Kent Property Market 20121

2012 Kent ProPerty MarKetThe annual guide To invesTmenT & developmenT in kenT

KENT PROPERTY MARKET 2012

Hermitage Court, Maidstone (credit Gallagher Group)

CONTENTS1 Welcome

2 Property market

5 Economy

6 Business park performance

8 Office performance

10 Industrial and distribution performance

12 Retail performance

14 Leisure and tourism performance

16 Rural performance

18 Residential performance

20 Inward investment

22 Regeneration

29 Green infrastructure

30 Contributors

32 Strategic developments

35 Contact details

36 Acknowledgements

1

WELCOMEWelcome to the 21st edition of the Kent Property Market Report, produced by Kent County Council’s Regeneration & Economic Development division, Cluttons LLP and Locate in Kent.

The report reviews activity and major property deals throughout 2011-12, showing that despite the office and retail sectors struggling, the retail warehouse sector showed a positive rental growth in 2011 and the industrial market outperformed both the south east and national average. The report also looks in detail at the rural, retail, tourism and residential sectors’ performance.

The economy section reports that although Kent tracks the performance of the national economy, the county is an increasingly favourable business location, benefiting from concerted efforts to attract new investment and support commercial growth through the Enterprise Zone at Discovery Park and the £35m Expansion East Kent Regional Growth Fund and soon to be launched ‘Grow for it!’ East Kent campaign.

The regeneration section features current and planned developments across Kent and Medway, focusing particularly on the growth areas of Thames Gateway North Kent and Ashford and also regeneration projects in the coastal towns.

The strategic developments pages feature key commercial sites and developments throughout Kent, as well as providing useful contact details and location map.

The full report and all previous 20 reports can be accessed via an interactive website www.kentpropertymarket.com.

If you would like further information on any of the developments or projects featured please do not hesitate to contact us. For contact details please see page 35.

Cluttons is an independent, professional firm of chartered surveyors delivering a wide range of commercial and residential property services including professional and valuation advice, property management, agency and development advice, rating, and project and building consultancy.

Kent County Council’s Regeneration & Economic Development division is responsible for working with the public, private and voluntary sectors to support Kent’s economic growth by encouraging and supporting businesses; working closely with specific sectors to promote growth and finding new ways of funding business critical infrastructure and unlocking key sites.

Locate in Kent provides a comprehensive, confidential and free business relocation and advisory service for all companies looking to relocate to, or expand in Kent and Medway.

We hope you find the report useful and informative.

John Wood

Managing Partner, Cluttons LLP

Mark Dance

Cabinet Member for Regeneration and Economic Development, Kent County Council

Paul Wookey

Chief Executive, Locate in Kent Ltd

Kent History and Library Centre, Maidstone

The Foundry, Faversham (credit Quinn Estates)

Kent Institute of Medicine & Surgery, Maidstone

UK Property MarketThe UK property market backtracked in 2011 delivering a total return of 7.7%, half of that recorded in 2010. Despite this, net investment was 5% ahead of that seen in 2010, with activity expected to remain consistent throughout 2012. However, while the property sector continues to attract strong interest in London, particularly from overseas buyers, regional markets remain cautious, with the limited activity that does occur coming from well-capitalised property companies and institutional investors.

Bad debt portfolios amongst the banks are gradually being released with expectation that supply will increase over the coming year. Nevertheless, with the exception of a limited number of prime markets outside the capital, demand is expected to remain muted until pricing catches up with the realities of the occupier market in which rents are forecast to fall across most property market sub-sectors.

This readjustment is anticipated during the remainder of 2012 and into 2013, with the average All Property yield expected to rise. This in turn will dent total returns which are expected to barely reach positive territory in 2012.

Kent Property MarketThe Kent office sector recorded a further fall in average rents in 2011 of -5.3%, following a -1.2% dip in 2010. The weakness in the occupational market is mirrored across the south east, although the pace of decline at the regional level has slowed. The county’s fragile occupier environment was reflected in an outward 20 basis point yield movement in 2011 to 10%; a somewhat less robust picture than the south east as a whole.

Deteriorating consumer confidence and rising vacancy rates on the high streets are taking their toll on the performance of the Kent retail sector. Rents fell by -1.8% in 2011, although

this is a sharp improvement on the -6.5% recorded in 2010. Despite this, retail yields in the county shortened by 10 basis points over the year to 6.3%, reflecting the regional and national trend.

The Kent retail warehouse sector fared better in 2011, with positive rental growth of 1.2%. This follows its above average growth of 1.0% in 2010 while rents were still falling at a regional level. A 10 basis point decline in the county’s average retail warehouse yield to 6.3% in 2011 is in line with the regional average, with pricing at a similar level to that of the UK as a whole.

The Kent industrial market performed relatively well in 2011, with the pace of rental decline slowing to -0.6% from -0.9% in 2010. The county continues to outperform both the south east and national average. Despite this, yields remained stable at 8.1%, failing to experience the inward movement seen across the region and rest of the UK.

PROPERTY MARKET

% C

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e a

year

Source: Cluttons LLP/IPD/FT

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9

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4

6

8

10

Equities Gilts Property

Investment yields

% p

.a. 20

07

2008

2011

2013

2010

2009

All property Retail Office Industrial

-15

-20

-25

-10

-5

0

5

10

15

20

25

2014

2012

Source: IPD

Forecast

UK property total returns


Odiam Farm, ??Boat Yard, Tovil

3

Proposed Cheriton Road Sports Ground, Folkestone


St Georges Place, Canterbury

5

Global economic outlookThe world has yet to see a sustained recovery from the 2008 crisis. Growth in the Eurozone has remained flat over the past year, with persistent sovereign debt crises in Europe’s southern periphery reducing investor confidence. While the performance of emerging markets remains stronger, a slowdown in China’s growth reflects weak global consumer demand.

Looking ahead, most forecasters anticipate growth in Europe and the United States will remain very fragile in 2012, with below-trend growth sustained into 2013.

UK economic outlookGrowth in the Eurozone – Britain’s largest trading partner – is key to the future performance of the UK economy. However, reflecting international difficulties, further contraction of -0.2% is expected in 2012, with a return to growth of 1.3% anticipated in 2013. Whilst sustained growth remains a national priority, the government’s ability to increase output remains constrained by continued pressure to reduce public debt.

Despite this challenging outlook, Britain is increasingly seen as a safe haven for investment, retaining a AAA credit rating and a relatively attractive tax and regulatory environment. Interest rates remain at historically low levels, the inflation rate is stable at around 2.6% and unemployment is below the levels of previous economic downturns and the Euro area average.

Kent economic outlookKent generally tracks the performance of the national economy. GDP growth forecasts are therefore likely to reflect how the UK fares in 2012/13, with limited growth ahead.

However, Kent is an increasingly favourable business location, benefiting from concerted efforts to attract new investment and support commercial growth. Discovery Park at Sandwich has been designated as an Enterprise Zone focused on attracting R&D investment – and has been successful in retaining or attracting about 1,000 jobs. Across East Kent, a £35m programme of financial support to businesses with the appetite for investment and growth has been launched, with the aim of attracting both inward and indigenous investors (see page 28). The county has major strengths in sectors likely to grow in the next few years, especially in low carbon and environmental goods and services, life sciences, advanced manufacturing, the land-based economy and creative and digital industries.

In addition, Kent is benefitting from major infrastructure investment made in recent years. Services between Ashford, North Kent, East Kent and London on High Speed One have drastically reduced journey times and are set to improve further, increasing the county’s long-term attractiveness as a business location. Although economic conditions remain difficult, development plans for Kent’s regeneration and growth areas in the Thames Gateway, Ashford and the coastal and principal towns are advancing, opening up some of the most significant investment opportunities in the south east.

ECONOMY

Figures include Medway, apart from those marked * which are for the KCC area only. Source: Compiled by Research and Evaluation, Kent County Council, July 2012Growth projections are taken from the Economist Poll of Forecasters, August 2012 averages.

Gross value added (GVA) per head (£) £16,641 £20,341 2009

Gross median weekly resident earnings (£) £543.90 £503.10 2011

Gross median weekly workplace earnings (£) £491.10 £502.60 2011

Gross disposable household income (£) £16,192 £15,727 2010

NVQ 4 or above (%) - working age* 30.0% 31.3% 2010

Employee change since 2008 (%)* -2.0% -3.4% 2010

% Employees in the knowledge economy 14.3% 18.4% 2010

Annual average unemployment rate (%) 3.2% 3.8% 2011

New businesses as a % of stock* 9.7% 10.0% 2010

Business survival rates after 3 years (%)* 63.8% 63.0% 2010

Competitiveness indicators

Indicators Kent UK Source Date


Increased occupancy rates for south eastern business parks witnessed during the first half of 2011 continued into the latter quarters with a minor surge in activity. However, this has not been sustained throughout 2012 where transaction levels have been subdued. Availability remains stable following the slight rise in early 2011, with levels continuing to be limited by very little new stock coming to the market.

Kent therefore continues to perform well in light of the fact that negative rental growth persists nationwide. The Investment Property Databank (IPD) index reports that rental values are down -1.9% year on year across the UK, however the rate of decline appears to be slowing following the -3.1% year on year fall seen from 2010-2011.

Kings Hill has had another year of steady lettings with six office transactions completing, totalling 6,022m² (65,000ft²). The largest deal was to Russet Homes, provider of affordable homes and sister company Invicta Telecare, at 32 Tower View, where over 1,635m² (17,600ft²) has been let on a ten year lease. Vaillant Ltd, established its new centre of excellence and training facility at 6 Alexander Grove occupying 1,069m² (11,500ft²) and Rail Europe has taken 900m² (9,688ft²) at 34 Tower View. Rents here, as throughout much of the county, remained static, with the average dropping 1.6% year on year to an average of £231 per m² (£21.50 per ft²). Lease incentives have started to soften a little as landlords aim to fill voids.

Elsewhere Merrits Properties Ltd has let 1,618m² (17,407ft²) at Ashford’s Eureka Park to Wooden Spoon Preserving Company on a 6 year lease, while at Chatham Maritime, Wichford Chatham Ltd has let 665m² (7,158ft²) to the Department of Communities and Local Government (DCLG).

Agents on Crossways, Dartford continue to report encouraging volumes of enquiries and viewings; that said, the office buildings are still proving more challenging to let than the industrial premises.

Poor economic sentiment continues to limit construction, a notable exception coming at the Kent Science Park (KSP) near Sittingbourne. Following on from the success of KSP’s Tech1 which completed in 2008, KSP’s Tech 2 completed this year to provide two units measuring 1,395m² (15,000ft²) and 2,325m² (25,000ft²), the former being placed under offer in February.

As an alternative, cost effective refurbishments are taking preference and are undertaken as premises become vacant. KSP witnessed 1,023m² (11,000ft²) refitted for GoResponse earlier in the year, and to the west Liberty Property Trust UK has refurbished 32 Tower View. Liberty is also refurbishing the art deco Control Tower with iconic offices located above retail and a community space at ground floor level.

