< Previous10 Business Link www.blmforum.net COMMERCIAL PROPERTY W elcoming a wave of major planning applications and building milestones, Yorkshire is a hive of construction activity. In Sheffield, a ceremony has been held to mark the topping out of a 100,000 sq ft Grade A office building and two residential towers, with 368 build-to-rent apartments, in the first phase of the West Bar development. Two public realm spaces, West Bar Square in the heart of the commercial area and Soho Yard serving the residential BTR apartments, are also due to complete soon. West Bar represents the long-awaited redevelopment of a seven-acre brownfield site on the Inner Ring Road between Sheffield’s Kelham Island, Cathedral and Castlegate Quarters. It is to comprise one million sq ft of mixed- use space including over 500,000 sq ft of office accommodation with amenities, public realm and hundreds of apartments. The project expects to create up to 8,000 new jobs when completed. After many years in planning, the first phase was able to commence following a deal to secure £150 million funding from Legal & General. This milestones With significant schemes under construction and being planned across the region, Business Link shares some recent milestones for major Yorkshire developments. York Central Image courtesy of Network Rail Majorwww.blmforum.net Business Link 11 COMMERCIAL PROPERTY agreement represents the largest single city centre investment deal that Sheffield has ever seen. As part of the agreed deal between Legal & General and Urbo, a second 100,000 sq ft office building will be delivered to follow No.1 West Bar Square. A 450 space multi-storey car park is also part of the first phase which offers around 300 cycle storage spaces and electric car charging points. Turbo MD Peter Swallow said: “This significant milestone at West Bar Sheffield is a strategically important regeneration project for the city. Indeed, it is integral to the transformational plan for Sheffield city centre, extending its prime core, and bringing forward much needed new space for commercial and residential accommodation.” Meanwhile, in York, Homes England and Network Rail Property have signed a development agreement with McLaren Property and Arlington Real Estate to be strategic development partners for York Central, one of the UK’s largest city centre regeneration schemes. The mixed- use development will build 2,500 new homes and create up to one million sq ft of office, retail and hospitality space, along with improvements to the York Railway Station and an enhanced National Railway Museum. York Central will feature a new 17-acre urban park, with 50% of the rejuvenated site set to be green space, along with public squares that will connect the new development to the surrounding neighbourhoods and the adjacent York City Centre. Work is already underway on site, preparing it for development, with £135 million of infrastructure works currently delivering 2km of new roads including bus lanes, segregated footpaths and cycleways, and two new bridges. Allan Cook, founder of Arlington Real Estate, said: “York Central is recognised as one of the largest city centre regeneration schemes in the UK and will deliver huge benefits, not only for the people of York and its visitors, but for the wider economy. This is a landmark project and completion of the formal Development Agreement is another significant step forwards. Creating a brand new city quarter right in the heart of York, with its own entrance to one of the UK’s best connected railway stations, is an amazing opportunity. We look forward delivering a great place worthy of its unique location and heritage.” At an earlier stage of development, Latitude Yellow – a 12-storey sustainable office scheme – has been approved by Leeds City Council’s City Plans Panel. It will be located on the final remaining plot of the former Doncaster Monk Bridge works off Whitehall Road, in the established Leeds West End Business District. Developed by BAM, Latitude Yellow will provide over 200,000 sq ft of Grade A commercial office space, and with a vision to be the most sustainable Latitude Yellow 13 ÁArmstrong house Armstrong House, Armstrong Street, Grimsby, North East Lincolnshire DN31 2QE Tel: (01472) 310301 Email: s.fisher@blmgroup.co.uk Superb Location - - Close to the ports of Grimsby & Immingham - Great motorway links - Close to the town centre Secure off street parking High speed internet availability A range of affordable office sizes 3 3 3 3 Last remaining office suites Prime location in Grimsby Offering a prime position in Grimsby, Armstrong House on Armstrong Street is ideally located. Close to the ports of Grimsby and Immingham, motorway links and the town centre, off-street parking is also available for all staff and visitors, meaning it’s convenient too. Our spacious, welcoming offices are located on the ground floor and are both secure and CCTV-monitored, giving you the ultimate peace of mind. At Armstrong House, when it comes to affordability and with a range of office sizes there are opportunities for all types of business. If you require virtual office services, prices start from just £15 per month. For more information, or to discuss your office requirements call 01472 310301.www.blmforum.net Business Link 13 COMMERCIAL PROPERTY new workspace in Leeds, the project will achieve Net-Zero status from day one, eliminating the need