Connect with us
Advertisement
Advertisement

Business

Occupier demand for commercial property in Wales remains subdued

Published

on

WHILST occupier demand remains in decline, there has been improvement quarter-on-quarter
Investor and occupier demand for industrial space remains stronger than retail and office
12-month rental and capital value expectations improved markedly, driven by the industrial sector
The commercial property market in Wales remained sluggish and lacking momentum in Q4 2023, according to the latest Royal Institution of Chartered Surveyors (RICS) Commercial Property Monitor. However, there were improvements on the previous quarter, and forward-looking sentiment improved markedly.

A net balance of -23% of surveyors in Wales reported a fall in occupier demand through Q4 2023, and although remaining in negative territory, this was an improvement from the -42% that was seen in Q3. Looking at each subsector, a net balance of -18% of Welsh respondents reported a fall in demand for office space, -4% for industrial and -45% for retail space. Again, these each represented less negative sentiment than in the previous quarter.

Looking at investor demand, this also improved quarter on quarter, but only marginally. A net balance of -32% of respondents in Wales reported a fall in overall investment enquiries, up from -35% the quarter previous. Investor demand for both retail and office space continued to fall (net balances of -47% and -50% respectively). According to surveyors, investor enquiries for industrial space fell flat through the final quarter of the year.

Short-term capital value expectations also improved quarter-on-quarter whilst remaining in decline. A net balance of -22% of respondents in Wales expect a fall in overall capital values, and although this is the sixth consecutive quarter this figure remains in negative territory, this figure has improved from -40% that was seen in Q3, and -30% that was seen in Q2. Industrial is the only subsector in which a net balance of surveyors in Wales expect a rise in capital values over the next three months.

However, longer term, overall capital value expectations seem more positive according to Welsh surveyors. A net balance of -5% of respondents expect all-sector capital values to fall over the next 12 months. This is up from -38% in Q3. This is largely driven by the industrial sector though, with a net balance of 50% of Welsh respondents anticipating capital values to rise for industrial space over the next year.

Rents are anticipated to fall at all-sector level in the short-term but expectations are less negative than the previous quarter. A net balance of -11% anticipate that rents for commercial property will fall through the first quarter of 2024, compared to -25% in Q3. Industrial space continues to be the strongest subsector with a net balance of 39% of respondents expecting rents for this type of space to rise through Q1 2024. On a 12-month horizon, rental expectations are their least negative since June 2022, with a net balance of -7% of respondents. Expectations for industrial rents in a year’s time are at their highest in three quarters.

Robert James Harrison of Triang Developments Ltd in Welshpool commented: “There remains a shortage of industrial buildings for business growth in parts of Wales due to a lack of availability of development land and high construction costs.”

James Perry of Property Consultants in Cardiff added: “I predominantly deal with industrial property and whilst demand has reduced slightly over the last six months, it is still strong and outstripping supply for all but the largest properties.”

Commenting on the UK picture, RICS Senior Economist, Tarrant Parsons, said: “Current conditions remain challenging across the UK commercial property market, with investor demand still being weighed down by the tighter lending climate and uncertain outlook for values. At the same time, relatively weak momentum with respect to economic activity more generally is taking its toll on tenant demand, with the ongoing structural challenges facing parts of the office and retail sectors also hampering market sentiment. That said, the significant turnaround in expectations for monetary policy of late provide a reason for cautious optimism going forward, and the latest results do point to a more stable backdrop for credit conditions coming through this quarter.”

Business

Pembrokeshire households face energy bill hikes, but Solwr offers a solution

Published

on

Households are bracing themselves for yet another energy price increase, effective 1st October 2024. With inflation driving costs skyward and recent changes to the energy price cap, experts predict that many families will feel the strain more than ever this winter. However, a Pembrokeshire-based energy company, Solwr, claims it can help residents save up to £1700 on their annual energy bills.

New Energy Price Cap Means Higher Bills for Most

Energy regulator Ofgem has confirmed that the energy price cap for standard tariffs will increase this October, following months of uncertainty in the market. This increase means that the average household energy bill could rise significantly, leading to a financial squeeze for millions of families. For many, the cost of heating homes during the colder months has become a major concern, with energy usage often surging during winter.

The latest energy cap announcement follows a turbulent period in the energy sector, characterised by soaring wholesale prices and the ongoing repercussions of global energy market instability. This has put many UK households in a tight spot, with some already having to make difficult decisions about how to budget for the upcoming winter season.

Martin Lewis, the well-known financial expert, has previously urged consumers to shop around and consider fixed-rate tariffs in anticipation of such hikes. With the October cap increase looming, the time to take action is now. For those living in Wales, the solution may be closer than they think.

Solwr’s Solution: Save Up to £1700 Annually

Solwr, a renewable energy company based in Haverfordwest, Pembrokeshire, is stepping in to offer a lifeline to residents facing the energy price hike. By switching to Solwr’s innovative energy solutions, households can potentially save up to £1700 a year on their energy bills. This considerable saving is not only a financial relief but also a push towards a more sustainable energy future.

