2011 Brochure - Kent Property Market

Transcription

2011 Kent Property Market
The annual guide to investment & development in kent
CELEBRATING
YEARS
CONTENTS
1
Welcome
2
Property market
5
Economy
6
Business park performance
8
Office performance
10 Industrial and distribution performance
12 Retail performance
14 Leisure and tourism performance
16 Rural performance
17 Celebrating 20 years
23 Legal update
24 Residential performance
26 Inward investment
28 Regeneration
33 Green infrastructure
34 Strategic developments
37 Contact details
38 Acknowledgements
Rocksalt, Folkestone (Credit John Carey)
KENT PROPERTY MARKET 2011
Marlowe Theatre, Canterbury
WELCOME
Welcome to the twentieth edition of the Kent Property
Market Report, produced by Kent County Council’s
Regeneration and Economy Division, Cluttons LLP
and Locate in Kent.
The report reviews activity and major property deals
throughout 2010-11, showing that despite the economic
outlook, the Kent commercial property sector is continuing
to perform well compared to the UK and south east.
The report also looks in detail at the rural, retail, tourism
and housing sectors.
Turner Contemporary, Margate
The economy section reports that despite economic
setbacks in the county in early 2011 such as the loss
of jobs at Pfizer, Sandwich, the county is in a favourable
position compared to some other parts of the country, with
unemployment below the national average. Kent is reaping
the benefits of the Enterprise Zone for Discovery Park,
recent infrastructure investment and will be greatly assisted
in its new business growth by its proximity to London.
The regeneration section features current and planned
developments across Kent and Medway, focusing
particularly on the growth areas of Thames Gateway
Kent and Ashford and also regeneration projects in
the coastal towns.
The strategic developments pages feature all key
commercial sites and developments throughout Kent, as
well as providing useful contact details and location map.
In celebration of the 20 year milestone of the Kent Property
Market Report, we have included a review of all the major
development successes within the county over this period
including shopping centres, infrastructure, wind farms, hotels
and commercial property.
The full report and all 20 previous reports can now be accessed
via an interactive website www.kentpropertymarket.com.
If you would like further information on any of the
developments or projects featured please do not hesitate
to contact us. For contact details please see page 37.
Cluttons is an independent, professional firm of chartered
surveyors delivering a wide range of commercial and residential
property services including professional and valuation advice,
property management, agency and development advice,
rating, and project and building consultancy.
Kent County Council’s regeneration and economy division is
responsible for working with the public, private and voluntary
sectors to drive Kent’s economic growth by encouraging and
supporting businesses; working closely with specific sectors
to promote growth and finding new ways of funding business
crucial infrastructure and unlocking key sites.
Locate in Kent provides a comprehensive, confidential and
free business relocation and advisory service for all companies
looking to relocate to or expand in Kent and Medway.
We hope you find the report useful and informative.
Kevin Lynes
Alison Owen
Paul Wookey
Cabinet Member for Regeneration
and Economic Development, Kent County Council
Partner, Cluttons LLP
Chief Executive, Locate in Kent Ltd
1
PROPERTY MARKET
Investment volumes increased by 42% between 2009 and
2010, and have subsequently remained stable, with an
estimated £15.4bn of transactions in the first half of 2011.
The sector continues to attract the attention of domestic
and overseas investors and while central London offices have
remained the focus of attention, there is growing interest in
out of London locations with positive rental growth prospects.
The positive performance of 2010 has been maintained
in 2011, although yields are stabilising and rental growth
Kent Property Market
Despite remaining negative, average rental value growth
in Kent offices recovered slightly in 2010, falling by -1.2%,
compared to the low of -4.8% in 2009. Although declining,
rental growth in the county outperformed the south east as
a whole, where office rents fell by -3.2% in 2010. Kent office
yields remained stable in 2010, counter to the south east
trend, where yields shortened by 40bp.
performance than the national and south east average, with
rental growth of -1.6% and -2.1% respectively. Kent industrial
yields shortened by 70bp to 8.1%, in line with the national
and south east yield shifts of 60bp and 70bp respectively.
With consumer and retailer confidence at a low ebb, there
was deterioration in average high street retail rents across
Kent in 2010, falling by -6.5%, compared to -5.2% in 2009.
Despite this, the county’s average high street retail yield
shortened by 80bp to 6.5%. The south east and national
picture showed a similar trend with yields shortening by
90bp to 6.1% and 80bp to 6.3% respectively.
Rental values for Kent industrial property recovered slightly
in 2010, with growth of -1.3%, compared to -2.6% in 2009.
Despite the fall, Kent industrial property has shown stronger
In contrast, retail warehouses in Kent have shown a strong
recovery, with positive rental growth of 1.0% in 2010,
compared to a sharp decline of -7.3% in 2009. This represents
the first positive rental growth since 2006. Here the county has
outperformed with negative growth of -0.3% in the south
east and -0.4% nationally. Retail warehouse yields continued
to shorten in Kent, falling to 6.4% in 2010, compared to 7.1%
in 2009, in line with the national and south east trend.
Investment yields
UK property total returns
Equities
Gilts
Property
All property
10
Retail
Office
25
15
6
2011
2010
2009
-10
Dec 2010
-25
Dec 2009
Source: Cluttons LLP/IPD/FT
Dec 2008
-15
Dec 2007
Dec 2006
Dec 2005
Dec 2004
Dec 2003
Dec 2002
Dec 2001
2006
-5
0
2
0
2007
5
4
2008
10
2
Whitefriars, Canterbury
Forecast
20
% p.a.
% Change a year
8
Industrial
2013
The commercial property market saw improved performance
in 2010 with total returns reaching 15.1%, up from 3.5%
in 2009. The strong performance was predominately from
driven yield capital growth, with average yields falling from
7.9% to 7.1%, a pattern common across the sectors.
However, this upturn masked a picture of mixed fortunes
with those markets seeing rental growth prospects retaining
the interest of relatively risk adverse investors.
prospects are coming to the fore. Average rental value
growth is expected to remain strong in the office sector at
5% in 2011; however, weaker growth in retail and industrial
rents will contain the All Property rental growth forecast at a
subdued 0.9% in 2011. The 2011 All Property total return is
forecast at 8%; averaging 7.3% per annum for 2011-2015,
with continued office sector outperformance.
2012
UK Property Market
-20
Source: IPD
Cleve Hill onshore substation, designed by RMJM
architects, transfers the electricity generated by
the London Array wind farm, straight into the
400kV national transmission system.
Cleve Hill substation, Graveney
3
New Line Learning Academy, Maidstone, is a brand new state-of-the-art
school which opened in September 2010. The £26m facilities include
interactive learning plazas and a performing arts theatre.
New Line Learning Academy, Maidstone
4
ECONOMY
Global economic outlook
The outlook for the UK
The outlook for Kent
The world’s economy faces a difficult and uncertain future.
Across the world, recovery from recession and a financial
crisis will be prolonged, with high levels of public and private
debt presenting significant risks to future growth. While slow
growth is forecast in most of the UK’s main trading partners,
the risk of a return to recession cannot be discounted, and
there will be continued pressure on governments and the
private sector to reduce exposure to debt.
UK recovery has been slower than that of our main competitors.
Average forecasts project growth of 1.1% in 2011 (compared
with 1.6% in the Eurozone), with risks to recovery highlighted
by a sharp fall in business and consumer confidence following
the financial turmoil in August. Interest rates remain low at 0.5%
and are likely to remain on hold during 2012 as the pace of
economic activity slows and inflation moderates.
Kent generally tracks the performance of the national
economy. GDP growth forecasts for the county are likely
to reflect how the UK fares in 2010/11, with limited growth
ahead. In the first half of 2011, the county experienced a
number of economic setbacks, with the loss of over 2,000
jobs at Pfizer’s research facility at Sandwich, the announced
closure of the Defence Science and Technology Laboratory,
Fort Halstead and job cuts in the retail sector.
Over the next year, Government policy will focus on the
stabilisation and reduction of the UK’s budget deficit, financed
largely through public spending reductions. This retrenchment
is likely to be a brake on demand in the short / medium term.
Most forecasters anticipate somewhat stronger – although still
uncertain – growth of around 1.7% for 2012.
Competitiveness indicators
Indicators
Kent
South East
GB/UK
Source Date
Gross value added (GVA) per head (£)
£16,454
£21,681
£21,103
2008
Gross disposable household income per head (£)*
£15,795
£17,292
£15,530
2009
Gross median full-time weekly earnings (£)*
£530.40
£547.80
£501.80
2010
No qualifications (%) – working age*
7.4%
5.8%
7.2%
2010
NVQ 1 (%) – working age*
13.4%
12.7%
12.2%
2010
19.3%
16.7%
16.0%
2010
17.8%
16.6%
16.2%
2010
NVQ 4 or above (%) - working age*
33.4%
37.2%
35.8%
2010
Employee change 2008-09 (%)
-3.3%
-3.0%
-2.9%
2009
% Employees in the knowledge economy
15.0%
20.8%
18.3%
2009
Annual average unemployment rate (%)
3.0%
2.6%
3.7%
2010
New businesses as a % of stock
11.8%
10.0%
11.3%
2009
Business survival rates after 3 years (%)
65.1%
68.8%
66.1%
2009
However, the county is in a favourable position compared
with some parts of the UK, with unemployment below the
national average. Despite the recent loss of major employers,
Kent’s economy is likely to benefit from its diversity and lack
of dependence on any single sector. A concerted effort is
underway to support new business growth in those parts
affected by setbacks. Kent will also be greatly assisted by its
proximity to London with the likelihood of faster growth in the
capital than elsewhere. Earlier this year, the county received
a boost with the announcement of an Enterprise Zone to
be established at Sandwich, and it remains an attractive
proposition for inward investors. Kent has also submitted an
ambitious bid to the Government’s Regional Growth Fund to
provide £40m of grants and loans to Kent businesses.
Kent is now reaping the benefits of recent infrastructure
investment. Rail services from Ashford, north Kent,
east Kent and London on High Speed 1 and more recently
from Deal and Sandwich, have drastically reduced journey
times and are highly popular, increasing Kent’s long-term
attractiveness as a business location. Economic conditions
remain difficult but plans for Kent’s regeneration and growth
areas in Thames Gateway, Ashford and the coastal/principal
towns are well advanced, opening up some of the most
significant investment opportunities in the south east.
All figures include Medway, apart from those marked * which are for the KCC area only. Source: Compiled by Research and Evaluation, Kent County Council, July 2011
NB. Growth projections are taken from the Economist Poll of Forecasters, October 2011 averages.
5
Eureka Park, Ashford BUSINESS PARK PERFORMANCE
6
2009-10
2010-11
350
300
250
200
150
100
50
Eureka Park,
Ashford
Crossways,
Dartford
Kings Hill,
West Malling
0
Chatham Maritime,
Chatham
In the investment market, demand for prime south east
stock has improved through early 2011, with prime yields
expected to harden from 6.25% to 6.00% by year end,
driven by lack of stock and improved investor interest. Within
the business park sector the definition of secondary stock
has widened, as investors seek buying opportunities with
active management potential.
2008-09
Chineham Business Park,
Basingstoke
Activity in late 2010 did little to improve rental growth,
with the Investment Property Databank (IPD) index
demonstrating a fall in prime business park rental values
across the UK of -3.1% over the last year. The main office
parks in Kent reflect a similar story to the national picture,
with values on average dipping by -3%. As supply continues
to decline on the main business parks across the county
we expect headline rental values to hold firm, but recovery
will be slow. That said, this is in line with other M25 and M4
locations where vacancy rates continue to fluctuate, driving
tenant concessions to maintain occupancy.
2007-08
Arlington Business Park,
Reading
In north Kent, Crossways also continues to draw in major
occupiers. In September 2010, Brown & Mason secured
845m2 (9,097ft2) at Anson House, Schooner Park at
£172,840pa on a 15 year lease. In May 2011 HSBC Bank
agreed a new 10 year lease on 480m2 (5,169ft2) at Lakeview
West with the benefit of 12 months rent free. In Chatham,
the Historic Dockyard Trust has leased four buildings to the
University of Kent which will complement their facilities at
Chatham Maritime.
At Kent Science Park, Sittingbourne, confidence within the
research and development sector has remained strong.
Demand for space reached a four year high over the last
12 months, with more than 1,200 people now based at
the site. 2010 saw the completion of two data centres
exceeding 2,787m2 (30,000ft2), whilst into 2011 4,645m2
(50,000ft2) of existing laboratory space was refurbished.
The Park has also seen a £1m investment in infrastructure,
notably a new electricity substation. This is positive news in
the wake of Pfizer’s exit from the research and development
site at Sandwich. While undoubtedly a disappointment for
the county, the renamed Discovery Park, which comprises
a 99ha (245 acres) campus of circa 278,709m2 (3m ft2) of
science and office space, presents a longer term opportunity
for the area. Enterprise Zone status will help attract science
and R&D businesses. CBRE have been marketing the site
and there has been real interest.
