INNOVATIVE RETAIL AND HOSPITALITY, A BUMPER RESIDENTIAL MARKET AND WHY REMOTE WORKING DOESN’T SUPPORT FUTURE TALENT

Created 10th May 2021


Neil Hart, group managing director, Bradley Hall Chartered Surveyors and Estate Agents

As the leading commercial and residential property firm in the North, our overall mission is to support local economy, business and communities with a full-service approach to residential and commercial property. Our vision is to work hand-in-hand with key organisations and people to support the ever-evolving built environment of our region, making it a consistently better place to live, work and socialise.

Our work extends from selling homes to working closely with large organisations, local authorities, housing providers and banks, investors and more. Our services include Commercial Agency, Residential Agency, Valuations, Lease Renewals and Advisory, Property Management, Building Surveying, Land, Development & New Homes, Mortgages and Planning & Design from our sister company, BH Planning & Design.

Since the appointment of our new board of directors in 2015, our approach to business has always been agile - so while the climate has been challenging since the pandemic hit, we felt well equipped to cope. We instantly took the decision to be more accessible for our client needs, extending our hours of remote availability and keeping clients up to date with regular communications. While Covid has shifted how many businesses will operate, one thing is clear, people need people and working digitally and remotely stifles individual professional and company growth.

Remote working helped businesses to tick over temporarily, partly due to the fact that many workers had already established workplace relationships and an understanding of their role in a real working environment. Team members had first-hand experience of working in their organisations with a good understanding of their company’s structure and systems, as well as purpose and vision.

In many cases the dynamics were set, the roles of the team were well established and those who weren’t furloughed and working from home were well aware of what was required of them. The real challenges of remote working come with company changes, inducting new people into a business, company growth and career progression and being able to provide clear and consistent guidance to a team. As new talent starts to enter each industry, employees start to move around and companies continue to grow, it is imperative that they are given all of the tools which equip them to play a key role in a company, excel in their career and learn from their peers and managers – which is only available in a collaborative working environment.

We are dedicated to nurturing the next generation of talent and have formalised this in our Talent Development Programme, which you can read more about on page 84.

While the hospitality and tourism market has remained closed for much of the past year, it is thought that pent up demand for a break away from home, restrictions on international travel and a renewed interest in the great outdoors of the UK means that a domestic tourism boom is on the horizon. Holidays abroad as we know them may not return to preCovid normality until 2024, and the limited options available to the public have encouraged people to look closer to home, with the expansion of operators paying testament to this. Our friends and clients at The Inn Collection Group have been successful on their ambitious acquisition campaign, resulting in the addition of several of its famous ‘pubs with rooms’ to its portfolio across Northumberland, the Lake District, Yorkshire, Wearside, and County Durham. The firm now looks to recruit a further 200 people to its team.

When it comes to our cities and the evolving built environment which drives forward direct, indirect and induced economic progress - the North has remained resilient, ambitious and prolific. Development in our cities continues as we look forward to pushing on with the North becoming an even more vibrant and prosperous environment to live, work and play.

In Newcastle city centre, the regeneration of Pilgrim Street will provide important rejuvenation in the heart of the region’s capital. The plans from Taras Properties, the development vehicle of the Reuben brothers, will provide a catalyst for the wider transformation of East Pilgrim Street to replace dilapidated buildings with news offices, bars, restaurants and more.

We were proud to recently play a part in this transformation, facilitating the sale of Yorkshire Chambers, a 22,000 sq ft office building based on 112-118 Pilgrim Street, which has been purchased by local businessman Andrew Ward. Following the completion of the multi-million-pound deal the offices will undergo a significant investment in its refurbishment. The purchase of Yorkshire Chambers has become another significant step in the regeneration of our city centre. This area is set to be a bustling hub for business and hospitality and will inject further life into our vibrant city following a challenging time.

Meanwhile in Sunderland, its highways scheme is reported to provide £17.1m boost for local SMEs, which is set to rise to £21.6m as the project nears completion. The Riverside Sunderland transformation project, a 33.2 hectacres development which spans the River Wear continues to move forward with more than £150m worth of investment currently on site which will total £350m by the end of the summer.

The last Portfolio front cover was dedicated to the environmentally friendly and technologically advanced 1000 home development which is a key part of the Riverside Sunderland project. The development will create homes for 2,500 people across four communities and are set to be showcased at the Sunderland Future Living Expo in 2023.

Moving onto the retail sector, The Office for National Statistics recently disclosed that throughout March, a month in which there was only a modest relaxation of the curbs imposed across the UK to stop the spread of Covid-19, that retail sales rose by 5.4%. The most recent statistics available at the time of publishing indicate a higher than expected increase, which was predicted to be 1.5%, with sales in March 1.6% higher than they were before the pandemic began to have an impact on the economy in February 2020. This boost is certainly a positive indicator of what could be to come.

March’s robust increase in retail sales showed that the economy is moving forward even before the reopening of the none-essential shops. The UK is creating a significant recovery drive heading into the summer months. Declining case numbers and the success of the vaccine roll out has encouraged a confidence in ‘getting back to the new normal’. A positive, yet still cautious, sentiment rolls out across the North, back up by information from research firm GfK which recently revealed that consumer confidence was now at its highest level since before April 2020.

The success of our local retail sector, and similarly in hospitality, has certainly been thanks to innovation and adapting to the market from operators. Consumers no longer simply want to buy, they want experiences and to come away with a sense of added value. Operators like STACK Newcastle and Seaburn have created retail and leisure experiences for visitors to enjoy – and are now reaping the rewards as two of the most popular destinations in the region.

In the residential property market, official data from HMRC showed a recordhigh 180,690 transactions recorded during March, which is double the total in March last year. Separate figures from the Office for National Statistics (ONS) shows that high demand is placing upward pressure on property values, with the UK average house price increasing by 8.6% over the year to February.

A significant factor in the heightened activity in the residential market would certainly be The Stamp Duty holiday, which continued to fuel the increase in house prices. The government’s mortgage guarantee scheme will push demand higher as it attracts first-time buyers back to the market. There has been some nervousness regarding an anticipated price correction hurtling towards us like a steam train, however, the heightened demand should ensure that this doesn’t happen.

While we’ve worked incredibly hard on behalf of our clients throughout the pandemic and have been fortunate enough to be able to persevere throughout, we’re genuinely excited to be experiencing the forward movement in our economy and heightened activity which will allow us to continue our vision and mission. We’re all sick of saying and hearing it – but the last year has been a challenge on a multitude of levels, but thanks to the dedication and tenacity of our local business community we know that our economy can recover.

Read Portfolio Magazine here

Our Services

We offer a full service approach to residential and commercial property.


Commercial Agency

For all of your commercial property needs.

More information

Residential Agency

We have the key to your perfect home.

More information

Mortgages

For impartial and bespoke mortgage advice.

More information