At Chatham Maritime, planning was agreed in May 2012 for the £650m mixed use Chatham Waters scheme over 10.5 ha (26 acres). Plans include 176,515m² (1.9m ft²) of offices, a conference centre, hotel, around 900 homes and a supermarket. At Eclipse Park, Maidstone, increased interest has been reported in early 2012 and planning is in place for four buildings totalling 10,219m² (110,000ft²).

Investment demand for prime stock has been hit hard by the frailty of the economy. Transactions have dwindled to the lowest levels seen since Q1 2009. Yields tightened throughout 2011, falling 0.25 basis points and remain at 6% during 2012, but the gap between new and secondary stock has continued to widen. The long leasehold at Gillingham Business Park was sold in early 2012 for a reported £32.25m to Threadneedle Property Investments reflecting net initial yield of 8.6%. The biggest news story this year was the sale of the former Pfizer site, Discovery Park, comprising circa 278,800m² (3m ft²) to a private consortium – Discovery Park Ltd. The site, which has Enterprise Zone status, is now home to around 1,000 scientists and other staff bolstered by a handful of recent lettings.

BUSINESS PARK PERFORMANCE

Crossways Point, Crossways, Dartford£/

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Business park rents

23 Kings Hill Avenue, Kings Hill Develica Private Investor 14,857 Vertex Law LLP Confidential £335,788 ConfidentialWatson Day, Bracketts, Lawson and Partners

Sales

Location Vendor Purchaser Size ft2 Tenant Price Income Yield Agent

6 Alexander Grove, Kings Hill Kings Hill Unit Trust Vaillant Ltd 11,575 Confidential 10 year Altus Edwin Hill, Hanover Green, Knight Frank

200 Eureka Park, Ashford Quadrant Estates Rift Ltd 10,161 £193,000 15 year Martine Waghorn

34 Tower View, Kings Hill Kings Hill Unit Trust Rail Europe 9,688 Confidential 10 year with break at year 5Watson Day, Altus Edwin Hill, Hanover Green, Knight Frank

2nd Floor The Observatory, Chatham Maritime Wichford Chatham Ltd DCLG 7,158 £112,738 10 year with break at year 5 Watson Day

Blake House, Schooner Court, Crossways, Dartford

c/o Kenningtons Lakeview Computers 5,994 £107,892 10 year with break at year 5 Caxtons, Kenningtons

1 Waterside Court, Crossways, Dartford Frogmore MBRSS Ltd 2,293 £35,000 3 year Altus Edwin Hill

Lettings

Location Landlord Tenant Size ft2 Rent (pa) Lease Term Agent

7

32 Tower View, Kings Hill (credit Liberty Property Trust) Unit H, Hermitage Court, Maidstone (credit Gallagher Group) Kent Science Park, Sittingbourne


Despite a minor improvement in occupier demand in the south east region over the past 12 months, demand within the county has been very subdued. The over supply of secondary stock in the majority of key commercial locations has resulted in rental levels dropping by 2% to an average of £135 per m² (£12.54 per ft²) from the £138 per m² (£12.82 per ft²) seen last year. Rental growth remains negative at -5.7%, the lowest for 17 years, but is still above the south eastern average of -6.5%, released by Investment Property Databank (IPD) index.

The polarisation of demand between the west and the east of the county remains, with the majority of significant deals limited to established business locations. Turkey Mill, Maidstone has seen occupancy rates reach 95% with over 14 deals in the last 12 months, with new lettings and relocations comprising 20% of the business park’s 9,290m² (100,000ft²). Following this continuing success, Turkey Mill Investments has planning permission to build a further 1,375m² (14,800ft²)

detached building. Designed by Kent based award winning architects, Guy Hollaway, Paul Sandby Court will provide a combination of up to eight Grade A individual office suites set around a feature man-made ‘babbling brook’ water course.

Elsewhere, construction of two new speculative offices, one of only a handful this year, at Gallagher’s Hermitage Court, Maidstone are due to be completed at the end of 2012. A pre-let has already been agreed on the 492m² (5,300ft²) Unit H to a single international occupier for a 10 year term at £204.50 per m² (£19 per ft²); with Unit G-483m² (5,200ft²) also part let. In Sevenoaks, a letting at BT’s 160 London Road to Siemens saw 888m² (9,558ft²) taken at a rent of £167,256pa on a 10 year lease. This letting represents some retained demand for larger transactions, albeit one of a minority to take place this year.

To the east of the county, at Cantium Development’s Watermark, Sittingbourne, only a single unit remains. However, in the wake of waning occupier demand planning

permission has been secured for the change of use of the remainder of the site to 300 residential units.

Whilst the lettings market remains subdued, investment has seen a slight resurgence in some key towns. In Canterbury, 1,394m² (15,000ft²) of space at Beer Cart Lane and Stour Street is under offer following a change in marketing strategy from leasehold to freehold 12 months prior. Elsewhere, to the south of the town, the former Adscene premises, News Paper House, has sold to a church group.

A flurry of investment deals in the south east has resulted in yields stabilising at 6%. However, within Kent the lack of quality supply has continued to result in a limited number of investment deals completing, with availability predominantly made up of secondary and tertiary stock. This is of limited interest to investors and subsequently yields continue to rise. The multi-let, 1,227m² (13,210ft²) Orchard House, Canterbury sold at the beginning of the year for £1.3m, representing a net initial yield of 10.1%.

OFFICE PERFORMANCE

2nd Floor, 160 London Road, Sevenoaks BT Siemens 9,558 £167,265 10 year with break at year 5 Altus Edwin Hill

Longford House, Mount Ephraim Road, Tunbridge Wells

Sion Holdings Ltd Focus Vision 4,365 £69,840 5 year with break at year 3 Durlings

25-26 Turkey Court, Turkey Mill, Maidstone Turkey Mill Investments PFPR Communications 3,984 £77,000 10 year with break at year 5Watson Day Martine Waghorn

4th Floor Joynes House, New Road, Gravesend

c/o Cedar Harp Klarity Vision 3,715 £23,776 10 year with break at year 5 Caxtons

23-24 Turkey Court, Turkey Mill, Maidstone Turkey Mill Investments Kent Music 2,636 £42,500 10 yearWatson Day Martine Waghorn

LGF Enterprise House, Essex Road, Dartford Texcel Developments Pilgrim Petcare 2,500 £32,500 15 year Glenny LLP

1st Floor Kestrel House, Knightrider Street, Maidstone

Milroy DevelopmentsLiverpool Victoria Friendly Society

2,116 £35,972 10 year with break at year 5 Altus Edwin Hill

Lettings


9

Orchard House, Orchard Street, CanterburyMerchant Navy Pension Fund

Private individual 13,210Various including Pitman Training, Zibrant Ltd, Co-Op Insurance Services

£1.3m £138,810 10.1% BTF Partnership

Clockhouse Court, Bessels Green, SevenoaksAscom Plc / Nutbury Ltd

Bishops UK Ltd 7,137 Vacant £1.7m - - Durlings

The Old School House, Tonbridge Private investor Private individual 2,500 Vacant £520,000 - -Broadlands Commercial Property Agents LLP

1 Craddock Road, CanterburyChaucer Homecare Ltd

Private company 1,650 Vacant £285,000 - - Caxtons

Sales

Location Vendor Purchaser Size ft² Tenant Price Income Yield Agent

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Source: IPD

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Office rents Office rental growth Office average yields


INDUSTRIAL AND DISTRIBUTION PERFORMANCE

Unit 17-19 Botany Trading Estate, Sovereign Way, Tonbridge Private company John Newton & Co. Ltd 20,272 £115,00010 year with break at year 5

Caxtons

Unit 5 Interchange, Wested Lane, Swanley CBRE Global Investors Selecta 17,000 £119,00010 year with break at year 5

Altus Edwin Hill

6 Stirling Park, RochesterIndustrial Property Investment Fund

Inflate Ltd 11,444 £71,60010 year with break at year 5

Watson Day

2a Longfield Road, Tunbridge Wells COIF Charities Property Fund Fox Print Services Ltd 9,300 £58,600 3.5 yearBroadlands Commercial Property Agents LLP

4 Wyvern Way, Ashford Verve Properties Sheffield Insulation Group5,197 plus 2,458 mezz

£33,000 10 year Taylor Riley

11 Lordswood Industrial Estate, ChathamAviva Investors Global Services Ltd

SPI Matrix Ltd 6,700 £41,00010 year with break at year 5

Watson Day

Lettings


The UK manufacturing sector has struggled in 2012. A sharp deterioration in operating conditions, due predominately to the ongoing weakness of the Eurozone, has resulted in poor performance in the industrial property sector which is set to worsen in 2012. In Kent demand remains muted but stable, although North Kent, traditionally one of the county’s hotspots, has seen depleted requirements this year.

Reflecting the market backdrop, industrial rents in Kent have fallen slightly. Although the pace of decline has slowed, incentives have softened considerably, with lettings on some schemes at their slowest for two years. Capital values have also experienced further marginal reductions, with occupiers proving cost sensitive. That said, demand for good freehold premises persists where finance is available.

In the warehousing sector, demand from distributors has also softened, although supply of suitable space remains limited. Agents across the county report an increase in enquiries from occupiers seeking under 465m² (5,000ft²) which accounts for nearly 50% of all requirements, while enquiries for over 1,858m² (20,000ft²) stand at 17%. This is illustrated by Euro Car Parts,

which has chosen a unit at Quarry Wood Estate, Aylesford as a store and regional distribution centre for the south east. Meanwhile, all the units at Eurocentre, Faversham, built by George Wilson Holdings Ltd, are let or sold, the majority of which are under 465m² (5,000ft²).

Industrial investments remain popular, although opportunities in the county are limited. On behalf of clients, Cluttons purchased Unit 11 Newtons Court at Crossways, Dartford. The property let to Post Office Ltd reflected an initial return to the client of 8%, while 20 units forming the Botany Trading Estate, Tonbridge were sold to the Electricity Supply Pension Fund for £10.46m, reflecting net initial yield of 7.5%.

Land values have held firm over the past 12 months. Salmon Properties has sold one of the last plots of land (0.61 ha /1.5 acres) at Orbital Park, Ashford to SE Ambulance for £675,000 for a 3,066m² (33,000ft²) unit which has now completed. B&T Plant Hire purchased 0.9 ha (1.27 acres) on the Kent Kraft Estate, Northfleet for £1.12m per ha (£452,000 per acre). Goodman who purchased 5 ha (12.3 acres) last year has sold 2.1 ha (5.19 acres) to Stapleford

Commercial for an undisclosed sum. These transactions reflect the fact that most land purchases are completed by end users rather than to speculative developers. That said, Gallagher’s will start enabling construction on a 3,530m² (38,000ft²) development at Brooklyn Park adjacent to Jct6 M20 in December 2012. With 9m eaves and 24 hour access, interest is already reported. Meanwhile, at the first phase of Quinn Estates’ Deal Business Park where units start from 90m² (968ft²), MKM building supplies has leased 1,115m² (12,000ft²) whilst at The Foundry Business Park in Faversham, Units 9-12 (697m² / 7,500ft²) were sold to the international design company, Blue Ant.

