Harris Lamb Blog – August 2010
6th September 2010.
Boost for M5 Corridor as commercial property enquiries rise.
By Jacqui Bayliss, Director, Agency.
Jacqui Bayliss, Head of Harris Lamb’s Worcester Office, reports on the substantial increase in enquiries from businesses looking for commercial property in Worcestershire and in the South Midlands / M5 Corridor area.
“Our Commercial Agency department based here in Worcester receives at least 2000 enquiries every year from prospective businesses looking to locate their business along the M5 corridor. The central location, excellent motorway links and availability of a wide range of industrial and office accommodation all make the region an excellent candidate for business’s to base themselves.
The skill pool in the region coupled with the lifestyle choices available for companies and their employees means that this can be a first class base for new and established companies alike.
We are pleased to report that recent enquiry figures are up 52% in August 2010, compared with the same time last year. The number of start-up companies searching for premises in July also rose by 164 per cent compared with July 2009, according to figures released by Worcestershire Property Search (WPS).
The economic climate over the last 12 months has undoubtedly been a challenging one for businesses and this has had serious repercussions on commercial property transactions. Yet, the traditional summer ‘lul’ this year has been notably up-beat, with increased enquiries and occupiers braving the financial uncertainty to follow through with their property strategies.
The increased business confidence has resulted in a marked increase in activity; last two months seeing the completion of a number of successful sales and lettings:
• 7 Lowesmoor Trading Estate Worcester; 4,000sqft trade counter unit let to GSF Car Parts on a new 10 year lease at £5.65sqft.
• Apex 4, J6 M5, Worcester; one of the units within Apex Park developed by Mucklows, let to NDC Consultants at a headline rent of £15.75 sqft
• Suite 2 Brook Court, Whittington Hall, J7 M5, Worcester let to The Surveillance Group at a headline rent of £15.75sqft.
• The Enigma Commercial Centre, Malvern; freehold office building of 9,000sqft sold on a design and build basis to Westbridge Foods.
• Former Evesham.Com HQ; 12,600sqft warehouse on site of 2.8 acres sold to Wellpac for £900,000.
• Unit F1, The Enterprise Centre Evesham, 4,100sqft modern business unit let to Agilisys at just under £5.00sqft
With the perceived increased optimism of a number of companies looking to relocate and expand to more modern premises, we continue to receive enquiries for the second phase of Apex in Worcester where design and build leasehold opportunities from 15,000-154,000sqft can be accommodated at the Gateway to the City from J6 of the M5 to the north east of the city centre.
We have been able to match sites and buildings to new enquiries consistently over the last 12 months and with some notable new companies considering our area of the South Midlands, there is a determination that we will be building on the position we have firmly established.”
If you have a commercial property requirement, or would like to speak with Jacqui about any aspect of your businesses property strategy in general, please feel free to contact her on 01905 22 666, or email firstname.lastname@example.org