M4 relief road decision risks two tier land market in South Wales
JLL’s Cardiff director comments on Welsh Government announcement today
Reacting to the First Minister’s announcement this morning that the Welsh Government will not be backing an M4 relief road around Newport, Justin Millett, lead director in JLL’s Cardiff office, said:
“This is hugely disappointing news. Despite significant challenges, the Cardiff capital region has been showing promising signs of growth. But investment in infrastructure is crucial to optimising that growth.
“Demand for industrial and logistics space in Wales has been rising steadily, buoyed by the shift to online retail and the need for warehousing and distribution space. The M4 relief road would not only have shored up that demand but helped reassure property owners to invest in much-needed new, contemporary stock.
“This decision risks a two-tier land market in South Wales with land and property on the East side of the Brynglas tunnels outvaluing areas to the West.”
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated