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NEWS & VIEWS

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PDR (Permitted Development Rights) is rapidly depleting supplies of office space across the Thames Valley, according to Andy Jansons when he spoke at the Five Counties Conference last week in High Wycombe. As local authorities across the Thames Valley rush to submit their Local Plans and meet Government housing requirements, office space is being taken out of the market and in key towns like Windsor, rents have increased towards the magical £35+ per sq ft due to lack of supply in the SME

Peter Bill blasts PM's 'huge error of judgement'

Former Estates Gazette editor Peter Bill told Thames Valley property professionals he believes uncertainty caused by Donald Trump’s presidency is more damaging then Brexit. Mr Bill spoke at the Five Counties Conference at the Wycombe Swan on February 22 and made clear he was no fan of the US president and disapproved of Theresa May’s invitation for Mr Trump to visit the UK. Mr Bill reported a conversation with deputy political editor for BBC News, John Pienaar in which Mr Pienaar said the

'Back to basics' call from developer Andy Jansons

Land for industrial developments is being lost to other uses because of  the sector’s low rents. Developer Andy Jansons addressed hundreds of property professionals at the Five Counties Conference at Wycombe on Wednesday, February 22 and gave delegates real life examples of the issues being caused by housing demand and rising office rents. And he backed up his call for Green Belt land to be made available for both housing and industrial uses. Mr Jansons, managing director of

Retail block acquired in £20m deal

Specialist institutional investor COREM IM has announced it has acquired a multi-let retail block in Broad Street, Reading. The building was bought from Standard Life Pooled Property Pension Fund for around £20m. The deal is the second purchase since COREM launched. The first was the acquisition of House of Fraser in Leamington Spa in August 2016. Peter Lillington, director at COREM said: “We are delighted to make our second institutional investment, this time buying a prime retail block in

Workplace parking levy plan thrown out

Proposals to investigate a workplace parking levy (WPL) in Reading have been thrown out by councillors. Green Party members had asked the meeting of the full council on Tuesday, February 21 to vote for its plan to look into charging businesses around £1 a day for a parking space. The businesses could then pass that on to the consumers if they wished. The Greens said its proposal would raise £9 million a year which would have to be reinvested in sustainable transport. Putting forward the

Bracknell urges third runway feedback

Bracknell Forest has joined the councils who want residents’ feedback over Heathrow expansion plans. Last October’s Government decision to support the third runway has brought about a 16-week public consultation which started on February 2. A series of consultation meetings has been set out, mostly in areas closer to the airport. The draft Airports National Policy Statement, issued by the Department for Transport sets out the policy as it apploes to major infrastructure projects. Cllr Paul

New occupiers at Festival Place

A year after acquiring Festival Place in Basingstoke, AEW reports two new retailers giving the centre a vote of confidence. Next has taken a 48,000 sq ft anchor unit, which doubles the floorspace of its previous store, and sport footwear shop Skechers has taken a 2,800 sq ft unit. Next will join Debenhams and Marks & Spencer as anchor stores. AEW also plans to up the food and beverage (F&B) offer. The Vue Cinema is currently installing its own luxurious recliner seating and nearby F&B

Work starts on Park Drive East at Milton Park

Work has begun on a £24 million, 110,000 sq ft development at MEPC’s Milton Park near Didcot. Park Drive East will consist of three buildings (141, 142 and 143 Park Drive), totalling 110,000 sq ft, including a 42,000 sq ft Grade A office building, and two hi-tech laboratories totalling 68,000 sq ft. The office building is expected to complete by the end of this year. The two remaining buildings are expected to complete in spring 2018. The development, designed to be adaptable for various

Three more retailers sign up for The Lexicon

Retail brands Pandora, New Look and KIKO Milano have signed up to move into the Lexicon, making the centre now 70 per cent pre-let. And with just over six months remaining until the opening, a further 68,000 sq ft is in negotiations. Jewellery store Pandora has taken 1,389 sq ft on The Avenue, the centre’s premium street where it will join Beaverbrooks and Fat Face. The Avenue will link the centre’s two anchor stores, Fenwick and Marks & Spencer. Richard Poyser, retail leasing manager for The

Rushmoor seeks to protect employment sites from Permitted Development

The spread of Permitted Development Rights (PDR) schemes has prompted Rushmoor Borough Council to seek to prevent further developments at some of its key employment sites. The council made an 'Article 4 direction' to start the process of withdrawing certain PDRs on land identified in its draft Local Plan, as strategic and locally important employment sites. The move is aimed at protecting buildings on those sites from being converted into residential use which, under PDR, can be done without