Business park rents
Stockley Park,
Heathrow
While take up in Kent has also remained subdued, there
are signs of improvement. Occupancy at Kent’s flagship
parks remains high. At the beginning of 2011 Kings Hill at
West Malling reported over 90% of accommodation being
tenanted. Deals at the scheme accounted for 36% of total
transactions county-wide, with occupiers including The
British Assessment Bureau and Everard Insurance Brokers
Ltd taking accommodation. This positive performance
is partially attributable to the reduced levels of service
charges, helping occupiers to contain overhead costs.
In the current climate, speculative development remains
muted. However in Ashford, following the successful lettings
and sales in Northdown 1, totalling 4,645m2 (50,000ft2)
and the leasing of the Herald Building to Smiths Medical,
Quadrant and Trinity College Cambridge took the decision to
develop the next speculative phase at Eureka Park, Ashford Northdown 2, which completed in September 2011. Designed
by Scott Brownrigg, it provides two new headquarter
buildings of 956m² (10,300ft2) and 1,456m2 (15,675ft2) which
are being offered in floors from 465m2 (5,000ft2). Quoting rents
are £213psm and freehold from £2,583psm. This is the only
new space available in the M20 corridor region.
£/m2
During the second half of 2010 into 2011, south east
business parks as a whole saw signs of recovery with
significantly increased occupancy rates. However, take up
in 2011 has been subdued, and availability has crept up.
Source: Cluttons LLP
Kent Science Park, Sittingbourne
Discovery Park, Sandwich
30 Tower View, Kings Hill
Lettings
Location
Landlord
Tenant
Size ft2
Rent (pa)
Lease Term
Agent
Unit 4 Newtons Court,
Crossways Business Park, Dartford
BT Pension
Fund Trustees
Gisela Graham Ltd
26,135
£179,000
10 years,
with 6 months rent free
Altus Edwin Hill, King Sturge
2 Kings Hill Avenue, Kings Hill, West Malling
Kings Hill Unit Trust
Teligent Ltd
10,760
Undisclosed
10 years
Altus Edwin Hill, Hanover Green,
Knight Frank
11 Tower View, Kings Hill, West Malling
ADT Fire & Security Plc
10,748
Undisclosed
Lease restructure,
10 years
Knight Frank
Lakeview West, Crossways, Dartford
Frogmore Real
Estate Partners
HSBC Bank Plc
5,169
£22.50psf
10 year lease. Tenants 5 year
break
CBRE, Knight Frank
30 Tower View, Kings Hill, West Malling
The British
Assessment Bureau
3,165
Undisclosed
10 years
Knight Frank
Sales
Location
Vendor
Purchaser
Size ft2
Tenant
Price
Income
Yield
Agent
Shearway Business Park,
Caesars Way, Folkestone
Undisclosed
Undisclosed
18,000
Church &
Dwight UK Ltd
£950,000
£87,500
9.21%
Clive Emson,
Smith Woolley & Perry
5-7 Ozengell Place,
Eurokent Business Park, Ramsgate
Thanet
District Council
GPM
Partnership
3,551
Vacant
£249,495
Undisclosed
n/a
Caxtons
170 Eureka Park, Ashford
Private Investor
CC 4000
1,375
Vacant
£275,000
n/a
n/a
Martine Waghorn
7
OFFICE PERFORMANCE
Occupier demand, although showing signs of recovery
across the south east, remains weak and as a result the
take-up of office space has been subdued over the last year.
In particular there has been an absence of large deals, with
few businesses looking to expand in the current economic
climate. The extremely limited development pipeline that has
persisted since the 2008 financial crisis has cushioned the
impact of the mute occupier environment on rents. Office
rental growth in Kent recovered slightly on 2009, albeit
remaining negative for 2010 at -1.2%. Although growth
fell behind the London biased UK average of 1.5%, rental
growth in Kent outperformed the south east as a whole,
where rents fell by -3.2%.
Given current business dynamics, activity has been
dominated by take-up of accommodation below 465m2
(5,000ft2). For example, Calverley House, Calverley Road
in Tunbridge Wells was let to European Insurance Services
Limited on a 6 year lease. The company will pay £67,500
per annum for the 465m2 (5,000ft2) office space.
However, there have also been some larger lettings
indicating signs of growth in the county. Dover saw one
of the most significant office lettings in Kent in the last
year. Viking Recruitment took 1,858m2 (20,000ft2) at The
Passivhaus Office, Beechwood Business Park, on a 10-year
lease with the option to break after 5 years. The building is
one of the UK’s most energy efficient offices and is said to
be 80% more efficient than conventional buildings.
Given the relative signs of improvement in the market,
the best quality stock in the south east is seeing renewed
investor interest, even if over-rented. Institutions are looking
outside central London to acquire quality assets at relatively
high initial yields, with the expectation that rental values will
recover in the short to medium term, before expiry. However,
as a whole, the investment market is currently experiencing
a dearth of available stock and assets that have become
available are secondary and tertiary.
With assets in short supply and investor interest recovering,
Kent office yields have hardened in the last year, with initial
yields falling from 8.70% to 8.30%, a movement in line with
the south east trend. Some deals achieved yields far below
the Kent average. In Tonbridge, the 1,282m2 (13,800ft2)
Wharf House, Medway Wharf Road, sold to Hotbed Limited
for £2.76m, reflecting a yield of 7.08%, while the sale of 48
West Hill, Dartford, achieved a yield of 6.72%. The building
was purchased for £500,000 and is currently occupied by a
number of tenants, achieving a rental income of £33,580pa.
Lettings
8
Location
Landlord
Tenant
Size ft2
Rent (pa)
Lease Term
Agent
The Passivhaus Office,
Beechwood Business Park, Dover
WCR Properties
Viking Recruitment
20,000
£69,500
10 year lease,
5 year break
Caxtons
Crest House, 30 High Street, Westerham
Crest Nicholson
Gladedale
6,623
£120,000
2 years
Karrison Commercial
Calverley House, Calverley Road, Tunbridge Wells
Solution Business Space
European Insurance Services Ltd
5,000
£67,500
6 years
Durlings
The Drying Loft, 25-26 Turkey Court,
Turkey Mill, Maidstone
Turkey Mill Investments
PFPR Communications
4,041
£77,000
10 years
Martine Waghorn,
Watson Day
19 North Street, Ashford
Private Client
Calcutt Matthews
2,251
£29,500
Assignment
Taylor Riley
15 Commercial Road, Paddock Wood
Bayswater Property Ltd
White Sands Weddings
1,625
£18,000
10 years
Durlings
Sales
Location
Vendor
Purchaser
Size ft²
Tenant
Price
Income
Yield
Agent
48 West Hill, Dartford
Private Investor
Local Investor
20,197
Tots and Frocks Ltd,
Maximus Employment UK Ltd,
Royal British Legion Industries Ltd,
part vacant
£500,000
£33,580
6.72%
Allsop
Wharf House, Medway Wharf Road, Tonbridge
Private charity
Hotbed Ltd
13,799
West Kent Primary Care Trust
£2.76m
£206,985
7.08%
Marle Place
Property Ltd
Unit 7 Highpoint Business Village, Henwood, Ashford
Private Investor
Private Investor
3,200
NHS Eastern & Coastal Kent,
Butler and Young Ltd
£306,000
£28,034
9.06%
Clive Emson,
Edward Symmons
49/50 Castle Street, Canterbury
Mr and Mrs Stilwell
Leydon Lettings
1,483
Vacant
£385,000
n/a
n/a
Caxtons
11 Ashford Road, Maidstone
Private Investor
Private Investor
1,440
Vacant
£325,000
n/a
n/a
Martine Waghorn
Office rental growth
Kent
2010-11
UK
Kent
South East
12
250
10
11
200
5
-5
8
Source: IPD
Dec 2010
Dec 2009
Dec 2007
Dec 2008
Dec 2006
Dec 2005
Dec 2004
Dec 2003
Dec 2010
Dec 2009
Dec 2008
Dec 2007
Dec 2006
Dec 2005
Dec 2004
Dec 2003
Dec 2002
Dec 2001
Dec 2000
Dec 1999
Dec 1998
Dec 1997
Thanet
Tonbridge
T.Wells
Sittingbourne
Sevenoaks
Medway
Maidstone
Gravesend
5
Folkestone
-15
Dover
0
Dartford
6
Canterbury
-10
Dec 2002
7
50
South East
9
Dec 2001
100
0
Dec 2000
150
UK
10
% Yield
% Change a year
15
Dec 1999
2009-10
Dec 1998
2008-09
300
Ashford
£/m2
2007-08
Office average yields
Dec 1997
Office rents
Source: IPD
9
INDUSTRIAL AND DISTRIBUTION PERFORMANCE
The manufacturing sector’s strong run is faltering with
the latest CBI Survey reporting that optimism among UK
manufacturers has fallen for the first time in two years.
Growth in total orders and production has eased, although
factory output has continued to grow. The slowdown in
growth is expected to persist for the rest of the year, with
fortunes further hindered by increases in production costs.
Whilst employment growth has been stable to mid 2011,
global economic uncertainty is affecting market confidence
resulting in few signs of expansion in the manufacturing
sector, with smaller firms in particular suffering.
Given this business backdrop, occupier demand in the
county has remained similar to last year, although north Kent
has been particularly active. Schooner Park, Crossways,
has attracted Milton Keynes Paint & Equipment who took
a ten year lease on 402m2 (4,326ft2). Smith Pack Ltd has
taken 1,506m2 (16,212ft2) at Questor, Dartford at £66.39psm
(£6.16psf). Secondary space at Station Road, Edenbridge
comprising 1,181m2 (12,716ft2) mixed industrial and office
space was let to BAM Nuttall Ltd at £48.44psm (£4.50psf).
Warehousing demand remains mostly from distribution and
retailers and is for large, modern sheds. Gazeley sold a 5 ha
(12.3 acres) plot at G. Park in Strood to The Royal Mail. The
site already had detailed planning permission for 25,548m2
(275,000ft2) and construction is underway.
The IPD index shows prime industrial rental values in Kent
fell by -1.3% to the end of 2010. This represents a marginal
out-performance against the UK which saw rents fall by
-1.64%. During 2011 there has been no change in rents
and with the majority of vacant space within the county
comprising secondary stock, further growth is not expected
until the latter part of 2012.
With demand for smaller unit schemes still very patchy,
capital values have remained unaltered on 2010. This has
deterred any new development this year, leaving locations
such as Orbital Park, Ashford, which have historically
produced new buildings, now with limited supply. In Herne
Bay, a number of freehold plots at Altira Business Park
ranging from 0.35 – 0.59 ha (0.87 acres - 1.46 acres), all
with planning permission for B1, B2 and B8 use were sold
to undisclosed purchasers in July 2011. Goodman has
purchased 5 ha (12.3 acres) at Aylesford.
The investment market remains active and the IPD index
showed UK initial yields at the end of 2010 had shortened
to 7.1%, from 7.5% the year before. Investor confidence
remains positive, with yields in Kent currently estimated
below the south east average, at around 8%. While the lack
of supply has hampered investment transactions, at Park
Farm Road Industrial Estate in Folkestone, Cranmer sold
1,347m2 (14,500ft2) of industrial space, let to Benchmarx, for
a net initial yield of 7.75%. Although the supply imbalance is
encouraging investors to seek opportunities, this is unlikely
to result in an increase in capital values in the near future.
