Headlines

HEADLINES INSIDE THIS ISSUE

New EPC regulations turn up heat on energy efficiency

South Coast office tops awards for fourth year running

Will proposed planning reforms help or hinder sustainable development?

Where next for the residential new builds?

Along with our full property listings

Expert property advice, delivering competitive advantage.

OFFICES

TO LET

Suite G, Ferry House Suites 4 & 5 Canute Chambers

CANUTE ROAD, SOUTHAMPTON, SO14 3FJ Ferry House is an historic Grade II listed building. Suite G is located on the first floor and benefits from natural light thanks to its sash windows enjoying a southerly aspect and high ceilings. The office is mainly open plan with a reception area. There are shared WCs, shower and kitchen facilities.

LOCATION Both properties are located in a popular established commercial district in Southampton, Ocean Village. They are close to several bars and restaurants, a short walk to vibrant Oxford Street and just 6 minutes’ drive from Southampton Central Railway Station.

Itchen Bridge is nearby which offers access to junction 7 of the M27 to the east (4.5 miles) with Junction 3 to the west (5.6 miles) accessed via Mountbatten Way & Millbrook Road West.

Newly refurbished office space

SUMMARY

1 car parking space

Ferry House

Lobby with shared kitchen, shower and WCs

Suite G

Canute Chambers, built in 1893 for the American Line, is a Grade II listed Flemish bond red brick with Portland stone dressings building.

Suites 4 & 5 are located on the first floor with shared kitchen facilities. The suites are currently configured as two joining suites but can easily be let as two individual suites. The office is mainly open-plan but also includes one large meeting room of stud wall construction.

Canute Chambers

Open plan refurbished offices 5 car parking spaces Suites available separately or as a whole

PAGE 2

70 sq m

758 sq ft

Suite 4

112 sq m

1,208 sq ft

Suite 5

82 sq ft

883 sq ft

Total

194 sq ft

2,091 sq ft

CONTACT

Nik Cox on 07870 557410 or via email ncox@vailwilliams.com Mary Pearson via email mpearson@vailwilliams.com

vailwilliams.com

Since the last edition, it has remained a tumultuous time across the UK as the cost of living crisis has continued to bite and businesses have been forced to deal with some the worst interest rate rises for over a decade.

Throughout this time, our South Coast team based in Portsmouth, Southampton and Bournemouth has been on hand to support our clients across the South Coast and Dorset, helping them to navigate the continuing choppy waters.

To support this, we have continued to recruit the best talent into our team to ensure we provide you with the best possible advice to support you to thrive. With that in mind, we are pleased to bring you this latest edition of Headlines, which provides a range of additional insight and advice to support you – whether you are an occupier, investor, developer, landlord or lender.

In this edition, you will find a broad range of articles from our commercial and residential property experts, as well as several property listings in support of our varied client base of occupiers, investors and developers - from prime offices to let, to well- located industrial premises available for immediate occupation.

Of particular interest is the recent change in EPC requirements which came in to force

4

Vail Williams tops south coast agency leaderboard

6

ABP Property - Open for business

9

How will new EPC regulations affect landlords?

10-11

Another year, another planning u-turn

14

The deals have been flying in

17

When might you need a property expert?

18-19

Residential property update

from the 1 April 2023.

We also discuss the potentially controversial planning changes that are likely to ease pressure on local authorities, but which will impact current housing targets, and provide our take on the residential market as the rise of interest rates and cost of living crisis take their toll.

I hope that you enjoy reading this edition of Headlines Magazine and do get in touch with a member of our South Coast team to discuss any specific needs you might have.

Russell Miller Regional Managing Partner, South Coast

To comment on this edition or to advertise with us please contact Talia Jones on tjones@vailwilliams.com or via 07785 535 933 Savannah House 3 Ocean Way, Ocean Village Southampton, SO14 3TJ

vailwilliams.com

PAGE 3

Contents

Welcome to the latest edition of Headlines Magazine – Vail Williams’ South Coast commercial property publication.

VAIL WILLIAMS TOPS OFFICE DEALS

LEADER BOARD FOR FOURTH CONSECUTIVE YEAR ON SOUTH COAST: COSTAR DATA FOR 2022 Property consultancy Vail Williams has been named the most active disposal agent based on office square footage on the South Coast.

It is the fourth year running that the firm, which has offices in Bournemouth, Portsmouth and Southampton, topped the category leader board.

Vail Williams also led on being the most active disposal agent based on the number of deals, also for the fourth consecutive year.

The deals data for 2022 was compiled by CoStar, a global leader in commercial real estate information, with the company launching the awards in 2020.

Nik Cox, a Vail Williams partner who specialises in office sales and lettings on the South Coast, said: “These CoStar awards celebrate the performance of commercial property professionals in delivering results for landlords and occupiers in an increasingly busy market as people return to offices following the pandemic work-from-home culture.

“We are once again honoured to have led the leader board for the fourth consecutive year as the most active disposal agent, based on office square footage, on the South Coast.

“It is also great to again see Vail Williams recognised in the category of most active disposal agent based on the number of deals.”

Nik added: “With the international ports of Portsmouth and Southampton in the Solent region, and the ports of Poole and Portland in Dorset, this thriving economic region is home to more than 100,000 businesses.

“Many of them have office requirements that we are well placed to advise on, thanks to our team’s collective and individual knowledge, experience and track record of success for clients.”

Based on data submitted to CoStar over 2022, Vail Williams was involved in 58% of office sales and lettings.

Last year, Vail Williams scooped a hat trick of industry awards at the South Coast’s largest property event. Held at The Hilton at the Ageas Bowl, Southampton, the South Coast Property Awards recognised the annual contributions of property agents, surveyors, developers, dealmakers, planners, architects, consultants and property lawyers to the success of the sector.

The awards for Vail Williams were in three categories, with five firms shortlisted for each one: industrial/logistics consultancy (by deals), offices consultancy (by deals) and offices consultancy (by square foot).

Want an award–winning regional team to look after your property?

We have the local knowledge across the South Coast to ensure you get the best deal.

Contact Nik Cox via ncox@vailwilliams.com to find out more on how we can help.

