The landmark new Planning (Wales) Bill became an Act on 6 July. It provides for several tiers of development planning with a new National Development Framework; new Strategic Development Plans dealing with cross-boundary issues to cover strategic planning regions based on Cardiff, Swansea and the North Wales A55 Corridor; and the existing tier of Local Development Plans. A new tier of Developments of National Significance in which applications for major developments can be put directly to Welsh Ministers is currently under consultation.

The present pace of LDP production has been slow partly because of a lack of strategic regional planning in Wales.

Our investment team, comprising Graham Davies, Nick Lawley and Nick Golunski, has transacted over £40m worth of deals in South Wales in the second quarter of 2015. The level and quality of these deals reflect the current trend for increased investor interest in commercial property in the region and provides evidence of the attraction to each investor class.

The Crown Estate has confirmed the reappointment of our Land Agency as managing agents of its Coastal portfolio in Wales for a further five years. We act as The Crown Estate’s local representative within Wales, providing expertise in specialist areas and developing relationships with tenants and other parties with coastal interests in Wales, including environmental groups and regulatory bodies. This covers a substantial part of the Welsh coastline including ports, harbours, marinas and leisure boating. We are currently involved in the negotiation of the Regulating Lease at Saundersfoot Harbour, where a £4m redevelopment is under way.

New pension reforms that were introduced in April 2015 have resulted in more pensioners investing in commercial high street properties via a Self-Invested Personal Pension (SIPP).

The changes mean that individuals with defined contribution schemes can more easily withdraw funds from their pot as a lump sum, with the first 25% tax free. As a result, more people are now investigating the potential of investing this money to provide them with an income stream for retirement.

Farmland prices have rocketed in recent years, driven in no small part by demand from farmers themselves seeking to expand. This is largely a natural process of evolution. In many parts of the UK, farms are decreasing in number but increasing in size. The reality is that agricultural land prices have often exceeded the rate at which the agricultural economy itself is growing. This is in part due to economies of scale delivered by advances in technology and improvements in equipment and machinery, but also due to incentives in the form of tax breaks and EU entitlements making this commodity valuable not only to famers, but also to investors.

Our Investment Director, Nick Lawley has been named by WalesOnline as one of Wales’ 35 highest-flying business and professional men aged 35 and under. Those selected had most impressed them with ‘their achievement and the contribution they have made to Wales' economy and public life’. They were chosen from a very wide range of business and professional sectors, including creative, technological, professional and marketing.