Property Giving Back, Never Giving Up!
In an industry the size of Real Estate, its support for charities has become significant. We are an inherently philanthropic sector – supporting regeneration of run down areas, investing when public funds can’t, and supporting minority causes that demand attention in the David and Goliath world of Fund raising. Then there’s the fund raising side of the sector – with an enormous range of charitable events and challenges that bring the sector together – from triathlons and cycles to quizzes and bake-offs! At Innesco we support various charities – notably Coram, I Can, Harry Mahon Cancer Research Fund and ELIFAR.
On Sunday 31st July I chose to support LandAid in the Prudential RideLondon cycling event. Organised with help from the Mayor of London, over 27,000 cyclists rode on open roads from the Olympic Park in Stratford across to Chiswick, down to Newlands Corner in Surrey, up the punishing Leith Hill, then Box Hill, back up to Kingston and Wimbledon and finishing on the Mall in front of Buckingham Palace. It was a gruelling 165km, but with high spirits, everyone met the challenge head on. Just under 5 hours later, it was done!
LandAid is the property sector’s charity, and this was my first time raising money. Every day of every year, thousands of young people in the UK find themselves homeless. Many are forced to sleep in overcrowded hostels, on public transport, or worse still, on the streets. LandAid bring together remarkable businesses and individuals from across the industry to support projects that deliver life-changing services to young people facing homelessness. They do this through Award Grants, providing property expertise for charities, and helping to raise awareness of homelessness – with the aim of ending youth homelessness by 2026.
My charity page will be kept open for a while longer – if you can spare any donation large or small it’d be much appreciated. 100% goes to LandAid.
You can find the link here: My Donate page: Help Me Help LandAid!
I think it’s always good to test your self and give yourself a challenge from time to time – and when things get tough, never give up, just give back!
Dan Innes, MD
1st August 2016
IKEA Centres Russia to invest over €2 million in ‘MEGA Park’ near MEGA Dybenko in St Petersburg
IKEA Centres Russia will invest over 2 million euro to build “MEGA Park”, a 90,000 sqm. (969,000 sqft.) landscaped parkland with children’s playgrounds, food and leisure zones, and events spaces next to MEGA Dybenko shopping centre in St. Petersburg. This ambitious landscaping projectwill dramatically improve the public space and services adjacent to MEGA Dybenko.
IKEA Centres Russ ia is looking to create a parkland that will become a new meeting place not just for the centre, but also the surrounding residential areas – where people can enjoy street cafes, concerts, seasonal fairs, music and food festivals. The park will have extensive landscaping and new planting with over 550 trees and 2,000 evergreens planted across a 9ha territory.
The new “MEGA Park” will be launched this autumn and will host sports and family events all year round, from summer music festivals to Christmas fairs. The park has been created to provide people with space to enjoy the great outdoors, having a picnic, running across the green lawns, flying a kite, roller-skating or enjoying the cycling path.
Local residents are actively involved with the park’s development. IKEA Centres Russia wants to encourage community feedback and residents will be asked to vote and choose flower types and playground equipment for the park this summer. Also in October a design competition will help to choose the best scheme for “MEGA Park” kids club and leisure zones.
We want “MEGA Park” to become a much loved place to relax for both MEGA guests and local residents. We will create a destination where you can enjoy your time with friends and family all year round”, says Patrick Sjoberg, Centre Manager of MEGA Dybenko.
Meyer Bergman wins consent for Thames riverside redevelopment in Southwark, London
Meyer Bergman has been granted planning permission for a 197,786 sq. ft (18,375 sq m) mixed-use redevelopment of the former wine-tasting venue Vinopolis in Bankside, London Borough of Southwark, SE1. The development site spans the railway arches bounded by Thames House, Stoney Street, Clink Street and Park Street, and the land between the railway viaduct and Wine Wharf. The consented scheme includes offices, retail and restaurant units, along with a cinema and gallery space. Southwark Borough Council’s Planning Committee granted planning permission on 12th July 2016.
The redevelopment will see 111,610 sq. ft (10,369 sq m) of retail space and 11,334 sq. ft (1,053 sq m) of leisure provision in the railway arches and the former Vinopolis building, as well as a new office building of 62,010 sq. ft (5,761 sq m) at Thames House. In addition, a network of new pedestrian routes including covered walkways, will run along the railway viaducts at the north-south route, linking the commercial and retail buildings. High quality public realm and on-site servicing will minimise the impact on the road network. The scheme will include 12,830 sq. ft (1,192 sq m) of on-site storage and plant work and community cycle parking.
