The eastern M4 — facing shortage and surfeit

The eastern sector of the major M4 artery, stretching out from the outskirts of London to the rapidly growing town of Swindon, has seen a surge of activity in recent years. In many locations along the motorway there is a growing shortage of development opportunities to satisfy a seemingly insatiable demand, and even where there is a reasonable supply of development land the demand is such that rental growth continues unabated. Local authorities in some localities on or near the motorway are faced with the embarassing predicament of having to try, not always successfully, to resist further development, since they perceive, rightly or wrongly, a risk of their community being swamped. Some other areas, of which Swindon is an example, are welcoming development, although in Swindon’s case it does not, in the present planning climate at ministerial level, always take the form which the local planners would have preferred. The eastern sector of the M4 has witnessed the growth of one of the highest concentrations of hi-tech development in the country, so much so that in many areas users of traditional warehouse and industrial space are hard pressed to find good modern accommodation. Demand for hi-tech has pushed up land prices to the point where developers simply cannot build affordable traditional units. And in the office market, the contest between town-centre and out-of-town locations has intensified, with landscaped business parks enjoying generous parking contending for those tenants who do not actually need a town-centre location. With undiminishing demand in all sectors from both users wanting space and investors wanting developments, growth is strong and, to date, confidence seems undiminished by Stock Exchange alarms.