It’s fair to say Diary’s attention won’t solely be on commercial property for the next month. Wallchart at the ready, key fixtures noted, we’re ready for the big kick-off. So we were excited to read our retail analyst colleague’s masterful look at the decline of House of Fraser through the prism of the World Cup, “Department stores think it’s all over… it is now”. Truly, the boy done good. Back of the net. Top Binns. (One for the real retail/footie fanatics that last one.) There was just one missed chance – the calculation of the huge amount of retail space vacated by administrations, CVAs and the like so far this year. Around 11m sq ft? Surely that should be “the size of 252 football pitches”?
Grounds for investment
Speaking of football, what bearing does the beautiful game have on investment decisions? Looking at Cluttons’ latest London and Middle East private capital survey, you might conclude that it’s considerable. Locations in London (home to seven of next season’s 20 Premier League teams) are top scorers for capital. However, some 38% of those polled placed Manchester – home to City (champions last season) and United (runners-up) – among their top three preferred UK investment destinations. Only 29% of respondents placed Chelsea in their top three, a result that mirrors the club’s fall from the Champions League places. But newly promoted Fulham attracted a suitably buoyant 15%. Diary can only assume that investor interest in Birmingham and Scotland (16% and 13% respectively) is for reasons other than football.
Surveying’s talking head
Before he became a playwright, author, and, latterly, national treasure, Alan Bennett could have taken a property-related path. Now, an enterprising tweeter has answered the age-old question: What if Alan Bennett was a surveyor? The result, as one might expect, is pure poetry. The musings of
@surveyorbennett include: “Carpets are invariably worn. Quite possibly always so. It has always been that way.” Of a visit to Slough: “Another day, another industrial estate. What it lacks in verdancy, it evidently makes up for in parking to area ratios; and most depressingly, eaves heights.”
Whelan is retail rocked
A notable absence at Ellandi’s annual retail property conference last week was Karen Whelan, chief executive of Surrey Heath Borough Council. She had been en-route to Piccadilly to take part in a panel extolling the virtues of local authorities’ investment in town centres before being forced to turn around. For, that same morning, House of Fraser had put the council-owned Camberley store on the chopping block as part of its proposed CVA. “Like all major schemes there are always contingencies and the unexpected that has to be solved,” read Whelan’s emailed message to the room, read by moderator Mike Phillips. “The difference is we can’t walk away when the going gets tough – not that we would ever want to.” The irony of the conference’s title was not lost on delegates – “Retail Rocks”.
Property? It’s in the game
Move over, Monopoly, Property Magnate is a new app-based game that allows users to search for, buy and trade real-life residential and commercial property (under licence). Creator David Harding was inspired by watching his son play football games. Sounds like a good, fun way to help explain to your kids what you do for a living. But it’s bound to be more than that. As gamers can see rivals’ portfolios, and are entered onto a regularly updated leader-board, it’s only a matter of time before actual real-life magnates seek bragging rights in the game.
Rather a lot to axe
Urban axe-throwing operator Whistle Punks, represented by Savills, is seeking a flagship venue in London, to complement locations in Vauxhall, SW18, Birmingham and Manchester. What are the requirements for such a sport? A size range of 3,500 sq ft to 6,000 sq ft in a Zone 1 or 2 location, minimum ceiling height of four metres, and excellent transport links. Fingers crossed (not chopped) there’s a site that hits the spot. Diary is sure that Savills is hatcheting a plan to find one as we speak.
