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 ÂŁ15.4b 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
KENT PROPERTY MARKET 2011
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, flows 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 ÂŁ26m facilities include interactive learning plazas and a performing arts theatre.
New Line Learning Academy, Maidstone 4
KENT PROPERTY MARKET 2011
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
NVQ 2 (%) – working age*
19.3%
16.7%
16.0%
2010
NVQ 3 (%) – working age*
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
KENT PROPERTY MARKET 2011
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, West Malling, Kings Hill
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
Kings Hill Unit Trust
ADT Fire & Security Plc
10,748
Undisclosed
Lease restructure, 10 years
Altus Edwin Hill, Hanover Green, 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
Kings Hill Unit Trust
The British Assessment Bureau
3,165
Undisclosed
10 years
Altus Edwin Hill, Hanover Green, 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
KENT PROPERTY MARKET 2011
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
Source: Cluttons LLP
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
KENT PROPERTY MARKET 2011
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
Source: Cluttons LLP
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
KENT PROPERTY MARKET 2011
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
Source: Cluttons LLP
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
KENT PROPERTY MARKET 2011
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 cafe.
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.
Turner Contemporary, Margate
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.
Turner Contemporary, Margate
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
Cleve Hill Farm, Graveney
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
KENT PROPERTY MARKET 2011
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 acres). 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 Planning permission granted 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 ÂŁ2.5m from government for infrastructure.
Leisure & tourism
Retail
Planning permission granted for Lockmeadow leisure complex, Maidstone.
Planning application submitted for Whitefriars, Canterbury.
Mixed use Golf course, clubhouse and nursery completed at Kings Hill.
Other Operations ceased at Shell Research Centre (now Kent Science Park, Sittingbourne).
Hotels Ashford International Hotel (1990), Hilton, Maidstone and Holiday Inn, Ashford opened.
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 ÂŁ7m 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
Construction started at 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 Construction started at 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 is argued that the presumption means the default position on planning applications is ‘yes’, and yet 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 and amounts to yet another change for local authorities and planners. 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 Source: Cluttons LLP
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
KENT PROPERTY MARKET 2011
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
KENT PROPERTY MARKET 2011
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.)
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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.
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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
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KENT PROPERTY MARKET 2011
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. 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.
SusCon, Kent Thameside
Innovation Centre Medway 29
The Smokehouse, Folkestone (Credit Central Photography)
Proposed K College, Ashford
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. 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. 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. 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.
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KENT PROPERTY MARKET 2011
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. Expansion of Eureka Park continues with the construction of Northdown II, 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. 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.
KENT PROPERTY MARKET 2011
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 International Station
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 International Station
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
KENT PROPERTY MARKET 2011
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 International Station
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
Medway Council, 01634 338171
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
Medway Council, 01634 338171
–
37
Estuary View
Whitstable
B1, C2
George Wilson Holdings, 01227 263077
–
38
The Foundry Business Park
Faversham
B1, B2, B8
Quinn Estates, 01227 831212 / Cluttons LLP, 01622 756000
–
KENT PROPERTY MARKET 2011
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: reinfo@kent.gov.uk 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 Email: info@cluttons.com 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 Email: jerry.percy@gleeds.co.uk
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 4AX Tel: 01732 520700 Fax: 01732 520701 Email: enquiries@locateinkent.com 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
KENT PROPERTY MARKET 2011
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窶田ertified forests and 50% recycled waste) Inner pages printed on: Era silk 200gsm (50% virgin fibre from FSC窶田ertified forests and 50% recycled waste) Designed and produced by: Glendale Creative Solutions (01322 868688) www.glendalecreative.com
CELEBRATING YEARS