The redevelopment of Vinopolis and Thames House enhances the exciting regeneration of London Bridge and Bankside with its landmark destinations such as Tate Modern, Borough Market and the Shard. The scheme intends to provide an attractive mix of retail & leisure that aims to complement neighbouring foodie destination Borough Market. Extensive work and consultation has been undertaken with Southwark Council, residents and key local stakeholders, including Network Rail.
Trevor Morriss, Principal at SPPARC Architecture commented:
“We are thrilled that Southwark Council has granted planning consent for what will be a superb addition to Bankside. The reinvention of the site to provide retail, leisure and office uses around a new network of pedestrian lanes will add a vibrant new dimension to this unique part of London. We’ve worked extensively with local stakeholders as well as Southwark Council to ensure that the proposals attracted strong support, and we are delighted that has been reflected in the unanimous planning decision. We look forward to the next steps for the redevelopment and to see this exciting project come to life.”More
ARAM shows record-breaking Czech growth
Active Retail Asset Management (ARAM)- Central and Eastern Europe’s leading specialist management firm- has announced its strongest performance figures to date. This includes 52 leasing deals during Q1 and Q2 of 2016 across its Czech Republic shopping centre portfolio. ARAM is responsible for the management of major Czech shopping and leisure destinations Forum Nova Karolina in Ostrava, Futurum Hradec Králové in Hradec Králové and Forum Ústí nad Labem in Ústí nad Labem- the first two schemes owned by Meyer Bergman and HOOPP, and Forum Ústí nad Labem owned by New Europe Property Investments plc and Olomouc Retail Park owned by Gemo.
Forum Nova Karolina leads the way as the star performer with 40 leases renewed in 2015 and 41 leases renewed so far this year signed which is significantly ahead of schedule. The centre has also introduced nine new brands since 2015. This positive outlook is supported by a 9% increase in sales and 3% rise in footfall January to May 2016, continuing the strong trend witnessed in 2015 (sales +11%, footfall +9%).
This series of new deals at the centre totals some 17,997 sq ft (1,672 sq m), which includes the food concept SpiceBox, a newcomer to the Czech market. The latest signings also involve Tiger, Parky’s, vegg-go, Bat’a, Bijou Brigitte, Columbia, La Martina and JRC.
With the introduction of these new retailers, Forum Nova Karolina is currently 95% let, with remaining space in solicitors’ hands.
The Czech retail market is proving increasingly irresistible to retailers, with a series of international brands such as Hamley’s, 4F and COS choosing to enter into the country in 2016. The market is growing with a 6.2% increase in retail sales year on year to April 2016. The total volume of real estate transactions exceeded 2.8 billion EUR in 2015 (+40% vs 2014), 28% of which from the retail sector. ARAM has found this trend to be consistent across the rest of its portfolio including shopping centres Futurum Hradec Králové, and Forum Ústí nad Labem, which have shown sales and footfall growth, alongside numerous new lettings and lease renewals (see full information below).
Lenka Dvorakova, Leasing Director at ARAM, said “The increasing demand we’re experiencing for an international mix of retailers and high street brands has created an upward trend of retail growth. Confidence amongst our retailers is high, which is translating into new deals and renewed leases across our portfolio. Our shopping centres are rapidly gaining market share, and the team is confident of the prospect of more exciting deals in the coming months.”
Eurostat volume of retail trade stable in euro area:
Association for Real Estate Market Development CZMore
Britain votes to leave #EU
Today, Friday 24th June 2016, marks a historical day in British history. The Britain people have voted to leave the European Union – the leave campaign winning by 52% to 48% remain. England and Wales voting strongly for Brexit, while London, Scotland and Northern Ireland voted to remain. There was a 72% voter turnout, the highest for amount of voters for an election since 1992.
Consequently, David Cameron, Prime Minister, has decided to step down from his post in October having lead the remain campaign from the front.
Overnight the market has reacted to the results, with the pound falling more than 10% against the dollar, to a three-decade low and The London Stock market has plunged more than 8%.
