Land prices fall but values expected to remain ‘resilient’
Development land values fell in the East of England towards the end of last year but are expected to remain robust. According to Savills research, the value of greenfield sites in the Eastern region dropped by 2.4 per cent in the final quarter of last year – although they were still fractionally ahead, up 0.6 per cent, on 2021. Urban land values in the region fell 0.4 per cent at the end of last year but remained up 6.7 per cent year on year. Richard Janes at Savills Cambridge said: “In the short term, we still expect major housebuilders to be much more selective in their land buying activity while they wait for sales rates to pick up. However, this will provide more opportunities for housing associations and well financed regional and SME housebuilders to acquire sites having been out-bid over the last year due to the exceptionally strong competition.” He added: “In the medium term, we expect demand for sites to increase as those that have paused land buying refill their pipelines. With changes to planning policy likely to reduce the number of sites gaining consent, we also expect the supply of consented sites to reduce. As a result, we expect land values to stay resilient, while there will likely remain strong activity for well-connected sites close to existing transport hubs.” The agent has also seen an increase in the appetite for longer term land opportunities requiring less upfront expenditure. Savills development teams in the East to England transacted on 42 sites in 2022 with a combined land value of £401.7million and with planning permission for 6,687 new homes.
Image: A 21 acre site next to Reeve Lodge in Trimley St Martin near Felixstowe for 150 properties was bought by Bellway Homes.
Surge in value of alleged fraud cases in the region driven by professional criminals
Professional criminals are driving a surge in alleged fraud across the region. The East of England saw a leap in the value of alleged fraud cases heard in regional courts to £31.9 million 2022, up from from £4.0m in the previous year, according to KPMG. The rise is due to a case worth £30m involving money laundering and conspiracy to import drugs by an organised crime gang. In all, nine alleged fraud cases with a value of more than £100,000 were brought to courts across the region in 2022 compared with six in 2021. By both case value and volume, professional criminals were the most common perpetrators of fraud. Kathryn Wasteney, director in KPMG’s forensic practice in the East of England, said: “Despite the number of alleged fraud cases heard in the region’s courts remaining relatively low, fraud risk continues to be high due to factors such as the cost of living crisis and the economic uncertainty that we are currently experiencing. …With commercial businesses continuing to fall victim to both internal and external fraudsters, we would advise management to assess their organisation’s anti-fraud defences and, where necessary, invest in controls and processes responsive to fraud risk.”
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Housebuilder opens regional hq at Norwich business park
Major housebuilder Barratt and David Wilson Homes has opened a regional hq for a new division at Norwich’s Broadland Business Park. The company has taken a 7,220 sq ft Grade A suite in the Lakeside 300 office building on a 10-year term. The office currently houses 40 employees as part of the firm’s new division, with a further 45 staff based on site. The Lakeside 300 building has recently undergone modernisation and refurbishment to include new facilities such as EV charging points and high energy efficiency. Simon Wood, managing director at Barratt and David Wilson Homes Anglia, said: “The location provides us with excellent access to our developments across Norfolk and the new set-up will help us grow and thrive as a brand new division.” Barratt and David Wilson Homes currently has sites under construction in the region including Sprowston, Cringleford, Horsford and Watton.
James Allen, partner at agents Roche Chartered Surveyors, said: “Lakeside 300 has received a very healthy amount of interest since the completion of its major refurbishment this year. It is very good news that Barratt and David Wilson Homes has now moved in; we have several other live enquiries for many of the remaining suites in the three-storey building.” He added: “Despite two years of a challenging market, it is encouraging to see such buoyant interest in high quality Grade A office accommodation in Norwich and we are looking forward to securing more lettings during the early part of 2023.”
Design & refurbishment company joins chamber as new patron
Source One Consulting, a leading design and refurbishment business in the region, has become Suffolk Chamber’s newest patron organisation – its highest level of membership. With bases in Ipswich and Royston, Source One Consulting works with businesses across the UK on fit-out and refurbishment projects. The company was launched in 2002 by Patrick Lewis and has since expanded into a family business with Patrick’s wife Lisa, managing director, and daughter Chloe, interiors advisor as part of the team. John Dugmore, chief executive of Suffolk Chamber, said: “Pat’s commitment to supporting the county and indeed the region’s business community, entrepreneurial mindset and wealth of experience, will make him an extremely inspirational figure for Suffolk’s growing businesses.” Other Suffolk Chamber patrons include Anglian Water, Associated British Ports, Birketts, BT, Greater Anglia, The Jockey Club, Kier, Metro Supply Chain, RSM, Sackers and Sizewell C.
Photo: The Source One Consulting team.
Sell-out at Ipswich networking event for young professionals
A networking event for young professionals in Ipswich launched by Scrutton Bland recently was a sell-out as people under 35 from various firms got together at the Boom Battle Bar to network whilst playing darts, shuffleboard and pool. Event organiser Rachel Cornes said: “We had a great mix of people from solicitors, banks, accountants, marketing and recruitment firms and the Suffolk Chamber of Commerce. The response that we’ve had from everyone is that they were really pleased to have this kind of event in Ipswich, and it has helped them to feel more confident about networking.”
Elizabeth O’Hanlon, marketing director, added: “We are keen to have more Young Professional events and have plans for more in Essex and also Bury St Edmunds. There is definitely a need for young professionals to get together and network, and Scrutton Bland is pleased to lead the way in making that happen across our region.”
Construction milestone reached at Cambridge college restoration
A construction milestone has been reached in the restoration and extension of Old Court to include the River Room café at Clare College, Cambridge. Representatives from the college, main contractor Barnes Construction and project partners, came together to mark the ‘topping out’. Mark Hart, joint managing director of Barnes Construction, said: “The work is particularly sensitive because of its historic significance and the construction team have all been working really hard to keep everything on track, so this event was a great opportunity to thank them. With just four months to go until the project is handed over, we have much still to do. Work will now continue in earnest on completing the installation and commissioning of the new industrial kitchen, installing the lifts, and completing the oak panelling and slated timber ceiling finishes.” The project team also includes London architects, Witherford Watson Mann, and Cambridge-based businesses, Smith and Wallwork, Henry Riley and Max Fordham.