The company’s approach involves helping customers install solar panels and battery storage systems, thereby reducing reliance on the National Grid and offering long-term, renewable energy solutions. With energy produced on-site and stored for use when needed, homes can significantly cut down their electricity costs, especially during peak usage times when energy prices tend to spike.

“Our mission is to empower local communities by providing affordable and sustainable energy solutions,” a spokesperson for Solwr said. “With the new price cap taking effect, it’s never been more crucial for households to explore alternative energy options. We aim to help families not just manage, but actually reduce their energy costs in the long term.”

How to Benefit from Solwr’s Offerings

Pembrokeshire residents interested in reducing their energy bills can explore Solwr’s services by visiting their website or contacting their Haverfordwest office for a consultation. The process involves a thorough assessment of the home’s energy needs, followed by a tailored plan to maximise solar energy production and storage capacity.

Unlike traditional energy suppliers, Solwr offers a more hands-on approach, guiding customers through the installation and use of solar power systems. Not only does this empower customers to take control of their energy consumption, but it also contributes to a more eco-friendly community by promoting the use of renewable resources.

Further Benefits: Insulation from Market Fluctuations

Aside from the immediate financial benefits, switching to solar energy with Solwr also provides long-term security against future energy market fluctuations. With energy prices subject to ongoing uncertainty, having an independent energy source can protect households from the volatile pricing of traditional energy suppliers. By investing in solar panels and battery storage now, customers can lock in savings for years to come.

For those worried about the upfront costs of such an investment, Solwr offers various financing options, making it accessible for a range of budgets. The company is also keen on supporting government initiatives that provide grants and incentives for installing renewable energy solutions, ensuring customers can access available funding to offset initial installation expenses.

Take Action Before the Winter Chill Sets In

With the 1st October price cap increase just around the corner, time is of the essence for UK households looking to mitigate the impact of soaring energy costs. By acting swiftly and considering alternative energy solutions like those provided by Solwr, Pembrokeshire residents can safeguard their finances and contribute to a greener future.

As energy costs continue to rise, exploring renewable energy options like those offered by Solwr could be the key to not just surviving, but thriving through the coming winter. For those interested in taking control of their energy consumption and saving up to £1700 annually, now is the perfect time to consider making the switch.

For more information, visit Solwr’s website or reach out to their Haverfordwest team to start the journey towards a more affordable and sustainable energy future.

Contact Solwr:
Website: https://solwr.wales/
Address: Haverfordwest, Pembrokeshire, Wales
Phone: 08000 30 27 77

Continue Reading

Business

Derelict Roch Gate Motel could get £2.6m redevelopment

Published

on

A £2.6M scheme to redevelop a derelict ‘eyesore’ motel close to the Pembrokeshire seaside village of Newgale with the promise of creating 18 jobs has been submitted to national park planners.

Nick Neumann of Newgale Holidays wants to redevelop the former Roch Gate Motel to a mixed commercial and community use hub called ‘The Gate,’ including a village shop/post office, bistro/restaurant, conference facilities and business units together ancillary works, and a separate tourism development of up to 25 holiday lodges.

The vacant derelict former motel – dubbed an “eyesore” in previous applications – closed back in 2008 and has a history of later approved planning schemes, including as a bespoke hotel and an affordable housing scheme, but none have come to fruition.

The new proposed development was the subject of a pre-application consultation last autumn, and has now been revised following “feedback received from the Park Authority on planning issues and from relevant consultees and third party representations,” a supporting statement says, adding: “the applicant has now had time to review and revise the proposal to address any concerns raised and is now supported by further technical documents.”

Since that consultation changes to the submitted scheme include external appearances on the main building, the removal of a drive-thru element, and an additional two business units.

At the time of last year’s consultation, agent Andrew Vaughan-Harries of Hayston Developments & Planning Ltd said: “The former motel site has laid vacant for several years and is now derelict and largely abandoned. Despite an application being granted for its redevelopment as a bespoke hotel and a more recent application for an affordable housing scheme being recommended for approval by the authority (subject to the completion of a legal agreement) neither of these schemes have materialised.

“These schemes were submitted by the previous owner of the site and clearly failed to deliver.

“The application proposal comprises different business, commercial, community and tourism elements. Since purchasing the site more recently, the applicant seeks to present a different and exciting mixed-use redevelopment on the site which would be of significant benefit to the local community.

“The authority has previously accepted that the site is unlikely to return to its previous use as a motel/hotel. Roch has sadly recently lost its only village shop/post office and fish and chip shop. The shop/post office closed in the last 12 months and the fish and chip shop several years ago.

“The proposed business/community hub would include the provision of a replacement village shop/post office, a bistro, rooms that would be available for conferences and local community uses, together with three small business units.”

The statement added: “In addition to the business/community hub, it is also proposed to create a modest tourism development comprising up to 25 holiday lodges on part of the adjacent field to the southwest. This tourism development forms part of the overall business plan for the site and to provide an income stream in support of the main redevelopment site.”

Speaking after the amended application was submitted, Mr Neumann has said: “The feedback we received was overwhelmingly positive. However, PCNPA raised some policy concerns, which we have been addressing over the past six to nine months.