for fossil fuels throughout the lifetime of the building and relying exclusively on renewable energy sources. The design promotes sustainable and active travel, with minimal on-site car parking, premium changing facilities and secure cycle storage areas. The development also offers amenities and access to outdoor space, with the inclusion of a gym, ground floor café, event space, and roof garden. Biodiversity-friendly features include green walls throughout the development and a new public realm. Managing Director of BAM Properties, Euan Miller, said: “We’re delighted that our application has been approved by Leeds’ City Plans Panel. Sustainability is at the heart of Latitude Yellow and our proposals have had a really positive response from both the local community and senior stakeholders in Leeds. In particular, we’re glad to see the City Plans Panel’s support for the promotion of sustainable city centre travel by limiting the amount of car parking spaces. We’re now aiming to begin work on site later this year.” Moreover, in Whitby, a £10 million scheme for a new Maritime Hub has taken a major step forward. A planning application has been lodged with North Yorkshire Council for the development, which the authority is set to build in Endeavour Wharf if the proposals are approved. The hub will provide training and certification opportunities for the maritime, marine and offshore industries, to residents of Whitby and the wider area. Chief Executive of North Yorkshire Council, Richard Flinton, said: “Submitting the planning application is an exciting step forward for this project. The Maritime Hub will open doors to new economic growth in Whitby and help provide a route for young people into the maritime and marine industries. I encourage everyone in the community to look at the plans on our website and leave comments if they wish.” Workshops on the hub’s ground and first floors will house the current and new wharf-based operations and functions of the Harbour Authority. There will be classroom space, engineering workshops and marine biology laboratories. The second floor will be an office space for marine-based start-up businesses and other maritime industries. The area is intended to be occupied by local, regional and national businesses and organisations, making Whitby a hub of maritime activity. These are only a handful of new schemes across Yorkshire, with myriad others under consideration in the planning process and under construction. New Maritime Hub in Whitby Image courtesy of North Yorkshire Council 14 Business Link www.blmforum.net CORPORATE FINANCE T raditionally, companies have relied on conventional sources of funding, such as bank loans, venture capital, and angel investors. However, these avenues often come with restrictive criteria and yet more obligations for businesspeople. Sometimes, this means traditional resources are rendered inaccessible or impractical for established enterprises, as much as aspiring entrepreneurs. In recent years, the rise of alternative financing platforms has revolutionised corporate finance, opening new avenues for raising capital and accessing financial resources. Crowdfunding platforms democratise the process of fundraising by allowing entrepreneurs to pitch their ideas directly to a broad audience of potential investors. Digital trade agreements and e-commerce platforms have facilitated cross-border transactions and expanded market opportunities for businesses, enabling them to tap into global markets and diversify their revenue streams. Amidst these changes, employee ownership is ever more compelling for businesses looking to improve their financial performance, and enhance their competitive edge. In its own transformation with far-reaching financial benefits, this progressive model moves beyond hierarchical routes of employment, giving workers a tangible stake in the success of the company. The sense of ownership creates contentment in responsibility, while nurturing collaboration and innovation within organisations. Employee ownership is good business because it builds a profound sense of security and participation among workers. When employees have a direct stake in the company’s performance, their job satisfaction soars. They feel a sense of pride in their work and a commitment to the organisation’s success. When all these aspects are on the up, work ethics get a boost too, translating into increased productivity, reduced turnover rates, and morale boosts for everyone. A heightened sense of accountability is also filtered throughout the organisation, instead of all being laid on founders and executives. With ownership comes a greater responsibility for the company’s success. Employees understand that their actions directly impact the bottom line, leading to a culture of transparency, diligence, and integrity. This sense of accountability improves performance while building trust among stakeholders, Achieving financial stability Whether an ambitious start-up seeks to turn ideas into tangible products, or well-established enterprises chart pathways ahead for sustained growth and expansion, financial stability is as critical as it is challenging. www.blmforum.net Business Link 15 CORPORATE FINANCE which enhances the company’s reputation with other potential avenues for support and capital. Furthermore, employee ownership gives workers a meaningful stake in the proceedings of the