News Summary 11/01/2010
News Summary
MPs back Gatwick runway
Another runway should be built at Gatwick rather than Stansted, according to a new House of Commons select committee report. Following an inquiry, MPs on the transport select committee hjave concluded that the case for another runway at Stansted is unproven, while increasing demand at Gatwick made it the preferred option. Backing the third runway at Heathrow because the airport is already operating at full capacity, the MPs said the case for a second new runway in the South East is based on predicted growth in passenger demand. “The delays in arriving at a final destination on a second runway at Stansted coupled with the recession and declining passenger numbers, mean that a second runway at Stansted is unlikely to be completed prior to 2019 when the restriction on an additional runway at Gatwick expires,” said the committee’s report on the future of aviation. “The government should reconsider whether the additional runway, if required, should be located at Gatwick rather than Stansted.”
Source: South East Business, January 2010
Rate bills cut
Most business rate bills in the South East – more than one hundred thousand – will fall next year as a result of revaluation, according to the government. The government will not collect a penny more of extra revenue as a result of the 2010 revaluation. Regular revaluations are supposed to ensure the rate each business pays is fair and reflects changes in the relative value of property over time. The final arrangements for calculating new business rate bills have been published. Most business properties in the South East (68%) will see falls in their rate bills next year following revaluation. For the minority paying more, the government is putting in place a £2 billion relief scheme, self funded by businesses, that will limit and phase in increases. The government has given the go ahead for the relief scheme following a consultation. Overall, as a result of revaluation and the relief arrangements, one million business properties will see an average decrease of £770 in their bills in 2010/11.
Source: South East Business, January 2010
Isle of Wight harbour goes on market for £3m
A private harbour has been put up for sale for more than £3m. Bembridge Harbour, on the Isle of Wight, has an annual turnover of more than £500,000. It is described as having enough space to moor up to 600 vessels and is the only privately-owned harbour in the Solent. The new owner would be able to control and operate the privately-owned harbour, which was once owned by British Rail. Property consultant Simon Gardiner said there was "strong local interest" in its sale, as well as enquires from overseas investors. He said the harbour lies in an "important and unspoilt" conservation area. "We think that this will attract some newcomers to the business, people who haven't been in this sector before," he added.
Source: BBC News, 05/01/2010
Twycross Zoo to add new attraction
Twycross Zoo near Atherstone, Worcester, will open a new £7m visitor centre called Himalaya next month (February 2010). The attraction, designed and built by Kier Marriott, will look out onto a the snow leopard enclosure and will include a new retail space, a function room for conferences and a new 300 seat restaurant. Also acting as a Tourist Information Centre, Himalaya will have a particular focus on promoting the National Forest and supporting local tourism and other businesses. The zoo has commissioned Somerset-based Abeo Consulting to manage the development of the visitor centre. Suzanne Boardman, the zoo's CEO, hopes that the centre will attract "thousands of visitors" each year. "Tourism is a big part of our economy and with the recession more UK residents are set to holiday at home in 2010," Boardman said. "Himalaya will bring a whole new experience to both visitors and boost employee morale and motivation at Twycross Zoo, which is critical in creating a unique and memorable customer experience. This new centre has been planned to differ Twycross from other zoo's and also to help serve local businesses as well as customers."
Source: Leisure Opportunities, 07/01/2009
Travelodge aims to open 26 hotels in 2010
Budget hotel chain Travelodge has set its sights on opening a further 26 hotels this year. Travelodge’s opening programme, which will add 2,000 new rooms to the Travelodge estate, represents an investment of £115m. It will include new hotels in Edinburgh, London, Aberdeen and Chichester.Travelodge will maintain its focus on city centre and tourist locations with Colwyn Bay and Morecambe adding to its 37-strong seaside portfolio. Grant Hearn, chief executive of Travelodge, said: “Despite a very challenging market, we have chosen to invest and grow throughout the recession and for many more years to come. "The prevailing economic climate has accelerated the forecasted structural change of the hotel market as consumers have chosen low cost, quality accommodation rather than over priced full service and mid market establishments.”The new hotels will bring Travelodge’s total portfolio to over 400 UK properties and over 30,000 rooms.
Source: Leisure Opportunities, 04/01/2010
PPG confirms sale of 141 Bothwell Street for £66.5m
The Premier Property Group has confirmed it has sold its 141 Bothwell Street office development in Glasgow for £66.5m, representing a 6% yield. PPG, the commercial property investment and development arm of Murray International, sold the 175,000 sq ft offices, completed in February 2009, to Aberdeen Property Investors acting on behalf of Strathclyde Pension Fund. Andrew Glasgow, director of PPG, said: “This has been a textbook development. "We have created a true landmark building and secured a fantastic tenant line-up." DTZ acted for PPG; Phil Reid Associates advised Aberdeen.
Source: Estates Gazette, 07/01/2010
Thornfield subsidiary placed into administration
Thornfield Ventures Limited, a subsidiary of HBOS-backed Thornfield Properties, has gone into administration.Deloitte was today appointed administrator to the non-trading holding company which held The Rock shopping development in Bury, Lancashire. Hammerson has been appointed to complete the development, which is currently under construction. Deloitte has not been appointed for the Thornfield Bury companies, nor any Thornfield Capital Limited group company including the group’s main operating company, Thornfield Properties, which is 50% owned by Bank of Scotland. Phil Bowers, partner at Deloitte, said: “We are working closely with all stakeholders to support the completion of Bury and maximise the potential of the other development schemes. "It has been agreed by all parties that Hammerson, a leading European development and asset management partner, has been appointed to deliver the completion and opening of Bury and will also be supporting the joint administrators in evaluating the other schemes in the portfolio."
Source: Estates Gazette, 07/01/2010