How is the landscape for commercial development changing? Two members of the National Commercial Development team, Associate Partner Ben Le Coq and Graduate Surveyor Sophie Spriddell, discuss the challenges and opportunities and why patience remains a key skill.
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ISSUE 04 | OCT 2023
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Sophie Spriddell: Put very simply, we look to create value from land and buildings. We work at a national level and across a range of sectors from roadside retail and electric vehicle (EV) charging hubs to hotels, industrial and offices.
Ben Le Coq: It’s a holistic approach from identifying and acquiring land to providing overarching development strategy and consultancy advice as well as option, demand, and viability assessments.
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Ben Le Coq
020 7518 3335
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Tenacity, technology, and development opportunities
Sophie Spriddell
020 7518 3210
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“A lot of what we do is look for off-market opportunities, so we helped develop the ‘NCD Mapping Terrier’ with our Geospatial team to more quickly identify sites with development potential.”
Sophie Spriddell, Carter Jonas
B LC Despite the difficulties, there are numerous opportunities. Values have shifted, and prospects exist to repurpose space for different uses. With retail, there is a refocus on entertainment and experience, for example.
“With development,
the attraction is getting involved in a journey,
taking something from inception to completion.”
Ben Le Coq, Carter Jonas
B LC I’m from a property family; my great-grandfather and grandfather were commercial property developers in Norfolk, so it’s very much in my blood.
With development, the attraction is getting involved in a journey, taking something from inception to completion. There is huge diversity, from rural diversification projects like Ben's Yard to advising local authorities on surplus assets and how we can repurpose those for the best of use.
SS I did some work experience on the residential agency side and, at the start of the week, decided this was not for me, so they stuck me with the commercial development team.
That’s when I felt: ‘Maybe I should go and do this at university’. It was doing a development module, and seeing the full cycle of a project, that made me want to
pursue that.
Carter Jonas’ National Commercial Development (NCD) team, led by Partner Will Mooney, brings together a variety of skillsets focused on the commercial property and mixed-use development sectors. Their offering includes:
• vision and strategy,
• development feasibility & viability,
• building & land identification,
• acquisition & delivery and development agency.
How would you describe what you do?
B LC Since the ‘mini-budget’ last Autumn, it has been more difficult to access development funding. And there have been significant swings in development investment yields which has been compounded by sharp increases in construction costs and challenging economic conditions.
There is also the drive to deliver more sustainable buildings to satisfy occupier demands with the pending arrival of biodiversity net gain requirements another element to consider.
SS In addition, there is demand uncertainty brought on by the pandemic and subdued consumer confidence. There’s also been a knock-on effect of planning delays during COVID.
What are the biggest challenges for developers right now?
What about opportunities for developers?
For offices, especially with the incoming EPC rules potentially making buildings with ratings of F & G redundant, there are repurposing opportunities for conversion to hotels, student accommodation, residential units or suchlike.
There is an emerging green finance market too. And with the drive to reuse buildings rather than rebuild, it means you aren’t developing from scratch.
SS EV charging hubs are a new area of the market with high demand. Alongside truck stops.
How is technology changing what you do?
SS It’s a game changer. A lot of what we do is look for off-market opportunities, so we helped develop the ‘NCD Mapping Terrier’ with our Geospatial team to more quickly identify sites with development potential.
It also allows us to easily carry out due diligence checks on multiple site constraints.
An interactive dashboard can be shared with clients improving our reporting and site tracking ability making for a far better user experience. However, this ever-improving technology is only as good as the experience of the operator behind it.
B LC The geospatial team also has a suite of enhanced drones for image data capture. They can laser scan buildings and interiors to get a 3D model. It really helps when looking at buildings for repurposing opportunities.
For example, we used it to assess the potential for converting an office in Cambridge to an apart hotel. The level of detail provided and speed of delivery enabled us to quickly determine how viable the option was and where potential hurdles lay.
What drew you to work in property and, in particular, development?
What advice would you give your
younger self?
B LC Get ready to play the long game. Commercial development takes time, you can mitigate setbacks, but there will inevitably be challenges, and plans can change, so you must be tenacious.
SS Get as much work experience as you can to help you decide what to go into. As well as residential agency, I tried teaching, publishing, and insurance. Whatever you choose, it’s never going to be easy but stick with it. Once again, be tenacious.
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University of Oxford
Recycle and reuse
Lessons in reducing carbon
Meeting GPE’s net zero targets
Sustainability of the Office
The future of UK’s
office stock
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University of Oxford
Recycle and reuse
Lessons in reducing carbon
Meeting GPE’s net zero targets
Sustainability of the Office
The future of UK’s
office stock
University of Oxford
Lessons in reducing carbon
Sustainability of the Office
The future of UK’s
office stock
Recycle and reuse
Meeting GPE’s net zero targets
About National Commercial Development
To find out more about the NCD team services, click here.
About Ben's Yard
Ben’s Yard is a brand-new rural retail village located on the beautifully landscaped Stuntney Estate in Ely, Cambridgeshire, featuring a selected collection of independent retailers spanning fashion, homeware, lifestyle and more. Their unique offering means you can indulge in local retailers, delicious food at the café or restaurant and have a fun family day out exploring the Wildflower Trails or the Adventure Playground.
The NCD team provided development viability, consultancy and agency advice for Ben’s Yard retail village from inception to completion.
Click here to discover Ben’s Yard
ISSUE 04 | OCT 2023
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