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High street
landlords offer incentives to fill empty premises
A growing number of retail
landlords in the North West resorted to offering incentives in order
to let their premises last quarter as demand continued to struggle,
says the latest RICS UK Commercial Market Survey.
With occupier demand now having fallen for the past 12 months, the
number of landlords offering inducement packages, such as rent-free
periods or financial incentives, on retail premises continued to
increase. Last quarter a net balance of 29% more respondents
reported rises.
With interest in retail floor space falling, unsurprisingly, North
West surveyors' expectations for future rents were suitably
downbeat, as a net balance of 35% more respondents in the region
predicted values to continue to fall over the coming 3 months.
Overall demand for commercial property in the region remained
relatively subdued, with nine percent more surveyors seeing a fall
rather than a rise in interest from potential occupiers.
Uncertainty over the economic prospects for the UK in the light of
the continuing turmoil in the euro area is clearly impacting on the
appetite of businesses to take on more space. As a result,
expectations for rents continued their slide for the 19th
consecutive quarter.
Across the country, one segment of the market that is continuing to
buck the trend is central London offices. Fresh demand for prime
offices in the capital continues to run ahead of new supply which is
underpinning rent levels. Significantly, 26% more surveyors
anticipate further rents increases over the next quarter.
Turning to the region's investment market, the less negative trend
in capital values seen last quarter seems to have reversed. The
Midlands, South and the North all reported negative readings, while
London was the only area to see values increase, benefiting as it
does from significant overseas investment.
Brian Ricketts, MRICS of Hitchcock Wright & Partners in Liverpool
says:- "The market has effectively stagnated due primarily to
ongoing matters and the instability of the eurozone, not to mention
the lack of availability of debt funding."
Simon Rubinsohn, RICS Chief Economist adds:- "It seems that
ongoing economic uncertainty is continuing to take its toll on the
retail sector in particular and landlords across much of the country
are having to encourage would-be occupiers in any way that they can.
Moreover, with demand set to remain relatively downbeat, it is
unlikely that the rental picture will see any significant
improvement in the near term. London still appears to be where
the most activity is taking place. Prime office space continues to
be sought after and rental expectations are still rising.
Unfortunately, the more positive story in the capital will only
begin to ripple out if the economic news flow begins to improve
which, at this stage, appears some way off." |
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Rotary's £2,500
gift for refurbishing cancer centre
SOUTHPORT Rotary Club
presented a cheque for £2,500 to support the extension and
refurbishment of a cancer treatment centre for patients across north
Sefton and West Lancashire.
Matron Joyce Jordan accepted the donation from Southport Rotary Club
by John Minhinick, President of Rotary International Britain and
Ireland, who was visiting Southport as one his first duties in
office.
Chris Leather, President of Southport Rotary Club, said:-
"We're delighted to be supporting this important development and
hope our donation will be the first of many from local Rotarians."
They were later taken around the development site with other members
of Rotary and their wives by Neil Aindow, the Trust capital services
manager.
The refurbishment will see the centre, known as the medical day
unit, significantly expanded in size internally as well as having a
semi-circular lounge extension added. It will create a light, airy
treatment space for patients, some of whom require up to eight hours
of chemotherapy at a time. There will also be new consulting rooms
and a more comfortable waiting area for patients.
The Marina Dalglish Appeal and West Lancashire Community Hospice
Association have each given £500,000 towards the project.
Joyce Jordan, who has overall responsibility for the medical day
unit, added:- "Rotary's and the charities' donations
complement more than £50,000 raised by the many fundraising events
held by friends and families of patients, from legacies left by them
and donations given in their memory. Developing the unit
will mean we can continue to treat more people locally rather than
them facing long journeys to specialist centres elsewhere."
Currently, patients who attend clinics run by Clatterbridge Cancer
Centre staff are seen in Ward B at Ormskirk hospital. Everyone else
is treated in the former Ward 11a on the first floor at Southport
hospital. All patients will return to the refurbished unit
when the work is complete towards the end of October. |
