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Shopping centres account for nearly 15% of total retail floorspace in the UK. Costar estimates that there are more than 1,400 shopping centres across the UK of which only 276 are classified as “Prime” or “Major Urban”. While representing less than 20% of shopping centres by number, these dominant schemes account for nearly 50% of total shopping centre floor space on their database. The space that remains is spread across more than 1,100 schemes which are variously defined as “Urban”, “District” or “Neighbourhood” but all of which, in investment parlance, might be labelled “Secondary” or even “Tertiary” shopping centres. Many of these secondary schemes are now dated and visibly starting to struggle. The logic that led to their initial development is increasingly undermined by the growth of online sales and the preference of consumers for more convenient retail parks on the edge of town centres.
Technological advances remain as captivating and disruptive as ever for the real estate, infrastructure and construction industries; digital disruption is shaping our future. This disruption will be driven by both changes to the needs of the consumer and also changes to how work is carried out within the real estate, infrastructure and construction industries.
The first lesson my fellow undergraduate coursemates and I were taught at university was that ‘planners do not plan towns’. A useful clarification, but what followed was arguably more noteworthy. It was explained that we had picked an exciting time to be involved in planning, even if we were not to be gifted a blank slate on which to design new settlements.
Crane Surveys 2018
Backed by significant investor confidence, strong business communities and an influx of new talent, the latest Regional Crane Surveys show an unparalleled scale and volume of development.
The Mayor of London has published his draft London Plan, which is open for consultation until 2 March 2018. In a briefing on the plan last Friday, Deputy Mayor for Planning Regeneration and Skills, Jules Pipe said that the plan already carries “material weight”. From our discussions with GLA officers, it seems that the GLA will be using it in planning decisions from now on.
Sadiq Khan has published the final version of his affordable housing and viability supplementary planning guidance (SPG). This was consulted on earlier in the year. The final document has remained very similar to the draft but with a number of subtle differences. It sets out the Mayor’s approach to strategic applications that are referred to him, noting that Local Planning Authorities (LPAs) are encouraged to follow the same approach for all schemes providing 10 or more homes.
A brief introduction to the loan portfolio market today
The international loan portfolio market has seen significant growth and continued innovation in recent years, as lenders bundle up and offload risk from their balance sheets. Large scale portfolio transactions are often key to stabilising the positions of ‘problem’ lenders; as we write, details are emerging on recently rescued Spanish lender Banco Popular’s €30bn non-performing loan portfolio.
“From the outset, the team developed a fresh and innovative approach which sought to avoid a ‘one size fits all approach’. We wanted to create a Residential Quality Guidance which is engaging to all, grounded in the distinctive sense of the place that is Manchester, and which addresses quality at all stages of a development’s lifecycle. This was made successful through collaborative working, a forward thinking client and a high calibre steering group. The guidance is flexible and adapts to align with ongoing strategic objectives around the delivery of high quality homes, streets and neighbourhoods needed to support Manchester’s future sustainable growth.”
- John Copper, Partner, Deloitte Real Estate
The London Mayor has published a new CIL Preliminary Draft Charging Schedule for consultation. The consultation period ends on the 7 August.
Disrupting the disruption – the effect of digital disruption on real estate, infrastructure and the construction industry
Digital disruption is something that working in property and construction we hear a lot about. According to some, robots are coming to take our jobs and soon we won’t need to learn to drive either. Without sounding sceptical, this is currently quite a far cry from the industry we work in. Property, infrastructure and construction in general is still a rather traditional industry when it comes to how we work, albeit some technology advancements.