New work dips but firms hopeful for post-election boost to demand
New work at private firms in the East of England fell in May although output rose slightly and firms remain confident of growth in the coming year, according to a closely-watched survey of purchasing managers. The East was the only UK region to see a decline in new business in May which fell at the fastest rate since last November. The NatWest East of England PMI business activity index – covering the manufacturing and service sectors – fell to 51.6, down rom April’s 53.2 although it stayed above the no-change 50 mark to signalling continuing growth. Companies remained positive on the outlook for growth, encouraged by the prospect of lower interest rates and inflation, a recovery in the housing market, new products and a potential post-election rebound in demand. Employment held steady and input price inflation slowed to a three-and-a-half year low. Dipesh Mistry, chair of the NatWest Midlands and East of England regional board, said: “Companies remain relatively upbeat regarding the year-ahead outlook, expecting inflation to ease further and interest rates to start falling. A post-election boost to demand is also possible. Encouragingly, price pressures eased notably in May, with a steep drop in input cost inflation returning it to the long-run survey average.”
Business start-ups hit by general election and economic challenges
Economic challenges and the decision to call a July general election are behind a steep fall in the number of businesses set up in the region. Figures from the Eastern branch of R3 show that there were 6,440 businesses set up in East Anglia in May, down from 10,405 new businesses registered in April and almost a quarter lower than in May last year. R3 Eastern chair Hayley Watson of McTear Williams & Wood said: “The sudden and steep decline in entrepreneurship in the region is reflected across the whole of the UK and highlights the effect that continuing economic challenges and uncertainty have on entrepreneurs as they seek to minimise their exposure.” She added: “The political uncertainty caused by the impending general election, as well as longer term economic challenges, such as inflation, contracting economies and spiralling fuel, energy and wage costs, are taking effect.”
Funding agreed on green hydrogen project for maritime sector
An international partnership put together by Freeport East has received a significant investment in a green hydrogen project to drive decarbonisation in the maritime sector. The Hydrogen Zero Emission Maritime project will receive £1.44 million from Innovate UK and a similar sum from Australia’s department of climate change, energy, the environment and water. The project will focus on developing hydrogen technology for high powered workboats and includes leading firms in the sector. It aims to reduce the risks of deployment of new technology and speed up the take-up of marine green hydrogen. Freeport East will support its use in the region’s ports, particularly on the tugs, workboats and offshore wind vessels in Harwich and Felixstowe. Steve Beel, chief executive of Freeport East, said: “This news highlights the rapid innovation-driven growth occurring within the Freeport and marks the third consortium funding success Freeport East has achieved in the past year. Freeport East is demonstrating how we can be an enabler of green technology solutions and support UK businesses to succeed overseas.”
Peterborough industrial park wins consent for infrastructure works
Trebor Developments and Hillwood have secured detailed planning consent for major infrastructure works at a major Peterborough industrial development, Flagship Park. Works on the site will run through 2024 and it is being promoted to future occupiers. The site has outline planning permission for 1.36 million sq ft of commercial space and industrial and logistics units ranging from 30- 850,000 sq ft are set to be built on a speculative and pre-let basis. Trebor managing director Bob Tattrie: “This site is an exciting new opportunity to deliver high quality, sustainable, new units to satisfy local occupier demand in Peterborough and wider Eastern region.”
Joanna Loxton, head of strategic land investment at the Church Commissioners for England, said: “In line with the Church Commissioners for England’s original vision for the site, the new sustainable industrial park will create significant job opportunities and economic growth for the city, enabled by the delivery of units that support occupiers of all sizes.” Bidwells and Savills are joint letting agents.
Contractor appointed on new Cambridge lab & office development
Chesterford Research Park has appointed Glencar for the construction of its new Sidney Sussex Building, involving over 60,000 sq ft of laboratory and office space. The new three-storey building is scheduled to be ready for occupation by late 2025 and will offer flexible R&D suites of varying sizes for fast-growing life sciences firms. Julian Cobourne, head of regional investment management at Aviva Investors, said: “We believe this will reinforce the park’s reputation as a leading location for some of the leading global names in life science, enabling our existing community to continue growing here whilst also attracting new occupiers.” Owned by Aviva Investors and Uttlesford District Council, Chesterford Research Park provides 250 acres of advanced laboratory and office space for biotech pharma and R&D companies of all sizes. Current proposals involve an extra one million sq ft of space of which around 350,000 sq ft is already occupied.
New head of commercial agency appointed at property partnership
Property partnership Fenn Wright has appointed Michael Moody head of commercial agency. Having started his career in the sector in 2006 at Newman Commercial, which was acquired by Fenn Wright in August 2017, he has navigated numerous complex transactions, showing a keen understanding of the Essex commercial property market and gaining recognition as an expert in his field. Michael Moody (photo, right) will collaborate with the Fenn Wright partners to develop and deliver strategies and ensure that the business stays up to date with best practices, assessing emerging trends and regulatory changes impacting on the sector. He will continue to service his existing clients, whilst assisting with further growth of the commercial division in the region. Partner Alistair Mitchell said: “Since joining Fenn Wright, Michael has demonstrated the highest standards of professionalism and dedication to achieving client focused results. His accomplishments have been recognised through multiple industry awards, which has helped to cement Fenn Wright’s reputation as the dominant commercial property agency in Essex and Suffolk.” Michael Moody was awarded ‘Most Active Dealmaker in the South East’ by the Estates Gazette in 2021 and 2022, and ‘Most Active Dealmaker in the East of England’ in 2023.
Colchester business park set to boost local economy
Construction is progressing at Systematic Business Park in Colchester and agency Fenn Wright expects the first few units to be ready for handover in coming weeks. The multi-let industrial development on Old Ipswich Road just off jct. 29 of the A12, offers good transport links including access to Harwich Port and Port of Felixstowe. The development comprises 30 units with sizes ranging from 1,700-3,888 sq ft and with the option to combine units into larger spaces of up to 28,934 sq ft. Sam Henderson, head of transactions (south) at MCR Property Group, said: “The development represents a significant boost for the local economy, offering businesses the opportunity to evolve and grow, with the option to expand operations on-site as needed.”
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Norwich pub sells ‘swiftly’
The freehold of The Green Man, a roadside family pub and restaurant in Rackheath, Norwich has been sold to Michael Christophi, a local operator who aims to breathe new life into the venue. Liana Gatier, Business Agent at Christie & Co who handled the sale, said: “The sale process was remarkably efficient, and after receiving a total of nine offers, the deal was swiftly completed in just seven weeks. “
