Commercial property outlook brightens on hopes that market has ‘bottomed-out’
Confidence in the long-term outlook of the commercial property market is growing and a third of agents feel the market has now bottomed out according to the fourth quarter RICS commercial property monitor. While most of the market remains sluggish and lacking momentum, it said there are clear incremental improvements. Occupier demand remained negative overall at -7 per cent but improved on the -12 per cent seen in the third quarter. Although both the office and retail sectors remain 'relatively weak', sentiment has improved from the third quarter and industrial demand remains positive. Prime property continues to outperform secondary units and the outlook for prime retail rents has stabilised. Meanwhile credit conditions in the sector are much-improved, helped by hopes of lower interest rates. Sam Kingston at Roche Chartered Surveyors in Norwich said: “The market has remained resilient. Lack of supply continues to prevail across the industrial sector and accordingly rents are rising. The office market remains subdued, with demand generally for Grade A space. The investment market has seen too little activity to show a pattern on pricing. Freeholds retain their value.”
At DTRE in Cambridge, Mike Ayton said: “Most of the focus on the Cambridge commercial market is on the life sciences sector where increased supply is just starting to appear following the last two years of virtual nil supply. As new schemes start, there is still significant occupier demand generating early interest.”
Separately, one of the largest warehouse premises to be offered to let in Norfolk for some years has been launched onto the market. Units 6&7 at Shipdham Airfield Industrial Estate provide nearly 60,000 sq ft in one unit, and over 32,000 sq ft in the other and are being offered to let together or individually may be considered. Built in the 1980s, the warehouses have six metre eaves and are fitted for around 7,000 pallets. Guy Gowing, managing partner of letting agents Arnolds Keys, said: “The market for warehousing in Norfolk is extremely buoyant, with internet retail fulfilment boosting demand, and post-Brexit stockpiling also increasing the need for such buildings....This is the largest warehouse premises currently on the market in Norfolk.”
North Norfolk company starts work on £8m retrofit electric crew transfer vessel
A North Norfolk-based company, Tidal Transit, has started work on a £8m project to deliver the world's first retrofit electric crew transfer vessel. Over the next 15 months, Great Walsingham-based Tidal Transit will retrofit a diesel-powered vessel, Ginny Louise, (right) with over two MWh of battery capacity, electric motors and propulsion pods. The finished product, e-Ginny, will be 100 per cent zero emission with increased manoeuvrability while being near-silent. The project involves an onshore charging station and an offshore wind turbine based-charger, greatly increasing the time and range that electric vessels can stay in operation without returning to port. Leo Hambro, commercial director of Tidal Transit, said: "This project is a significant step forward in propelling the offshore transport industry into a new zero-carbon era." The initiative received £6.3m funding from the government’s Zero Emissions Vessel and Infrastructure competition and Tidal Transit is working on the project with partners Goodchild Marine Services, Artemis Technologies and MJR Power & Automation.
Norwich-based commercial cleaning company acquired
An Edinburgh-based group, Spotless Commercial Cleaning, has acquired Norwich-based Ashdown Cleaning from its retiring founder. Launched in 2010, Ashdown Cleaning has established a strong presence across Norfolk and East Anglia servicing a range of commercial clients in offices, business parks, medical and dental practices and manufacturing and retail premises.The move adds 100 staff to Spotless' UK team, taking its annual turnover over £20m. Acquiring the business also expands Spotless’s footprint across East Anglia where it has existing commercial cleaning contracts. Spotless CEO Carron Henley said: “Ashdown Cleaning has established a strong base and an excellent reputation with its clients across Norfolk and the wider East Anglia area. We’re delighted to welcome their great people to the Spotless team as we look to growing our footprint across the region and in other parts of the UK.” Founded in 1988 by chairman Roger Green, Spotless operates over 1,700 contracts across the UK providing cleaning services for businesses.
Photo: Carron Henley and Roger Green.