Larger buildings are now being divided where land for new build development is scarce. George Wilson Holdings Ltd bought a 5,110m² (55,000ft²) unit from receivers at Lakesview, near Canterbury, selling 2,601m² (28,000ft²) to an owner occupier with the remainder sub divided and refurbished into three units. Also on the estate 2,090m² (22,500ft²) has been sold to Sealy Bed Ltd. Although the unit has a footprint of only 697m² (7,500ft²), two extra floors with a lift have been constructed.

11

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2010-112009-10 2011-122008-09%

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nge

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arKent UK South East

Source: IPD

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% Y

ield

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Source: IPD

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Industrial rents Industrial rental growth Industrial average yields

Medway City Estate, Rochesterc/o Hadleigh & Partners

Veetee Rice Ltd 25,386 Vacant £1.4m - - Caxtons

Unit 5 Stag Road, Tunbridge WellsClerical Medical Investment Group

A&A Metals Ltd 6,000 Vacant £450,000 - - Durlings

Unit 7 Access 4:20, Aylesford Private investor Obsidian Securities 2,922 Vacant £295,000 - - Core Commercial

Sales



As at June 2012, all retail sales volumes and values were estimated to have increased by 1.6% and 1.9% on June 2011 respectively. Despite this, the early part of 2012 has seen values become largely stagnant across the board, with some centres experiencing falls. Prime pitches within the main Kent towns can and are still attracting occupiers, but the run of what is considered prime pitch is shortening. As a result vacancy rates have remained static with prospective tenants continuing to negotiate hard over deals and this, coupled with a cautious approach to commitment, has continued to impact transaction turnaround times which have, in large, been drawn out.

Further to the report carried out by Mary Portas, Ashford, Dartford, Margate and Medway have successfully won ‘Portas Pilot’ funding from the government to assist in regenerating the High Street. With a pot of £2.7m set to be shared between 27 winning centres, along with a tailored package of support from the government and Mary Portas, the funding aims to drive improved performance from the smaller independent retailers.

In contrast, larger stores continue to remain very cautious, with the demise of Clinton Cards reminding retailers of the need to correctly balance sales and overheads.

Development within town centres is thin on the ground with very little pipeline supply. However, Silvercoin Investments are to embark on the development of 576m² (6,200ft²) of retail space with a 120-bedroom hotel above on the corner of St Georges Place, Canterbury. Supermarkets continue to surge as Sainsbury’s completed an extension to their store in Sevenoaks in 2011 and Aldi constructed a new store in Maidstone which opened in May 2012. Aldi has also agreed terms with Legal and General to occupy the former Habitat store in Canterbury which provides 1,394m² (15,000ft²) of sales space. A Lidl is also planned for Sevenoaks, while Waitrose also opened a new outlet at Kings Hill, West Malling in December 2011.

Kent continues to lure retail investors with yields ranging from 6.2% to 9% depending on covenant and location. High street shops are attracting greater numbers of smaller investors seeking better value resulting in falling capital values; the smaller investor often operates a proactive management approach.

According to IPD (Investment Property Databank) the average yield of the High Street is 7.9%, 190 basis points higher than the wider market.

Two investments in Tunbridge Wells saw the Lower Pantiles being sold to Marquess of Abergavenny for £4m from Deloittes Ltd, the administrators of a subsidiary of Targetfollow, and Martin Moore Ltd purchased the freehold of 25 High Street for £1.05m.

Retail warehouse rents have remained steady this year following the rally of last year, with continued investment interest. Units 1-8 Wincheap Trade Park, Canterbury sold to Threadneedle Property Investments Ltd for £3.75m reflecting a net initial yield of 9%.

At Westwood Cross, Land Securities’ retail park in Broadstairs, Primark opened the largest unit comprising 6,503m² (70,000ft²) in October 2012. At the same time, plans for an extension to the park, including the addition of 720 new parking spaces have been revised and were out to public consultation in summer 2012 prior to a planning application being made.

RETAIL PERFORMANCE

80 High Street, Ashford Private Trust Tesco 10,400 £49,50020 year with tenant break in year 10

BTF Partnership

13 Military Road, Chatham Halpern Group Raphaels Jewellers 2,496 £20,00010 year with tenant break in year 3

Caxtons

1 Guildhall Street, Canterbury Guildhall Estates AJ Chocolates 1,477 £28,500 10 year Caxtons

129-131 High Street, Tonbridge Private company Regal Consultants 1,155 £18,000 Undisclosed Cradick Retail

Unit 1D/J Liberty Square, Kings HillLiberty Property Ltd Partnership

Humpreys 1,155 Confidential 10 yearLiberty Property Trust UKCradick Retail

70B High Street, Whitstable Private individual Private individual 917 £15,829 Assignment Taylor Riley


Lettings

13

Albert Street, Whitstable Rogate Private investor 3,000 Pizza Express £760,000 £45,000 5.6%BTF Partnership Walter & Randall

27 High Street, Tenterden Private investor Private investor 933 Country Casuals Ltd £510,000 £35,047 6.5% Cradick Retail

24 St Peters Street, Canterbury Private investor Private investor 817 Messrs Malik and Sikdar £385,000 £29,250 7.3% Caxtons

Tesco store, Dover Road, Folkestone Starnes Plc Private investor - Tesco Plc until 2031 £985,000 £57,500 5.5% Cradick Retail

Sales


£/m

2

Ash

ford

Can

terb

ury

Dar

tfor

d

Dov

er

Folk

esto

ne

Gra

vese

nd

Mai

dsto

ne

Med

way

Seve

noak

s

Sitt

ingb

ourn

e

Tonb

ridg

e

T.W

ells

Than

et

0

500

1000

1500

2000

2500


2010-112009-10 2011-122008-09 Kent UK South East

Source: IPD

Dec

199

7

Dec

199

8

Dec

199

9

Dec

200

0

Dec

200

1

Dec

200

2

Dec

200

3

Dec

200

4

Dec

200

5

Dec

200

6

Dec

200

7

Dec

200

8

Dec

200

9

Dec

201

1

Dec

201

0

% C

hang

e a

year

-6

-8

-4

-2

0

2

4

6

8

% Y

ield

Kent UK South East

Source: IPD

Dec

199

7

Dec

199

8

Dec

199

9

Dec

200

0

Dec

200

1

Dec

200

2

Dec

200

3

Dec

200

4

Dec

200

5

Dec

200

6

Dec

200

7

Dec

200

8

Dec

200

9

Dec

201

1

Dec

201

0

4

5

6

7

8

9

10

High street retail rents High street retail rental growth High street retail average yields

Contributing more than £3.2bn to the Kent economy, the tourism and leisure industry continues to be one of the county’s major employers supporting 63,000 jobs – equivalent to 1 in every 14 people employed. Kent welcomes 57m visitors each year.

Attractions and venuesTurner Contemporary, Margate continues to draw in the crowds with 700,000 people having visited in its first year. It has received a Catalyst endowment grant of up to £1m from Arts Council, Heritage Lottery Fund and Department for Culture, Media and Sport to support sustainability and attract investment in new artistic work.

Phase 1 of the Dreamland project has received full funding for restoration of the scenic railway, the historic rides collection and ‘Lord’ George Sanger’s menagerie cages. The park will open in 2013.

Ramsgate Tunnels Heritage Group is looking to develop the disused rail tunnels and air raid shelters under Ramsgate into an all-weather, year-round attraction. A successful Big Lottery Fund bid is supporting progress with feasibility studies.

New shops, homes and restaurants in central Dover have passed the final planning stage. In phase 1 a 108-bedroom Travelodge, telecommunications mast and 10m LED screen at Woolcomber Street/St James’s Street, has achieved planning permission with completion in 2013. Phase 2 includes a variety of public spaces, a flint ‘town

wall’, renewed retail and restaurant space and 450 parking spaces. The aim is to revive interest in Dover as a hub for shopping, eating and relaxing.

The National Trust is appealing for £1.2m to buy a mile of land on the White Cliffs of Dover. It is the missing link of local coastline owned by the National Trust and will safeguard it for the future. The Trust also launched a two year, £27m restoration of Knole House in Sevenoaks in 2012.

Battle of Britain Memorial Trust has planning permission for The Wing to be built at the National Memorial to the Few, Capel-le-Ferne. Designed by Folkestone’s Godden Allen Lawn the building is in the shape of a Spitfire wing and will be a paid-for visitor experience, with special effects/video walls and an education centre.

LEISURE AND TOURISM PERFORMANCE


The Beaney Art Museum & Library, Canterbury (credit Tim Stubbings) Turner Contemporary, Margate

15

Maidstone Museum’s £3m restoration and East Wing development by Hugo Broughton Architects, opened to the public in spring 2012 as well as the new Kent History and Library Centre. Maidstone’s Mote Park’s £2.5m restoration and the Maidstone High Street Public Realm Project were also completed.

The Beaney Art Museum and Library, Canterbury, re-opened in September 2012 after extensive restoration and includes exhibition galleries, community/educational space, visitor information and interactive events.

The new £26m Marlowe Theatre opened in October 2011 and sold 300,000 tickets in its first nine months. Designed by Keith Williams Architects, the theatre received The Cultural Landscape Award and the RIBA Downland Award for architectural excellence.

Cyclopark, Gravesend opened in May 2012. This multi-sport centre brings first class running, cycling and extreme sports to Kent as well as regional and national events. Also in the Thames Gateway, Milton Creek Country Park has opened near Sittingbourne town centre.

Glow is a 5,200m² (55,972ft²) event venue in Bluewater. The £60m space, owned by Lend Lease, opened in November 2011 and has two main halls and a gallery to host exhibitions and top musical acts and includes a plaza with 12 restaurants, cafes and bars.

AccommodationPrince’s Golf Club, on the Kent coast near Deal and Sandwich, has opened new Lodge accommodation. The opening marked the 80th anniversary of the first shot in the 1932 Open Championship hosted at Sandwich.

A new Premier Inn opened at Minster, near Ramsgate while a boutique hotel at Albion House, overlooking the Royal Harbour, is also planned. The Sands Hotel has planning permission for boutique accommodation on Margate seafront.

In 2012, GSE completed phase 1 of the regeneration of the Hythe Imperial Hotel, with a £1m investment in the exterior of the building. Completion of the new homes on Imperial Green will allow a further £3m investment in the new south elevation of the hotel.

Medway has several new hotel sites including a 120-bedroom hotel on Gillingham Waterfront, a 150-bedroom hotel on Rochester Riverside as well as plans for a 200-bedroom hotel on Chatham Waterfront close to a new events/conferencing complex. Work has re-commenced at The Coniston Hotel, Sittingbourne, with a view of opening in late 2012.

