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Cribbs Top of the
Shops
The Mall at Cribbs Causeway, near Bristol has achieved the highest rental
for a shopping centre in the southwest for the fifth consecutive year.
Zone A rents at Cribbs Causeway stood at £340 psf in May 2007 –
up from £335 psf the year before – according to research by
Colliers CRE which looks at in-town retail throughout the south west region.
But with 3.4m sq ft of new shops in the pipeline – some 1.8m sq ft
of that already under construction the region faces major changes in the
next few years.
Some one million sq ft of this space is at the Alliance’s Cabot Circus
Development in the centre of Bristol, expected to open in September 2008.
The Colliers CRE report shows that some 70% of the floor space has already
been contracted.
Construction has also started on the long-awaited regeneration of Bath’s
new retail quarter. The ‘Southgate’ development is a joint venture
between Multi Development, Morley and Bath and North East Somerset Council.
It totals around 450,000 sq ft and is anchored by Debenhams. The scheme
is due to open in 2009/10.
Richard Saunders, retail agent, based at Colliers CRE in Broad Quay, Bristol,
said: “Average prime rents in the south west increased by 3.8% during
the year. The biggest growth in the region was achieved by Marlborough,
which saw a prime rental growth of 23.1%.
“Despite the fact that the prime rental growth was above the UK average
of 2.8% and a spate of planned shopping centre openings adding to supply,
we believe there are still good opportunities for rental growth in the
right locations and in the best schemes.”
The top 10 highest rented sectors in the region were in order Cribbs Causeway
(£340 psf), Bath (£245), Exeter (£220), Bournemouth,
Bristol and Cheltenham (all £200), Plymouth (£180), Swindon
(£170), Gloucester and Truro (£145).
The top five fastest rising prime retail rental areas, which have seen
the best growth rate in the 12 months, were Marlborough (23.1%), Frome
(14.3%), Keynsham (12.5%), Gloucester (11.5%) and Yeovil (11.1%).
The report highlights the new Princesshay Development in Exeter, Drake
Circus in Plymouth and Regent Place in Swindon as areas to watch in the
future.
Said Mr Saunders: “Most new schemes in the south west are unlikely
to open fully let. However, this will be to a lesser extent with those
developments which are well considered in terms of scale, location,
Commenting on the research, Dr Richard Doidge, author or the report and Director of Research and Consulting at Colliers acre said: “Over the past 20 years the south west has underperformed against the national average prime rents by around 13%. However, since the turn of the century the southwest has outperformed the UK average and has begun to narrow the gap. Better rental growth in recent years bodes well for a region that is exposed to significant regeneration and development.”
Companies Act
One of the longest Acts ever to be passed by Parliament has just become law with significant changes that will be of interest to or likely to affect every company director in the country.
This month has seen the introduction of the first substantial part of the new Companies Act highlighting the changes which company directors must now adhere to. The remainder of the highly important Act is not likely to become law until October 2008.
Under previous Acts company directors have always been considered as holding a position of trust and responsibility which encompassed the duty to act in the best interests of the company and its shareholders.
Now, for the first time, the duties of a company director are codified and will be applicable to those holding both executive and non-executive positions.
According to Steven Carman, of Kitson Hutchings Solicitors, the idea behind the codification is that it will provide clarity in respect of what is expected of directors and make the law relating to directorship duties more accessible.
“Many of the codified duties are based on common law principles which have evolved over past decades and from the point of view of the legal profession it will be of interest to see how the courts interpret them,” he said.
Margaret Hodge MP who was responsible for the new Act, confirmed that for most directors who are working hard and who put the interests of their company before their own, there will be no need to change their behaviour.
The new Act lists seven duties and, according to Steve, although these are by no means to be taken as being exhaustive they will have an impact on directors.