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SAVILLS APPOINTS NET ZERO SPECIALIST TO JOIN ITS SUSTAINABLE DESIGN TEAM

Savills has continued its expansion of its Savills Earth division with the appointment of Joanna Conceicao, associate director in sustainable and zero carbon strategies based in the firm’s Finsbury Circus office in London. Joanna joins the sustainable design team, now 14 strong since launching in July 2021, working to facilitate

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NETWORK SPACE SECURES PLANNING PERMISSION FOR BROADHEATH NETWORKCENTRE IN ALTRINCHAM

Network Space has secured planning permission for the redevelopment of the former Cartwright headquarters on Atlantic Street in Altrincham, Greater Manchester. Broadheath Networkcentre will include a mixture of high-quality refurbished space alongside new builds, creating a modern, multi-let industrial site designed to attract a variety of businesses. The development will

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Step inside the homes of Brighton’s newest neighbourhood

A selection of never-seen-before CGIs have revealed the first look inside the 60 new homes for outright purchase on offer at Edward Street Quarter, Brighton’s newest neighbourhood, which also offers ‘Grade A’ office space, cafes, retail and leisure facilities. The images show off a sleek and spacious design, contemporary features

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Speculative Development of 190,000 sq ft kicks off at MA6NITUDE

Tritax Symmetry has marked the start of work on site to develop 190,000 sq ft logistics / warehouse accommodation with an official ground-breaking ceremony at MA6NITUDE in Middlewich, Cheshire. Main contractor GMI Construction has commenced the construction of units 11 and 12, which will offer 149,000 sq ft and 41,000

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£400m distinctive Southbank mixed-use development, Triptych Bankside

Triptych Bankside, the distinctive Southbank development, topped out by JTRE London One of the most striking developments on the central London’s skyline has reached its highest point with a topping out on the 19th floor. The £400 million mixed-use Triptych Bankside comprises three distinctive sweeping towers, with 169 luxury apartments

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‘Double London housebuilding to tackle housing crisis’

New analysis shows London needs 90-100,000 new homes each year to tackle the housing crisis – double the number currently being built according to the government’s most recent data.   The joint research from the London Housing Directors Group (LHDG) at London Councils and the G15 group of London’s largest

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Latest Issue

BDC 318 : Jul 2024

Savills

Over 50,000 sq ft of commercial space now let at Triptych Bankside with global book publisher as the latest addition

Benefiting from both a culturally rich London district and one of the most striking developments on the capital’s skyline, The Quarto Group, Inc. has agreed to a 12-year lease at the game changing Triptych Bankside development on London’s Southbank. The Quarto Group, an established publishing house, is taking all of the 9,000 sq ft second floor. As a result, JTRE London, the developer of the architecturally-inspiring scheme, has let more than 50,000 sq ft of commercial space in the building since launch in March. Alison Goff, Group Chief Executive Officer of The Quarto Group, said: “Our new office will provide the opportunity to widen our creative horizons, foster the creativity of our talented teams, adopt a more meaningful, flexible and future-proof way of working and enhancing the collaboration of our partners worldwide.” The Triptych Bankside development is a short walk from London Bridge station. The new scheme is next to Tate Modern art gallery, Shakespeare’s Globe theatre, the renowned culinary hotspot at Borough Market and the Millennium Bridge. Designed by internationally acclaimed architects Squire & Partners, the 68,000 sq ft, prime grade A commercial building at One Triptych Place is part of a £450 million mixed-use development. The scheme is made up of three distinctive sweeping towers, with 169 luxury apartments in two blocks, offices in a third, plus 14,800 sq ft of retail and 14,000 sq ft of cultural space. Its close proximity to the City of London and the West End makes it ideally situated for both residential and commercial interests. Nigel Fleming, Sales & Marketing Director of JTRE London, said: “We’ve seen unprecedented demand for space at One Triptych Place reflecting its position as one of London’s premier and most sought after mixed-use developments. As a result, we’re ahead of schedule on leasing with an exciting mix of major international and growing organisations already signed up from different sectors and regions, emphasising the far-reaching appeal of the buildings. The combination of global appeal, exceptional architecture and design and a spectrum of imaginative leisure offerings makes the Triptych Bankside estate one of the foremost schemes currently available.” Additionally, Triptych Bankside is the first development in the UK to use Real Estate Digital from Grandpano. This virtual property viewing system for the residential sales is more detailed than alternatives with considerably greater functionality. Like a fully controllable flythrough of an architect’s perspective, but in significantly more detail, it features every flat and every room individually. This means, for example, a potential buyer can stand on the balcony of a specific apartment and enjoy that view. Since Triptych Bankside is still being built, this makes off-plan purchases more risk free for the buyer and developer. The BREEAM ‘Excellent’ commercial building is at the forefront of ‘smart building’ capabilities with a WiredScore Platinum certification achieved, one of the few buildings in Europe to reach that standard. Agents for the commercial space are Bh2 and Savills; Kinney Green acted for The Quarto Group. In addition, the retail leasing agents are Savills and BNP PRE; and residential agents are Savills and Strutt & Parker. www.triptychbankside.com

