Henrik Court’s Post

Latest property and construction news…..   A topping out ceremony has taken place at the Glasswater Locks mixed-use scheme in Digbeth, Birmingham. 762 apartments, commercial spaces and public space feature in the project. The work at the former brownfield site should be completed next year.   Aston has been named as the least expensive area (based on 20 sales) in Birmingham to live with houses in the B6 postcode averaging £155k. Castle Vale was found to be the next cheapest. At the opposite end of the rankings, Edgbaston was the most expensive area (based on 50 sales) to live with houses averaging £415k in the B15 postcode. Home in B74 was the next highest.   The 5 Centenary Square office development is back with planners. The building will be located next to The Exchange Building on the corner of Bridge Street. The latest plan is for a ten-storey building, with a roof top terrace and basement car and cycle parking. Once built, 1,385 people could be accommodated in the offices.   Approval has been granted (subject to some conditions) for a Boxpark under some of the railway arches in Digbeth, Birmingham. The venue is anticipated to open next year between Floodgate Street and Milk Street and will feature food and drink outlets with covered terraces.   According to Zoopla, house sales were boosted by the reduction in mortgage rates last month. Sales were 25% higher compared to a year ago (four-week period in September). Increased amounts of property was coming on to the market with coastal and rural areas having more homes for sale than the average.   #property #construction #housing #Birmingham   Photograph: The Old and the New. Birmingham Hall of Memory and The Octagon - now Birmingham’s tallest building.

Latest property and construction news…..   86 Cleveland Street in Birmingham’s Gun Quarter could be demolished and a new student accommodation block built if proposals receive planning permission. 317-bed spaces, a communal space, games room, gym and laundry all feature in the development along with an outdoor space and roof garden.   Plans for the first project of the Smithfield development are to go on display. 400 high-quality homes are planned with a health and well-being inspired leisure facility also featuring in the scheme. An online and in-person events consultation process is to start as part of the planning application process for later in the year.   Three buildings including a 41-storey scheme to build 550 build-to-rent homes have been recommended for approval. The Bristol Street/Bromsgrove Street and Essex Street development has been praised for its 'refreshingly bold and unique design' in a council officers report.   Campaigners have expressed their concerns about the removal of the £3.5m council grant to restore Highbury Hall. The Grade II building was the former home of former mayor Joseph Chamberlain and is deemed as ‘at risk’ by Historic England.   Halifax found that house prices in August were at a two-year high. The average home cost was £292,505 which represented a 4.3% increase compared to the same time last year. The cost is just below the £293,507 average of June 2022 when prices hit an all-time high.   #property #construction #housing #health

Building Homes people want to live in but perhaps not buy? We do a lot of work with SME developers and housebuilders at the initial stages to de-risk schemes. And two factors we always consider is ‘rate of sale’ and the ‘profile of the buyer(s)’. And in some respects, these two elements dictate the saleability of the site. But after hearing the woes of the RP’s at the recent CIH conference it does raise the question of whether RP’s and local authorities have been building homes that people want to live in but perhaps not buy? Which might explain why the world of speculative development has not all been plane sailing. With the CIH conference in Brighton it seems only right to use the City as an example. Brighton is a wonderful place to visit, experience the thriving City and live within the confines of the throbbing café culture and social scene. But with such a transient population and high property prices (exacerbated by the Highrise developments reserved for these central areas), physically owning a property is simply not on most people’s radar. Renting, sharing or short-term lets are perfectly acceptable. But putting down roots enough to justify purchasing a property in a central location, even on a shared-ownership basis, is perhaps ill-considered. Would we endorse a central Brighton development, in what is one of the poorest demographic areas of the city in the hope that buyers will flock to buy an apartment there – probably not. Will people want to live there – certainly – but on short-term or flexible tenures where they can exercise their transient urges. But these schemes have been built and sales are slow. And I can only assume that the same vulnerable urban and city-center developments have been built elsewhere. Perhaps RP’s should not be speculative developers – Perhaps a BTR or investor model, in these central locations, is the only solution. #newhomes #landandnewhomes #developers #developments #sussex #estateagents #commercialagents #planning #planners #architects #architecture #showhomes #land #landandnewhomesorganisation