“In response, we have made a few adjustments to the scheme. These include minor changes to the external appearance of the main building to ensure it more closely aligns with the traditional architecture of Pembrokeshire. Additionally, we have removed the drive-through element to reduce littering and cut down on vehicle emissions, ensuring a cleaner environment and promoting sustainability to the benefit of everyone within our community. In its place we have added two more business units to further support local business enterprises and start-ups.

“We have listened to the feedback, taken action, and fulfilled all the statutory requirements. Now, we are hopeful that the proposal, along with our formal planning application, will be viewed favourably by both PCNPA planners and the wider community.”

He finished: “If you share our vision to transform the current derelict site into a vibrant community hub with a £2.6m investment, bringing 18 full-time jobs and much-needed local amenities then we urge you to voice your support. Now is the time to let the planners know how much the development means to our community. Together we can make this vision a reality.”

The application will be considered by park planners at a later date.

Continue Reading

Business

Pub told to remove decking built after child nearly run over

Published

on

A PEMBROKESHIRE seaside village pub will have to remove decking, installed for safety reasons after a child had near miss with a vehicle, because it fell foul of national park policy.

Kath Lunn, of the Hibernia Inn, Angle, sought retrospective planning permission from Pembrokeshire Coast National Park to keep wooden decking installed at the front of the pub in April of this year.

The application was submitted after national park enforcement investigation.

The proposal – in the village’s conservation area – was supported by Angle Community Council, and two letters in support of the scheme, on highway safety grounds, were also received.

Kath Lunn, in her application said the decking was erected following a near miss with a child on the adjoining road earlier this year.

“There has always been bench seating there with umbrellas, but earlier this season there was a very close miss when a diner’s child ran into the road and was almost knocked down. We felt it our duty of care to the customers to make the area safe.

“We considered a brick wall but thought this decking would be more aesthetically pleasing being made of natural wood. We did extend out a little further than we wanted to, to avoid cars parking and causing an obstruction in the roadway as we have experienced this in the past.”

Concerns were raised about the design by the park’s building conservation officer, who said: “The works clearly neither preserve the character or appearance of the conservation area, especially the latter.

“I am aware of the problems facing village pubs and the need to provide improved facilities – and the pub is clearly vital to the community.

“There is potential here for an alternative scheme whereby the front garden is enclosed by a traditional wall and the tables and chairs provided within a nicely landscaped frontage. That would be a gain from the original open tarmac area and hopefully would provide a viable option.”

An officer report for park planners recommended refusal on the grounds of the impact it would have on Angle’s Conservation Area.

It added: “The applicant has stated that the new decking would create a safer area for patrons, due to the front seating area being in close proximity to the highway.  This application has been submitted as a result of investigations being carried out by the authority’s enforcement investigation section. It is understood that the raised decking has only been erected on site earlier this year.”

While the conservation officer’s alternatives were noted, “the current application is a refusal due to the impact on the Conservation Area,” adding: “It is considered by officers that the retrospective development appears as a bulky adjunct when viewed from the highway and stands out as a discordant element within the village, at odds with the prevailing character and appearance of the street scene and neighbouring listed buildings, which form an important part of the setting.”

Continue Reading

Health8 hours ago

Glangwili Hospital faces increased pressure as children’s services centralised

GLANGWILI HOSPITAL in Carmarthen is set to face a surge in demand as it becomes the main provider of children’s...

News12 hours ago

Teenager arrested following serious crash in Cardigan

A TEENAGER has been arrested on suspicion of drink driving, causing serious injury by dangerous driving, and failing to stop,...

Crime2 days ago

Milford man in court for creating indecent pseudo images of children

A 23-YEAR-OLD Milford man is to appear before Swansea Crown Court for sentencing after admitting to making 15 pseudo indecent...

Crime2 days ago

Man in court for ‘goading people to fight’ in castle square

A MAN has appeared before magistrates after goading people to fight with him in Castle Square, Haverfordwest. CCTV footage shown...

Crime3 days ago

Milford Haven man to face court over multiple historic sexual offences

A MILFORD HAVEN man is due to appear in court in connection with a series of historical sexual offences against...

Business3 days ago

Award winning butcher’s plea against road changes in Haverfordwest

Prendergast Butchers, a well known family-run business, faces a new challenge that it says could threaten its very future. The...

News4 days ago

British triathlete Pete Dyson triumphs at Ironman Wales 2024

IN a stunning display of endurance and determination, Britain’s own Pete Dyson emerged as the champion of Ironman Wales 2024,...

News4 days ago

Ironman cycling stage: A demanding course in variable Welsh weather

THE IRONMAN Wales triathlon continued today with the cycling stage, a 112-mile journey that carved through the heart of Pembrokeshire,...

News4 days ago

Ironman Wales 2024 kicks off in Tenby with grueling swimming challenge

AS dawn broke over Tenby on Sunday (Sept 22), the Ironman Wales commenced with its most visually stunning segment: a...

News5 days ago

Van crashes into popular Pembroke restaurant

EMERGENCY services responded to an incident in Pembroke after a van crashed into a well-known local restaurant on Saturday (Sept...

Popular This Week