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Ian McRea provides some thoughts on the property market

wantspacegotspace.co.uk - Ian McRea provides some thoughts on the property marketThe beginning of a New Year has brought about a much needed increase in optimism amongst the local office & industrial agency fraternity.  Tales of stock shortages, increased asking rents and generally a more bullish attitude abound.  Enquiry schedules are lengthening and are even rumoured to have moved to the non-fiction shelf in the library! 

Things must be better if the stories of retail agents encroaching into the shed field are to be believed!

Having had a number of searches for clients in the Northamptonshire area recently, quality stock is hard to come by.  In particular everyone sorely misses the opportunity to inspect new stock.

One welcome piece of news is that Travis Perkins have now contracted to buy a 36 acre site at Milton Ham (M1 Junction 15A).  In addition, we have recently acquired a new branch in Mansfield for them in a town where they were unrepresented.  This surely shows real commitment by investing in a town which was off their radar for so long.  Having gone to the market with commercial opportunities in nearby towns within both Leicestershire and Northamptonshire, it is good to see the level of enquiries improving. 

Recently we pre-let a nursery at St. Luke’s Primary School in Duston, Northampton to Caring Kindergartens and have indeed pre-let the offices to two or three small tenants at attractive rents.  This was a perfect example of where a parish council are using commercial income from lettings to fund community use.  The re-development of the property has been an example of serious local commitment to enhance what is a very attractive neighbourhood by the retention of an historic old building.  We also let St James Primary School, Northampton to a private nursery operator, without having to go to the open market.  One market sector for which demand is still very active!

Money is still tight though.  Whilst we had a large shed at Max Park, Corby under offer to our clients prior to Christmas, they found they had existing capacity within their own estate and unfortunately withdrew.  However, Burbage Realty reported that another party had immediately stepped into their shoes and hopefully that letting will be tied up shortly.

Land is still at a premium and when we recently had discussions with local councils regarding opportunities for clients, they had a distinct lack of land with any suitable zoning in the pipeline.  This is a concern which we hope will be addressed with a sensible commercial attitude and allow developers and occupiers alike to refill their land banks.

Posted by The Editor (wantspacegotspace) on 3rd February 2013

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