OUR REGIONS 2020 - Colliers International
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OUR REGIONS
2020
HELLO.
WHAT A DIFFERENCE A YEAR CAN MAKE.
Our regional cities have been growing steadily for a number
of years as they leave post-industrial decline behind and
reinvent themselves for the 21st century economy.
On this journey there has been little evidence of a tailwind
from Westminster.
Following the December 2019 election, the regions suddenly
find that they hold the key to majority Government.
Is a material change in the rate of regional growth imminent
as motivated politicians take action to speed up the process
of devolution and economic rebalancing?
Those investors, developers and businesses already active in
the regions are no longer outliers, they are the vanguard of a
regional movement which will build over the next generation.
Now is the time to enlist into something that will soon
become obvious with hindsight.
Our best days lie ahead.
Carpe diem!
Andrew McFarlane
OUR REGIONS 2020
Colliers International
Head of the Regions
2 3
Sighthill
Park Area
M8
M8
Kelvingrove
t Gallery + Museum
Kelvingrove Park
M8
Cowcaddens
Over
Sauchiehall
Ranked
1m sq ft
The Glasgow
Glasgow
Caledonian University Townhead
School of Art Theatre
Royal Royal
Conservatoire
UK city
Charing Cross Mitchell Kings
Library Sauchiehall Street
2nd
Theatre Buchanan
of office construction
Shopping Centre Bus Station
Concert Royal Infirmary
Blythswood Hall
Buchanan
under way
Malmaison Blythswood Galleries City of Glasgow
in terms of total retail spend
Square
Blythswood College
Hotel
M8
rence Events Queen Street University of Strathclyde Glasgow
Station Cathedral
Quarter Finnieston
SEC Centre Central Business District
Prime Zone
The
George Square
Learning Quarter
Grand
Digital GVA in excess of
SSE
Crowne Plaza Hydro Central
Hilton
SEC
IFSD Hotel Gallery of
A rents at
Italian
Armadillo Modern Art Centre
Central
£480m
Station
Scotland
Radisson Merchant
£32.50 psf
Blu Argyll Arcade Square
Candleriggs
Quarter
Village Hotel
St Enoch Merchant City Collegelands
Shopping Centre
ia Quarter M8 St Enoch
Glasgow Quay
Barrowlands
G l a sgow Cit y
Sheriff
Court
City of Glasgow
Glasgow Green
£1.13bn Re gio n Cit y
Deal
College
8
M8
is funding major
infrastruc ture projec ts
Scotland Street
School Museum
M74
Glasgow
DOUGLAS MCPHAIL | +44 141 226 1067 | douglas.mcphail@colliers.com
I am very grateful
for the assistance
and guidance
provided by Colliers
Being home to three innovation districts that encourage collaboration between
International
academia, business and industry, Glasgow continues as the powerhouse of Vincent (Glasgow) Ltd. in connection
the Scottish economy.
Financial institutions remain key players in the city, demonstrated by JP Morgan’s commitments
Location:
Glasgow
Size:
134m
Building type:
Office
with the one-off
to purchase 270,000 sq ft One Central and Barclays purchase of Buchanan Wharf. With 1m sq ft
of office construction set to be complete in 2020/21, these developments will drive the economy How we helped
valuation and new
forward and further enhance Glasgow’s offer. Our team collaborated on the acquisition of this prime city centre office; acquisition of a large
supporting our client with due diligence research, and on completion
OUR REGIONS 2020
distribution unit
Colliers International
property managing the asset and advising on future strategy
including ESG.
in Dundee.
Peter Sparks
First World Real Estate (FWRE)
4 5
Brunswick
Stockbridge
New Town
Edinburgh
Playhouse
Multrees Walk St James
Attracting
GVA
Quarter
Harvey
more than
Calton Hill
Nicholls
Water of Leith
per capita at
4m
St Andrew
Square
Royal High
Retail Core School
£39,300
Balmoral
Hotel
Dean Village Holyrood
tourists p.a
Palace
Charlotte Edinburgh Waverley Station
New Scottish
Square
Waverley Parliament
Building
North Bridge
Scottish
Princes Street Gardens
Prime Office
National
Galleries
Edinburgh tech sec tor wor th
Royal Mile
Waldorf
Astoria Hotel
Old Town
rents at
St Giles
West End Cathedral
£4bn
Edinburgh
Castle
University Quarter
Dewar
Place
Edinburgh
International
Conference
Centre (EICC)
Sheraton
Hotel
Festival
Square
Usher Hall
George
National
Museum of
Scotland
Old College
Festival
Theatre
Holyrood
Park
£35.00 psf for new
builds
The Heriot’s
Haymarket School
rket
on
Exchange District University of
Edinburgh
fro m U K
£300m
Quartermile
a n d S cot tish
George
Square
University
Library
G ove rn m e nt
to be invested
India Quay
The Meadows
Fountainbridge
Edinburgh
BOB FISHER | +44 131 240 7522 | bob.fisher@colliers.com
Colliers have
provided us with
insightful and
commercially
The UK and Scottish Governments are each set to inject £300 million to astute planning
support innovation and tourism in Edinburgh, ensuring that the city retains its Shawfair LLP
unique appeal. Location: Size: Building type:
advice that has
With existing proposals for more tourist and leisure integration on Princes St, the near completion Edinburgh 705 Ha Mixed-use greatly assisted
of Edinburgh St James set to transform retail in the city, and the Johnnie Walker Centre at the west
end promising to be a world class tourist and leisure attraction rivalling Dublin’s Guinness Factory, How we helped our development
Edinburgh is positioning itself for the future. We have secured planning permission for this strategic new settlement
development and are now working on its delivery – a £1.2bn GDV. project.
