Manufacturers call for pre-recess support package amid worsening economic outlook

Britain’s manufacturers are calling for an emergency, pre-recess package of business support measures to help shield companies from a potent cocktail of escalating costs amid a worsening economic outlook. The call comes on the back of the Make UK/BDO Q2 Manufacturing Outlook survey which shows growth and orders slowing significantly, exports almost at a standstill and, investment nosediving as companies cut or postpone their plans in order to maintain cashflow. According to Make UK, the seriousness of the situation and, the prospects for the next six months, means that industry cannot wait for the promised help in the Autumn which the Chancellor made in the Spring Statement, with action required urgently before the summer recess. In response, Make UK has made a number of recommendations for measures Government can introduce now to address rising business costs including the following:
  • Waive or reduce business rates for the next 12 months
  • Implement VAT deferrals for larger businesses and waive completely for SMEs
  • Temporarily freeze the Climate Change Levy and, if energy costs continue to rise, remove it completely
  • Review the efficacy of the business interruption loan schemes introduced during the pandemic and deploy a successor scheme by Q3
  • Extend the super-deduction investment policy
  • Make the increase in the Annual Investment Allowance permanent
In addition to immediate measures, Make UK also stressed that the Government must move away from short-term, gesture politics. Instead, it must focus on demonstrating to business and foreign investors that it has the capacity to operate in a serious manner with a long-term vision befitting a modern and outward looking Britain. Stephen Phipson, Chief Executive of Make UK, said: “Whilst industry has recovered strongly over the last year we are clearly heading for very stormy waters in the face of eyewatering costs and a difficult international environment. This threatens to shatter expectations of a sustained recovery from the pandemic. “Clearly some of the factors impacting companies are global and cannot be contained by the UK Government alone. However, just as it is quite rightly taking measures to protect the least well off, given the rate at which companies are burning through their balance sheets just to survive, it must take immediate measures to help shield companies from the worst impact of escalating costs and help protect jobs. The government moved swiftly to implement the furlough scheme two years ago; it would be a wasted investment if the jobs saved then are lost now. “We are also now seeing the effects on investment of the political chaos and uncertainty of the last six years. As a result, there is an urgent need to move away from the weekly roster of short-term gimmicks and put in place a long-term economic plan and vision, in particular with an immediate and laser like focus on tackling the shortage of vocational skills. This will provide companies and investors with the certainty and confidence they so badly need for a return to real growth.” Richard Austin, head of manufacturing at BDO, added: “Manufacturers have shown their ability to overcome a wave of challenges over the last couple of years to remain competitive. The question is when fatigue will overcome resilience. The tipping point where the shorter term need to retain cash outweighs investment is starting to be reached and could have significant implications for future growth. “Rapidly rising input costs, ballooning energy bills and in some cases inflation-busting pay settlements have hit margins and frozen investment plans. There is now a strong case for Government action to help UK manufacturers weather the immediate storm and incentivise investment for long-term growth.” According to the survey, the balance on output fell from +24% in Q1 to +10% with total orders almost halving from +42% to +20%. The domestic market with a balance of +16% (+30% in Q1) continues to outpace the export market which has almost ground to a halt at +4% (+18% in Q1). Recruitment intentions fell significantly to +9% from +26% while investment intentions dropped sharply from +27% in Q1 to just +5% as companies cut or postpone their plans in response to rapidly escalating costs. According to the survey two thirds of companies (67.8%) said rising energy costs were causing catastrophic or major disruption, almost three quarters (71.9%) cited increased raw material costs posing a similar threat and, two thirds (66.8%) cited rising transport costs. The survey showed these costs are still being passed on, adding to the inflationary picture. While UK prices fell very slightly (+54% from +58%) export prices reached another record level (+52% from +50%). Significantly, looking forward, manufacturers expect to continue to increase their UK and export prices substantially in the next quarter to +69% and 63% respectively, with both these figures dwarfing previous record levels in the survey’s 30 year history. Companies continue to face pressures finding talent with vacancies at record levels at 4.1 vacancies per 100 jobs (around double historic averages). In response to this and inflationary pressures companies are paying settlements in line with inflation (38.7%) or above it (15.3%). Make UK has forecast growth for manufacturing in 2022 of +2.3% (down from 3% in Q1 and 3.3% in Q4 2020) and 1.7% in 2023. The survey of 287 companies was conducted between 27 April and 18 May 2022.

