It has been one of the most controversial announcements in recent memory which has seen MPs resign and the PM seemingly go back on her word, but on 25th October Heathrow’s expansion was finally cleared for take-off.
However, as it often the case with these sorts of major developments, it’s the unintended consequences that can have the biggest impact. And this is what we’ve seen with the long-awaited announcement about which airport would succeed in its expansion bid.
Whilst there will clearly be a number of companies and stakeholders who will be disappointed with the announcement, in particular those which trade directly with the airport, in some ways, it represents an opportunity.
Gatwick may have lost out on its plans for expansion, but what it does do for local commercial tenants and landlords, is finally given them some certainty, six years after plans were initially scrapped.
As a result of the uncertainty, we witnessed several property deals stall over the last 12-18 months, and this has made it extremely difficult for businesses in the area to plan ahead with their commercial property strategies.
So whilst the announcement inevitably has its pros and cons, there are opportunities to take advantage of too – the area will escape the pressures on the road and rail network, labour supply, and the upheaval of construction.
We are also likely to see the release of a wave of activity in the local commercial property market, as occupiers and landlords can now sensibly discuss their commercial lease renewals and break clauses, for instance, to get the very best deals.
Our advice, for tenants and landlords alike, is to get expert counsel sooner rather than later to make the most of the more settled commercial property landscape, as it’s very much a moment of opportunity.
For more information about how you can make the most of the opportunity, don’t hesitate to get in touch.
