Here at Boxpod, we like to keep in touch with what’s going on with commercial property in the UK. Looking at new projects that are forecast for the future is a great way to gauge how the commercial property market is, the direction that businesses are moving in, and where money is being invested in the future.
As we kick off 2023, it seems like as good a time as any to take a look at some of the major building projects that are coming up this year. In this article, we are going to look at some of the biggest projects in the UK, and think about what this means for commercial property.
Brent Cross Town
Northwest London’s Brent Cross is the latest area to get an injection of investment, providing the area with housing and commercial property, whilst breathing life into essential services, looking to build communities, and being environmentally responsible.
The Brent Cross Town project is set to provide 6,700 new homes and workspace for more than 25,000 people. It is also due to deliver amenities such as health and wellness services and redeveloping three schools.
Two of the most important features of the Brent Cross Town project are creating communities and being eco-friendly. In fact, the project boasts being net zero carbon by 2030 and is located amongst 50 acres of green areas such as play areas and parks. Some of the features of the project include the promotion of circular economy principles, low-carbon construction, carbon off-setting, and renewable power.
The commercial property being constructed within the project consists of office and retail space under the ’15-minute town’ philosophy, providing everything that is required within just a short distance.
This project shows that we are more likely to be seeing the development of commercial property alongside traditional housing, providing the infrastructure to support the extra people that would move to the area. It also shows that there is likely to be an extra focus on sustainability and environmental consciousness as well as health and wellness for those who are living and working there.
NEC Group Masterplan Sketch
Located in Solihull, connecting easily to the new HS2 rail project, the NEC Group Masterplan Sketch is another project that is looking to provide housing, commercial property infrastructure, and leisure facilities to support it.
Again, the focus appears to be on health and well-being as well as plenty of nature and providing the basic amenities at a close distance. The project is set to provide 5,000 new homes, 35,000m² of commercial space, a 14,000m² event space, cafes and restaurants, a boulevard, and a hotel.
The NEW Group Masterplan Sketch project also cites the importance of sustainability. They are looking to promote this through sustainable mobility (low-traffic streets, greater connectivity, and restoring the Bickenhill Plantation to wetland), sustainable drainage, green corridors, nature-focused schools, and community farming.
The themes that we see again in this project are the focus on sustainability and well-being in and amongst nature. In terms of commercial property, it seems that experiential cafes and restaurants as well as leisure facilities are taking centre stage.
Magna Park Lutterworth Expansion
Magna Park in Leicestershire’s Lutterworth is already one of the country’s leading areas for distribution and logistics. Thanks to its excellent, central location, the park already boasts 1 million m² of in-demand “sustainable floor space”.
There is due to be further development in the area, taking the total warehouse space to over 1.5 million m² in eight new units. Again, sustainability appears to be a major feature of the project, which is ensuring that the new building work is rated BREEAM (Building Research Establishment Environmental Assessment Method) excellent, developed according to the WELL principles (“People matter more than science, Software and Hardware must go hand in hand, Both public and private aspects of environmental health count, and Environmental infrastructure is about more than health), as well as a focus on sustainability and eco-credentials.
The project recognises that sustainability is important for the businesses that they are looking to attract and this is why it has also become an important feature in the development. Some of these features include utilising natural light, reducing water usage, recycling and using recycled materials, and enabling the effective monitoring of energy use.
The high demand for the warehouse space in general at Magna Park, as well as the new expansion project, is testament to the new heights that the demand for warehouse space is reaching. The importance that is being placed on sustainability is also a sign of how this is also an important factor for businesses that are looking to utilise these spaces.
The Sage, Gateshead
Set on the banks of the River Tyne, The Sage, Gateshead is set to be a centre for leisure, entertainment, and business, providing jobs as well as tourism for the Northeast. According to the developers, The Sage is looking to provide “spaces for entertainment, live events, dining, relaxing, and connecting, it will bring people, communities, culture, and business together”.
The Sage is a project that is looking to bring not only an arena with a capacity of 12,500 people but also extensive conference facilities, bars and restaurants, a hotel, green spaces, and outdoor arena space.
There is also an obvious emphasis on sustainability in the project – boasting that the project has been developed with “climate-conscious engineering in mind”, heat and power supplied through urban solar parks and naturally-heated mine water, on-site electric car charging, ample green spaces, and good public transport links.
This project shows that there is confidence that despite the cost of living crisis that we are currently seeing, the public is still looking to spend on leisure activities – experiential activities such as attending events and going out to eat and drink, in particular. Again, there is also an emphasis on sustainability and making the project as eco-friendly as possible.
Final Thoughts
The selection of major building projects that are happening in the UK this year has several themes running through them. The first is the idea that the development of housing must be supported by extra workspace as well as other infrastructure. Often the much-needed housing developments also include office space, retail units, and other commercial property.
Another theme is the seemingly insatiable demand for warehouse space that we are seeing in the UK. This is not surprising due to the changes in business models as well as the need for data processing.
There is also an obvious emphasis on health and well-being as well as sustainability, suggesting a greater consciousness of people and the planet.
If you are looking for a commercial property, there are many more options than these brand-new developments. So why not have a look through what we have to offer here at Boxpod? You might find your perfect match!
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