STOCK SHORTAGE CRITICAL AS BROMSGROVE ESTATE NEARS FULL CAPACITY
A Bromsgrove business park is near full capacity as property consultancy Harris Lamb oversees lettings deals on the final three units at the site.
Demand for industrial property in the area and in particular on West Court, Bromsgrove has reached an all-time high in recent months and this modern industrial estate on Buntsford Hill is now fully let, says Neil Slade of the business’ Agency department.
“All units at the West Court estate are now let or close to completion and we are delighted see it at near full occupancy. We have just completed a 3,700 sqft letting to Watters Design, an American owned wedding dress and bridal supplies business and expect a 2,776 sqft warehouse
letting to a specialist automotive paint business complete imminently. The final 2,800sq ft unit is also close to completion to a mechanical handling training provider.”
“We are currently achieving record rents on the open market deals which is largely due to the high demand for commercial property within the region,” he explained.
“There has been a shortage of quality property across Worcestershire as a whole for some time, but Bromsgrove is a particularly desirable location given the transport links and general lack of competing stock. Businesses looking for space in the area are in limbo as they wait for prime space to be vacated or for speculative development to come through.
“With confidence in the market increasing, higher levels of enquiries and with demand for commercial space outstripping supply, we hope that investors and developers alike will follow the lead of Liberty Property Trust/ Stoford and Chase Commercial, who have committed to speculative development elsewhere in Worcestershire and recognise the need to follow suit in Bromsgrove,” he said.
Harris Lamb are joint agents with GJS Dillon on the West Court scheme.