“Research removes risk”, as property buyers affirm, purchasing an off-the-plan development at the new Willoughby Grounds being constructed by DASCO Australia. "We were able to meet with the developer and were familiar with their work in the area. This combined with the knowledge that the builder was #iCIRT rated provided us with #confidence in the build”. #iCIRT #Ratings #BuildMarketConfidence #RealEstate #Property #Development

Property and construction news…..   Savills has increased its forecast for house price growth based on an improved economic outlook. The company now forecast 21.6% growth by the end of 2028 (previously forecast at 17.9%). If this did happen the average house price would increase to £346k from its current average of £285k.   Firstsource Solutions has agreed a deal for 15k sq.ft. at Tricorn House on Hagley Road. The business process management service company will have desk space for 240 people, a training room, meeting rooms, breakout space and a kitchen.   Sutton Coldfield town centre is set to undergo a major transformation with Birmingham Property Group and SAV Group releasing artist impressions of what The Gracechurch Centre will look like when completed. Two public consultations will now be taking place. The scheme includes 700 apartments, cafes, restaurants and shops. Two thirds of the current site will be demolished as part of the plans with two new squares being created for public events.   Metalor Technologies have submitted plans for a £15m, 22k sq.ft. precious metals facility to be built on Longbridge Business Park. It is hoped that construction will begin before the end of the year.   Photograph: Latest progress at the Beorma Quarter opposite Selfridges in Birmingham   #property #construction #housing #offices #business  

Latest property and construction news…..   78-90 Colmore Row was built in 1917 and subject to planning permission is set to be extended with a single roof-top office space storey which will add 6k sq.ft. to the building. The building will also undergo a refurbishment to improve its energy efficiency and accessibility. A new business lounge, cycle storage and shower facilities will also feature.   Permission has been granted to build a 37-storey residential block on Hagley Road as part of the New Garden Square development in Edgbaston. 462 apartments, commercial and retail space, co-working space, meetings rooms and a gym all feature in the project.   Residents and businesses are being encouraged to take the opportunity to add their thoughts (online) to the proposed multi-million redevelopment of Mell Square in Solihull. The council has appointed Muse Places Ltd as the preferred development partner for the scheme.   According to Birmingham City Council, the delayed box-park big-screen in Perry Barr will be built. The park was originally planned to open in 2022 when the city hosted the Commonwealth Games. The operator has started to move containers on to the site.   A net balance of 30% of property professionals expect house sales to rise over the next few months according to the Royal Institute of Chartered Surveyors. 45% expect to see an increase over the next 12 months.   Birmingham-based property services company Centrick has been appointed by Munich-based AM Alpha to consult on a 220 to rent apartment scheme in Alcester Street, Digbeth. According to UK Finance, 980 homes were repossessed in Q2 of 2024. This was up 8% on the previous quarter and 31% up compared to the same period last year.   #property #construction #housing #offices Photograph: The Belfry Hotel and Resort - The new Masters Suite and additional bedrooms, are under construction.

Cited Property are instructed to sell the House of Fraser in Darlington. Darlington is a historic and industrial market town in the County of Durham, England. Renowned for its engineering industries, award-winning theatre and arts venues.     The subject property is situated in a commanding, corner position at the junction of Blackwellgate and High Row at the southern end of the town’s main retailing area. Thanks to its substantial footprint, the property also benefits from frontages on to Blackwellgate and Mechanics Yard. It is located less than 200 metres from the Cornmill Shopping Centre which is the town’s main shopping destination. Other nearby occupiers include Boyes, Greggs, Caffe Nero and the popular Darlington Covered Market. The property is formed by several buildings that have been amalgamated to provide the current arrangement. The department store totals approximately 145,556 sq ft (GIA) and is arranged over lower ground, ground and four upper floors. The subject property is on a licence to occupy to House of Fraser. The licence was signed in 2021 by SDI (PROPCO 37) Limited. House of Fraser are currently trading from the property by way of a license to occupy. The license is determinable by both landlord and licensee at any point subject to not less than 3 months’ notice. The subject property is a local and cultural landmark that could be suited to an array of alternative uses, subject to planning and feasibility. We believe options include: • New Lease – either with the existing or an alternative occupier on the current demise. • Mixed-Use Redevelopment – we believe the ground floor could be reconfigured to provide a combination of high-quality retail and leisure units. The upper parts could then be repurposed for either residential, office or hotel use. • Leisure – there are numerous requirements for large town centre space from indoor entertainment and experiential leisure occupiers. • Cultural, Health & Community – working alongside the local authority to capitalise on the advancing regeneration of Darlington town centre and repurposing one of the town’s most iconic buildings to a community use. We are instructed to seek offers in excess of £1,000,000, subject to contract and exclusive of VAT. A purchase at this level would reflect a capital value per sq ft of just £6.87. For further information, please get in contact with Benjamin Wood or Bradley Maher. #darlington #retail #sale #assetmanagement #durham #property #commerical #opportunity #getintouch