Lettings
10
Location
Landlord
Tenant
Size ft2
Rent (pa)
Lease Term
Agent
Unit 10 Dana Trading Estate,
Transfesa Road, Paddock Wood
Unipart
Oneworld Trading
21,000
£74,000
£3.50psf
12 years
Core Commercial, DTZ
3/4 Cobbs Wood Industrial Estate, Ashford
Ravenscourt Securities
Kitchen Generator
20,000
£87,400
£4.37psf
10 year lease
No breaks
Taylor Riley
D18 Larkfield Trading Estate, Aylesford
Larkfield Trading Estate 1&2
Steton Associated Works
6,495
£38,790
10 years
Martine Waghorn
6 Haslemere Trade Park, Maidstone
HIFML UK Property Fund
Toolstation
5,835
£36,469
£6.25psf
10 years
Altus Edwin Hill, Martine Waghorn,
Strutt & Parker
5 Wilkes Avenue, Questor, Dartford
Clerical Medical (Dartford)
KES UK Ltd
4,746
£36,000
5 year lease
3 year break
4 months rent free
Glenny LLP
28 Morley Road, Deacon Trading Estate, Tonbridge
Stuart & Co
A H A Metals (Kent) Ltd
4,640
£23,200pa
2 years
Durlings
Sales
Location
Vendor
Purchaser
Size ft²
Tenant
Price
Income
Yield
Agent
Saica, Papyrus Way, Aylesford
Saica Pack
Goodman
631,620
Site
£4.6m
n/a
n/a
Altus Edwin Hill
Norman Close, Strood
Imbev UK Ltd
Montague L Meyer (MLM)
50,300
Vacant
£1.75m
n/a
n/a
Caxtons
Units A+B Enterprise Way, Edenbridge
St Ives Plc
Alexir Ltd
28,308
Vacant
£900,000
n/a
n/a
Glenny LLP
3 Longfield Road, Tunbridge Wells
Kalmax Limited
Bishops UK Limited
14,440
Vacant
£1.05m
n/a
n/a
Broadlands
Industrial rental growth
Kent
2010-11
UK
Kent
South East
100
6
10
4
9
2
6
Dec 2010
Dec 2009
Dec 2008
Dec 2007
Dec 2006
Dec 2005
Dec 2003
Dec 2004
Dec 2010
Dec 2009
Dec 2007
Dec 2006
Dec 2005
Dec 2004
Dec 2003
Dec 2002
Dec 2001
Dec 2000
Dec 1999
Dec 1998
Dec 2008
Source: IPD
Dec 2002
5
-6
Dec 1997
Thanet
Tonbridge
T.Wells
Sittingbourne
Sevenoaks
Medway
Maidstone
Gravesend
Folkestone
Dover
Dartford
Canterbury
Ashford
-4
0
8
7
-2
20
South East
0
Dec 2001
40
11
Dec 2000
£/m2
60
8
% Yield
% Change a year
80
UK
12
10
Dec 1999
2009-10
2008-09
Dec 1998
2007-08
Industrial average yields
Dec 1997
Industrial rents
Source: IPD
11
RETAIL PERFORMANCE
National retail sales volumes have shown a modest
improvement on the previous year, with positive annual
growth sustained in the first half of 2011, despite the rise in
VAT, low consumer confidence and rising inflation. However,
the retail environment deteriorated in the third quarter and
the weak consumer environment has taken its toll on Kent’s
retail centres, with rents having fallen at a greater pace
than at the national or south east level. This has resulted in
rental values falling in all but six locations in Kent; however
this represents a slight improvement on the previous year,
highlighting the mixed fortunes across the county.
While high street retail rental growth has continued to slow in
Kent, retail warehouse rents have strengthened, and growth
is outperforming the south east and UK averages, achieving
positive growth of 1.0% in 2010.
A number of centres are performing well against the wider
economic environment. Tunbridge Wells in particular is
maintaining shop vacancy rates well below the national level
and shows potential for positive rental growth over the next
few years. Retail demand has also proved buoyant in other
Kent centres, such as Ashford and Canterbury. Notable
lettings in Canterbury this year include Cath Kidston, who
took a new 10-year lease at the former Boots store at The
Parade, at a total rent of £160,000 pa.
Development proposals to enhance the retail offer in the
county have moved ahead over the year. Land Securities has
announced plans to develop a 6,503m2 (70,000ft2) Primark
store in Westwood Cross, Broadstairs, while John Lewis has
also confirmed plans to develop another John Lewis At Home
store in Ashford, after successfully launching its Tunbridge Wells
store. The Ashford unit will total 3,716m2 (40,000ft2) and is due
to open in autumn 2012, bringing the number of John Lewis
shops in Kent to three, including Bluewater. Liberty Property
Trust UK has announced the expansion of Liberty Square,
Kings Hill, with a new Waitrose store operating by Christmas
2011, as well as one already opening in Canterbury in October.
Despite the mixed occupational picture, average Kent retail
yields have hardened, falling to 6.5% in 2010, compared to
7.3% in the previous year, sitting just above the UK average.
Fremlin Walk, Maidstone changed hands again for £92m
reflecting a yield of 7.46%.
Investor demand for retail parks remains healthy, with a
number of notable transactions in the last year. Maybrook
Retail Park, Units 1-5 Sturry Road, Canterbury sold for
£17.74m, equating to a yield of 6.2%. One of the most
significant retail park investments has been made in
Maidstone, where The Junction sold South Aylesford retail
park to the Crown Estate for £71m, reflecting a yield of 5.87%.
Lettings
12
Location
Landlord
Tenant
Size ft2
Rent (pa)
Lease Term
Agent
44-60 Pencester Road, Dover
Panther Estates
Poundland
7,970
£110,000
10 year lease
Capital Retail
62 High Street and 11 George Street, Ramsgate
Threadneedle Property Investments
Hospice Shops Limited
6,496
£40,000
5 year lease,
5.5 months rent free
Cradick Retail
26 Week Street, Maidstone
Killultagh Estates
The Works
3,673
£130,000
10 year lease
Brasier Freeth, Cradick Retail
10 The Square, Riverhead, Sevenoaks
Rohit Kotecha (Sevenoaks) Ltd
Oakwood Beauty
2,682
£30,000
10 year lease
Durlings
25 St Margaret’s Street, Canterbury
Vale of the Whitehorse DC
Pension Fund
Between the Lines
1,250
£30,000 pa rising
to £40,000 pa
10 years 5 year break
btfpartnership
10 Sandgate Road, Folkestone
Threadneedle Property Investments
Oxfam
1,075
£23,250
10 year lease
Cradick Retail
Unit 3 Victory Pier, Gillingham
Berkeley First
Barnardo’s
1,066
£17,500
10 year lease
Cradick Retail
The Parade, Canterbury
Glengate/Orion Capital
Cath Kidston
2,000
£160,000
10 years
Briant Champion Long
Sales
Location
Vendor
Purchaser
Size ft²
Tenant
Price
Income
Yield
Agent
1-13 Union Street and
68-72 Week Street, Maidstone
Stockland
Unknown
13,986
William Hill Organisation Limited
and Soft Furnishings Limited
£1.2m
£114,000
9.91%
Acuitus
96-98 Week Street, Maidstone
Prupim
Undisclosed
9,487
Blockbuster Entertainment Ltd
£660,000
£50,000
7.58%
Allsop
82 Mount Pleasant Road, Tunbridge Wells
Private clients
Undisclosed
5,683
LloydsTSB Bank Plc
£1.3m
£71,125
5.80%
Allsop
70 Calverley Road, Tunbridge Wells
A Choudhury
Private UK Investor
3,887
Hawkshead Outdoor Clothing
£670,000
£53,500
7.55%
Singer Vielle
40 Burgate, Canterbury
Private clients
Shepherd Neame
2,000
Graham Greener
£400,000
£28,000
n/a
btfpartnership
51/52 Castle Street, Canterbury
Private clients
Unknown
1,930
Coral Racing Ltd
£445,000
£21,600
4.85%
Allsop
58 High Street, Deal
Private investor
Undisclosed
1,514
British Heart Foundation
£490,000
£29,000
5.92%
Allsop
27 High Street, Tenterden
Property company
Private UK Investor
1,000
Country Casuals Limited
£510,000
£35,000
6.50%
Cradick Retail
5/17 The Parade and
10/11 Mercery Lane, Canterbury
Private investor
Threadneedle
Property Investors
–
Cath Kidston, Fat Face and
Pret A Manger
£9m
£591,000
6.20%
Briant Champion Long,
Jones Lang LaSalle
Retail rents
High street retail rental growth
2007-08
Kent
2010-11
2009-10
2008-09
2500
High street retail average yields
UK
South East
Kent
8
£/m2
1000
8
2
% Yield
% Change a year
4
1500
0
-2
7
6
-4
5
Dec 2010
Dec 2009
Dec 2007
Dec 2008
Dec 2006
Dec 2005
Dec 2004
Dec 2002
Dec 2003
Dec 2001
Dec 2000
Dec 1999
Dec 2010
Dec 2009
Dec 2008
Dec 2007
Dec 2004
Dec 2005
Dec 2003
Dec 2002
Dec 2001
Dec 1999
Dec 2000
Dec 1998
Dec 2006
Source:LLP
IPD
Source: Cluttons
Dec 1998
4
-8
Dec 1997
Thanet
T.Wells
Tonbridge
Sittingbourne
Sevenoaks
Medway
Maidstone
Gravesend
Folkestone
Dover
Dartford
Ashford
Canterbury
-6
Dec 1997
500
0
South East
9
6
2000
UK
10
Source: Cluttons IPD
13
LEISURE AND TOURISM PERFORMANCE
Worth £3.2bn to the local economy, tourism and leisure
industries are one of Kent’s major employers, supporting
63,000 jobs, equivalent to 1 in 14 people employed in
the county.
Investment in the industry has been strong, playing a central role
in the regeneration of the county. The last 12 months has seen
new attractions, transport routes, hotels and accommodation.
Attractions and venues
The new Turner Contemporary Gallery in Margate attracted
100,000 visits in five weeks (two thirds of its first year
forecast). The David Chipperfield designed gallery includes
double-height entrance hall, ground floor events space
with terrace, first floor Clore learning studio and three
gallery spaces. The gallery, which won Regeneration
and Renewal’s ‘Best contribution of arts and culture to
regeneration’ award in September 2011, will have three
major exhibitions a year.
Plans for a new Dreamland Heritage Amusement Park continue
apace with a projected opening in 2013. Hornby Hobbies
Marlowe Theatre, Canterbury
14
visitor centre in Margate is expanding with a café. African lodge
inspired accommodation at Quex Park is also being planned.
Dover Castle, an English Heritage flagship attraction has
a major new visitor experience recreating the Dunkirk
evacuation, including 60m of underground tunnels
transformed into the skies and seas of May/June 1940.
Folkestone Harbour’s new Mark Sargeant restaurant
‘Rocksalt’, designed by Kent architects Guy Holloway,
opened in June 2011 during the second Folkestone
Triennial. The Triennial is part of the Creative Foundation’s
strategy to develop the town’s creative quarter.
The new Marlowe Theatre in Canterbury, designed by Keith
Williams Architects opened in October 2011. The £25.5m
project includes a larger 1,200 seat auditorium, ensuring it
becomes a flagship centre for performing arts in the region
and a national touring venue for major productions.
In July 2011, the Canterbury Westgate Towers - the UK’s
largest remaining medieval gateway - opened to the public
as a museum and café.
Rocksalt, Folkestone (Credit Central Photography)
The British Open golf tournament held in July 2011 at
Royal St George’s course in Sandwich provided a major
boost to East Kent, attracting around 180,000 visitors
and generating around £80m for the local economy.
In addition, over 37,000 passengers travelled to the
tournament by High Speed rail and Manston Airport had
one of its busiest weeks in years.
Maidstone regeneration projects include a £2m grant to
develop Maidstone Museum’s east wing project, which will
enable new displays. The expansion is due for handover in
autumn 2011.
The new £7.56m Ashford Gateway Plus opened in July
2011 and is home to a range of public services, the
Ashford Tourist Information Service and café. Also in
Ashford, a £1.7m investment in St Mary’s Church has
transformed it into a modern, comfortable and flexible
central venue - Arts at St Mary’s. Stour Valley Arts, funded
by the Arts Council England, has a new permanent gallery
in Elwick Road.
In Gravesham, Europe’s largest Sikh Gurdwara temple
has opened and is a draw for visitors of all religions.
Gravesend’s riverside has a new pontoon at the historic
Town Pier and new moorings off St Andrew’s Gardens
revitalising this part of Thames Gateway. Cyclopark,
alongside the A2, will be a leading multi-sport centre with
first-class cycling, running and extreme sports facilities, and
opens in spring 2012.
Transport
Masterplanning by Dover Harbour Board will increase
capacity with four additional Ro-Ro ferry berths at
the Western Docks. The investment will also create
marina facilities and 370 berths. The £300m proposed
development of Dover Waterfront and Terminal 2 by Dover
Harbour Board will see a revision order submission in
autumn 2011.
Southeastern Trains started a 70 minute High Speed train
service between Deal, Sandwich and London St Pancras in
September 2011, running three trains morning and evening.
Sustrans’ Connect2 won The People’s £50m Lottery Giveaway
to invest in walking and cycling networks. Three Kent schemes
are in the final Connect2 list at Whitstable, Reculver and most
recently Dover. Two new cycle routes have also opened on the
Isle of Sheppey - the Sheerness Way and Isle of Harty Trail.
Hotels and Accommodation
Kent has seen a wide range of accommodation developed over
the past year. The partnership of Visit Kent, Tourism South East
and Locate in Kent has developed new hotel fact files for key
areas to encourage further investment. Aimed at developers/
investors the fact files contain key information needed when
looking at a potential area and are available on Visit Kent’s
website: http://www.visitkentbusiness.co.uk/index/researchdevelopment/development/Hotel-Development/hotel-fact-files.
The 81-bedroom Best Western Dover Marina Hotel & Spa,
(formerly The Churchill), re-opened after a major investment in
the Grade II Listed building by Leaf Hotels, creating nearly 60
jobs. Travelodge has taken over the Chaucer in Canterbury
and following a refurbishment re-opened in April 2011.
Dover Marina Hotel Lobby
The 68-bedroom Ramsgate Seafront Travelodge opened
in June 2011, after the £2m conversion of the Kent
International Hotel. There will also be a new 71-bedroom
Premier Inn and 201 seat restaurant, close to Manston,
Kent’s International Airport creating 50 jobs. The Premier Inn
at Margate Station will be investing in a further 32 rooms.