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SAVILLS APPOINTS NET ZERO SPECIALIST TO JOIN ITS SUSTAINABLE DESIGN TEAM

Savills has continued its expansion of its Savills Earth division with the appointment of Joanna Conceicao, associate director in sustainable and zero carbon strategies based in the firm’s Finsbury Circus office in London. Joanna joins the sustainable design team, now 14 strong since launching in July 2021, working to facilitate sustainable design and energy strategy consultancy services to minimise energy demand and achieve net zero targets for new build and retrofitted schemes. Joanna has over 11 years’ experience as an environmental consultant in the built environment. She is a Chartered Environmentalist and Member of the Institute of Environmental Management and Assessments, an On Construction Domestic Energy Assessor and Home Quality Mark Assessor. She holds a MSc in Sustainable Environmental Design from the Architectural Association School of Architecture and has previously worked at the MEP engineering practice BDSP, later chapmanbdsp. Joining Savills, Joanna comments: “This is an exciting next step in my career and I am looking forward to collaborate with the wide range of expertise within Savills and our clients to address our current climate emergency.” Dan Jestico, director in Savills Earth, adds: “We are pleased to welcome Joanna to our rapidly growing sustainable design team. With her expertise in environmental design, sustainability, and net zero carbon strategies, Joanna’s appointment will help us to continue to work with clients on their ESG agendas for both new development and retrofit projects.”

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Legal & General acquires 6.2-acre Horsham site for multi million pound industrial scheme

Legal & General Investment Management (LGIM Real Assets) has acquired a 6.2-acre freehold estate in Horsham, West Sussex on behalf of its Industrial Property Investment Fund (“IPIF”). LGIM Real Assets and its development partner, Graftongate, plan to speculatively develop a prime multi-unit industrial/logistics scheme on the site of Wilberforce House in Southwater, south of Horsham town centre. The proposed scheme would see the development of seven new warehouse units totaling almost 100,000 sq ft, including integral office space. The scheme will target EPC A+, BREEAM Excellent and operational net zero carbon. Wilberforce House is currently let in its entirety to the RSPCA, which is relocating to smaller premises. LGIM Real Assets and Graftongate plan to develop the scheme on receipt of vacant possession in Q1 2023. Jonathan Holland, senior fund manager for LGIM Real Assets, said: “The purchase presents an excellent opportunity to acquire a development site to provide Grade A industrial stock in a supply constrained market and a sector where occupational demand is booming, and rental growth is set to follow. On expiry of the lease, this will be one of the most strategic development sites in West Sussex.” Alex Thomason, development manager at Graftongate, said: “The redevelopment of the Wilberforce House estate offers an excellent opportunity to deliver high quality industrial/logistics accommodation in an established commercial location. The property occupies a prime position on Wilberforce Way and benefits from excellent transport links, being easily accessible via the A24 dual carriageway. We expect the scheme to generate significant interest from prospective occupiers.” Savills and Clay Street acted on behalf of LGIM Real Assets and Graftongate, the vendor was represented by Carter Jonas.

