The data within the latest release of Snap Analysis, our monthly industry snapshot, provided some respite from the planning environment’s recent downturn due to the cost of living crisis, supply chain distribution and rampant inflation. This is because contract awards bounced back to £7.2bn in July.
July saw the second monthly rise in a row for contract awards and an improvement in commercially sensitive sectors – particularly commercial, industrial and hotel & leisure.
This month’s blog will focus on the commercial and retail sector. July saw the first above average value since March with £1.1bn worth of contract awards and an RSI (Relative Strength Index) of 81.
The commercial and retail projects mainly consisted of offices and some major mixed-use developments. To highlight the recent success in this sector, below we will be listing the top 3 projects by value.
1. Verdant Redevelopment
This redevelopment located on 150 Aldersgate Street, London is the UK’s 6th largest project overall this month (Project ID: 12506458). The £165m project will involve a redevelopment and extension, to provide a reception, office workspace, toilets, retail unit, café, amenity space, building links, plant storage, cycle storage and changing facilities with associated landscaping and access.
The project began construction in May this year, taking 39 months to carry out, this project will be completed in January 2026.2.
2. CS3 Circle Square
The second largest commercial and retail project is the CS3 Circle Square Offices, located in Oxford Road, Greater Manchester (Project ID: 12430647). Valued at £80m, this project will be constructed into a 15-storey office block with basement to provide office with roof top lounge and terrace. The ground floor will also include retail and leisure units including a gym and lift access.
Due to start next month, it will take 27 months to build, taking the completion date to December 2024.
3. 65 Fleet Street
Also located in London, the 65 Fleet Street project will be external alterations and change of use to offices and retail with associated works (Project ID: 12416200). This project has a value of £75m and will begin being constructed in October this year and will be complete in a short 9 month period, finishing in July 2023.
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