Leicester businesses asked for views on potential revamp of popular shopping street

Businesses in Leicester’s Clarendon Park are being asked for their views on a potential revamp of the popular Queens Road shopping street. Leicester City Council is considering a range of possible improvements as part of a citywide programme of investment to help local businesses recover from the effects of the pandemic and the disruption it caused. At Queens Road, the city council wants to help improve the shopping environment by creating more space for outdoor café areas and wider, safer pavements for pedestrians. Initial ideas could see changes made to some side road junctions – including potentially closing the junctions at Montague Road and Cecilia Road to vehicles – to create more pedestrian space and cut the amount of traffic turning into Queens Road, helping to make the busy shopping street safer for pedestrians and cyclists. Pavements could be widened at key points to make more space for outdoor café-style seating areas to support businesses, while retaining the on-street parking spaces for shoppers and visitors, including disabled people. Additional loading bays could be provided for businesses. This could include widening pavements outside Barceloneta and Friends Tandoori – between Howard Road and Cecilia Road – and filling in the existing bus stopping bay alongside the shopping area between Montague Road and Clarendon Park Road to create more space. Improvements to make the route safer and more appealing to cyclists are also being considered, to complement the recent introduction of a docking station on Queens Road as part of the new Santander Cycles Leicester e-bike hire scheme. Traffic calming measures, such as raised crossings, on Queens Road are also being considered to encourage motorists to cut their speed and improve road safety. The initial ideas for improvements to Queens Road have been developed closely with ward councillors and now the city council is inviting local residents and businesses to have their say. Assistant city mayor and Castle ward councillor Danny Myers said: “Queens Road is at the heart of the community in Clarendon Park. It’s a space that is held dear. Events like our Summer and Christmas fairs attract thousands and it is a place that can be enjoyed throughout the day and evening, all year round. “Creating a high quality-space that reflects this popularity is a great opportunity. The area would really benefit for improvements to create a more attractive and safer environment for visitors and to support local businesses. It’ll be interesting to see what people think of these proposals and to hear other ideas they may have for Queens Road too.” Deputy city mayor Cllr Adam Clarke, who leads on environment and transport, added: “It’s really important that we continue to invest in streets like Queens Road to enhance the environment, make them more people-friendly and help ensure their local businesses continue to thrive. “It’s clear that we have a real opportunity to invest in Queens Road and make it an even more attractive place for residents, local business and visitors. “We’re very keen for the local community to be an integral part of the creative process as this scheme develops.” An online survey has been launched to help gather people’s views. Closing date for comments is Saturday 30 July 2022. The project team will also be at the Clarendon Park Summer Fair on Sunday (19 June) to discuss the initial proposals in more detail, and letters outlining the ideas will be delivered to homes and businesses in the area.

Chesterfield theatre to close its doors for multi-million-pound renovation project

Chesterfield’s Pomegranate Theatre is set to temporarily close its doors later this month in preparation for a multi-million-pound renovation project that will create an enhanced customer experience. The theatre will close on Sunday 26 June before planned refurbishment works start on Stephenson Memorial Hall. Ian Waller, Chesterfield Borough Council’s service director – leisure, culture and community wellbeing, said: “Stephenson Memorial Hall is a landmark in our town and our ambitious plans are set to make it even more memorable and enjoyable – creating a modern visitor experience in the heart of our town. “Colleagues have been working to carefully move all of the treasured items from the Museum into secure storage. Now this is nearing completion, we are now in a position to close the Pomegranate Theatre and move many of our shows into the Winding Wheel while the transformation of the building is carried out.” Under the plans the refurbished Stephenson Memorial Hall will bring together an extended Pomegranate Theatre, a reconfigured and modern museum, alongside new gallery space, a café bar, education and community facilities. The work will also protect the Grade 2 listed building and ensure that it remains part of the borough’s heritage for many more generations to come. Creating a more accessible experience is another key aim of the proposals. The plans include three new lifts which will enable visitors, staff and artists with mobility difficulties to access all parts of the building including the circle seating area and upper museum floors. Also included in the plans are improvements to lighting, heating, and ventilation. The project is projected to cost around £17.5 million with £11 million of funding being secured via the Government’s Levelling Up Fund. The project received a further funding boost with £695,000 from Arts Council England’s Capital Investment Programme which will be used to install a ventilation system in the Pomegranate Theatre auditorium and create a new Changing Places toilet. Chesterfield Borough Council has received almost £20 million through the Governments Levelling Up fund, the other £8 million will be used to support and enhance the Revitalising the Heart of Chesterfield Project. Together this funding will help maintain Chesterfield as a vibrant market town by improving connections across the town centre and enhancing the visitor economy.