Shepherd Neame acquired The Bell Hotel, Sandwich and The Fayreness Hotel, Broadstairs in late 2011 and is investing in accommodation at other properties. The Joiners Arms, West Malling, now has French boutique style bedrooms following a £140,000 refurbishment, and the Dog and Bear Hotel, Lenham, has refurbished its 24 bedrooms while maintaining its 17th Century period charm.

TransportA masterplan by Dover Harbour Board to increase capacity with four additional Ro-Ro ferry berths in the Western Docks is proposed. The investment will see a new marina created for up to 370 berths. £11.4m has also been invested by extending Pier A at the Eastern Docks to enable longer vessels to moor in berth. This will provide improved mooring for DFDS vessels and an alternative berth for P&O Spirit class ships. Works will also improve marine safety and help avoid disruption to schedules.

P&O Ferries has added a second new ship, the Spirit of France, to its fleet. The assets of liquidated operator SeaFrance were awarded to Eurotunnel and three ships will be back in operation shortly. A new Dover-Calais route operated by LD Lines and DFDS started in February 2012.

Glow at Bluewater, Greenhithe

Maidstone Museum, Maidstone

Marlowe Theatre, Canterbury


The rural land market has seen positive growth over the last year. Nationally farmland prices have reached a record high driven by demand from commercial farmers and facilitated by improved availability of debt finance for land purchases (RICS). The strength of the market is reflected in its investment performance, delivering total returns of 15.9% in 2011, outperforming all other property sectors.

Kent’s rural market reflects the national picture with a constrained supply of available bare land and equipped farms coming to the market. While inheritance tax and pension benefit changes have heightened interest from private investors, it has been existing farmland owners seeking to increase holdings to enhance profitability that have dominated the little activity that has occurred over the last 12 months. According to the RICS, bare land values are at a historic high in the south east, rising steadily since 2009 following the market downturn. These now stand at £2,934 per ha (£7,250 per acre) and £2,378 per ha (£5,875 per acre), for arable and pasture land respectively. However there remains wide variation around this figure and is dependent on the nature of land.

Given the dearth of supply, opportunities for either the expansion of existing farms or estate purchases remain a rarity. One of the few large transactions in the market over the last 12 months was the £4.8 sale of Cleve Hill Farm, Graveney by Savills to a farming business comprising 408 ha (1,009 acres) of mostly grade 3 arable land. More recent transactions include 236 ha (582 acres) of grade 2 and high-end grade 3 land situated to the south of Faversham at The Parsonage and Valley Farm by BTF. No buildings or dwellings were included in this sale and the land was offered in six lots or as a whole ranging from 8 ha to 90 ha (20 acres to 223 acres) with guide prices from £3,035 per ha to £3,642 per ha (£7,500 per acre to £9,000 per acre). The overall guide price was £3.5m to £4m. At the lower end of the scale, 72 ha (177 acres) in Biddenden Woods was sold for the equivalent of £1,520 per ha (£3,757 per acre).

Lifestyle buyers remain in the market, although are now less prominent than in recent years. Demand for good quality country houses with accompanying land continues to be underpinned by former London dwellers, however, the quality of the property is important, and focused mainly

in mid and west Kent. Savills’ £2.5m sale of Odiam Farm on the outskirts of Tenterden, comprising four bed house, barn used for garaging and annex, and six outbuildings with 95.9 ha (237 acres) of pasture land, underlines the value attached to good quality residential farms. In contrast, Mount Pleasant Farm at Marden, which includes 16 ha (40 acres) of pasture land and house, with two ranges of buildings sold for slightly in excess of £1m.

In 2012, tenders for short term arable Farm Business Tenancies (FBT) have proved competitive with average tender rents across the county equivalent to £81 per ha (£200 per acre). In Ashford, 233 ha (576 acres) of arable land, 62 ha (153 acres) of pasture land and 10.9 ha (27 acres) of woodland are being marketed as lots or as a whole through a five year FBT agreement at Cheeseman’s Green, which forms part of the Church Commissioners holdings in this area.

Looking ahead, agricultural land values are anticipated to show further growth this year, although the impact of the impending CAP reform is generating some uncertainty.

RURAL PERFORMANCE

Odiam Farm, near Tenterden Cleve Hill Farm, Graveney%

2011

3 years 5 years 10 years

Rural property Commercial property Residential property Equities

5

0

-5

-10

10

15

20

25

Source: IPD

Rural property total return relative to other asset classes

17

The Parsonage & Valley Farm, near Faversham

Rural property total return relative to other asset classes


RESIDENTIAL PERFORMANCEThe Kent residential market showed tentative signs of turning a corner in mid 2012. At the end of July average values stood 0.2% ahead of the same point last year (Land Reg.). While marginally below the south east average, this masks a mixed picture across the region. Demand for large family houses in west Kent has continued, upheld by London commuters, having a positive impact on values. More generally, finance constraints and a challenging labour market are suppressing confidence and activity in the county’s housing market, with residential values in east Kent showing the weakest performance. The high speed train link through Kent to St Pancras is continuing to improve the desirability of the locations it has opened up, but with minimal impact on house values to date.

New build activity remains positive across the country, with the build rate driven by sales demand. All national developers are active, with mid, west and north west Kent attracting particular interest. Government and developer schemes to assist first time buyers are facilitating an increase in sales volumes particularly for smaller houses and flats. Schemes underway include phase 3 of Medway Gate, Strood, which will be released this year by Persimmon Homes, while Cheeseman’s Green, Ashford, has attracted £2.3m funding through the Get Britain Building Fund for the release of 100 new homes to be built by Crest Nicholson. The significant demand for housing and reduced desire for commercial development has prompted a review of the masterplan for Kings Hill and a new vision for the future. An outline planning application for change of use of part of the undeveloped commercial land will be submitted late 2012 for a new residential-led mixed use development.

There is less activity in the eastern parts of the county due to increased risk and lower capital values, which given the severe constraints on development finance is impacting on development viability. This in particular is denting the activity of smaller housebuilders in the county, leading to more joint venture schemes, with land owners taking deferred payments.

Given viability issues, a number of Section 106 (S106) Agreements and affordable housing quotas are being contested by developers, while some large scale regeneration sites requiring significant infrastructure investment have also stalled. That said there are a number of notable schemes in the pipeline. Land Securities, owners of Eastern Quarry, is seeking partners for the first phase of development at Castle Hill and Weldon, the local authority has eased the S106 transport infrastructure obligations. They have also submitted a planning application for Lodge Hill on the Hoo Peninsula, with phase one planned over eight years. In these areas land values are stable, aided in part by some historic planning consents with lower affordable housing requirements.

Registered Providers (RPs) remain active across Kent, but are proving more selective, due to less competition from private developers, while also looking to develop sites for private sales to cross subsidise their affordable programmes. Schemes underway include the first phase of Rochester Riverside, where Hyde Housing is nearing completion on 73 homes and has commenced construction on the next 210 unit phase.


Sevenoaks £315 – £450

Tunbridge Wells £250 – £400

Tonbridge and Malling £250 – £340

Canterbury £235 – £300

Dartford £220 – £285

Whitstable £200 – £370

Maidstone £185 – £280

Gravesham £175 – £265

Medway £160 – £265

Ashford £160 – £235

Swale £160 – £220

Ramsgate £160 – £200

Sheerness £155 – £200

Dover £155 – £190

Average new build price range by location

IndicatorsAverage price range £/psf 2012

Rochester Riverside, Rochester (credit Medway Council) Ryewood, Dunton Green, Sevenoaks

19

The Point, Maidstone


INWARD INVESTMENTLocate in Kent, Kent and Medway’s investment promotion agency, maintains a client database that holds details of the property requirements of companies looking to relocate to or expand in Kent. It also maintains a web-based commercial property database that provides a good indication of Kent and Medway’s commercial property supply.

Property demandBetween April 2011 and March 2012, 216 new projects were logged by Locate in Kent, of which 194 had known property or land requirements (compared with 186 in 2010-11). 74 were for industrial property, 103 for office accommodation and 12 for land.

At the end of June 2012, there were 309 active projects. Of these, 265 had a potential requirement for property or land,

compared to 273 in June 2011, of up to a total of 194,984m² (2,098,810ft²), compared to 216,795m² (2,333,576ft²) in 2011.

By the end of 2011-12, a total of 74 companies had been successfully assisted by Locate in Kent to invest in Kent and Medway, of which 52 had a new or additional property requirement. The total area of property occupied was 33,503m² (360,623ft²) compared to 53,244m² (573,116ft²) in 2011, which was an average take-up of 644m² (6,935ft²), representing a 34% decrease in the average size of property uptake since 2011.

During the first quarter of 2012-2013, a further 15,791m² (169,981ft²) was occupied, compared to 3,639m² (39,166ft²) in June 2011, representing a 334% increase over June 2011. This is explained by the fact that in June 2011 there were 21 projects (13 office and 8 industrial), with only one project

larger than 1,858m² (20,000ft²), whereas in June 2012 there were 14 projects (4 office and 10 industrial), with five over 1,858m² (20,000ft²) and with take-up of industrial property dominating at 97.8%.

The total number of industrial projects seeking property in Kent and Medway in June 2012 was 101 (compared to 114 in 2011). 101 companies made 201 area enquiries, which led to a maximum demand for industrial space of 373,793m² (4,023,506ft²) compared to 339,094m² (3,650,006ft²) in 2011. 30% of area enquiries for industrial properties were in Thames Gateway and 29% in Channel Corridor, with 22% in West Kent and 18% in East Kent.

With a total of 115 office projects to June 2012, total potential demand for office space reached 87,241m² (939.069ft²) (compared with 54,815m² (590,024ft²) in 2011), which

Office Industrial

0

50

100

150

200

250

300

East

Ken

t

Tham

es

Gat

eway

Wes

t Ken

t

Cha

nnel

C

orri

dorMax

imum

tota

l pro

pert

y re

quir

emen

ts (0

00s)

m2

(44)

(37)

(61)

(60)

(42)

(45)

(56)

(59)

Figures in brackets = no. of active projects at June 2012(NB. Some projects are considering propertyin more than one area of Kent.)

