Welsh Real Estate investments on the rise

on Mar 10, 2015

Real estate investment in Wales has seen a huge boost over the past year, despite the country being unable to offer top quality space. According to a recent report by Jones Lang LaSalle (JLL), the retail and leisure sector has seen the largest amount of interest, contributing to a vast amount of the reported £0.7bn revenue. Take, for example, the Parc Trostre in Llanelli, which was bought by asset management company M&G Real Estate for £156m in 2014.
However, if Wales wants to keep business booming within its real estate sector, developers and the government alike may have to look in to providing better quality floor space for potential investors. “We are short of supply of Grade A stock in both office and industrial space, we need more offices and particularly outside of Cardiff we need more industrial developments“, said JLL Cardiff office lead director, Chris Sutton. In a report by Wales Online, Sutton continued: ”It would be good to see more office development in Cardiff and in the other two major cities in South Wales.”

And it seems as though Sutton’s views on the potential of Wales is echoed by several large businesses looking to expand across the United Kingdom. With budget supermarket, Aldi hoping to receive permission for a distribution depot in Cardiff as well as Deloitte and BBC Wales expanding across the country, confidence in the area looks to be rising. And not only in the retail and industrial sectors. It was only in November, 2014 that a hotel and three leisure units were sold for a total of £12m.
The planning system in Wales is set to change this summer, and depending upon how new legislation is implemented, it could rival and go beyond that of England. Plans to put a new strategic direction in place and improve development management could boost the country to an even higher standing in the world of real estate.

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