As the property industry reacts to the reality of the result, it is likely the cost of funding will increase and property values will fall.
Meanwhile, others are over the moon with the result, namely Nigel Farage, leader of the UK Independence Party and king of the soundbite, who called the outcome a “victory for real people, a victory for ordinary people, a victory for decent people,” however it is clear that Britain is to face a lot of uncertainty as we begin the process of leaving the European Union.
Alan Tripp, Head of UK, LaSalle Investment Management said “Whilst we view the long term impact of Brexit as being broadly neutral we expect markets to overreact in the short term. Early capital market signals seem to indicate that this may well be the case and real estate performance objectives may now come under considerable strain in the next 12 to 24 months.
JLL’s UK chief executive Chris Ireland also commented on the outcome, saying, “In the short term we may see a weakening in occupier demand. The impact on rents may be limited by tight supply, but activity will be adversely hit while initial uncertainty about direction and timing continues.”
Despite the speculation surrounding Britain’s future, industry leaders are attempting to reassure the market that it will continue to attract investors.
However, for now many businesses will hold their breath to see how this will play out, and what Britain’s future holds.
Brexit or Bremain – use your vote!
With what feels like a lifetime of claims and warnings from British politicians and industry leaders based on the ‘what if’, whether we leave or remain in the European Union, everything has ramped up these past final days of campaigning with everything coming to a close today.
From the Flotilla on the Thames – Nigel Farage in one corner and Bob Geldof in the other, to the impassioned BBC debate on Tuesday evening, speculation has come to decision time. It’s been months of ups and downs. The Mayoral Election in the middle did not boost turnout confidence with a dismal 46% turnout, leading the government to do everything they can to make sure as many people as possible participate in this monumental decision.
Voter turnout has been in focus over the past month, particularly with the controversial registration extension following the crash of the registration website on 7th June. Clearly, the campaigning, scaremongering and debates have paid off as over 46 million British citizens are registered to vote in today’s EU referendum. However, it all depends on how many of our fellow 46 million registered voters will exercise their democratic right.
What has been clear, is the support the remain campaign has had from the property industry. Leading industry voices such as JLL’s EMEA chief Executive Guy Grainger focused on all the opportunities being part of the European Union brings British people, and 64.7% of property professionals said that leaving the EU would have a negative effect on business.
The most recent comment comes from Andy Street, Managing Director of John Lewis, who predicts a Brexit would prompt a hit to the retail property market. Amongst this, warnings have also been made by the Bank of England in fear of commercial property values falling and runs on property funds. Here at Innesco, we certainly feel we’d be stronger, safer and more secure remaining in Europe.
Whatever the outcome of today, make sure you are part of this historical referendum …and vote!
Emma Waldegrave, Account ExecutiveMore
Innesco at PROVADA 2016
Exchange, Ilford reaches new heights with consent for residential development
Meyer Bergman has been granted planning permission for a residential development above Exchange, Ilford – the dominant shopping centre (300,000 sq ft) within the London Borough of Redbridge (UK). The proposal for this scheme will see the development of 214 residential homes, including 30% as affordable housing. Redbridge Borough Council’s Regulatory Committee granted planning permission on 25th May.More
Dan Innes interview at ICSC RECon 2016 in Las Vegas
Innesco adds Google HQ to ReCon Las Vegas trip
The Innesco team has secured a visit to Google HQ as part of its wider study tour of the West Coast of the US ahead of the ICSC ReCon event starting in Las Vegas on Sunday 22nd May. The team is making the most of the US trip by starting in San Francisco, visiting – amongst others – Westfield, Union Square and Fillmore Street for an overall perspective on retail and leisure in one of the world’s top shopping destinations.
Led by Innesco MD Dan Innes, a group of senior management from Ikea Centres Russia will see and hear about innovations from the world’s largest publicly traded company in its Silicon Valley offices in Mountain View California. The meetings were arranged through Innesco’s extensive network of contacts, and notably with Google senior management in London.
Innesco invests intensively in market knowledge, industry awareness and trends in order to advise its real estate clients effectively. You can find Dan and IKEA Centres Russia in ReCon at booth N2956 (North Hall) – or by contacting Dan’s assistant Sandra Foster – email@example.com +44 (0)20 7409 3434.More