London set to become home to the largest residential tower in the west

Plans have been announced that could see the London Docklands area become home to the tallest residential tower in Western Europe, writes property developer Richard Carr.

Investment

Richard Carr Spire London

Spire London

The project is being funded by a leading Chinese residential developer, which is another indicator that Britain will remain strong and get stronger following Brexit.

Greenland Group revealed plans for Spire London, which is expected to stand 67-storeys high and have a gross development value in excess of £800m.

The development, which will be located adjacent to Canary Wharf, will provide a staggering 861 apartments, with 765 of them being available for private sale.

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Who is to blame for the UK’s housing crisis?

The finger has been pointed at many possible reasons, but who or what is responsible for the current state of the country’s housing shortage?

Planning

Richard Carr New Build Homes

Who is to blame for the housing shortage?

Poole-based property developer Richard Carr has worked in the industry for 30 years and has seen just about everything. He’s currently managing a number of high profile developments in the south of England including the £100m redevelopment of Salterns Marina in Poole.

New analysis produced by the London School of Economics has pointed the finger squarely at the government for the housing crisis, explaining that decades of planning policies that constrain the supply of houses and land and turn them into something like gold is to blame.

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Has Brexit created investment opportunities in UK farm land?

Real Estate firm Savills believes that the UK’s decision to leave the European Union has potentially opened up profitable opportunities for overseas investors, writes property development expert Richard Carr.

Farm land

Richard Carr Farm LandAlthough Brexit created some uncertainty for farm land values in the UK, Savills believes that the weak pound creates a favourable buying environment for overseas investors, whilst the reduction of supply may help to support values.

“The full impact of Brexit on all of the UK’s property markets will be very dependent on the macroeconomic background and the evolution of the story over the next two to three years. We must stress it is early days and there are many unknowns,” said Ian Bailey, head of rural research at Savills.

“Uncertainty is the key factor and it is very likely that farmland market activity in the second half of this year will be more subdued as potential sellers wait and see. Our research shows just over 100,000 acres were publicly marketed across Great Britain in the first half of 2016, which was on a par with activity for the same period of 2015.”

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Brexit uncertainty presents investor opportunities

The current volatility of the UK’s economy sparked by the country’s decision to leave the European Union last month could provide profitable opportunities to foreign investors, writes Poole-based Richard Carr.

Market conditions

Richard Carr Commercial Investments

Post Brexit opportunities?

According to a report published by Arcadis, market conditions in the UK are ripe for opportunistic foreign investors by continuing to invest and store their wealth in prime property in London.

With property values stagnating and the sterling falling relative to the euro and the US dollar as a result of Brexit, latest reports suggest that buyers from Europe, Asia and the Middle East and ready to secure bargains in the London prime housing market.

Further falls are forecasted for the sterling before the year is out and some Banks don’t see it recovering until next year. Property agents are also suggesting that the recovery of prime London house prices might take a further year into 2018 meaning that those investing £2m into property may see their investments rise by as much as £250,000 in value.

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Leaving the EU won’t mean an end to green regulations

It had been speculated that EU directives and European-derived regulations would no longer exist in the UK following the country’s decisions to leave the European Union, however lawyers and ecologists have suggested that they are likely to remain.

Green

Richard Carr on Green Belt regulations

Brexit doesn’t mean an end to EU regulations

Currently, developers and planners have to take into account wildlife protection and air quality limits during planning applications, however many of those regulations were introduced by the EU.

Despite this, lawyers have insisted that developers would still have to comply with European-derived regulations which augment the planning system like environmental impact assessment (EIA), air quality limits and habitats protection.

“Many of these will be extremely difficult to unpick, and some reflect international treaty obligations, so are likely to remain, even when the UK finally leaves” said Angus Walker, a senior partner at law firm BDB.

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How will leaving the EU affect the property industry?

With the UK voting to leave the European Union the debate has started on how cutting ties with the EU will affect differing industries. Richard Carr has been in the property market for over 30 years and has looked at the pros and cons.

Pros of leaving the EU

  • Reduction in red tape for builders
  • Increase in opportunities for UK workers
  • Reduction in regulation
  • No EU constraints

Cons of leaving the EU

  • Many construction workers are from the EU
  • Potential skills crisis

Outlook

Richard Carr image of Leeds

What affect will Brexit have upon the property market?

On the face of it, if the government can ensure that migrant workers are still able to work in the UK and they also provide extra funding to get British people into workforces then the industry willflourish.

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Construction industry defies EU referendum uncertainty

Fears that the uncertainty created by EU referendum could negatively affect markets in the UK was dispelled by the construction industry which was an almost 8% rise in contracts during May, writes Property Developer Richard Carr.

Projects

China 57-story skyscraper

Construction industry maintains strengh

According to Barbour ABI, £6.1bn worth of new contracts were awarded during May, which is 8% higher than the same month last year. The number of construction projects agreed in the UK was also over 10% higher than the same time 12 months ago.

Scotland led the way in terms of contracts awarded, with its Beatrice offshore wind farm project in the Moray Firth valued at £1.3bn.

London followed closely behind with its largest project being the £325.8m project with the Canary Wharf Group to build new office building Ten Bank Street.

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London Developer to Offer Affordable London Office Space

Richard Carr reviews a new development project, which will look to offer affordable office space in the UK’s most prosperous city.

High office space demand

Richard Carr discusses London Office Space

Does London have affordable office space?

London is the UK’s economic heart with its lucrative finance and technology industries. Figures show that London is one of the largest city-economies in the world, with a gross domestic product (GDP) of £565bn, which is roughly 17% of total UK GDP. Many companies have a base in this prosperous city, making demand for London office space extremely high.

Strong demand has pushed average London office rents to new heights. Prices in premier London commercial locations can be particularly high. According to Business Zone, for instance, the West End has the highest office rental prices in the world, at an average of £100 per square. For many firms, especially smaller enterprises, office space in some parts of London is simply unaffordable.

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Commercial property investment soaring in Edinburgh

British property investors are heading north according to new research which suggests that Edinburgh is the top city outside of London in UK for commercial property investment.

Top 10

Edinburgh commercial property

Commercial property Edinburgh

Scottish city Edinburgh came top of law firm Morton Fraser’s research into the top British cities according to their attractiveness as investment options.

British property investors ranked their top ten cities:

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Are developers steering clear of commercial property?

New research has revealed that planning permissions for commercial property in the United Kingdom have hit a six-year low, writes property developer Richard Carr.

Commercial Property

Richard Carr Office to Commercial

Are developers shying away from commercial property?

Richard Carr has achieved planning permission for many types of commercial property during his 30-year career in the industry, including:

  • Salterns Marina – restaurant and commercial units available
  • Walkabout, Bournemouth
  • Ardmore Road, Poole

Further examples of his development past can be found on Richard’s website: http://www.richard-carr.co.uk/historical/

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