Other proposed investments for Margate include new
seafront hotels adjacent to Turner Contemporary and as
part of the Arlington redevelopment.
Sandwich welcomed investment in accommodation for
golfers at Prince’s Golf Course in July and near Brands
Hatch, London Golf Club has planning permission for a
130-bedroom luxury hotel and leisure development.
Medway has a new 120-bedroom hotel planned for
Gillingham Waterfront, a 120-bedroom hotel being built at
Medway Valley Leisure Park and plans for a 150-bedroom
hotel at Rochester Riverside with 790m2 (8,503ft²) of
conference space.
Canterbury Westgate Towers Museum (Credit Jason Dodd Photography)
15
RURAL PERFORMANCE
Capital value growth has driven the improvement in
performance over the last two years in line with higher
demand for agricultural land in all segments of the market.
The drivers of this improvement in capital values also had a
similar impact on the rest of the property market, enhancing
returns for residential and commercial ahead of the
agricultural sector. However, the agricultural sector continues
to outperform on a three and five year basis with annualised
returns of 6.3% and 12.0% respectively.
Farmland values and activity
Nationally, farmland prices reached an all-time high at the
end of Q2 2011, driven primarily by farming rather than
residential demand. Average values for the south east at
the end of the second quarter moved close to £14,826
per ha (£6,000 per acre), compared to a national average
of just over that mark (RICS). In contrast to the national
picture where there are signs of an increased supply
moderating price growth, Kent continues to experience
a severe shortage of stock. The constraint on supply is
pitched against strong continued demand for commercial
agricultural land, equestrian and residential uses as well as
a degree of speculative land banking.
During the first half of 2011 very few commercial farms
came to the market in Kent, although September saw
the marketing of the 400 ha (1,000 acres), predominantly
arable, Cleve Hill Farm, near Faversham, at a guide price
of £6.25m. In general, the increase in the price of arable
16
crops over the year has provided little incentive to exit
farming. As a result, smaller arable parcels have shown
price growth on 2010. Average bare land values have
increased slightly to around £12,355 per ha (£5,000 per
acre), while equipped land has reached £19,274 per ha
(£7,800 per acre), predominately driven by farmers looking
to expand. For example, Lilly Hoo Farmland in Five Oaks
Green, which comprises nearly 13 ha (32 acres) of arable
land and pasture, sold in May 2011 at a price equating
to £17,233 per ha (£6,974 per acre). A further 5 ha (12.3
acres) of land in the same locality sold for £21,905 per ha
(£8,865 per acre).
In addition to farming requirements, residential and
equestrian demand has expanded over the last year in
line with the improvement in the economic climate in the
south east and London in particular. A mismatch between
supply and demand has pushed prices for suitable sites
to around £22,239 per ha (£9,000 per acre) depending on
location. This is illustrated by the sale of Grove Farm Field,
a 2 ha (4.9 acres) parcel in Hadlow, Tonbridge. This site
sold in May 2011 for a price equating to £22,946 per ha
(£9,286 per acre). Similarly, 4 ha (9.9 acres) at White Hill in
Wrotham, near Sevenoaks, sold in April 2011 for a price
equivalent to £21,676 per ha (£8,772 per acre).
The improvement over the last year in the residential
market, delivering positive price growth across much of
the county, especially West Kent, has generated greater
interest in potential development sites. Values vary
significantly, typically ranging from £24,711 - £61,776
per ha (£10,000 - £25,000 per acre) depending on
location and prospects for achieving residential consent.
This is illustrated by the sale of a 2 ha (4.9 acres) site in
Wingham, Canterbury in November 2010 for £34,595 per
ha (£14,000 per acre).
Cleve Hill Farm, Graveney
Rural property total return relative to other asset classes
Rural property
Commercial property
Residential property
Equities
25
20
3 years
15
5 years
10 years
10
%
The performance of the rural sector improved in 2010
delivering a total return of 9.0%, compared to 8.2% in 2009.
This moves the sector clear of the dismal performance during
2008 when returns barely moved into positive territory. The
strength of the upturn is highlighted by the fact that total
returns in 2010 moved ahead of the long run average of 8.2%.
5
0
-5
-10
2010
Source: IPD
CELEBRATING 20 YEARS
In this section we celebrate development successes in Kent and Medway over the past twenty years,
highlighting how far the county has changed for the better over this time.
CELEBRATING
YEARS
17
TWO DECADES OF SUCCESS 1991-2011
Infrastructure
Dartford Bridge completed,
M20 missing link from
Maidstone to Ashford and
A256 (Sandwich to Eastry
bypass) opened and A299
(Thanet Way) dualling started.
Infrastructure
A2070 Ashford to Brenzett
completed, Medway northern
relief road started with works to
Medway Tunnel, and planning
permission granted for Ashford
International Station.
Infrastructure
Ashford International Station,
Medway Tunnel and Dover
Cruise Terminal at Western
Docks opened.
Infrastructure
A257 Ash bypass completed,
Channel Tunnel Rail Link
route revealed.
Infrastructure
Channel Tunnel opened for
freight and Eurostar services
began.
Infrastructure
Infrastructure
London and Continental
chosen to build CTRL,
services opened at J8, M20.
Maidstone spine road
between M20 and town
centre completed.
Commercial property
Mixed use
Major deals with Kimberley
Clark, Cummins, Gefco,
Rimmel and Colorcon,
across the county.
Work started on golf course,
school, community hall and
200 houses at Kings Hill.
91
92
93
94
95
96
Commercial property
Commercial property
Commercial property
Commercial property
Planning permission granted
for first phase at Kings Hill
and 1,115m2 (12,000ft2) spec
build at Eureka Park, Ashford.
Construction started on main
building at Cheriton Parc,
Folkestone, for Eurotunnel.
Eurotunnel customer services
building completed at
Cheriton Parc.
White Cliffs Business Park
phase 1 completed.
Retail
for Bluewater.
Retail
Leisure & tourism
Boughton and Chart Hills golf
clubs opened, Kajima UK
invest in London Golf Club.
Retail
Royal Victoria Place in Royal
Tunbridge Wells opened.
97
Construction began at
Bluewater.
Commercial property
Phase 1 completed at Eureka
Park, Ashford. John Wilson
Business Park, Whitstable
under construction, White
Cliffs Business Park, Dover
awarded £2.5m from
government for infrastructure.
Leisure & tourism
Retail
for Lockmeadow leisure
complex, Maidstone.
Planning application
submitted for Whitefriars,
Canterbury.
Mixed use
Golf course, clubhouse and
nursery completed at Kings Hill.
Hotels
Ashford International Hotel
(1990), Hilton, Maidstone and
Holiday Inn, Ashford opened.
Other
Operations ceased at Shell
Research Centre (now Kent
Science Park, Sittingbourne).
Leisure & tourism
London Golf Club opened
in 1994.
Leisure & tourism
Construction started on
Lockmeadow, Maidstone.
Commercial property
Infrastructure
30 Tower View, 18 & 39
Kings Hill Avenue completed
at Kings Hill and Saga
expanded into new premises
in Sandgate.
Dualling of Thanet Way (A299)
completed, second cruise
terminal completed at Dover
and London Manston Airport
receives CAA licence.
Infrastructure
Infrastructure
£7m development project
gets underway at London
Manston Airport.
Commercial property
Construction started on
Channel Tunnel Rail Link
Construction began at
Shearway Business Park,
Folkestone, land deal for
46,450m2 (499,983ft2) office
and industrial scheme at
Orbital Park, Ashford.
Commercial property
Planning application for
Dartford Park (now The Bridge)
submitted, and granted for
Eclipse Park, Maidstone. Kent
Innovation Centre opened in
Broadstairs, and the Enterprise
Hub opened at Shearway,
Folkestone.
Infrastructure
CTRL phase 1 opened.
Retail
County Square extension,
Ashford granted planning
permission, Liberty Square
opened at Kings Hill.
Commercial property
Construction started at
Lakesview, Canterbury and
infrastructure completed and
Grupo Antolin signed up at
Eurokent, Thanet.
98
99
Commercial property
Media Centre in Margate
completed.
00
01
02
03
04
Retail
Commercial property
Retail
Hotels
Whitefriars, Canterbury.
Phase 2 of Eurokent, Thanet
started and Grupo Antolin
completed building creating
230 jobs.
Whitefriars at Canterbury and
Dockside Outlet at Chatham
Maritime opened.
Village Hotel, Maidstone
opened.
Retail
BAA McArthur Glen Designer
Outlet opened in Ashford.
Leisure & tourism
Phase 2 completed at Eureka
Leisure Park, Ashford.
Leisure & tourism
Leisure & tourism
Gravesend Town Pier restored.
Horsebridge Centre,
Whitstable opened and
Community Park at
Betteshanger opened.
Leisure & tourism
Lockmeadow leisure
complex, Maidstone opened
in September.
Retail
Bluewater opened.
Leisure & tourism
Pub and marina opened at
Chatham Maritime.
Leisure & tourism
British Open Golf
championships held at Royal
St George’s, Sandwich.
Infrastructure
Two new ferry berths and
infrastructure at Port of Dover
opened.
Infrastructure
Infrastructure
New Sheppey Crossing and
A228 Leybourne and West
Malling by-pass opened. Train
station redevelopments for
high speed rail services started,
Fastrack services started in
Thameside, and Infratil purchased
Kent International Airport.
Ebbsfleet International Station
and Hitachi Rail depot at
Ashford opened. Planning
consent given for London Array
offshore wind farm. Ashford
ring road and Shared Space
construction commenced.
Commercial property
Tolherst Court at Turkey Mill,
Maidstone completed.
Infrastructure
Infrastructure
A2 widening from Pepper Hill
to Cobham completed.
Commercial property
Morrisons announced plans
to build 92,903m2 (1m ft2)
distribution centre at G Park,
Sittingbourne. Thanet Earth
completed first glasshouse at
Monkton, East Kent and units
completed at Altira, Herne Bay.
Commercial property
06
07
08
Infrastructure
Infrastructure
Ashford International
and Dover Priory station
improvements for high speed
domestic services completed,
Flybe services began from
Kent International Airport.
09
Commercial property
Phase 1 completed at
Equilibrium, Maidstone.
10
Commercial property
Mixed use
Fremlin Walk in Maidstone
opened, County Square
construction underway in
Ashford and Debenhams and
Next signed up as anchor
tenants, Westwood Cross in
Broadstairs opened.
42 Kings Hill Avenue
completed at Kings Hill. Three
new buildings completed at
Eclipse Park, Maidstone.
Learning and Community
Campus at The Bridge,
Dartford opened.
Ramada Encore Hotel opened
at Chatham Maritime.
Commercial property
Leisure & tourism
Retail
Hotels
Improvement works to
junction 9 of the M20 and
Drovers roundabout and the
landmark M20 footbridge in
Ashford completed.
The Pfizer site in Sandwich is
renamed Discovery Park and
given Enterprise Zone status
and Northdown 2 at Eureka
Park, Ashford completed.
Commercial property
Canterbury Innovation Centre,
Medway Innovation Centre
and The Joiners Shop at
Chatham Dockyard opened,
Crossways Point, Dartford
phase 1 completed. Herald
building at Eureka Park,
Ashford completed.
Northdown completed and work
started on Herald at Eureka
Park, Ashford. The Nucleus
opened at The Bridge, Dartford
and Kent Science Resource
Centre opened at Kent Science
Park, Sittingbourne.
05
High speed domestic
services started in December,
construction started on
Thanet Offshore wind farm.
The Turner Contemporary,
Margate opened in April
and the Marlowe Theatre,
Canterbury, with seating
capacity of 1200, opened
in October.
11
Retail
Extension to County Square,
Ashford and Bouverie Place,
Folkestone opened.
Leisure & tourism
Cyclopark, Gravesend.
Leisure & tourism
London 2012 announced.
Leisure & tourism
Leisure & tourism
Princes Park stadium opened
in Dartford and Dartford Judo
Club won Retail and Leisure
Property Awards.
Dickens World opened at
Chatham Maritime.
Retail
Leisure & tourism
Site works commenced at
Turner Contemporary.
John Lewis Food hall opened
at Bluewater.
Other
Quarterhouse at Folkestone
opened.