Total office and industrial propertydemand by sub-region, June 2012

% o

f tot

al o

ffic

e/in

dust

rial

dem

and

Minimum property size requirement m2 (ft2)

Office Industrial

0-93

(0-1

,000

)

94-4

64

(1,0

01-5

,000

)

465-

929

(5,0

01-1

0,00

0)

930-

1,85

8 (1

0,00

1-20

,000

)

1,85

9-4,

644

(20,

001-

50,0

00)

4,64

5-9,

289

(50,

001-

100,

000)

9,29

0+ (1

00,0

00+)

(44)

(16)

(42)(39)

(7)(4)

(2)

(7)

(15) (16)

(0) (1)

(5) (3)

Figures in brackets = no. of active projects at June 2011

-5

5

15

25

35

45

55

Property demand by size range, June 2012

Bus

ines

s Se

rvic

es

Aut

omot

ive

Con

stru

ctio

n&

Pro

pert

y

Envi

ronm

enta

l

Engi

neer

ing

Fina

ncia

l Ser

vice

s

Cre

ativ

e In

dust

ries

Food

& A

gric

ultu

re ICT

Man

ufac

turi

ng

Pri

ntin

g &

Pub

lishi

ng

Pub

lic S

ervi

ces

Ret

ail &

Who

lesa

le

Life

Sci

ence

s

Land

Bas

ed &

Util

ities

Tour

ism

& L

eisu

re

Tran

spor

t & L

ogis

tics

Tota

l (m

in) r

equi

rem

ent (

000’

s) m

2

0

10

20

30

40

50

IndustrialOffice

Figures in brackets = no. of office and industrial active projects at June 2012

(5)

(24)(9)(20)

(1)

(20)

(6)

(10)

(14)

(2)(6)

(16)

(7)

(16)

(27)

(4)

(11)

Property demand by sector, June 2012

21

Num

ber

of p

rope

rtie

s av

aila

ble

Total Office - 824 Properties

Total Industrial - 791 Properties

0

50

100

150

200

250

Figures in brackets = number of properties loggedon Locate in Kent’s property database at June 2012

300

East

Ken

t

Tham

es

Gat

eway

Wes

t Ken

t

Cha

nnel

C

orri

dor

(91)

(136)

(241)

(270)

(239)

(159)

(253)

(226)

was up by 59% on 2011. 115 companies made 203 area enquiries for office property. The highest demand (30% of area enquiries) was in Thames Gateway, with Channel Corridor 28%, West Kent 21% and East Kent 22% of area enquiries.

Of all industrial property, smaller sized units continued to be the most popular. In both 2011 and 2012, the most popular industrial property size was 93-464m² (1,001-5,000ft²), which accounted for 42% and 39% of totals respectively in each year.

As in 2011, smaller office properties continued to be the most sought after. 86% of office demand was for properties of under 464m² (5,000ft²), but the average minimum size requirement was almost twice the size as the previous year - 536m² (5,765ft²) in 2012 compared to 270m² (2,906ft²) in 2011.

At the end of June 2011, industrial demand was dominated by retail and wholesale representing 16% of projects

(29,404m² (316,502ft²)), followed by manufacturing, (24,994m² (269,033ft²)), food and agriculture (19,609m² (211,070ft²)) and engineering (18,414m² (198,207ft²)). At the end of June 2012, the situation differed slightly, with manufacturing representing 16% of the industrial demand (26,505m² (285,297ft²)), followed by engineering (19,672m² (211,748ft²)) and food and agriculture (15,289m² (164,569ft²)).

At the end of June 2011, office demand was dominated by business services (35% of office demand; (11,223m² (120,803ft²)), followed by construction and property (3,888m² (41,850ft²)) and public services (3,721m² (40,052ft²)), both approximately 12% of demand. At the end of June 2012, the situation was similar, with business services still dominating with 24% of office demand (7,985m² (85,949ft²)), followed by engineering (11%; 3,558m² (38,298ft²)) and construction and property (9%; 3,084m² (33,195ft²).

Property supply

At the end of June 2012, a total of 1,644 properties were registered on Locate in Kent’s property database, compared to 1,745 at the end of June 2011, a decrease of 6%. 48% of supply was industrial properties, compared with 47% in 2011.

The greatest number of properties overall were available in Thames Gateway (32%), followed by Channel Corridor (30%), West Kent (25%) and 14% in East Kent.

Channel Corridor and Thames Gateway offered the greatest number of industrial properties (29% and 34% respectively). Channel Corridor, West Kent and Thames Gateway offered the greatest number of office properties (31%, 29% and 29% respectively).

At the end of June 2012, 92% of the office properties available were at the smaller end of the range - less than 464m² (5,000ft²), which was the same as June 2011.

For industrial properties, the most commonly available sizes were also at the lower end of the size scale, with property under 464m² (5,000ft²) accounting for 71% of all available industrial properties, as it did in June 2011.

Major investmentsLocate in Kent handled a similar number of industrial and office investments in 2011-12 and there were also more than usual from overseas - 20 investments, due to Locate in Kent’s successful prioritizing of foreign direct investment. These investments were from a diverse range of countries including Ireland, Canada and India.

Document Warehouse, a leading South Africa based archiving and document storage specialist set up their first office in the UK in the 9,090m² (90,000ft²) Orchard House, Henwood Road, Ashford, where they now have their UK HQ, creating 200 jobs over three years. Go Response, a customer services company created 150 jobs by taking an additional 808m² (8,000ft²) at Kent Science Park and GML Construction created 106 jobs at their Coxheath, Maidstone offices.

% o

f off

ice/

indu

stri

al p

rope

rtie

s

Office - 853 properties

Industrial - 791 properties

0

10

20

30

40

50

600-

93 (0

-1,0

00)

94-4

64

(1,0

01-5

,000

)

465-

929

(5,0

01-1

0,00

0)

930-

1,85

8 (1

0,00

1-20

,000

)

1,85

9-4,

644

(20,

001-

50,0

00)

4,64

5+ (5

0,00

1+)

Figures in brackets = number of properties logged on Locate in Kent’s property database at June 2012

Size of property m2 (ft2)

(396)

(116)

(384)

(443)

(43)

(108)

(18)

(68)

(7)

(37)

(5)(19)

Property supply by size bracket, June 2012Property supply by area, June 2012


REGENERATIONThames Gateway KentDartfordDartford’s Core Strategy was adopted in September 2011 and consultation on a Preliminary Community Infrastructure Levy Schedule took place in May 2012. Work is progressing on a Development Management DPD and a Supplementary Planning Document on the Northern Gateway was adopted in April 2012 and a Parking Standards SPD in July 2012.

In Dartford town centre, one of twelve successful pilots for the Portas Project, the Lowfield Street application for a mixed use development is being considered by the council and a Sunday market has been started to increase footfall.

Land Securities has engaged a development partner in bringing forward a mixed use development at Eastern Quarry. In August 2012 a deal between ministers, councillors and developers was announced, confirming the first phase of 1,500 homes is due to complete in December 2013. As part of the plans, around £116m is to be spent on transport infrastructure.

An outline application was approved in June 2012 for ‘Dartford Gateway’, a mixed-use development of 950 to

1,050 residential units, office, retail and food and drink. Construction of the homes starts soon. Other sites at the Northern Gateway are progressing, with employment space created at The Base, residential development on a former paper mill and a further large site is being marketed.

Two further phases of The Bridge at Dartford have commenced. Eventually it will comprise 1,500 homes, a community hub and science park all served by Fastrack.

Refurbishment and conversion of Stone House Hospital to residential use with additional new homes in the grounds is underway and being successfully marketed.

GraveshamConsultation took place in 2011 on the Growth Scenarios and Core Strategy. The Publication Stage Core Strategy has a requirement for 4,600 homes for 2011-2028 averaging 271 dwellings a year. This is less than South East Plan requirements but enables delivery of jobs and housing.

Lafarge obtained consent for the import of aggregates at Wharf 42 at the former Northfleet Cement Works and export of tunnel spoil from Crossrail. It has enabled the reinstatement of the rail connection to the North Kent line

and will allow additional rail freight in future. The spoil will be used at an RSPB reserve at Wallasea Island, Essex.

Christian Fields redevelopment continues into phase three. The 400 new houses, managed by Moat housing association are proving popular and the project’s social benefits have brought the community together.

In 2012, a 40m long pontoon off the Grade II* listed Town Pier was opened enabling visitors to reach Gravesend by river, the Pier’s original function. It has attracted many vessels for their summer visits to the River Thames.

Gravesend Skate Park opened to complement attractions in the Riverside Leisure Area and the new Cyclopark.

MedwayThe 20-year regeneration plan is on course to deliver major changes and improvements to the largest conurbation in the south east.

Rochester Riverside’s first phase of affordable housing is underway and a new Skills and Employment Centre has begun to create jobs and apprenticeships for local people. Medway City Estate has expanded with 600 companies now providing over 6,000 jobs.

Gravesend PierCyclopark, Gravesend

23

A real difference is being made in Chatham with the new bus station and at Chatham Docks, where outline plans have been approved for 900 homes, office space, two hotels and conference facilities.The £650m Chatham Waters development is due to commence late 2014 and is expected to create 3,500 jobs.

Strood Academy has been completed, one of three new flagship academies costing £70m with work also underway at Bishop of Rochester Academy and Brompton Academy.

Medway Park is an £11m regional centre of sporting excellence. It has established itself as a venue for national and international events, twice hosting international modern pentathlon competitions including an Olympic qualifier. It also hosted the British Transplant Games in August 2012.

Medway Innovation Centre was recently awarded the Business Innovation Centre quality mark and became part of the European Business Network – the only one in the south east outside London.

Medway Council has invested over £10m in local businesses. The Partners for Growth scheme has offered loans and grants to more than 220 businesses securing over 2,700 jobs. Employ Medway has helped over 800 people get work and the council has invested over £200,000 in apprenticeships, helping 200 young people begin their careers.

SwaleSittingbourne and Sheppey together form a major commercial centre, with one of the foremost concentrations of engineering and manufacturing in the Gateway.

A £45m investment in new roads has improved access and increased the range of sites for investors. Sittingbourne Northern Relief Road, opened in 2011, has relieved congestion in central Sittingbourne, opened up development sites north of the town and improved access to the Eurolink business area. This provides the prospect of further growth and a significant concentration of commercial occupiers.

March 2012 saw the opening of a 7,432m² (80,000ft²) facility, by Hamdon Gate for Abbott UK, adding to the existing 280 occupiers employing an estimated 6,500 people at Eurolink.

Rushenden Link Road now provides access from the A249 to the Queenborough and Rushenden regeneration area where 2,000 houses, social, leisure, community facilities, school, marina and 180,000m² (1,937,503ft²) of new employment space is planned. Phase 1 preparatory works are due.

Peel Ports’ deepwater port at Sheerness has been nominated as one of four designated Centres for Offshore Renewable Engineering (CORE) and is seeking to become a major manufacturing hub for the offshore turbine industry.

The consortium, Spirit of Sittingbourne, has been selected to regenerate the town centre, with agreements concluding by autumn 2012. Proposals include a new cultural quarter, multi-screen cinema, music/performance venue, associated retail/leisure uses and a civic quarter providing a new council building along with library and community facilities.

Chatham Waters (credit Medway Council)Chatham Bus Station (credit Medway Council)


A new Morrison’s supermarket at the former Sittingbourne Paper Mill site is planned to open in spring 2013. Permission has also been granted for a major retail led development in Sittingbourne at Milton Creek with a new bridge linking the two.

Kent Science Park in Sittingbourne is undergoing a programme of upgrades, re-fits and new construction work ahead of a major extension. The Park, home to 63 tenants and more than 1,300 employees, has recently invested in operational upgrades and provided new laboratory space for both existing tenants and Flow Chemistry Solutions, a Pfizer spin out.