NIK COX

PAGE 4

vailwilliams.com

OFFICE

TO LET Hounsdown House HOUNSDOWN BUSINESS PARK SOUTHAMPTON SO40 9LX

Hounsdown House consists of a modern, detached, 2-storey purpose-built office building split into two wings per floor. Only the First Floor, North Wing remains available, with an ample provision of 19 car parking spaces.

Refurbished offices include:

LOCATION Hounsdown House occupies a prominent position at the entrance to the well-established Hounsdown Business Park. The property is conveniently located approximately 5.5 miles west of Southampton Centre and on the edge of the New Forest National Park. The building is visible from the main estate road as well as the A326 and only 4.8 miles south of junction 2 of the M27.

New comfort cooling and heating

SUMMARY

Raised floors

1st Floor - North Wing

LED lighting Upgraded WCs New reception 19 car parking spaces

vailwilliams.com

348 sq m

3,750 sq ft

CONTACT

Nik Cox on 07870 557410 or via email ncox@vailwilliams.com

PAGE 5

SUPPORTED CONTENT

ABP PROPERTY: SOUTHAMPTON IS OPEN FOR BUSINESS! Would you consider running your business from the Port of Southampton?

With so many business benefits, the question is, why wouldn’t you?

The Port of Southampton is ideally located on the south coast, close to international shipping lanes and less than 100 miles from mainland Europe. As the UK’s number one vehicle-handling port and Europe’s leading cruise turnaround port, the Port has excellent marine infrastructure as well as connectivity with key transport links, all set within a major city and supporting businesses right across the UK. Around 2 million cruise passengers per year pass through Southampton’s five dedicated cruise terminals, heading for destinations across the globe. The Port’s container terminal is equipped with deep-water quays, enabling Southampton to handle the world’s largest container ships. We have on-site state of the art 5G digital infrastructure assisting the automotive sector whilst the Bulks Terminal supports a range of agricultural and construction markets.

And behind all of this, we deliver commercial property solutions.

ABP Property provides commercial operators with unparalleled port-related facilities and new business space options linked to multiple transport options – a great place to manage your business. We can offer land to lease for development opportunities or a wide range of versatile warehouse and office space.

With significant leasing and development opportunities within our portfolio, we offer companies a great location in which to operate and the chance to benefit from the Solent Freeport.

Freeports are areas designated by the UK Government that benefit from incentives to encourage economic development.

Freeports operate both tax and customs advantages. Tax sites offer occupiers business rates relief and other incentives to support capital investment, skills development, and local employment. Customs site procedures have the potential to enable duty deferral or the tariff-free movement of goods for export and import through simplified customs procedures.

We can offer your organisation huge benefits to relocate within the Port or within the ABP portfolio. Our Property Team are experts in building long-term partnerships with clients providing continuous support to improve operating efficiencies.

Ian Henderson, Head of Property at ABP Southampton, said: “We have a wide range of opportunities at the Port, from leasing land for development to existing accommodation, including warehousing and office units. Three areas within the Port benefit from tax site advantage conferred by the Solent Freeport status. I would encourage any business to contact us if they are considering a re-location.”

If your existing premises are no longer fit for purpose and you are ready for your next move, please get in touch with Ian Henderson, Head of Property, ABP Southampton – email ian.henderson@abports.co.uk or call 02380 488800 or 07843 977115.

We own and manage the land within the Port and other strategic locations in Southampton and the Waterside, including Town Quay, Eling Wharf, and Marchwood Industrial Estate. We recently acquired Solent Gateway Limited, the port operator at Marchwood Military Port, and this site also comes under our development and leasing portfolio.

PAGE 6

vailwilliams.com

OFFICE

TO LET The Boathouse TOWN QUAY SOUTHAMPTON SO14 2AQ

The Boathouse at Town Quay offers everything you could need for a growing business, with its own self-contained building, boasting spectacular views of Southampton Water and 1,275 sq m (13,724 sq ft) of flexible space across four floors.

LOCATION The Boathouse at Town Quay boasts exceptional views of Southampton Water and Town Quay Marina, while providing a city centre business location with excellent road, rail and ferry links, creating a unique environment for your business employees and a perfect work-life balance.

Refurbished offices include: Air conditioning Visitor and allocated car parking 1 space per 254 sq ft Free use of BBQ area with stunning views across the marina On site cycle storage Kitchen facilities Showers Suspended ceilings Double glazing 2 self contained flats with separate entrance Outdoor balconies Large roof terraces

vailwilliams.com

SUMMARY

Ground floor

574 sq m

6,179 sq ft

First floor

537 sq m

5,780 sq ft

Second floor

164 sq ft

1,765 sq ft

Third floor

Two flats

Total

1,275 sq m 13,724 sq ft

CONTACT

Alex Gauntlett on 07584 657826 or via email agauntlett@vailwilliams.com Nik Cox on 07870 557410 or via email ncox@vailwilliams.com

PAGE 7

OFFICE

TO LET 12 MITCHELL WAY

SOUTHAMPTON, SO18 2XU 5,769 TO 17,690 SQ FT (535.96 TO 1,643.45 SQ M) Mitchell House is a prestigious office building providing high quality open plan office accommodation. The building benefits from a ground floor reception area providing stair and lift access to the upper floors. There are male and female WCs on the landings plus a shower on the 2nd floor. The office areas are mainly open plan with suspended ceilings, inset lighting, raised floors and air conditioning.

PAGE 8

23 allocated car spaces Located next to Southampton Parkway Railway Station and Southampton Airport Prestigious stand-alone building Air conditioning Available as a whole or on a floor-by-floor basis LOCATION The premises are very well located just off junction 5 of the M27 motorway, immediately adjacent to Southampton Airport and Southampton Parkway railway station. Junction 4 of the M3 motorway is a short distance away giving access to London approximately 70 miles away. Both Eastleigh Town Centre and Southampton City Centre are within a short drive.

SUMMARY

From 5,769 to 17,690 sq ft CONTACT

Russell Mogridge on 07815 737175 or via email rmogridge@vailwilliams.com Alex Gauntlett on 07584 657826 or via email agauntlett@vailwilliams.com

vailwilliams.com

How will EPC Regulations affect landlords?