CELEBRATING
YEARS
3
23
St. Pancras
International Station
ESSEX
20
19 23
LONDON
4
5
37
17 36
7
2
12
3
DARTFORD EBBSFLEET 8
7 34 35
41 43 2
30
21 35 5
24
9 32 12
18
3
15
38
7 11
8 10 7
33
Commercial property
3
Education
4
Energy
10
Hotels
38
Infrastructure
39
Leisure & tourism
12
Regeneration
12
Residential
14
Retail
3
23
9 13
32
RAMSGATE
37
2
1
11 9 10 12
9 10 26 27 31 22 34 8
DEAL 10
14
12 13 32 45 1
25
6
3
6 10 11 24 28 29
15 37 3
6
9
1
5
DOVER
ASHFORD
3
8
THANET
7
13
2
4
1 19 25 35
9 10 28 39 40 44 5
TONBRIDGE
LIST OF DEVELOPMENT SUCCESSES OVERLEAF
14 22 42
CANTERBURY
24 46
30 11
47
1
WHITSTABLE
15 16
7 20
KEY
ISLE OF SHEPPEY
3 26 1
6
ROYAL
TUNBRIDGE
WELLS
MARGATE
MAIDSTONE
SEVENOAKS
8
5
6
HERNE BAY
SITTINGBOURNE
CHATHAM
5
4
GILLINGHAM
3 14 4
21 18
9 31
26 16
38 7
4 11
SHEERNESS
2 25
17
30
36
33 34
27
36 2 10
2
29 22 14
1
GRAVESEND
1
ROCHESTER
20
4
23
FOLKESTONE
27
31
2
8 47 2 16 17 18
12 13 39 6
1
5 19 38 21
33 4
8
6
12
4
Calais
EAST SUSSEX
FRANCE
21
SELECTION OF DEVELOPMENT SUCCESSES
Commercial property
1. Altira Business Park, Herne Bay
2. Beechwood Business Park, Dover
3. Canterbury Innovation Centre
4. Chaucer Business Park, Whitstable
5. Cheriton Parc, Folkestone
6. County Gate, Maidstone
7. Crossways, Dartford
8. Dover Business Park, Dover
9. Eclipse Park, Maidstone
10. Equilibrium, Maidstone
11. Estuary View, Whitstable
12. Eureka Park, Ashford
13. Eurogate, Ashford
14. EuroKent Business Park, Thanet
15. Eurolink Business Park, Sittingbourne
16. G Park, Sittingbourne
17. G Park, Strood
18. Gillingham Business Park
19. Hawkinge West, Folkestone
20. Innovation Centre Medway, Rochester
21. John Wilson Business Park, Whitstable
22. Kent Innovation Centre, Thanet
23. Kent International Business Park/Manston Park,
Thanet
24. Kent Science Park, Sittingbourne
25. Kingsnorth Commercial Park, Rochester
26. Lakesview Business Park, Canterbury
27. Link Park, Hythe
28. Maidstone Studios Data Centre
29. Media Centre, Margate
30. Medway City Estate, Rochester
31. Neats Court, Isle of Sheppey
32. Orbital Park, Ashford
33. Orchard House, Coxheath
34. ProLogis Park, Littlebrook, Dartford
35. Questor, Dartford
36. Rochester Trade Park
37. Sandwich Enterprise Centre
38. Shearway Business Park, Folkestone
39. Springfield House, Maidstone
40. Springfield, Maidstone
41. SusCon Academy, Dartford
42. Thanet Earth, Monkton, East Kent
43. The Nucleus, Dartford
44. Tolherst Court, Turkey Mill, Maidstone
45. Waterbrook, Ashford
46. Watermark Park, Sittingbourne
47. White Cliffs Business Park, Dover
Education
1. Augustine House, Canterbury
2. Canterbury College redevelopment
3. University of Greenwich, Chatham
Energy
1.
2.
3.
4.
Kentish Flats offshore wind farm
Kingsnorth Power Station, Rochester
London Array offshore wind farm
Thanet Offshore wind farm
Hotels
1. Ashford International Hotel
2. Campanile Hotel, Dartford
3. Eastwell Manor, Ashford (expansion)
4. Hilton Hotel, Crossways, Dartford
5. Hilton Hotel, Maidstone
6. Holiday Inn, Ashford
7. Hotel du Vin, Tunbridge Wells
8. London Beach Hotel and Golf Club, Tenterden
9. Ramada Hotel, Maidstone (expansion)
10. Village Hotel, Maidstone
Infrastructure
1. A2 Pepperhill to Cobham widening
2. A20 Folkestone to Dover
3. A2070 Ashford to Brenzett
4. A228 Leybourne/West Malling Bypass
5. A249 Iwade Bypass
6. A256 Dover/Sandwich Eastry Bypass
7. A257 Ash Bypass
8. A26 Tonbridge Eastern Relief Road
9. A299 Thanet Way dualling
10. Ashford International Station
11. Ashford Ring Road / Shared Space
12. Channel Tunnel
13. Channel Tunnel Rail Link Phases 1 & 2
14. Chatham road system
15. Clacket Lane Services
16. Cruise terminal, Western Docks, Dover
17. Dover Harbour expansion
18. Dover Western Docks
19. Ebbsfleet International Station
20. Eurostar services
21. Fastrack, Kent Thameside
22. Fort Hill, Margate road improvements
23. High Speed domestic train services
24. Hitachi Rail Depot, Ashford
25. M2 and M20 widening
26. M20 Ashford to Maidstone
27. M20 J8 Services, Maidstone
28. M20 J9, Drovers Roundabout & Victoria Way,
Ashford
29. M20 Junction 10 improvements, Ashford
30. M25 Junc 1b – 3 widening
31. Maidstone Spine Road
32. Manston, Kent’s International Airport
33. Medway Towns Northern Relief Road
34. Medway Tunnel
35. Northern Bypass, Dartford
36. Port of Sheerness
37. QEII Bridge, Dartford Crossing
38. Ridham Dock, Sittingbourne
Leisure & tourism
1. Beaney Institute, Canterbury
2. Bedgebury Pinetum, Goudhurst
3. Boughton Golf Club, Faversham
4. Buckmore Park, Chatham
5. Central Park restoration, Dartford
6. Chart Hills Golf Club, Biddenden
7. Chatham Historic Dockyard
8. Cobham Park, Cobham
9. Dartford Judo Club
10. Deal Pier café/bar
11. Dickens World, Chatham Maritime
12. Dover Castle Great Tower &
War Tunnel refurbishments
13. Dover Sea Sports Centre
14. Dreamland, Margate
15. Eureka Leisure Park, Ashford
16. Gillingham Pier
17. Gravesend Town Pier
18. Horsebridge Centre, Whitstable
19. Kingsmead Leisure Centre, Canterbury
20. Knights Park, Tunbridge Wells
21. Leas Cliff Hall, Folkestone
22. Lockmeadow, Maidstone
23. London 2012 announced
24. London Golf Club, Ash
25. Marlowe Theatre, Canterbury
26. Medway Park Leisure Centre, Gillingham
27. Medway Valley Park, Strood
30. Mount Pleasant, Tunbridge Wells
31. Pines Calyx, St Margarets Bay
32. Princes Park Stadium, Dartford
33. Quarterhouse, Folkestone
34. Ridge Golf Club, Maidstone
35. Roman Museum, Canterbury
36. Shorne Wood, Gravesend
37. Stour Centre, Ashford
38. Turner Contemporary, Margate
39. White Cliffs Experience, Dover
Regeneration
1. Betteshanger, Deal
2. Canal Basin, Gravesend
3. Chatham Maritime
4. Creative Foundation, Folkestone
5. Ebbsfleet Valley
6. Farthingloe, Dover
7. Margate Old Town
8. Old Park Barracks, Dover
9. Queenborough & Rushenden, Isle of Sheppey
10. Rochester Riverside
11. Thames Gateway Parklands Programme
12. The Bridge, Dartford
Residential
1. Beaufort Apartments, Sandgate
2. Chattenden, Medway
3. Cheeseman’s Green, Ashford
4. Christian Fields, Gravesend
5. Leybourne Grange, West Malling
6. Royal Sea Bathing Hospital, Margate
7. Springhead Park, Ebbsfleet
8. St Mary’s Island, Chatham
9. Stanhope, Ashford
10. The Quays, Chatham Maritime
11. The Tannery, Canterbury
12. Waterstone Park, Greenhithe
Retail
1. Ashford Designer Outlet, Ashford
2. Blighs Meadow, Sevenoaks
3. Bluewater, Greenhithe
4. Bouverie Place, Folkestone
5. County Square, Ashford
6. De Bradelei Wharf, Dover
7. Dockside Outlet, Chatham Maritime
8. Fremlin Walk, Maidstone
9. Kings Mile, Canterbury
10.Longmarket,Canterbury
11. Royal Victoria Place, Tunbridge Wells
12. The Clocktower, Canterbury
13. Westwood Cross, Thanet
14. Whitefriars, Canterbury
Waitrose, Kings Hill
LEGAL UPDATE
More changes to the planning system
On 25 July 2011, the Government issued its consultation
paper on the National Planning Policy Framework
(NPPF). The NPPF consolidates 1,000 pages of planning
guidance into 58 and its aim is to accelerate the planning
process while introducing a presumption in favour of
sustainable development.
Opinion is split as to whether the shift in emphasis will lead
to development, regardless of environmental consequences,
or bring a much desired streamlined planning system. There
is strong opposition from environmental pressure groups
such as The National Trust and there are concerns about
what exactly ‘sustainable development’ means.
It has been suggested by commentators in the property
industry that the presumption means the default position
on planning applications is ‘yes’. The Government firmly
considers there is sufficient protection in place to prevent
the Green Belt from being encroached by development.
The consultation closes on 17 October 2011 and we will
have to wait to see how local planning authorities react.
The guidance states that local authorities should plan positively
for new developments, and approve all proposals wherever
possible. This is a fundamental shift in emphasis. Local plans
will have to be put in place and kept up to date.
Whilst from a commercial perspective anything that unlocks
the planning log jam is to be welcomed, the NPPF itself will
not overcome other issues hampering development in Kent
and elsewhere. A pro-development planning framework
is very welcome. However an early up turn in the property
market will depend on demand for commercial property, a
more accessible residential market and funding available at
reasonable levels and on affordable terms.
30 Tower View, Kings Hill
23
RESIDENTIAL PERFORMANCE
While the UK residential market shows average annualised
house prices falling by 1.2% at the end of Q2 2011, the
south east is showing tentative signs of recovery, buoyed by
London’s outperformance, with prices up 0.7% during Q2
compared to 0.2% for the UK (Nationwide). Land Registry
figures suggest that Kent has delivered a more robust
performance relative to the national average, albeit lagging
the south east average. However, this masks considerable
variation around the county. Towns benefiting from the
upturn in the financial and business services sector, such
as Sevenoaks and Tunbridge Wells, have delivered stronger
growth. To the end of Q2, prices in central and west Kent
were flat, while in east Kent they fell by 2%.
The more expensive sectors, such as period country houses,
are seeing buoyant demand and uplift in values, in part due
to central London performance, aided by overseas buyers
and the weak pound. Family houses are generally the best
performing sector, while the demand for apartments is mainly
poor, aggravated by an oversupply and some distressed
sales. The value of flats, particularly in coastal areas of high
unemployment such as Thanet and Dover, continue to fall.
with lower affordable housing requirements. Small residential
developments are limited due to the lack of finance, with
existing use values often outweighing potential development
values. For larger projects it is hoped that improvements such
as the £54m upgrade to the Bybrook wastewater treatment
works and sewerage conveyance network, along with the
new infrastructure improvements at the M20 junction 9 will
have a positive effect on the new developments planned
south of Ashford such as Chilmington Green.
There is a buoyant level of affordable housing
development underway in Kent driven by grant aid which
prevailed up to April 2011. There is also positive interest
in future development sites from housing associations,
particularly in lower value areas. However, in the absence
of grant aid, development is unlikely to prove viable,
resulting in local authority affordable housing quotas not
being met in some areas. In addition, the planning policy
implications of the Localism and Decentralisation Bill are
taking effect and this may have a further negative impact
on land transactions across the county.
Average new build price range by location
Indicators
Sevenoaks
£320 – £500
Tunbridge Wells
£265 – £355
Tonbridge and Malling
£250 – £350
Canterbury
£250 – £320
Dartford
£210 – £285
Whitstable
£205 – £320
Maidstone
£200 – £265
Frinsted Gardens
Gravesham
£185 – £275
Medway
£155 – £275
Ashford
£150 – £230
Swale
£150 – £225
Ramsgate
£150 – £220
Sheerness
£155 – £220
Dover
£155 – £190
Throughout 2011 there has been an increasing supply of
property on the market with relatively few buyers. As a result,
prospective purchasers are becoming more selective, which
is likely to place downward pressure on prices for all but
the highest calibre properties. Furthermore, the constrained
lending market continues to have a negative impact with first
time buyers needing a substantial deposit, while a number
of potential second or third time movers are suffering from
negative equity. However, the continued low interest rate
environment is underpinning values to an extent.
There is some renewed confidence being shown by national
developers, all of whom are developing in the county. In
particular mid, west and north-west Kent and Kings Hill
continue to attract interest from regional developers such
as Hillreed as well as national developers, with land values
holding firm in part due to some historic planning consents
Henbury Manor, Canterbury
24
Average price
range £/psf 2011
Christian Fields, Gravesend
2 – 4 South Street, Folkestone is the former Kathmandu club
renovated by the Creative Foundation as a bar/restaurant
with studios and living accommodation above.