OUR REGIONS 2020
Colliers International
Colliers has secured a number of housebuilders for the initial phases
including Miller, Bellway, Dandara, Stewart Milne, Mactaggart & Mickel
and Barratt. We are retained agents for the employment and retail space
and have assisted in the delivery of 700 units with more to come.
Shawfair LLP
6 7
Value exports in
goods from the region
£13.2bn £600m
of funding agreed through
North of Tyne
devolution deal
85,000 Prime headline office rents
students in the region
£24.00 psf
enterprise
21 zones across 296 hectares
Newcastle
SIMON HILL | +44 113 200 1823 | simon.hill@colliers.com
The general market
knowledge to unearth
opportunities and
particularly their occupier
relationships and contacts
is market leading, I would
2019 was an eventful year for the North East region. A new Mayor for the have no problem in
North of Tyne has been elected with the promise of significant investment. Coty Inc
recommending Colliers
Speculative development has returned to the office sector with the delivery of 106,000 sq ft at Helix, Location: Size: Building type:
providing much needed quality office space. The industrial and logistics market has recorded its highest Northumberland 380,000 sq ft Industrial & Industrial & Logistics
ever take-up with online retailer Amazon delivering over 3 million sq ft of warehouse space in the region. Logistics team. The professionalism
they work to, coupled with
How we helped
Acting on behalf of the international cosmetic organisation, Colliers was the personalities within
OUR REGIONS 2020
Colliers International
tasked with disposing of a large manufacturing facility to a purchaser the team, make them a
that would create an employment legacy. Colliers successfully identified
VBites (a manufacturer of plant-based products) as a suitable purchaser pleasure to work with.
and agreed a sale within 6 months of vacant possession.
Andrew Dickman
Director, Tritax Symmetry
8 9
Education Arts
& Media Quarter Titanic Quarter
Odyssey
M3 The highest percentage of qualified IT
Cathedral
Quarter Top 1 professionals in the UK and Ireland
Castlecourt
Retail Core Eastern Bank
international investment
location for US cyber security
70%+
holding a degree level qualification
development projects
Victoria Law
Square
Quarter
Top 10
Waterfront Quarter
#4
M1
Financial District
Central
Transport Hub Station
Great Victoria most cost effective small and mid- globally for connectivity amongst
Markets
Street
sized global cities fDi Intelligence, small and mid-sized cities fDi global
Global Cities of the Future, 2018/19 cities for the future awards, 2018/19
Gasworks
Shaftsbury QUB is a member of the prestigious
Botanic
Russell Group
of research intensive universities
Queens Quarter
Belfast
JONATHAN MILLAR | +44 28 9051 1008 | jonathan.millar@colliers.com
We were involved with
Colliers on this project
from acquisition,
through asset re-
positioning and asset
From June 2016 through until January 2020 the lack of a sitting Northern sale and throughout
Ireland government, allied to the economic uncertainties delivered by the Columbia Threadneedle Investments
Brexit impasse, presented Northern Ireland as an unappealing investment
the entire process, we
environment, and not surprisingly these circumstances resulted in almost Location: Size: Building type: were impressed with
Bangor 130,000 sq ft Retail
total investment inertia. Colliers’ commerciality
All of the foregoing political uncertainty has been addressed via a majority UK government and the
reconstitution of the Northern Ireland Executive which has embraced all-party agreement to a Plan of
How we helped and advice.