With the continuing cost-of-living crisis, ways in which to cut carbon emissions and achieve greater energy efficiency has never been so important.

As of 1 April 2023, the next round of EPC Regulations came into force as part of the government’s push to achieve net zero emissions by 2050.

Going forwards, all commercial property on a lease tenure basis must have an energy performance certificate (EPC) rating of band ‘E’ or above in order to be let or sold. Failure to comply with these new regulations could see landlords potentially face significant fines of up to £150,000.

What does it mean for landlords?

Landlords are required by law to ensure that their properties meet the required EPC rating. Currently, all commercial property must hold an EPC rating of ‘E’ or above prior to any new leases or renewals being granted – a requirement since April 2018.

From 1 April 2023 the requirement was extended to all nondomestic rented properties including existing tenancies on most commercial properties.

Looking ahead, minimum compliance standards will be increased in phases to an EPC rating of ‘C’ by 1 April 2027 and ‘B’ by 1 April 2030.

Are there any exceptions?

Exemptions can apply where undertaking works to improve an EPC rating is either not possible or not economically viable.

Examples include: • Where the cost of improvement works would exceed the expected value of energy bill savings over seven years • Property devaluation • Third-party consent (refusal of planning permission for improvement works) Landlords seeking an exemption must make sure to apply for, and register an exemption which is valid from six months up to five years, after which a landlord must try again to make building improvements.

Get an EPC Assessment It is advisable to have an EPC assessment carried out as the resulting recommendation report will give you a good place to start in establishing what additional measures or works are required to improve the energy rating of your building.

Completing this exercise in advance of needing a new EPC for your property will allow you the time to plan and budget for the works required to ensure your building remains lettable at the next relevant lease event.

These works can then be incorporated into the planned preventative maintenance (PPM) schedule for your building.

Who pays for the works?

Careful review of the lease will establish whether a landlord or tenant is responsible for the building fabric and services, and therefore who should implement and pay for the required improvement works.

Vail Williams can provide the technical expertise and property advice necessary to support you in improving your EPC rating, whether you are a landlord or tenant.

EPC ratings are more important than ever – Have you checked yours?

The changes have now already taken place to have an EPC rating of ‘E’ or above, but prepping in advance is key. For any queries on EPC assessments you may need, contact Nick Miles on nmiles@vailwilliams.com NICK MILES

vailwilliams.com

PAGE 9

ANOTHER YEAR, ANOTHER PLANNING U-TURN WITH MISSED OPPORTUNITIES Last year, an early Christmas present was delivered by the Department for Levelling Up, Housing and Communities (DLUHC), in the form of a new consultation on ‘Levelling-up and Regeneration Bill: reforms to national planning policy’.

What changes are proposed?

Unlike previous consultations, more detail explaining the rationale of the proposed direction of travel has been included.

So, what are the key themes that have emerged from the proposed National Planning Policy Framework (NPFF) changes?

• Housing figures, housing delivery and land supply tests • Green Belt • Community involvement • Beautiful design • Climate change and sustainability • Local Plan delivery and timescales

PAGE 10

Most of the proposed changes to the NPPF relate to housing and in turn, the Green Belt.

It’s no surprise given the level of local opposition to large scale residential development proposals and Local Plans including Green Belt allocations, to meet nationally prescribed housing targets.

What effect will the changes have?

Since the announcement regarding the changes, some Local Plans have been put on hold, including South Staffordshire Council, North Somerset Council, Horsham District Council, Isle of Wight Council, Teignbridge District Council, Stockport Council, and Mole Valley, all issuing statements to this effect.

vailwilliams.com

> The proposed changes to the NPPF are likely to ease pressure on Local Authorities to hit current housing targets by reducing the weight currently given to the prescribed targets calculated through the standard methodology.

Instead, these figures would be considered as an advisory starting point as opposed to a minimum target which can be negotiated down or up, based on suitable evidence / constraints.

These evidence / constraints can include the Green Belt with the Government clarifying that Green Belt boundaries are not required to be reviewed and altered to meet the objectivelyassessed housing need.

This new approach could create further opportunity for higher density residential development within town centres and on previously developed land.

However, any changes in density increase would need to be delivered ”in keeping with the character of the area” - a subjective assessment providing further reason to refuse residential schemes within town centres. This could have a negative impact on town centre regeneration which require reimaging.

How can we meet housing targets?

The two initial options of building out (settlement expansion) and building up (higher density) seem to have been made more difficult in all but the most urban locations.

Whilst the onus should not fall solely on the Local Authority to deliver housing, the flexibility proposed allowing local authorities to calculate housing targets does not help the case for development, instead reinforcing the argument to retain the status quo.

The government has tried to address build-out rates by suggesting that financial penalties will be applied for developers who are building out too slowly, and that ‘past irresponsible planning behaviour’ should be a material consideration.

However, the consultation stops short of clearly defining what such behaviour entails.

The government has also tried to incentivise and support communities in delivering affordable housing.

Whilst this has some merit, it is unlikely to be wholly successful given the level of local opposition to affordable housing delivery and lack in clarification over how this would tie into the existing planning framework. This is highlighted by the current evidence relating to neighbourhood plans which have had limited impact in boosting housing supply.

The renewed emphasis on the character of the area through the introduction of design codes increase the appetite for local authorities to bring forward identified urban sites and those on the brownfield register.

Delays in local plan making may increase as authorities reevaluate the housing target and potential site allocations, and with less weight being given to the five-year housing supply and delivery rates, authorities are likely to push back on the need to meet these targets.

Emphasis will probably turn to known sites as opposed to new sites, however, additional calls for development land (Call for Sites exercises) could provide the opportunity to include areas with high redevelopment potential, particularly outside areas of green belt.

In the longer term, this will place greater emphasis on previously developed land and sites with a high level of redevelopment potential, with urban, town centre and high street sites likely to be an area of particular focus.

In-fill development will likely become the prevailing form of housing delivery as authorities look to protect settlement boundaries from further encroachment with development locations encouraged in sustainable and highly accessible areas.

