King Sturge

RECOVERY MAY BE STALLED BY LACK OF SUITABLE PROPERTY, WARNS KING STURGE

The South West‘s economic recovery is in danger of being hampered by a lack of suitable land and buildings, according to the region‘s leading firm of international property consultants.

Ned Cussen, partner at King Sturge, told the firm‘s annual Bristol media briefing that banks and local authorities could play their part in helping to deliver the development which is needed to kick-start the economic revival.

Mr Cussen was speaking the day after official statistics showed the UK officially coming out of recession.

“The signs in the economy generally are encouraging,” he said.

“We seem to be turning the corner with a potential improvement on the horizon but the development industry has suffered deeply. It will take time to recover and there is also an inevitable time lag in delivery.

“We need to be able to deliver the means for business and the economy to grow – with serviced land and buildings. But we have to recognise that the developers have suffered badly, with virtually all activity stopping, falling demand, a lack of availability of finance and plunging values.”

Mr Cussen said development typically involves a two or three-year lead-in period.

“This means taking active steps to encourage development immediately.

“Help is possible in a number of areas. The easing of planning gain requirement is one possibility. Less strict requirements from banks is another, as is a co-operative and supportive approach from local authorities in terms of the delivery of floorspace.

“There is a great opportunity to co-operate and we can really achieve things by working together. However, action on this front cannot start too early to ensure we have the buildings and serviced land we need at the very earliest opportunity.”

ENDS 27^th January 2010

For further information please contact Neil Fraser, Sturgess Van Damme, on 01275 349011 or email neil@sturgessvandamme.co.uk

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