Issue 46
Summer 2016
British Airways i360 to sponsor a Snowdog Page 2
Brighton Belle launch delayed
Zip wires to replace the wheel Page 4
Page 4
£4m bid goes in to start Brighton Terraces re-build A bid for £4m has been submitted to the government to kick-start the regeneration of Brighton seafront’s Madeira Terraces.
Picture shows idea of how Terraces could look with business units The money would come from the Coastal Communities Fund. It would be combined with a similar sum from the council for the first phase of a threestage rebuilding of the Terraces. This first Phase would complete in 2019/20. Other sections would then be developed on a commercial basis by 2023. An estimated 145 jobs would be created, adding £5m a year to the local economy. It says the plan would “introduce innovative commercial and leisure uses to the structure in order to breathe life back into Brighton’s eastern seafront”. Potential mixed uses for the Grade 2 listed structure include an iconic hotel, youth hostel, arts centre, gallery, catering, boutique retail and start-up space for creative and digital firms. These would form part of a wider planned regeneration of the eastern seafront. In the
pipeline are proposals for a new arena and convention centre at Black Rock, a sea swimming centre at Peter Pan’s Playground, £1.85m improvements to the Volk’s Railway and a zip-wire attraction replacing the Brighton Wheel. A buoyant visitor economy, strong local support for regenerating the area and high demand for commercial space on the seafront are cited as reasons why the plan would succeed. Close working with businesses, interest groups and Historic England are promised. Built in 1897 and around half a mile long, the Grade ll listed Madeira Terraces is thought to be the longest cast iron structure in the world. The Terraces were created as a covered promenade to attract tourists from London on the new railway of the 1800s.
Market Trends by David Maslen
The first quarter of 2016 saw the property market move at an accelerated speed, as investors scrambled to complete purchases before the new stamp duty tax came into place on 1st April. EU Referendum In the run up to the EU Referendum, the market slowed slightly as the anticipation of an unknown economic landscape caused by a Leave vote made both buyers and sellers more cautious. While the market was certainly less busy during this period, it in no way halted, with keen buyers, requiring new properties for a multitude of reasons, keeping the property market ticking over during this uncertain time. Since the results came in on 24th June, activity has increased once more, with one property selling at significantly higher than the asking price and another receiving 17 viewings and two offers the same day as it went on the market. The future of the UK remains uncertain. However, it will be at least two years before we officially leave the EU and the property market in Brighton and Hove remains optimistic. We predict demand will continue to outweigh supply, keeping property prices high and people buying. Supply and demand Brighton and Hove’s geographical location, edged by the South Downs and the English Channel, means there are very little development opportunities in and around the city. This, teamed with the fact that Brighton and Hove is an incredibly desirable place to live, means demand is always higher than supply. So long as this trend continues, it is unlikely Brighton and Hove’s property market will suffer any long-term or extreme hits, regardless of the eventual economic outcome of the EU Referendum. We will be keeping a close eye on market trends over the coming months but for now, it’s business as usual for Brighton and Hove.