Colliers International was initially appointed letting agent on this
OUR REGIONS 2020
Government, known as “New Deal, New Decade”. In business/property terms, the key takeaway from challenged retail park. We successfully leased the vacant space in the
Colliers International
the Plan is a strategic focus on ensuring that Northern Ireland establishes itself as a global leader park to Poundstretcher, Dreams and Home Bargains; then sold the
within the Tech sector, particularly within the areas of cyber security and Fintech. From a property “fixed” park delivering strong returns for our client.
point of view, we see significant scope within the office sector to deliver on those objectives. William Bokenham
Belfast City Centre is now on the BTR radar with Grainger leading the charge. We expect this trend to
Columbia Threadneedle
continue albeit site selection will be imperative to ensure success. Investments
In summary, after two plus years of inertia, we are seeing Belfast emerging as a vibrant regional
city offering a unique and relevant skill set that ought to deliver significant property opportunities,
particularly within the office and residential sectors.
10 11
Ten
Streets
New
Police HQ
Central Docks
A59
2019 office take-up in the city region was
A565
Pumpfields
Home to
Kingsway Tunnel
three
Liverpool
Waters
Liverpool
John Moores
University
Liverpool Hope
University
567,793 sq ft major universities
and has over
St Paul’s
Square
Pall Mall
Exchange Fabric District 8th consecutive year of office take-up in excess of
World Museum &
55,800 students
North Liverpool Waterfront Inset Princes Dock Business District Walker Art Gallery
500,000 sq ft
Royal Liverpool
The St George’s Quarter University Hospital
Capital
Moorfields
Station
Malmaison St George’s
Hall Tropical School
Queen of Medicine
Square
Town Hall Historic Knowledge Quarter
Crowne Plaza Lime St Station
Lock Downtown
Metquarter St John’s A5047
Cruise Liner Sensor City
Terminal
Paddington
Industrial prime rents
Royal Liver
Village
Proposed
Everton FC Stadium
Building
Retail Core
James St Adelphi Hotel
New Build
Prime Grade A
Cunard Building Metropolitan
Station
Cathedral
Northern Docks Port of Liverpool
A5036 Building Central Station
University of
Nelson Dock Liverpool Liverpool
£6.50 psf
One
office space
A565
Mann Island
Buildings
Queensway Tunnel Liverpool
John Lewis John Moores
Titanic Hotel University
Sailsbury Collingwood Hilton Hotel RopeWalks
£25 psf
Victoria Dock Dock Stanley Dock
Tower
FACT
Tobacco
Police HQ
Clarence Dock Warehouse
Creative Quarter Philharmonic
Trafalgar Hall
Dock
Albert Dock
Liverpool Ten Baltic Village Chinatown
Waters Streets Waterfront
Liverpool
Georgian Quarter Women’s Hospital
Central Docks
ACC
Liverpool Kings Anglican City region welcomed over
Dock Cathedral
Kingsway Tunnel
Liverpool City Centre
Exhibition Centre
Liverpool
Queens Dock
Baltic Triangle
Cain’s
64.2m visitors 2.7% increase
Brewery
The Keel
Scale 100m
Disclaimer: The districts designated on this city centre map are recognised generally by a majority of agency practitioners in Liverpool, though they are solely the subjective and professional opinion
of Colliers International. The map draws from a number of third party sources and will be updated regularly. However its accuracy cannot be guaranteed or relied upon and no responsibility is
accepted or to be assumed for any error or omission.
July 2017
Liverpool
SOPHIE ATTWOOD | +44 151 433 0359 | sophie.attwood@colliers.com
I instructed Colliers
International to look at
the business rates on my
premises at the end of
April 2019 and registered
my properties on the
In 2019, the Liverpool City Region has continued with strong performances Government Gateway soon
across all property market sectors. This has included a large number of Pall Mall after. By the end of September
transactions, most notably the 65,000 sq ft letting to Sony at Echo Place. Location: Size: Building type: 2019, I had received my first
There are several key projects currently under construction and in planning, which emphasises investor Liverpool 400,000 sq ft Mixed-use reduction in payments and I
confidence such as; Paddington Village and the mixed-use Pall Mall scheme. would happily recommend
How we helped
A joint venture between Kier and CTP. A planning application has
their services to any other
been submitted for the £200m commercial development in Liverpool, franchisees looking to
OUR REGIONS 2020
Colliers International
featuring more than 400,000 sq ft of offices, a hotel and ground floor reduce outgoings.