Another missed opportunity Setting aside the obvious political motives for the revision of the government’s flagship planning policies, the current consultation stops short of recognising the ability of the planning system to guide sustainable growth through improvements to infrastructure and the environment.

> It is disappointing to see yet another missed opportunity to deliver positive planning change as there are many great opportunities for innovation and modernisation within the industry.

More time needs to be spent working with developers assessing where the most appropriate opportunities for development are, and maximising the positive benefits that development can bring.

The NPPF should be looking to promote a more coordinated, proactive, joined up approach to development at all levels.

Instead, this overly pessimistic, restrictive approach will result in a piecemeal approach to development, which is in no one’s best interest and will not deliver significant infrastructure improvements.

Getting planning permission approved can be tough – we’ve got you covered.

Every local authority has a different plan in place, but we work with councils up and down the country on a daily basis. For more on how we can help, contact David Ramsay on dramsay@vailwilliams.com DAVID RAMSAY

vailwilliams.com

PAGE 11

Upgrade to a healthy sustainable office.

Floor l l l l l l

Open plan flexible floorplate Communal break out facilities 13 cycle and 18 car parking spaces 2 electric car charging points New shower and changing area Fitwel certification for healthier work place environments

ONEDORSETSTREET.CO.UK #FEELBETTERWORKBETTER PAGE 12

Sq ft

Sq m

Ground

2,883

268

First

7,679

713

Third

4,346

403

Total

14,908

1,384

Nik Cox 07870 557 410 ncox@vailwilliams.com

Andy Hodgkinson 07702 801 595 AHodgkinson@lsh.co.uk vailwilliams.com

3 Waterside Place Third floor available 5,266 sq ft

5 Waterside Place Ground floor available 4,184 sq ft

Refurbished office space with breathtaking views over the harbour. l New air conditioning l New raised floors l Suspended ceilings with LED lighting l New shower facilities and WC’s l Generous on-site car parking l Fitwel 2 star rating

watersideplace-southampton.co.uk

Emma Lockey 07825 357 481 emma.lockey@cbre.com vailwilliams.com

Nik Cox 07870 557 410 ncox@vailwilliams.com PAGE 13

THE

DEALS HAVE BEEN FLYING IN

PAGE 14

vailwilliams.com

65 Millbrook Road East SOUTHAMPTON

Unit A1 Eagle Way EXETER

G IN

Unit D Hazleton Interchange WATERLOOVILLE

G IN

TT

G IN

TT

ed ir qu ac

• Office / Retail / Trade Counter Showroom / Industrial • 5,394 sq ft • Picador Plc

LE

• Industrial • 4,366 sq ft • Ankers & Rawlings Developments

LE

• Industrial • 74,891 sq ft • Property & Investment Management Ltd

TT

G IN

Unit 1 Easton Lane Business Park WINCHESTER

LE

TT

e

3.1 Central Point Kirpal Road PORTSMOUTH

LE

l sa

36 Brunel Way Segensworth FAREHAM

Dorset Street 2nd Floor SOUTHAMPTON

Charlotte Place SOUTHAMPTON

Hounsdown House SOUTHAMPTON

IN

TT

IN

TT

d

G

G

• Industrial • 16,915 sq ft • Northwood Urban Logistics

re

Second Floor Telephone House BOURNEMOUTH

ui

Unit 16 Bedrock Park WIMBORNE

q ac

Unit F Link Estate Holton Heath, POOLE

LE

• Office • 14,411 sq ft • Warborough Investments Ltd

LE

• Office • 4 transactions totalling 20,000 sq ft • Kingsbridge Estates Ltd

vailwilliams.com

e

G

IN

TT

G

IN

TT

• Office • 7,460 sq ft • RO Properties Ltd

• Industrial • 14,690 sq ft • William Fishwick & Sons

l sa

• Industrial • 18,047 sq ft • Apollo Accident & Repair Group Ltd

LE

• Industrial • 5,284 sq ft • Clearglass Ltd

LE

• Industrial • 7,065 sq ft • Industrial Property Investment Fund

• Office • 7,262 sq ft • Caspian One

PAGE 15

OFFICE

TO LET GROUND FLOOR, THE QUAY

OCEAN VILLAGE, SOUTHAMPTON SO14 3TG Ground Floor, The Quay, extends to 895 sq ft (83 sq m) of high-quality office accommodation, situated less than a mile southwest of Southampton City Centre within the highly sought-after Ocean Village Marina. The suite is part of an impressive purpose-built, four storey office building which has been fully refurbished. A perfect fit for a smaller company, or as a satellite office for a larger organisation, offering the benefits of a purpose-built building in a waterfront location.

Part of a mixed-use marina development comprising residential apartments, waterfront bars and restaurants and offices Private parking area Male and female WCs with disabled facilities Refurbished reception area and refreshed lift and stair access Located close to WestQuay Shopping Centre, the Showcase Cinema, and the Bargates retail area

PAGE 16

LOCATION The premises are conveniently located for city centre access, and within easy reach of I.O.W. Ferry Terminal, Southampton Railway Station, the motorway network, and Southampton Airport.

SUMMARY

83 sq m

895 sq ft

CONTACT

Nik Cox on 07870 557410 or via email ncox@vailwilliams.com

vailwilliams.com

When might you need a property Expert Witness?

An Expert Witness is someone called upon, to provide an expert opinion on a matter in which they are recognised as an industry expert, in a dispute in a Tribunal or Court of Law. But when it comes to property, what sort of situations might require an expert opinion in? Stephen Hobbs explains: In almost all cases where I am appointed as an Expert Witness, I am either instructed by or end up working closely with solicitors, where they are acting for one of the parties to a legal dispute.

A dispute that requires an opinion from an Expert Witness can be about anything from medical negligence or claims of faulty workmanship, to disputes over the rental value or market value of a particular property.

When acting as an Expert Witness, the overriding duty is not to the client, but to the tribunal where we are giving evidence.

It is the solicitor’s job to advocate on behalf of a client, but the Expert Witness’ role is to give a true and honest opinion which is independent and unbiased, falling within the scope of our expertise, experience and knowledge.