Shakespeare Martineau appoints expert director to company secretary team

Shakespeare Martineau has appointed a new director to help grow and enhance the reputation and brand of its company secretarial and governance business. With more than 30 years’ experience, Maddie Cordes has joined the firm’s company secretary business, where she will also be sharing her knowledge with the team, as well as Shakespeare Martineau’s existing and new clients. Prior to her new role, Maddie – who is based at the firm’s London hub but working with clients nationally – worked across both professional practice, including EY, Capita and TMF Group, and in-house as a company secretary for a range of listed and unlisted companies across all sectors. She also spent three years as head of corporate services at law firms offshore where she was responsible for a team of 50 across four jurisdictions, supporting more than 13,000 legal entities and providing board support for investor funds. Maddie said: “I am thrilled to have joined Shakespeare Martineau as a thriving and dynamic business and be given the opportunity to return to professional practice after working in-house as a company secretary recently to share my experience more widely. In particular, I am looking forward to developing new services and offering mentoring and training within the team and for our clients. “I enjoy finding new opportunities and forging client relationships, so my top priorities in my new role are to raise awareness of the business in the marketplace generally and how we can help Shakespeare Martineau’s wider client base and businesses, while also growing my own client base. “Corporate governance is ever-changing and developing, and the role of company secretary is full of variety. There are always new ways to support our clients and the wider company secretarial marketplace with thought leadership and practical advice in carrying out the role.” Maddie is skilled in governance, business development, training and operational management, specialising in board and shareholder meeting support, company law, staff development, and change and performance management. She has also been the co-editor of Shackleton on the Law and Practice of Meetings for more than 10 years and is a mentor and examiner with the professional body for company secretaries, the Chartered Governance Institute UK & Ireland. Ben Harber, partner who heads up Shakespeare Martineau’s London-based company secretarial team, said: “We are delighted to welcome Maddie to our team. Her experience across both professional practice and in-house means she has an in-depth understanding of our clients’ challenges. “Whether we are providing a fully outsourced company secretarial function or assisting a client carrying out the company secretarial role part-time alongside their other duties, our job is to provide comfort to both our client contact and the overall board that the role is being fulfilled professionally with an appropriate level of up to date governance knowledge and external support. “With the ever-increasing spotlight on how companies implement and then apply good governance, our primary role is to ensure this is truly embedded. Boards rely heavily on us as governance advisers. “I am looking forward to working with Maddie and to see her bring her deep knowledge and expertise to help strengthen and grow the team, as well as our overall client base.”

All aboard for No.4 as Great Central office space hits market

The latest phase of Leicester’s Great Central Square development will meet the pent-up demand for high-quality office accommodation in the city, according to the team behind the project. The No.4, Great Central Square office development – which consists of 61,500 sq ft. of design and build office space – is being brought to market by APB (Leicester) LLP and M1 Agency. On the back of the completion and lettings of No.1 Great Central Square – at which tenants include Europcar, Arthur J Gallaghers and Tetratech – No.4 Great Central Square will offer occupiers the potential for highly efficient and sustainable Grade A office space located in the heart of Leicester city centre. The new office space is situated at Great Central Square, which now consists of more than 30,000 sq ft of offices, two hotels in the Novotel and Adagio and Lane 7 leisure offering. The brand-new office will be constructed of high-quality materials and feature a design which will flow throughout, creating premium office space which offers the latest standards of operational functionality. The property will also benefit from external gardens, which will back onto the newly created Great Central Park, an area of public realm space sitting alongside a new residential apartments scheme creating an attractive and vibrant mixed-use development. Reg Pollock, partner at APB, said: “Further to the success of No.1, it’s clear that Leicester city centre lacks functional and modern Grade A office accommodation within the heart of the city. No.4 is in a prime location, offering a wealth of parking, public open space and outstanding modern offices. “This development will bring forward an office scheme like no other that has been seen before in Leicester. This mixed-use development with public open space will offer an unrivalled working environment”. In bringing forward the second phase, Charles Street Buildings Group – the developer behind the scheme – has focused on enhanced ESG and occupier well-being and amenity, with the scheme setting a new standard of Grade A office space within Leicester. Toby Wilson, of M1 Agency, said: “The first speculative phase of office development at Great Central Square has proved to be a huge success and now fully let. No4 will look to build on this and take advantage of the pent-up demand we are experiencing in Leicester, which has continued to outperform many other cities within the East Midlands regions in terms of take up and office activity. “The development maintains excellent connectivity and immediate access to the city centre and its vibrant offer. The delivery of No4 is an exciting next stage in the wider development of Great Central Square, targeted at both existing Leicester occupiers, or those more foot-loose but looking for best in class office space.”