leisure and retail. The scheme objective is to expand the Liverpool
central business district with the addition of three new high-quality
office buildings to counter Liverpool’s supply issues alongside a hotel. Keith Hodgkinson
Colliers are commercial advisor and joint agents to the JV, having Franchisee,
supported them through the procurement and planning process. N & K Foods Limited
12 13
Angel Meadow
The
Arena
AD
RO
G Victoria
IN Station
R
Y New Cross
A NOMA
W
IT
Y
New Victoria
By 2024, the
N
Fintech
I
airport
R
The
T
National
Football
sector grown
Museum
Printworks Ancoats
Salford
will have the
Village
Harvey capacity to carry
50%
Nichols Manchester R
Arndale Northern IN
55m
G
Salford Central Station
Lowry
Hotel Retail Core Quarter R
O
A
Royal D
Exchange
New Islington in the last decade
House of
Fraser passengers a year
New Bailey Piccadilly North
King Stre Piccadilly
et Gardens
East Village
Middlewood Population will exceed
Hosts
Locks
Spinningfields Central Business Core
West End Town
Hall
China Piccadilly
635,000
22,630
Manchester
St. John’s Quarter
Art Gallery
St Peter’s Town by 2025
Square
Midland Piccadilly Central
Museum of
enterprises
Science &
Great
Northern
Hotel The Piccadilly Pro
pos
Industry Station ed
Manchester Village HS
2*
Central
Conference
Centre
Hilton
Peter’s Fields
Hotel Bridgewater
Hall North Campus
Reduced CO2 emissions by
Mayfield
Castlefield
Deansgate Station
Oxford Road
Station
48%
*Indicative only route of planned HS2
approach to Piccadilly
First Street Corridor Manchester
Cultural Quarter
Southern Gateway
A56
A57 (
M) R
ING
ROAD
Manchester
PETER GALLAGHER | +44 161 831 3361 | peter.gallagher@colliers.com
Peel were delighted with
the professional service
and advice provided by
the team. We are now
working with Colliers on
Capital of the northern regional powerhouse and, once again, named by a number of additional
The Economist as the most liveable city in the UK. Manchester has held top Peel Land and Property sites within Trafford
spot for Britain every year since the ‘Global Liveability Index’ was launched City, where £3 billion
Location: Size: Building type:
in 2011 which is based on factors such as political and social stability, Manchester 14.5 acre Retail is earmarked to deliver
crime rates, education, access to healthcare, environment, culture and
infrastructure. How we helped
3.5 million sq ft of retail,
Business too thinks Manchester is a great place to locate and grow, with a record take-up of office Acting for Peel Land and Property, who are one of the North West’s leisure and office space
OUR REGIONS 2020
biggest land owners, we introduced the Williams group to a 14.5 acre
Colliers International
space in 2018, likely to be followed by another record year in 2019. Growing numbers of people are over the coming years.
choosing Manchester as a place to study and live, helping fuel a record number of 4,380 new jobs for site directly adjacent to the intu Trafford Centre where they have
the city region and a boom in both the start-up tech and creative sectors. now opened a flagship retail centre bringing together four of the best
luxury brands together under one roof - showcasing cars from BMW, James Whittaker
MINI, Jaguar and Land Rover. This ‘super site’ also delivers service Development Director,
workshops, and replaces a number of separate properties in various Peel Land & Property Group
parts of Manchester.
14 15
Square Arena
Arena Quarter
College of
Civic Technology
Hall
Leeds General Merrion Centre
Infirmary
Millennium
Square
A58 M Civic Quarter Cathedral
Magistrates Town St Johns
Next 10 years:
A64 M
Courts Hall Centre Grand
The Light Theatre
Park Square
City Leeds City
H1 2020
The Varieties
Core Victoria
College
economy forecasted to
Former Dakota Quarter Victoria
Gate
Quarry Hill Quarry Grade A Office vacancy rate sub
21%
International Hotel Library House
1%
A58 M
Pool Site Bond Playhouse
Court Shopping Quarter
grow by
College of
Music
Kirkgate Bus Station
Central Business District Market Dance
Centre
Crowne Met
Former Plaza Hotel City Square
Trinity
Yorkshire Post
Site Corn
Queens Exchange
Wellington Marriott
Place Hotel Hotel
The Calls Aire Valley
Whitehall Train Station
Riverside
Malmaison Financial/business services:
Hotel
Sovereign Brewery
Wharf
£64.6 38%
Quarter
Prop
Hilton Hotel
o
Former Brewery
sed
Tower Granary Site
Works
HS2
Wharf
ASDA House
South Bank Central Royal
S billion economy of total output
Armouries
tatio
Bridgewater
Place
Round n* The
Ruth Gorse
Foundry Academy
Holbeck Urban Village A61
Leeds City Leeds College
Office Park of Building
Leeds Dock
Temple
Works
Largest city centre residential
Crown Point
11%
City Walk Shopping
Park
growth in North of England
Leeds City
College
projected at
increase
Southern Gateway
Pro
4.5% pa / 17.1%
po
sed
HS
in foreign investment
2C
between 2019 and end 2023
orr
ido
new projects
r*
M621
*Indicative only
Leeds
BEN HALL | +44 113 200 1863 | ben.hall@colliers.com
10/10…..an
exceptional result
with superb
service – way
Leeds is the biggest contributor to the Northern Powerhouse –
the city is the UK’s largest regional finance centre with a total workforce of Q Park Sale & Lease exceeding our
1.4 million.