But when might you need an Expert Witness in a property dispute?

Claims of property valuation negligence If a lender loses money on a property loan, they might refer back to the valuation advice they were given when the loan was made.

An Expert Witness may be required to carry out a retrospective valuation to determine whether the advice given was reasonable, or whether it could have been negligent.

Claims of negligence can also arise against solicitors who provided a lender with legal advice when a loan is made, which subsequently turns out to be potentially negligent, compromising the bank’s ability to rely on its security to recover the loan.

Disagreement over Market Value Occasionally, Expert Witnesses are needed to provide independent property valuation advice when a dispute arises over a land or building’s market value.

This is particularly relevant when there is an ‘option’ to purchase at a later date, at a price to be determined in the future when market values have changed.

Similar disputes can arise between developers and landowners when a purchase price is agreed and contracts are close to exchange, but one party stalls due to a dispute over market value.

Enhanced value and overage Sometimes, when a landowner agrees a deal to sell land to a developer, they agree an overage agreement, meaning that if the developer obtains planning consent for the site, a proportion of the enhanced value of the site would go to the landowner.

However, there can be disputes over the enhanced site value, requiring the independent opinion of a valuation expert to assess whether the landowner has been paid the correct overage value.

Need someone to fight your corner for a property dispute?

Vail Williams works with a range of law firms to provide Expert Witness advice.

Contact Stephen Hobbs on shobbs@vailwilliams.com to discuss your requirements.

STEPHEN HOBBS

vailwilliams.com

PAGE 17

RESIDENTIALPROPERTY:

SPRING UPDATE The squeeze on household incomes from the rising cost of living, together with the continued rise in interest rates, which increased once more in May to 4.50%, has slowed the housing market at the start of 2023, particularly compared with the rapid growth of recent years.

As 2023 progresses, the housing market will continue to be impacted by the wider economic environment and, as buyers and sellers remain cautious, we expect there will be a reduction in both housing supply and demand overall, with house prices forecast to fall around 8% over the course of the year.

This followed a series of significant monthly falls at the end of last year (-1.3% in December and -2.4% in November).

The cost of the average property could drop to April 2021 prices – still significantly above pre-pandemic levels.

The average house price is now around £8,516 (-2.9%) below its peak in August last year, though it remains nearly £9,000 higher than in January 2022 (£276,483).

Alongside this, the pace of annual house price growth has stabilised back to the +2.1% rate seen in December 2022.

House prices trends In January, Halifax reported that there was some stability in UK house prices with the average house price remaining largely unchanged at £281,684, rising by 1.1% to £285,476 in February.

£285,476

Average House Price (February)

PAGE 18

+2.1%

Annual house price growth

vailwilliams.com

Reservations and sales Several major residential housebuilders reported a decline in new home sales and reservations, and an increase in cancellation rates in Q3 and Q4 2022.

Land market hiatus Savills reported a significant slowdown in residential development land transactions in Q4 2022, with 10% fewer development sites sold compared to the same period in 2021.

This continued into 2023, with the January 2023 RICS Residential Market Survey results show metrics on buyer enquiries, agreed sales and new instructions remain negative, with HMRC monthly property transaction data showing the number of UK home sales decreasing in January 2023.

Economic uncertainty, increased costs and slower sales rates have paused many land sales across all UK markets.

-12.4%

New house reservations (Bellway)

-47%

Private sales per site (Barratt)

24%

New house cancellation rate

Bellway Homes indicated that they saw a fall in new house reservations of 12.4% to just 191 a week over the period from 1 August 2022 to October 2022, comparing with 218 in the same period in 2021.

This fell further towards the end of 2022 with reservation rates down 60%, however, rates are now beginning to rise in what Bellway call a seasonal pick-up and some easing of affordability pressures.

Barratt Homes also stated that its private sales per site in the period since the start of October fell 47% on the previous year.

Meanwhile, Taylor Wimpey reported that the rate of net sales per week fell to 0.51 in the second half of last year compared with 0.91 in the same period in 2021.

Over the same period, the cancellation rates for homes rose to 24% from 14% a year earlier, with higher mortgage rates and a heightened level of economic uncertainty major factors.

Despite fewer land transactions, evidence indicates that development land values have started to fall as developer purchasers build a greater degree of risk into their land builds.

Planning concerns The Home Builders Federation (HBF) has warned that the changes to England’s national planning policy framework (NPPF) and what developers say is over-strict enforcement of environmental regulations, could result in a collapse in the supply of new houses, with the government meeting less than half its annual target.

This follows several years of housing supply spurred by the adoption of the NPPF, designed to stop councils blocking large numbers of new developments, which doubled housing supply between 2012 and 2019. However, the government has since u-turned on this approach.

Economic outlook As the war in Ukraine surpasses the one-year mark, the conflict has almost certainly had an negative impact on the residential property market, particularly in London where there is significant Russian residential investment and sanctions have been imposed.

Moreover, oil and gas prices have continued to increase, and a price increase in these commodities will continue to contribute towards rising inflation, which will continue to affect potential buyers, who will face higher mortgage rates.

It is hoped that, as cost of living pressures ease, the market will slowly improve into 2023.

We may see more volatility in the residential market as the year goes on, with ongoing macro-economic factors such as the war in Ukraine, the cost-of-living crisis and the continued challenge of rising inflation rates taking their toll.

House building The Building Cost Information Service (BCIS) predicts that housebuilding will fall 20% in 2023, but will recover slightly in 2024 and 2025, before stronger growth returns.

We have seen the residential market undergo a change in sentiment overnight before, particularly after a period of sustained growth. In light of this, the Bank should adopt elevated levels of caution in exercising prudent lending criteria.

The sentiment is shared by the Home Builders Federation who, following research, expect housebuilding to fall to its lowest level since the second world war, with Taylor Wimpey and Persimmon both confirming they will reduce the number of houses they build in 2023 by a third.

This will impact output which is expected to fall by 15.5% in 2023, before single digit growth returns in 2025, with contractors focusing on building out existing developments first.

The last year has been a rollercoaster for the residential sector – Are you up to date?