Multi-million-pound Mablethorpe and Skegness projects given the go-ahead by government

Transformational multi-million-pound projects for Mablethorpe and Skegness have been given the go-ahead by the government.

The confirmations mean that in Mablethorpe, the Colonnade at Sutton on Sea will be redeveloped, and the town will get a new leisure centre and digital learning complex. And, the town centre will benefit from improvements, whilst a new visitor hub at Sandilands will be created. Meanwhile, Skegness is set to get a new high quality learning campus, and Skegness Foreshore will benefit from investment. In addition, the town centre and Skegness Railway station will see improvements, and, one of the first culture houses is set to be created at the Embassy Theatre. The projects have been given the green light after the Connected Coast Town Deal Board submitted business cases to the government. The approval of summary documents and associated business cases is part of the process for accessing the Towns Fund investment, which was announced for the two towns in 2021, with Mablethorpe agreeing a town deal worth £23.9m, and Skegness £24.5m. Mablethorpe and Skegness’s confirmations come as projects for Boston have also been given the go-ahead after a town deal of £21.9m was agreed for the town. Chris Baron, chair of Connected Coast, said: “We are thrilled that the projects that we have proposed for Skegness and Mablethorpe can now go ahead. “We have much to be proud of in Skegness and Mablethorpe, and this multi-million-pound funding for both our towns will allow us to enhance, develop, and improve what we have to offer for both residents and tourists alike. “We have shaped these projects based on what we understand our communities need, including from public engagement, and we are now set to deliver a broad array of interventions that will improve leisure, learning, travel, and the overall experiences in our town centres. “With the government confirmations, we can now get started on delivering these improvements which will bring enormous benefits in the coming years.” Matt Warman, MP for Boston and Skegness, said: “The confirmation that Boston and Skegness have secured almost £50 million in Government funding is a reflection not only of the Government-recognised need for ‘Levelling up’ in places like ours but also the quality of the work carried out by both the Boston Town Deal board and the Connected Coast Board. “I am confident that the projects selected, which met strict criteria around driving growth through skills, land use and connectivity, will begin to deliver real, visible improvements to our towns – and are only the start of the continued transformational funding this Government has recognised our area needs and deserves.” Victoria Atkins, MP for Louth and Horncastle, said: “I am delighted that these projects have been given the stamp of approval by the Government. This significant milestone brings us closer to shovels being in the ground. The Mablethorpe Towns Deal will bring landmark investment to Mablethorpe and the surrounding area providing new services and attractions. I will continue to work on progressing these projects and those still being considered by Government. I thank all those involved with delivering these projects.” Councillor Craig Leyland, leader of East Lindsey District Council, said: “I am delighted that we have been given the go-ahead by Government for these projects. These will be incredible investments in our towns, with partnerships formed with other organisations. “Exciting things are to come and I am really looking forward to these progressing and come to life for the benefit and enjoyment of our local communities and the millions of visitors we welcome to our district for many years to come.” With the confirmations, in Mablethorpe, the Colonnade at Sutton on Sea will be redeveloped. The new scheme will construct a landmark building that will introduce a new café, restaurant, gallery and exhibition spaces alongside new day let beach huts and seasonal overnight lodges after £4.1m Towns Fund grant award was approved for this project. And, a new purpose-built leisure centre and digital learning complex is set to be developed on the site of the current Station Sports Centre in Mablethorpe. In addition, Mablethorpe town centre will be transformed through a programme of shopfront and building repairs and improvements, and public realm enhancements. Greg Pickup, Chief Executive of Heritage Lincolnshire, said: “This unparalleled investment in Mablethorpe’s heritage demonstrates that Lincolnshire’s rich history can and should be at the