At Faversham, the recent development of the Eurocentre site provides a mix of new office and industrial space and ongoing commercial developments.

AshfordHighlighted as a place to invest, Ashford’s growing reputation continues with the delivery of key projects and plans essential to future prosperity.

The relationship between Ashford and London is transforming opportunities for local businesses and residents. Of people travelling to London from Ashford International Station 71% use High Speed 1. The 6.5ha (16 acres) commercial quarter at Ashford International Station will deliver 55,000m² (592,000ft²) of offices, retail/leisure space and 150 homes. The first 6,000m² (64,500ft²) office was approved in 2011 with owners, the Homes and Communities Agency, working with the council to deliver this business hub.

Recent improvements at M20 Junction 9 have supported the expansion of Eureka Business Park. This 39ha (96 acres) park has delivered 30,190m² (325,000ft²) of business space housing some of Ashford’s largest employers such as Coty Rimmel and Smiths Medical. Northdown 2 forms the latest 2,320m² (25,000ft²) office development on this key site. A £7m John Lewis ‘At Home’ store at Junction 9 has planning permission and will create 160 jobs.

Victoria Way completed in late 2011. This new infrastructure opens up major development opportunities south of the

town with potential for 1,750 homes and over 17,230m² (185,000ft²) of commercial, retail and leisure space.

Ambitious plans are coming forward to develop land at Conningbrook as a water sports venue with a lakeside village of 300 homes to complement the Julie Rose Stadium. Proposals are progressing for a sustainable community of up to 5,750 homes at Chilmington Green creating 1,000 jobs.

Reconstruction of the Stanhope estate completed in 2012, transforming the lives of residents. For five years Chrysalis Consortium worked for Ashford Borough Council to refurbish 323 council-owned properties to Decent Homes Standard and with Gleeson Homes and Regeneration to build 442 homes.

West Kent MaidstoneMajor new housing and employment sites have been allocated by Maidstone Borough Council.

Gravesend Town Pier Stanhope, Ashford (credit Ashford Borough Council)Victoria Way, Ashford (credit Ashford Borough Council)

25

The Kent Institute of Medicine and Surgery (KIMS) is investing £80m in a new hospital at M20 Junction 7 as part of the Maidstone Medical Campus Masterplan being promoted by DHA Planning. The new hospital, designed by David Morley Architects, is being built by Vinci Construction.

The new Kent History and Library Centre is a mixed-use purpose built development with 60 residential units and a 57 unit extra-care facility. Nearby, Maidstone United’s new 3,000 capacity ground, ‘The Gallagher Stadium’, has been built at Whatman Park. Maidstone Museum’s £3m restoration and the Maidstone public realm project were both completed in 2012.

Tunbridge WellsTunbridge Wells’ Core Strategy was adopted in 2010 with consultation in autumn 2012. A Community Infrastructure Levy Charging Schedule accompanies the policy and a Borough Transport Strategy is being prepared.

The Tunbridge Wells Regeneration Company, established in 2008, is considering options for John Street and Mount Pleasant car parks and Cranbrook Council Offices.

Berkeley Homes bought the Kent & Sussex Hospital site and a planning application for residential development with potential office space is expected in late 2012.

Hermes Real Estate has invested in Royal Victoria Place taking full control of the shopping centre. The new owner of Lower Pantiles is reviewing the strategy for the area.

Tonbridge & MallingTonbridge and Malling Borough Council Core Strategy was adopted in 2007 with no plans currently to review it. A Development Land Allocations DPD, a Town Centre Area Action Plan and a Managing Development and the Environment DPD have also been adopted.

Liberty Property Trust UK, developers of the 363 ha (897 acre) mixed-use, sustainable development at Kings Hill, has announced a review of the masterplan to see how they can better respond to current market demands and, in particular, the need for more housing. With established infrastructure, Kings Hill is well placed to accommodate further, carefully designed, residential-led development via an application for change of use of some, as yet undeveloped remaining consented commercial space. Proposals are likely to include up to 1,000 new homes, possible new primary school, retirement homes, residential care home and landscaped open space. The indicative planning application timeline is for community consultation Q3/Q4 2012, a planning application by the end of 2012 and for local authority statutory consultation thereafter.

SevenoaksThe District Council adopted the Core Strategy in February 2011. An application has been submitted for redevelopment of a site west of Blighs Meadow for retail and residential. West Kent Cold Store site at Dunton Green is being built out with 500 residential units and 2,300m² (24,757ft²) of B1 commercial space. Horton Kirby Paper Mills site was completed in 2011, providing 214 homes and commercial space.

Gallagher Stadium, Maidstone

Maidstone High Street


East Kent CanterburyThe significantly extended and restored Beaney Art Museum and Library reopened in September 2012 creating a new library, museum and gallery, community areas and a learning lab. The £13.2m project, together with the new Marlowe Theatre, underlines the city’s position among cultural centres in the south east.

Canterbury Innovation Centre at University of Kent is now close to full occupancy. Managed by Basepoint Ltd and owned by the East Kent Spatial Development Company the 2,500m² (26,909ft²) site provides 85 workshops, offices and studio/laboratories with business incubators sized from 9m² - 79m² (96ft² - 850ft²).

Work on a new 120-bedroom Premier Inn at St Georges Place begins on site in 2012. Also in St Georges Place, Canterbury Christ Church University’s new accommodation and a student centre opened in September 2012. It has

200 single en-suite study bedrooms arranged in flats of up to six students, with bar, internet cafe and office space plus 10 three-bedroom houses around a landscaped space. The development aims to give a strong urban street frontage onto St George’s Place, consistent with the historical pattern.

As interest grows in the student market, Quinn Estates introductions led 90 North Real Estate partners to purchase the 800 bedroom Parham Road Student Village, Canterbury for £46m, one of the largest deals the county has seen.

Eddington Nursery Business Park at Herne Bay is now fully committed. The scheme, brought forward by George Wilson Developments, has six units (2,717m² / 29,245ft² gross) comprising B1 office/industrial, B8 distribution and D1 uses with five units already built and occupied.

DoverThe district is seeing significant investment and exciting projects in a range of areas, with the certainty of the Local Development Framework in place.

Enhancements to Dover Priory station are nearing completion, with plans to create a 500 space car park and retail facilities.

In August 2012, Discovery Park (Pfizer’s former research and development site) in Sandwich was bought by a private consortium. Discovery Park Limited has acquired the freehold of the science park, which consists of 278,709m² (3m ft²) of commercial space across 86ha (213 acres), including laboratories, offices and warehouses. The site was awarded Enterprise Zone status in 2011, providing a comprehensive package of support measures for new businesses including reduced business rates and simplified planning. This is backed up by the launch of Expansion East Kent, a £35m government backed scheme to provide 0% interest loans for local businesses (see page 28 for further information).

The Dover Town Investment Zone, a mixed-use development with retail, hotel and residential development, has received approval with completion due in 2013. Progress on residential developments at Aylesham Village, Buckland Mill, Connaught Barracks, and Whitfield continue.

Rocksalt, Folkestone (Credit Guy Hollaway Architects)

27

Other plans for the district include the submission of a major planning application for the Western Heights and Farthingloe areas and continuing plans for Dover Waterfront as part of wider proposals for Port of Dover.

ShepwayWork on bringing forward the Folkestone Seafront masterplan is continuing apace with an outline application submission for a mixed use scheme by autumn 2012.

After the successes of the Quarterhouse Performing Arts Centre and the University Centre, the Creative Quarter in Folkestone is redeveloping a former nightclub on Tontine Street to create modern offices and incubator space.

Kent County Council, Shepway District Council and the Creative Foundation successfully bid for Townscape Heritage Initiative funding for the Old Town area to restore a number of buildings and make public realm improvements. Subject to a successful development phase, work will start in 2013.

After significant investment into the Sports Centre, Cheriton Road Recreation Ground works will complete in early 2013 providing a state-of-the-art facility for hockey and cricket, a sports hall and much needed space for netball and badminton.

A private sixth form college has been created in the former Kent Adult Education building in west Folkestone with facilities and boarding for 30 students.

Terlingham Forum in Hawkinge is under construction. Phase 1 of this Pentland Homes development will provide 48 residential units and a new retail core. Further phases include around 12,000m² (129,167ft²) of B1 and B8 space. Hythe’s Imperial Hotel is also undergoing a £12m refurbishment.

ThanetThanet’s unique heritage, landscape and coast make it a major tourist destination attracting over 2.5m visitors annually.

Margate’s new Turner Contemporary and its 700,000 visits last year provided an estimated £6.3m of additional income

locally and has attracted new businesses to the Old Town and lower High Street.

Thanet District Council and the Dreamland Trust have secured funding for the first phases of the heritage amusement park. Works have taken place to safeguard the Grade 2* listed cinema. The council is to compulsory purchase the site to ensure its future in the town.

Manston Business Park and Eurokent Business Park are being brought forward by East Kent Opportunities (EKO) LLP, the Kent County Council and Thanet District Council joint venture. The Eurokent site, adjacent to the Marlowe Innovation Centre, has few office and industrial units remaining.

The new A256 East Kent Access road opened in 2012 improving access across East Kent and to Ramsgate Port, Manston Airport and strategic sites.

Dreamland, Margate (Credit Guy Hollaway Architects) Discovery Park, Sandwich


The Kent Empty Property Initiative: No Use Empty No Use Empty (NUE) is delivered by Kent County Council (KCC) in partnership with all 12 district councils. After its initial success in East Kent, the initiative expanded countywide in 2009.

The aim has been to substantially increase the number of long-term empty homes returned to use as good quality housing. Since 2005, NUE has returned 2,126 empty homes back into use, awarding £5.8m of loans levering in £11.4m – giving a total investment across Kent of £17.2m.

The average cost to renovate a unit (often the very worst properties) is £44,200 with the average KCC investment being £18,500. The actual cost to return an empty property back into use by KCC has been calculated at £2,800.

Margate Housing Intervention Scheme aims to transform the housing market in two of Britain’s most deprived wards, Cliftonville West and Margate Central. The innovative scheme will see Thanet District Council, Kent County Council and the Homes and Communities Agency working on improvements to create a step-change in the housing market.

To date the loan scheme has created more than 300 jobs and homes for more than 600 people with £1.6m of funding already repaid and recycled. NUE is widely regarded as one of the most effective initiatives to deal with empty properties in the UK, recognised by the Scottish Government, Welsh Assembly Government and the Empty Homes Agency as a beacon of good practice.

A partnership with Bristol City Council has been established which saw the launch of the NUE brand rolled out to the West of England Local Authorities in 2010. NUE won an award from Regeneration & Renewal (September 2011) for their partnership working and was shortlisted for an award by the Chartered Institute of Housing (2012).

Further information can be found at www.no-use-empty.org

Broadband Infrastructure for Kent Kent County Council is leading a £43m programme to transform Kent and Medway’s rural broadband infrastructure. This will ensure that by 2015 at least 90% of premises will receive superfast broadband, with the final 10% of premises receiving a service of at least 2mb. Businesses and properties affected by poor broadband are invited to support the programme and register their demand for better broadband at www.makekentquicker.com.