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NETWORK SPACE SECURES PLANNING PERMISSION FOR BROADHEATH NETWORKCENTRE IN ALTRINCHAM

Network Space has secured planning permission for the redevelopment of the former Cartwright headquarters on Atlantic Street in Altrincham, Greater Manchester. Broadheath Networkcentre will include a mixture of high-quality refurbished space alongside new builds, creating a modern, multi-let industrial site designed to attract a variety of businesses. The development will deliver 205,000 sq ft of accommodation across 25 units, with workspace available from 2,100 sq ft to 39,500 sq ft.   A highly sustainable development, Network Space will reuse and recycle existing steel and concrete structures on site, resulting in a significant reduction in embodied carbon in the development. The units are also designed to accommodate photovoltaic panels for renewable energy provision and electric vehicle charging on all units. Simon Eaton, Senior Development Manager at Network Space Developments, said: “With planning permission now secured, we can fully commence our development of this well-located and highly popular site which will appeal to local businesses, trade occupiers and last mile urban logistics firms. “We have already received very strong interest in the scheme from a range of businesses and with demolition already well underway, we hope to have units ready for occupation in early 2023. The scheme aligns perfectly with our strategy to deliver high quality, highly sustainable developments in key urban ‘last mile’ locations.  We look forward to working closely with Trafford Council to deliver a scheme the borough can be truly proud of.” Network Space commenced the demolition in early May and are aiming for practical completion in early 2023.The scheme is set to revitalise the site, creating upwards of 400 new jobs and providing much needed speculative workspace in the region. Once complete, the scheme will have an estimated GDV of £45m. Jonathan Williams at Savills and Will Kenyon at B8 have been appointed as letting agents for Broadheath Networkcentre. The wider professional team includes Walker Sime, project management and quantity surveying, AEW architects and Spawforths is the planning advisor.

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SAVILLS BOOSTS BUILDING & PROJECT CONSULTANCY TEAM WITH NEW TDD DIRECTOR

Savills has expanded its building & project consultancy team with the appointment of Andrew Hezelgrave who joins as a director at the firm’s Margaret Street head office in London. Andrew has more than 15 years’ experience in the commercial property sector as a building surveyor specialising in technical due diligence (TDD). He joins Savills from Black Cat Building Consultancy where he worked across all sectors, looking at both single asset and large portfolio instructions for clients including Investcorp and Brydell Partners in both the UK and Europe. Prior to this he also held positions at Paragon Building Consultancy and Lambert Smith Hampton. At Savills Andrew will join the technical due diligence team, working on major instructions offering tailored, commercial advice on transactions for clients across all asset classes. Andrew Hezelgrave, director in the building & project consultancy team, comments: “This is an exciting time to join the Savills TDD team, especially as we continue to see a number of considerable transactions take place across the UK investment market. One area of focus will be the industrial & logistics sector, which continues to break records when it comes to investment volumes. I look forward to working with colleagues across the business in order to provide top quality advice to clients.” Steve Page, building & project consultancy director and head of the Savills TDD team, adds: “We are very pleased to welcome Andrew to Savills. His experience and expertise will undoubtedly help to further strengthen our capability and ensure we can continue to offer a best in class service to our clients.”

