By Andrew Kilpatrick BSc FRICS ACIArb IRRV, Partner of Thompsons

Penning this column on so called Blue Monday, supposedly the most depressing day of the year, what a time to cast an eye around the commercial property scene in Swindon. Who would believe the change from 12 months ago, when there was so much hope and optimism that Swindon's long needed regeneration would at last take off. Instead, we have a four month Honda factory closedown, extended holidays at BMW and a knock on effect to the myriad of related Honda suppliers, while new cars, suddenly unsellable, are to be stored on the Wroughton hangar site to supplement the growing accumulations around the docks at Bristol and Southampton. Swindon's much prized Honda effect has, for the first time in my lifetime, a negative aspect to it.

In the town centre, Woolworths now lies empty in Regent Street, with sale stickers still adorning the windows, whilst Adams, Officers Club, Envy and Whittards all lie empty and are just some of the 93 shops currently available on the market in Swindon. The old Swindon College site in Regent Circus lies empty and vandalised, with its demolition and redevelopment deferred thanks to the Credit Crunch and the Recession. Nearby, another town centre eyesore, the 12 storey Aspen House office building also lies empty, with its demolition deferred, as does the Tented Market, which might have been redeveloped before the Recession set in, but for a planning battle, and now just lies empty and unused, perhaps another lost inward investment opportunity. Over at Granville Street, where less than 6 months ago the signing of a development agreement between the Council and Modus was announced for a substantial, £200 million, mixed use redevelopment project, this too is now in danger of heading west, like the two earlier proposed schemes to extend Swindon's shopping centre this way.

In Commercial Road, often a barometer of Swindon's wellbeing, as well as Thompsons' base, there is again a notable proliferation of estate agents boards on empty shops and office units as estate agents, employment agencies and insurance brokers feel the effects of the Recession and downsize or close down. Whilst the conditions in Swindon are not untypical, as a similar pattern can be seen countrywide, one cannot help but wonder how did UK Plc get into such a mess? Reasons to be cheerful? Swindon's new library is finished and open and is a vast improvement over the previous facilities. The Great Western Designer Outlet has reported strong Christmas trade and increased visitor numbers, as the world and his wife shop for bargains and Muse Developments has committed to a long term redevelopment project, known as Union Square, to regenerate an area between the town centre and the railway station. Whilst 2009 will be challenging for most of us, perhaps some green shoots will emerge in the commercial property market as the increasing yields available on property investments start to attract anyone with their own funds to invest, many of whom will be disillusioned to find banks and building societies typically offering less than 1% interest on any savings and who perhaps want to avoid the rollercoaster ride currently available by investing in the Stock Market. Meanwhile, may I take the opportunity to wish all readers all the best for 2009, whatever it brings and should you or your company find any of your challenges need property solutions, Thompsons is very much still alive and hungry for business, new and old!

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