(Architects: Godden Allen Lawn)
4 South Street, Folkestone (Credit Central Photography)
25
INWARD INVESTMENT
Locate in Kent, Kent and Medway’s investment promotion
agency, maintains a client database of the property
requirements of companies looking to relocate to or expand
in Kent. It also maintains a web-based commercial property
database that provides a good indication of Kent and
Medway’s commercial property supply.
Property demand
During the first quarter of 2011-2012, a further 3,139m2
(33,784ft2) were occupied (12 companies - nine office, two
industrial and one retail) with industrial take-up dominating (62%).
Between April 2010 and March 2011, 213 new projects
were logged by Locate in Kent. 186 had property or land
requirements (compared with 188 in 2009-10). 91 were
industrial, 88 offices and 7 for land.
At the end of June 2011, there were 312 active projects. 273
had a potential requirement for property or land, compared
to 259 in June 2010, of up to 380,672m2 (4,097,549ft2),
compared to 572,595m2 (6,163,413ft2) in 2010.
Office
Property demand by size range, June 2011
Office
Industrial
As in 2010, smaller offices continued to be the most
sought after. 89% of office demand was for properties
of under 464m2 (5,000ft2). The average minimum size
requirement was 270m2 (2,906ft2) in 2011 compared to
431m2 (4,639ft2) in 2010.
Property demand by sector, June 2011
Industrial
Office
Industrial
(21)
(20)
20
(12)
(5)
Unknown
Transport & Logistics
Tourism & Leisure
Retail & Wholesale
Public Services
Printing & Publishing
Manufacturing
(0)
Life Sciences
Environmental
(5)
(1)
Land Based & Utilities
(3)
(1)
ICT
(4)
(1)
0
(15)
(12)
(8)
Financial Services
10
(20)
Food & Agriculture
Minimum property size requirement m2 (ft2)
(0) (2)
(26)
30
Engineering
(0)
(16)
(30)
Creative Industries
(1)
40
Construction
& Property
-5
(8)
(6)
Figures in brackets = no. of office and industrial active projects at June 2011
Business Services
(7) (9)
5
50
Automotive
(13)
(17)
Total (min) requirement (000’s) m2
(17)
9,290+ (100,000+)
Channel
Corridor
15
4,645-9,289
(50,001-100,000)
(43)
(39)
West Kent
0
(70)
(21)
Thames
Gateway
50
25
1,859-4,644
(20,001-50,000)
100
35
930-1,858
(10,001-20,000)
150
(50) (48)
465-929
(5,001-10,000)
(58)
Figures in brackets = no. of
active projects at June 2011
45
94-464
(1,001-5,000)
(48)
(62)
0-93 (0-1,000)
200
(66)
% of total office/industrial demand
55
(82)
250
Figures in brackets = no. of active projects at June 2011
(NB. Some projects are considering property
in more than one area of Kent.)
26
The number of industrial projects seeking property in Kent
and Medway was 114 (125 in 2010). 114 companies made
253 area enquiries, which led to a maximum demand for
industrial space of 339,094m2 (3,650,006ft2) compared to
With 126 office projects to June 2011, total potential
demand reached 54,815m2 (590,024ft2) (compared with
81,011m2 (872,004ft2) in 2010), down by 32%. 126
companies made 215 area enquiries for offices. The highest
demand (36%) was in Thames Gateway, with Channel
Corridor 27%, West Kent 24% and East Kent 12%.
300
East Kent
Maximum total property requirements (000s) m2
Total office and industrial property
demand by sub-region, June 2011
437,983m2 (4,714,450ft2) in 2010. 31% of area enquiries
for industrial properties were in Thames Gateway, 28% in
Channel Corridor, 23% in West Kent and 17% in East Kent.
By the end of 2010-11, 73 companies had been assisted
to invest in Kent and Medway; 58 had a new or additional
property requirement. The total area of property occupied
was 53,244m2 (573,116ft2) compared to 149,828m2
(1,612,751ft2) in 2010, an average take-up of 918m2
(9,881ft2) and a 50% decrease in the average property
size take-up since 2010.
Industrial property demand decreased to 339,093m2
(3,650,006ft2) compared to 437,983m2 (4,714,448ft2) in
2010, a decrease of 23%. In both 2010 and 2011, the most
popular industrial property size was in smaller ranges 93464m2 (1,001-5,000ft2) 34% and 42% of totals respectively.
In June 2010, office demand was dominated by construction
and property, retail and wholesale, tourism and leisure
and life sciences. At the end of June 2011, business
services dominated with 35% of office demand 11,223m2
(120,804ft2), followed by construction and property 3,888m2
(41,850ft2) and public services 3,721m2 (40,053ft2), both
approximately 12% of demand.
construction and property 28,660m2 (308,496ft2), food and
agriculture 24,125m2 (259,682ft2) and engineering 16,490m2
(177,498ft2). At the end of June 2011, the situation differed
slightly, with retail and wholesale representing 16% of
projects 29,404m2 (316,504ft2), followed by manufacturing
24,994m2 (269,035ft2), food and agriculture 19,609m2
(211,071ft2) and engineering 18,414m2 (198,208ft2).
Property supply
In June 2011, 1,745 properties were registered on Locate in
Kent’s property database, compared to 1,513 in June 2010,
an increase of 16%. 47% of supply was industrial, compared
with 49% in 2010.
At the end of June 2010, industrial demand was dominated
by retail and wholesale representing 18% of the industrial
demand for property 35,870m2 (386,105ft2), followed by
The greatest number of properties was in Channel Corridor
(31%), followed by Thames Gateway (29%), West Kent (26%)
and 15% in East Kent.
Property supply by area, June 2011
Property supply by size bracket, June 2011
Total Industrial - 828 Properties
(115)
100
50
0
40
30
20
Channel
Corridor
West Kent
Thames
Gateway
East Kent
(114)
10
0
Figures in brackets = number of properties logged
on Locate in Kent’s property database at June 2011
(128)
(49)
(62)
In June 2011, 92% of offices available were at the smaller
end of the range - less than 464m2 (5,000ft2), an increase of
2% since June 2010.
For industrial properties, the most common sizes were at the
lower end of the scale - under 464m2 (5,000ft2) accounting
for 71% of all available industrial properties.
Echoing the fact that during 2010-11, more industrial
projects were added to the pipeline than office projects,
most major developments assisted by Locate in Kent were
industrial, and more were from overseas.
The largest developments in terms of jobs created,
included S&A Produce, which gained permission to expand
strawberry production by 60 acres in Faversham, creating
200 jobs and retaining a similar number. Also London
Array, the wind energy company owned by a multinational
consortium of Dong Energy, EON and Masdar, based at
Ramsgate Port, created up to 45 construction management
jobs and up to 90 operations and maintenance jobs.
(39)
(22)
(6)
Size of property m2 (ft2)
(4)
(19)
4,645+ (50,001+)
(156)
(147)
Figures in brackets = number of
properties logged on Locate in
Kent’s property database at June 2011
(409)
1,859-4,644
(20,001-50,000)
150
(429)
930-1,858
(10,001-20,000)
200
50
465-929
(5,001-10,000)
(238)
94-464
(1,001-5,000)
250
(275)
(258)
Industrial - 829 properties
(467)
0-93 (0-1,000)
Number of properties available
(267)
Office - 919 properties
60
% of office/industrial properties
(289)
These figures include Discovery Park, Sandwich (ex-Pfizer
site) registered as one office and one industrial opportunity.
Major developments
Total Office - 917 Properties
300
Channel Corridor and Thames Gateway offered the greatest
number of industrial properties (31% and 32% respectively).
Channel Corridor and West Kent offered the greatest
number of office properties (30% and 32% respectively),
while East Kent had 18% of industrial properties and 13%
of office properties available.
Slightly smaller, but nonetheless significant, Ecoburotic, a
French company set up a sales and administration centre in
Maidstone creating 50 jobs and Anssems Aanhangwagens
B.V from Holland are preparing a site to build a unit to
manufacture trailers on 13,935m2 (150,000ft2) at White Cliffs
Business Park, creating 40 new jobs for Dover.
27
Cyclopark, Kent Thameside
REGENERATION
Thames Gateway Kent
The Thames Gateway is Europe’s largest regeneration project
covering 40 miles of the Thames Estuary from London
Docklands to Southend in Essex and Sheerness in Kent.
Kent Thameside
Kent Thameside encompasses Dartford, Gravesham and
Ebbsfleet Valley. There are plans to provide 25,000 new
homes and 50,000 new jobs in the area over the next 20
years. Excellent commuter links to London are provided by
Fastrack, High Speed rail and Eurostar, centred on or around
Ebbsfleet International Station.
In Dartford, a new application from Tesco’s development
arm, Spenhill, for a mixed use development in Lowfield
Street in the town centre has been received. Also outline
applications have been received for the Northern Gateway
East and Mill Pond sites - ‘Dartford Gateway’, for a mixeduse development for 950 to 1050 homes, offices, retail, and
food and drink.
SusCon, who provide comprehensive, green building training
has built a new academy at The Bridge, Dartford, receiving the
highest sustainability rating for an educational building in the UK.
It opened its doors to students in summer 2011.
The new £60m Bluewater Events Venue is due to open in
November 2011. The 5,203m2 (56,000ft2) events/exhibition
space will be centred on a plaza accessible from Thames
Walk via the Water Circus.
Dartford’s Central Park has recently been brought back to its
Edwardian splendour with a new bandstand plus a waterplay area, a visitor centre/café, skate-park and green gym.
In Gravesend, the application by Edinburgh House for the
Heritage Quarter, which was withdrawn from the appeal
process, will be revised and re-submitted. The original
28
application was for a mix of 400 homes, retail, food and
drink, offices and a hotel.
Cyclopark is due to open in May 2012, bringing first class
cycling, running and extreme sports to North Kent making it
one of the leading multi sport centres in the south east.
Medway
Medway’s 20-year regeneration plan is on course to deliver
major change and improvement to the area, which is the
largest conurbation in the south east.
Following extensive preparatory work, construction of the first
residential properties on Rochester Riverside is now under
way. The development will create 2,000 homes, hotels, shops,
offices, bars and restaurants, two public parks, and a primary
school. Major improvements to public transport have been
made including the opening of the new Chatham Waterfront
Bus Station in October 2011.
The Medway City Estate has expanded and now has 600
companies providing more than 6,000 jobs. The Innovation
Centre Medway is operating at 85% capacity, supporting
more than 50 businesses.
Over £10m has been invested in local businesses as part of
Medway Council’s grant initiatives. The partners for growth
scheme offers loans and grants and in excess of 200 businesses
have benefitted, helping to secure more than 2,000 jobs.
Work has begun on the new Strood Academy, the first of
three new academies, costing £70m. The others will be the
Bishop of Rochester Academy and Brompton Academy.
Medway Park hosted the European Modern Pentathlon
Championships in summer 2011, and it will provide preOlympic training facilities for a number of international teams in
2012. The new facilities at the £11m sports centre include an
eight-lane athletics track and a 12-court multi use sports hall.
Bluewater Events Venue (Credit Glow Frog)
The Quays,
Chatham
Gateway
Plus,
Ashford
As well as Medway’s bid for city status, Chatham Dockyard
and its defences are on the UK Government’s shortlist for
World Heritage Site status. The World Heritage Site bid
unites the River Medway, the Historic Dockyard, Upnor
Castle, Fort Amherst and the Great Lines with Brompton
Village and Barracks.
Swale
Swale has been a major focus for public sector led
regeneration with activity focused around Sittingbourne and
Queenborough/Rushenden on the Isle of Sheppey.
Two significant infrastructure projects will be completed
by November 2011. The Northern Relief Road in central
Sittingbourne will open up sites north of the town and
improve access to businesses along Eurolink Way. The
Rushenden Link Road, providing access to Queenborough/
Rushenden, will open at the end of October.
Queenborough/Rushenden is earmarked for 2,000 new
homes, social, leisure and community facilities, a school,
a new marina and 180,000m2 (1.9mft2) of employment
space, with the first phase starting in 2011.
In Sittingbourne, Swale Borough Council and new
development partner, the consortium ‘Spirit of
Sittingbourne’, will lead town centre regeneration.
Tesco has been granted planning permission to build
a pedestrian bridge over the railway. An application is
also in for redevelopment of the former mill site for retail,
housing and leisure uses. The former Bell Centre is being
demolished for redevelopment.
A transformational public sector led project has reclaimed
land alongside Milton Creek as an extensive green space/
play area, landscaping and walking/cycling routes to the
Swale estuary.
SusCon, Kent Thameside
Innovation Centre Medway
29
The Smokehouse, Folkestone (Credit Central Photography)
Proposed K College, Ashford
Confidence at Kent Science Park has been maintained
where more than 1,200 people are now employed. Last
year saw the completion of two data centres, exceeding
2,787m2 (30,000ft2). A further £1m has been invested in the
Park’s infrastructure, notably a new electricity substation.
Demand is at a four year high, including FDI enquiries,
with the owners actively refurbishing 4,645m2 (50,000ft2)
of existing laboratory space.