Expansion East Kent The Government’s Regional Growth Fund (RGF) is a national fund worth £2.4bn between 2012 and 2016. It aims to support job creation and private sector growth in areas dependent upon employment in the public sector. Following the decision by Pfizer to close its research and development facility at Sandwich, Kent County Council successfully applied for the RGF investment as part of a package of measures to support East Kent. Sandwich Economic Development Task Force, chaired by Paul Carter, following detailed discussions with businesses, successfully bid for £40m in RGF investment:

• £35mtosupporttheExpansionEastKentprogramme of direct financial assistance to business; and

• £5mtosupportimprovementstotheraillinebetween Ashford and Ramsgate to enhance journey times.

Expansion East Kent funding, available to existing or new businesses, offers repayable finance at 0% interest. To access the funding, applications must demonstrate job creation and good value, secure private or other forms of match funding and create employment opportunities within the East Kent district boundaries.

All applications will be independently appraised against the criteria contained in the Expansion East Kent guidance notes to be found at the KCC website www.kent.gov.uk/expansion.

Arcadian, Margate (after)

Arcadian, Margate (before)

29

Parklands programmeThames Gateway Parklands is nearing completion having attracted £10.5m of government investment in a £25.5m programme.

Milton Creek, part of the Parklands legacy has opened near Sittingbourne town centre and provides residents and visitors with extensive informal play areas, open spaces and an abundance of wildlife habitats. Within this is the Church Marshes project with creekside open space, waterside walks and seating on former contaminated land. The groundworks and hard landscaping are now complete and the planting work will commence in autumn 2012 to be ready for visitors by summer 2013.

Renewable energy: micro-generation Following the introduction of the Feed in Tariff (FIT) in 2010 there have been over 7,200 renewable energy installations in Kent with a combined installed capacity of 24MW. There were only 1,000 in 2011. Solar photovoltaic systems predominate showing its suitability for the county.

Renewable Heat Incentive (RHI) is now available for commercial projects on a similar basis to FIT. The availability of local biomass resources (e.g. wood) provides potential to access the RHI for heat projects in Kent.

Large scale renewable energy Wind power, the most significant contribution to power generation in Kent is led by offshore wind farms in the Thames Estuary. London Array (Phase 1) is at construction stage and, on completion in late 2012, will be the world’s largest installation. The 175 turbines will generate electricity for 485,000 homes annually.

At Ramsgate Port both Vattenfall and London Array have new operation and maintenance bases representing a significant industry presence and long term commitment with 125 new jobs. The port and nearby sites are becoming a hub with businesses attracted by wind farm developers/operators.

The application to extend the Kentish Flats wind farm by 17 further turbines is progressing through the planning process. Meanwhile, Little Cheyne Court Wind Farm is the south east’s largest onshore wind farm with 26 turbines. In 2011 it generated 156GWh of electricity meeting the needs of 32,000 homes annually.

Kent has three solar farms with the largest at Ebbsfleet Farm next to the proposed Richborough Energy Park. It has a 4.9MW peak capacity with 20,400 panels across 12.5ha (31 acres). The Park itself includes proposals for biomass CHP (combined heat and power), anaerobic digestion and peaking plant.

The Port of Sheerness, designated by the Government as a Centre for Offshore Renewable Engineering (CORE) lies at the heart of the Medway Superhub, an area identified as capable of supporting the offshore wind sector. CORE designation recognises the port as key to facilitating manufacture and assembly of turbines. Planning approval was granted in May 2012 for a turbine manufacturing plant for Vestas, but due to a company restructure they withdrew from the plant shortly after. However, strategic location and development readiness make the port an attractive proposition to the sector.

Sustainable Drainage The Flood and Water Management Act 2010 has promoted sustainable drainage within new development schemes. In response Kent County Council is supporting new landscape and development design and aims to encourage more attractive communities and enviromental enhancement.

Several large schemes in Kent are embracing sustainable drainage design. The Conningbrook Lakes development, sponsored by Ashford Borough Council in 2012 is a scheme with high aspirations to deliver a country park and lakeside village. Through utilising swales and attenuation ponds within open spaces, there are multiple benefits to residents from amenity, improved visual aesthetics and biodiversity combined with practical flood control.

GREEN INFRASTRUCTURE

London Array, Ramsgate Harbour

Construction of London Array Offshore Wind Farm


CONTRIBUTORSA profession on a journeyRICS – Royal Institution of Chartered Surveyors - is pleased to endorse the 2012 Kent Property Market report. By promoting the economic importance of land, property and construction with accurate county-level data we hope that this report raises the profile of the sector with policy makers and investors to the benefit of property professionals and the wider economy.

In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining RICS status is the world’s most recognised professional property qualification.

If property is your career then gaining RICS credentials is the best way to prove to employers and clients that you have what it takes. We offer routes to chartered membership for

experienced professionals, recent graduates and associate membership for non-degree holders.

RICS qualifications are available in all the main sectors of residential and commercial property, planning and construction. In commercial property RICS credentials are widely recognised by the market place as the gold standard. Whether you work in investment, development, property asset management, transactional or professional advisory services there is a suitable pathway to RICS membership for you.

As well as offering the gold professional qualification, RICS offers over 1,000 CPD events annually, including over 200 in London and the south east. RICS Training offers 55 courses, covering both business and technical skills, as well as an online academy.

At a local level RICS membership offers invaluable networking opportunities, both for newly qualified and trainee members, as well as for more experienced members. Our Kent Local Association is an active group which focuses on offering inter-professional networking, site visits and social events for the 3,000 RICS members in the county. If you would like to find out more, please contact the Chairman, Julian Scannell FRICS MCIArb on [email protected].

To find out more about joining the profession, please email RICS Membership Business Development Manager, Alison Adams on: [email protected].

Jerry Percy MRICS Chairman, RICS South East Regional Board

Expert Voice for professional landlords*Confidence in the property sector has seen a welcome upturn in the first half of 2012, bringing with it the prospect of growth, according to the findings of the recently released Commercial Property Confidence Monitor survey by Lloyds TSB Commercial. In particular the survey highlights the strength of the private rental sector, and our team is helping our customers to grasp this opportunity.

We have a team of 100 property relationship managers across Great Britain, each one managing a portfolio of property businesses (landlords, letting agencies and property developers). Our lending to the sector is 13 per cent up on the year and we want to develop new relationships with landlords for whom property management is their business. Our approach to our customers tends to differ from that of traditional buy to let (BTL) lenders in that we seek an in depth understanding of the business strategy, profits and cash flows as opposed to a formulaic loan to value (LTV), income multiplier approach. Our approach enables us to provide support to our customers throughout the economic cycle and we have a range of financial products available to meet customers’ needs.

Although not always the case, we often find that employed individuals for whom property investment is a side line are better suited to BTL lenders such as our sister company B M Solutions.

Sector knowledgeTo help support our property customers, at Lloyds TSB Commercial our property managers have a sound understanding of the opportunities and challenges facing the private rental sector. Our team undergo regular training and by working closely with organisations such as NLA we keep our knowledge up to date and endeavour to represent the views of ours customers.

Now could be the time to act in order to secure growth opportunities and we would encourage firms to take full advantage of the guidance and support available to them from both their lender as well as from business mentoring and development agencies.

Funding optionsThere is a range of lending products available to SMEs, from traditional term loans to newer funding options such

as recently launched “Lloyds Funding for Lending” offer from Lloyds Banking Group, which utilises the government’s Funding for Lending Scheme, and will allow UK businesses to benefit from reduced funding costs.

Designed to boost demand and encourage investment, the scheme offers a one per cent reduction in the interest rate for new business loans and hire purchase, and will be available to all SME and mid market customers, regardless of the sector that they operate in.

Additionally, the government-backed Enterprise Finance Guarantee (EFG) scheme is an ideal funding option for firms who have a viable business proposal, but lack the security to secure conventional funding.

There’s a wide range of funding options available to businesses, so it’s worth discussing the lending available with your bank.

Martin Levy Senior Manager, Lloyds TSB Commercial in Kent & East Sussex

* professional landlords are defined as property businesses owning 10 or more investment properties

31

Legal update Property and planning have been in the headlines a lot this year, with the government looking for initiatives to stimulate the economy. Many consider that if the government gets it right, then changes to planning policy could help bring the country out of recession.

Vince Cable has suggested that we take lessons from the 1930s and build our way out of the recession.

The government has also suggested affordable housing ‘holidays’ to allay concerns that policies to provide or pay for affordable housing stall developments.

In addition, the past year has seen the introduction of the National Planning Policy Framework (NPPF) and some local authorities take up the Community Infrastructure Levy (CIL).

At the heart of NPPF is the presumption in favour of sustainable development. There is, however, no concise definition of the presumption and so we are likely to see differing interpretations from decision makers trying to find the correct balance of competing interests and influences.

So far, CIL has been implemented by few local authorities, none of which are in Kent. CIL is unlikely to cover infrastructure costs in North Kent and East Kent, therefore the challenge is to find innovative funding solutions in order to realise the opportunities there.

High streets and town centres have also been in the news following Mary Portas’s review at the end of last year. Some towns including Ashford, Dartford, Margate and Medway have benefited from bonus funds for projects aimed at boosting their retail sectors. This injection of cash is to be welcomed but, whether or not it fixes the underlying problems of the decline of some high streets remains to be seen. It would be fantastic if those fortunate towns can make something of the money they receive sending the right signal to the rest of the country that by working together, stakeholders can make town centres and high streets once again attractive to businesses and consumers.