Over the last decade, approximately £4 billion has been invested in large scale mixed-use development
Location:
Leeds
Size:
500 spaces
Building type:
Car Park
expectations.
projects, with a further £7.3 billion worth of development under construction and in the pipeline.
Channel 4’s decision to open its national headquarters in Leeds has further marked the city as a hub for How we helped
innovation and creativity. In March 2019, Colliers’ National Capital Markets team advised Leeds Hanro Hennig
City Council on the acquisition of Q Park at Sovereign Square in Leeds
OUR REGIONS 2020
Director, Workplace Operations and
Colliers International
city centre. The sale and leaseback deal saw Q Park take a new Facilities for The Stars Group
35-year lease on the 500 space car park, with annual indexation. The Commenting on Colliers advising The
deal represented an excellent opportunity for Leeds City Council to Stars Group on the largest private sector
secure one of the city’s prominent city centre car parks, in turn providing office letting in central Leeds
the council with more control over the future development of this (135,915 sq ft) in over 20 years.
strategic city centre location. Pre-let exchanged May 2019.
16 17
Kelham
A61 Island
Museum The
Chimney A61
House
Kelham Island
A61
A61
Holiday
A61 Inn
world class
Riverside
A61
West Bar
universities
37 miles
Sheffield
Crown Court
Hampton by
Hilton Hotel Hilton
St Vincent’s Quarter Hotel
70,000 students
Victoria
Quays
University
of Sheffield Castlegate
of tram track and the
International
College Cathedral Quarter Premier
Inn A61
Paradise
UK’s first tram-train line
Sq
Park Sq
Cathedral
Castle
Sq
Ponds Forge
Cutlers’
Hall
St George’s University of
Church Sheffield Leopold Sq Orchard Sq
Shopping Park Hill
£35bn
Centre
University of
Sheffield
St George’s Quarter The
Prime Retail Crucible
City Hall Area
Sheffield
Lyceum Interchange
The Town Hall
Circle
John Winter Sheaf Valley
economy
Peace A61
Lewis Gardens Gardens
Millennium
Heart of the City Hotel
Gallery
Novotel
Sheffield Hallam
Devonshire University
Green
Charter Source: SCR Economic Strategy Evidence Base
Devonshire Quarter Square
Sheffield
Midland Station
A61
Furnival Site
Square Gallery
in the advanced
The Moor
The Moor
Jurys Inn
Cultural Industries Quarter
Yorkshire
Artspace
A61
77,000 people employed
manufacturing/
automotive/
aerospace sectors
Market
Moorfoot A61
Building
Premier Inn
A61
Sheffield
GUY GILFILLAN | ++44 7885 033433 | guy.gilfillan@colliers.com
We asked Colliers International
to provide a development
analysis of the entire Olympic
Legacy Park site, involving
office, R&D space, laboratory,
sports arenas, event space, hotel
and leisure facilities. Colliers
Over the last 12 months Sheffield City Region continued on its path to was able to bring together
becoming the UK’s centre of excellence for innovation and advanced Verdion experts in all of these sectors
manufacturing with the completion of Boeing’s flight actuator controls facility Location: Size: Building type: and to provide practical and
and University of Sheffield’s Factory 2050. Peel have just received planning Doncaster 337 acre Warehouse
pragmatic guidance which has
consent for a 3.5million sq ft of advanced manufacturing & logistics park at allowed the University to move
How we helped
the fast growing Doncaster Sheffield Airport. forward to the next stage of this
337 acre greenfield development site located immediately adjacent to
In Sheffield City Centre the Heart of the City II development continues apace with CMS Law signing up Junction 3 M18 Motorway. Outline planning consent has been granted exciting project.