company. By involving employees in decision-making processes, businesses tap into a wealth of diverse perspectives and ideas. This inclusivity drives innovation, promotes creativity, and positions the company for long-term success. Employees feel valued and respected, leading to stronger bonds between management and staff and a collective commitment to achieving common goals. There are various methods of implementing employee ownership, each with its own pros and cons. One common approach is the Employee Stock Ownership Plan (ESOP), where employees acquire ownership through a trust fund that holds company shares on their behalf. ESOPs offer tax benefits and align employee interests with company performance, but they can be complex to administer and may not suit all business structures. An alternative which may prove less complicated is direct equity ownership, where employees purchase shares in the company. This approach provides employees with a direct financial stake in the company’s success and can be tailored to suit the organization’s specific needs. However, it requires careful structuring to ensure fairness and © stock.adobe.com/amnaj 16 Á16 Business Link www.blmforum.net CORPORATE FINANCE transparency, and may not be viable for all businesses. Perhaps the simplest, most democratic, and inclusive means of engaging in employee tenure is cooperative ownership. In this approach, employees collectively hold and control the company, claiming one vote in any decision-making agreement regardless of the number of shares they personally hold. This approach brings all owners together as community and builds cooperation among workers. Perhaps the main setback is that this route requires robust governance, and may face management challenges or capacity and resource constraints. Setting up an employee-owned business from the foundations, as one would expect from any such project, necessitates careful planning and consideration. There will likely be a great number of legal and financial complexities, as well as an adjustment to sharing a precious idea with others, especially if it means handing them collaborative control. But provided clear governance structures, communication channels, and incentive systems are thoughtfully planned, there’s every chance for success. If anything, it might be easier for a start-up than an established company. Integrating employee ownership into an existing business or model requires a deeply tactful approach. Engaging all employees in the process, communicating the benefits and implications of ownership, and addressing any concerns or resistance, allows each person to feel involved and supported from the very beginnings of their shared ownership. This may involve gradually phasing in new attitudes and actions, providing education and training, and seeking input from stakeholders throughout the transition process. In the long term, businesses stand to benefit immensely from employee ownership. Beyond the immediate financial advantages, employee-owned companies tend to outperform their counterparts in terms of productivity, profitability, and resilience. They have higher levels of innovation, and greater adaptability to market changes, while hired employees are more loyal, long- © stock.adobe.com/THANITwww.blmforum.net Business Link 17 CORPORATE FINANCE term strengths. Collective responsibility and successes shared are the keys; an assurance that any achievements will be thanks to every stakeholder. The success of the John Lewis Partnership perfectly highlights the long-term benefits of employee ownership. Through its unique ownership structure, where all employees are partners in the business, John Lewis has built a prosperous brand on cooperative gains. Its financial success has survived even during the challenges of current and past economic struggles, earning the company a reputation as a model of employee inclusion and corporate responsibility. By empowering workers with a tangible stake in the company’s success, businesses can unlock a wealth of benefits. While implementing employee ownership requires careful consideration, the long-term rewards far outweigh the challenges. Sharing in success may be just the remedy against ever needing to rely on restrictive and outmoded finance providers. After all, to them your goals are only business – for you and your employees, they’re so much more. Strategy - choosing what not to do The essence of a good business strategy is choosing what not to do. Resource allocation is a fundamental consideration in any business strategy. Businesses operate within finite constraints, such as time, finances, or human resources. Choosing what not to do enables a more focused allocation of resources towards activities that align with the overarching goals of the business. This distribution amplifies the impact of strategic initiatives and ensures optimal utilisation of limited resources. A clear strategy will help to ensure the effectiveness of decision-making processes. When businesses commit to their strategy, they can make informed choices that reinforce their competitive advantage. Deciding what not to pursue helps in avoiding dilution of efforts and prevents the scattering of resources across unrelated or unnecessary activities, ensuring a streamlined and coherent strategic approach. Risk management is another key consideration where choosing what not to do can influence the