Commercial property world ‘full of opportunities’
OPPORTUNITIES still exist in the commercial property sector for those brave enough to take them, a Yorkshire audience was told.
At a seminar, entitled ‘The State of Play – Property another year on’, experts explained how after a difficult couple of years, there are the first signs of improvement in the sector which need to be built upon.
The seminar was sponsored by accountancy firm PKF, property consultancy Lambert Smith Hampton, Yorkshire Bank, law firm Irwin Mitchell and Leeds City Council.
Speakers were Martin Farrington, of Leeds City Council, who talked about the forthcoming development projects that have the green light in Leeds such as the the Trinity Quarter, the Leeds Station southern entrance, the Leeds Arena and the A65 Bus
Lane; and Paul Clarke and Billy Cairns, of PKF, who outlined plans to maximise the current and future tax allowances available to the commercial property sector such as capital allowances and entrepreneurs’ relief for business owners. They also gave tips on how to plan to cope with the forthcoming VAT increase.
John Flathers, of Irwin Mitchell, discussed the Competition Act and Land agreements as well as alterations in the Government Spending Review; while Yorkshire Bank’s Sylvia Bowden covered the current attitude to commercial real estate lending and the requirements for new borrowing.
Guy Gilfillan of LSH gave his insights into capitalising on current market conditions
Mr Clarke, partner at PKF, said: “The ever-changing political and economic landscape has understandably had a significant impact on Yorkshire’s commercial property sector over the last two years, with the full effects of the Government’s Spending Review still to materialise.
“On a more positive note, as with previous downturns, there are opportunities to be had for those businesses with entrepreneurial spirit. However, different working practices will need to be adopted if they are to truly capitalise on them.
“It just shows that, despite the downturn, businesses are now beginning to see the first signs of recovery. It is important that these opportunities are capitalised on to ensure a steady and sustained increase in business activity.”
