Office sector leads the way in September

New town centre in the pipeline

N Irish and Scottish property booms revealed

Major regeneration proposed at Tonedale Mill, Wellington, Somerset

JLL argues for commercial property

Councils struggle to meet planning targets

Office sector leads the way in September

The UK commercial property market returned 1.3% in September, up from 1.1% in August, however, this was substantially lower than the average monthly return of 1.7% seen in both 2005 and the first half of 2006, according to the latest IPD Monthly Index.

The office sector posted monthly total returns of 1.7% in September, ahead of the 1.3% and 1.1% returns delivered by the industrial and retail sectors respectively.

Malcolm Frodsham, IPD’s new research director, said: “Offices have assumed the mantle of the top performing sector and the rental growth has begun to reward the investors that have driven the yields on the sector lower in recent quarters. Although growth to date is only modest, the broadly positive economic data flow suggests that offices can continue to benefit from the strong real economic conditions.”

New town centre in the pipeline

Plans for a new £4bn town centre, linking Cricklewood to Brent Cross are being drawn up by developers Hammerson, Multiplex and Standard Life. An official application is expected to be submitted in 2007, with plans reportedly set to include the construction of 7,500 new homes, an extension to Brent Cross Shopping Centre, offices, two schools and a train station. As many as 27,000 new jobs could be created as a result of the 20-year project.

N Irish and Scottish property booms revealed

Major regeneration proposed at Tonedale Mill, Wellington, Somerset

Tonedale Mill, a significant brownfield redevelopment site, located one mile from Wellington town centre, is set to undergo major regeneration, after it was sold to Hyson for in excess of £6.5m.

The site, which measures 12.6 acres, currently provides a range of stone and brick built Grade II Listed buildings. However, planning permission has been approved for the conversion and alteration of the Mill buildings into 148 residential units and approximately 78,000 sq ft of commercial space.

JLL argues for commercial property

European commercial property is an important mid-term investment for institutional investors that should be held as part of a balanced portfolio, argued Alistair Hughes of Jones Lang LaSalle (JLL), at last week's FT Commercial Property Conference.

Michael Strong, executive chairman for Europe Middle-East and Asia at CB Richard Ellis added: "The centre of gravity (referring to production) in Europe is moving eastwards.

Councils struggle to meet planning targets

Over a quarter (around 100 of England's 350 district councils) of all local authorities, are failing to meet targets (usually within 13 weeks) for processing planning applications, according to the Department for Communities and Local Government.