Wilson O R G A N I S A T I O N Peter Connolly Development Director Blueprint
Wilson O R G A N I S A T I O N What are we? A Property Development Company that specialises in regeneration but different and distinctive A different structure A different remit A different approach
Wilson O R G A N I S A T I O N The Blueprint Structure A Property Regeneration Partnership formed in May 2005 Igloo, EMDA, EP as shareholders Igloo as an ethical regeneration fund (first of its kind) A true Public Private Partnership – no one dominant partner Shared investment, ownership, risk, profit and control
Wilson O R G A N I S A T I O N Igloo Regeneration Igloo is described by the United Nations as the Worlds first sustainable property investor and is the only substantial socially responsible real estate investment vehicle in the UK. Igloo is developing a real estate investment portfolio founded on an SRI policy.
Wilson O R G A N I S A T I O N Socially Responsible Investment 21 criteria across 3 themes Regeneration Regeneration - investing in the regeneration of the social, physical and economic fabric of urban neighbourhoods; Environmental Environmental - investing in schemes that demonstrate the environmentally sustainable use of resources during construction and subsequent occupation; and Urban design Urban design - investing in an urban renaissance through the design of buildings and public realm that are distinctive, vibrant and urban in character. Health and Wellbeing Health and Wellbeing – Ensuring that the people that will live, work and dwell in the places we create are right at the centre of the design.
Wilson O R G A N I S A T I O N Igloo Regeneration Igloo currently has 23 projects across its direct development and partnership portfolios with a completed development value of £2.5bn creating 8,500 homes and 10,000 jobs on around 250 acres of brownfield land. Igloo continues to market for further equity and is actively assessing new development opportunities in edge of city-core locations within the UK's Top 20 centres.
Wilson O R G A N I S A T I O N Creates – A Potent Mix Brings together public sector influence and resource with private sector money, skills and experience. Generates more money, more people and more expertise to support the East Midlands regeneration agenda. A partnership where all can benefit.
Wilson O R G A N I S A T I O N The Blueprint Remit Public benefits, shared profits. Help EMDA / English Partnerships and associated stakeholders to deliver core objectives. Focus on projects where the mainstream private sector might struggle to deliver desired outcomes. Concentration on the regions six Urban Priority Areas.
Wilson O R G A N I S A T I O N Commercial Property Market Occupier Enquiries remain strong, but expected to tail off Funds reducing their exposure to property Bank Finance terms tighter. Business Rates UNCERTAINTY
Wilson O R G A N I S A T I O N Residential Property Market Mortgage Lending Conditions City Centre Buy to let investments Family Housing Key Workers Migrant Populations Owner Occupier Demand HCA
Wilson O R G A N I S A T I O N Derby Opportunities Cathedral Quarter Riverside Castleward DRI Science/Knowledge Park
Wilson O R G A N I S A T I O N Leicester Opportunities St Georges – Cultural Quarter Waterside Abbey Meadows Science Park Station Gateway
Wilson O R G A N I S A T I O N Nottingham Opportunities Extended Eastside Bio City and Science Park – QMC Medipark Waterside Station Gateway City Centre – Conversion of existing buildings
Wilson O R G A N I S A T I O N Leicester, St Georges – DMC
Wilson O R G A N I S A T I O N Nottingham Science Park
Wilson O R G A N I S A T I O N Derby – Bold Lane/Sadlergate Architect design competition Sympathetic design to repair streetscape Biodiversity Natural ventilation and light High insulation and low energy Real mixed use community
Wilson O R G A N I S A T I O N Derby – Bold Lane/Sadlergate 45,000 sq ft flexible office space 24 apartments 6 retail/café bar/restaurant units Car and cycle parking Public space New routes and connections Planning application – September 2007 Completion Spring 2009
Wilson O R G A N I S A T I O N The Blueprint Solution Be Innovative and seek opportunities to improve design quality and build distinctive places that reflect our SRI policy Footprint. Create places where people want to be. Seek solutions that will add value to the whole life of the project. Take a longer term view.
Wilson O R G A N I S A T I O N Peter Cochrane Senior Economic Adviser RBS Group Economics
Wilson O R G A N I S A T I O N Economic words of wisdom from a sage…….. My friends, as I have discovered myself, there are no disasters, only opportunities……… ……. and, indeed, opportunities for fresh disasters
Wilson O R G A N I S A T I O N Talking ourselves into recession? Source: Factiva Early 90s Recession Asian Financial Crisis Dotcom Bubble & Sep 2001 Credit Market Turbulence
Wilson O R G A N I S A T I O N Commercial Property has had a rough ride Source: IPD Monthly Index
Wilson O R G A N I S A T I O N Doom in the residential housing market…. Source: Halifax, Bank of England
Wilson O R G A N I S A T I O N Labour market still looks strong in the UK Source: Datastream
Wilson O R G A N I S A T I O N Households are rebuilding their balance sheets Source: Bank of England
Wilson O R G A N I S A T I O N A weaker pound helps exporters…. Source: Datastream
Wilson O R G A N I S A T I O N The Bank of England is cutting interest rates…. Source: Datastream
Wilson O R G A N I S A T I O N But inflation beginning to bite …. Source: Datastream
Wilson O R G A N I S A T I O N And cuts not impacting LIBOR much anyway Source: Datastream
Wilson O R G A N I S A T I O N Real Estate in the US lurches downwards Source: Datastream
Wilson O R G A N I S A T I O N Global Commodity prices show no sign of retreating Source: Datastream
Wilson O R G A N I S A T I O N UK Government not in a strong position Source: Datastream
Wilson O R G A N I S A T I O N What for the UK? The Labour Market is key to the fortune of the UK Economy in 2008 GOODUGLY Plenty of vacancies and some wage inflation keep consumers spending moderately Reinforces ongoing demand in the Labour Market A virtuous circle Retail property sees decent rental growth Overvaluations softened through increasing income while capital values stabilise Mortgage payments continue – only limited forced selling in the residential market Stabilising house prices – a soft landing Consumer Spending weakens as people worry about house prices and recession Tough retail environment triggers some job losses Self-fulfilling prophecy – vicious circle Commercial Property rental growth slumps, leading to double whammy on capital values Forced selling and repossessions as mortgages default House prices fall sharply following negative demand shock
Wilson O R G A N I S A T I O N East Midlands faces more headwinds than most Source: RBS/NTC Economics
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