placeexpo future cities: mike horner, muse developments
DESCRIPTION
Mike Horner, regional director, Muse DevelopmentsTRANSCRIPT
Mike Horner
Regional DirectorMuse Developments
17 June 2014
Future Cities
Format
> An introduction to Muse
> City Place and Chester CBD
> A developer’s perspective
An introduction to Muse
Regional presence; national strength
> Established 1984
> UK development company
> Proven track record
> Experts in partnership delivery
> Four regional offices
Track record
3,600,000 sq ft 2,000,000 sq ft 1,500,000 sq ft 1,500,000 sq ft 3,000,000 sq ft 1,725 units
Commercial Offices
Public Sector Offices Leisure Retail Distribution Residential
Development partner of choice
Newcastle city centre
Quayside, Newcastle upon Tyne a new commercial quarter with offices, a hotel, leisure and car parks
Durham city centre
Durham Walkergate a new city centre venue with a hotel, restaurants, leisure, car park and residential
Manchester city centre
Barbirolli Square, Manchester canal-side office and leisure development 85% pre-let and forward funded
Some current city centre schemes
Stockport Exchange
Phase 1- new 1,000 space MSCP; Phase 2 – office/ retail
One New Bailey, Salford
Phase 1 commercial - offices, hotel and MSCP
Bridge Street Quarter, Warrington
Retail/ leisure, new market and Council offices
Sovereign Square, Leeds
60,000 sq ft office development for KPMG
Marischal Square, Aberdeen
A new mixed-use quarter fully funded by Aviva Investors
Talbot Gateway, Blackpool
Phase 1 - civic offices for Blackpool Council, Sainsbury’s supermarket and MSCP
One Smithfield Square, Manchester
77 new apartments and 6,000 sq ft ground floor commercial space
Merchant Gate, Wakefield
Office, retail/ leisure scheme plus new Council offices and MSCP
Doncaster Civic & Cultural Quarter
Residential and leisure scheme plus new Council offices and MSCP
‘Your New Town Hall’, Lambeth
Council offices, commercial space and up to 275 new homes
Chatham Place, Reading
Phase 2 - 184 apartments in two buildings with ground floor retail
Lewisham Gateway, London
Phase 1 - 193 apartments in two buildings with 5,500 sq ft retail
Summary
> One of the UK’s foremost developers
> Delivering in partnership
> Track record in regeneration
> Experts in mixed-use schemes
> Strong city centre portfolio
City Placeand Chester CBD
Location
Location
Masterplan summary
> Up to 10 buildings
> Up to 500,000 square feet of space
> c.200 canal side residential units
> c.£120m development value
> Enhanced gateway
> CW&C delivered public realm and relocated car park
Masterplan
New station car park
Work has started!
Gateway works
Making the place
> New station car park
> New gateway and pedestrian access
> Relocated police station
> New public realm
Phase 1 delivery
> Six storey, Grade A office building
> 70,000 square feet
> Minimum BREEAM Excellent
> Potential ground floor active use
> £16.5m value
> £19.50 - £21.00 psf rent (inc. parking)
> Evergreen and ERDF funding
Masterplan
Phase 1 office building
c.70,000 sq ft
View from the station
Phase 1 programme
> Complete new station car park May 2014
> Commence phase 1 building June 2014
> Commence public realm works August 2014
> Complete phase 1 building and public realm September 2015
> Commence residential development August 2015
A business location
City centres – a developer’s perspective
A developer’s perspective
> Transport hubs
> Regeneration/ Planning Policy
> Lifestyle choice
> Knowledge workers
> Investor demand
> The urban tendency is here to stay
CBDs
> Grade A supply very low
> Rents starting to climb again – slowly!
> Investment activity in Manchester, not in Liverpool
> Large corporates; large floorplates
> 2013 – 865k sq ft take up in Manchester
> Ownership challenges
> Viability challenges
Looking forward
> Investors increasingly focused on city centres
> City sub regions
> Lease length issues/ flexible work space
> Entrepreneurial landlords
> PRS – a new sector
> Mixed-use schemes
> Airport City
Summary
> Pull of city centres will get stronger
> Live, work and play – residential, commercial and leisure
> Challenges across the board
> Need expertise, strong back-up, patience, persistence and a long term vision
Mike Horner
Regional DirectorMuse Developments
17 June 2014
Future Cities