The Port of Sheerness is one of the UK’s major importers
of cars, timber and fruit. In May 2011, Vestas, a Danish
offshore wind turbine manufacturer, announced they had
signed an option agreement for 70 acres at the port to
manufacture their new 7MW turbine which will potentially
create 2,000 new jobs.
Gateway Plus, Ashford
Ashford
Ashford‘s ambitious development plans continue apace
with key projects supporting economic expansion of the
town in the past year.
Significant infrastructure projects, which were completed in
2011 include improvements to the M20 junction 9 and Drovers
roundabout and the landmark M20 footbridge linking the
town centre and Eureka business and leisure parks. The new
Victoria Way, which will provide an urban avenue south of the
town centre, will also be completed in 2011.
Ashford Gateway Plus opened in July 2011 - a three storey
eco-friendly community building housing a range of public
services and a library. St Mary’s Church restoration was
completed this summer providing a community arts and
music venue as well as a place of worship.
Future development proposals announced in 2011 include
K College’s plans to open a town centre campus. The
£20m scheme will improve a prominent area of the town
and strengthen the local skills base - a key economic driver
for continued growth.
Expansion of Eureka Park continues with the construction of
Northdown 2, a speculative office development completed
in September 2011. It comprises a 956m2 (10,292ft2) and
a 1,456m2 (15,675ft2) office building that can be divided to
meet companies’ needs.
John Lewis has also announced plans to open an ‘at home’
store in Ashford, just off junction 9 of the M20, with selling
floor space of 3,716m2 (40,000ft2) and around 160 new jobs.
A new Dobbies Garden Centre also opened at Eureka
Leisure Park creating 120 jobs. Work is underway on the
expansion of Sainsbury’s at the Warren Retail Park.
30
The focus over the next few years will be the delivery of a
new commercial quarter in central Ashford, with an outline
application for a 5,574m2 (60,000ft2) office building set
to capitalise on the 37 minute journey time to London on
High Speed 1.
Maidstone and West Kent
Maidstone
The Borough Council continues to make progress with its
Local Development Framework and has resolved not to
pursue a major urban extension to the south east.
Kent County Council and Maidstone Borough Council are jointly
bringing forward land on Upper Stone Street, including the
Wrens Cross site, as a catalyst for change. This will include high
quality mixed use development within the wider regeneration of
the High Street Ward area, south of the town centre.
A £2m public realm improvement project for the High Street
is being progressed; detailed design is underway with a start
on the 32 week project in autumn 2011.
Rocksalt, Folkestone (Credit John Carey)
West Kent
Tunbridge Wells Borough Council has decided to commence
a review of the Core Strategy to consider specific elements,
primarily reducing housing targets and ensuring the
protection of the Green Belt until 2026. The consultation
for this finished on 26th June 2011. Tonbridge and Malling
Borough Council Core Strategy was adopted in 2007 and
there are currently no plans to review the document.
On Kings Hill, Liberty Property Trust has secured planning
consent for the expansion of Liberty Square which will see
Waitrose trading by Christmas 2011 and the start of the
restoration of the Control Tower, plus provision for sports
facilities. In June 2011, Kings Hill hosted the successful
Music on the Hill, three days of outdoor concerts featuring
international acts.
Although work on the A21 dualling between Tonbridge and
Pembury was due to start in 2011, it has now been delayed
by the Highways Agency beyond 2015. Kent County Council
believes the scheme can be delivered at much lower cost,
and is considering options to bring this scheme forward.
In August 2011, AXA PPP moved into the former Land
Registry building in Tunbridge Wells and announced their
plans to create 800 more jobs in the next five to ten years.
support the increased number of passengers attracted by High
Speed rail services. With London only 59 minutes away, 75%
of all London journeys are now made using this service. Other
plans include office, retail, hotel and residential development as
well as enhanced pedestrian and public transport access.
A development brief is currently out for consultation.
Canterbury
Investments in cultural regeneration include the new Marlowe
Theatre – opening in October 2011. The auditorium can
stage events from conferences to West End shows and
grand opera. It is anticipated that revenues to the city will
increase from £13m to £22m a year.
Plans to redevelop the Canterbury West area of the city have
progressed with a £4m refurbishment of the station with a new
enlarged booking hall, footbridge, lifts and facilities. The work will
Despite the recession, strong demand has been reported at
the Canterbury Innovation Centre, located on the University
of Kent’s Canterbury campus. With some 85% of units being
East Kent
31
Triennial Opening, Folkestone (Credit Ashley Gendek)
Phase 1 of the Heritage Amusement Park on the Dreamland
site is now funded and work started on the refurbishment of the
Grade 2* listed cinema in June 2011. A planning application has
been made for the Arlington site to refurbish the tower block,
establish a major supermarket with car park and a 60-bed hotel.
The Royal Sea Bathing Hospital in Margate has been sold by
administrators and work has begun on the completion of the
construction programme.
let or committed to, the University is seeking to deliver the
next phase of the wider innovation park, with 7ha (17acres)
earmarked for knowledge based businesses.
Key sites in Herne Bay Central Development Area are
progressing well with a development agreement signed
between partners Coplan Estates/Denne Construction and
Canterbury City Council. A planning application for phase 1
of the £37m scheme will be submitted by the end of 2011
comprising a new food store and car park. Phase 2 will
follow, with a mixed retail and residential scheme.
George Wilson Developments is delivering new commercial
floor space at the former Eddington Nursery site in Herne
Bay. The site will provide 1,800m2 (19,375ft2) of offices and
light industrial units for occupation in late 2011.
No Use Empty
The county wide empty homes initiative, No Use Empty
is delivered by Kent County Council in partnership with
all twelve of Kent’s local authorities. In September it was
recognised nationally as the winner from the 40 entries for
the Regeneration and Renewal award for partnership working.
Since 2005 the scheme has returned 1,726 empty homes
back into use, awarding over £5m of loans and levering in
£10.8m - giving a total investment across Kent of £15.8m.
32
Manston Park and Eurokent Business Park are being
brought forward by East Kent Opportunities (EKO) LLP, the
joint venture by Kent County Council and Thanet District
Council. The offices and warehouses created on the
Eurokent site are now being occupied.
Phase II improvements to the A256 (East Kent Access) are
underway with completion early in 2012. This will greatly
improve access to East Kent Opportunities’ sites and
Manston, Kent’s International airport.
Shepway
In June 2011, chef Mark Sargeant opened ‘Rocksalt’, a high
quality restaurant developed by the Creative Foundation
in Folkestone, together with fish and chip shop ‘The
Smokehouse’. Also in Folkestone, the former ‘Kathmandu’
building on the Old High Street has been rebuilt as a mix of
high end restaurant, apartments and commercial premises.
A bid is being prepared to the Heritage Lottery Fund to restore
a number of landmark buildings and improve the public realm
around Tontine Street and the Old Town in Folkestone.
Outline planning permission has been granted for a
development at Hawkinge West that will provide 11,000m2
(118,403ft2) of floor space for both office and industrial use.
Thanet
Shepway District Council has published its core strategy. It sets
out a 20 year vision, which includes 8,000 homes with three
key strategic housing sites identified as Risborough Barracks,
Folkestone seafront and Westenhanger.
Margate’s profile has been raised significantly by the
successful Turner Contemporary art gallery which received
100,000 visitors in the first five weeks. As a result businesses
in the harbour are thriving with new retailers attracted to the
Old Town and lower High Street.
The public inquiry into the expansion plans for London
Ashford Airport (Lydd) ended in September 2011 and the
Inspector’s report detailing the government’s position is
expected late 2011/early 2012.
Dover
In February 2011, Pfizer announced that it will leave its
research and development facility at Sandwich by the end
of 2012, although 350 Pfizer staff will remain at the site.
A Task Force was quickly established comprising Pfizer,
national and local government leaders, industry experts
and representatives of higher education to deal with the
challenges and opportunities this presents. The 86ha (212
acre) site, now renamed Discovery Park, includes buildings
totalling 278,709m2 (3m ft2), of which 213,677m2 (2.3m ft2)
consists of purpose-built, high quality premises and was
declared an Enterprise Zone in August 2011. CB Richard
Ellis is actively marketing the site, working closely with
Locate in Kent and UK Trade and Investment.
In Whitfield, Dover District Council has resolved to
approve two planning applications for Phase 1/Phase 1A
development of 1,400 homes and community facilities
east of the area. At Connaught Barracks, the Homes &
Communities Agency has agreed to bring forward the
development of 500 high quality homes.
Plans for a mixed use development at Wellington Docks are
closely linked to Dover Harbour Board proposals for port
expansion at the Western Docks - a Harbour Revision Order
was submitted to government in 2010. A further version is
to be submitted in autumn 2011.
Dover District Council has completed a Planning
Performance Agreement with China Gateway International
for land at Western Heights and further west at Great
Farthingloe Farm.
The Council also has agreements with Bond City who
are bringing forward proposals for a mixed-use retail and
commercial development in Dover town centre. Other
activity in the area includes plans by Churchgate Ltd for
more parking, retail and housing at Dover Priory Station.
Hadlow College is continuing with plans to develop the
Betteshanger Colliery site as a Sustainable Futures Campus
with education, business, enterprise and eco-tourism.
Finally, in Aylesham, development agreements for residential
expansion are now in the final stages.
GREEN INFRASTRUCTURE
Parklands Programme
In north Kent the Parklands programme has brought £10.5m
of government funding and further investment of £15m into
five key projects. In Dartford the Greenheart project provides
green links from the town to the countryside. In Gravesham,
Cyclopark will be an exciting venue for cycling and other
sports and will link Gravesend to the countryside. Medway’s
Great Lines project celebrates Chatham’s military legacy and
opens up 75ha (185 acres) of public open space. Swale’s
Milton Creek project is a key element in giving confidence to
investors involved in the creation of a new waterside district
for Sittingbourne.
Renewable Energy
Small scale renewables
The new Feed in Tariff in April 2010 has led to more than
1,000 micro-generation renewable installations across
Kent with a combined installed capacity of 2.5MW. The
majority of these are solar photovoltaic systems.
The Renewable Heat Incentive is due to start later in 2011
and will operate in a similar way making renewable heat
technologies a viable investment. The availability of local
biomass resources in Kent such as wood suggests good
potential for heat only and combined heat and power
solutions to be adopted.
Large scale renewables
Wind power is the most significant renewable energy
generated in Kent. Thanet Offshore wind farm, currently the
largest project in the world with 100 turbines, completed
in 2010. In spring 2011 the first foundations for phase 1 of
the London Array development in the Thames Estuary were
installed. Completing in 2012, the 175 turbines will generate
electricity to meet the needs of 485,000 homes. The landfall
for the power generated is Cleve Hill, Graveney, with a new
substation nearing completion.
At Ramsgate Port a new operation and maintenance base
is under construction for London Array alongside the
Thanet Offshore base already completed for Vattenfall.
Together they represent significant industry presence and
a long term commitment to more than 125 new jobs.
London Array’s contractors are also using the port during
the construction phase.
The Kentish Flats Offshore wind farm, also owned by
Vattenfall, has submitted proposals to expand with 17 further
turbines. The Little Cheyne Court wind farm on Romney
Marsh remains southern England’s biggest onshore wind
farm with 26 turbines and is capable of generating enough
electricity to meet the annual needs of 33,000 homes.
As previously mentioned, Vestas, a Danish offshore wind
turbine manufacturer, announced in May 2011 that they
had signed an option agreement for 70 acres at the Port
of Sheerness to manufacture their new 7MW turbine and
create 2,000 new jobs.
London Array - first foundations
Thanet Offshore wind farm
33
ESSEX
0
Zeebrugge
Dunkirk
Vlissingen
Thames Europort
8
A226
1
30
3
29
6
36
A228
5
16
A20
SEVENOAKS
21
5
6
20
MAIDSTONE
8
Ostend
26
7
6
KENT
7
RAMSGATE
Ramsgate New Port
27
CANTERBURY
A257
5
1
M2
5
2a
19
M20
37
34
M2
Kent International Airport
A299
38
SITTINGBOURNE
23
90
4
A20
5
FAVERSHAM
25
24
4
32
A2
4
3
WHITSTABLE
A2
3
2
M26
8
A27
Rochester
M20
Biggin Hill
HERNE BAY
35
MEDWAY
4
SHEERNESS
33
7
2
MARGATE
13
Thamesport
55
31
A2
GRAVESEND
10 Kms
Sheerness
A291
2 Ebbsfleet
M25
28
A228
15
10 Miles
5
Zeebrugge
A26
2
A20
A25
M20
22
DEAL
A2
8
16 14
17
18
DARTFORD
5
0
A25
LONDON
International Deep Sea Routes
A2
St. Pancras
TONBRIDGE
9
A2
8
9
ASHFORD
2
3
Dover
10
11
A207
12
Business Park
Dual Carriageway
Mixed Use
Main Road
5
Regeneration
High Speed 1
4
Industrial
Domestic Rail Routes
1
Green Energy Park
Ferry/Freight Routes
1
Science Park
Airport
Ports
8
34
CH
AN
NE
L
9
25
6
Motorway Junctions
13
A
A2
59
London
Ashford
Airport
EAST SUSSEX
is
la
25
12
Ca
Motorway
10
FOLKESTONE
Boulogne
Strategic Developments
11a
Dunkirk
DOVER
11
0
A274
8
A2
TUNBRIDGE
WELLS
Ashford
1
TU
NN
EL
Calais
FRANCE
STRATEGIC DEVELOPMENTS
Useage codes for strategic sites:
A1 Shops & retail
B1 Offices, light industry
B2 General industrial
B8 Warehouses, distribution
C1 Hotels
D1 Education, crèches
D2 Leisure
R Residential
Sui Generis Petrol station, car showroom
Map No.