Our team are equipped to help you with your development queries. Contact Gary Jeffries on gjeffries@vailwilliams.com to start the conversation.

GARY JEFFRIES

vailwilliams.com

PAGE 19

Clear.

Dependable.

And fast, for when time is of the essence.

Law. As it should be.

PAGE 20

vailwilliams.com

Current property listings...

Address

Town

Tenure

Property Type

Size from Sq Ft

Size to Sq Ft

Units 1 & 2, 44 Salisbury Street

Amesbury

For Sale

Investment, Retail

6671

6671

Building B Dorset Business Park, Winterbourne Whitechurch

Blandford Forum

To Let

Warehouse, Industrial / Warehouse

9194

42833

£4.55

Buildings C - D Dorset Business Park, Winterbourne Whitechurch

Blandford Forum

To Let

Warehouse, Industrial / Warehouse

9003

127085

£2.27

Dorset Business Park, Winterbourne Whitechurch

Blandford Forum

To Let

Warehouse, Industrial / Warehouse

8416

179010

£1.61

42-46 London Road

Bognor Regis

To Let

Retail

3658

3658

£15.04

2B Roundways Industrial Estate, Elliot Road West Howe Industrial Estate

Bournemouth

To Let

Industrial / Warehouse

5665

5665

£9.75

Stour House, Deansleigh Road

Bournemouth

To Let

Office

7276

21840

On application

Melbury House, 1-3 Oxford Road

Bournemouth

To Let

Office

2394

23439

£18.50

1B Central Business Park, Southcote Road

Bournemouth

To Let

Industrial/Logistics, Warehouse, Industrial / Warehouse

33742

33742

£4.00

Suite B Manor House, 1 Macaulay Road

Broadstone

To Let

Office

2120

2120

£12.03

Concept House Link 414, Stoneycroft Rise

Chandlers Ford

To Let

Office

5992

12404

£23.02

24 South Street

Chichester

To Let

Restaurant, Retail

2252

2252

£29.97

34 South Street

Chichester

To Let

Leisure, Restaurant, Retail

3310

3310

£15.86

Minerva Heights (Retail), Old Broyle Road

Chichester

To Let/ For Sale

Retail

3943

3943

On application

Unit 2WN, Portfield Trade Centre, Bognor Road

Chichester

To Let

Trade Counter, Industrial / Warehouse

4228

4228

£16.00

45 South Street

Chichester

To Let

Office

1276

5056

£16.81

Minerva Heights (Employment), Old Broyle Road

Chichester

To Let

Office

7416

30472

On application

Former Utility Site, Terminus Road

Chichester

To Let

Open Storage

12000

83635

£2.50

Springfield Park, Bognor Road

Chichester

To Let

Industrial / Warehouse

20000

100000

£11.50

Unit 8, 20 Airfield Way

Christchurch

To Let

Industrial / Warehouse

3935

3935

£9.02

First Floor, North Wing, Signal House, Grange Road Business Park

Christchurch

To Let

Office

7210

7210

£10.00

Unit 87 (48 Thackeray Mall), Fareham Shopping Centre

Fareham

To Let

Leisure, Other, Retail

2481

2481

£23.18

Spectrum, 1600 Parkway, Solent Business Park, Whiteley

Fareham

To Let

Office

2577

2577

£17.00

South Barn Cams Hall Estate

Fareham

To Let

Office

2668

2668

£20.61

35 Waterside Gardens

Fareham

To Let

Office

2756

2756

£16.33

91 Southampton Road, Park Gate

Fareham

To Let

Retail

2866

2866

£16.57

Delme 2 Delme Place, Cams Hall Estate

Fareham

To Let

Office

4096

4096

£21.00

Unit 20-21 (13 - 15 Westbury Mall) Fareham Shopping Centre

Fareham

To Let

Retail

2250

4548

£21.99

Forum 5, Solent Business Park

Fareham

To Let

Office

7525

7525

£23.00

9 Brunel Way

Fareham

To Let

Industrial / Warehouse

13829

13829

£7.30

L3 Market Quay

Fareham

To Let

Leisure, Retail

6445

14965

On application

12 Brunel Way

Fareham

To Let

Industrial / Warehouse

24979

24979

£11.00

One Cobham Road

Ferndown

To Let

Industrial/Logistics, Warehouse, Industrial / Warehouse

35040

35040

On application

136 High Street

Gosport

To Let

Retail

5967

5967

£10.89

Ground Floor 22 Compass Point, Ensign Way

Hamble, Southampton

To Let/ For Sale

Office

2090.3

2090.3

£18.42

10D Solent Trade Park, Solent Road

Havant

To Let

Industrial / Warehouse

2105

2105

£15.00

Solent Trade Park, Solent Road

Havant

To Let

Industrial / Warehouse

4722

4722

£15.00

4000

6000

£11.50

Rent Sq Ft

£675,000

Spring Business Park, New Lane

Havant

To Let

Industrial/Logistics, Warehouse, Industrial / Warehouse

Furniss Way

Hayling Island

To Let

Development Land, Leisure

7319.452

7319.452

On application

Vanbrugh House, Botleigh Grange Business Park

Hedge End

To Let

Office

2662

8751

£24.00

Top Floor Burlington House Botleigh Grange, Grange Drive

Hedge End Southampton

To Let

Office

5200

10835

£24.00

Unit B Horatio Court, Hannah Way, Gordleton Industrial Estate

Lymington

To Let

Industrial / Warehouse

2480

2480

£9.68

Unit 740 Ampress Lane

Lymington

To Let

Office

2889

2889

£13.50

330 Ampress Park, Ampress Lane

Lymington

To Let

Industrial / Warehouse

7669

7669

£9.00

16833

16833

£8.50

Unit 310 Ampress Park, Ampress Lane

Lymington

To Let

Industrial/Logistics, Warehouse, Industrial / Warehouse

Units 310 & 330 Ampress Park, Ampress Lane

Lymington

To Let

Industrial / Warehouse

24502

24502

£8.57

25/27 Station Road

New Milton

To Let/ For Sale

Industrial/Logistics, Trade Counter / Showroom

7582

7582

£7.25

Council Offices Penns Place

Petersfield

To Let

Office

43132

43132

£9.85

Majestic 1, Altitude, 56-58 Parkstone Road

Poole

For Sale

Office

1526

1526

vailwilliams.com

Price

On application

£340,000 exclusive of VAT

PAGE 21

Current property listings...

