Business
Commercial property demand falls but investment enquiries for industrial space up
![](https://pembrokeshire-herald.com/wp-content/uploads/2021/05/business-in-wales-1.jpg)
OVERALL occupier demand for commercial property in Wales declines at all-sector level
Industrial space continues to outperform both retail and office sectors
Surveyors in Wales more optimistic on the 12-month outlook for capital values
Occupier demand for commercial property in Wales fell in Q2 after rising through the first quarter of the year according to the latest Royal Institution of Chartered Surveyors (RICS) Commercial Property Monitor as the industrial sector continues to outperform both office and retail.
A net balance of -17% of surveyors in Wales reported that occupier demand fell at all-sector level through the second quarter of the year. Looking at the subsectors, demand for both office and retail space was reported to have declined, with net balances of -25% and -27% respectively. Occupier demand for industrial space was noted to have fallen flat through Q2.
At all-sector level, a net balance of -19% of surveyors in Wales reported a fall in investment enquiries. Investment enquiries were up in the industrial sector, with a net balance of 6% of respondents noting an increase. A net balance of -36% of survey respondents noted a fall in demand from investors, and -27% reported a fall for office space.
Capital values are expected to fall in the short term, with a net balance of -13% anticipating a decline over the next three months at all sector level, down from 7% in Q1. Looking at the subsectors, industrial space is the only subsector in which capital values are expected to rise with a net balance of 27% anticipating an increase. A net balance of -23% of Welsh respondents expect a fall in retail space and -43% in office space.
On the 12-month horizon, surveyors in Wales appear more upbeat with a net balance of 13% of respondents anticipating a rise in capital value expectations over the next year at all-sector level. Surveyors in Wales anticipate that capital values for both office and industrial space will rise over the next year, 8% and 47% respectively whilst retail space is expected to fall (a net balance of -17%).
Chris Sutton of Sutton Consulting Ltd in Cardiff commented: “The industrial market remains strong, particularly along the M4 corridor with quoting rents of £9.00+psf on St Modwen Park, Newport for Grade A large units. On the opposite side of Newport, KLA has developed a 220,000 sq ft production / R&D facility at Imperial Park. Other bright spots are the data and energy sectors. In Cardiff, Grade A offices remain in demand as tenants readjust their occupational footprints to increased tech and new working practices.”
Haydn Thomas of Hutchings &| Thomas property consultants, in Newport added: “The South Wales commercial property market remains fairly static, with some sectors such as industrial space and roadside drive thru doing well. Lack of supply of front door owner occupier office space remains an issue especially from 3-5,000 sq ft. Demand for office space with larger floor plates remains low; Cardiff City may be bucking this trend slightly. Retails in city centres remains a problem, however, some smaller market towns seem to be doing well in terms of occupancy.”
Commenting on the UK picture, RICS Senior Economist, Tarrant Parsons, says: “Overall activity remains relatively subdued across the UK commercial property market, with conditions seen as generally flat in Q2. That said, respondents now feel the market is moving towards the early stages of an upturn following a challenging couple of years.
“The near-term path for monetary policy will be key to the outlook for CRE investment going forward, although hopes of an immediate easing in lending rates may be optimistic given still sticky services inflation (even if the headline rate has returned to target). Away from the cyclical picture, a strong structural trend that continues is the outperformance of prime office markets compared their struggling secondary counterparts. In particular, prime offices across London are seen delivering solid capital value and rental income returns over the coming twelve months.”
Business
West Wales airport most people have never flown from under new management
![](https://pembrokeshire-herald.com/wp-content/uploads/2024/09/swansea-airport.jpg)
A NEW group has taken over the operation of Swansea Airport after what were described as high-level talks with the site’s owner, Swansea Council. Swansea Airport Stakeholders Alliance is running the airport on a temporary basis after the previous leaseholder agreed to relinquish its lease.
The airport will continue to operate, and the council said it would soon start a process to find a long-term tenant. Council leader Rob Stewart said: “We’re delighted to have the alliance in place as a temporary new leaseholder. They’ve started running the airport and its members are eager to make a success of it.”
Council joint deputy leader David Hopkins said: “We’ll start to look for a long-term solution through a competitive tender process. The alliance will have the opportunity, with others, to bid in that process. There’ll be opportunities for future investment in Swansea Airport.”
The council said a range of issues with the previous tenant had arisen over recent years, resulting in the existing lease being brought to an end. It did not envisage any additional cost to the taxpayer and said the airport would remain open.
Bob Oliver, chairman of the alliance, said: “Today marks the culmination of three years of intensive work by the alliance. I pay tribute to the skill and professionalism of alliance members, of our stakeholders and of the council, who have put their faith in us to secure a brighter future for the airport.
“Our first task is to take stock of what we have inherited and then begin to bring the airport back to life – to make it a welcoming place to visit, to start delivering social, environmental and economic benefits to the council and the people of Swansea and to make it a facility we can all be proud of.”
Business
Local builder named as top finalist in Screwfix Tradesperson Awards 2024
![](https://pembrokeshire-herald.com/wp-content/uploads/2024/09/solva.jpg)
SOLVA builder Chris James is constructing his way to the top after being shortlisted for the final ten of the 2024 Screwfix Top Tradesperson Award.