OUR REGIONS 2020
Colliers International
to 47,500 sq ft of new office space alongside HSBC’s new 140,000 sq ft regional office. for up to 6 million sq ft of Grade A logistics space, incorporating a 35-
The city centre skyline is dominated with tower cranes associated with a large number of student and acre Rail Freight Intermodal Terminal. Occupiers who have been taken
residential schemes including Grainger’s Brook Place and Well Meadow PRS schemes providing a total space at iPort to date are Amazon, Fellowes, Ceva and Lidl.
of 521 homes. Director of
Major employment land releases are anticipated taking place around both Junction 36 & 37 of the M1
»» .14m sq ft transacted over 8 deals – Amazon themselves occupy
3 Estates and Facilities
2.027m sq ft over 3 units
motorway as a result of Barnsley’s completion of its Local Plan process. Sheffield Hallam University
A number of local businesses have achieved significant business results and expansion, particularly »» speculatively built units also currently available of 120,000 sq ft
2
companies in the tech and green energy sectors including WANdisco PLC, Xcel-Superturn and ITM and 195,000 sq ft
18 Power. Sheffield has recently been judged to be the best UK city where you could start a business. »» c. 2.6 m sq ft could still be developed over the remainder of the site 19A38 Aston
University
Jewellery Quarter St Pauls Sq
Birmingham Eastside A4540
Children’s Hospital
A47
Crown
Court
Birmingham
City University
Millennium
Snow Hill
Point
Economy worth Growth rate of
Station
Central Business
£25bn 19.2%
Proposed HS2 Corridor
District in the last
5 years
St Phillips Sq
House of A4540
103 Fraser
Colmore Row Proposed New HS2 Station
Council House
Library of Paradise Museum
Barclaycard Birmingham Victoria Sq
Arena Town
The Rep Hall M&S
The International
Convention Centre Retail
Air, road, rail
Moor Street
Rotunda Station
UK’s
Selfridges
Arena Central
Brindleyplace New Street
The Bullring
provide access to
Station
Most
John Lewis
The Debenhams
400m
Mailbox
Harvey
Westside Nicholls
Digbeth
Institute
China Town
Digbeth Digbeth
The Coach Station
investable city people
Cube Wholesale
Markets
The
The Arcadian
Hippodrome
o2 Academy
Five Ways Birmingham
Roundabout
A4540
Largest
Tech Centre
A38 Southside
Edgbaston
A4540
outside London
A4540
Birmingham
JAMES CUBITT | +44 121 265 7580 | james.cubitt@colliers.com
Colliers has adapted
and outperformed
to meet our
specific reporting
Birmingham is definitely moving in the right direction. Current
requirements and
developments such as the first phase of Paradise and Three Snowhill are Jaguar Land Rover pro-actively advise
nearing completion and have changed the appearance of the city and its
skyline - but the future pipeline is even more exciting.
Location:
Junction 11, M42
Size:
2.94m sq ft
Building type:
Distribution
on detailed issues
The Smithfield regeneration site is now cleared and I challenge anybody to find such a sizeable and to ensure our assets
exciting development opportunity so close to the centre of any other regional city. How we helped
Our Industrial & Logistics team have agreed terms for the development continue to operate
of a five building distribution centre for Jaguar Land Rover. The
OUR REGIONS 2020
at the best possible
Colliers International
proposed new 2.94m sq ft would supply circa. 80 markets worldwide
and meet Jaguar Land Rover’s long-term business needs for parts
distribution throughout the UK and Western Hemisphere. It is anticipated standard.
that the new facility will provide a significant number of jobs and the
employment will grow in line with the business needs. This is the
biggest single warehouse/industrial pre-let in the UK. Reef Developments
20 21By 2039, projected population increase
20% to Employment rate is
444,700 1.3% VS
across the UK
Region City Deal
to deliver
25,000 20 m
annual visitors
new jobs
Total commercial property investment volumes:
£365m
Cardiff
JOHN OSBORN | +44 292 105 5723 | john.osborn@colliers.com
Colliers were very
helpful and kept
in touch with us
often. They took
As the sixth biggest retail centre in the UK, Cardiff attracted over 20 million
visitors, bringing £1 billion to the local economy in 2018. Projected growth XLB the time to listen
is attracting investment, with 2018 seeing total commercial investment
volumes of £408 million. Office space is in short supply due to limited
Location:
Cardiff Gate
Size:
4,518 sq ft
Building type:
Office
to us and offer
Grade A development and reduction in secondary stock due to student Business Park
good advice.
accommodation conversion – lack of available space is leading developers to
start speculatively building in the city as recently seen at The Interchange.
How we helped
National Offices Bristol have advised on the refurbishment and
10 out of 10.