Address

Town

Tenure

Property Type

Size from Sq Ft

Size to Sq Ft

Magna Business Park, Magna Road

Poole

For Sale

Development Land, Industrial/ Logistics, Land / New Build, Warehouse, Industrial / Warehouse

19909

60949

Unit 6 Nuffield Trade Centre, Nuffield Road

Poole

To Let

Trade Counter, Industrial / Warehouse

2546

2546

On application

County Gates House, Poole Road

Poole

To Let

Office

2917

12712

£17.00

22 Broom Road

Poole

To Let

Industrial / Warehouse

44151

44151

£400,000.00

Magna Business Park, Magna Road

Poole

To Let/ For Sale

Development Land, Industrial/ Logistics, Land / New Build, Warehouse, Industrial / Warehouse

19909

60949

On application

Suite West 003A, Ground Floor 1000 Lakeside

Portsmouth

To Let

Office

2371

2371

£23.00

3 St Georges Business Centre, St. Georges Square

Portsmouth

To Let/ For Sale

Office

635

2700

£17.59

179 Commercial Road

Portsmouth

To Let

Retail

2741

2741

£16.42

Fairfield House, Kingston Crescent

Portsmouth

To Let

Office

2742

2742

£18.00

3003

3003

£15.48

Rent Sq Ft

On application

TP8 Phase 2 The Pompey Centre

Portsmouth

To Let

Trade Counter, Industrial / Warehouse

Unit B Chaucer House, Isambard Brunel Road

Portsmouth

To Let

Office, Retail, Leisure, Healthcare

3272

3272

On application

Unit D 226-238 Commercial Road

Portsmouth

To Let

Retail

3509

3509

£12.82

C6 Portfield Industrial Estate, Nevil Shute Road

Portsmouth

To Let

Industrial / Warehouse

4230

4230

£11.00

Unit A Chaucer House, Isambard Brunel Road

Portsmouth

To Let

Office, Retail, Leisure, Healthcare

4305

4305

On application

Unit C1 Mountbatten Business Park, Jackson Close

Portsmouth

To Let

Industrial/Logistics, Warehouse, Industrial / Warehouse

5070

5070

£13.50

Commercial Space, Brunel House, The Hard

Portsmouth

To Let

Leisure, Retail

5175

5175

On application

Unit A7 Railway Triangle, Walton Road

Portsmouth

To Let

Industrial / Warehouse

5399

5399

£10.75

To Let

Industrial/Logistics, Warehouse, Industrial / Warehouse

5401

5401

£10.75

5405

5405

£10.75

Unit A11 Railway Triangle, Walton Road

Portsmouth

Price

Unit A10 Railway Triangle, Walton Road

Portsmouth

To Let

Industrial/Logistics, Industrial / Warehouse

Ground Floor Suite 004/005 1000 Lakeside, North Harbour

Portsmouth

To Let

Office

6673

6673

£18.58

Monaco House, Painter Close

Portsmouth

To Let

Industrial / Warehouse

7325

7325

£11.60

7723

7723

On application

Building 37 Broad Oak, Airport Service Road

Portsmouth

To Let

Industrial/Logistics, Warehouse, Industrial / Warehouse

West Suite First Floor 4000 Lakeside North Harbour

Portsmouth

To Let

Office

7908

7908

£24.00

Shore House - Ground Floor, Compass Road

Portsmouth

To Let

Office

4984

10334

£19.75

5399

10806

£10.75

Railway Triangle, Walton Road

Portsmouth

To Let

Industrial/Logistics, Warehouse, Industrial / Warehouse

Third Floor Building 2000 Lakeside, North Harbour

Portsmouth

To Let

Office

11301

11301

£24.00

7081

16666

£12.50

Voyager Park, Units E4 And E5, Portfield Road

Portsmouth

To Let

Industrial/Logistics, Warehouse, Industrial / Warehouse

Mountbatten Business Park, 3 Grove Road, Farlington

Portsmouth

To Let

Industrial / Warehouse, Trade Counter / Showroom

19522

19522

£5.89

Building 49 Broad Oak, Airport Service Road

Portsmouth

To Let

Office, Hi Tech / Lab

6970

21524

On application

9085

22711

On application

Units C1-C3 Voyager Park, Portfield Road

Portsmouth

To Let

Development Land, Industrial/ Logistics, Warehouse, Industrial / Warehouse

3B, Voyager Park, Portfield Road

Portsmouth

To Let

Land / New Build, Open Storage

41382

41382

£3.02

Units 1, 4, 5 And 6 Merlin Park, Airport Service Road

Portsmouth

To Let

Industrial / Warehouse

8191

49934

£12.50

Unit B Railway Triangle

Portsmouth

To Let

Industrial / Warehouse

106497

106497

On application

Parvaneh Park, Embankment Way

Ringwood

For Sale

Industrial / Warehouse

1690

1690

Unit 6 Crow Arch Lane Industrial Estate

Ringwood

To Let

Industrial / Warehouse

2897

2897

£6.39

3052

3052

£12.04

On application

£350,000 to £375,000 Per Unit for Virtual Freehold Interest

Unit 4A GP Centre, Yeoman Road

Ringwood

To Let

Industrial/Logistics, Office, Warehouse, Industrial / Warehouse

Bramble House, Forest Gate Business Park, Spring Lane

Ringwood

To Let

Office

3996

3996

£18.14

Endeavour House, Crow Arch Lane

Ringwood

To Let

Office

1904

8113

£13.50

126 The Street

Rustington

To Let

Cafe (A1), Restaurant, Retail

2375

2375

On application

2 Oakridge Office Park, Whaddon

Salisbury

For Sale

Office

1639

1639

Offers in the region of £286,002

Unit 11 Mitchell Point, Ensign Way

Southampton

For Sale

Industrial / Warehouse

2537

2537

£340,000

Sarisbury Green United Reformed Church 162 Bridge Road, Sarisbury Green

Southampton

For Sale

Other

3897

3897

Offers from £800,000

Brunel House 21 Brunswick Place

Southampton

For Sale

Office

13357

13357

The Boathouse, Town Quay

Southampton

To Let

Office

3000

3000

PAGE 22

On application On application

vailwilliams.com

Current property listings...