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Step inside the homes of Brighton’s newest neighbourhood

A selection of never-seen-before CGIs have revealed the first look inside the 60 new homes for outright purchase on offer at Edward Street Quarter, Brighton’s newest neighbourhood, which also offers ‘Grade A’ office space, cafes, retail and leisure facilities. The images show off a sleek and spacious design, contemporary features and spectacular sea views, with an exclusive roof terrace taking centre stage.  Based at Edward Street in the heart of Brighton, the development offers one, two and three-bedroom apartments, many with balconies, and an impressive communal roof terrace. Steve Eccles, Project Director at First Base, commented: “We worked with award-winning architects Buckley Gray Yeoman to design features to boost mental and physical wellbeing. The showstopper is without doubt our exclusive roof terrace which will enable residents to get to know one another, adding to the feelgood factor of living by the sea in an exciting and vibrant new community. “The largely pedestrianised new quarter with green spaces and public art installations will offer our residents more spaces to relax, get active and socialise. “For anyone looking for a contemporary home just minutes away from the seaside, the new neighbourhood at Edward Street Quarter is ideal.” Within walking distance of Brighton’s central train station, Edward Street Quarter offers residents access to the city’s cultural quarter, fabulous food scene, stunning seaside and buzzing Kemptown area. James Epps, Director of Land & New Homes and Residential Agency for Oakley Property, said: “Edward Street Quarter presents a fresh vision of contemporary urban living not seen before in the city. “The development will help meet the demands of modern life, including spaces designed for home working, premium cycle facilities and a spectacular roof terrace with views across the Brighton skyline and towards the sea.” Tom Bryant, Director, Residential Development Sales at Savills, commented: “We have already seen strong demand from a range of different buyers, all seeking a sense of community and access to the vibrancy that Brighton has to offer”. Edward Street Quarter will also comprise 125,000 sq ft of office space, as well as 20,000 sq ft of leisure, retail and hospitality facilities. The development is being jointly developed by First Base and Patron Capital Partners. All enquiries for these stunning new homes in Brighton’s newest address should be directed to Oakley Property or Savills via edwardstreetquarter.com.

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Panattoni leases speculatively developed 280,700 sq ft logistics unit in Bolton to UPS

Panattoni, the largest industrial real estate developer in Europe, has signed a lease agreement with UPS, one of the world’s largest package delivery companies, for a 280,700 sq ft speculatively developed facility at Bolton. UPS has signed a 10-year lease for the largest of the two facilities at the 360,700 sq ft Panattoni Park Bolton, which has a BREEAM sustainability rating of ‘Very Good’ and an EPC rating of ‘A’. The facility, which has a 15m clear internal height, 24 dock doors and five-level access doors, was completed in September. It is expected that more than 280 jobs will be created. The first unit of 80,000 sq ft was pre-let in January to Hermes Parcelnet, one of the UK’s largest parcel delivery companies. Panattoni Park Bolton is close to junction 6 of the M61, providing easy access to the key ports of Liverpool to the west and Hull to the east; the M6 is less than 15 minutes drive, providing access to Scotland, the wider north west and the Midlands. Dan Burn, Development Director for the North West and Yorkshire at Panattoni, said: “Panattoni Park Bolton is the only development of its size and scale to have been built in Greater Manchester this year. The fact that we have let the two units to two global delivery companies reflects their confidence in this region. “The town has the second highest employee base in Greater Manchester, yet with wages below the regional average labour costs remain attractive, as does the good mix of skills among the workforce. Employment in the logistics sector is considerably higher than both the regional and national average”. DTRE, Savills and Knight Frank were the letting agents and TSL Projects was the contractor.

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Speculative Development of 190,000 sq ft kicks off at MA6NITUDE

Tritax Symmetry has marked the start of work on site to develop 190,000 sq ft logistics / warehouse accommodation with an official ground-breaking ceremony at MA6NITUDE in Middlewich, Cheshire. Main contractor GMI Construction has commenced the construction of units 11 and 12, which will offer 149,000 sq ft and 41,000 sq ft respectively. The units will be built to net zero carbon in construction; will include 15% PV roof coverage as standard and the capacity to accommodate 100% PV roof coverage. Speaking about the start on site at MA6NITUDE, Development Director David Nuttall, commented: “We are excited to see spades go in the ground here at MA6NITUDE and bring forward high quality facilities at a time when demand for space is at record levels. There is a huge amount of activity happening across the site, with Swizzels’ facility also due to complete next year and detailed planning submitted for 238,000 sq ft of space at unit 41 which could also be delivered before the end of 2022.” Jonathan Atherton, Director at Savills, joint letting agents for the scheme with B8RE and Legat Owen, continued: “The development at Ma6nitude will provide much needed floor space to a market when supply is falling at its fastest ever rate. The location and quality of the units are expected to attract strong occupier interest.” Marc Banks, Divisional Managing Director at GMI Construction said: “We are delighted to be working with Tritax Symmetry to deliver the new facilities in Middlewich. Our team has made an excellent start and the site is already taking shape to what will eventually be a first-class sustainable building that will be a huge business asset to the area.”

