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Putting Swindon town
centre back on the map
S
windon has been battling with an to 600,000 sq ft. According to our 2008 built to at least a Sustainable Code Level 4
image problem for a number of Swindon Market Activity Report, the and offices developed to a BREEAM
years, with the town centre only introduction of the Grade A office space will 'Excellent' standard.
seeing sporadic development since the better meet the needs of larger organisations Looking ahead, it is clear that the
1960s. However, all that is set to change. and refocus demand on central sites. regeneration of Swindon is far from a pipe
Swindon is set to become one of the The completed office space is also likely dream. Work is underway on the development
fastest growing towns in Europe and an to command new headline rents of up to zones and day-to-day improvements are also
investment hotspot over the next two £23 psf, while still retaining Swindon's cost being made that demonstrate the town is
decades. advantage compared to other centres. very much 'open for business'.
Swindon is a dynamic town that is What's more, the revitalisation of the Large areas of the town centre have
recognised as a good place to do business. town's retail and cultural offering is anticipated already been cleared with the first new leisure,
In fact, it enjoys the third highest gross to bring Swindon's facilities in line with its office and retail facilities planned to be
domestic per capita outside of London. The rapid growth. This will enable it to compete delivered within the next 12 months. The
town also has an unrivalled location that with the likes of Reading and Bristol in ambitious regeneration plans will only add to
offers the attractive combination of affordable attracting both inward investment and new these credentials and secure Swindon's
housing and accessible transport links - less residents. In fact, annual retail expenditure status as a great place for occupiers, business
than an hour away from London by direct in the town centre alone is projected to and developers to invest in - putting the town
train and stumbling distance to the M4. increase by 80% to more than £900m by on the map for all the right reasons.
However, economic prosperity has not 2016.
been accompanied by redevelopment of the As for Swindon's residential market, a
town centre. The good news is that Swindon significant number of new homes are planned
is set for a £1bn facelift that will see an for the town centre and a further
additional 969,000 sq ft of office space, more 35,000 properties scheduled for the
than one million sq ft of retail and leisure immediate surrounding areas by 2026.
facilities, as well as new homes coming to Planning consent has already been
the town centre. granted for 4,500 homes in Wichelstowe to
The plans are impressive. The New the south of Swindon. We are also working
Paul Grover
Swindon Company and its partners are closely with the Borough Council to select a
Associate
pioneering three town centre office development partner that will deliver an
Knight Frank
developments that range from 100,000 sq ft exemplar sustainable community, with homes
Bristol
Business leases -
protection or exclusion?
C
learly, we are experiencing different 1954. The right to renew the lease at the end of
times in the commercial property Generally, a tenant occupying business the term is one of the main considerations for
market and it might be fair to premises has the right to renew the lease the tenant before taking a lease and is
assume that the tenant may now have the when the term ends (unless he has agreed to particularly important where the tenant might
upper hand. contract out of the 1954 Act) and the landlord need to remain in the same premises at the
The landlord's concern remains to can only oppose the renewal on specified end of the lease term, for example, if the
maximise the commercial value of the lease limited grounds. business is a restaurant or a shop.
whilst minimising his own responsibilities. Therefore, a tenant with the protection of Landlords have historically sought to
The tenant is, however, perhaps now more the 1954 Act, may look to negotiate a shorter exclude the protection afforded by the 1954
confident in its bargaining power in seeking term, thereby keeping his options open and Act and it remains to be seen where the
to achieve flexibility in the lease terms. potentially reducing or even avoiding his bargaining strength lies in today's market.
From the tenant's perspective, a business liability to pay Stamp Duty Land Tax.
lease invariably involves a commitment for a Market forces might mean that the tenant
substantial period of time and the tenant's often cannot predict whether his business
priority is therefore to get the right premises will expand and outgrow the premises or
on the right terms. simply fail and a shorter lease might be more
On the other hand, the landlord is attractive.
interested in the certainty of the rent roll and Of course, most leases will provide that a
will often want to tie a tenant to a lease as tenant can assign his interest but clearly the
long as possible. Whether a tenant has to tenant could be stuck with paying the rent
now accept a longer term lease or will be (and possibly insurance rent and service
Samantha Timmins
seeking to negotiate a shorter term will largely charge) to the end of the lease term and in
Solicitor
depend on whether the lease itself has the any event, until an acceptable assignee has
Charles French & Co
protection of the Landlord and Tenant Act been found.
Truro
Property News August 2008 9
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