Address

Town

Tenure

Property Type

Size from Sq Ft

Size to Sq Ft

Rent Sq Ft

Hounsdown House, Hounsdown Business Park

Southampton

To Let

Office

3750

3750

£20.00

Unit 5 The Crosshouse Centre

Southampton

To Let

Industrial / Warehouse

3823

3823

£7.85

Ground Floor West, Jellicoe House, Grange Drive

Southampton

To Let

Office

3855

3855

£24.00

5 Waterside Place, Town Quay

Southampton

To Let

Office

1250

4184

£21.50

Admiral Sir Lucius Curtis, Canute Road

Southampton

To Let

Leisure

4855

4855

On application

Saxon House, Saxon Wharf, Lower York Street

Southampton

To Let

Office

1575

4903

£15.30

17 Compass Point, Ensign Way, Hamble

Southampton

To Let

Industrial / Warehouse

5154

5154

£12.00

3 Waterside Place

Southampton

To Let

Office

5266

5266

£24.50

6001

6001

£12.00

Price

16 Compass Point, Ensign Way, Hamble

Southampton

To Let

Hi Tech / Lab, Marine, Office, Industrial / Warehouse

29 Winchester Road

Southampton

To Let

Industrial/Logistics, Open Storage, Trade Counter, Trade Counter / Showroom, Warehouse, Industrial / Warehouse

7426

7426

£7.41

Harbour House Town Quay

Southampton

To Let

Office

1119

10785

£25.00

Brunel House 21 Brunswick Place

Southampton

To Let/ For Sale

Office

13357

13357

£14.00

One Dorset Street

Southampton

To Let

Office

2883

14908

£24.50

12 Mitchell Way, Eastleigh

Southampton

To Let

Office

5769

17690

£21.93

Southampton Science Park - Benham Campus Plot 1, Chilworth

Southampton

To Let

Hi Tech / Lab, Office

30600

30600

First Avenue

Southampton

To Let/ For Sale

Industrial/Logistics, Warehouse, Industrial / Warehouse

33708

33708

£7.12

Twenty3 Brunswick Place

Southampton

To Let

Office

12701

40000

£26.00

The Point, 69-81 Commercial Road

Southampton

To Let

Office

9395

67000

On application

Handleys' Corner, 44-46 Palmerston Road

Southsea

To Let

Retail, Leisure, Office, Healthcare

3173

24836

On application

Roman House, Salisbury Road

Totton

To Let

Office

4300

4300

£20.00

35 Black Moor Road, Ebblake Industrial Estate

Verwood

To Let

Office

3175

3175

£15.75

Unit 3, 25 Black Moor Road, Ebblake Industrial Estate

Verwood

To Let

Industrial / Warehouse

3940

3940

£9.52

Prospect House, Sandford Lane

Wareham

For Sale

Office

7553

7553

Unit D Wellington Gate - Ground Floor

Waterlooville

To Let

Office

7500

7500

£10.67

Hazleton Interchange, Horndean

Waterlooville

To Let

Industrial / Warehouse

3000

22757

On application

Unit 320 Proxima Park

Waterlooville

To Let

Industrial/Logistics, Warehouse, Industrial / Warehouse

30000

50000

On application

Proxima Park - Phase 2, Proxima Park

Waterlooville

To Let

Industrial/Logistics, Warehouse, Industrial / Warehouse

20000

126500

On application

15 Telford Road, Ferndown Industrial Estate

Wimborne

For Sale

Industrial / Warehouse

3527

3527

£475,000 (excluding VAT)

7455

7455

Offers in the region of £900,000 Freehold with vacant possession

£900,000

70-72 Cobham Road, Ferndown Industrial Estate

Wimborne

For Sale

Warehouse, Industrial / Warehouse

Bedrock Park, Units 1-11A - Trade Units, Vulcan Way, Ferndown Industrial Estate

Wimborne

To Let

Industrial/Logistics, Trade Counter, Trade Counter / Showroom, Warehouse, Industrial / Warehouse

2688

4762

£13.50

Bedrock Park - Units 18-26 - Warehouse & Industrial, Vulcan Way, Ferndown Industrial Estate

Wimborne

To Let

Industrial/Logistics, Retail, Warehouse, Industrial / Warehouse

2886

6260

£11.50

Ferndown 50, Cobham Road, Ferndown Industrial Estate

Wimborne

To Let

Industrial/Logistics, Warehouse, Industrial / Warehouse

53600

53600

On application

Bedrock Park, Units 14-17 - Light Industrial And Warehouse, Vulcan Way, Ferndown Industrial Estate

Wimborne

To Let

Industrial/Logistics, Warehouse, Industrial / Warehouse

14941

64583

£10.36

Plot C, Cobham Gate, Ferndown Industrial Estate

Wimborne

To Let

Development Land

30000

100000

On application

10 Jewry Street

Winchester

To Let

Office, Restaurant, Retail

2050

2050

£26.83

3045

3045

On application

Unit 4 Winchester Trade Park

Winchester

To Let

Retail, Trade Counter / Showroom, Industrial / Warehouse

Regency House, 2-4 Southgate Street

Winchester

To Let/ For Sale

Office

1185

5554

£23.00

2nd Floor 2 Royal Court, Church Green Close Winchester

To Let

Office

3000

6746

£21.00

Wykeham Court, Victoria Road

Winchester

To Let

Office

7123

22850

£27.50

Former TJ Waste Site, Barfield Close

Winchester

To Let

Open Storage

26136

26136

£3.06

vailwilliams.com

PAGE 23

vailwilliams.com

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BIRMINGHAM

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LONDON

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Building Consultancy Business Rates Consultancy Commercial Property Investment Lease Advisory

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