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Bedford reveals those green shoots

wantspacegotspace.co.uk - Bedford reveals those green shootsSigns that the economy is picking up are obvious in the Bedford market for commercial property, says Andrew Clarke, head of Kirkby & Diamond’s local office.

“As the year has progressed we have seen more people out viewing, particularly in the industrial sector, although in the last quarter deals done on offices has exceeded the industrial for the first time in ages,” he says.

Freehold and leasehold were equally in demand although the two most significant office deals were sales and half of all industrial deals were to owner-occupiers.

“Funding still seems to be quite difficult to obtain, probably due to the banks remaining cautious, and negotiations seem to be taking longer,” Andrew Clarke observes. This is partly due to new legislation requiring safety certificates, asbestos checks and similar hoops that have to be jumped through, but also because people seem generally more knowledgeable, and cautious. “You can no longer put a property on the market and see what happens, there is a cost involved now and that is having an impact,” he says.

Significant deals include the first sale of commercial land for a long time, a 0.6 acre site in Bedford to a local internet car sales business and the letting of substantial premises in Silver Street, the town’s most sought-after shopping area, to the British Heart Foundation.

“As we enter the last quarter of the year people are talking the economy up and what we are hoping is that this is sustainable rather than a bubble, “ he says.

“We are seeing the ripple effect from London down the M4, M1 and A1 and the Bedford by-pass continues to be a very, very positive attraction to businesses relocating.”

Posted by The Editor (wantspacegotspace) on 18th November 2013

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