House affordability In Melbourne has become a growing concern as property prices have outpaced wage growth, making it difficult for many people to enter the housing market. Several factors contribute to the challenge of housing affordability in the city: 1. High Property Prices • Melbourne’s median house price hovers around AUD 900,000 to AUD 1 million, which places a significant financial burden on first-time homebuyers. This price range is often beyond the reach of many middle-income earners. 2. Slow Wage Growth • While house prices have surged, wage growth has remained relatively stagnant. This disparity between rising property costs and stagnant income has widened the affordability gap for many Melbourne residents. 3. Low Interest Rates • Historically low interest rates have encouraged borrowing, allowing more people to afford mortgages. However, any future increase in interest rates could negatively impact borrowing capacity and monthly repayments, further straining affordability. 4. Government Support • To improve affordability, the Australian government has introduced measures such as the First Home Owner Grant (FHOG) and stamp duty concessions, aimed at reducing upfront costs for first-time buyers. However, these programs may not fully offset the high property prices in the city. 5. Population Growth and Demand • Melbourne’s growing population and strong demand for housing, particularly in inner-city areas, have driven up property prices. Supply constraints, including slow development approvals and limited land availability, further exacerbate the affordability issue. 6. Cost of Living • Melbourne has a relatively high cost of living, which includes expenses such as utilities, transportation, and food. These added costs reduce the disposable income available for saving a deposit or meeting mortgage repayments, contributing to the housing affordability challenge. In conclusion, house affordability in Melbourne is strained by rising property prices, stagnant wages, and high living costs. While government schemes provide some relief, the overall affordability gap remains a significant issue for many potential buyers.

Brand new industrial land release in Brisbane’s growing south - Knight Frank and JLL Two blocks of vacant industrial land for sale in one of South East Queensland’s growth areas are being offered to the market in a brand new land release through Knight Frank agents David Knox and Sam Harper in conjunction with Shaun Canniffe and Harry Homan of JLL. The land at Lots 2 and 3 in the Transit Industrial Estate at Property Place in Park Ridge are expected to be met with strong demand given the lack of land availability in the southern Brisbane area. The two lots combined total 1.1 hectares and can be purchased in one line or individually, with Lot 2 totalling 5,440sq m and Lot 3 totalling 5,536sq m. The medium impact zoning for Transit Industrial Estate provides for a broad range of acceptable uses, with 24/7 access and a road network designed for B-double use. Mark Clifford Peter Blade (JP) Vanessa De Groot Sarah Clark Knight Frank Australia Ned Jefferies Elliot Ryan James Reeves Lachlan Hateley Henri Thorsen The ASEAN Developer #knightfrank #jll #jllaus #industrialland #industrialleasing #industrialconstruction #industrialdevelopment #logisticsrealestate #brisbanerealestate #brisbanebusiness

The cost of building a home In Melbourne ranges from AUD 1,500 to AUD 4,000+ per square meter, depending on factors like the type of home (standard or custom), materials, location, and land size. Standard homes are more affordable, while custom homes with high-end finishes increase costs. Building in inner Melbourne is more expensive due to higher land prices and stricter regulations, whereas outer suburbs offer cheaper land and more value with house-and-land packages. Additional costs, such as council fees, site preparation, and potential construction delays, also affect the total budget.