forefront of future growth in our county. I am delighted to see that the Town Deal proposal for Mablethorpe recognises the need to support our struggling town centres and high streets, which are crucial to the country’s recovery from Covid and its future growth. “I am enormously proud of the hard work of my team, whose efforts alongside that of a broad partnership, including East Lindsey District Council have helped secure a frankly staggering sum for heritage in Mablethorpe. This once-in-a-generation investment truly will transform the town centre and ensure that Mablethorpe’s heritage assets are fit for the future and available to all.” Finally, with the National Trust, a sustainable visitor hub with a range of accessible facilities will be developed to enhance explorations of the Sandilands Nature Reserve and the local area. Kirsty James, general manager for Sandilands, said: “We are thankful that Towns Fund funding has been secured with support from the Connected Coast board. We are putting connections between nature and people at the very heart of the reserve. With this funding, carbon-neutral developments can take place on the former clubhouse. This will include a changing place and a new food and beverage offer.” In addition to the above, Mablethorpe are progressing its ‘Campus for Future Living’ project which is focussed on addressing significant health inequalities and will bring improved healthcare facilities and associated training and employment opportunities to the area. In Skegness, a new high-quality learning campus is set to be developed offering vocational skills training across a range of much needed subjects. The campus has been described as an ‘economic game changer’ for Skegness. A £14m Towns Fund grant award has been approved for this project. And, Skegness Foreshore will see underutilised areas of the Skegness Foreshore brought to life and new audiences for activities such as concerts, festivals, and outdoor cinema. In addition, Skegness town centre will benefit from a major facelift with improvements to the shop fronts, signage, and public realm, led by Heritage Lincolnshire. Greg Pickup, Chief Executive of Heritage Lincolnshire, said: “Skegness has an enduring appeal as one of the country’s most popular seaside towns where generations of families made memories. It is not generally known for its history, however evidence of its 20th century prosperity is everywhere, from the canopies adorning Lumley Road buildings to beautiful 1930s bronze-framed shopfronts that our grandparents would have promenaded past. “So much of Skegness’s heritage from its 20th century heyday survives but has since been obscured or neglected and it is long overdue to bring this to light. We’re excited to be working with the Town Deal board and business owners to help showcase the town’s proud seaside heritage and uncover the underappreciated beauty and history of Skegness. Watch this space!” As the gateway to the Lincolnshire coast, Skegness railway station will benefit from transformational improvements including restoration of the redundant Red Star building and reconfiguration of the station layout to best utilise the space. Lisa Angus, transition and projects director for EMR, said: “We’re delighted the investment at Boston and Skegness Railway Stations has been approved. As gateways to both towns, the enhancements at the Railway Stations will be transformative to the surrounding communities, offering an improved customer experience to all station visitors. We’re looking forward to start work on the extensive refurbishments, which include community spaces, cafés, customer waiting facilities, retail units, accessible toilets and much more.” Finally, one of the first culture houses in the country will be created at the Embassy Theatre in Skegness and enhance its support for new arts and cultural activities. As well as the Towns Funding from government, all of the projects will also benefit from match funding meaning the investment for Mablethorpe and Skegness will be even higher. In Skegness, two previously approved projects under the Towns Fund have been completed. The former magistrates court repurposed into a police training facility which will operate across the east of Lincolnshire for the training and continuing professional development of police personnel. And, a new multi-user trail connecting Chapel St Leonards and Ingoldmells to provide a series of cycling, walking and public transport connections. In addition, Mablethorpe and Skegness received early funding – called accelerated funding – of £500k and £750k respectively in 2020 to bring projects forward.

