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Richard Bache of TSR Wolverhampton, shares his views on the market for us

wantspacegotspace.co.uk - Richard Bache of TSR Wolverhampton, shares his views on the market for usWhere has the time gone?  We are fast approaching the second quarter of 2013 and we’ve not stopped to draw breath.  This should mean the market is flying!  However we all know that that the market continues to be tough and getting deals over line seems to take more and more effort to achieve the desired results.

That said there is definitely an appetite from occupiers and investors alike if the property is priced sensibly.  We have disposed of or have under offer a range of properties including retail investments, vacant restaurants, industrial premises of all sizes and even city centre office suites that have been very difficult to move on over the past few years.

Looking to the future, the question we have to pose in Wolverhampton and the Black Country is where is the new stock coming from? 

Almost all good quality and relatively new stock has been taken and there still seems little prospect of speculative new development in the foreseeable future.  We know that there are tenants and buyers out there in the market, although most continue to be budget driven.  Until the new development sector dips a toe in the water again the market will only limp forward rather than showing any significant improvement.

It also remains to be seen if the government’s new build empty rate relief for commercial property completed between 1st October and 30th September 2016 for the first 18 months will have a positive effect on new development.

News out of MIPIM this year is far more upbeat, driven mainly by the south east market but in Wolverhampton and the Black Country we have some of the best opportunities for investment as evidenced by Jaguar Land Rover who have already announced plans for expansion of their new site at i54.

The convenience store sector continues to grow with well located sites, former pubs, etc with demand from the major operators. We’re also watching the relaxation of planning rules on converting offices to residential with interest and see this as a potentially growing sector and an answer to giving a new lease of life to old, tired office buildings.

The Chancellor in the Budget on 20th March had little room to manoeuvre but it is disappointing to see no change on void rates or the postponement of the revaluation. One positive note for the retail sector in the government’s announcement that they are to consult on the potential to change retail into residential without the need for planning permission.

Posted by The Editor (wantspacegotspace) on 25th March 2013

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