Scheme
Location
Usage
Contact
Website
1
Eureka Park
Ashford
B1
Knight Frank, 020 7629 8171 / Bidwells, 01223 841841 /
Martine Waghorn, 01622 672233
www.eurekapark.co.uk
2
Orbital Park – Axiom
Ashford
B1, B2, B8, Sui Generis
Strutt & Parker, 020 7629 7282 / Altus Edwin Hill, 01322 285 588
–
3
Waterbrook Park
Ashford
B1, B2, B8, Sui Generis
GSE Waterbrook Ltd, 01233 501301
–
4
Altira Business Park
Herne Bay
B1, B2, B8
Kitewood Commercial, 01732 886962 / Core Commercial,
01892 834483 / Sinclair Clark, 020 7494 9399
www.altirapark.co.uk
5
Canterbury Business Park
Canterbury
B1, B2, B8
Martine Waghorn, 01622 672233 / Michael Parkes, 01634 294994
www.canterburybusinesspark.co.uk
6
Chatham Maritime
Chatham
A1, B1, C1, D1, D2, R
Hanover Green, 020 3130 6404 / Watson Day, 01634 668000
–
7
Chatham Centre and Waterfront
Chatham
A1, B1, C1, R
Medway Council, 01634 338171
–
8
Lodge Hill, Chattenden
Chatham
A1, R
Land Securities plc, 020 77024 3750 / PPS Group, 020 7529 1712
www.lodgehill.info
9
White Cliffs Business Park
Dover
B1, B2, B8
Hardmans & Co, 01304 373922
www.whitecliffsdover.com
10
Shearway Business Park
Folkestone
B1, B2, B8
SW&P, 01303 226622 / Atrium Surveyors, 01233 646465
–
11
Hawkinge West
Folkestone
B1, B8
SW&P, 01303 226622
–
12
Link Enterprise Park
Hythe
B1, B2, B8
Valad & Benchmark Estates, 01622 669888 / Core Commercial,
01892 834483 / Caxtons, 01474 567666
www.linkpark.co.uk
13
Queenborough/Rushenden & Neats Court
Isle of Sheppey
B1, B8, C1, Sui Generis
Cluttons LLP, 01622 756000 / Smiths Gore, 01732 879050 /
Watson Day, 01634 668000
–
14a
Crossways Point, Crossways
Kent Thameside
B1
Altus Edwin Hill, 01322 285588 / Savills, 020 7499 8644
www.crosswayspoint.co.uk
14b
Schooner Park, Crossways
Kent Thameside
B8
CBRE, 020 7182 2000 / Altus Edwin Hill, 01322 285588
www.lakeviewcrossways.com
14c
Lakeview West, Crossways
Kent Thameside
B1
Knight Frank, 020 7629 8171 / CBRE, 020 7281 2000
www.lakeviewcrossways.com
14d
Waterside Court, Crossways
Kent Thameside
B1
Knight Frank, 020 7629 8171 / Altus Edwin Hill, 01322 285588 /
CBRE, 020 7281 2000
www.frogmorecrossways.co.uk
15
Ebbsfleet Valley
Kent Thameside
A1, B1, D2, R
Land Securities plc, 020 7413 9000
www.ebbsfleetvalley.co.uk
16
The Bridge
Kent Thameside
B1, B8
Jones Lang LaSalle, 020 7399 5355 / CBRE, 020 7182 2492
www.thebridgedartford.co.uk
17
ProLogis Park, Littlebrook
Kent Thameside
B2, B8
CB Richard Ellis, 020 7182 2000 / Colliers CRE, 020 7344 6710
www.prologislittlebrook.co.uk
18
Dartford North Site
Kent Thameside
–
Cushman & Wakefield, 020 7152 5777
–
35
STRATEGIC DEVELOPMENTS
36
Useage codes for strategic sites:
A1 Shops & retail
B1 Offices, light industry
B2 General industrial
B8 Warehouses, distribution
C1 Hotels
D1 Education, crèches
D2 Leisure
R Residential
Sui Generis Petrol station, car showroom
Map No.
Scheme
Location
Usage
Contact
Website
19
Aylesford Commercial Park
Aylesford
B2, B8
Altus Edwin Hill, 01322 285588 / CBRE, 020 7182 2565
www.goodmanlogistics.co.uk
20
Eclipse Business Park
Maidstone
B1
Knight Frank, 020 7629 8171 / Sibley Pares, 01622 673086 /
Gallagher Group, 01622 716543
www.eclipsepark.co.uk
21
Kings Hill
Maidstone
A1, B1, D2, R
Liberty Property Trust UK, 01732 223426 / Altus Edwin Hill, 01322 285588 /
Knight Frank, 020 7629 8171 / Hanover Green, 020 3130 6400
www.kings-hill.com
22
Old Powder Mills
Tonbridge
–
Cushman & Wakefield, 020 7152 5777
–
23
EuroKent Business Park
Ramsgate
A1, B1, B8, D2
Rosefarm Estates plc, 01243 785151 / East Kent Opportunities, 01622 221380
www.eurokent.org
24a
Manston Business Park
Ramsgate
B1, B2, B8
East Kent Opportunities, 01622 221380 / Savills, 01732 789750
–
24b
China Gateway Manston Business Park
Ramsgate
B1, B2, B8
China Gateway International Plc, 01843 822444
www.chinagatewayinfo.com
25
Broadstairs Business Park
Broadstairs
B1
Paul Cant & Partners, 01753 647616
–
26
Former Richborough Power Station
Sandwich
–
BFL Management Ltd, 020 7835 1867 / Cascade PR, 020 7868 5530
www.richboroughenergypark.co.uk
27
Discovery Park
Sandwich
–
CB Richard Ellis, 020 7182 2000
www.discovery-park.co.uk
28
Isle of Grain
Rochester
B1, B2, B8
Medway Council, 01634 338171 / National Grid Property Ltd, 01926 654720
–
29
Kingsnorth Commercial Park
Rochester
B1, B2, B8
CBRE, 020 7182 2565 / Colliers CRE, 020 7935 4499 / Goodman, 0121 5068100
/ Piers Pollard Chartered Surveyors, 01728 861989
www.kingsnorthcommercialpark.com
30
Rochester Riverside
Rochester
B1, C1, R
www.rochesterriverside.
medwayrenaissance.com
31
Temple Park, Strood
Strood
B1, B2, B8
GVA Grimley, 020 7911 2121 / Watson Day, 01634 668000
www.templeparkstrood.co.uk
32
Eurolink Business Park
Sittingbourne
B1, B2, B8
Harrisons Chartered Surveyors, 01634 265900 / Watson Day, 01634 668000
–
33
G Park Sittingbourne
Sittingbourne
B1, B8
CBRE, 020 7182 2000 / GVA Grimley, 020 7895 1515 / Savills, 020 7499 8644
www.gpark-sittingbourne.com
34
Kent Science Park
Sittingbourne
B1
Kent Science Park, 01795 411500 / Jones Lang LaSalle, 020 3147 6040 /
Sinclair Clark, 020 7494 9399
www.kentsciencepark.co.uk
35
Kemsley Park
Sittingbourne
B1, B2, B8
GVA Grimley, 020 7911 2267 / Watson Day, 01634 668000 /
Harrisons Surveyors, 01634 265900
–
36
Strood and Temple Waterfront
Strood
A1, B1, R
–
37
Estuary View
Whitstable
B1
George Wilson Holdings, 01227 263077
–
38
The Foundry Business Park
Faversham
B1, B2, B8
Quinn Estates, 01227 831212 / Cluttons LLP, 01622 756000
–
CONTACT DETAILS
Written and compiled by:
Additional contribution:
Kent County Council
Thomson Snell & Passmore
For further advice, assistance and information on
development opportunities, contact:
Thomson Snell & Passmore is a law firm with a
reputation for providing high quality, intelligent advice.
We provide a legal service that is comprehensive,
considered and confident. We build long-term
relationships by encouraging a culture of respect,
understanding and excellence.
Nigel Smith, Head of Development Investment
Kent County Council, Invicta House,
Maidstone, Kent ME14 1XX
Tel: 01622 221866 Fax: 01622 691418
Email: [email protected]
www.kent.gov.uk
Cluttons LLP
Founded in 1765, Cluttons LLP is a leading firm of
chartered surveyors providing an extensive range of
property related services with a presence in the UK,
Europe, Middle East, Asia Pacific and South Africa.
The local office in Kent provides the full compliment
of service lines.
Alison Owen, Partner
26-28 Albion Place, Maidstone,
Kent ME14 5DZ
Tel: 01622 756000 Fax: 01622 695536
www.cluttons.com
Portman House, 2 Portman Street,
London W1H 6DU
Tel: 020 7408 1010 Fax: 020 7629 3263
Locate in Kent Ltd
Richard Ellard, Partner
Thomson Snell & Passmore
3 Lonsdale Gardens
Tunbridge Wells
Kent
TN1 1NX
T: 01892 510000
www.ts-p.co.uk
Endorsed by:
The Royal Institution of Chartered Surveyors
The leading professional body on all aspects of
real estate, property, construction and associated
environmental issues.
Jeremy Percy, Chairman,
RICS South East Regional Board
Gleeds (London)
95 New Cavendish Street
London, W1W 6XF
T: 020 7631 7000
As the single point of contact for all companies looking
to expand or relocate in Kent and Medway, Locate in
Kent provides a comprehensive, confidential and free
business relocation and expansion advisory service.
Paul Wookey, Chief Executive
35 Kings Hill Avenue, Kings Hill,
West Malling, Kent ME19 4DG
Tel: 01732 520700 Fax: 01732 520701
www.locateinkent.com
37
Beechwood Business Park, Dover
ACKNOWLEDGEMENTS
The compilers of this report are grateful for the assistance, information
and data provided by the following organisations in London and Kent:
Altus Edwin Hill
GVA Grimley
Smith-Woolley & Perry
Atrium Surveyors
Harrisons Chartered Surveyors
Bidwells
South East England Development
Agency (SEEDA)
Ibbett Mosely
Bracketts
Kent Science Park
Brian Cradick & Co
Knight Frank
Broadlands Chartered Surveyors
and Property Consultants
BTF
Caxtons
CB Richard Ellis
Churston Heard
Clive Emson
Colliers CRE
Lambert & Foster
Land Securities
Leaf Hotels
Lend Lease
The Gallagher Group
Valad and Benchmark Estates
Visit Kent
Watson Day
WCR Property Ltd
Liberty Property Trust UK Ltd
Martine Waghorn
McMeeking Chartered Surveyors
Kent district councils:
Pearson Gore
Durlings
Ramac Holdings Ltd
Medway Council
Frogmore Property Company Ltd
Rosefarm Estates Plc
George Wilson Holdings Ltd
Savills
Glenny LLP
Sibley Pares
And a special thanks to Quadrant who
provided 210 Eureka Park, Ashford for
the launch of the report on 19 October
2011. We also thank Kier for their
support in the launch event.
DTZ
The Drying Loft, Turkey Mill
Taylor Riley
Ashford, Canterbury, Dartford, Dover,
Gravesham, Maidstone, Sevenoaks,
Shepway, Swale, Thanet, Tonbridge
& Malling and Tunbridge Wells
Core Commercial
38
Strutt and Parker
Michael Parkes
Calverley House, Tunbridge Wells
Cornwallis Academy, Maidstone
39
www.kentpropertymarket.com
This report has been carefully prepared. However it is intended for general guidance only and neither
Cluttons LLP, Kent County Council, Locate in Kent nor RICS can guarantee that there are no errors or
omissions. The information, forecasts and opinions set out herein should not be relied upon to replace
professional advice on specific matters. No part of this report should be published, reproduced or
referred to without prior permission of Cluttons LLP, Kent County Council and Locate in Kent.
Front and back cover shows:
Northdown 2 Eureka Park, Ashford
Architect: Scott Brownrigg
Contractor: Kier
Photographer: Nelson Taveira
Cover printed on:
Era silk 350gsm (50% virgin fibre from FSC–certified forests and 50% recycled waste)
Inner pages printed on:
Era silk 200gsm (50% virgin fibre from FSC–certified forests and 50% recycled waste)
Designed and produced by:
Glendale Creative Solutions (01322 868688) www.glendalecreative.com
CELEBRATING
YEARS

2011 Brochure - Kent Property Market

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