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£400m distinctive Southbank mixed-use development, Triptych Bankside

Triptych Bankside, the distinctive Southbank development, topped out by JTRE London One of the most striking developments on the central London’s skyline has reached its highest point with a topping out on the 19th floor. The £400 million mixed-use Triptych Bankside comprises three distinctive sweeping towers, with 169 luxury apartments in two blocks, 80,000 sq ft of prime grade A commercial space in a nine-storey building, plus 9,900 sq ft of retail. Developed by real estate developer JTRE London and designed by internationally acclaimed architects Squire & Partners, Triptych Bankside is located at the heart of the vibrant cultural quarter on London’s Southbank. A short walk from London Bridge station, the new scheme is next to Tate Modern art gallery, Shakespeare’s Globe theatre, the renowned culinary hotspot at Borough Market and the Millennium Bridge. JTRE London was founded in September 2019 by one of Central Europe’s leading property developers J&T Real Estate, based in Slovakia.  The company has over 25 years’ experience of real estate projects in nine European countries having developed and managed some 10 million sq ft of space with a GDV of over £1.4bn. J&T Real Estate Executive Director, Pavel Pelikán, said: “This flagship development is JTRE London’s most significant project to date and it is pleasing to be adding such an inspiring scheme in one of the capital’s most appealing and sought-after locations. The buildings provide spectacular views across London’s distinctive panorama including the River Thames, St. Paul’s Cathedral and the City of London financial district. The aim with all our developments has always been to create buildings that are architecturally-inspiring, add significantly to their areas and offer a spectrum of high-quality attractions to delight residents and tenants.” Attractions in the three buildings include terraces with far-reaching city views, 24-hour reception, multiple private lounges, games room, large gym, private 14-seat in-house cinema, communal landscaped gardens providing a leafy space for relaxation and 46 parking spaces. Reflecting a growing need for flexible working, a co-workspace will provide multiple plug-and-play workstations and super-fast broadband. The three buildings, as associated artistic works intended to be enjoyed together, gives Triptych its name. Juraj Marko, Managing Director of JTRE London, added: “Demand for both the residential and commercial space remains strong reflecting the anticipation for this one-of-a-kind development. Our marketing suite will offer prospective residents the opportunity to get a first-hand glimpse into the huge array of benefits that living or working here will provide. Additionally, we’re fitting out three show flats which will be unveiled next month meaning anyone interested in living here can experience the high quality of the craftsmanship in the apartment finishes in keeping with the striking aesthetic of the external impression that is inspired by the ebb and flow of the River Thames.” The office building will meet a BREEAM rating of Excellent and has nine open plan floors. The top three levels boast stunning city views with terraces and full height glazing, flooding the interior with natural daylight. Tenants will benefit from exclusive access to amenities including concierge services, a café, cycle storage, showers and changing rooms. The two residential blocks sit on 420 piles. The structure took 215,000 person-hours to complete and contains 20,000 cubic metres of concrete plus 2,700 tonnes of re-bar. Prices start from £720,000 for a studio apartment to £9,715,000 for a penthouse. Residential agents are Savills and Strutt & Parker; Bh2 and Savills have been appointed to market the commercial space.