OUR REGIONS 2020
Colliers International
Currently 1.6 million people live with a 45-minute commute, with connectivity to be boosted by the marketing campaign of Unit D Copse Walk for XLB. Following the
electrification of the Great Western main line. Furthermore, the recent removal of tolls on the bridges implementation of the recommendations, SMS were identified and a new
crossing the Severn is anticipated to boost travel between South Wales and South West England and 5 year lease was negotiated. Only 2,221 sq ft remains vacant in Unit B.
bring a £1 billion boost to the Welsh economy. Cari and Richard Hydes
Vendors of Elan Valley Hotel,
Rhayader
22 23Bristol Royal Bus & Coach
Infirmary Station House of
Clifton Fraser
Broadmead/Cabot Circus
University of Retail Quarter Old Market
£186.5m
Bristol Campus
Bristol Museum &
Art Gallery
Bristol Marriott
£48.03m
Hotel
Old City
Castle Park
office investment
deals in 2019
Colston
Hall
Finzels
St Philips
of industrial investment deals
Reach
Brandon Hill / Park Street Hippodrome
Radisson Blu
Hotel
Over next 3 years,
Employment
College Green
Old Vic
Queen GVA growth of
rate at
Hilton
Hotel
Square Area
Temple Temple Quay
Quay
Enterprise Zone
2.3%
The
75.2%
At-Bristol Bristol Queen Square
Science Centre Hotel
Harbour Leisure Quarter Bristol City
Council
SS Great Britain
Temple Meads
Station
Redcliffe
Lloyds
St Mary
Redcliffe
M Shed Museum
Spike Island
2nd largest
digital tech cluster outside London
Southville Totterdown
Bedminster
Bristol
JO EDWARDS | +44 117 917 2079 | jo.edwards@colliers.com
Following the provision
of detailed advice on the
refurbishment and marketing
of circa 30,000 sq ft at 1
Redcliff Street in Bristol.
Colliers identified and
negotiated three lettings
Bristol is currently seeing a flurry of speculative development activity,
particularly in the city centre office market. Developers have strong Aberdeen Standard to high quality tenants,
confidence in the city, which is currently showing the lowest vacancy rate of disposing of circa 27,000 sq ft
Location: Size: Building type:
the Big 6. There has been sustained demand for space since 2015, with some Bristol 148,000 sq ft Office in 12 months. The rental tone
significant pre-lets in the market in the last 12 months. Industrial take-up has for this landmark office was
How we helped increased from £25 to over £32
increased on 2018, with high demand underpinned by a lack of supply forcing
Our National Offices team has advised on the comprehensive psf pax. I am very happy with
occupiers to compete for available space. refurbishment of c. 30,000 sq ft in 2019. Following recommendations
OUR REGIONS 2020
the result and all work to date.
Colliers International
Investors recognise the strong credentials the city offers, along with the prospect for significant rental and implementation of a strategic marketing campaign, we have let
growth and continue to seek opportunities to expand their holdings. The long-awaited electrification 20,000 sq ft to Hewlett Packard and Aon, and pushed rents from
of the trainline to London Paddington, putting Bristol just over an hour from the capital will no doubt £25.00 psf pax to just over £30.00 psf pax. A further 6,500 sq ft is Elaine McCann
further increase occupier and investor focus in 2020. under offer and once complete will see the rents increased to an even Senior Portfolio Manager
higher level. Our Commercial Lease Consultancy Department has also Aberdeen Standard
been involved with negotiating and agreeing lease renewals within the Investments
building to further enhance the investment value.
24 25Data Vault
RENTS AND YIELDS Q4 2019 HOUSE TO SALARY RATIO INVESTMENT VOLUMES FOR ALL PROPERTY
AVERAGE REGIONAL
OFFICES RETAIL INDUSTRIAL HOUSE PRICE SALARY (2018 ASHE) RATIO £ MILLION
NOV 2019
RENTS INITIAL ZONE A RENT INITIAL RENTS INITIAL 1 JANUARY 2018 - 31 1 JANUARY 2019 -
REGION CITY £ POUNDS MEDIAN £ MEAN £ % CHANGE
£ PER SQ FT YIELDS % £ PER SQ FT YIELDS % £ PER SQ FT YIELDS % DECEMBER 2018 31 DECEMBER 2019
Aberdeen 31.00# 6.5# 145 8.50 8.50 6.50* 144,928 26,083 31,795 5.6 4.6 259 204 -21%