Millions in government funding confirmed for transformational Boston projects

Transformational multi-million-pound projects for Boston have been given the go-ahead by the government. The confirmations mean that Boston is set to get a bespoke learning centre for adults, and a redeveloped leisure complex. In addition, Boston train station will be refurbished. These projects have been given the green light after the Boston Town Deal Board submitted business cases to the government. The approval of summary documents and associated business cases is part of the process for accessing the Towns Fund investment, which was announced for Boston in 2021, with the agreement of a Town Deal worth £21.9m. Boston’s confirmations come as projects for Skegness and Mablethorpe have also been given the go-ahead after town deals were also agreed for Skegness £24.5m, and Mablethorpe £23.9m. Neil Kempster, chair of Boston Town Deal Board, said: “The approval of the remaining business cases by the government is a hugely significant milestone for our town. “With the confirmation of all of the funding, we can now move forward with delivering these projects which will be truly transformational for our area. “Through these projects, our learning and leisure offer in Boston will be hugely enhanced, and the experience of both residents and visitors at our railway station, a crucial gateway into the town, will be improved. “The Town Deal funding and projects present Boston with a once in a generation opportunity to bring sustainable change to our town and I am excited to see these projects develop as we move into delivery.” Matt Warman, MP for Boston and Skegness, said: “The confirmation that Boston and Skegness have secured almost £50 million in Government funding is a reflection not only of the Government-recognised need for ‘Levelling up’ in places like ours but also the quality of the work carried out by both the Boston Town Deal board and the Connected Coast Board. “I am confident that the projects selected, which met strict criteria around driving growth through skills, land use and connectivity, will begin to deliver real, visible improvements to our towns – and are only the start of the continued transformational funding this Government has recognised our area needs and deserves.” Councillor Paul Skinner, leader of Boston Borough Council, said: “This is an exciting time for Boston, as we look to enhance the offering for our communities by providing newly refurbished facilities within the town centre. This will deliver long lasting positive change for Boston and our residents. “These projects will also help meet our corporate ambitions; providing affordable and accessible leisure opportunities for all and to promote Boston’s economy, industry and opportunities.” The confirmation of the business cases means that in Boston a new bespoke learning centre for adults will be developed that will include higher education in a unique learning environment aimed at being inclusive to the whole community. Led by Boston College, the ‘Mayflower’ will enable business and learners to connect, create, and innovate. Almost £10m has been confirmed for this project. Claire Foster, principal and CEO of Boston College, said: “We are thrilled and delighted to be given the green light for Mayflower, an iconic building that will be an inspirational beacon for skills, enterprise and innovation in Boston. We are looking forward to taking the project forward, to provide a space that welcomes our communities to learn, develop and thrive for the benefit of the whole town and the wider region.” And, next to the new Mayflower there will be a redeveloped leisure complex which will provide additional facilities which forms part of a transformational development of this area of the town. In addition, Boston train station will be extensively refurbished by East Midlands Railway. Improvements will include a full refurbishment of the main station building and external areas, reconfiguring the layout to best utilise the space to include new community and start up business facilities. Lisa Angus, transition and projects director for EMR, said: “We’re delighted the investment at Boston and Skegness Railway Stations has been approved. As gateways to both towns, the enhancements at the Railway Stations will be transformative to the surrounding communities, offering an improved customer experience to all station visitors. We’re looking forward to start work on the extensive refurbishments, which include community spaces, cafés, customer waiting facilities, retail units, accessible toilets and much more.” As well as the Towns Funding from government, all of the projects will also benefit from match funding meaning the investment for Boston will be even higher. The confirmation of the projects comes after government approval was given earlier this year to Boston for the release of £2m in Town Deal funding for the Centre for Food and Fresh Produce Logistics and almost £4m for investment in town centre buildings. £802K was also confirmed for developing the Blenkin Memorial Hall, and £228k for St Botolph’s library and lighting. In addition, Boston received early funding – called accelerated funding of £750k in 2020 to bring projects forward.