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‘Double London housebuilding to tackle housing crisis’

New analysis shows London needs 90-100,000 new homes each year to tackle the housing crisis – double the number currently being built according to the government’s most recent data.   The joint research from the London Housing Directors Group (LHDG) at London Councils and the G15 group of London’s largest housing associations also shows that more social housing is key to meeting the housing needs of low and middle-income Londoners. Delivering on London’s Housing Requirement – an interim report sharing findings from on-going research – uses forecasting from Savills to demonstrate that the market is unlikely to meet the housing delivery targets in the new London Plan. The analysis provided by Savills indicates a need for 90,000-100,000 new homes each year to meet demand and improve affordability, a number higher than the 52,000 homes recently outlined in the new London Plan. Delivery rates are currently far below these figures. The most recent government data shows 41,718 completions in London in 2019/20. The forecasts for 2021/25 also highlight that private housebuilders are focused on the upper mainstream price bands only affordable to higher earners. While need is being met in these price bands, London’s demand for affordable housing is almost eight times greater than the number of homes forecast to be delivered (7.6 times greater than supply, compared to the national average of 2.6 in England). The LHDG and G15 argue this shows the importance of growing the capital’s social housing sector and securing increased government investment in affordable housing for those on low and middle incomes. The chronic shortage of affordable housing is a key factor in London’s homelessness crisis, with the capital accounting for around two thirds of all homelessness in England [1]. Joanne Drew, Co-Chair of the London Housing Directors Group, said: “London’s housing crisis has dragged on for far too long and there’s no end in sight. Due to total market failure and years of underinvestment at a national level, there simply aren’t enough affordable homes being built – leaving London with enormous housing pressures and the highest homelessness rates in the country. “Alongside our housing association partners, boroughs are determined to build affordable homes at mass scale for hard-pressed Londoners. This is crucial for helping us achieve the government’s targets on reducing homelessness, and would also give a shot in the arm to London’s economic recovery from Covid-19. But we need an immediate boost to councils’ powers and resources to make this happen.” Geeta Nanda OBE, G15 Chair and Chief Executive of Metropolitan Thames Valley Housing (MTVH), said: “Tackling the housing crisis is one of the biggest challenges facing Londoners. That’s why housing associations are committed to playing our part in supporting more people to have a decent, secure, and affordable place to call home. As the largest builders and providers of affordable housing in London, we want to work with local, regional, and national government to make sure our shared ambitions are realised. “As this interim report sets out, there are multiple systemic challenges and significant issues such as the building safety crisis, that need coordinated action to resolve. We hope this report helps the conversation move towards practical solutions that help more people have a home and the chance to live well.” The interim report highlights the extent of market failure in London’s housing sector and the affordability challenge that has been created as a consequence of lack of housing supply. The key findings are: The London Plan target of 52,000 homes per year is unlikely to be met in the short to medium-term, with Savills forecasting that completions will average 43,000 per year over the five-year period 2021-2025, with around 30% expected to be affordable or intermediate housing. By 2023 the number of homes under construction are forecast to be at its lowest level for a decade. London’s affordability challenge is much starker than elsewhere in the country and the need for affordable housing greater. Average house prices in the capital are 93% higher than the UK average compared to wages that are just 49% higher, with a house price to earnings ratio in London of 12.5, compared to the national average of 7.7. The boroughs have seen significant increases in homelessness, in part as a consequence of increasing costs resulting from under-supply, with 24,630 households owed a homelessness relief duty by a London borough in 2019/20 compared to 10,180 homelessness acceptances in 2010/11. Based on affordability alone, Savills assesses that the annual need for additional affordable housing in London is 7.6 times greater than supply, compared to 2.6 in England. According to Savills’ estimate of housing need, at least 42,500 sub-market homes are required in London per annum. This compares to an average of 7,900 sub-market homes that have been delivered annually since 2015/16. Savills’ forecast of future supply against demand shows that the largest supply shortfall over the next five years will be in the lower mainstream market segment below £450 pound per square foot (psf) and in the sub-market rent segment, demonstrating the market’s failure to deliver an adequate supply of homes affordable to low and middle-income households. The interim report has been published with a deadline of 17 September for comment and further evidence submissions by stakeholders across London.

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