success of the firm’s strategy. The temptation to chase every opportunity may lead to overextension and increased vulnerability. A prudent strategy involves assessing potential risks and consciously avoiding activities that could amount to nothing more than a distraction for the management team. The essence of a good business strategy also lies in maintaining clarity of purpose. By defining what the business stands for and its unique value proposition, companies can carve out a distinct identity in the market. Choosing what not to do helps in avoiding activities that deviate from this core identity, preserving brand integrity and customer trust. A good business strategy typically involves setting a clear and simple goal or vision. Although the strategy itself may be easy to articulate, actually implementing the behaviours and activities necessary to deliver it requires the deployment of the firm’s resources in a focused and consistent manner. Choosing what not to do is therefore of great importance in order to ensure the success of any business strategy. To find out more, visit www.aprobinson.biz, email andrew.robinson@aprobinson.biz, or call 01472 345888.18 Business Link www.blmforum.net RELOCATION AND INWARD INVESTMENT © stock.adobe.com/LIGHTFIELD STUDIOS Transforming your business Transforming your business www.blmforum.net Business Link 19 RELOCATION AND INWARD INVESTMENT A change in locale opens doors to expansion opportunities, whether through spreading out within the current locale or establishing new national offices. Businesses are increasingly considering relocation as a means to reduce carbon emissions, and operate from more environmentally friendly and cost-effective premises. By investing in purpose-built developments, eco-friendly features can be integrated into almost any premises, from recycled materials to renewable energy sources like solar panels or wind turbines. Such initiatives reduce environmental impact, enhancing operational sustainability, and appeal to eco-conscious customers and consumers. But the green bonuses are only one facet of the extensive potential advantages of relocating to a new environment, with different business peers and connections. Collaboration with new businesses can even refresh the synergistic corporate environment within cities. Business parks are an excellent example of the potential in building such close connections. Some are specialised and tailored to specific industries, increasingly enabling prospective clients to anticipate their business environment, building shared visions that help one another grow. From a logistical perspective, business parks are conveniently located near transportation hubs, facilitating efficient access to motorway travel, and links to services and amenities. Establishments with long-term expansion plans can find space here, with a sturdy foundation of a single base of operations that provides accessibility for both company and customers. Inward investment, otherwise known as foreign direct investment (FDI), can intersect with or stand apart from relocation. By expanding operations into foreign markets, businesses can tap into a broader consumer demographic, diversifying their income streams, and reducing their reliance on domestic markets whether they move base or not. This diversification strengthens the resilience of businesses to economic changes, which means greater ability to capitalise on the emerging trends and opportunities of the global marketplace. When inward investment overlaps with the relocation process, it can do so in various ways. When a foreign company decides to invest in a new market, it may choose to do so by relocating or establishing new facilities in the host country. This enables the company to physically establish a distinctly visible presence in the target market, creating mutual benefits for businesses and host countries alike. Relocation or building new facilities can be poised to take advantage of factors such as lower operating costs, access to skilled labour, favourable regulatory environments, or proximity to key markets. By investing in new facilities, such as manufacturing plants, offices, or research and development centres, jobs can be created to feed the local economy, or provide spaces that contribute to the development of local industries. When companies relocate, or establish research and development centres in a different host country, they often bring with them expertise, technologies, and best practices that can benefit local businesses and industries. This exchange of knowledge, skills and brand association can drive a renewal of possibilities for the local area. Inward investment also potentially drives demand for commercial real estate and infrastructure development in any host countries, building prospects for real estate developers, construction firms, and service providers to capitalise on the influx of investment, and cater to the needs of investors across the globe. By attracting foreign investment, host countries may then diversify their economies, build critical infrastructure, and enhance their Relocating a business will be a transformative act for your business, and as such should be entered into with consideration. While it isn’t a cure-all, through careful navigation and proactive measures, businesses can leverage any movement, or redistribution of operations, to their best advantage. 20 ÁNext >