Business in East Anglia

Surge in demand for laboratory space lifts Cambridge property market

Strong demand from life science companies meant the take-up of laboratory space in Cambridge rose more than ten-fold to over 214,100 sq ft last year, up from 17,145 sq ft in 2018 according to figures from Savills . The sector accounted for some 29 per cent of all transactions in the area over the year. Key deals included RxCelerate UK occupying 25,000 sq ft at the Babraham Research Campus, where a total of 79,000 sq ft of space was let last year.  Meanwhile, Lonza and Microbiotica also took significant space at Chesterford Research Park (photo). Savills says that demand for ‘lab-fit...

“Wake-up call” for local firms as insolvencies surge to six year high

Corporate insolvencies rose by 7 per cent last year to reach a six year high and are a “wake-up call” for local businesses, according to the Eastern branch of insolvency and restructuring trade body R3 . It is urging business owners to seek professional help if they are struggling as Insolvency Service figures show that there were 17,196 corporate insolvencies in 2019 in England & Wales, the highest since 2013. The numbers of administrations, which are designed to support business restructure and rescue, increased by 24 per cent in 2019 and are also at their highest since 2013. R3 ...

Business confidence in the region leaps as economic optimism grows

Business confidence in the region leapt in January and almost a quarter of firms are planning to hire more staff over the coming year, according to a key survey.

Overall business confidence in the East of England rose 20 points during January to 18 per cent according to a business barometer from Lloyds Bank Commercial Banking. Firms in the region reported higher confidence both in their own business prospects and increased optimism on the economy.

Meanwhile, a net balance of 23 per cent of businesses in the region expect to hire more staff during the next year, up 14 points on the previo...

Council buys former BT office site in Ipswich for £4.1 million for affordable housing

An Ipswich Borough Council -owned company has bought a town centre site which was formerly a BT office block for £4.1m with plans to build nearly 80 new affordable flats.

The council’s property company, Ipswich Borough Assets (IBA), has acquired the site in Bibb Way in a sale agreed by Savills for its client Telereal Trillium.

Thomas Higgins of Savills Chelmsford said: "Given the scale of the scheme we approached national and regional developers and there was sizeable interest from both. There is ever growing demand for development land in and around Ipswich. Values are strong for si...

Stansted expansion plans refused by local council

The planning committee at Uttlesford District Council in Essex, whose area includes London Stansted Airport, has refused the airport's application to serve more passengers.

The airport had applied to increase passenger numbers from the 35 million now permitted to 43 million a year and to build two new taxiways and nine more aircraft stands. It currently handles 28 million passengers a year. A Stansted spokesperson said: “We are naturally disappointed that the planning committee has chosen to consciously ignore the recommendations of not only its own officers but also the addi...