Richard Ellard Partner, Thomson Snell & Passmore

6 Alexander Grove, Kings Hill (credit Liberty Property Trust)


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Ferry/Freight Routes

Airport

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Business Park

Mixed Use

Regeneration

Industrial

Green Energy Park

Science Park

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AshfordInternational Station

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Kent International Airport

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Ramsgate New Port

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Thames Europort

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CHANNEL TUNNEL

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SHEERNESS

FAVERSHAM

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STRATEGIC DEVELOPMENTS Useage codes for strategic sites: D2 LeisureR ResidentialSui Generis Petrol station, car showroom

B8 Warehouses, distributionC1 HotelsD1 Education, crèches

A1 Shops & retailB1 Offices, light industryB2 General industrial

1 Eureka Business Park Ashford B1Knight Frank, 020 7629 8171 / Bidwells, 01223 841841 / Martine Waghorn, 01622 672233

www.eurekapark.co.uk

2 Waterbrook Park Ashford B1, B2, B8, Sui Generis GSE Waterbrook Ltd, 01233 501301 -

3 Altira Business Park Herne Bay B1, B2, B8Kitewood Commercial, 01732 886962 / Core Commercial, 01892 834483 / Sinclair Clark, 020 7494 9399

www.altirapark.co.uk

4 Chatham Maritime / Chatham Waters Chatham A1, B1, C1, D1, D2, RHanover Green, 020 3130 6404 / Watson Day, 01634 668000 / The Peel Group, 0161 629 8200

www.chathamwaters.com

5 Chatham Centre and Waterfront Chatham A1, B1, C1, R Medway Council, 01634 338171 -

6 Lodge Hill, Chattenden Chatham A1, R Land Securities plc, 020 77024 3750 / PPS Group, 020 7529 1712 www.lodgehill.info

7 White Cliffs Business Park Dover B1, B2, B8 Hardmans & Co, 01304 373922 www.whitecliffsdover.com

8 Hawkinge West Folkestone B1, B8 SW&P, 01303 226622 -

9 Link Enterprise Park Hythe B1, B2, B8Valad & Benchmark Estates, 01622 669888 / Core Commercial, 01892 834483 / Caxtons, 01474 567666

www.linkpark.co.uk

10 Queenborough/Rushenden & Neats Court Isle of Sheppey B1, B8, C1, Sui GenerisSmiths Gore, 01732 879050 / Cluttons LLP, 01622 756000 / Watson Day, 01634 668000 -

11 Sheerness Port Isle of Sheppey B1, B2, B8 Peel Ports, 0151 949 6000 www.medwayports.com/sheerness

12 Crossways Point, Crossways Kent Thameside B1 Altus Edwin Hill, 01322 285588 / Savills, 020 7499 8644 www.crosswayspoint.co.uk

13 Ebbsfleet Valley Kent Thameside A1, B1, D2, R Land Securities plc, 020 7413 9000 / CBRE, 020 7182 2016 www.ebbsfleetvalley.co.uk

14 The Bridge Kent Thameside B1, B8 Jones Lang LaSalle, 020 7399 5355 / CBRE, 020 7182 2492 www.thebridgedartford.co.uk

15 ProLogis Park, Littlebrook Kent Thameside B2, B8 CB Richard Ellis, 020 7182 2000 / Colliers CRE, 020 7935 4499 www.prologislittlebrook.co.uk

16 Dartford North Site Kent Thameside - Cushman & Wakefield, 020 7152 5777 -17 Northfleet Embankment Kent Thameside B2, B8 Lafarge Cement, 01634 247156 -18 Aylesford Commercial Park Aylesford B2, B8 Altus Edwin Hill, 01322 285588 / CBRE, 020 7182 2565 www.goodmanlogistics.co.uk

19 Eclipse Business Park Maidstone B1Knight Frank, 020 7629 8171 / Sibley Pares, 01622 673086 / Gallagher Group, 01622 716543

www.eclipsepark.co.uk

Map No. Scheme Location Usage Contact Website


STRATEGIC DEVELOPMENTS Useage codes for strategic sites: D2 LeisureR ResidentialSui Generis Petrol station, car showroom

B8 Warehouses, distributionC1 HotelsD1 Education, crèches

A1 Shops & retailB1 Offices, light industryB2 General industrial

20 Kings Hill Maidstone A1, B1, D2, RLiberty Property Trust UK, 01732 223426 / Altus Edwin Hill, 01322 285588 / Knight Frank, 020 7629 8171 / Hanover Green, 020 3130 6400

www.kings-hill.com

21 Maidstone Medical Campus at Newnham Park Maidstone B1, C1, C2 DHA Planning, 01622 776226 www.maidstone-medical.co.uk

22 EuroKent Business Park Ramsgate A1, B1, B8, D2Rosefarm Estates plc, 01243 785151 / East Kent Opportunities, 01622 221380 -

23a Manston Business Park Ramsgate B1, B2, B8 East Kent Opportunities, 01622 221380 / Savills, 01732 789750 -23b China Gateway Manston Business Park Ramsgate B1, B2, B8 China Gateway International Plc, 01843 822444 www.chinagatewayinfo.com

24 Richborough Energy Park Sandwich B2, B8 Cascade PR, 020 7871 3565 www.richboroughenergypark.co.uk

25 Discovery Park Sandwich B1, B2, B8 Discovery Park Ltd, [email protected] www.discovery-park.co.uk

26 Isle of Grain Rochester B1, B2, B8Medway Council, 01634 338171 / National Grid Property Ltd, 01926 654720 -

27 London Thamesport Rochester B1, B2, B8 Hutchison Ports, 01394 604500 www.londonthamesport.co.uk

28 Kingsnorth Commercial Park Rochester B1, B2, B8CBRE, 020 7182 2565 / Colliers CRE, 020 7935 4499 / Goodman, 0121 5068100 / Piers Pollard Chartered Surveyors, 01728 861989

www.kingsnorthcommercialpark.com

29 Rochester Riverside Rochester B1, C1, R Medway Council, 01634 338171 www.medway.gov.uk

30 Temple Park, Strood Strood B1, B2, B8 GVA Grimley, 020 7911 2121/ Watson Day, 01634 668000 www.templeparkstrood.co.uk

31 Eurolink Business Park Sittingbourne B1, B2, B8Harrisons Chartered Surveyors, 01634 265900 / Watson Day, 01634 668000 -

32 G Park Sittingbourne Sittingbourne B1, B8CBRE, 020 7182 2000 / GVA Grimley, 020 7895 1515 / Savills, 020 7499 8644

www.gpark-sittingbourne.com

33 Kent Science Park Sittingbourne B1Kent Science Park, 01795 411500/ Jones Lang LaSalle, 020 3147 6040 / Sinclair Clark, 020 7494 9399

www.kentsciencepark.co.uk

34 Kemsley Park Sittingbourne B1, B2, B8GVA Grimley, 020 7911 2267 / Watson Day 01634 668000 / Harrisons Surveyors, 01634 265900 -

35 Strood and Temple Waterfront Strood A1, B1, R Medway Council, 01634 338171 www.medway.gov.uk

36 Estuary View Whitstable B1, C2 George Wilson Holdings, 01227 263077 -37 The Foundry Business Park Faversham B1, B2, B8 Quinn Estates, 01227 831212 / Cluttons LLP, 01622 756000 www.quinn-estates.com/commercial

38 Deal Business Park Deal B1, B2, B8 Quinn Estates, 01227 831212 www.quinn-estates.com/commercial

Map No. Scheme Location Usage Contact Website

35

CONTACT DETAILSWritten and compiled by:

Kent County CouncilFor further advice, assistance and information on development opportunities, contact:

Nigel Smith, Head of Development InvestmentKent County Council, Invicta House,Maidstone, Kent ME14 1XXTel: 01622 221866 Fax: 01622 691418Email: [email protected]

Cluttons LLPFounded in 1765, Cluttons LLP is a leading firm of chartered surveyors providing an extensive range of property related services with a presence in the UK, Europe, Middle East, Asia Pacific and South Africa. The local office in Kent provides the full compliment of service lines.

Alison Owen, Partner26-28 Albion Place, Maidstone,Kent ME14 5DZTel: 01622 756000 Fax: 01622 695536Email: [email protected]

Portman House, 2 Portman Street,London W1H 6DUTel: 020 7408 1010 Fax: 020 7629 3263

Locate in Kent LtdAs the single point of contact for all companies looking to expand or relocate in Kent and Medway, Locate in Kent provides a comprehensive, confidential and free business relocation and expansion advisory service.

Paul Wookey, Chief Executive35 Kings Hill Avenue, Kings Hill,West Malling, Kent ME19 4DGTel: 01732 520700 Fax: 01732 520701Email: [email protected]

Additional contributors:

Lloyds TSB CommercialIf you’d like to find out how you can benefit from our sector expertise, please contact:

Martin Levy, Senior Manager Commercial – Kent & East Sussex Key Markets Lloyds TSB Commercial, 2nd Floor, 18 Week Street, Maidstone, Kent ME14 1RW Tel: 07764 287500 E-Mail: [email protected] Or visit our website: lloydstsb.com/property

(Lloyds TSB Commercial is a trading name of Lloyds TSB Bank and Lloyds TSB Scotland plc and serves customers with an annual turnover of up to £15M)

Royal Institution of Chartered SurveyorsThe leading professional body on all aspects of real estate, property, construction and associated environmental issues.

Jeremy Percy, Chairman, RICS South East Regional BoardGleeds (London) 95 New Cavendish Street London, W1W 6XFT: 020 7631 7000Email: [email protected]

Thomson Snell & PassmoreThomson Snell & Passmore is a law firm with a reputation for providing high quality, intelligent advice. We provide a legal service that is comprehensive, considered and confident. We build long-term relationships by encouraging a culture of respect, understanding and excellence.

Richard Ellard, PartnerThomson Snell & Passmore3 Lonsdale GardensTunbridge WellsKentTN1 1NXT: 01892 510000 www.ts-p.co.uk


ACKNOWLEDGEMENTS

Altus Edwin Hill

Atrium Surveyors

Bidwells

Bracketts

Brian Cradick & Co

Broadlands Chartered Surveyors and Property Consultants

BTF

Caxtons

Clive Emson

Colliers CRE

Core Commercial

Durlings

Frogmore Property Company Ltd

Gallagher Group

George Wilson Holdings Ltd

Glenny LLP

Harrisons Chartered Surveyors

Ibbett Mosely

Karrisons

Kent Science Park

Liberty Property Trust UK Ltd

Martine Waghorn

McMeeking Chartered Surveyors

Michael Parkes

Pearson Gore

Quinn Estates

Ramac Holdings Ltd

Rosefarm Estates Plc

Savills

Sibley Pares

Smiths Gore

Smith-Woolley & Perry

Strutt and Parker

Taylor Riley

Turkey Mill Investments Ltd

Valad and Benchmark Estates

Visit Kent

Watson Day

WCR Property Ltd

Kent district councils:

Ashford, Canterbury, Dartford, Dover, Gravesham, Maidstone, Sevenoaks, Shepway, Swale, Thanet, Tonbridge & Malling and Tunbridge Wells

Medway Council

And a special thanks to Liberty Property Trust UK who provided 32 Tower View, Kings Hill for the launch of the report on 18 October 2012. We also thank Thomson, Snell and Passmore, Lloyds TSB, RICS and Maidstone Borough Council for their support.

The compilers of this report are grateful for the assistance, information and data provided by the following organisations in London and Kent:

Aldi, Maidstone (credit Gallagher Group) Waitrose, Kings Hill (credit Liberty Property Trust)

37

Thanet Offshore Wind Farm

This document is also available in large print, Braille and audio format on request. If you, or someone you know, cannot read this document but would like to, please advise us of your/their specific requirements and we will do our best to provide the information in a suitable format or language. If you require this service, please contact 01622 221866.

www.kentpropertymarket.comThis report has been carefully prepared. However it is intended for general guidance only and neither Cluttons LLP, Kent County Council, Locate in Kent nor RICS can guarantee that there are no errors or omissions. The information, forecasts and opinions set out herein should not be relied on to replace professional advice on specific matters. No part of this report should be published, reproduced or referred to without prior permission of Cluttons LLP, Kent County Council and Locate in Kent.

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Kent Property Market 20121