Scotland Edinburgh 35.00 4.50 215 4.50 7.50 6.00* 277,600 26,471 32,124 10.5 8.6 867 851 -2%
Glasgow 32.50 5.00 325 4.75 7.25 6.00* 136,516 24,346 28,779 5.6 4.7 809 585 -28%
Northern Ireland Belfast 23.00 6.00 150 7.25 5.25 6.25 133,620 25,300 27,200 5.3 4.9 175 215 23%
Leeds 32.00 5.00 210 5.50 6.75 5.00 189,738 23,332 27,637 8.1 6.9 597 873 46%
Yorkshire &
Humberside Newcastle 24.00 6.25 235 5.75 6.50 5.50 164,596 22,918 27,323 7.2 6.0 228 217 -5%
North East
Sheffield 24.00 6.00 155 6.00 6.50 5.25 171,848 22,500 25,680 7.6 6.7 391 221 -43%
Liverpool 23.00 5.25 250 5.00 6.25 5.25 142,280 22,526 26,555 6.3 5.4 461 155 -66%
North West
Manchester 37.50 4.75 220 5.00 7.50 4.75 185,333 26,814 31,448 6.9 5.9 1530 603 -61%
Birmingham 34.50 4.75 260 5.50 7.75 4.50 190,901 25,266 29,865 7.6 6.4 1158 920 -21%
Midlands
Nottingham 20.00 5.50 250 5.75 6.50 4.75 147,667 21,997 26,469 6.7 5.6 157 187 19%
Bristol 37.50 4.75 145 6.25 9.25 4.75 286,432 25,094 30,109 11.4 9.5 348 550 58%
South West &
Wales
Cardiff 25.00 5.50 195 5.75 6.50 5.50 217,054 22,618 27,048 9.6 8.0 410 391 -5%
City 70.00 4.00 275 4.00 N/A N/A 709,998 56,532 84,674 12.6 8.4 8,860 5,152 -42%
London West End 120.00 3.75 - - N/A N/A 938,596* 39,717* 57,630* 23.0 15.9 3,944 2,443 -38%
Bond Street 110.00 4.00 2250 2.50 N/A N/A - - - - - 398 160 -60%
OUR REGIONS 2020
Heathrow 23.00 5.25 - - 16.50 4.00 417,567** 26,993** 33,981** 14.9 11.8 66 8 -88%
Colliers International
Source: Office for National Statistics (ASHE 2018) and Land Registry Source: Property Data
Source: Oxford Economics, ONS (2016 Population Source: Colliers International, #PMA
Estimate)
*City of Westminster Belfast Investment Volumes advised by Colliers Belfast Office
*Refers to industrial units sized 15.1-50,000 sq ft. Other regional rental data refers to units sized 20.1-50,000 sq ft
**LB Hillingdon
Figures in yellow are from Q3 2019
Belfast salaries advised by Colliers Belfast office
26 27OFFICE LOCATIONS
Glasgow
2 West Regent Street, G2 1RW
Tel: +44 141 226 1000
Edinburgh
1 Exchange Crescent,
Conference Square, EH3 8AN
Tel: +44 131 240 7500
Belfast
25 Talbot Street, BT1 2LD
Tel: +44 28 9024 1500
Liverpool
Walker House,
Exchange Flags, L2 3YL
Tel: +44 151 433 0350
Manchester
Chancery Place,
Brown Street, M2 2JT
Tel: +44 161 831 3300
Leeds
1 Broad Gate,
The Headrow, LS1 8EQ
Tel: +44 113 200 1800
Sheffield
The Balance,
2 Pinfold Street, S1 2GU
Tel: +44 114 212 3990
OUR REGIONS
Birmingham
Eleven Brindleyplace,
2 Brunswick Square, B1 2LP
Tel: +44 121 265 7500
IN MAPS Cardiff
Capital Tower,
Greyfriars Road, CF10 3AG
If you wish to view in depth maps of our regional city centres, print friendly versions Tel: +44 29 2105 5720
can be requested from www2.colliers.com/en-GB/Research/Our-Regions-2020
OUR REGIONS 2020
Bristol
Colliers International
Templeback,
10 Temple Back, BS1 6FL
Tel: +44 117 917 2000
28 29HEAD OFFICE 50 George Street London W1U 7GA All information, analysis and recommendations made for clients by Colliers International are made in good faith and represent Colliers International’s professional judgement. However, since the achievement of recommendations, forecasts and valuations depends on factors outside Colliers International’s control, no statement made by Colliers International may be deemed in any circumstances to be a representation, undertaking or warranty, and Colliers International cannot accept any liability should such statements prove to be inaccurate or based on incorrect premises. In particular, and without limiting the generality of the foregoing, any projections, financial and otherwise, in this publication are intended only to illustrate particular points of argument and do not constitute forecasts of actual performance. Colliers International is the licensed trading name of Colliers International Property Advisers UK LLP (a limited liability partnership registered in England and Wales with registered number OC385143) and its subsidiary companies, the full list of which can be found on www.colliers.com/ukdisclaimer. Our registered office is at 50 George Street, London W1U 7GA. www.colliers.com/uk
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