Law firm advises on sale of demolition business
Law firm Prettys has advised the shareholders of Herts-based Advanced Demolition (ADL) on the sale of the business to Sun Environmental Services Group. ADL delivers a full range of waste management and demolition services and is highly accredited and fully licensed as a registered waste carrier/dealer. It is a member of the National Federation of Demolition Contractors providing skip hire, waste management and demolition. Prettys corporate services partner Dan Billson ledon the transaction; working with Becky Cleal (real estate partner) and Sheilah Cummins (employment senior associate). Further support was provided by Zoe Zhang, Sarah Lewis, Bradley Powell and Jacky Hammond. The team worked closely with Rob Dukelow-Smith and Amie Goodlad of Forward Finance throughout the transaction, and tax and accounting support was provided by Glenn Armon-Jones at Barrow LLP. Dan Billson said: “This was a great transaction to be involved in and I am grateful to Paul and Mick for trusting us to act on their behalf on the sale. It’s always enjoyable when we have opportunities to collaborate, both cross-departmentally and with other advisers, and Rob and Amie at Forward were of great assistance throughout the transaction.”
Paul Jackson of ADL added: “Both Mick and I are really pleased with the service provided by Dan, Becky and the rest of the Prettys team in acting for us on the sale of our business. We were particularly impressed by their responsiveness, pragmatism, and commitment to maintaining momentum on the deal. Their ability to work so cohesively with us, and Rob and Amie at Forward, throughout the transaction meant that we felt fully supported and in safe hands at all times.”
Photo: Credit Paul Jackson ADL
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Future of Norfolk farming on the agenda at conference
The future of Norfolk farming is to be debated with sixteen regional, national and international industry-leading speakers set to take the stage at the Norfolk Farming Conference at the Norfolk Showground on February 6th. Topics on the agenda include the environmental costs of farming, how data can enhance sustainability for UK farms and why diet and health matter in farming. Speakers announced by The Royal Norfolk Agricultural Association include Andy Cato, the Groove Armada musician who has changed career and founded WildFarmed, a regenerative food and farming business. Josiah Meldrum, founder of Suffolk-based wholefoods company Hodmedod, said: “Food and farming systems need to change, not least for the benefit of our health and for the planet. What's so exciting about the conference this year is that it reflects that change and shows how farmers can and are leading the way.” Tickets can be booked here.
Separately, Karen Hester, chief operating officer of Southwold-based brewery business Adnams, is to retire this spring. She said: “I’ve had such a wonderful career at Adnams and could never have imagined where this journey would have taken me, when I look back at joining the business as a cleaner in 1988. Being the first female executive director in the company’s 150-year-old history, I am extremely proud to have been a board member of Adnams for nearly a decade.” Adnams CEO Andy Wood has previously confirmed his intention to step down within the next year.
Photo: The Norfolk Showground arena.
New service launched to provide meeting rooms at short notice
Meet Cambridge is launching a new service from this month offering last-minute bookings for meeting rooms for up to 20 people across its portfolio of venues. The conference and meetings bureau is responding to requests from local businesses and organisations seeking a room away from the workplace to hold a board meeting, interview, training session or any other small gathering which can be booked at short notice. Organisers can reserve a room from two weeks to just 48 hours ahead. Venues taking part include traditional colleges through to contemporary buildings. Judith Sloane, head of Meet Cambridge, said: “We have recently seen a rise in requests for room-only bookings with short lead-times for smaller meetings – typically under 20 people. That’s why we have teamed up with our member venues to offer this online service, through our website, which gives access to available rooms at short notice, with AV included and simple catering. Our core venue-finding service – for larger and more complex events – remains the same.”
Photo: Westminster College Assembly Boardroom in Cambridge.
Cambridge company launches new labelling machines to meet growing need for traceability
With the global logistics labels market poised for significant growth in the coming years, Cambs-based Domino Printing Sciences has launched its new Mx-Series print and apply labelling machines. The new series meets a growing need for traceability within global supply chains which is fuelling demand for reliable product labelling solutions that promote quick and accurate data sharing. Feedback from extended customer testing highlight the printer’s high-speed variable data printing capabilities- up to ten times faster than previous generation print and apply labellers - and enhanced connectivity options to facilitate data sharing. “Reliable, consistent, and accurate product labelling is crucial for the global logistics sector,” said Jan Lindgren, customer operations and site director at Domino. “Our Industry-4.0 ready Mx-Series print and apply labellers have been created in recognition of this need – providing fully-variable data coding, with labels printed to exact customer specifications, and connectivity options to enable seamless sharing with supply chain partners.”
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