As the impending Olympics weaves its magic spell over East London, the rest of the region is experiencing a tough, but improving, market. There are even some bright spots on regeneration and development with Basildon going for its large town centre scheme. Colchester has also seen increased activity. On the basis of recent figures for Essex and adjacent areas, demand has improved with offices at 213,670 sq.metres (2.3 million sq.ft.) and industrial at 483,080 sq metres (5.2 million sq.ft.). As with the rest of the UK, there is a growing shortage of prime new space so companies will have to increasingly look to second hand accommodation. That would normally bring an increase in rentals over time but it provides a healthy backdrop for any new schemes in the next 18-24 months. Which is where the institutions and banks come in because developers need the funding to start building gain.
The influence of the Olympics is all pervading and includes south of the river where Development Securities has joined Cathedral Group in a £100 million mixed use scheme called The Movement, Greenwich, centred on Greenwich Light Railway Station. Central to the scheme is a 103 bedroom hotel to be completed in time for the Olympics. The rest of the scheme, which has 180 residential units, 372 student flats, educational space, offices and leisure facilities, will be completed in 2013. Cathedral’s Richard Upton said: “We aim to create a new community in the heart of West Greenwich. In 2012 Greenwich will be in the international spotlight as a host borough for the Olympics.”
The Olympics are also the driver for a joint venture of Cycas Hotel Partners and Patron Capital in buying the long leasehold rights for two hotels at Westfield Stratford City. As in Greenwich, they will be completed by 2012 and will be a 188 bed Holiday Inn London-Stratford City and a 162 bed Staybridge Suites.
The influence of the Olympics is all pervading and includes south of the river where Development Securities has joined Cathedral Group in a £100 million mixed use scheme called The Movement, Greenwich, centred on Greenwich Light Railway Station. Central to the scheme is a 103 bedroom hotel to be completed in time for the Olympics. The rest of the scheme, which has 180 residential units, 372 student flats, educational space, offices and leisure facilities, will be completed in 2013. Cathedral’s Richard Upton said: “We aim to create a new community in the heart of West Greenwich. In 2012 Greenwich will be in the international spotlight as a host borough for the Olympics.”
The Olympics are also the driver for a joint venture of Cycas Hotel Partners and Patron Capital in buying the long leasehold rights for two hotels at Westfield Stratford City. As in Greenwich, they will be completed by 2012 and will be a 188 bed Holiday Inn London-Stratford City and a 162 bed Staybridge Suites.
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