ICG Real Estate swoops for duo of units at Mercia Park

ICG Real Estate, the real estate division of Intermediate Capital Group (ICG), has obtained vacant possession of Units 1 & 5 at Mercia Park in Appleby Magna. The five-unit scheme amasses 2,900,000 sq ft and was Europe’s largest ever single occupier build-to-suit transaction. ICG has control of the 215,000 sq ft and 315,000 sq ft units, due to reach practical completion in July. The strategy forms part of ICG’s wider asset management initiatives for Mercia Park to capitalise on the exceptional performance of the Midlands market. There is a strong level of sustained occupier demand in the region, coupled with a historic low vacancy rate. This has put an upward pressure on rental levels, with as much as 23% growth in the past 18 months. Prime rents for 100,000 sq ft + new builds now stand at £8.75 psf in the Midlands. Rachael Pittaway, associate director at ICG Real Estate, said: “We have firm conviction of the supply shortage for new build logistics space, especially of this quality and with strong ESG credentials. As we near practical completion, we are impressed with Mercia Park and what the teams at Winvic and IM Properties have delivered. “Mercia Park is one of the UK’s largest Net Zero Construction Developments and the units are best in class, BREEAM Excellent and net zero carbon ready should a tenant wish to install PV and connect to green energy. We have already received strong interest in the units, and we look forward to continuing to create value for our investors by generating diverse and defensive income streams.” DTRE are the retained leasing advisors for ICG on the park. Tom Fairlie, partner at DTRE, says: “Obtaining vacant possession of these two Grade A assets couldn’t come at a better time for the Midlands market. There are currently only two available new builds over 100,000 sq ft in the whole of the Midlands region and we are therefore in dire need of some new supply. Units 1&5 will represent best in class product, which we are sure will be very well received by the occupier market.”

Pre-tax profits soar at commercial real estate investor

Pre-tax profits have soared at Custodian REIT, the Leicester-based commercial real estate investment company, following “a period of significant recovery.” According to final results for the year ended 31 March 2022, profit before tax has reached £122.3m at the firm, up from £3.7 in the prior year. David Hunter, chairman of Custodian REIT, said: “The year to 31 March 2022 has been a period of significant recovery for the company’s net asset value and share price after the extreme challenges presented by the global pandemic. “The recovery in NAV has been testament to the strength of the UK commercial property, allied to Custodian REIT’s focus on smaller regional property and the close management of the portfolio to maximise occupancy, rent collection, cash flow and earnings. “Rent collection is back at pre-pandemic levels and tenants have honoured their deferred rent agreements allowing the Board to increase fully covered quarterly dividends to at least 5.5p in the forthcoming financial year. “Although the impact of inflation and political uncertainty could lead to an economic downturn, we believe Custodian REIT’s portfolio, diversified by sector, geography and tenants, with low gearing will remain resilient in the face of any economic headwinds.”

SEMLEP “strongly encourages” Northamptonshire businesses to enter the East Midlands Bricks Awards 2022

The South East Midlands Local Enterprise Partnership (SEMLEP) is strongly encouraging Northamptonshire property and construction businesses to put themselves forward for the East Midlands Bricks Awards 2022. Vicky Hlomuka, SEMLEP’s Growth Hub Manager, said: “The construction industry is a significant and vital contributor to the economy of the South East Midlands, and we’re lucky to have numerous innovative, highly successful businesses within the region. “The East Midlands Bricks Awards are a wonderful way to celebrate the great things the sector has achieved in the last year, and I strongly encourage Northamptonshire businesses to put themselves and others forwards for the recognition that they deserve.”

If you haven’t submitted your nominations yet, now is the ideal time.

The East Midlands Bricks Awards celebrate the region’s property and construction industry, its people, and exceptional developments, and provide the perfect opportunity to shine a light on your team, reward their hard work, and boost morale. Winners will be revealed at a glittering awards ceremony on Thursday 15 September, at the Trent Bridge Cricket Ground – an evening that will also provide plenty of time to forge new contacts with property and construction professionals from across the region. To submit a business or development for the East Midlands Bricks Awards 2022, please click on a category link below or visit this page.
The Overall Winner of the East Midlands Bricks Awards 2022 will also be awarded a year of marketing/publicity worth £20,000. Find out who last year’s winners were here.

Book your tickets now

Tickets can now be booked for the awards event – click here to secure yours. The special awards evening and networking event will be held on 15 September 2022 in the Derek Randall Suite at the Trent Bridge County Cricket Club from 4:30pm – 7:30pm. Connect with local decision makers over canapés and complimentary drinks while applauding the outstanding companies and projects in our region. The event will also welcome John Forkin MBE DL, Managing Director at award-winning investment promotion agency Marketing Derby, as keynote speaker. Dress code is standard business attire.
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