The 37-year-old, who has been in the construction industry for the past 15 years, will now go head-to-to-head with nine other finalists from across the UK and Ireland after beating off fierce competition from over 1,000 applicants.
Chris’s company, Kingsmere Carpentry and Construction, is also committed to raising funds after securing over £50,000 for the children’s charity ‘Farms for City Children’. The charity enables children from disadvantaged communities to find out about working on farms in the countryside.
Chris is also committed to working sustainably bu using waste responsibly by using excess wood to fuel fires. He also plans to invest in a new fleet of electric or hybrid vehicles for use in his company.
In addition to gaining the coveted title, the, the winner will take home a trade bundle of tech, tools and training worth £20,000.
The finals take place at Screwfix LIVE on Friday, September 27 where a panel of industry experts will put Chris and the other finalists through their paces before selecting this year’s overall champion.
Business
Nearly 100 new homes ‘for local people’ approved in Tenby
![](https://pembrokeshire-herald.com/wp-content/uploads/2024/08/Brynhir-development.jpg)
A CONTROVERSIAL Tenby housing scheme with nearly 100 “local houses for local people” which will be visible from the island of Caldey has been approved by national park planners
In 2018, Pembrokeshire County Council, which already owned the 15-acre Brynhir site on the edge of Tenby, ‘bought’ the land for £4million using its Housing Revenue Account.
Campaigners fought a two-year battle against the use of the land for housing, calling for protection for ‘Tenby’s last green space’ and fearing it would become a ‘concrete jungle’.
The county council was granted outline planning permission by the Pembrokeshire Coast National Park Authority for the development of 144 properties – including up to 102 affordable units – in 2020.
It is now proposed that only 125 houses will be built, 93 of them affordable, and, of the 32 Open market dwellings, 16 are shared ownership properties.
Amendments also included the removal of a Multi-Use Games Area (MUGA), one of two Local Equipped Area for Play Spaces (LEAPS) instead providing a multi-use space for ball games.
The reserved matters application, backed in principle by Tenby Town Council, was recommended for conditional approval at the Pembrokeshire Coast National Park development management committee meeting of September 4, despite being contrary to the provisions of the Development Plan.
Tenby Civic Society has raise numerous concerns to the scheme and 20 objections were also received from members of the public, raising concerns including loss of green space, traffic issues, privacy, design, visual impacts and the scale of the development, sewage capacity, the site being no longer allocated for housing, potential antisocial behaviour within the play area, and a limitation on second homes/holiday lets being required.
At the September meeting, concerns about the proposal were raised by Jane Merrony of 1,100-member Tenby Green Space Preservation Society, who said it was inappropriate in its proposed location and “a visual intrusion which will be seen from Caldey Island”.
She told members the scheme would place “extreme pressure” on existing waste water infrastructure and questioned the viability of the development, with fears it could be sold off to a private developer.
The application was passed by park planners after approval was moved by Cllr Di Clements, who expressed her difficulty in weighing the balance between green spaces and housing needs.
Speaking after the meeting, local county councillor, and committee member, Cllr Sam Skyrme-Blackhall said building work was expected to start next year, adding: “These will be let on a local letting policy – they will be local houses for local people. They can’t be sold, they will always be council housing.”
She added: “I believe that this is a hugely important decision for Tenby. We need housing for local people and I am delighted that 93 properties will be council housing. This is good news for our Schools and good news for Tenby. Properties will be let on a strict local letting policy, which means Tenby and the immediate surrounding area only.
“I would like to congratulate the teams from Pembrokeshire County Council on getting to this stage but I also say loudly and clearly that the real hard work starts now and we have to do all that we can to ensure that these properties are built as soon as possible. We have a housing crisis now and need these properties built and let to local people.
“I know that not everyone will be happy. There are people who opposed the scheme for quite legitimate reasons but in the end, for me the balance of the argument was in favour of the scheme and the housing it will provide.”
Fellow Tenby councillor Michael Williams welcomed the scheme but raised concerns about foul water drainage.
“The initial proposal was to run foul water in a North Westerly direction with a new pipeline and despite reassurances from Dwr Cymru I still have major concerns about the capacity of the existing system to deal with such a large development. There are also in my opinion unaddressed concerns regarding storm water runoff and inadequate landscaping on the southern boundary.”
-
Crime4 days ago
Man who threatened to chop off teenage girl’s ears given community sentence
-
Crime7 days ago
Three men in charged with kidnap following attack on west Wales man
-
Entertainment5 days ago
Mary Poppins star Glynis Johns laid to rest in West Wales
-
Crime5 days ago
Burglary at Royal Mail Sorting Office in Pembroke Dock
-
Crime6 days ago
Woman charged with murder of six-year-old boy in Swansea
-
Crime2 days ago
Taxi driver’s death leads to death by dangerous driving charge
-
News7 days ago
Former Tasker Milward pupil Matt Bush claims Taekwondo Gold
-
Crime6 days ago
How Dyfed-Powys Police cracks down on the drug gangs exploiting West Wales