It is with great pleasure that I write the first of hopefully many Director comments under the new format of Primmer Olds B.A.S in what is exciting times for our business. This is in the context of this years recent budget.
The business has gone from strength to strength and continues to grow despite some of the wider current economic concerns over the general economy and Brexit. There have been both positives and negatives from the recent budget with the numerous changes hopefully due to have a positive impact on smaller and medium sized businesses and investors within commercial property.
The recent stamp duty cuts should positively impact at the lower end of the market but have not been seen as a positive from the wider, more corporate end of the property spectrum. Reforms to the business rates system will see further relief for occupiers although again there is still some concern over the way the changes will be made.
Developers have welcomed the announcement that permitted development rights for B1(a) to C3 conversions have been made permanent. This legislation has had a massive impact on the landscape both locally and nationally within the office sector over the last few years and in the south coast region we are certainly seeing a severe shortage of stock to meet growing demand. Not only due to permitted development rights but also the lack of speculative development since the recession. The same lack of supply is also evidenced within the industrial sector with growing concern amongst occupiers, investors and our competitors over the pipeline of space in the next few years.
Primmer Olds B.A.S are working on a number of exciting projects both large and small and look to continue to play our part in shaping the landscape of the region over the coming years.