience for residents – a step up from the run-of-the-mill student digs most people think of.” The big driver in student accommodation demand is growth in PGT (Postgraduate Taught) international intakes, with the University of Bradford coming 15th in the top increases in full-time PGT study numbers in the UK 2021-2022. In many localities, growth in demand is far outstripping growth in the supply of student accommodation. * IPG’s Optima development comes after the success of its Bijou project, set within the residential scheme in Laisteridge Student Village, which saw 46 units snapped up by investors looking to provide accommodation for Bradford’s growing student population. TheOptima development features 54 student pods and four accessible studios, with shared access to a fully fitted kitchen, a laundry room, and a large open-plan living space for student socialising and aims to be complete ahead of September 2024. Mitchell Walsh concludes, “Investing in the property market in Bradford right now is a wise decision as the rental yield is currently at an impressive 8.25%, 3% higher than the national average.” The last few units remain for investors to purchase, starting from £78,000, each with a 999-year lease. These units offer an 8.25% rental yield, and all units come fully furnished and managed. Building, Design & Construction Magazine | The Choice of Industry Professionals
Roma Finance, the borrower first lender, achieved its record month in October, not only for new business following the highly successful launch of its new FLOW product range. New business increased by 51.2% in October compared to the average levels for 2023 as a whole. Roma has experienced multiple record-breaking periods of enquiries and completions over 2023, and a review of cases in underwriting show this to be continuing. Roma has its highest ever pipeline in both volume and value with demand for its RomaFLOW products, the fast completions channel, being its most popular range. The new RomaFLOW range has been put in place as a result of the continued success of the process of the same name. Roma believes the surge in enquiries and cases demonstrates the success of the new range and the continually growing requirement for short term finance and the drive of landlords, developers and property investors to continue their own growth aspirations. Michael Allison, commercial director said, “I am delighted by the results of this first month and November has started strong as well. The results clearly demonstrate the quality of our sales teams, our strength and commercial flexibility in underwriting and the unwavering way we work with brokers and borrowers to achieve positive outcomes. The amount of repeat business, recommendations and referrals we continue to receive are testament to this. This is another fantastic step on our trajectory to achieve our business plan and every possible positive outcome for customers.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Panattoni, the largest logistics real estate developer across the UK and Europe, has passed the major landmark of £350 million through three significant acquisitions this year. The first quarter saw Panattoni acquire a prime west London redevelopment site near Heathrow Airport where an 80,000 sq ft unit will be delivered for Q3 2024; the site is called Panattoni Poyle. The start of the third quarter saw the acquisition of a site to deliver 800,000 sq ft in Milton Keynes, where the business will construct two speculative units of 350,000 sq ft and 450,000 sq ft. The end of the third quarter sees the acquisition of a two unit park totalling 626,468 sq ft in Sittingbourne, strategically located to the Southeast of London 4 miles from junction 5 of the M2. The 26-acre site, acquired from Abrdn, will be developed as a state-of-the-art, net zero carbon development. This prime location offers unparalleled access to local and national distribution routes facilitated by the M2, M20, and M25 motorways. The development will provide seamless connectivity to vital markets such as London, the Southeast, and Europe via London Thamesport, Dover, and the Port of Tilbury. The site has planning consent for two distinct units, spanning 439,228 sq ft and 205,320 sq ft, respectively which will be speculatively developed. Construction is due to commence at the end of the fourth quarter of 2023, with a targeted completion date in the fourth quarter of 2024. A key advantage and differentiator of Panattoni Park Sittingbourne are its enhanced environmental, social, and governance (ESG) features; the site has 5MVa of power available with a further capacity of additional 1.35MVa from the solar PV provided as part of the base specification by Panattoni. Furthermore, Panattoni will engineer the construction to achieve a BREEAM sustainability rating of ‘Excellent’ and an Energy Performance Certificate (EPC) rating of ‘A’. Panattoni’s acquisition at Sittingbourne follows its success at the nearby 1.6 million sq ft Panattoni Park Aylesford; the level of demand in the region has resulted in the scheme being 100% pre-let to major national and international occupiers in less than 24 months from acquisition Tony Watkins, Head of Development for the South East and London at Panattoni, said, “This third acquisition in the South in 2023 confirms our success in delivering on a strategy to acquire land that provides value to investors and customers in the current commercial environment. We will continue to selectively purchase key developments that offer value-add opportunities within core markets in London and the South East, where we can drive rental growth”. Finally, he said “we expect to be announcing more acquisitions this quarter”. Panattoni were advised by JLL Abrdn were advised by Avison Young and Savills Building, Design & Construction Magazine | The Choice of Industry Professionals
