News: Waverley government campus details
Helical Governetz, the joint venture behind the proposed government campus at Waverley in Rotherham has published a brochure outlining the scheme to relocating government departments. Helical Bar plc, Governetz Ltd and Haworth Estates (UK Coal) are working together to assist Goverment in relocating to Campus developments where shared facilities improve efficiency and reduce costs and where the new buildings meet all their environmental targets. As part of the massive 300 hectare Waverley development the offices will include office suites and buildings ranging in size with up to 60,000 sq m of floorspace in total. The offices will have extra large floor-plates for efficient space utilisation and a BREEAM rating of excellent. To accompany the offices will be a hotel with up to 120 rooms and supporting retail, restaurant and ancillary features. There will also be 1,174 parking spaces dedicated to office occupiers. A planning application is expected to be submitted in the summer.Helical Governetz brochure
Waverley Community website
Rotherham
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Mike Slade, Helical Bar chief executive, warned that the worst was still to come for the property market as the company revealed a loss in its full year results.
Slade said there would be a 'double-dip' downturn in commercial property, referring to the knock-on effects of falling occupier demand caused by the economic slowdown, after almost a year of steep declines in property prices.
'There is still a way to go. Things are generally slowing and we’re going to see further drops in values,' he warned, predicting that values would not recover until 2010 and rental growth was unlikely before 2011.
Slade said that Helical Bar would work with banks when loans were in danger of default, as well as buy commercial property-backed debt being offloaded by lenders keen to reduce exposure to the sector.
He said there was also fallout expected from the highly leveraged deals carried out in recent years.
http://www.propertyweek.com/story.asp?sectioncode=36&storycode=3115369
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